Stockholders' Equity

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Authorized Capital

As of September 30, 2022, the Company had the authority to issue up to 1.0 billion shares of stock, at $0.01 par value per share, consisting of 950.0 million shares of Class A common stock and 50.0 million shares of preferred stock.

The Company had no shares of preferred stock issued and outstanding as of September 30, 2022.

Dividends

During the nine months ended September 30, 2022, the Company declared the following dividend on its common stock:

Declaration Date	Record Date	Payment Date	Per Share
March 15, 2022	March 31, 2022	April 15, 2022	$0.19
June 15, 2022	June 30, 2022	July 15, 2022	$0.20
September 15, 2022	September 30, 2022	October 14, 2022	$0.20

Share Repurchases

In May 2022, the Company’s board of directors authorized a stock repurchase program (“Stock Repurchase Program”) under which the Company may repurchase up to $100.0 million of its outstanding Class A common stock until April 30, 2023. Under the Stock Repurchase Program, the Company may repurchase shares in open market purchases, in privately negotiated transactions or otherwise. The Company has a written trading plan as part of the Share Repurchase Program that provides for share repurchases in open market transactions that is intended to comply with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Stock Repurchase Program will be utilized at management’s discretion and in accordance with the requirements of the Securities and Exchange Commission (“SEC”). The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate requirements and other conditions.

The Company did not repurchase any shares of its Class A common stock during the three months ended September 30, 2022. During the nine months ended September 30, 2022, the Company repurchased 2.2 million shares of Class A common stock at a weighted average price of $8.40 per share for an aggregate cost of $18.3 million. Additionally, and separate from the Stock Repurchase Program, the Company redeemed the 3.1 million total outstanding membership units in the OP held by a third-party representing noncontrolling interests at a price of $8.25 per unit for a total cost of $25.4 million.

As of September 30, 2022, there was $81.7 million remaining available to make repurchases under the Stock Repurchase Plan.

Accumulated Other Comprehensive Income (Loss)

The following tables present the changes in each component of Accumulated Other Comprehensive Income (Loss) (“AOCI”) attributable to stockholders and noncontrolling interests in the OP, net of immaterial tax effect.

Changes in Components of AOCI - Stockholders

(in thousands)	Unrealized gain on net investment hedges		Foreign currency translation gain (loss)		Total
AOCI at December 31, 2021	$	17,893	$	(9,107)	$	8,786
Other comprehensive income	—		660		660
AOCI at March 31, 2022	$	17,893	$	(8,447)	$	9,446
Other comprehensive income (loss) before OP reclassification	—		(9,810)		(9,810)
Amounts reclassified from OP	710		(856)		(146)
Net current period OCI	710		(10,666)		(9,956)
AOCI at June 30, 2022	$	18,603	$	(19,113)	$	(510)
Other comprehensive income (loss)	—		(6,068)		(6,068)
AOCI at September 30, 2022	$	18,603	$	(25,181)	$	(6,578)

(in thousands)	Unrealized gain (loss) on real estate securities, available for sale		Unrealized gain on net investment hedges		Foreign currency translation gain (loss)		Total
AOCI at December 31, 2020	$	275	$	47,127	$	7,186	$	54,588
Other comprehensive income (loss) before reclassification	(1,035)		—		(7,467)		(8,502)
Amounts reclassified from AOCI	760		—		—		760
Net current period OCI	(275)		—		(7,467)		(7,742)
AOCI at March 31, 2021	$	—	$	47,127	$	(281)	$	46,846
Other comprehensive income	—		—		1,966		1,966
AOCI at June 30, 2021	$	—	$	47,127	$	1,685	$	48,812
Other comprehensive loss before reclassification	—		—		(3,926)		(3,926)
Amounts reclassified from AOCI	—		—		—		—
Net current period OCI	—		—		(3,926)		(3,926)
AOCI at September 30, 2021	$	—	$	47,127	$	(2,241)	$	44,886

Changes in Components of AOCI - Noncontrolling Interests in the OP

(in thousands)	Unrealized gain on net investment hedges		Foreign currency translation gain (loss)		Total
AOCI at December 31, 2021	$	710	$	(872)	$	(162)
Other comprehensive income	—		16		16
AOCI at March 31, 2022	$	710	$	(856)	$	(146)
Other comprehensive income (loss) before Stockholders reclassification	—		—		—
Amounts reclassified to Stockholders	(710)		856		146
Net current period OCI	(710)		856		146
AOCI at June 30, 2022	$	—	$	—	$	—
Other comprehensive income	—		—		—
AOCI at September 30, 2022	$	—	$	—	$	—

(in thousands)	Unrealized gain (loss) on real estate securities, available for sale		Unrealized gain (loss) on net investment hedges		Foreign currency translation loss		Total
AOCI at December 31, 2020	$	(73)	$	1,403	$	(272)	$	1,058
Other comprehensive income (loss)	98		—		(288)		(190)
Amounts reclassified from AOCI	(25)		—		—		(25)
Net current period OCI	73		—		(288)		(215)
AOCI at March 31, 2021	$	—	$	1,403	$	(560)	$	843
Other comprehensive income (loss)	—		—		(89)		(89)
AOCI at June 30, 2021	$	—	$	1,403	$	(649)	$	754
Other comprehensive (loss) before reclassification	—		—		(93)		—
Amounts reclassified from AOCI	—		—		—		—
Net current period OCI	—		—		(93)		(93)
AOCI at September 30, 2021	$	—	$	1,403	$	(742)	$	661

Changes in Components of AOCI - Noncontrolling Interests in investment entities

(in thousands)	Foreign currency translation gain (loss)		Total
AOCI at December 31, 2021	$	1,872	$	1,872
Other comprehensive income before reclassification	—		—
Amounts reclassified from AOCI	(1,872)		(1,872)
Net current period OCI	(1,872)		(1,872)
AOCI at March 31, 2022	$	—	$	—
Other comprehensive income	—		—
AOCI at June 30, 2022	$	—	$	—
Other comprehensive income	—		—
AOCI at September 30, 2022	$	—	$	—

(in thousands)	Foreign currency translation gain (loss)		Total
AOCI at December 31, 2020	$	2,193	$	2,193
Other comprehensive income (loss)	(776)		(776)
AOCI at March 31, 2021	$	1,417	$	1,417
Other comprehensive income	336		336
AOCI at June 30, 2021	$	1,753	$	1,753
Other comprehensive income	119		119
AOCI at September 30, 2021	$	1,872	$	1,872

The following table presents the details of the reclassifications from AOCI for the nine months ended September 30, 2021:

(in thousands)
Component of AOCI reclassified into earnings	Nine Months Ended   September 30, 2021		Affected Line Item in the Consolidated Statements of Operations
Realized gain on sale of real estate securities	$	104	Other gain (loss), net
Impairment of real estate securities	$	(967)	Other gain (loss), net