2017 Q4 Form 10-Q Financial Statement

#000093023617000043 Filed on November 07, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $71.47M $62.74M $60.91M
YoY Change 26.86% 3.01% -4.06%
Cost Of Revenue $36.10M $27.40M $21.60M
YoY Change 76.1% 26.85% -9.62%
Gross Profit $35.40M $35.30M $39.30M
YoY Change -1.12% -10.18% -0.76%
Gross Profit Margin 49.53% 56.27% 64.53%
Selling, General & Admin $17.40M $17.40M $17.60M
YoY Change 12.26% -1.14% -11.11%
% of Gross Profit 49.15% 49.29% 44.78%
Research & Development $1.856M $2.692M
YoY Change -31.05% 14.31%
% of Gross Profit 5.26% 6.85%
Depreciation & Amortization $300.0K $300.0K $200.0K
YoY Change 0.0% 50.0% 0.0%
% of Gross Profit 0.85% 0.85% 0.51%
Operating Expenses $20.37M $19.92M $20.36M
YoY Change 14.27% -2.13% -16.91%
Operating Profit $15.03M $15.38M $18.95M
YoY Change -16.37% -18.83% 25.44%
Interest Expense $36.11M $27.44M $21.60M
YoY Change 75.82% 27.07% -9.54%
% of Operating Profit 240.19% 178.46% 114.0%
Other Income/Expense, Net
YoY Change
Pretax Income $25.90M $41.44M $53.53M
YoY Change -6.5% -22.57% 355.14%
Income Tax $3.000M $5.262M $972.0K
% Of Pretax Income 11.58% 12.7% 1.82%
Net Earnings $30.93M $36.18M $52.55M
YoY Change 22.0% -31.16% 174.23%
Net Earnings / Revenue 43.28% 57.67% 86.29%
Basic Earnings Per Share $0.39 $0.46 $0.67
Diluted Earnings Per Share $0.35 $0.41 $0.58
COMMON SHARES
Basic Shares Outstanding 77.11M shares 76.85M shares 76.68M shares
Diluted Shares Outstanding 102.7M shares 97.83M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.622B $1.614B $1.158B
YoY Change 31.68% 39.33% -12.29%
Cash & Equivalents $145.0M $257.6M $221.4M
Short-Term Investments $1.477B $1.356B $936.9M
Other Short-Term Assets $2.000M
YoY Change -50.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $238.0M $368.0M $321.0M
YoY Change -16.2% 14.64% -10.83%
LONG-TERM ASSETS
Property, Plant & Equipment $2.645M $2.852M $2.850M
YoY Change -3.82% 0.07% -43.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.540B $1.419B $1.043B
YoY Change 35.44% 36.05% -16.43%
Other Assets $2.000M $26.00M $2.000M
YoY Change -77.78% 1200.0% -90.0%
Total Long-Term Assets $6.802B $5.763B $5.552B
YoY Change 30.82% 3.8% -6.05%
TOTAL ASSETS
Total Short-Term Assets $238.0M $368.0M $321.0M
Total Long-Term Assets $6.802B $5.763B $5.552B
Total Assets $7.040B $6.131B $5.873B
YoY Change 28.38% 4.39% -6.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.339M $1.920M $1.292M
YoY Change 16.33% 48.61% -84.51%
Accrued Expenses $44.00M $39.00M $34.00M
YoY Change 33.33% 14.71% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $1.939B $1.238B $1.117B
YoY Change 144.93% 10.81% -40.33%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.984B $1.295B $1.152B
YoY Change 140.19% 12.41% -39.87%
LONG-TERM LIABILITIES
Long-Term Debt $3.740B $3.519B $3.440B
YoY Change 10.19% 2.3% 14.63%
Other Long-Term Liabilities $92.00M $108.0M $150.0M
YoY Change -18.58% -28.0% 10.29%
Total Long-Term Liabilities $3.832B $3.627B $3.590B
YoY Change 9.27% 1.03% 14.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.984B $1.295B $1.152B
Total Long-Term Liabilities $3.832B $3.627B $3.590B
Total Liabilities $5.828B $4.922B $4.742B
YoY Change 34.46% 3.79% -6.32%
SHAREHOLDERS EQUITY
Retained Earnings $1.290B $1.259B $1.125B
YoY Change 12.21% 11.99% 15.03%
Common Stock $1.675B $1.683B $1.678B
YoY Change -0.16% 0.26% -3.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.212B $1.209B $1.130B
YoY Change
Total Liabilities & Shareholders Equity $7.040B $6.131B $5.873B
YoY Change 28.38% 4.39% -6.32%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $30.93M $36.18M $52.55M
YoY Change 22.0% -31.16% 174.23%
Depreciation, Depletion And Amortization $300.0K $300.0K $200.0K
YoY Change 0.0% 50.0% 0.0%
Cash From Operating Activities -$1.084B -$362.2M -$395.4M
YoY Change -615.26% -8.4% -48.22%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$1.500M
YoY Change -100.0% -79.45%
Acquisitions
YoY Change
Other Investing Activities $57.30M $24.10M $418.9M
YoY Change -66.78% -94.25% 150.84%
Cash From Investing Activities $57.30M $24.10M $417.4M
YoY Change -69.47% -94.23% 161.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 889.7M 402.7M -17.50M
YoY Change -320.39% -2401.14% -102.86%
NET CHANGE
Cash From Operating Activities -1.084B -362.2M -395.4M
Cash From Investing Activities 57.30M 24.10M 417.4M
Cash From Financing Activities 889.7M 402.7M -17.50M
Net Change In Cash -137.1M 64.60M 4.500M
YoY Change 2348.21% 1335.56% -49.44%
FREE CASH FLOW
Cash From Operating Activities -$1.084B -$362.2M -$395.4M
Capital Expenditures $0.00 -$1.500M
Free Cash Flow -$1.084B -$393.9M
YoY Change -655.66% -47.92%

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768000 USD
CY2017Q3 us-gaap Common Stock Value
CommonStockValue
771000 USD
CY2016Q3 us-gaap Communications And Information Technology
CommunicationsAndInformationTechnology
2692000 USD
us-gaap Communications And Information Technology
CommunicationsAndInformationTechnology
7274000 USD
CY2017Q3 us-gaap Communications And Information Technology
CommunicationsAndInformationTechnology
1856000 USD
us-gaap Communications And Information Technology
CommunicationsAndInformationTechnology
5183000 USD
CY2016Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
60937000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
68619000 USD
CY2017Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
48820000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
119936000 USD
CY2016Q3 us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
9943000 USD
us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
32199000 USD
CY2017Q3 us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
3872000 USD
us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
17290000 USD
CY2016Q3 us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
8726000 USD
us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
27241000 USD
CY2017Q3 us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
3396000 USD
us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
14775000 USD
CY2017Q2 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
250000000 USD
CY2016Q4 us-gaap Cumulative Dividends
CumulativeDividends
1749614000 USD
CY2017Q3 us-gaap Cumulative Dividends
CumulativeDividends
1815823000 USD
CY2016Q4 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
898000 USD
CY2017Q3 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
898000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
849000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
909000 USD
CY2016Q4 us-gaap Derivative Assets
DerivativeAssets
36595000 USD
CY2017Q3 us-gaap Derivative Assets
DerivativeAssets
11948000 USD
CY2016Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
-29734000 USD
CY2017Q3 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
-53290000 USD
CY2016Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
66329000 USD
CY2017Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
65238000 USD
CY2016Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoaned
854067000 USD
CY2017Q3 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoaned
1050417000 USD
CY2016Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Amount Offset Against Collateral
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAmountOffsetAgainstCollateral
745000 USD
CY2017Q3 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Amount Offset Against Collateral
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAmountOffsetAgainstCollateral
163000 USD
CY2016Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Asset
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset
0 USD
CY2017Q3 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Asset
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset
0 USD
CY2016Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Cash
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash
50111000 USD
CY2017Q3 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Cash
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash
55749000 USD
CY2016Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Securities
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimSecurities
803211000 USD
CY2017Q3 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Securities
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimSecurities
994505000 USD
CY2016Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Gross
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross
854067000 USD
CY2017Q3 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Gross
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross
1050417000 USD
us-gaap Dividends Common Stock
DividendsCommonStock
66406000 USD
us-gaap Dividends Common Stock
DividendsCommonStock
66209000 USD
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.67
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.34
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.46
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.39
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.58
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.23
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.26
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.012
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.133
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.066
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.028
us-gaap Effective Income Tax Rate Reconciliation Deductions
EffectiveIncomeTaxRateReconciliationDeductions
0.217
us-gaap Effective Income Tax Rate Reconciliation Deductions
EffectiveIncomeTaxRateReconciliationDeductions
0.068
us-gaap Effective Income Tax Rate Reconciliation Deductions Dividends
EffectiveIncomeTaxRateReconciliationDeductionsDividends
0.249
us-gaap Effective Income Tax Rate Reconciliation Deductions Dividends
EffectiveIncomeTaxRateReconciliationDeductionsDividends
0.183
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.072
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.072
CY2016Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
18830000 USD
CY2017Q3 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
18978000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
8113000 USD
CY2016Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
18146000 USD
CY2017Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
17979000 USD
CY2016Q4 us-gaap Federal Home Loan Bank Stock
FederalHomeLoanBankStock
43393000 USD
CY2017Q3 us-gaap Federal Home Loan Bank Stock
FederalHomeLoanBankStock
43393000 USD
CY2017Q3 us-gaap Financial Instruments Owned And Pledged As Collateral At Fair Value
FinancialInstrumentsOwnedAndPledgedAsCollateralAtFairValue
6000000 USD
us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
26037000 USD
us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
8809000 USD
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1056000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3501000 USD
CY2017Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
988000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3231000 USD
CY2016Q4 us-gaap Guaranty Assets
GuarantyAssets
4092000 USD
CY2017Q3 us-gaap Guaranty Assets
GuarantyAssets
3049000 USD
CY2016Q4 us-gaap Guaranty Liabilities
GuarantyLiabilities
21668000 USD
CY2017Q3 us-gaap Guaranty Liabilities
GuarantyLiabilities
20101000 USD
CY2017Q3 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
13305000 USD
us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
37532000 USD
CY2016Q3 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
5405000 USD
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
53525000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
107224000 USD
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
41442000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
126214000 USD
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
972000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1327000 USD
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5262000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16741000 USD
us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
-7983000 USD
us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
19868000 USD
us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
7728000 USD
us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
-1677000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-3523000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
17635000 USD
CY2016Q3 us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
9000000 USD
us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
5000000 USD
CY2017Q3 us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
1000000 USD
us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
31000000 USD
CY2016Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
21096738 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
21145987 shares
CY2017Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
25553323 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
22379401 shares
CY2016Q3 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
60906000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
190021000 USD
CY2017Q3 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
62737000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
176589000 USD
CY2016Q3 us-gaap Interest And Fee Income Loans Commercial Real Estate
InterestAndFeeIncomeLoansCommercialRealEstate
6453000 USD
us-gaap Interest And Fee Income Loans Commercial Real Estate
InterestAndFeeIncomeLoansCommercialRealEstate
28834000 USD
CY2017Q3 us-gaap Interest And Fee Income Loans Commercial Real Estate
InterestAndFeeIncomeLoansCommercialRealEstate
0 USD
us-gaap Interest And Fee Income Loans Commercial Real Estate
InterestAndFeeIncomeLoansCommercialRealEstate
345000 USD
CY2016Q3 us-gaap Interest And Fee Income Loans Consumer Real Estate
InterestAndFeeIncomeLoansConsumerRealEstate
35595000 USD
us-gaap Interest And Fee Income Loans Consumer Real Estate
InterestAndFeeIncomeLoansConsumerRealEstate
102149000 USD
CY2017Q3 us-gaap Interest And Fee Income Loans Consumer Real Estate
InterestAndFeeIncomeLoansConsumerRealEstate
38541000 USD
us-gaap Interest And Fee Income Loans Consumer Real Estate
InterestAndFeeIncomeLoansConsumerRealEstate
109538000 USD
CY2016Q3 us-gaap Interest Expense
InterestExpense
21597000 USD
us-gaap Interest Expense
InterestExpense
67991000 USD
CY2017Q3 us-gaap Interest Expense
InterestExpense
27443000 USD
us-gaap Interest Expense
InterestExpense
72708000 USD
CY2016Q3 us-gaap Interest Expense Beneficial Interests Issued By Consolidated Variable Interest Entities
InterestExpenseBeneficialInterestsIssuedByConsolidatedVariableInterestEntities
3193000 USD
us-gaap Interest Expense Beneficial Interests Issued By Consolidated Variable Interest Entities
InterestExpenseBeneficialInterestsIssuedByConsolidatedVariableInterestEntities
11457000 USD
CY2017Q3 us-gaap Interest Expense Beneficial Interests Issued By Consolidated Variable Interest Entities
InterestExpenseBeneficialInterestsIssuedByConsolidatedVariableInterestEntities
3956000 USD
us-gaap Interest Expense Beneficial Interests Issued By Consolidated Variable Interest Entities
InterestExpenseBeneficialInterestsIssuedByConsolidatedVariableInterestEntities
11191000 USD
CY2016Q3 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
12999000 USD
us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
39095000 USD
CY2017Q3 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
10182000 USD
us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
23985000 USD
us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
17439000 USD
CY2016Q3 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
40168000 USD
us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
129132000 USD
CY2017Q3 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
35294000 USD
us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
103881000 USD
CY2016Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
39309000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
122030000 USD
CY2017Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
35294000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
103881000 USD
CY2017Q3 us-gaap Litigation Reserve
LitigationReserve
2000000 USD
CY2016Q4 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
3888051000 USD
CY2017Q3 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
4184920000 USD
CY2016Q3 us-gaap Interest Income Other
InterestIncomeOther
258000 USD
us-gaap Interest Income Other
InterestIncomeOther
926000 USD
CY2017Q3 us-gaap Interest Income Other
InterestIncomeOther
771000 USD
us-gaap Interest Income Other
InterestIncomeOther
1638000 USD
CY2016Q3 us-gaap Interest Income Securities Mortgage Backed
InterestIncomeSecuritiesMortgageBacked
18600000 USD
us-gaap Interest Income Securities Mortgage Backed
InterestIncomeSecuritiesMortgageBacked
58112000 USD
CY2017Q3 us-gaap Interest Income Securities Mortgage Backed
InterestIncomeSecuritiesMortgageBacked
23425000 USD
us-gaap Interest Income Securities Mortgage Backed
InterestIncomeSecuritiesMortgageBacked
65068000 USD
CY2016Q3 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
6115000 USD
us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
18263000 USD
CY2017Q3 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
6564000 USD
us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
18639000 USD
us-gaap Interest Paid
InterestPaid
62053000 USD
us-gaap Interest Paid
InterestPaid
67339000 USD
CY2016Q4 us-gaap Interest Payable Current
InterestPayableCurrent
3000000 USD
CY2017Q3 us-gaap Interest Payable Current
InterestPayableCurrent
5000000 USD
CY2016Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
9608000 USD
CY2017Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
18836000 USD
CY2016Q4 us-gaap Interest Receivable
InterestReceivable
18454000 USD
CY2017Q3 us-gaap Interest Receivable
InterestReceivable
21256000 USD
CY2016Q4 us-gaap Investments
Investments
5237860000 USD
CY2017Q3 us-gaap Investments
Investments
5861731000 USD
CY2016Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
13086000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
37963000 USD
CY2017Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
14037000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
38903000 USD
CY2016Q4 us-gaap Liabilities
Liabilities
4334049000 USD
CY2017Q3 us-gaap Liabilities
Liabilities
4922059000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
5483477000 USD
CY2017Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
6130699000 USD
CY2016Q4 us-gaap Line Of Credit
LineOfCredit
0 USD
CY2017Q3 us-gaap Line Of Credit
LineOfCredit
0 USD
CY2017Q3 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
10000000 USD
CY2016Q4 us-gaap Litigation Reserve
LitigationReserve
2000000 USD
CY2017Q3 us-gaap Litigation Reserve
LitigationReserve
2000000 USD
CY2016Q4 us-gaap Marketable Securities
MarketableSecurities
1018439000 USD
CY2017Q3 us-gaap Marketable Securities
MarketableSecurities
1356272000 USD
CY2016Q4 us-gaap Long Term Debt
LongTermDebt
2620683000 USD
CY2017Q3 us-gaap Long Term Debt
LongTermDebt
2574439000 USD
CY2016Q4 us-gaap Margin Deposit Assets
MarginDepositAssets
68038000 USD
CY2017Q3 us-gaap Margin Deposit Assets
MarginDepositAssets
93679000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-391693000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
468424000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
1148960000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
205419000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-756124000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-629076000 USD
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
52553000 USD
us-gaap Net Income Loss
NetIncomeLoss
105897000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Before Reclassification Adjustments Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesBeforeReclassificationAdjustmentsTax
0 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Before Reclassification Adjustments Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesBeforeReclassificationAdjustmentsTax
100000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
8384000 USD
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
36180000 USD
us-gaap Net Income Loss
NetIncomeLoss
109473000 USD
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
51068000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
102857000 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
35232000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
106673000 USD
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
57229000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
120934000 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
41758000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
125186000 USD
CY2016Q3 us-gaap Noninterest Income
NoninterestIncome
33712000 USD
us-gaap Noninterest Income
NoninterestIncome
49054000 USD
CY2017Q3 us-gaap Noninterest Income
NoninterestIncome
26070000 USD
us-gaap Noninterest Income
NoninterestIncome
79122000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 Segment
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
20355000 USD
us-gaap Operating Expenses
OperatingExpenses
70962000 USD
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
19922000 USD
us-gaap Operating Expenses
OperatingExpenses
56789000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
17978000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1965000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1987000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1948000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
387000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2000000 USD
CY2016Q4 us-gaap Other Assets
OtherAssets
181945000 USD
CY2017Q3 us-gaap Other Assets
OtherAssets
209506000 USD
CY2016Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
12334000 USD
CY2017Q3 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
4731000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
9038000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
5195000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
13158000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
17899000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Before Reclassification Adjustments Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesBeforeReclassificationAdjustmentsTax
-200000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Before Reclassification Adjustments Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesBeforeReclassificationAdjustmentsTax
-600000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Redwood Trust, Inc., together with its subsidiaries, focuses on investing in mortgages and other real estate-related assets and engaging in mortgage banking activities. We seek to invest in real estate-related assets that have the potential to generate attractive cash flow returns over time and to generate income through our mortgage banking activities. We operate our business in </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> segments: Investment Portfolio and Residential Mortgage Banking. Redwood was incorporated in the State of Maryland on April&#160;11, 1994, and commenced operations on August&#160;19, 1994. References herein to &#8220;Redwood,&#8221; the &#8220;company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221; include Redwood Trust, Inc. and its consolidated subsidiaries, unless the context otherwise requires. </font></div><div style="line-height:120%;padding-top:10px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Redwood Trust, Inc. has elected to be taxed as a real estate investment trust (&#8220;REIT&#8221;) under the Internal Revenue Code of 1986, as amended (the &#8220;Internal Revenue Code&#8221;), beginning with its taxable year ended December 31, 1994. We generally refer, collectively, to Redwood Trust, Inc. and those of its subsidiaries that are not subject to subsidiary-level corporate income tax as &#8220;the REIT&#8221; or &#8220;our REIT.&#8221; We generally refer to subsidiaries of Redwood Trust, Inc. that are subject to subsidiary-level corporate income tax as &#8220;our operating subsidiaries&#8221; or &#8220;our taxable REIT subsidiaries&#8221; or &#8220;TRS.&#8221; </font></div><div style="line-height:120%;padding-top:10px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We sponsor our Sequoia securitization program, which we use for the securitization of residential mortgage loans. References to Sequoia with respect to any time or period generally refer collectively to all the then consolidated Sequoia securitization entities for the periods presented. We have also engaged in securitization transactions in order to obtain financing for certain of our securities and commercial loans.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:10px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements requires us to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amounts and timing of credit losses, prepayment rates, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the consolidated financial statements and the reported amounts of certain revenues and expenses during the reported periods. It is likely that changes in these estimates (e.g., valuation changes due to supply and demand, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. Our estimates are inherently subjective in nature and actual results could differ from our estimates and the differences could be material.</font></div></div>

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