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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Series B Preferred Stock
Series C Preferred Stock
Preferred Stock
Series B Preferred Stock
Preferred Stock
Series C Preferred Stock
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Deficit
Series B Preferred Stock
Accumulated Deficit
Series C Preferred Stock
Accumulated Other Comprehensive Income
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2022       8,000,000 11,000,000            
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2022           101,802,000          
Beginning balance at Dec. 31, 2022 $ 1,988,849     $ 80 $ 110 $ 1,018 $ 3,684,291 $ (1,717,991)     $ 21,341
Increase (Decrease) in Stockholders' Equity                      
Net income/(loss) 72,784             72,784      
Issuance of common stock, net of expenses (in shares)           168,000          
Issuance of common stock, net of expenses 18         $ 1 17        
Repurchase of shares of common stock (in shares) [1]           (58,000)          
Repurchase of shares of common stock [1] (599)           (599)        
Equity based compensation expense 3,019           3,019        
Change in accrued dividends attributable to stock-based awards (375)           557 (932)      
Dividends declared on common stock (35,669)             (35,669)      
Dividends declared on preferred stock   $ (3,750) $ (4,469)           $ (3,750) $ (4,469)  
Dividends attributable to dividend equivalents (86)             (86)      
Change in unrealized gains on securities, net (1,116)                   (1,116)
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2023       8,000,000 11,000,000            
Common stock, shares outstanding, ending balance (in shares) at Mar. 31, 2023           101,912,000          
Ending balance at Mar. 31, 2023 2,018,606     $ 80 $ 110 $ 1,019 3,687,285 (1,690,113)     20,225
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2022       8,000,000 11,000,000            
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2022           101,802,000          
Beginning balance at Dec. 31, 2022 1,988,849     $ 80 $ 110 $ 1,018 3,684,291 (1,717,991)     21,341
Increase (Decrease) in Stockholders' Equity                      
Net income/(loss) $ (9,582)                    
Repurchase of shares of common stock (in shares) 0                    
Dividends declared on preferred stock $ (24,656)                    
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2023       8,000,000 11,000,000            
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2023           101,916,000          
Ending balance at Sep. 30, 2023 1,848,516     $ 80 $ 110 $ 1,019 3,695,406 (1,862,452)     14,353
Preferred stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2023       8,000,000 11,000,000            
Common stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2023           101,912,000          
Beginning balance at Mar. 31, 2023 2,018,606     $ 80 $ 110 $ 1,019 3,687,285 (1,690,113)     20,225
Increase (Decrease) in Stockholders' Equity                      
Net income/(loss) (25,928)             (25,928)      
Issuance of common stock, net of expenses (in shares)           4,000          
Issuance of common stock, net of expenses 16           16        
Equity based compensation expense 3,932           3,932        
Change in accrued dividends attributable to stock-based awards (1,044)             (1,044)      
Dividends declared on common stock (35,671)             (35,671)      
Dividends declared on preferred stock   (3,750) (4,469)           (3,750) (4,469)  
Dividends attributable to dividend equivalents (118)             (118)      
Change in unrealized gains on securities, net (6,805)                   (6,805)
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2023       8,000,000 11,000,000            
Common stock, shares outstanding, ending balance (in shares) at Jun. 30, 2023           101,916,000          
Ending balance at Jun. 30, 2023 1,944,769     $ 80 $ 110 $ 1,019 3,691,233 (1,761,093)     13,420
Increase (Decrease) in Stockholders' Equity                      
Net income/(loss) (56,438)             (56,438)      
Issuance of common stock, net of expenses (in shares)           0          
Issuance of common stock, net of expenses (20)           (20)        
Equity based compensation expense 4,193           4,193        
Change in accrued dividends attributable to stock-based awards (912)             (912)      
Dividends declared on common stock (35,671)             (35,671)      
Dividends declared on preferred stock (8,219) $ (3,750) $ (4,469)           (3,750) (4,469)  
Dividends attributable to dividend equivalents (119)             (119)      
Change in unrealized gains on securities, net 933                   933
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2023       8,000,000 11,000,000            
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2023           101,916,000          
Ending balance at Sep. 30, 2023 $ 1,848,516     $ 80 $ 110 $ 1,019 3,695,406 (1,862,452)     14,353
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023   8,000,000 11,000,000 8,000,000 11,000,000            
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023 101,916,000         101,916,000          
Beginning balance at Dec. 31, 2023 $ 1,899,915     $ 80 $ 110 $ 1,019 3,698,767 (1,817,759)     17,698
Increase (Decrease) in Stockholders' Equity                      
Net income/(loss) 23,213             23,213      
Issuance of common stock, net of expenses (in shares)           297,000          
Issuance of common stock, net of expenses (17)         $ 3 (20)        
Repurchase of shares of common stock (in shares) [2]           (131,000)          
Repurchase of shares of common stock [2] (1,492)         $ (1) (1,491)        
Equity based compensation expense 5,986           5,986        
Change in accrued dividends attributable to stock-based awards (1,011)             (1,011)      
Dividends declared on common stock (35,729)             (35,729)      
Dividends declared on preferred stock   $ (3,750) $ (4,469)           (3,750) (4,469)  
Dividends attributable to dividend equivalents (287)             (287)      
Change in unrealized gains on securities, net 1,828                   1,828
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2024       8,000,000 11,000,000            
Common stock, shares outstanding, ending balance (in shares) at Mar. 31, 2024           102,082,000          
Ending balance at Mar. 31, 2024 $ 1,884,187     $ 80 $ 110 $ 1,021 3,703,242 (1,839,792)     19,526
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023   8,000,000 11,000,000 8,000,000 11,000,000            
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023 101,916,000         101,916,000          
Beginning balance at Dec. 31, 2023 $ 1,899,915     $ 80 $ 110 $ 1,019 3,698,767 (1,817,759)     17,698
Increase (Decrease) in Stockholders' Equity                      
Net income/(loss) $ 113,342                    
Repurchase of shares of common stock (in shares) 0                    
Dividends declared on preferred stock $ (24,656)                    
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2024   8,000,000 11,000,000 8,000,000 11,000,000            
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2024 102,083,000         102,083,000          
Ending balance at Sep. 30, 2024 $ 1,880,468     $ 80 $ 110 $ 1,021 3,709,534 (1,840,399)     10,122
Preferred stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2024       8,000,000 11,000,000            
Common stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2024           102,082,000          
Beginning balance at Mar. 31, 2024 1,884,187     $ 80 $ 110 $ 1,021 3,703,242 (1,839,792)     19,526
Increase (Decrease) in Stockholders' Equity                      
Net income/(loss) 41,946             41,946      
Issuance of common stock, net of expenses (in shares)           1,000          
Issuance of common stock, net of expenses (18)           (18)        
Equity based compensation expense 4,662           4,662        
Change in accrued dividends attributable to stock-based awards (1,395)             (1,395)      
Dividends declared on common stock (35,729)             (35,729)      
Dividends declared on preferred stock   $ (3,750) $ (4,469)           (3,750) (4,469)  
Dividends attributable to dividend equivalents (318)             (318)      
Change in unrealized gains on securities, net (1,874)                   (1,874)
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2024       8,000,000 11,000,000            
Common stock, shares outstanding, ending balance (in shares) at Jun. 30, 2024           102,083,000          
Ending balance at Jun. 30, 2024 1,883,242     $ 80 $ 110 $ 1,021 3,707,886 (1,843,507)     17,652
Increase (Decrease) in Stockholders' Equity                      
Net income/(loss) 48,183             48,183      
Issuance of common stock, net of expenses (20)           (20)        
Equity based compensation expense 1,668           1,668        
Change in accrued dividends attributable to stock-based awards (836)             (836)      
Dividends declared on common stock (35,729)             (35,729)      
Dividends declared on preferred stock (8,219) $ (3,750) $ (4,469)           $ (3,750) $ (4,469)  
Dividends attributable to dividend equivalents (291)             (291)      
Change in unrealized gains on securities, net $ (7,530)                   (7,530)
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2024   8,000,000 11,000,000 8,000,000 11,000,000            
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2024 102,083,000         102,083,000          
Ending balance at Sep. 30, 2024 $ 1,880,468     $ 80 $ 110 $ 1,021 $ 3,709,534 $ (1,840,399)     $ 10,122
[1] For the nine months ended September 30, 2023 includes approximately $0.6 million (58,505 shares) surrendered for tax purposes related to equity-based compensation awards.
[2] For the nine months ended September 30, 2024 includes approximately $1.5 million (129,949 shares) surrendered for tax purposes related to equity-based compensation awards.