Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Accumulated Other Comprehensive Income

The following tables present the components of total other comprehensive income (loss), net and accumulated other comprehensive income (“AOCI”) at December 31, 2021 and December 31, 2020, respectively. The tables exclude gains and losses on MBS and GSE CRTs that are accounted for under the fair value option.


	December 31, 2021
$ in thousands	Equity method investments	Available-for-sale securities	Derivatives and hedging	Total
Total other comprehensive income (loss)
Unrealized gain (loss) on mortgage-backed and credit risk transfer securities, net	—	756	—	756


Reclassification of amortization of net deferred (gain) loss on de-designated interest rate swaps to repurchase agreements interest expense	—	—	(22,000)	(22,000)
Currency translation adjustments on investment in unconsolidated venture	(75)	—	—	(75)
Total other comprehensive income (loss)	(75)	756	(22,000)	(21,319)

AOCI balance at beginning of period	499	5,993	52,113	58,605
Total other comprehensive income (loss)	(75)	756	(22,000)	(21,319)
AOCI balance at end of period	424	6,749	30,113	37,286


	December 31, 2020
$ in thousands	Equity method investments	Available-for-sale securities	Derivatives and hedging	Total
Total other comprehensive income (loss)
Unrealized gain (loss) on mortgage-backed and credit risk transfer securities, net	—	(223,416)	—	(223,416)
Reclassification of unrealized (gain) loss on sale of mortgage-backed and credit risk transfer securities to gain (loss) on investments, net	—	13,940	—	13,940
Reclassification of unrealized loss on available-for-sale securities to (increase) decrease in provision for credit losses	—	1,768	—	1,768
Reclassification of amortization of net deferred (gain) loss on de-designated interest rate swaps to repurchase agreements interest expense	—	—	(23,794)	(23,794)
Currency translation adjustments on investment in unconsolidated venture	1,144	—	—	1,144
Total other comprehensive income (loss)	1,144	(207,708)	(23,794)	(230,358)

AOCI balance at beginning of period	(645)	213,701	75,907	288,963
Total other comprehensive income (loss)	1,144	(207,708)	(23,794)	(230,358)
AOCI balance at end of period	499	5,993	52,113	58,605

Schedule of Dividends Declared

We declared the following dividends during 2021 and 2020:


$ in thousands, except per share amounts	Dividends Declared
Series A Preferred Stock	Per Share	In Aggregate	Date of Payment
2021 (1)
February 19, 2021	0.4844	2,713	April 26, 2021
2020
November 5, 2020	0.4844	2,713	January 25, 2021
September 10, 2020	0.4844	2,713	October 26, 2020
June 17, 2020	0.4844	2,712	July 27, 2020
March 17, 2020	0.4844	2,713	May 22, 2020

(1)On June 16, 2021, we paid a final dividend of $0.2691 per share ($1.5 million in aggregate) in connection with the redemption of our Series A Preferred Stock. The final dividend was treated as a component of the redemption price for tax purposes.


$ in thousands, except per share amounts	Dividends Declared
Series B Preferred Stock	Per Share	In Aggregate	Date of Payment
2021
November 2, 2021	0.4844	3,003	December 27, 2021
August 3, 2021	0.4844	3,003	September 27, 2021
May 4, 2021	0.4844	3,004	June 28, 2021
February 19, 2021	0.4844	3,003	March 29, 2021
2020
November 5, 2020	0.4844	3,003	December 28, 2020
August 5, 2020	0.4844	3,003	September 28, 2020
May 9, 2020	0.4844	3,004	June 29, 2020
February 18, 2020	0.4844	3,003	May 22, 2020


$ in thousands, except per share amounts	Dividends Declared
Series C Preferred Stock	Per Share	In Aggregate	Date of Payment
2021
November 2, 2021	0.46875	5,391	December 27, 2021
August 3, 2021	0.46875	5,391	September 27, 2021
May 4, 2021	0.46875	5,390	June 28, 2021
February 19, 2021	0.46875	5,391	March 29, 2021
2020
November 5, 2020	0.46875	5,391	December 28, 2020
August 5, 2020	0.46875	5,391	September 28, 2020
May 9, 2020	0.46875	5,390	June 29, 2020
February 18, 2020	0.46875	5,391	May 22, 2020


$ in thousands, except per share amounts	Dividends Declared
Common Stock	Per Share	In Aggregate	Date of Payment
2021
December 27, 2021	0.09	29,689	January 27, 2022
September 28, 2021	0.09	28,057	October 26, 2021
June 23, 2021	0.09	26,071	July 27, 2021
March 26, 2021	0.09	22,176	April 27, 2021
2020
December 28, 2020	0.08	16,258	January 26, 2021
September 30, 2020	0.05	9,070	October 27, 2020
June 17, 2020	0.02	3,626	July 28, 2020
March 17, 2020	0.50	82,483	June 30, 2020

The following table sets forth the dividends declared per share of our preferred and common stock and their related tax characterization for the fiscal tax years ended December 31, 2021 and 2020.


			Tax Characterization of Dividends
Fiscal Tax Year	Dividends Declared in Prior Year and Taxable in Current Year	Dividends Declared and Taxable in Current Year	Ordinary Dividends	Return of Capital	Capital Gain Distribution
Series A Preferred Stock Dividends
Fiscal tax year 2021	0.484400	0.484400	0.968800	—	—
Fiscal tax year 2020 (1)	0.484400	1.453200	—	1.937600	—

Series B Preferred Stock Dividends
Fiscal tax year 2021	—	1.936700	1.936700	—	—
Fiscal tax year 2020	—	1.937600	—	1.937600	—

Series C Preferred Stock Dividends
Fiscal tax year 2021	—	1.875000	0.590720	1.284280	—
Fiscal tax year 2020	—	1.875000	—	1.875000	—

Common Stock Dividends
Fiscal tax year 2021 (2)	0.080000	0.270000	—	0.350000	—
Fiscal tax year 2020 (3)	0.500000	0.570000	—	1.070000	—

(1)Excludes preferred stock dividend of $0.4844 per share declared on November 5, 2020 that had a record date of January 1, 2021. This dividend is a 2021 dividend for federal income tax purposes.

(2)Excludes common stock dividend of $0.09 per share declared on December 27, 2021 that had a record date of January 11, 2022. This dividend is a 2022 dividend for federal income tax purposes.

(3)Excludes common stock dividend of $0.08 per share declared on December 28, 2020 that had a record date of January 12, 2021. This dividend is a 2021 dividend for federal income tax purposes.