2018 Q2 Form 10-Q Financial Statement

#000105516018000012 Filed on August 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $101.7M $110.2M
YoY Change -7.63% -3.8%
Cost Of Revenue $51.80M $49.00M
YoY Change 5.71% 2.73%
Gross Profit $90.90M $98.10M
YoY Change -7.34% 4.58%
Gross Profit Margin 89.34% 89.05%
Selling, General & Admin $12.60M $13.30M
YoY Change -5.26% 11.76%
% of Gross Profit 13.86% 13.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $400.0K $200.0K
YoY Change 100.0% -33.33%
% of Gross Profit 0.44% 0.2%
Operating Expenses $20.60M $17.60M
YoY Change 17.05% 18.12%
Operating Profit $70.30M $80.50M
YoY Change -12.67% 2.03%
Interest Expense $51.81M $49.02M
YoY Change 5.69% 2.73%
% of Operating Profit 73.7% 60.9%
Other Income/Expense, Net
YoY Change
Pretax Income $70.40M $79.90M
YoY Change -11.89% 1.14%
Income Tax
% Of Pretax Income
Net Earnings $70.40M $79.94M
YoY Change -11.93% 1.25%
Net Earnings / Revenue 69.19% 72.56%
Basic Earnings Per Share $0.17
Diluted Earnings Per Share $0.17 $206.8K
COMMON SHARES
Basic Shares Outstanding 398.5M shares 372.8M shares
Diluted Shares Outstanding 398.5M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $55.00M $745.0M
YoY Change -92.62% 307.1%
Cash & Equivalents $54.88M $745.5M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $55.00M $745.0M
YoY Change -92.62% 307.1%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $7.200M $7.189M
YoY Change 0.15% -0.15%
Intangibles
YoY Change
Long-Term Investments $9.968B $10.49B
YoY Change -4.99% -14.52%
Other Assets $3.000M $12.00M
YoY Change -75.0% -91.61%
Total Long-Term Assets $10.59B $10.79B
YoY Change -1.87% -14.65%
TOTAL ASSETS
Total Short-Term Assets $55.00M $745.0M
Total Long-Term Assets $10.59B $10.79B
Total Assets $10.64B $11.54B
YoY Change -7.73% -10.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $5.892B $7.041B
YoY Change -16.32% -22.1%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.892B $7.041B
YoY Change -16.32% -22.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $97.00M
YoY Change -100.0% 0.0%
Other Long-Term Liabilities $1.546B $1.125B
YoY Change 37.42% 51.01%
Total Long-Term Liabilities $1.546B $1.222B
YoY Change 26.51% 45.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.892B $7.041B
Total Long-Term Liabilities $1.546B $1.222B
Total Liabilities $7.438B $8.262B
YoY Change -9.97% -16.37%
SHAREHOLDERS EQUITY
Retained Earnings -$592.2M -$576.5M
YoY Change 2.73% 0.83%
Common Stock $3.985M $3.963M
YoY Change 0.56% 6.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.207B $3.275B
YoY Change
Total Liabilities & Shareholders Equity $10.64B $11.54B
YoY Change -7.73% -10.06%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $70.40M $79.94M
YoY Change -11.93% 1.25%
Depreciation, Depletion And Amortization $400.0K $200.0K
YoY Change 100.0% -33.33%
Cash From Operating Activities $37.90M $53.90M
YoY Change -29.68% -1958.62%
INVESTING ACTIVITIES
Capital Expenditures -$400.0K -$200.0K
YoY Change 100.0% 100.0%
Acquisitions
YoY Change
Other Investing Activities $383.2M $1.120B
YoY Change -65.8% 322.79%
Cash From Investing Activities $382.8M $1.120B
YoY Change -65.83% 322.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -584.3M -849.4M
YoY Change -31.21% 276.84%
NET CHANGE
Cash From Operating Activities 37.90M 53.90M
Cash From Investing Activities 382.8M 1.120B
Cash From Financing Activities -584.3M -849.4M
Net Change In Cash -163.6M 324.8M
YoY Change -150.37% 787.43%
FREE CASH FLOW
Cash From Operating Activities $37.90M $53.90M
Capital Expenditures -$400.0K -$200.0K
Free Cash Flow $38.30M $54.10M
YoY Change -29.21% -2032.14%

Facts In Submission

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620403000 USD
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629487000 USD
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668223000 USD
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620648000 USD
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574485000 USD
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548551000 USD
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0 USD
CY2018Q2 us-gaap Accumulated Other Comprehensive Income Loss Other Than Temporary Impairment Not Credit Loss Net Of Tax Debt Securities
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0 USD
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225000 USD
us-gaap Adjustments To Additional Paid In Capital Other
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200000 USD
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3300000 USD
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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2804000 USD
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us-gaap Allocated Share Based Compensation Expense
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3459000 USD
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us-gaap Allocated Share Based Compensation Expense
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2809000 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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2300000 shares
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8245000 USD
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16160000 USD
CY2017Q4 us-gaap Assets
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9234710000 USD
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703907000 USD
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640671000 USD
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43613000 USD
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55941000 USD
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5593089000 USD
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6177819000 USD
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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449757000 USD
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54900000 USD
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54880000 USD
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318575000 USD
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463064000 USD
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58178000 USD
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438748000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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334379000 USD
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325551000 USD
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318125000 USD
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421872000 USD
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413404000 USD
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401075000 USD
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8503000 USD
us-gaap Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Accretion
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17193000 USD
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10910000 USD
us-gaap Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Accretion
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21941000 USD
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0 USD
us-gaap Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Disposals Of Loans
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0 USD
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12840000 USD
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15010000 USD
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1077000 USD
us-gaap Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Reclassifications To From Nonaccretable Difference
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939000 USD
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CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference
11421000 USD
us-gaap Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Reclassifications To From Nonaccretable Difference
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16154000 USD
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1325115000 USD
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1325100000 USD
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1503000000 USD
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1502986000 USD
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CY2018Q2 us-gaap Commitments And Contingencies
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0.20
CY2017Q2 us-gaap Common Stock Dividends Per Share Declared
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us-gaap Common Stock Dividends Per Share Declared
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us-gaap Common Stock Dividends Per Share Declared
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CY2017Q4 us-gaap Common Stock Shares Issued
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Costs And Expenses
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33953000 USD
CY2018Q2 us-gaap Costs And Expenses
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20548000 USD
us-gaap Costs And Expenses
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38011000 USD
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295000 USD
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660294000 USD
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584730000 USD
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1196589000 USD
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50257000 USD
CY2018Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
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341 security
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706393000 USD
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5684000 USD
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163 security
CY2018Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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1902982000 USD
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55941000 USD
us-gaap Debt Securities Gain Loss
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15597000 USD
us-gaap Debt Securities Gain Loss
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16246000 USD
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5889000 USD
us-gaap Debt Securities Realized Gain Loss Excluding Other Than Temporary Impairment
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15597000 USD
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7429000 USD
us-gaap Debt Securities Realized Gain Loss Excluding Other Than Temporary Impairment
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16246000 USD
us-gaap Deferred Income Tax Expense Benefit
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0 USD
us-gaap Deferred Income Tax Expense Benefit
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0 USD
us-gaap Depreciation And Amortization
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439000 USD
us-gaap Depreciation And Amortization
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805000 USD
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0 USD
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0 USD
CY2017Q4 us-gaap Derivative Assets
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679000 USD
CY2018Q2 us-gaap Derivative Assets
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11183000 USD
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0 USD
CY2018Q2 us-gaap Derivative Collateral Obligation To Return Cash
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0 USD
CY2017Q4 us-gaap Derivative Collateral Obligation To Return Securities
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679000 USD
CY2018Q2 us-gaap Derivative Collateral Obligation To Return Securities
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11183000 USD
CY2017Q4 us-gaap Derivative Collateral Right To Reclaim Cash
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CY2018Q2 us-gaap Derivative Collateral Right To Reclaim Cash
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0 USD
CY2017Q4 us-gaap Derivative Collateral Right To Reclaim Securities
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0 USD
CY2018Q2 us-gaap Derivative Collateral Right To Reclaim Securities
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0 USD
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679000 USD
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679000 USD
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0 USD
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0 USD
CY2017Q4 us-gaap Derivative Fair Value Of Derivative Liability
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0 USD
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0 USD
CY2017Q4 us-gaap Derivative Liabilities
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0 USD
CY2018Q2 us-gaap Derivative Liabilities
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0 USD
CY2017Q4 us-gaap Derivative Liability Fair Value Gross Asset
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0 USD
CY2018Q2 us-gaap Derivative Liability Fair Value Gross Asset
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0 USD
CY2017Q4 us-gaap Derivative Liability Fair Value Of Collateral
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21800000 USD
CY2018Q2 us-gaap Derivative Liability Fair Value Of Collateral
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3100000 USD
CY2017Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned
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6614907000 USD
CY2018Q2 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned
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5892281000 USD
CY2017Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Amount Offset Against Collateral
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0 USD
CY2018Q2 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Amount Offset Against Collateral
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0 USD
CY2017Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Asset
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0 USD
CY2018Q2 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Asset
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0 USD
CY2017Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Cash
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6902000 USD
CY2018Q2 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Cash
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3298000 USD
CY2017Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Securities
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6608005000 USD
CY2018Q2 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Securities
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimSecurities
5888983000 USD
CY2017Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Gross
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6614907000 USD
CY2018Q2 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Gross
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5892281000 USD
us-gaap Dividends Common Stock
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153855000 USD
us-gaap Dividends Common Stock
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159392000 USD
CY2017Q2 us-gaap Dividends Payable Current And Noncurrent
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79559000 USD
CY2017Q4 us-gaap Dividends Payable Current And Noncurrent
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79771000 USD
CY2018Q2 us-gaap Dividends Payable Current And Noncurrent
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79948000 USD
CY2018Q2 us-gaap Dividends Payable Current And Noncurrent
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79900000 USD
CY2017Q2 us-gaap Dividends Preferred Stock
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3750000 USD
us-gaap Dividends Preferred Stock
DividendsPreferredStock
7500000 USD
CY2018Q2 us-gaap Dividends Preferred Stock
DividendsPreferredStock
3750000 USD
us-gaap Dividends Preferred Stock
DividendsPreferredStock
7500000 USD
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
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0.20
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.39
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.17
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.36
us-gaap Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss
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0 USD
us-gaap Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
236000 USD
CY2017Q2 us-gaap Gains Losses On Sales Of Other Real Estate
GainsLossesOnSalesOfOtherRealEstate
1200000 USD
us-gaap Gains Losses On Sales Of Other Real Estate
GainsLossesOnSalesOfOtherRealEstate
2039000 USD
us-gaap Gains Losses On Sales Of Other Real Estate
GainsLossesOnSalesOfOtherRealEstate
2039000 USD
CY2018Q2 us-gaap Gains Losses On Sales Of Other Real Estate
GainsLossesOnSalesOfOtherRealEstate
2700000 USD
us-gaap Gains Losses On Sales Of Other Real Estate
GainsLossesOnSalesOfOtherRealEstate
4700000 USD
us-gaap Gains Losses On Sales Of Other Real Estate
GainsLossesOnSalesOfOtherRealEstate
4673000 USD
CY2017Q4 us-gaap Goodwill
Goodwill
7189000 USD
CY2017Q4 us-gaap Goodwill
Goodwill
7200000 USD
CY2018Q2 us-gaap Goodwill
Goodwill
7189000 USD
CY2018Q2 us-gaap Goodwill
Goodwill
7200000 USD
CY2017Q2 us-gaap Impairment Of Investments
ImpairmentOfInvestments
0 USD
us-gaap Impairment Of Investments
ImpairmentOfInvestments
63000 USD
CY2018Q2 us-gaap Impairment Of Investments
ImpairmentOfInvestments
0 USD
us-gaap Impairment Of Investments
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Writedown Of Securities Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Writedown Of Securities Net Of Tax
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us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses
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us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions No Previous Impairment
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us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
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us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
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us-gaap Proceeds From Sale Of Federal Home Loan Bank Stock
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10422000 USD
us-gaap Proceeds From Sale Of Federal Home Loan Bank Stock
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us-gaap Proceeds From Sale Of Real Estate
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34500000 USD
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us-gaap Proceeds From Sale Of Real Estate
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2400000 USD
us-gaap Real Estate Owned Valuation Allowance Amounts Applied
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4121000 USD
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7536000 USD
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3298000 USD
CY2018Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3300000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-578950000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-592218000 USD
CY2017Q4 us-gaap Securities Held As Collateral At Fair Value
SecuritiesHeldAsCollateralAtFairValue
504062000 USD
CY2018Q2 us-gaap Securities Held As Collateral At Fair Value
SecuritiesHeldAsCollateralAtFairValue
253721000 USD
CY2017Q4 us-gaap Securities Loaned Fair Value Of Collateral
SecuritiesLoanedFairValueOfCollateral
504062000 USD
CY2018Q2 us-gaap Securities Loaned Fair Value Of Collateral
SecuritiesLoanedFairValueOfCollateral
253721000 USD
CY2017Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
6614701000 USD
CY2018Q2 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
5892228000 USD
CY2017Q4 us-gaap Securities Sold Under Agreements To Repurchase Amount Offset Against Collateral
SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral
0 USD
CY2018Q2 us-gaap Securities Sold Under Agreements To Repurchase Amount Offset Against Collateral
SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral
0 USD
CY2017Q4 us-gaap Securities Sold Under Agreements To Repurchase Asset
SecuritiesSoldUnderAgreementsToRepurchaseAsset
0 USD
CY2018Q2 us-gaap Securities Sold Under Agreements To Repurchase Asset
SecuritiesSoldUnderAgreementsToRepurchaseAsset
0 USD
CY2017Q4 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Cash
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash
6902000 USD
CY2018Q2 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Cash
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash
3298000 USD
CY2017Q4 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Securities
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities
6608005000 USD
CY2018Q2 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Securities
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities
5888983000 USD
CY2017Q4 us-gaap Securities Sold Under Agreements To Repurchase Fair Value Of Collateral
SecuritiesSoldUnderAgreementsToRepurchaseFairValueOfCollateral
8100000000 USD
CY2018Q2 us-gaap Securities Sold Under Agreements To Repurchase Fair Value Of Collateral
SecuritiesSoldUnderAgreementsToRepurchaseFairValueOfCollateral
7200000000 USD
CY2017Q4 us-gaap Senior Notes
SeniorNotes
96773000 USD
CY2018Q2 us-gaap Senior Notes
SeniorNotes
96794000 USD
CY2017Q4 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
492080000 USD
CY2018Q2 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
381390000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3459000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2809000 USD
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
12000000.0 shares
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
5700000 shares
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
186250000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1711000 USD
CY2013Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
10000000.0 shares
CY2005Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
4000000.0 shares
CY2018Q2 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
6616355 shares
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0 shares
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
3892000 USD
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
1957000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
3033902000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
3274644000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
3261636000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
3206613000 USD
CY2017Q2 us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
27345000 USD
us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
58444000 USD
CY2018Q2 us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
48699000 USD
us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
103521000 USD
CY2017Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
206000 USD
CY2018Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
53000 USD
CY2017Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-1017000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
10880000 USD
CY2018Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
7915000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
27584000 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
7209000 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
18346000 USD
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
386303000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
379479000 shares
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
398478000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
398398000 shares
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">MFA Financial,&#160;Inc. (the &#8220;Company&#8221;) was incorporated in Maryland on July&#160;24, 1997 and began operations on April&#160;10, 1998.&#160; The Company has elected to be treated as a real estate investment trust (&#8220;REIT&#8221;) for U.S. federal income tax purposes.&#160; In order to maintain its qualification as a REIT, the Company must comply with a number of requirements under federal tax law, including that it must distribute at least 90% of its annual REIT taxable income to its stockholders.&#160; The Company has elected to treat certain of its subsidiaries as a taxable REIT subsidiary (&#8220;TRS&#8221;). In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate related business. (See Note </font><font style="font-family:inherit;font-size:10pt;">2</font><font style="font-family:inherit;font-size:10pt;">(</font><font style="font-family:inherit;font-size:10pt;font-style:normal;">o</font><font style="font-family:inherit;font-size:10pt;">))</font></div></div>

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