2019 Q1 Form 10-Q Financial Statement

#000146574019000037 Filed on May 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $245.5M $194.0M
YoY Change 26.53% 14.7%
Cost Of Revenue $195.5M $122.8M
YoY Change 59.2% 43.12%
Gross Profit -$20.20M $353.2M
YoY Change -105.72% 638.91%
Gross Profit Margin -8.23% 182.04%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $184.0K
YoY Change -35.44%
% of Gross Profit 0.05%
Operating Expenses $15.60M $14.50M
YoY Change 7.59% 5.07%
Operating Profit -$35.80M $338.7M
YoY Change -110.57% 896.18%
Interest Expense $163.5M $96.56M
YoY Change 69.35% 36.61%
% of Operating Profit 28.51%
Other Income/Expense, Net -$70.18M $282.0M
YoY Change -124.89% -892.42%
Pretax Income -$35.97M $338.6M
YoY Change -110.62% 895.45%
Income Tax -$10.04M $3.784M
% Of Pretax Income 1.12%
Net Earnings -$25.94M $334.8M
YoY Change -107.75% 365.11%
Net Earnings / Revenue -10.56% 172.57%
Basic Earnings Per Share -$0.18 $1.83
Diluted Earnings Per Share -$0.18 $1.69
COMMON SHARES
Basic Shares Outstanding 252.4M shares 175.1M shares
Diluted Shares Outstanding 252.4M shares 192.8M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $512.0M $388.0M
YoY Change 31.96% -4.2%
Cash & Equivalents $512.2M $388.5M
Short-Term Investments
Other Short-Term Assets $1.000M
YoY Change 0.0%
Inventory
Prepaid Expenses
Receivables $78.00M $67.00M
Other Receivables $36.00M $120.0M
Total Short-Term Assets $626.0M $576.0M
YoY Change 8.68% 0.7%
LONG-TERM ASSETS
Property, Plant & Equipment $1.089M
YoY Change -33.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $27.09B $22.39B
YoY Change 20.98% -1.92%
Other Assets $267.0M $735.0M
YoY Change -63.67% 68.19%
Total Long-Term Assets $27.87B $23.50B
YoY Change 18.61% -0.83%
TOTAL ASSETS
Total Short-Term Assets $626.0M $576.0M
Total Long-Term Assets $27.87B $23.50B
Total Assets $28.50B $24.08B
YoY Change 18.37% -0.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $109.0M $21.69M
YoY Change 402.47% 5.58%
Deferred Revenue
YoY Change
Short-Term Debt $19.43B $18.90B
YoY Change 2.81% 38.55%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $21.86B $19.14B
YoY Change 14.2% 38.49%
LONG-TERM LIABILITIES
Long-Term Debt $1.824B $1.418B
YoY Change 28.63% -79.18%
Other Long-Term Liabilities $41.00M $50.00M
YoY Change -18.0% 38.89%
Total Long-Term Liabilities $1.865B $1.468B
YoY Change 27.04% -78.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.86B $19.14B
Total Long-Term Liabilities $1.865B $1.468B
Total Liabilities $23.73B $20.61B
YoY Change 15.12% -0.28%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $2.728M $1.754M
YoY Change 55.53% -49.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.774B $3.468B
YoY Change
Total Liabilities & Shareholders Equity $28.50B $24.08B
YoY Change 18.37% -0.8%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$25.94M $334.8M
YoY Change -107.75% 365.11%
Depreciation, Depletion And Amortization $184.0K
YoY Change -35.44%
Cash From Operating Activities $165.8M $203.1M
YoY Change -18.38% 25.19%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$2.136M -$12.98M
YoY Change -83.55% -99.7%
Cash From Investing Activities $2.654B $508.1M
YoY Change 422.37% -111.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$284.5M $76.00K
YoY Change -374442.11% -174.51%
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities -$3.139B -$665.0M
YoY Change 372.0% -116.31%
NET CHANGE
Cash From Operating Activities $165.8M $203.1M
Cash From Investing Activities $2.654B $508.1M
Cash From Financing Activities -$3.139B -$665.0M
Net Change In Cash -$318.8M $46.25M
YoY Change -789.42% -262.72%
FREE CASH FLOW
Cash From Operating Activities $165.8M $203.1M
Capital Expenditures
Free Cash Flow
YoY Change

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9918000 USD
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CY2018Q1 us-gaap Dividends Payable Current And Noncurrent
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CY2019Q1 us-gaap Nature Of Operations
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Organization and Operations<div style="line-height:120%;padding-top:4px;text-align:left;text-indent:18px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Two Harbors Investment Corp., or the Company, is a Maryland corporation investing in and managing Agency residential mortgage-backed securities, or Agency RMBS, non-Agency securities, mortgage servicing rights, or MSR, and other financial assets. The Company’s Chief Investment Officer manages the investment portfolio as a whole and resources are allocated and financial performance is assessed on a consolidated basis. The Company is externally managed and advised by PRCM Advisers LLC, or PRCM Advisers, which is a subsidiary of Pine River Capital Management L.P., or Pine River. The Company’s common stock is listed on the NYSE under the symbol “TWO”.</span></div><div style="line-height:120%;padding-top:4px;text-align:left;text-indent:18px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company was incorporated on May 21, 2009, and commenced operations as a publicly traded company on October 28, 2009, upon completion of a merger with Capitol Acquisition Corp., or Capitol, which became a wholly owned indirect subsidiary of the Company as a result of the merger.</span></div><div style="line-height:120%;padding-top:4px;text-align:left;text-indent:18px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company has elected to be treated as a real estate investment trust, or REIT, as defined under the Internal Revenue Code of 1986, as amended, or the Code, for U.S. federal income tax purposes. As long as the Company continues to comply with a number of requirements under federal tax law and maintains its qualification as a REIT, the Company generally will not be subject to U.S. federal income taxes to the extent that the Company distributes its taxable income to its stockholders on an annual basis and does not engage in prohibited transactions. However, certain activities that the Company may perform may cause it to earn income which will not be qualifying income for REIT purposes. The Company has designated certain of its subsidiaries as taxable REIT subsidiaries, or TRSs, as defined in the Code, to engage in such activities.</span></div><span style="font-family:inherit;font-size:10pt;">On April 26, 2018, the Company announced that it had entered into a definitive merger agreement to acquire CYS Investments, Inc., or CYS, a Maryland corporation that invested primarily in Agency RMBS and was treated as a REIT for U.S. federal income tax purposes. The transaction was approved by the stockholders of both the Company and CYS on July 27, 2018, and the merger was completed on July 31, 2018, at which time CYS became a wholly owned subsidiary of the Company. In exchange for all of the shares of CYS common stock outstanding immediately prior to the effective time of the merger, the Company issued approximately </span><span style="font-family:inherit;font-size:10pt;"><span>72.6 million</span></span><span style="font-family:inherit;font-size:10pt;"> new shares of common stock, as well as aggregate cash consideration of </span><span style="font-family:inherit;font-size:10pt;"><span>$15.0 million</span></span><span style="font-family:inherit;font-size:10pt;">, to CYS common stockholders. In addition, the Company issued </span><span style="font-family:inherit;font-size:10pt;"><span>3 million</span></span><span style="font-family:inherit;font-size:10pt;"> shares of newly classified Series D cumulative redeemable preferred stock and </span><span style="font-family:inherit;font-size:10pt;"><span>8 million</span></span> shares of newly classified Series E cumulative redeemable preferred stock in exchange for all shares of CYS’s Series A and Series B cumulative redeemable preferred stock outstanding prior to the effective time of the merger.
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CY2019Q1 us-gaap Use Of Estimates
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Use of Estimates<span style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amount and timing of credit losses, prepayment rates, the period of time during which the Company anticipates an increase in the fair values of real estate securities sufficient to recover unrealized losses in those securities, 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 period. It is likely that changes in these estimates (</span><span style="font-family:inherit;font-size:10pt;font-style:italic;">e.g.</span>, valuation changes due to supply and demand, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ from its estimates and the differences may be material.
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CY2018Q1 two Other Than Temporary Impairment Losses Investments Number Available For Sale Securities
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62528000 USD
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99510000 USD
CY2018Q4 us-gaap Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Impact Of20 Percent Adverse Change In Discount Rate
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121135000 USD
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6865000 USD
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6395000 USD
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99000 USD
CY2018Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions No Previous Impairment
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107000 USD
CY2018Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses
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94000 USD
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1703000 USD
CY2018Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Cash Flows
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0 USD
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840000 USD
CY2018Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Securities Sold
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0 USD
CY2019Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
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4528000 USD
CY2018Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
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6489000 USD
CY2019Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
4900000000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
2000000000.0 USD
CY2019Q1 two Debt Securities Availableforsale Gross Realized Gains Losses Amortized Cost Sold
DebtSecuritiesAvailableforsaleGrossRealizedGainsLossesAmortizedCostSold
4900000000 USD
CY2018Q1 two Debt Securities Availableforsale Gross Realized Gains Losses Amortized Cost Sold
DebtSecuritiesAvailableforsaleGrossRealizedGainsLossesAmortizedCostSold
2100000000 USD
CY2019Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
-17500000 USD
CY2018Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
-19600000 USD
CY2019Q1 us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
101298000 USD
CY2018Q1 us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
8195000 USD
CY2019Q1 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
118755000 USD
CY2018Q1 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
27758000 USD
CY2019Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
-17457000 USD
CY2018Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
-19563000 USD
CY2019Q1 us-gaap Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Impact Of10 Percent Adverse Change In Discount Rate
SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOf10PercentAdverseChangeInDiscountRate
51232000 USD
CY2018Q4 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
1993440000 USD
CY2017Q4 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
1086717000 USD
CY2019Q1 us-gaap Servicing Asset At Fair Value Additions
ServicingAssetAtFairValueAdditions
220812000 USD
CY2018Q1 us-gaap Servicing Asset At Fair Value Additions
ServicingAssetAtFairValueAdditions
146899000 USD
CY2019Q1 us-gaap Servicing Asset At Fair Value Changes In Fair Value Resulting From Changes In Valuation Inputs Or Changes In Assumptions
ServicingAssetAtFairValueChangesInFairValueResultingFromChangesInValuationInputsOrChangesInAssumptions
-151614000 USD
CY2018Q1 us-gaap Servicing Asset At Fair Value Changes In Fair Value Resulting From Changes In Valuation Inputs Or Changes In Assumptions
ServicingAssetAtFairValueChangesInFairValueResultingFromChangesInValuationInputsOrChangesInAssumptions
100709000 USD
CY2019Q1 us-gaap Servicing Asset At Fair Value Other Changes In Fair Value
ServicingAssetAtFairValueOtherChangesInFairValue
-37649000 USD
CY2018Q1 us-gaap Servicing Asset At Fair Value Other Changes In Fair Value
ServicingAssetAtFairValueOtherChangesInFairValue
-29202000 USD
CY2019Q1 us-gaap Servicing Asset At Fair Value Other Changes That Affect Balance
ServicingAssetAtFairValueOtherChangesThatAffectBalance
-10619000 USD
CY2018Q1 us-gaap Servicing Asset At Fair Value Other Changes That Affect Balance
ServicingAssetAtFairValueOtherChangesThatAffectBalance
-4100000 USD
CY2019Q1 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
2014370000 USD
CY2018Q1 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
1301023000 USD
CY2019Q1 us-gaap Pledged Assets Not Separately Reported Other Financial Instruments
PledgedAssetsNotSeparatelyReportedOtherFinancialInstruments
1600000000 USD
CY2018Q4 us-gaap Pledged Assets Not Separately Reported Other Financial Instruments
PledgedAssetsNotSeparatelyReportedOtherFinancialInstruments
1100000000 USD
CY2019Q1 us-gaap Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Impact Of10 Percent Adverse Change In Prepayment Speed
SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOf10PercentAdverseChangeInPrepaymentSpeed
93937000 USD
CY2018Q4 us-gaap Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Impact Of10 Percent Adverse Change In Prepayment Speed
SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOf10PercentAdverseChangeInPrepaymentSpeed
67245000 USD
CY2019Q1 us-gaap Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Impact Of20 Percent Adverse Change In Prepayment Speed
SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOf20PercentAdverseChangeInPrepaymentSpeed
179279000 USD
CY2018Q4 us-gaap Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Impact Of20 Percent Adverse Change In Prepayment Speed
SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOf20PercentAdverseChangeInPrepaymentSpeed
130371000 USD
CY2019Q1 us-gaap Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Impact Of10 Percent Adverse Change In Other Assumption
SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOf10PercentAdverseChangeInOtherAssumption
8460000 USD
CY2018Q4 us-gaap Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Impact Of10 Percent Adverse Change In Other Assumption
SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOf10PercentAdverseChangeInOtherAssumption
6911000 USD
CY2019Q1 us-gaap Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Impact Of20 Percent Adverse Change In Other Assumption
SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOf20PercentAdverseChangeInOtherAssumption
16719000 USD
CY2018Q4 us-gaap Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Impact Of20 Percent Adverse Change In Other Assumption
SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOf20PercentAdverseChangeInOtherAssumption
13688000 USD
CY2019Q1 us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
105936000 USD
CY2018Q1 us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
66449000 USD
CY2019Q1 us-gaap Ancillary Fee Income Generated By Servicing Financial Assets Amount
AncillaryFeeIncomeGeneratedByServicingFinancialAssetsAmount
310000 USD
CY2018Q1 us-gaap Ancillary Fee Income Generated By Servicing Financial Assets Amount
AncillaryFeeIncomeGeneratedByServicingFinancialAssetsAmount
322000 USD
CY2019Q1 two Float Income Generatedby Servicing Financial Assets Amount
FloatIncomeGeneratedbyServicingFinancialAssetsAmount
10702000 USD
CY2018Q1 two Float Income Generatedby Servicing Financial Assets Amount
FloatIncomeGeneratedbyServicingFinancialAssetsAmount
4419000 USD
CY2019Q1 us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
116948000 USD
CY2018Q1 us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
71190000 USD
CY2019Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
37600000 USD
CY2018Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
39700000 USD
CY2019Q1 two Continuing Involvementwith Continuedtobe Recognized Transferred Financial Assets Numberof Loans
ContinuingInvolvementwithContinuedtobeRecognizedTransferredFinancialAssetsNumberofLoans
769149 loan
CY2019Q1 us-gaap Securitized Assets And Any Other Financial Assets Managed Together Principal Amount Outstanding
SecuritizedAssetsAndAnyOtherFinancialAssetsManagedTogetherPrincipalAmountOutstanding
176524549000 USD
CY2018Q4 two Continuing Involvementwith Continuedtobe Recognized Transferred Financial Assets Numberof Loans
ContinuingInvolvementwithContinuedtobeRecognizedTransferredFinancialAssetsNumberofLoans
720999 loan
CY2018Q4 us-gaap Securitized Assets And Any Other Financial Assets Managed Together Principal Amount Outstanding
SecuritizedAssetsAndAnyOtherFinancialAssetsManagedTogetherPrincipalAmountOutstanding
165529153000 USD
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
266752000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
688006000 USD
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
512183000 USD
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
409758000 USD
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
266752000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
688006000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
778935000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1097764000 USD
CY2019Q1 us-gaap Trading Gains Losses
TradingGainsLosses
21019000 USD
CY2018Q1 us-gaap Trading Gains Losses
TradingGainsLosses
158598000 USD
CY2018Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
36528169000 USD
CY2019Q1 two Derivative Notional Amount Additions
DerivativeNotionalAmountAdditions
60537633000 USD
CY2019Q1 two Derivative Notional Amount Settlement Termination Expiration Exercise
DerivativeNotionalAmountSettlementTerminationExpirationExercise
38288019000 USD
CY2019Q1 invest Derivative Notional Amount
DerivativeNotionalAmount
58777783000 USD
CY2019Q1 two Derivative Average Notional Amount
DerivativeAverageNotionalAmount
47549415000 USD
CY2019Q1 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-19717000 USD
CY2017Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
31226878000 USD
CY2018Q1 two Derivative Notional Amount Additions
DerivativeNotionalAmountAdditions
33694880000 USD
CY2018Q1 two Derivative Notional Amount Settlement Termination Expiration Exercise
DerivativeNotionalAmountSettlementTerminationExpirationExercise
46492470000 USD
CY2018Q1 invest Derivative Notional Amount
DerivativeNotionalAmount
18429288000 USD
CY2018Q1 two Derivative Average Notional Amount
DerivativeAverageNotionalAmount
26619080000 USD
CY2018Q1 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
138847000 USD
CY2019Q1 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
2000000000.0 USD
CY2018Q4 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
2000000000.0 USD
CY2019Q1 us-gaap Derivative Assets
DerivativeAssets
336100000 USD
CY2019Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
200000 USD
CY2019Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
632332000 USD
CY2019Q1 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
296220000 USD
CY2019Q1 us-gaap Derivative Assets
DerivativeAssets
336112000 USD
CY2019Q1 us-gaap Derivative Asset Not Offset Policy Election Deduction
DerivativeAssetNotOffsetPolicyElectionDeduction
231000 USD
CY2019Q1 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
DerivativeAssetCollateralObligationToReturnCashOffset
0 USD
CY2019Q1 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeAssetFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
335881000 USD
CY2019Q1 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Gross
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedGross
632332000 USD
CY2019Q1 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Liability
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedLiability
296220000 USD
CY2019Q1 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowed
336112000 USD
CY2019Q1 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Not Offset Policy Election Deduction
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedNotOffsetPolicyElectionDeduction
231000 USD
CY2019Q1 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Collateral Obligation To Return Cash
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedCollateralObligationToReturnCash
0 USD
CY2019Q1 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
335881000 USD
CY2019Q1 us-gaap Securities Sold Under Agreements To Repurchase Gross
SecuritiesSoldUnderAgreementsToRepurchaseGross
19729691000 USD
CY2019Q1 us-gaap Securities Sold Under Agreements To Repurchase Asset
SecuritiesSoldUnderAgreementsToRepurchaseAsset
0 USD
CY2019Q1 us-gaap Assets Sold Under Agreements To Repurchase Repurchase Liability
AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability
19729691000 USD
CY2019Q1 us-gaap Securities Sold Under Agreements To Resell Not Offset Policy Election Deduction
SecuritiesSoldUnderAgreementsToResellNotOffsetPolicyElectionDeduction
19729691000 USD
CY2019Q1 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Cash
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash
0 USD
CY2019Q1 us-gaap Securities Sold Under Agreements To Repurchase Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
SecuritiesSoldUnderAgreementsToRepurchaseOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
0 USD
CY2019Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
296451000 USD
CY2019Q1 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
296220000 USD
CY2019Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
231000 USD
CY2019Q1 us-gaap Derivative Liability Not Offset Policy Election Deduction
DerivativeLiabilityNotOffsetPolicyElectionDeduction
231000 USD
CY2019Q1 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
DerivativeLiabilityCollateralRightToReclaimCashOffset
0 USD
CY2019Q1 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilityFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
0 USD
CY2019Q1 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Gross
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross
20026142000 USD
CY2019Q1 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Asset
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset
296220000 USD
CY2019Q1 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoaned
19729922000 USD
CY2019Q1 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Not Offset Policy Election Deduction
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedNotOffsetPolicyElectionDeduction
19729922000 USD
CY2019Q1 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Cash
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash
0 USD
CY2019Q1 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
0 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
599573000 USD
CY2018Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
279592000 USD
CY2018Q4 us-gaap Derivative Assets
DerivativeAssets
319981000 USD
CY2018Q4 us-gaap Derivative Asset Not Offset Policy Election Deduction
DerivativeAssetNotOffsetPolicyElectionDeduction
58775000 USD
CY2018Q4 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
DerivativeAssetCollateralObligationToReturnCashOffset
0 USD
CY2018Q4 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeAssetFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
261206000 USD
CY2018Q4 us-gaap Securities Purchased Under Agreements To Resell Gross
SecuritiesPurchasedUnderAgreementsToResellGross
761815000 USD
CY2018Q4 us-gaap Securities Purchased Under Agreements To Resell Liability
SecuritiesPurchasedUnderAgreementsToResellLiability
0 USD
CY2018Q4 us-gaap Securities Purchased Under Agreements To Resell
SecuritiesPurchasedUnderAgreementsToResell
761815000 USD
CY2018Q4 us-gaap Securities Purchased Under Agreements To Resell Not Offset Policy Election Deduction
SecuritiesPurchasedUnderAgreementsToResellNotOffsetPolicyElectionDeduction
761815000 USD
CY2018Q4 us-gaap Securities Purchased Under Agreements To Resell Collateral Obligation To Return Cash
SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnCash
0 USD
CY2018Q4 us-gaap Securities Purchased Under Agreements To Resell Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
SecuritiesPurchasedUnderAgreementsToResellOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
0 USD
CY2018Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Gross
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedGross
1361388000 USD
CY2018Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Liability
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedLiability
279592000 USD
CY2018Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowed
1081796000 USD
CY2018Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Not Offset Policy Election Deduction
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedNotOffsetPolicyElectionDeduction
820590000 USD
CY2018Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Collateral Obligation To Return Cash
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedCollateralObligationToReturnCash
0 USD
CY2018Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
261206000 USD
CY2018Q4 us-gaap Securities Sold Under Agreements To Repurchase Gross
SecuritiesSoldUnderAgreementsToRepurchaseGross
23133476000 USD
CY2018Q4 us-gaap Securities Sold Under Agreements To Repurchase Asset
SecuritiesSoldUnderAgreementsToRepurchaseAsset
0 USD
CY2018Q4 us-gaap Assets Sold Under Agreements To Repurchase Repurchase Liability
AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability
23133476000 USD
CY2018Q4 us-gaap Securities Sold Under Agreements To Resell Not Offset Policy Election Deduction
SecuritiesSoldUnderAgreementsToResellNotOffsetPolicyElectionDeduction
23133476000 USD
CY2018Q4 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Cash
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash
0 USD
CY2018Q4 us-gaap Securities Sold Under Agreements To Repurchase Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
SecuritiesSoldUnderAgreementsToRepurchaseOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
0 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
1100182000 USD
CY2018Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
279592000 USD
CY2018Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
820590000 USD
CY2018Q4 us-gaap Derivative Liability Not Offset Policy Election Deduction
DerivativeLiabilityNotOffsetPolicyElectionDeduction
820590000 USD
CY2018Q4 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
DerivativeLiabilityCollateralRightToReclaimCashOffset
0 USD
CY2018Q4 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilityFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
0 USD
CY2018Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Gross
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross
24233658000 USD
CY2018Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Asset
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset
279592000 USD
CY2018Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoaned
23954066000 USD
CY2018Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Not Offset Policy Election Deduction
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedNotOffsetPolicyElectionDeduction
23954066000 USD
CY2018Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Cash
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash
0 USD
CY2018Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
0 USD
CY2019Q1 two Debt Securities Availableforsale Categorizedas Level2 Assets
DebtSecuritiesAvailableforsaleCategorizedasLevel2Assets
0.994
CY2019Q1 two Debt Securities Availableforsale Categorizedas Level3 Assets
DebtSecuritiesAvailableforsaleCategorizedasLevel3Assets
0.006
CY2019Q1 two Assets Reportedat Fair Value Debt Securities Availableforsale
AssetsReportedatFairValueDebtSecuritiesAvailableforsale
0.914
CY2019Q1 two Mortgage Servicing Rights Categorized As Level3 Assets
MortgageServicingRightsCategorizedAsLevel3Assets
1
CY2019Q1 two Overthe Counter Derivatives Categorizedas Level2 Assets Liabilities
OvertheCounterDerivativesCategorizedasLevel2AssetsLiabilities
1
CY2019Q1 two Other Rmbs Classifiedas Derivatives Categorizedas Level2 Assets
OtherRMBSClassifiedasDerivativesCategorizedasLevel2Assets
1
CY2019Q1 two Other Derivatives Categorizedas Level1 Assets Liabilities
OtherDerivativesCategorizedasLevel1AssetsLiabilities
1
CY2019Q1 us-gaap Federal Home Loan Bank Advances Long Term
FederalHomeLoanBankAdvancesLongTerm
50000000.0 USD
CY2019Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
25077710000 USD
CY2019Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
25077710000 USD
CY2018Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
25552604000 USD
CY2018Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
25552604000 USD
CY2019Q1 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
2014370000 USD
CY2019Q1 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
2014370000 USD
CY2018Q4 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
1993440000 USD
CY2018Q4 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
1993440000 USD
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
512183000 USD
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
512183000 USD
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
409758000 USD
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
409758000 USD
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
266752000 USD
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
266752000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
688006000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
688006000 USD
CY2019Q1 us-gaap Derivative Assets
DerivativeAssets
336112000 USD
CY2019Q1 us-gaap Derivative Assets
DerivativeAssets
336112000 USD
CY2018Q4 us-gaap Derivative Assets
DerivativeAssets
319981000 USD
CY2018Q4 us-gaap Derivative Assets
DerivativeAssets
319981000 USD
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2100000000 USD
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CY2019Q1 us-gaap Preferred Stock Liquidation Preference
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25.00
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CY2019Q1 two Stock Issued And Outstanding Value Dividend Reinvestment Plan
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4600000 USD
CY2019Q1 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
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12230 shares
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CY2019Q1 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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CY2018Q1 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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37500000 shares
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12067500 shares
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200400000 USD
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10000000 shares
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35000000 shares
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15.81
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CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
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17.15
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
14.40
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
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CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
15.12
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
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477883 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
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15.61
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16.33
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252357878 shares
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CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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0 shares
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17672567 shares
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-0.18
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-0.18
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EarningsPerShareDiluted
1.69
CY2019Q1 two Antidilutive Securities Excludedfrom Computationof Earnings Per Share Interest Expense
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4700000 USD
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2019Q1 us-gaap Management Fee Expense
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12100000 USD
CY2018Q1 us-gaap Management Fee Expense
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11700000 USD
CY2019Q1 two Management Fee Percent
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0.015
CY2019Q1 two Management Fee Percentof Additional Equity
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0.0075
two One Time Downward Adjustmentto Management Fees Payable
OneTimeDownwardAdjustmenttoManagementFeesPayable
15000000.0 USD
two Maximum Additional One Time Downward Adjustmentto Management Fees Payable
MaximumAdditionalOneTimeDownwardAdjustmenttoManagementFeesPayable
3300000 USD
CY2019Q1 two Total One Time Downward Adjustmentto Management Fees Payable
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17500000 USD
CY2019Q1 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
13200000 USD
CY2018Q1 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
11300000 USD
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1900000 USD
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2300000 USD

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