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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)
$ in Thousands
Total
Series C Preferred Stock
Series B Preferred Stock
Preferred Stock
Series C Preferred Stock
Preferred Stock
Series B Preferred Stock
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Deficit
Series C Preferred Stock
Accumulated Deficit
Series B Preferred Stock
Accumulated Other Comprehensive Income
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2021       11,000,000 8,000,000            
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2021           108,138,000          
Beginning balance at Dec. 31, 2021 $ 2,542,848     $ 110 $ 80 $ 1,082 $ 3,775,482 $ (1,279,484)     $ 45,578
Increase (Decrease) in Stockholders' Equity                      
Net Income (loss) (82,906)             (82,906)      
Issuance of common stock, net of expenses (in shares)           150,000          
Issuance of common stock, net of expenses 486         $ 1 485        
Repurchase of shares of common stock (in shares) [1]           3,252,000          
Repurchase of shares of common stock [1] (55,742)         $ (33) (55,709)        
Equity based compensation expense 2,642           2,642        
Change in accrued dividends attributable to stock-based awards (76)           74 (150)      
Dividends declared on common stock (46,215)             (46,215)      
Dividends declared on preferred stock   $ (4,469) $ (3,750)           $ (4,469) $ (3,750)  
Dividends attributable to dividend equivalents (141)             (141)      
Change in unrealized gains/ (losses) on securities, net (4,977)                   (4,977)
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk 1,255                   1,255
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2022       11,000,000 8,000,000            
Common stock, shares outstanding, ending balance (in shares) at Mar. 31, 2022           105,036,000          
Ending balance at Mar. 31, 2022 2,348,955     $ 110 $ 80 $ 1,050 3,722,974 (1,417,115)     41,856
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2021       11,000,000 8,000,000            
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2021           108,138,000          
Beginning balance at Dec. 31, 2021 2,542,848     $ 110 $ 80 $ 1,082 3,775,482 (1,279,484)     45,578
Increase (Decrease) in Stockholders' Equity                      
Net Income (loss) $ (238,291)                    
Repurchase of shares of common stock (in shares) 6,476,746                    
Dividends declared on preferred stock $ (24,656)                    
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk 1,255                    
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2022       11,000,000 8,000,000            
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2022           101,797,000          
Ending balance at Sep. 30, 2022 2,033,931     $ 110 $ 80 $ 1,018 3,681,784 (1,680,129)     31,068
Preferred stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2022       11,000,000 8,000,000            
Common stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2022           105,036,000          
Beginning balance at Mar. 31, 2022 2,348,955     $ 110 $ 80 $ 1,050 3,722,974 (1,417,115)     41,856
Increase (Decrease) in Stockholders' Equity                      
Net Income (loss) (100,367)             (100,367)      
Issuance of common stock, net of expenses (in shares)           38,000          
Issuance of common stock, net of expenses 553         $ 1 552        
Repurchase of shares of common stock (in shares) [1]           3,281,000          
Repurchase of shares of common stock [1] (47,512)         $ (33) (47,479)        
Equity based compensation expense 3,540           3,540        
Change in accrued dividends attributable to stock-based awards (662)           (509) (153)      
Dividends declared on common stock (44,789)             (44,789)      
Dividends declared on preferred stock   (4,469) (3,750)           (4,469) (3,750)  
Dividends attributable to dividend equivalents (174)             (174)      
Change in unrealized gains/ (losses) on securities, net (4,937)                   (4,937)
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2022       11,000,000 8,000,000            
Common stock, shares outstanding, ending balance (in shares) at Jun. 30, 2022           101,793,000          
Ending balance at Jun. 30, 2022 2,146,388     $ 110 $ 80 $ 1,018 3,679,078 (1,570,817)     36,919
Increase (Decrease) in Stockholders' Equity                      
Net Income (loss) (55,018)             (55,018)      
Issuance of common stock, net of expenses (in shares)           4,000          
Issuance of common stock, net of expenses 33           33        
Equity based compensation expense 2,673           2,673        
Change in accrued dividends attributable to stock-based awards (1,110)             (1,110)      
Dividends declared on common stock (44,791)             (44,791)      
Dividends declared on preferred stock (8,218) $ (4,469) $ (3,750)           (4,469) (3,750)  
Dividends attributable to dividend equivalents (174)             (174)      
Change in unrealized gains/ (losses) on securities, net (5,851)                   (5,851)
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk 0                    
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2022       11,000,000 8,000,000            
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2022           101,797,000          
Ending balance at Sep. 30, 2022 $ 2,033,931     $ 110 $ 80 $ 1,018 3,681,784 (1,680,129)     31,068
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2022   11,000,000 8,000,000 11,000,000 8,000,000            
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2022 101,802,000         101,802,000          
Beginning balance at Dec. 31, 2022 $ 1,988,849     $ 110 $ 80 $ 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) [2]           58,000          
Repurchase of shares of common stock [2] (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   $ (4,469) $ (3,750)           (4,469) (3,750)  
Dividends attributable to dividend equivalents (86)             (86)      
Change in unrealized gains/ (losses) on securities, net (1,116)                   (1,116)
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2023       11,000,000 8,000,000            
Common stock, shares outstanding, ending balance (in shares) at Mar. 31, 2023           101,912,000          
Ending balance at Mar. 31, 2023 $ 2,018,606     $ 110 $ 80 $ 1,019 3,687,285 (1,690,113)     20,225
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2022   11,000,000 8,000,000 11,000,000 8,000,000            
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2022 101,802,000         101,802,000          
Beginning balance at Dec. 31, 2022 $ 1,988,849     $ 110 $ 80 $ 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)                    
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk $ 0                    
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2023   11,000,000 8,000,000 11,000,000 8,000,000            
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2023 101,916,000         101,916,000          
Ending balance at Sep. 30, 2023 $ 1,848,516     $ 110 $ 80 $ 1,019 3,695,406 (1,862,452)     14,353
Preferred stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2023       11,000,000 8,000,000            
Common stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2023           101,912,000          
Beginning balance at Mar. 31, 2023 2,018,606     $ 110 $ 80 $ 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        
Repurchase of shares of common stock [2] 0                    
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   $ (4,469) $ (3,750)           (4,469) (3,750)  
Dividends attributable to dividend equivalents (118)             (118)      
Change in unrealized gains/ (losses) on securities, net (6,805)                   (6,805)
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2023       11,000,000 8,000,000            
Common stock, shares outstanding, ending balance (in shares) at Jun. 30, 2023           101,916,000          
Ending balance at Jun. 30, 2023 1,944,769     $ 110 $ 80 $ 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 (20)           (20)        
Repurchase of shares of common stock [2] 0                    
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) $ (4,469) $ (3,750)           $ (4,469) $ (3,750)  
Dividends attributable to dividend equivalents (119)             (119)      
Change in unrealized gains/ (losses) on securities, net 933                   933
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk $ 0                    
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2023   11,000,000 8,000,000 11,000,000 8,000,000            
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2023 101,916,000         101,916,000          
Ending balance at Sep. 30, 2023 $ 1,848,516     $ 110 $ 80 $ 1,019 $ 3,695,406 $ (1,862,452)     $ 14,353
[1] For the nine months ended September 30, 2022 includes approximately $1.0 million (56,690 shares) surrendered for tax purposes related to equity-based compensation awards.
[2] For the nine months ended September 30, 2023 includes approximately $600,000 (58,505 shares) surrendered for tax purposes related to equity-based compensation awards.