Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Schedule of cash dividends declared on Series B preferred stock

The following table presents cash dividends declared by the Company on its Series B Preferred Stock from January 1, 2018 through December 31, 2020:

Year	Declaration Date	Record Date	Payment Date	Dividend Per Share
2020	November 18, 2020	December 4, 2020	December 31, 2020	$0.46875
	August 12, 2020	September 8, 2020	September 30, 2020	0.46875
	July 1, 2020	July 15, 2020	July 31, 2020	0.93750
2019	November 15, 2019	December 2, 2019	December 31, 2019	$0.46875
	August 9, 2019	August 30, 2019	September 30, 2019	0.46875
	May 20, 2019	June 3, 2019	June 28, 2019	0.46875
	February 15, 2019	March 4, 2019	March 29, 2019	0.46875
2018	November 26, 2018	December 7, 2018	December 28, 2018	$0.46875
	August 20, 2018	September 7, 2018	September 28, 2018	0.46875
	May 17, 2018	June 4, 2018	June 29, 2018	0.46875
	February 20, 2018	March 2, 2018	March 30, 2018	0.46875

Schedule of cash dividends declared on common stock

The following table presents cash dividends declared by the Company on its common stock from January 1, 2018 through December 31, 2020: 

Year	Declaration Date	Record Date	Payment Date	Dividend Per Share
2020	December 17, 2020	December 30, 2020	January 29, 2021	$0.075	(1)
	August 6, 2020	September 30, 2020	October 30, 2020	0.05
2019	December 12, 2019	December 30, 2019	January 31, 2020	$0.20
	September 12, 2019	September 30, 2019	October 31, 2019	0.20
	June 12, 2019	July 1, 2019	July 31, 2019	0.20
	March 6, 2019	March 29, 2019	April 30, 2019	0.20
2018	December 12, 2018	December 28, 2018	January 31, 2019	$0.20
	September 13, 2018	October 1, 2018	October 31, 2018	0.20
	June 7, 2018	June 29, 2018	July 31, 2018	0.20
	March 7, 2018	March 29, 2018	April 30, 2018	0.20

(1) At December 31, 2020, we had accrued dividends and dividend equivalents payable of $34.0 million related to the common stock dividend declared on December 17, 2020. This dividend will be considered taxable income to the recipient in 2021. For more information see the Company’s 2020 Dividend Tax Information on its website.

Public Offering of Common Stock

The table below presents information with respect to shares of the Company’s common stock issued through public offerings during the year ended December 31, 2018.

Share Issue Date	Shares Issued		Gross Proceeds Per Share		Gross Proceeds
(In Thousands, Except Per Share Amounts)
August 7, 2018	50,875	(1)	$	7.78	$	395,807	(1)

(1)Includes approximately 875,000 shares issued on September 5, 2018 pursuant to the exercise of the underwriters’ option to purchase additional shares. The Company incurred approximately $6.4 million of underwriting discounts and related expenses in connection with this equity offering.

Schedule of changes in balances in each component of the entity's AOCI

The following table presents changes in the balances of each component of the Company’s AOCI for the years ended December 31, 2020, 2019 and 2018:

	For the Year Ended December 31,
	2020								2019						2018
(In Thousands)	Net Unrealized Gain/(Loss) on AFS Securities		Net  Gain/(Loss) on Swaps		Net Unrealized Gain/(Loss) on Financing Agreements (3)		Total  AOCI		Net  Unrealized Gain/(Loss) on AFS Securities		Net  Gain/(Loss) on Swaps		Total  AOCI		Net  Unrealized Gain/(Loss) on AFS Securities		Net  Gain/(Loss) on Swaps		Total  AOCI
Balance at beginning of period	$	392,722	$	(22,675)	$	—	$	370,047	$	417,167	$	3,121	$	420,288	$	620,648	$	(11,424)	$	609,224
OCI before reclassifications	420,281		(50,127)		(2,314)		367,840		20,335		(23,342)		(3,007)		(150,642)		14,545		(136,097)
Amounts reclassified from   AOCI (1)	(733,396)		72,802		—		(660,594)		(44,780)		(2,454)		(47,234)		(52,839)		—		(52,839)
Net OCI during period (2)	(313,115)		22,675		(2,314)		(292,754)		(24,445)		(25,796)		(50,241)		(203,481)		14,545		(188,936)
Balance at end of period	$	79,607	$	—	$	(2,314)	$	77,293	$	392,722	$	(22,675)	$	370,047	$	417,167	$	3,121	$	420,288

(1)  See separate table below for details about these reclassifications.

(2)  For further information regarding changes in OCI, see the Company’s consolidated statements of comprehensive income/(loss).

(3) Net Unrealized Gain/(Loss) on Financing Agreements at Fair Value due to changes in instrument-specific credit risk.

Information about the significant amounts reclassified out of the entity's AOCI

The following table presents information about the significant amounts reclassified out of the Company’s AOCI for the years ended December 31, 2020, 2019, and 2018:

	For the Year Ended December 31,
	2020		2019		2018
Details about AOCI Components	Amounts Reclassified from AOCI						Affected Line Item in the Statement Where Net Income is Presented
(In Thousands)
AFS Securities:
Realized gain on sale of securities	$	(389,127)	$	(44,600)	$	(51,580)	Net realized (loss)/gain on sales of residential mortgage securities and residential whole loans
Impairment recognized in earnings	(344,269)		(180)		(1,259)		Other, net
Total AFS Securities	$	(733,396)	$	(44,780)	$	(52,839)
Swaps designated as cash flow hedges:
Reclassification adjustment for losses related to hedging instruments included in net income	72,802		(2,454)		—		Other, net
Total Swaps designated as cash flow hedges	$	72,802	$	(2,454)	$	—
Total reclassifications for period	$	(660,594)	$	(47,234)	$	(52,839)