2020 Q4 Form 10-K Financial Statement

#000162828021004756 Filed on March 15, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2020 Q2
Revenue $7.826M $8.117M $8.480M
YoY Change -12.6% -17.44% -17.58%
Cost Of Revenue $3.190M $3.290M $3.700M
YoY Change -42.93% -45.53% -40.71%
Gross Profit $4.640M $4.830M $4.780M
YoY Change 38.1% 27.11% 18.02%
Gross Profit Margin 59.29% 59.5% 56.37%
Selling, General & Admin $2.110M $1.950M $1.970M
YoY Change 1.44% 16.07% -2.96%
% of Gross Profit 45.47% 40.37% 41.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $2.155M $2.262M $2.803M
YoY Change -3.71% 32.82% 28.81%
Operating Profit $2.485M $2.568M $1.977M
YoY Change 121.48% 22.46% 5.5%
Interest Expense $3.187M $3.285M $3.696M
YoY Change -42.98% -45.58% -40.79%
% of Operating Profit 128.25% 127.92% 186.95%
Other Income/Expense, Net -$54.00K -$162.0K -$171.0K
YoY Change -130.34% -19.8% -37.59%
Pretax Income $2.430M $2.410M $1.810M
YoY Change 85.5% 27.51% 13.13%
Income Tax -$39.00K -$142.6K -$68.27K
% Of Pretax Income -1.6% -5.92% -3.77%
Net Earnings $2.469M $2.551M $1.879M
YoY Change 102.05% 18.21% 34.77%
Net Earnings / Revenue 31.55% 31.43% 22.15%
Basic Earnings Per Share $0.10
Diluted Earnings Per Share $99.04K $0.10 $75.38K
COMMON SHARES
Basic Shares Outstanding 24.94M shares 24.94M shares 24.94M shares
Diluted Shares Outstanding 24.94M shares 24.94M shares

Balance Sheet

Concept 2020 Q4 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.40M $9.700M $8.900M
YoY Change 4.59% -5.83% 23.61%
Cash & Equivalents $11.38M $9.720M $8.857M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $13.40M $21.20M $34.90M
YoY Change 1.52% 69.6% 256.12%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $58.00M $14.50M $7.400M
YoY Change 1037.25% -82.12% -82.79%
Total Long-Term Assets $608.1M $616.6M $620.8M
YoY Change -5.68% -4.38% -4.14%
TOTAL ASSETS
Total Short-Term Assets $13.40M $21.20M $34.90M
Total Long-Term Assets $608.1M $616.6M $620.8M
Total Assets $621.5M $637.8M $655.7M
YoY Change -5.53% -2.97% -0.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $300.0K $500.0K $600.0K
YoY Change -25.0% 400.0% 50.0%
Accrued Expenses $400.0K $400.0K $400.0K
YoY Change -50.0% -50.0% -55.56%
Deferred Revenue
YoY Change
Short-Term Debt $463.1M $479.7M $498.3M
YoY Change -8.46% -5.09% -1.31%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $468.2M $483.8M $502.1M
YoY Change -8.18% -4.91% -1.39%
LONG-TERM LIABILITIES
Long-Term Debt $39.60M $39.50M $39.50M
YoY Change 0.51% 0.51% 0.77%
Other Long-Term Liabilities $300.0K $500.0K $600.0K
YoY Change -25.0% 400.0% 50.0%
Total Long-Term Liabilities $39.60M $39.50M $39.50M
YoY Change 0.51% 0.51% 0.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $468.2M $483.8M $502.1M
Total Long-Term Liabilities $39.60M $39.50M $39.50M
Total Liabilities $507.8M $523.3M $541.6M
YoY Change -7.55% -4.52% -1.26%
SHAREHOLDERS EQUITY
Retained Earnings $10.86M $8.392M $5.841M
YoY Change 350.58% 606.37% -702.27%
Common Stock $249.4K $249.4K $249.4K
YoY Change 5.28% 5.28% 5.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $113.6M $114.4M $114.0M
YoY Change
Total Liabilities & Shareholders Equity $621.5M $637.8M $655.7M
YoY Change -5.53% -2.97% -0.26%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income $2.469M $2.551M $1.879M
YoY Change 102.05% 18.21% 34.77%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $3.600M $3.470M $2.780M
YoY Change 69.81% 22.61% -1735.29%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $60.77M $25.52M $5.740M
YoY Change -180.24% -36.6% -141.0%
Cash From Investing Activities $60.77M $25.52M $5.740M
YoY Change -180.24% -36.6% -141.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -19.25M -21.00M -10.49M
YoY Change 1019.19% 1086.44% 486.03%
NET CHANGE
Cash From Operating Activities 3.600M 3.470M 2.780M
Cash From Investing Activities 60.77M 25.52M 5.740M
Cash From Financing Activities -19.25M -21.00M -10.49M
Net Change In Cash 45.12M 7.990M -1.970M
YoY Change -159.89% -80.66% -87.66%
FREE CASH FLOW
Cash From Operating Activities $3.600M $3.470M $2.780M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2019 us-gaap Increase Decrease In Due To Related Parties
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CY2019 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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CY2020 us-gaap Net Cash Provided By Used In Operating Activities
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CY2019 us-gaap Net Cash Provided By Used In Operating Activities
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CY2020 us-gaap Payments To Acquire Loans Held For Investment
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CY2019 us-gaap Payments To Acquire Loans Held For Investment
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CY2020 us-gaap Proceeds From Sale Of Loans Held For Investment
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CY2019 us-gaap Proceeds From Sale Of Loans Held For Investment
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CY2020 hcft Repayments Of Principal To Repurchase Mortgage Loans Heldforsale
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CY2019 hcft Repayments Of Principal To Repurchase Mortgage Loans Heldforsale
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CY2020 us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
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CY2019 us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
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CY2020 us-gaap Payments For Proceeds From Other Investing Activities
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CY2019 us-gaap Payments For Proceeds From Other Investing Activities
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CY2019 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019 us-gaap Proceeds From Issuance Of Common Stock
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CY2020 us-gaap Payments For Repurchase Of Redeemable Preferred Stock
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CY2019 us-gaap Payments For Repurchase Of Redeemable Preferred Stock
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CY2020 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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CY2019 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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CY2020 us-gaap Proceeds From Issuance Of Secured Debt
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CY2019 us-gaap Proceeds From Issuance Of Secured Debt
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CY2019 us-gaap Payments Of Financing Costs
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CY2019 us-gaap Net Cash Provided By Used In Financing Activities
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53363526 USD
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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16011830 USD
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59213812 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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69375356 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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16011830 USD
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1956337 USD
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3242640 USD
CY2019Q4 us-gaap Dividends Payable Current And Noncurrent
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CY2020 us-gaap Use Of Estimates
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<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The financial statements have been prepared on the accrual basis of accounting in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires the Company to make a number of significant estimates. On March 11, 2020, the WHO declared COVID-19 a global pandemic, which continues to spread throughout the United States and around the world. The outbreak has adversely impacted, and continues to adversely impact economic and market conditions globally, nationally and locally. Actions taken around the world to help mitigate the spread of COVID-19 include imposition of quarantines, "stay-at-home" orders, restrictions on travel and forced closures for certain types of public places, businesses and schools. The prolonged duration of the COVID-19 pandemic and its impact on our borrowers and their tenants, cash flows and future results of operations could be significant and will largely depend on future developments, which are highly uncertain and cannot be predicted. We believe the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of December 31, 2020, however uncertainty over the ultimate impact of COVID-19 on the global economy generally, and our business in particular, makes any estimates and assumptions </span></div>inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results could differ from its estimates and the differences may be material.
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69375356 USD
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16011830 USD
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1017419 USD
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CY2019Q4 hcft Average Risk Rate
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2 numberOfMulti-familyLoans
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CY2019 hcft Incentive Fees
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1644886 USD
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395763 USD
CY2019Q4 hcft Reimbursable Costs Payable
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427361 USD
CY2020 hcft Reduction To Reimbursable Expenses As Percentage Of Exit Fees Waived Percent
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0.50
CY2020 hcft Reimbursable Operating Expense Waived
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118786 USD
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CY2019 hcft Deemed Preferred Stock Dividend On Related Redemptions
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Dividends
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CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2020 us-gaap Current Income Tax Expense Benefit
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CY2019 us-gaap Income Tax Expense Benefit
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CY2020Q4 hcft Deferred Tax Liabilities Accumulated Net Operating Losses
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994000 USD
CY2019Q4 hcft Deferred Tax Liabilities Accumulated Net Operating Losses
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137000 USD
CY2020Q4 hcft Deferred Tax Assets Mortgage Servicing Rights
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319000 USD
CY2019Q4 hcft Deferred Tax Assets Mortgage Servicing Rights
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686000 USD
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106000 USD
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120000 USD
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1419000 USD
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943000 USD
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2430000 USD
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2551000 USD
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1875000 USD
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2547000 USD
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2466000 USD
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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1547000 USD
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1875000 USD
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2547000 USD
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2466000 USD
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24939575 shares
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24943383 shares
CY2020Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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24943383 shares
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0.10
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InterestAndDividendIncomeOperating
9832000 USD
CY2019Q4 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
8954000 USD
CY2019Q1 us-gaap Interest Expense
InterestExpense
5776000 USD
CY2019Q2 us-gaap Interest Expense
InterestExpense
6242000 USD
CY2019Q3 us-gaap Interest Expense
InterestExpense
6036000 USD
CY2019Q4 us-gaap Interest Expense
InterestExpense
5589000 USD
CY2019Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
4207000 USD
CY2019Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
4047000 USD
CY2019Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
3796000 USD
CY2019Q4 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
3365000 USD
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-147000 USD
CY2019Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-274000 USD
CY2019Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-202000 USD
CY2019Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
178000 USD
CY2019Q1 us-gaap Operating Expenses
OperatingExpenses
2648000 USD
CY2019Q2 us-gaap Operating Expenses
OperatingExpenses
2176000 USD
CY2019Q3 us-gaap Operating Expenses
OperatingExpenses
1703000 USD
CY2019Q4 us-gaap Operating Expenses
OperatingExpenses
2238000 USD
CY2019Q1 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
1412000 USD
CY2019Q2 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
1597000 USD
CY2019Q3 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
1891000 USD
CY2019Q4 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
1305000 USD
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-63000 USD
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
203000 USD
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-267000 USD
CY2019Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
83000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
1475000 USD
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
1394000 USD
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
2158000 USD
CY2019Q4 us-gaap Net Income Loss
NetIncomeLoss
1222000 USD
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2099000 USD
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1390000 USD
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2154000 USD
CY2019Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1218000 USD
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2099000 USD
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1390000 USD
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2154000 USD
CY2019Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1218000 USD
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23687664 shares
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23687664 shares
CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23687664 shares
CY2019Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23688251 shares
CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.09
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.06
CY2019Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.09
CY2019Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.05
CY2020Q4 srt Mortgage Loans On Real Estate Prior Liens1
MortgageLoansOnRealEstatePriorLiens1
0 USD
CY2020Q4 hcft Sec Schedule1229 Real Estate Companies Investment In Mortgage Loans On Real Estate Unpaid Principal Balance
SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateUnpaidPrincipalBalance
547345334 USD
CY2020Q4 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
547345334 USD
CY2019Q4 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
635260420 USD
CY2018Q4 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
555172891 USD
CY2020 us-gaap Mortgage Loans On Real Estate New Mortgage Loans
MortgageLoansOnRealEstateNewMortgageLoans
57601572 USD
CY2019 us-gaap Mortgage Loans On Real Estate New Mortgage Loans
MortgageLoansOnRealEstateNewMortgageLoans
300319433 USD
CY2020 srt Mortgage Loans On Real Estate Collections Of Principal
MortgageLoansOnRealEstateCollectionsOfPrincipal
145516658 USD
CY2019 srt Mortgage Loans On Real Estate Collections Of Principal
MortgageLoansOnRealEstateCollectionsOfPrincipal
213415654 USD
CY2020 us-gaap Mortgage Loans On Real Estate Cost Of Mortgages Sold
MortgageLoansOnRealEstateCostOfMortgagesSold
0 USD
CY2019 us-gaap Mortgage Loans On Real Estate Cost Of Mortgages Sold
MortgageLoansOnRealEstateCostOfMortgagesSold
6816250 USD
CY2020Q4 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
547345334 USD
CY2019Q4 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
635260420 USD

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