2017 Q1 Form 10-Q Financial Statement

#000156459017009925 Filed on May 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q4 2016 Q1
Revenue $64.47M $68.93M $52.22M
YoY Change 23.48% 36.3% 38.66%
Cost Of Revenue $71.10M $92.60M $64.00M
YoY Change 11.09% 28.08% 13.68%
Gross Profit $30.50M $17.20M $20.30M
YoY Change 50.25% 75.51% 185.92%
Gross Profit Margin 47.31% 24.95% 38.88%
Selling, General & Admin $3.300M $3.400M $3.600M
YoY Change -8.33% -8.11% -21.74%
% of Gross Profit 10.82% 19.77% 17.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $41.87M $3.300M $41.17M
YoY Change 1.69% 17.86% -0.74%
Operating Profit -$11.37M $13.90M -$20.87M
YoY Change -45.54% 98.57% -39.28%
Interest Expense $37.18M $32.00M
YoY Change 16.17% 24.31%
% of Operating Profit
Other Income/Expense, Net $3.503M $4.515M
YoY Change -22.41% -7.04%
Pretax Income $22.61M $13.90M $11.04M
YoY Change 104.71% 101.45% -389.11%
Income Tax -$6.129M -$17.30M -$3.452M
% Of Pretax Income -27.11% -124.46% -31.26%
Net Earnings $28.74M $31.17M $14.50M
YoY Change 98.24% 98.45% 93.07%
Net Earnings / Revenue 44.57% 45.23% 27.76%
Basic Earnings Per Share $0.42 $0.46 $0.20
Diluted Earnings Per Share $0.40 $0.44 $0.20
COMMON SHARES
Basic Shares Outstanding 66.72M 66.70M 71.88M
Diluted Shares Outstanding 75.19M 71.88M

Balance Sheet

Concept 2017 Q1 2016 Q4 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $120.0M $34.00M $67.00M
YoY Change 79.1% -41.38% 1.52%
Cash & Equivalents $120.0M $34.48M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $201.0M $118.0M $150.0M
YoY Change 34.0% -23.87% -0.66%
LONG-TERM ASSETS
Property, Plant & Equipment $36.00M $29.00M $13.00M
YoY Change 176.92% 222.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.851B $0.00 $734.0M
YoY Change 152.18% 25.68%
Other Assets
YoY Change
Total Long-Term Assets $5.802B $6.240B $5.670B
YoY Change 2.32% 10.01% 1.63%
TOTAL ASSETS
Total Short-Term Assets $201.0M $118.0M $150.0M
Total Long-Term Assets $5.802B $6.240B $5.670B
Total Assets $6.003B $6.358B $5.820B
YoY Change 3.14% 9.11% 1.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.00M $16.00M $18.00M
YoY Change 16.67% -15.79% -5.26%
Accrued Expenses $5.000M $4.000M $1.000M
YoY Change 400.0%
Deferred Revenue
YoY Change
Short-Term Debt $3.634B $3.934B $150.0M
YoY Change 2322.93% 2522.67%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.747B $3.972B $253.0M
YoY Change 1381.03% 929.02% 328.81%
LONG-TERM LIABILITIES
Long-Term Debt $760.0M $901.0M $859.0M
YoY Change -11.53% 23.59% 77.48%
Other Long-Term Liabilities $17.00M $25.00M $3.277B
YoY Change -99.48% -99.21% -8.49%
Total Long-Term Liabilities $777.0M $926.0M $4.136B
YoY Change -81.21% -76.14% 1.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.747B $3.972B $253.0M
Total Long-Term Liabilities $777.0M $926.0M $4.136B
Total Liabilities $4.544B $5.006B $4.406B
YoY Change 3.14% 15.6% 5.19%
SHAREHOLDERS EQUITY
Retained Earnings -$29.64M -$26.72M $7.466M
YoY Change -497.0% -204.17% -87.38%
Common Stock $1.488B $1.378B $1.407B
YoY Change 5.77% -6.3% -5.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.459B $1.351B $1.415B
YoY Change
Total Liabilities & Shareholders Equity $6.003B $6.358B $5.820B
YoY Change 3.14% 9.11% 1.57%

Cashflow Statement

Concept 2017 Q1 2016 Q4 2016 Q1
OPERATING ACTIVITIES
Net Income $28.74M $31.17M $14.50M
YoY Change 98.24% 98.45% 93.07%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $395.4M $170.2M -$39.60M
YoY Change -1098.48% -150.5% -94.74%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $42.00M $25.80M $93.10M
YoY Change -54.89% -68.03% -201.97%
Cash From Investing Activities $42.00M $25.80M $93.10M
YoY Change -54.89% -68.03% -201.97%
FINANCING ACTIVITIES
Cash Dividend Paid $31.66M $34.99M
YoY Change -9.54% -23.75%
Common Stock Issuance & Retirement, Net $2.307M $64.47M
YoY Change -96.42% -805987.5%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -351.8M -300.4M -44.60M
YoY Change 688.79% -233.51% -105.35%
NET CHANGE
Cash From Operating Activities 395.4M 170.2M -39.60M
Cash From Investing Activities 42.00M 25.80M 93.10M
Cash From Financing Activities -351.8M -300.4M -44.60M
Net Change In Cash 85.60M -104.4M 8.900M
YoY Change 861.8% 233.55% -183.96%
FREE CASH FLOW
Cash From Operating Activities $395.4M $170.2M -$39.60M
Capital Expenditures
Free Cash Flow
YoY Change

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PaymentsForProceedsFromShortTermInvestments
5635000
CY2017Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
251872000
CY2016Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
50702000
CY2017Q1 pmt Proceeds From Sale And Repayments Of Mortgage Backed Securities Mbs At Fair Value
ProceedsFromSaleAndRepaymentsOfMortgageBackedSecuritiesMbsAtFairValue
26123000
CY2016Q1 pmt Proceeds From Sale And Repayments Of Mortgage Backed Securities Mbs At Fair Value
ProceedsFromSaleAndRepaymentsOfMortgageBackedSecuritiesMbsAtFairValue
13848000
CY2017Q1 us-gaap Proceeds From Sale And Collection Of Loans Receivable
ProceedsFromSaleAndCollectionOfLoansReceivable
127556000
CY2016Q1 us-gaap Proceeds From Sale And Collection Of Loans Receivable
ProceedsFromSaleAndCollectionOfLoansReceivable
47865000
CY2017Q1 pmt Repayments Of Excess Servicing Spread Investment
RepaymentsOfExcessServicingSpreadInvestment
14632000
CY2016Q1 pmt Repayments Of Excess Servicing Spread Investment
RepaymentsOfExcessServicingSpreadInvestment
20881000
CY2017Q1 pmt Proceeds From The Sale Of Excess Servicing Spread
ProceedsFromTheSaleOfExcessServicingSpread
0
CY2016Q1 pmt Proceeds From The Sale Of Excess Servicing Spread
ProceedsFromTheSaleOfExcessServicingSpread
59045000
CY2017Q1 us-gaap Payments For Derivative Instrument Investing Activities
PaymentsForDerivativeInstrumentInvestingActivities
28000
CY2016Q1 us-gaap Payments For Derivative Instrument Investing Activities
PaymentsForDerivativeInstrumentInvestingActivities
2000
CY2017Q1 pmt Proceeds From Sale Of Real Estate Acquired In Settlement Of Loans
ProceedsFromSaleOfRealEstateAcquiredInSettlementOfLoans
63224000
CY2016Q1 pmt Proceeds From Sale Of Real Estate Acquired In Settlement Of Loans
ProceedsFromSaleOfRealEstateAcquiredInSettlementOfLoans
64908000
CY2017Q1 us-gaap Payments To Acquire Mortgage Servicing Rights Msr
PaymentsToAcquireMortgageServicingRightsMSR
62000
CY2016Q1 us-gaap Payments To Acquire Mortgage Servicing Rights Msr
PaymentsToAcquireMortgageServicingRightsMSR
2602000
CY2017Q1 pmt Deposits Of Cash Securing Credit Risk Transfer Agreements
DepositsOfCashSecuringCreditRiskTransferAgreements
15793000
CY2016Q1 pmt Deposits Of Cash Securing Credit Risk Transfer Agreements
DepositsOfCashSecuringCreditRiskTransferAgreements
66706000
CY2017Q1 pmt Distributions From Credit Risk Transfer Agreements
DistributionsFromCreditRiskTransferAgreements
12305000
CY2016Q1 pmt Distributions From Credit Risk Transfer Agreements
DistributionsFromCreditRiskTransferAgreements
2706000
CY2017Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
36267000
CY2016Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-2368000
CY2017Q1 us-gaap Payments To Acquire Federal Home Loan Bank Stock
PaymentsToAcquireFederalHomeLoanBankStock
0
CY2016Q1 us-gaap Payments To Acquire Federal Home Loan Bank Stock
PaymentsToAcquireFederalHomeLoanBankStock
225000
CY2017Q1 us-gaap Proceeds From Sale Of Federal Home Loan Bank Stock
ProceedsFromSaleOfFederalHomeLoanBankStock
0
CY2016Q1 us-gaap Proceeds From Sale Of Federal Home Loan Bank Stock
ProceedsFromSaleOfFederalHomeLoanBankStock
7320000
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
42023000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
93069000
CY2017Q1 pmt Proceeds From Sale Of Assets Under Agreements To Repurchase
ProceedsFromSaleOfAssetsUnderAgreementsToRepurchase
17770687000
CY2016Q1 pmt Proceeds From Sale Of Assets Under Agreements To Repurchase
ProceedsFromSaleOfAssetsUnderAgreementsToRepurchase
11058933000
CY2017Q1 pmt Repayments Of Assets Sold Under Agreements To Repurchase
RepaymentsOfAssetsSoldUnderAgreementsToRepurchase
18054705000
CY2016Q1 pmt Repayments Of Assets Sold Under Agreements To Repurchase
RepaymentsOfAssetsSoldUnderAgreementsToRepurchase
10943166000
CY2017Q1 pmt Repayments Of Mortgage Loan Participation Certificates
RepaymentsOfMortgageLoanParticipationCertificates
1512435000
CY2016Q1 pmt Repayments Of Mortgage Loan Participation Certificates
RepaymentsOfMortgageLoanParticipationCertificates
1504700000
CY2017Q1 us-gaap Proceeds From Federal Home Loan Bank Advances
ProceedsFromFederalHomeLoanBankAdvances
0
CY2016Q1 us-gaap Proceeds From Federal Home Loan Bank Advances
ProceedsFromFederalHomeLoanBankAdvances
28000000
CY2017Q1 us-gaap Payments For Federal Home Loan Bank Advances
PaymentsForFederalHomeLoanBankAdvances
0
CY2016Q1 us-gaap Payments For Federal Home Loan Bank Advances
PaymentsForFederalHomeLoanBankAdvances
211000000
CY2017Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0
CY2016Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
17057000
CY2017Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
175000000
CY2016Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
46936000
CY2017Q1 pmt Proceeds From Sale Of Asset Backed Secured Financing
ProceedsFromSaleOfAssetBackedSecuredFinancing
0
CY2016Q1 pmt Proceeds From Sale Of Asset Backed Secured Financing
ProceedsFromSaleOfAssetBackedSecuredFinancing
100301000
CY2017Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
13944000
CY2016Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
8334000
CY2017Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
3140000
CY2016Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
2427000
CY2017Q1 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
115000000
CY2016Q1 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
0
CY2017Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
3828000
CY2016Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0
CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2307000
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
64471000
CY2017Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
31655000
CY2016Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
34993000
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-351833000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-44635000
CY2017Q1 us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
85573000
CY2016Q1 us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
8864000
CY2015Q4 us-gaap Cash
Cash
58108000
CY2016Q1 us-gaap Cash
Cash
66972000
CY2017Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Note 32&#8212;Recently Issued Accounting Pronouncements</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">In May 2014, the FASB issued ASU 2014-09, <font style="font-style:italic;">Revenue from Contracts with Customers (Subtopic 606)</font> (&#8220;ASU 2014-09&#8221;), which supersedes the guidance in the <font style="font-style:italic;">Revenue Recognition </font>topic of the ASC. ASU 2014-09 clarifies the principles for recognizing revenue in order to improve comparability of revenue recognition practices across entities and industries with certain scope exceptions including financial instruments, leases, and guarantees. ASU 2014-09 provides guidance intended to assist in the identification of contracts with customers and separate performance obligations within those contracts, the determination and allocation of the transaction price to those identified performance obligations and the recognition of revenue when a performance obligation has been satisfied. ASU 2014-09 also requires disclosures regarding the nature, amount, timing, and uncertainty of revenues and cash flows from contracts with customers.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Upon adoption, ASU 2014-09 provides for transition through either a full retrospective approach requiring the restatement of all presented prior periods or a modified retrospective approach, which allows the new recognition standard to be applied to only those contracts that are not completed at the date of transition. If the modified retrospective approach is adopted, a cumulative-effect adjustment to retained earnings is performed with additional disclosures required including the amount by which each line item is affected by the transition as compared to the guidance in effect before adoption and an explanation of the reasons for significant changes in these amounts.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The FASB has issued several amendments to ASU 2014-09, including:</p> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August 2015, ASU 2015-14, <font style="font-style:italic;">Revenue From Contracts With Customers </font>(&#8220;ASU 2015-14&#8221;). This update deferred the initial effective date of ASU 2014-09. As a result of the issuance of ASU 2015-14, ASU 2014-09 is effective for annual reporting periods beginning on or after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2016, ASU 2016-08, <font style="font-style:italic;">Principal Versus Agent Considerations (Reporting Revenue Gross versus Net)</font>. The amendments to this update are intended to improve the implementation guidance on principal versus agent considerations in ASU 2014-09 by clarifying how an entity should identify the unit of accounting (i.e. the specified good or service) and how an entity should apply the control principle to certain types of arrangements.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In May 2016, ASU 2016-12, <font style="font-style:italic;">Narrow-Scope Improvements and Practical Expedients</font>. The amendments to this update clarify certain core recognition principles and provide practical expedients available at transition. The improvements address collectability, sales tax presentation, noncash consideration, contract modifications and completed contracts at transition.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In December 2016, ASU 2016-20, <font style="font-style:italic;">Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers</font>. The amendments to this update:</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:9.06%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Courier New';font-size:10pt;">o</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Clarify that guarantee fees within the scope of the <font style="font-style:italic;">Guarantees</font> topic of the ASC (other than product or service warranties) are not within the scope of the <font style="font-style:italic;">Revenue from Contracts with Customers</font> topic of the ASC. Entities should see the <font style="font-style:italic;">Derivatives and Hedging</font> topic of the ASC, for guarantees accounted for as derivatives.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:9.06%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Courier New';font-size:10pt;">o</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Clarify the <font style="font-style:italic;">Other Assets and Deferred Costs&#8212;Contracts with Customers</font> subtopic of the ASC that when performing impairment testing an entity should (a) consider expected contract renewals and extensions and (b) include both the amount of consideration it already has received but has not recognized as revenue and the amount it expects to receive in the future.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:9.06%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Courier New';font-size:10pt;">o</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Clarify the interaction of impairment testing with guidance in other ASC topics that impairment testing first should be performed on assets not within the scope of the <font style="font-style:italic;">Other Assets and Deferred Costs</font>, <font style="font-style:italic;">Intangibles-Goodwill and Other </font>and the <font style="font-style:italic;">Property, Plant, and Equipment </font>topics (such as assets within the <font style="font-style:italic;">Inventory</font> topic of the ASC), then assets within the scope of the <font style="font-style:italic;">Other Assets and Deferred </font>Costs topic of the ASC, then asset groups and reporting units within the scope of the <font style="font-style:italic;">Other Assets and Deferred Costs</font>, <font style="font-style:italic;">Intangibles-Goodwill and Other</font> and the <font style="font-style:italic;">Property, Plant, and Equipment</font> topics of the ASC.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:9.06%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Courier New';font-size:10pt;">o</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Clarify that all contracts within the scope of the <font style="font-style:italic;">Financial Services &#8211; Insurance</font> topic of the ASC are excluded from the scope of the Revenue from Contracts with Customers topic.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:9.06%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Courier New';font-size:10pt;">o</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Provide optional exemptions from the disclosure requirement for remaining performance obligations for specific situations in which an entity need not estimate variable consideration to recognize revenue and expands the information that is required to be disclosed when an entity applies one of the optional exemptions.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:9.06%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Courier New';font-size:10pt;">o</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Clarify that the disclosure of revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods applies to all performance obligations and is not limited to performance obligations with corresponding contract balances.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2017, ASU 2017-05, <font style="font-style:italic;">Other Income&#8212;Gains and Losses from the Derecognition of</font> <font style="font-style:italic;">Nonfinancial Assets (Subtopic 610-20)</font> (&#8220;ASU 2017-05&#8221;). The amendments to this update clarify the scope of the <font style="font-style:italic;">Other Income&#8212;Gains and Losses from the Derecognition of Nonfinancial Assets</font> subtopic of the ASC, and to add guidance for partial sales of nonfinancial assets. ASU 2017-05 clarifies that:</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:9.06%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Courier New';font-size:10pt;">o</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A financial asset is within the scope of the <font style="font-style:italic;">Other Income&#8212;Gains and Losses from the Derecognition of Nonfinancial Assets</font> subtopic of the ASC if it meets the definition of an in substance nonfinancial asset and defines the term in substance nonfinancial asset, in part, as a financial asset promised to a counterparty in a contract if substantially all of the fair value of the assets (recognized and unrecognized) that are promised to the counterparty in the contract is concentrated in nonfinancial assets.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:9.06%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Courier New';font-size:10pt;">o</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">It excludes all businesses and nonprofit activities from the scope of the <font style="font-style:italic;">Other Income &#8211; Gains and Losses from the Derecognition of Nonfinancial Assets</font> subtopic of the ASC. Derecognition of all businesses and nonprofit activities should be accounted for in accordance with the <font style="font-style:italic;">Consolidation&#8212;Overall</font> subtopic of the ASC.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:9.06%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Courier New';font-size:10pt;">o</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">An entity should identify each distinct nonfinancial asset or in substance nonfinancial asset promised to a counterparty and derecognize each asset when a counterparty obtains control of it. </p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:9.06%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Courier New';font-size:10pt;">o</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">An entity should allocate consideration to each distinct asset by applying the guidance in the <font style="font-style:italic;">Revenue from Contracts with Customers</font> topic of the ASC on allocating the transaction price to performance obligations.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:9.06%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Courier New';font-size:10pt;">o</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">An entity must derecognize a distinct nonfinancial asset or distinct in substance nonfinancial asset in a partial sale transaction when it (1) does not have (or ceases to have) a controlling financial interest in the legal entity that holds the asset in accordance with the Consolidations topic and (2) transfers control of the asset in accordance with the <font style="font-style:italic;">Revenue from Contracts with Customers </font>topic of the ASC. Once an entity transfers control of a distinct nonfinancial asset or distinct in substance nonfinancial asset, it is required to measure any noncontrolling interest it receives (or retains) at fair value.</p></td></tr></table></div> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Manager is currently evaluating the pending adoption of ASU 2014-09 and its amendments and their impact on the consolidated financial statements. The Manager does not expect the adoption of ASU 2014-09 to have a significant effect on the consolidated financial statements of the Company and has not yet identified which transition method will be applied upon adoption.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In January&#160;2016, the FASB issued ASU 2016-01, <font style="font-style:italic;">Financial Instruments&#8211;Overall: Recognition and Measurement of Financial Assets and Financial Liabilities</font> (&#8220;ASU 2016-01&#8221;). ASU 2016-01 affects the accounting for equity investments, financial liabilities under the fair value option, the presentation and disclosure requirements for financial instruments, and the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ASU 2016-01 requires that:</p> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">All equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) with readily determinable fair values will generally be measured at fair value through earnings.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">When the fair value option has been elected for financial liabilities, changes in fair value due to instrument-specific credit risk will be recognized separately in other comprehensive income. The accumulated gains and losses due to these changes will be reclassified from accumulated other comprehensive income to earnings if the financial liability is settled before maturity.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For financial instruments measured at amortized cost, public business entities will be required to use the exit price when measuring the fair value of financial instruments for disclosure purposes.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial assets and financial liabilities shall be presented separately in the notes to the financial statements, grouped by measurement category (e.g., fair value, amortized cost, lower of cost or fair value) and form of financial asset (e.g., loans, securities).</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Public business entities will no longer be required to disclose the methods and significant assumptions used to estimate the fair value of financial instruments carried at amortized cost.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Entities will have to assess the realizability of a deferred tax asset related to a debt security classified as available for sale in combination with the entity&#8217;s other deferred tax assets.</p></td></tr></table></div> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The classification and measurement guidance will be effective for public business entities in fiscal years beginning after December&#160;15, 2017, including interim periods within those fiscal years. Early adoption of the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income is permitted and can be elected for all financial statements of fiscal years and interim periods that have not yet been issued or that have not yet been made available for issuance. The Manager does not believe that the adoption of ASU 2016-01 will have a significant effect on its consolidated financial statements.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2016, the FASB issued ASU 2016-09, <font style="font-style:italic;">Compensation&#8212;Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting</font> (&#8220;ASU 2016-09&#8221;). ASU 2016-09 simplifies several aspects of the accounting for share-based payment award transactions, including:</p> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Modifies the accounting for income taxes relating to share-based payments. All excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) will be recognized as income tax expense or benefit in the consolidated statement of income. The tax effects of exercised or vested awards will be treated as discrete items in the reporting period in which they occur. An entity will recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. Under current GAAP, excess tax benefits are recognized in additional paid-in capital; tax deficiencies are recognized either as an offset to accumulated excess tax benefits, if any, or in the consolidated statement of income in the period they reduce income taxes payable.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Changes the classification of excess tax benefits on the consolidated statement of cash flows. In the consolidated statement of cash flows, excess tax benefits will be classified along with other income tax cash flows as an operating activity. Under current GAAP, excess tax benefits are separated from other income tax cash flows and classified as a financing activity.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Changes the requirement to estimate the number of awards that are expected to vest. Under ASC 2016-09, an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest as presently required or account for forfeitures when they occur. Under current GAAP, accruals of compensation cost are based on the number of awards that are expected to vest.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Changes the tax withholding requirements for share-based payment awards to qualify for equity accounting. The threshold to qualify for equity classification permits withholding up to the maximum statutory tax rates in the applicable jurisdictions. Under current GAAP, for an award to qualify for equity classification is that an entity cannot partially settle the award in cash in excess of the employer&#8217;s minimum statutory withholding requirements.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Establishes GAAP for the classification of employee taxes paid when an employer withholds shares for tax withholding purposes. Cash paid by an employer when directly withholding shares for tax- withholding purposes should be classified as a financing activity. This guidance establishes GAAP related to the classification of withholding taxes in the statement of cash flows as there is no such guidance under current GAAP.</p></td></tr></table></div> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ASU 2016-09 is effective for annual periods beginning after December&#160;15, 2016, and interim periods within those annual periods. Early adoption is permitted for any organization in any interim or annual period. The adoption ASU 2016-09 did not have a significant effect on the Company&#8217;s consolidated financial statements.</p></div>
CY2017Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="margin-top:12pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Due to the nature of the Company&#8217;s investments, PMT is exposed, to a greater extent than traditional mortgage investors, to the risks associated with loan resolution, including that borrowers may be in economic distress and/or may have become unemployed, bankrupt or otherwise unable or unwilling to make payments when due, and that fluctuations in the residential real estate market may affect the performance of its investments. Factors influencing these risks include, but are not limited to:</p> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">changes in the overall economy, unemployment rates and residential real estate values in the markets where the properties securing the Company&#8217;s mortgage loans are located;</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">PCM&#8217;s ability to identify and PLS&#8217; ability to execute optimal resolutions of certain mortgage loans;</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the accuracy of valuation information obtained during the Company&#8217;s due diligence activities;</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">PCM&#8217;s ability to effectively model, and to develop appropriate model inputs that properly anticipate, future outcomes;</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the level of government support for resolution of certain mortgage loans and the effect of current and future proposed and enacted legislative and regulatory changes on the Company&#8217;s ability to effect cures or resolutions to distressed mortgage loans; and</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">regulatory, judicial and legislative support of the foreclosure process, and the resulting effect on the Company&#8217;s ability to acquire and liquidate the real estate securing its portfolio of distressed mortgage loans in a timely manner or at all.</p></td></tr></table></div> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Due to these uncertainties, there can be no assurance that risk management activities identified and executed on PMT&#8217;s behalf will prevent significant losses arising from the Company&#8217;s investments in real estate-related assets.</p></div>
CY2017Q1 pmt Services Agreement Expiration Date
ServicesAgreementExpirationDate
2020-09-12
CY2017Q1 us-gaap Schedule Of Repurchase Agreements
ScheduleOfRepurchaseAgreements
<div> <p style="margin-top:2pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Following is a summary of maturities of outstanding assets sold under agreements to repurchase by facility maturity date:</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p> <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:60%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:71%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Remaining Maturity at March 31, 2017</font></p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.36%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:25.62%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Contractual balance</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> </tr> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:71%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.36%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:25.62%; border-top:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(in thousands)</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:71%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Within 30 days</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.36%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.62%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,162,254</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:71%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Over 30 to 90 days</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.36%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.62%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">298,143</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:71%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Over 90 days to 180 days</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.36%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.62%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">119,017</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:71%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Over 180 days to 1 year</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.36%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.62%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">732,396</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:71%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Over one year to two years</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.36%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.62%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">188,857</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:71%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.36%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.62%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,500,667</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:71%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Weighted average maturity (in months)</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.36%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.62%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.7</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> </tr> </table></div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></div>
CY2017Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4
CY2017Q1 pmt Reit Qualification Threshold Percentage Of Taxable Income For Distribution
ReitQualificationThresholdPercentageOfTaxableIncomeForDistribution
0.90
CY2017Q1 pmt Fair Value Purchased Of Mortgage Loans Investment Portfolio Purchases From Or Through One Or More Subsidiaries
FairValuePurchasedOfMortgageLoansInvestmentPortfolioPurchasesFromOrThroughOneOrMoreSubsidiaries
1082824000
CY2016 pmt Fair Value Purchased Of Mortgage Loans Investment Portfolio Purchases From Or Through One Or More Subsidiaries
FairValuePurchasedOfMortgageLoansInvestmentPortfolioPurchasesFromOrThroughOneOrMoreSubsidiaries
1192650000
CY2017Q1 pmt Fair Value Of Distressed Mortgage Loans Purchased And Reo Held
FairValueOfDistressedMortgageLoansPurchasedAndReoHeld
1454384000
CY2016Q4 pmt Fair Value Of Distressed Mortgage Loans Purchased And Reo Held
FairValueOfDistressedMortgageLoansPurchasedAndReoHeld
1628641000
CY2016Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Securities
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimSecurities
3784001000
CY2016Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Cash
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash
0
CY2016Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Amount Offset Against Collateral
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAmountOffsetAgainstCollateral
9573000
CY2017Q1 pmt Fair Value Option Loans Held As Assets Aggregate Fair Value
FairValueOptionLoansHeldAsAssetsAggregateFairValue
1583356000
CY2016Q4 pmt Fair Value Option Loans Held As Assets Aggregate Fair Value
FairValueOptionLoansHeldAsAssetsAggregateFairValue
1721741000
CY2017Q1 us-gaap Mortgage Loans On Real Estate Principal Amount Of Delinquent Loans
MortgageLoansOnRealEstatePrincipalAmountOfDelinquentLoans
2025827000
CY2016Q4 us-gaap Mortgage Loans On Real Estate Principal Amount Of Delinquent Loans
MortgageLoansOnRealEstatePrincipalAmountOfDelinquentLoans
2208183000
CY2017Q1 us-gaap Fair Value Option Loans Held As Assets Aggregate Difference
FairValueOptionLoansHeldAsAssetsAggregateDifference
-442471000
CY2016Q4 us-gaap Fair Value Option Loans Held As Assets Aggregate Difference
FairValueOptionLoansHeldAsAssetsAggregateDifference
-486442000
CY2017Q1 pmt Service Agreement Maturity Renewal Term
ServiceAgreementMaturityRenewalTerm
P18M
CY2017Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
298000
CY2016Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
412000
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
27868000
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
14084000
CY2017Q1 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
27868000
CY2016Q1 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
14084000
CY2017Q1 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
2186000
CY2016Q1 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
0
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
30054000
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
14084000
CY2017Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
8467000
CY2016Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0
CY2017Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
59684000
CY2016Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
71093000
CY2017Q1 pmt Derivative Asset Netting
DerivativeAssetNetting
18471000
CY2016Q4 pmt Derivative Asset Netting
DerivativeAssetNetting
37384000
CY2017Q1 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Liability
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedLiability
0
CY2017Q1 us-gaap Cash Collateral For Borrowed Securities
CashCollateralForBorrowedSecurities
0
CY2017Q1 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
41213000
CY2016Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Liability
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedLiability
0
CY2016Q4 us-gaap Cash Collateral For Borrowed Securities
CashCollateralForBorrowedSecurities
0
CY2016Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
33709000
CY2017Q1 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Gross
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross
3525597000
CY2017Q1 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Asset
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset
20055000
CY2017Q1 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoaned
3505542000
CY2016Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Gross
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross
3812886000
CY2016Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Asset
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset
19312000
CY2016Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoaned
3793574000
CY2017Q1 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Securities
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimSecurities
3500190000
CY2017Q1 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Cash
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash
0
CY2017Q1 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Amount Offset Against Collateral
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAmountOffsetAgainstCollateral
5352000
CY2017Q1 pmt Mortgage Loans Description
MortgageLoansDescription
Note interest rate pools of 50 basis points
CY2017Q1 pmt Basis Point For Mortgage Loan
BasisPointForMortgageLoan
0.0050
CY2017Q1 us-gaap Notes Receivable Fair Value Disclosure
NotesReceivableFairValueDisclosure
244000000
CY2015Q4 us-gaap Notes Receivable Fair Value Disclosure
NotesReceivableFairValueDisclosure
240700000
CY2017Q1 pmt Servicing Asset At Fair Value Additions From Loan Sales
ServicingAssetAtFairValueAdditionsFromLoanSales
7478000
CY2016Q1 pmt Servicing Asset At Fair Value Additions From Loan Sales
ServicingAssetAtFairValueAdditionsFromLoanSales
3300000
CY2017Q1 pmt Fair Value Unpaid Principal Balance Of Underlying Loans
FairValueUnpaidPrincipalBalanceOfUnderlyingLoans
660586000
CY2016Q1 pmt Fair Value Unpaid Principal Balance Of Underlying Loans
FairValueUnpaidPrincipalBalanceOfUnderlyingLoans
327025000
CY2017Q1 pmt Services Fee Annual Rate
ServicesFeeAnnualRate
0.0025
CY2016Q1 pmt Services Fee Annual Rate
ServicesFeeAnnualRate
0.0026
CY2017Q1 us-gaap Servicing Asset At Amortized Value Additions
ServicingAssetAtAmortizedValueAdditions
51210000
CY2016Q1 us-gaap Servicing Asset At Amortized Value Additions
ServicingAssetAtAmortizedValueAdditions
32862000
CY2017Q1 pmt Fair Value Unpaid Principal Of Underlying Loans Balance
FairValueUnpaidPrincipalOfUnderlyingLoansBalance
6195339000
CY2016Q4 pmt Fair Value Unpaid Principal Of Underlying Loans Balance
FairValueUnpaidPrincipalOfUnderlyingLoansBalance
5763957000
CY2017Q1 pmt Annual Service Fee Rate
AnnualServiceFeeRate
0.0025
CY2016Q1 pmt Percentage Of Amortized Cost
PercentageOfAmortizedCost
0.0025
CY2016Q4 pmt Annual Service Fee Rate
AnnualServiceFeeRate
0.0025
CY2017Q1 pmt Amortized Cost Unpaid Principal Balance Of Underlying Loans
AmortizedCostUnpaidPrincipalBalanceOfUnderlyingLoans
4092267000
CY2016Q1 pmt Amortized Cost Unpaid Principal Balance Of Underlying Loans
AmortizedCostUnpaidPrincipalBalanceOfUnderlyingLoans
2759545000
CY2017Q1 pmt Percentage Of Amortized Cost
PercentageOfAmortizedCost
0.0025
CY2017Q1 pmt Fair Value Weighted Average Coupon Interest Rate
FairValueWeightedAverageCouponInterestRate
0.047
CY2016 pmt Fair Value Weighted Average Coupon Interest Rate
FairValueWeightedAverageCouponInterestRate
0.047
CY2017Q1 us-gaap Servicing Asset At Amortized Value
ServicingAssetAtAmortizedValue
627287000
CY2016Q4 us-gaap Servicing Asset At Amortized Value
ServicingAssetAtAmortizedValue
592431000
CY2017Q1 pmt Amortized Cost Unpaid Principal Balance Of Underlying Loans Period End
AmortizedCostUnpaidPrincipalBalanceOfUnderlyingLoansPeriodEnd
53355108000
CY2016 pmt Amortized Cost Unpaid Principal Balance Of Underlying Loans Period End
AmortizedCostUnpaidPrincipalBalanceOfUnderlyingLoansPeriodEnd
50539707000
CY2017Q1 pmt Weighted Average Servicing Fee Rate Amortized Cost
WeightedAverageServicingFeeRateAmortizedCost
0.0025
CY2016 pmt Weighted Average Servicing Fee Rate Amortized Cost
WeightedAverageServicingFeeRateAmortizedCost
0.0025
CY2017Q1 pmt Amortized Cost Weighted Average Coupon Interest Rate
AmortizedCostWeightedAverageCouponInterestRate
0.038
CY2016 pmt Amortized Cost Weighted Average Coupon Interest Rate
AmortizedCostWeightedAverageCouponInterestRate
0.038
CY2017Q1 pmt Pledged Financial Instruments Not Separately Reported And Assets Separately Reported On Statement At Fair Value
PledgedFinancialInstrumentsNotSeparatelyReportedAndAssetsSeparatelyReportedOnStatementAtFairValue
1257927000
CY2016Q4 pmt Pledged Financial Instruments Not Separately Reported And Assets Separately Reported On Statement At Fair Value
PledgedFinancialInstrumentsNotSeparatelyReportedAndAssetsSeparatelyReportedOnStatementAtFairValue
1653748000
CY2017Q1 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
DerivativeAssetCollateralObligationToReturnCashOffset
18471000
CY2016Q4 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
DerivativeAssetCollateralObligationToReturnCashOffset
37384000
CY2017Q1 pmt Margin Deposit Assets Liabilities
MarginDepositAssetsLiabilities
1583000
CY2016Q4 pmt Margin Deposit Assets Liabilities
MarginDepositAssetsLiabilities
-18071000
CY2017Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
25407000
CY2016Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
28885000
CY2017Q1 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
DerivativeLiabilityCollateralRightToReclaimCashOffset
20055000
CY2016Q4 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
DerivativeLiabilityCollateralRightToReclaimCashOffset
19312000
CY2017Q1 pmt Mortgage Loans On Real Estate Unpaid Balance
MortgageLoansOnRealEstateUnpaidBalance
2025827000
CY2016Q4 pmt Mortgage Loans On Real Estate Unpaid Balance
MortgageLoansOnRealEstateUnpaidBalance
2208183000
CY2017Q1 pmt Mortgage Loans At Fair Value Held By Variable Interest Entity
MortgageLoansAtFairValueHeldByVariableInterestEntity
353803000
CY2016Q4 pmt Mortgage Loans At Fair Value Held By Variable Interest Entity
MortgageLoansAtFairValueHeldByVariableInterestEntity
367169000
CY2017Q1 pmt Percentage Of Mortgage Loan Portfolio
PercentageOfMortgageLoanPortfolio
0.73
CY2016Q4 pmt Percentage Of Mortgage Loan Portfolio
PercentageOfMortgageLoanPortfolio
0.72
CY2017Q1 pmt Percentage Of Fair Value Mortgage Loan Portfolio
PercentageOfFairValueMortgageLoanPortfolio
0.41
CY2016Q4 pmt Percentage Of Fair Value Mortgage Loan Portfolio
PercentageOfFairValueMortgageLoanPortfolio
0.41
CY2017Q1 pmt Ratio Of Loans With Unpaid Principal Balance To Current Property Value
RatioOfLoansWithUnpaidPrincipalBalanceToCurrentPropertyValue
1.00
CY2016Q4 pmt Ratio Of Loans With Unpaid Principal Balance To Current Property Value
RatioOfLoansWithUnpaidPrincipalBalanceToCurrentPropertyValue
1.00
CY2017Q1 pmt Percentage Of Estimated Fair Value Of Mortgage Loans Originated
PercentageOfEstimatedFairValueOfMortgageLoansOriginated
0.05
CY2016Q4 pmt Percentage Of Estimated Fair Value Of Mortgage Loans Originated
PercentageOfEstimatedFairValueOfMortgageLoansOriginated
0.05
CY2015Q4 us-gaap Real Estate Acquired Through Foreclosure
RealEstateAcquiredThroughForeclosure
341846000
CY2017Q1 pmt Real Estate Acquired In Satisfaction Of Debt
RealEstateAcquiredInSatisfactionOfDebt
24876000
CY2016Q1 pmt Real Estate Acquired In Satisfaction Of Debt
RealEstateAcquiredInSatisfactionOfDebt
60494000
CY2017Q1 us-gaap Transfer Of Other Real Estate
TransferOfOtherRealEstate
6644000
CY2016Q1 us-gaap Transfer Of Other Real Estate
TransferOfOtherRealEstate
4184000
CY2017Q1 us-gaap Other Real Estate Valuation Adjustments
OtherRealEstateValuationAdjustments
-8175000
CY2016Q1 us-gaap Other Real Estate Valuation Adjustments
OtherRealEstateValuationAdjustments
-10645000
CY2017Q1 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
3929000
CY2016Q1 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
4609000
CY2017Q1 pmt Gains Losses Real Estate Owned Net
GainsLossesRealEstateOwnedNet
-4246000
CY2016Q1 pmt Gains Losses Real Estate Owned Net
GainsLossesRealEstateOwnedNet
-6036000
CY2017Q1 us-gaap Sales Of Real Estate
SalesOfRealEstate
63224000
CY2016Q1 us-gaap Sales Of Real Estate
SalesOfRealEstate
64908000
CY2016Q1 us-gaap Real Estate Acquired Through Foreclosure
RealEstateAcquiredThroughForeclosure
327212000
CY2017Q1 pmt Real Estate Acquired Through Foreclosure Pledged To Secure Borrowings
RealEstateAcquiredThroughForeclosurePledgedToSecureBorrowings
111594000
CY2016Q4 pmt Real Estate Acquired Through Foreclosure Pledged To Secure Borrowings
RealEstateAcquiredThroughForeclosurePledgedToSecureBorrowings
167430000
CY2017Q1 pmt Real Estate Owned Held In Subsidiary For Financing Purposes
RealEstateOwnedHeldInSubsidiaryForFinancingPurposes
60159000
CY2016Q4 pmt Real Estate Owned Held In Subsidiary For Financing Purposes
RealEstateOwnedHeldInSubsidiaryForFinancingPurposes
48283000
CY2017Q1 us-gaap Pledged Assets Separately Reported Real Estate Pledged As Collateral At Fair Value
PledgedAssetsSeparatelyReportedRealEstatePledgedAsCollateralAtFairValue
171753000
CY2016Q4 us-gaap Pledged Assets Separately Reported Real Estate Pledged As Collateral At Fair Value
PledgedAssetsSeparatelyReportedRealEstatePledgedAsCollateralAtFairValue
215713000
CY2016Q4 pmt Servicing Asset At Amortized Cost Before Valuation Allowance
ServicingAssetAtAmortizedCostBeforeValuationAllowance
606103000
CY2015Q4 pmt Servicing Asset At Amortized Cost Before Valuation Allowance
ServicingAssetAtAmortizedCostBeforeValuationAllowance
404101000
CY2017Q1 us-gaap Amortization Of Mortgage Servicing Rights Ms Rs
AmortizationOfMortgageServicingRightsMSRs
17858000
CY2016Q1 us-gaap Amortization Of Mortgage Servicing Rights Ms Rs
AmortizationOfMortgageServicingRightsMSRs
14287000
CY2017Q1 pmt Servicing Asset At Amortized Cost Before Valuation Allowance
ServicingAssetAtAmortizedCostBeforeValuationAllowance
639455000
CY2016Q1 pmt Servicing Asset At Amortized Cost Before Valuation Allowance
ServicingAssetAtAmortizedCostBeforeValuationAllowance
422676000
CY2016Q4 us-gaap Valuation Allowance For Impairment Of Recognized Servicing Assets Balance
ValuationAllowanceForImpairmentOfRecognizedServicingAssetsBalance
13672000
CY2015Q4 us-gaap Valuation Allowance For Impairment Of Recognized Servicing Assets Balance
ValuationAllowanceForImpairmentOfRecognizedServicingAssetsBalance
10944000
CY2017Q1 us-gaap Valuation Allowance For Impairment Of Recognized Servicing Assets Provisions Recoveries
ValuationAllowanceForImpairmentOfRecognizedServicingAssetsProvisionsRecoveries
-1504000
CY2016Q1 us-gaap Valuation Allowance For Impairment Of Recognized Servicing Assets Provisions Recoveries
ValuationAllowanceForImpairmentOfRecognizedServicingAssetsProvisionsRecoveries
17706000
CY2017Q1 us-gaap Valuation Allowance For Impairment Of Recognized Servicing Assets Balance
ValuationAllowanceForImpairmentOfRecognizedServicingAssetsBalance
12168000
CY2016Q1 us-gaap Valuation Allowance For Impairment Of Recognized Servicing Assets Balance
ValuationAllowanceForImpairmentOfRecognizedServicingAssetsBalance
28650000
CY2016Q1 us-gaap Servicing Asset At Amortized Value
ServicingAssetAtAmortizedValue
394026000
CY2016Q4 us-gaap Servicing Asset At Amortized Value Fair Value
ServicingAssetAtAmortizedValueFairValue
626334000
CY2015Q4 us-gaap Servicing Asset At Amortized Value Fair Value
ServicingAssetAtAmortizedValueFairValue
424154000
CY2017Q1 us-gaap Servicing Asset At Amortized Value Fair Value
ServicingAssetAtAmortizedValueFairValue
662584000
CY2016Q1 us-gaap Servicing Asset At Amortized Value Fair Value
ServicingAssetAtAmortizedValueFairValue
405635000
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
72142000
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo
66916000
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree
61375000
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFour
55998000
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFive
50657000
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseRollingAfterYearFive
332367000
CY2017Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
639455000
CY2015Q4 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
66584000
CY2017Q1 pmt Mortgage Servicing Rights Fair Value Purchases
MortgageServicingRightsFairValuePurchases
62000
CY2016Q1 pmt Mortgage Servicing Rights Fair Value Purchases
MortgageServicingRightsFairValuePurchases
2602000
CY2017Q1 us-gaap Servicing Asset At Fair Value Changes In Fair Value Resulting From Changes In Valuation Inputs Or Changes In Assumptions
ServicingAssetAtFairValueChangesInFairValueResultingFromChangesInValuationInputsOrChangesInAssumptions
32000
CY2016Q1 us-gaap Servicing Asset At Fair Value Changes In Fair Value Resulting From Changes In Valuation Inputs Or Changes In Assumptions
ServicingAssetAtFairValueChangesInFairValueResultingFromChangesInValuationInputsOrChangesInAssumptions
-8952000
CY2017Q1 us-gaap Servicing Asset At Fair Value Other Changes In Fair Value
ServicingAssetAtFairValueOtherChangesInFairValue
-2025000
CY2016Q1 us-gaap Servicing Asset At Fair Value Other Changes In Fair Value
ServicingAssetAtFairValueOtherChangesInFairValue
-2463000
CY2017Q1 us-gaap Servicing Asset At Fair Value Period Increase Decrease
ServicingAssetAtFairValuePeriodIncreaseDecrease
-1993000
CY2016Q1 us-gaap Servicing Asset At Fair Value Period Increase Decrease
ServicingAssetAtFairValuePeriodIncreaseDecrease
-11415000
CY2016Q1 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
61071000
CY2017Q1 pmt Fair Value Of Mortgage Servicing Rights Pledged To Secure Note Payable
FairValueOfMortgageServicingRightsPledgedToSecureNotePayable
68812000
CY2016Q1 pmt Fair Value Of Mortgage Servicing Rights Pledged To Secure Note Payable
FairValueOfMortgageServicingRightsPledgedToSecureNotePayable
64136000
CY2017Q1 us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
37281000
CY2016Q1 us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
27779000
CY2017Q1 us-gaap Late Fee Income Generated By Servicing Financial Assets Amount
LateFeeIncomeGeneratedByServicingFinancialAssetsAmount
1037000
CY2016Q1 us-gaap Late Fee Income Generated By Servicing Financial Assets Amount
LateFeeIncomeGeneratedByServicingFinancialAssetsAmount
958000
CY2017Q1 us-gaap Ancillary Fee Income Generated By Servicing Financial Assets Amount
AncillaryFeeIncomeGeneratedByServicingFinancialAssetsAmount
187000
CY2016Q1 us-gaap Ancillary Fee Income Generated By Servicing Financial Assets Amount
AncillaryFeeIncomeGeneratedByServicingFinancialAssetsAmount
136000
CY2017Q1 us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
38505000
CY2016Q1 us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
28873000
CY2017Q1 pmt Securities Sold Under Agreements To Repurchase Weighted Average Interest Rate During Period
SecuritiesSoldUnderAgreementsToRepurchaseWeightedAverageInterestRateDuringPeriod
0.0257
CY2016Q1 pmt Securities Sold Under Agreements To Repurchase Weighted Average Interest Rate During Period
SecuritiesSoldUnderAgreementsToRepurchaseWeightedAverageInterestRateDuringPeriod
0.0223
CY2017Q1 pmt Assets Sold Under Agreements To Repurchase Average Balance
AssetsSoldUnderAgreementsToRepurchaseAverageBalance
3267864000
CY2016Q1 pmt Assets Sold Under Agreements To Repurchase Average Balance
AssetsSoldUnderAgreementsToRepurchaseAverageBalance
2797301000
CY2017Q1 us-gaap Interest Expense Securities Sold Under Agreements To Repurchase
InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase
22182000
CY2016Q1 us-gaap Interest Expense Securities Sold Under Agreements To Repurchase
InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase
20412000
CY2017Q1 pmt Asset Sold Under Agreements To Repurchase Maximum Daily Amount Outstanding
AssetSoldUnderAgreementsToRepurchaseMaximumDailyAmountOutstanding
4330825000
CY2016Q1 pmt Asset Sold Under Agreements To Repurchase Maximum Daily Amount Outstanding
AssetSoldUnderAgreementsToRepurchaseMaximumDailyAmountOutstanding
3577236000
CY2017Q1 pmt Assets Sold Under Agreements To Repurchase
AssetsSoldUnderAgreementsToRepurchase
3500667000
CY2016Q4 pmt Assets Sold Under Agreements To Repurchase
AssetsSoldUnderAgreementsToRepurchase
3784685000
CY2016Q1 pmt Representations And Warranties Recovery
RepresentationsAndWarrantiesRecovery
0
CY2016Q1 pmt Representations And Warranties Liability
RepresentationsAndWarrantiesLiability
18712000
CY2017Q1 pmt Guarantee Obligations Recourse Provision Unpaid Principal Balance Of Mortgage Loans Subject To Representations And Warranties
GuaranteeObligationsRecourseProvisionUnpaidPrincipalBalanceOfMortgageLoansSubjectToRepresentationsAndWarranties
58797849000
CY2016Q1 pmt Guarantee Obligations Recourse Provision Unpaid Principal Balance Of Mortgage Loans Subject To Representations And Warranties
GuaranteeObligationsRecourseProvisionUnpaidPrincipalBalanceOfMortgageLoansSubjectToRepresentationsAndWarranties
43464887000
CY2017Q1 pmt Mortgage Loans Acquired For Sale Outstanding Contractual Purchase Commitments
MortgageLoansAcquiredForSaleOutstandingContractualPurchaseCommitments
1464906000
CY2017Q1 pmt Commitments To Fund Deposits Securing Credit Risk Transfer Agreements
CommitmentsToFundDepositsSecuringCreditRiskTransferAgreements
149220000
CY2017Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
139000
CY2017Q1 pmt Securities Sold Under Agreements To Repurchase Weighted Average Interest Rate At Period End
SecuritiesSoldUnderAgreementsToRepurchaseWeightedAverageInterestRateAtPeriodEnd
0.0240
CY2016 pmt Securities Sold Under Agreements To Repurchase Weighted Average Interest Rate At Period End
SecuritiesSoldUnderAgreementsToRepurchaseWeightedAverageInterestRateAtPeriodEnd
0.0270
CY2017Q1 pmt Assets Sold Under Agreements Available Borrowing Capacity Committed
AssetsSoldUnderAgreementsAvailableBorrowingCapacityCommitted
380298000
CY2016 pmt Assets Sold Under Agreements Available Borrowing Capacity Committed
AssetsSoldUnderAgreementsAvailableBorrowingCapacityCommitted
518932000
CY2017Q1 pmt Securities Sold Under Agreements Available Borrowing Capacity Uncommitted
SecuritiesSoldUnderAgreementsAvailableBorrowingCapacityUncommitted
1247941000
CY2016 pmt Securities Sold Under Agreements Available Borrowing Capacity Uncommitted
SecuritiesSoldUnderAgreementsAvailableBorrowingCapacityUncommitted
1092253000
CY2017Q1 pmt Securities Sold Under Agreements Available Borrowing Capacity
SecuritiesSoldUnderAgreementsAvailableBorrowingCapacity
1628239000
CY2016 pmt Securities Sold Under Agreements Available Borrowing Capacity
SecuritiesSoldUnderAgreementsAvailableBorrowingCapacity
1611185000
CY2017Q1 us-gaap Good Faith And Margin Deposits With Broker Dealers
GoodFaithAndMarginDepositsWithBrokerDealers
16690000
CY2016Q4 us-gaap Good Faith And Margin Deposits With Broker Dealers
GoodFaithAndMarginDepositsWithBrokerDealers
29634000
CY2017Q1 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
3500667000
CY2017Q1 pmt Repurchase Agreements Weighted Average Maturity Period
RepurchaseAgreementsWeightedAverageMaturityPeriod
P3Y8M12D
CY2016Q1 pmt Federal Home Loan Bank Advances Weighted Average Interest Rate During Period
FederalHomeLoanBankAdvancesWeightedAverageInterestRateDuringPeriod
0.0049
CY2016Q1 us-gaap Federal Home Loan Bank Advances Activity For Year Average Balance Of Agreements Outstanding
FederalHomeLoanBankAdvancesActivityForYearAverageBalanceOfAgreementsOutstanding
98038000
CY2016Q1 us-gaap Interest Expense Federal Home Loan Bank And Federal Reserve Bank Advances Short Term
InterestExpenseFederalHomeLoanBankAndFederalReserveBankAdvancesShortTerm
122000
CY2016Q1 pmt Federal Home Loan Bank Advances Activity For Year Maximum Daily Amount Outstanding
FederalHomeLoanBankAdvancesActivityForYearMaximumDailyAmountOutstanding
201130000
CY2017Q1 pmt Note Payable Weighted Average Interest Rate During Period
NotePayableWeightedAverageInterestRateDuringPeriod
0.0513
CY2016Q1 pmt Note Payable Weighted Average Interest Rate During Period
NotePayableWeightedAverageInterestRateDuringPeriod
0.0459
CY2017Q1 pmt Note Payable Average Balance During Period
NotePayableAverageBalanceDuringPeriod
260384000
CY2016Q1 pmt Note Payable Average Balance During Period
NotePayableAverageBalanceDuringPeriod
213616000
CY2017Q1 pmt Note Payable Interest Expense During Period
NotePayableInterestExpenseDuringPeriod
4305000
CY2016Q1 pmt Note Payable Interest Expense During Period
NotePayableInterestExpenseDuringPeriod
3344000
CY2017Q1 pmt Notes Payable Gross
NotesPayableGross
100106000
CY2016Q4 pmt Notes Payable Gross
NotesPayableGross
275106000
CY2017Q1 pmt Note Payable Weighted Average Interest Rate
NotePayableWeightedAverageInterestRate
0.0512
CY2016 pmt Note Payable Weighted Average Interest Rate
NotePayableWeightedAverageInterestRate
0.0473
CY2017Q1 pmt Mortgage Servicing Rights Secured Notes Payable
MortgageServicingRightsSecuredNotesPayable
686759000
CY2016Q4 pmt Mortgage Servicing Rights Secured Notes Payable
MortgageServicingRightsSecuredNotesPayable
656567000
CY2017Q1 pmt Convertible Debt Average Balance During Period
ConvertibleDebtAverageBalanceDuringPeriod
250000000
CY2016Q1 pmt Convertible Debt Average Balance During Period
ConvertibleDebtAverageBalanceDuringPeriod
250000000
CY2017Q1 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
250000000
CY2016Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
250000000
CY2015Q4 pmt Representations And Warranties Liability
RepresentationsAndWarrantiesLiability
20171000
CY2017Q1 pmt Provisions For Representations And Warranties Losses
ProvisionsForRepresentationsAndWarrantiesLosses
673000
CY2016Q1 pmt Provisions For Representations And Warranties Losses
ProvisionsForRepresentationsAndWarrantiesLosses
571000
CY2017Q1 pmt Reduction In Liability Due To Change In Estimate
ReductionInLiabilityDueToChangeInEstimate
-4576000
CY2016Q1 pmt Reduction In Liability Due To Change In Estimate
ReductionInLiabilityDueToChangeInEstimate
-1724000
CY2017Q1 pmt Representations And Warranties Losses Incurred
RepresentationsAndWarrantiesLossesIncurred
0
CY2016Q1 pmt Representations And Warranties Losses Incurred
RepresentationsAndWarrantiesLossesIncurred
306000
CY2017Q1 pmt Representations And Warranties Recovery
RepresentationsAndWarrantiesRecovery
0
CY2016Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
5156000
CY2017Q1 pmt Stock Repurchase Program Cumulative Number Of Shares Repurchased
StockRepurchaseProgramCumulativeNumberOfSharesRepurchased
8552000
CY2017Q1 pmt Stock Repurchase Program Cost Of Cumulative Shares Repurchased
StockRepurchaseProgramCostOfCumulativeSharesRepurchased
117015000
CY2017Q1 pmt Agreement Effective Date
AgreementEffectiveDate
2013-02-01
CY2017Q1 us-gaap Payment For Incentive Fee
PaymentForIncentiveFee
10
CY2017Q1 us-gaap Performance Fees
PerformanceFees
100
CY2017Q1 pmt Contingent Underwriting Fee Payments To Underwriters
ContingentUnderwritingFeePaymentsToUnderwriters
0
CY2016Q1 pmt Contingent Underwriting Fee Payments To Underwriters
ContingentUnderwritingFeePaymentsToUnderwriters
0
CY2017Q1 pmt Average Balance During Period For Servicing Assets Portfolio
AverageBalanceDuringPeriodForServicingAssetsPortfolio
57927056000
CY2016Q1 pmt Average Balance During Period For Servicing Assets Portfolio
AverageBalanceDuringPeriodForServicingAssetsPortfolio
43253977000
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
259610
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
330076
CY2017Q1 pmt Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodGrantDateFairValue
4003000
CY2016Q1 pmt Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodGrantDateFairValue
4050000
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
152701
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
76048
CY2017Q1 pmt Share Based Compensation Cash And Noncash
ShareBasedCompensationCashAndNoncash
1527000
CY2016Q1 pmt Share Based Compensation Cash And Noncash
ShareBasedCompensationCashAndNoncash
1048000
CY2017Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.271
CY2016Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.313
CY2017Q1 pmt Other Operating Income Loss Net
OtherOperatingIncomeLossNet
6055000
CY2017Q1 pmt Loan Fulfillment Servicing And Management Fees Payable To Affiliate
LoanFulfillmentServicingAndManagementFeesPayableToAffiliate
27056000
CY2017Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
9802000
CY2016Q1 pmt Other Operating Income Loss Net
OtherOperatingIncomeLossNet
3149000
CY2016Q1 pmt Loan Fulfillment Servicing And Management Fees Payable To Affiliate
LoanFulfillmentServicingAndManagementFeesPayableToAffiliate
24388000
CY2016Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
11432000
CY2016Q1 us-gaap Assets
Assets
5820440000
CY2017Q1 us-gaap Interest Paid
InterestPaid
35838000
CY2016Q1 us-gaap Interest Paid
InterestPaid
36594000
CY2017Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
31000
CY2016Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
175000
CY2017Q1 pmt Receipt Of Mortgage Servicing Rights As Proceeds From Sales Of Loans
ReceiptOfMortgageServicingRightsAsProceedsFromSalesOfLoans
58688000
CY2016Q1 pmt Receipt Of Mortgage Servicing Rights As Proceeds From Sales Of Loans
ReceiptOfMortgageServicingRightsAsProceedsFromSalesOfLoans
36162000
CY2017Q1 pmt Increase Decrease Of Excess Servicing Spread Recapture Receivable From Affiliates
IncreaseDecreaseOfExcessServicingSpreadRecaptureReceivableFromAffiliates
1573000
CY2016Q1 pmt Increase Decrease Of Excess Servicing Spread Recapture Receivable From Affiliates
IncreaseDecreaseOfExcessServicingSpreadRecaptureReceivableFromAffiliates
1911000
CY2017Q1 pmt Capitalization Of Servicing Advances Pursuant To Mortgage Loan Modifications
CapitalizationOfServicingAdvancesPursuantToMortgageLoanModifications
6349000
CY2016Q1 pmt Capitalization Of Servicing Advances Pursuant To Mortgage Loan Modifications
CapitalizationOfServicingAdvancesPursuantToMortgageLoanModifications
0
CY2017Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
31652000
CY2016Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
32695000
CY2017Q1 us-gaap Minimum Net Worth Required For Compliance
MinimumNetWorthRequiredForCompliance
2500000
CY2017Q1 us-gaap Loans Receivable Basis Spread On Variable Rate
LoansReceivableBasisSpreadOnVariableRate
0.0025
CY2017Q1 pmt Number Of Residential Mortgage Loans Served
NumberOfResidentialMortgageLoansServed
1-4

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