2021 Q4 Form 10-Q Financial Statement

#000146574021000104 Filed on November 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $55.59M $36.04M $89.72M
YoY Change -23.32% -59.83% -64.08%
Cost Of Revenue $41.74M $42.92M $61.10M
YoY Change -11.0% -29.75% -72.92%
Gross Profit $13.85M $83.25M $72.90M
YoY Change -94.06% 14.2% -77.32%
Gross Profit Margin 24.92% 231.0% 81.26%
Selling, General & Admin $6.396M $9.198M
YoY Change -42.89%
% of Gross Profit 46.17% 11.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $13.04M $16.60M $19.00M
YoY Change -29.11% -12.61% 42.86%
Operating Profit $810.0K $66.65M $53.90M
YoY Change -99.62% 23.65% -82.51%
Interest Expense $21.88M $29.19M
YoY Change -25.02% -84.73%
% of Operating Profit 32.83% 54.15%
Other Income/Expense, Net $90.14M $44.33M
YoY Change 103.35% -85.09%
Pretax Income $810.0K $66.65M $193.7M
YoY Change -99.62% -65.59% -35.89%
Income Tax $2.104M $300.0K -$8.200M
% Of Pretax Income 259.75% 0.45% -4.23%
Net Earnings -$1.294M $66.32M $201.9M
YoY Change -100.61% -67.15% -33.95%
Net Earnings / Revenue -2.33% 184.03% 225.06%
Basic Earnings Per Share $0.17 $0.67
Diluted Earnings Per Share -$3.857K $0.17 $0.64
COMMON SHARES
Basic Shares Outstanding 343.9M shares 307.8M shares 273.7M shares
Diluted Shares Outstanding 346.7M shares 291.9M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.154B $1.076B $1.615B
YoY Change -16.69% -33.36% 117.95%
Cash & Equivalents $1.154B $1.076B $1.615B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $26.27M $27.68M $50.00M
Other Receivables $168.4M $336.6M $119.0M
Total Short-Term Assets $1.349B $1.440B $1.784B
YoY Change -14.59% -19.26% 56.08%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $9.488B $8.963B $17.91B
YoY Change -41.93% -49.97% -40.49%
Other Assets $934.8M $784.0M $597.0M
YoY Change -25.93% 31.32% 17.06%
Total Long-Term Assets $10.77B $10.04B $18.80B
YoY Change -39.98% -46.58% -39.38%
TOTAL ASSETS
Total Short-Term Assets $1.349B $1.440B $1.784B
Total Long-Term Assets $10.77B $10.04B $18.80B
Total Assets $12.11B $11.48B $20.59B
YoY Change -37.93% -44.22% -35.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $18.38M $10.52M $12.00M
YoY Change -16.45% -12.31% -90.24%
Deferred Revenue
YoY Change
Short-Term Debt $7.656B $7.124B $16.38B
YoY Change -49.44% -56.5% -35.28%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.944B $7.314B $16.56B
YoY Change -48.31% -55.82% -35.8%
LONG-TERM LIABILITIES
Long-Term Debt $1.242B $1.242B $956.0M
YoY Change 28.61% 29.87% -26.01%
Other Long-Term Liabilities $184.1M $194.4M $57.00M
YoY Change 95.87% 240.98% -14.93%
Total Long-Term Liabilities $1.426B $1.436B $1.013B
YoY Change 34.57% 41.74% -25.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.944B $7.314B $16.56B
Total Long-Term Liabilities $1.426B $1.436B $1.013B
Total Liabilities $9.370B $8.750B $17.57B
YoY Change -42.96% -50.2% -35.28%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $3.439M $3.139M $2.737M
YoY Change 25.65% 14.69% 0.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.744B $2.735B $3.020B
YoY Change
Total Liabilities & Shareholders Equity $12.11B $11.48B $20.59B
YoY Change -37.93% -44.22% -35.99%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$1.294M $66.32M $201.9M
YoY Change -100.61% -67.15% -33.95%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $43.46M $229.6M $226.0M
YoY Change -82.83% 1.6% -30.16%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$474.2M $626.4M $599.9M
YoY Change -132.43% 4.41% -76.6%
Cash From Investing Activities -$474.2M $626.4M $599.9M
YoY Change -132.43% 4.41% -76.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 659.2M -1.144B -664.1M
YoY Change -151.46% 72.2% -72.66%
NET CHANGE
Cash From Operating Activities 43.46M 229.6M 226.0M
Cash From Investing Activities -474.2M 626.4M 599.9M
Cash From Financing Activities 659.2M -1.144B -664.1M
Net Change In Cash 228.5M -287.6M 161.8M
YoY Change -47.4% -277.74% -64.73%
FREE CASH FLOW
Cash From Operating Activities $43.46M $229.6M $226.0M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2020Q3 two Comprehensive Income Loss Attributableto Common Stockholders
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two Comprehensive Income Loss Attributableto Common Stockholders
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1715000 USD
two Debt Securities Availableforsale Total Credit Loss Expense Reversal
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two Debt Securities Availableforsale Total Credit Loss Expense Reversal
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us-gaap Debt And Equity Securities Gain Loss
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two Servicing Assetat Fair Value Total Changesin Fair Value
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two Unrealized Gain Losson Interest Rate Swapsand Swaptions
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two Unrealized Gain Losson Interest Rate Swapsand Swaptions
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two Paymentsto Acquire Trading Securities
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two Proceedsfrom Assets Soldunder Agreementsto Repurchase
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two Principal Paymentson Assets Soldunder Agreementsto Repurchase
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us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
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us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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us-gaap Nature Of Operations
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Organization and Operations<div style="margin-top:3pt;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Two Harbors Investment Corp. is a Maryland corporation that, through its wholly owned subsidiaries (collectively, the Company), invests in and manages Agency residential mortgage-backed securities, or Agency RMBS, mortgage servicing rights, or MSR, and other financial assets. The investment portfolio is managed as a whole and resources are allocated and financial performance is assessed on a consolidated basis. The Company’s common stock is listed on the NYSE under the symbol “TWO”.</span></div><div style="margin-top:3pt;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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><div style="margin-top:3pt;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the first quarter of 2020, the Company experienced unprecedented market conditions as a result of the global COVID-19 pandemic, including unusually significant spread widening in both Agency RMBS and non-Agency securities. In response, the Company focused its efforts on raising excess liquidity and de-risking its portfolio. On March 25, 2020, the Company sold substantially all of its non-Agency securities in order to eliminate the risks posed by continued margin calls and ongoing funding concerns associated with the significant spread widening on these assets. The Company also sold approximately one-third of its Agency RMBS in order to reduce risk and raise cash to establish a strong defensive liquidity position to weather potential ongoing economic and market instability. Late in the first quarter of 2020, the U.S. Federal Reserve, or the Fed, committed to unlimited purchases of Agency RMBS. The Fed’s actions were successful in helping to stabilize that market; however, the resulting historic spread tightening in the first half of 2021 made investments in Agency RMBS less attractive. As a result, the Company reduced its aggregate Agency RMBS/TBA position in the first half of 2021, although such position increased slightly in the third quarter. In the ordinary course of business, management makes investment decisions and allocates capital in accordance with its views on the changing risk/reward dynamics in the market and in the Company’s portfolio. Going forward, management expects the Company’s capital to be fully allocated to its strategy of pairing Agency RMBS and MSR.</span></div><div style="margin-top:3pt;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Through August 14, 2020, the Company was externally managed and advised by PRCM Advisers LLC, a subsidiary of Pine River Capital Management L.P., under the terms of a Management Agreement between the Company and PRCM Advisers. The Company terminated the Management Agreement effective August 14, 2020 for “cause” in accordance with Section 15(a) thereof. On August 15, 2020, the Company completed its transition to self-management and directly hired the senior management team and other personnel who had historically provided services to the Company.</span></div>
us-gaap Use Of Estimates
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<div style="margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:3pt;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the condensed 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="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, valuation changes due to supply and demand in the market, 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.</span></div>
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CY2021Q3 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
2213312000 USD
CY2020Q3 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
1257503000 USD
CY2021Q3 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
2213312000 USD
CY2020Q3 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
1257503000 USD
CY2021Q3 us-gaap Pledged Assets Not Separately Reported Nonsecuritized Investments
PledgedAssetsNotSeparatelyReportedNonsecuritizedInvestments
2100000000 USD
CY2020Q4 us-gaap Pledged Assets Not Separately Reported Nonsecuritized Investments
PledgedAssetsNotSeparatelyReportedNonsecuritizedInvestments
1100000000 USD
CY2021Q3 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
116251000 USD
CY2020Q4 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
121973000 USD
CY2021Q3 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
221449000 USD
CY2020Q4 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
229676000 USD
CY2021Q3 two Sensitivity Analysisof Fair Value Transferors Interestsin Transferred Financial Assets Impactof10 Percent Adverse Changein Delinquency
SensitivityAnalysisofFairValueTransferorsInterestsinTransferredFinancialAssetsImpactof10PercentAdverseChangeinDelinquency
3239000 USD
CY2020Q4 two Sensitivity Analysisof Fair Value Transferors Interestsin Transferred Financial Assets Impactof10 Percent Adverse Changein Delinquency
SensitivityAnalysisofFairValueTransferorsInterestsinTransferredFinancialAssetsImpactof10PercentAdverseChangeinDelinquency
2038000 USD
CY2021Q3 two Sensitivity Analysisof Fair Value Transferors Interestsin Transferred Financial Assets Impactof20 Percent Adverse Changein Delinquency
SensitivityAnalysisofFairValueTransferorsInterestsinTransferredFinancialAssetsImpactof20PercentAdverseChangeinDelinquency
5179000 USD
CY2020Q4 two Sensitivity Analysisof Fair Value Transferors Interestsin Transferred Financial Assets Impactof20 Percent Adverse Changein Delinquency
SensitivityAnalysisofFairValueTransferorsInterestsinTransferredFinancialAssetsImpactof20PercentAdverseChangeinDelinquency
4161000 USD
CY2021Q3 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
42532000 USD
CY2020Q4 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
28678000 USD
CY2021Q3 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
SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOf20PercentAdverseChangeInDiscountRate
83634000 USD
CY2020Q4 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
SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOf20PercentAdverseChangeInDiscountRate
56211000 USD
CY2021Q3 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
26080000 USD
CY2020Q4 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
21708000 USD
CY2021Q3 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
52389000 USD
CY2020Q4 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
43527000 USD
CY2021Q3 us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
121221000 USD
CY2020Q3 us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
96332000 USD
us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
337469000 USD
us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
318686000 USD
CY2021Q3 us-gaap Ancillary Fee Income Generated By Servicing Financial Assets Amount
AncillaryFeeIncomeGeneratedByServicingFinancialAssetsAmount
650000 USD
CY2020Q3 us-gaap Ancillary Fee Income Generated By Servicing Financial Assets Amount
AncillaryFeeIncomeGeneratedByServicingFinancialAssetsAmount
391000 USD
us-gaap Ancillary Fee Income Generated By Servicing Financial Assets Amount
AncillaryFeeIncomeGeneratedByServicingFinancialAssetsAmount
1888000 USD
us-gaap Ancillary Fee Income Generated By Servicing Financial Assets Amount
AncillaryFeeIncomeGeneratedByServicingFinancialAssetsAmount
1388000 USD
CY2021Q3 two Float Income Generatedby Servicing Financial Assets Amount
FloatIncomeGeneratedbyServicingFinancialAssetsAmount
1089000 USD
CY2020Q3 two Float Income Generatedby Servicing Financial Assets Amount
FloatIncomeGeneratedbyServicingFinancialAssetsAmount
2391000 USD
two Float Income Generatedby Servicing Financial Assets Amount
FloatIncomeGeneratedbyServicingFinancialAssetsAmount
3538000 USD
two Float Income Generatedby Servicing Financial Assets Amount
FloatIncomeGeneratedbyServicingFinancialAssetsAmount
22728000 USD
CY2021Q3 us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
122960000 USD
CY2020Q3 us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
99114000 USD
us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
342895000 USD
us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
342802000 USD
CY2021Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
100200000 USD
CY2020Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
80900000 USD
CY2021Q3 two Mortgage Servicing Rights Delinquency Rate
MortgageServicingRightsDelinquencyRate
0.017
CY2020Q4 two Mortgage Servicing Rights Delinquency Rate
MortgageServicingRightsDelinquencyRate
0.029
CY2021Q3 us-gaap Pledged Assets Not Separately Reported Other Financial Instruments
PledgedAssetsNotSeparatelyReportedOtherFinancialInstruments
28000000 USD
CY2020Q4 us-gaap Pledged Assets Not Separately Reported Other Financial Instruments
PledgedAssetsNotSeparatelyReportedOtherFinancialInstruments
28500000 USD
CY2021Q3 two Continuing Involvementwith Continuedtobe Recognized Transferred Financial Assets Numberof Loans
ContinuingInvolvementwithContinuedtobeRecognizedTransferredFinancialAssetsNumberofLoans
802223 loan
CY2021Q3 us-gaap Securitized Assets And Any Other Financial Assets Managed Together Principal Amount Outstanding
SecuritizedAssetsAndAnyOtherFinancialAssetsManagedTogetherPrincipalAmountOutstanding
194983450000 USD
CY2020Q4 two Continuing Involvementwith Continuedtobe Recognized Transferred Financial Assets Numberof Loans
ContinuingInvolvementwithContinuedtobeRecognizedTransferredFinancialAssetsNumberofLoans
783579 loan
CY2020Q4 us-gaap Securitized Assets And Any Other Financial Assets Managed Together Principal Amount Outstanding
SecuritizedAssetsAndAnyOtherFinancialAssetsManagedTogetherPrincipalAmountOutstanding
178928983000 USD
CY2021Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
783974000 USD
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1261667000 USD
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1076216000 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1384764000 USD
CY2021Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
783974000 USD
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1261667000 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1860190000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2646431000 USD
CY2021Q3 us-gaap Trading Gains Losses
TradingGainsLosses
-18966000 USD
CY2020Q3 us-gaap Trading Gains Losses
TradingGainsLosses
66997000 USD
us-gaap Trading Gains Losses
TradingGainsLosses
-234616000 USD
us-gaap Trading Gains Losses
TradingGainsLosses
-287383000 USD
CY2021Q2 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
23094926000 USD
CY2021Q3 two Derivative Notional Amount Additions
DerivativeNotionalAmountAdditions
28152492000 USD
CY2021Q3 two Derivative Notional Amount Settlement Termination Expiration Exercise
DerivativeNotionalAmountSettlementTerminationExpirationExercise
31059909000 USD
CY2021Q3 two Derivative Average Notional Amount
DerivativeAverageNotionalAmount
21137615000 USD
CY2021Q3 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
65839000 USD
CY2021Q3 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
20187509000 USD
CY2020Q2 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
8076933000 USD
CY2020Q3 two Derivative Notional Amount Additions
DerivativeNotionalAmountAdditions
37826318000 USD
CY2020Q3 two Derivative Notional Amount Settlement Termination Expiration Exercise
DerivativeNotionalAmountSettlementTerminationExpirationExercise
20067187000 USD
CY2020Q3 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
25836064000 USD
CY2020Q3 two Derivative Average Notional Amount
DerivativeAverageNotionalAmount
13932642000 USD
CY2020Q3 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
85781000 USD
CY2020Q4 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
23932603000 USD
two Derivative Notional Amount Additions
DerivativeNotionalAmountAdditions
81781155000 USD
two Derivative Notional Amount Settlement Termination Expiration Exercise
DerivativeNotionalAmountSettlementTerminationExpirationExercise
85526249000 USD
CY2021Q3 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
20187509000 USD
two Derivative Average Notional Amount
DerivativeAverageNotionalAmount
20840267000 USD
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-132651000 USD
CY2019Q4 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
48445497000 USD
two Derivative Notional Amount Additions
DerivativeNotionalAmountAdditions
115633753000 USD
two Derivative Notional Amount Settlement Termination Expiration Exercise
DerivativeNotionalAmountSettlementTerminationExpirationExercise
138243186000 USD
CY2020Q3 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
25836064000 USD
two Derivative Average Notional Amount
DerivativeAverageNotionalAmount
37837985000 USD
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-403977000 USD
CY2021Q3 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
2200000000 USD
CY2020Q4 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
1600000000 USD
CY2021Q3 us-gaap Derivative Assets
DerivativeAssets
53000000 USD
CY2021Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
82900000 USD
CY2021Q3 us-gaap Securities Purchased Under Agreements To Resell Fair Value Of Collateral
SecuritiesPurchasedUnderAgreementsToResellFairValueOfCollateral
52000000 USD
CY2020Q4 us-gaap Securities Purchased Under Agreements To Resell Fair Value Of Collateral
SecuritiesPurchasedUnderAgreementsToResellFairValueOfCollateral
89500000 USD
CY2021Q3 us-gaap Securities For Reverse Repurchase Agreements
SecuritiesForReverseRepurchaseAgreements
85000000 USD
CY2020Q4 us-gaap Securities For Reverse Repurchase Agreements
SecuritiesForReverseRepurchaseAgreements
91500000 USD
CY2021Q3 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
144956000 USD
CY2021Q3 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
91912000 USD
CY2021Q3 us-gaap Derivative Assets
DerivativeAssets
53044000 USD
CY2021Q3 us-gaap Derivative Asset Not Offset Policy Election Deduction
DerivativeAssetNotOffsetPolicyElectionDeduction
53044000 USD
CY2021Q3 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
DerivativeAssetCollateralObligationToReturnCashOffset
0 USD
CY2021Q3 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeAssetFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
0 USD
CY2021Q3 us-gaap Securities Purchased Under Agreements To Resell Gross
SecuritiesPurchasedUnderAgreementsToResellGross
85000000 USD
CY2021Q3 us-gaap Securities Purchased Under Agreements To Resell Liability
SecuritiesPurchasedUnderAgreementsToResellLiability
0 USD
CY2021Q3 us-gaap Securities Purchased Under Agreements To Resell
SecuritiesPurchasedUnderAgreementsToResell
85000000 USD
CY2021Q3 us-gaap Securities Purchased Under Agreements To Resell Not Offset Policy Election Deduction
SecuritiesPurchasedUnderAgreementsToResellNotOffsetPolicyElectionDeduction
0 USD
CY2021Q3 us-gaap Securities Purchased Under Agreements To Resell Collateral Obligation To Return Cash
SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnCash
51959000 USD
CY2021Q3 us-gaap Securities Purchased Under Agreements To Resell Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
SecuritiesPurchasedUnderAgreementsToResellOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
33041000 USD
CY2021Q3 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Gross
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedGross
229956000 USD
CY2021Q3 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Liability
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedLiability
91912000 USD
CY2021Q3 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowed
138044000 USD
CY2021Q3 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Not Offset Policy Election Deduction
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedNotOffsetPolicyElectionDeduction
53044000 USD
CY2021Q3 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Collateral Obligation To Return Cash
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedCollateralObligationToReturnCash
51959000 USD
CY2021Q3 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
33041000 USD
CY2021Q3 us-gaap Securities Sold Under Agreements To Repurchase Gross
SecuritiesSoldUnderAgreementsToRepurchaseGross
7123701000 USD
CY2021Q3 us-gaap Securities Sold Under Agreements To Repurchase Asset
SecuritiesSoldUnderAgreementsToRepurchaseAsset
0 USD
CY2021Q3 us-gaap Assets Sold Under Agreements To Repurchase Repurchase Liability
AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability
7123701000 USD
CY2021Q3 us-gaap Securities Sold Under Agreements To Resell Not Offset Policy Election Deduction
SecuritiesSoldUnderAgreementsToResellNotOffsetPolicyElectionDeduction
7123701000 USD
CY2021Q3 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Cash
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash
0 USD
CY2021Q3 us-gaap Securities Sold Under Agreements To Repurchase Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
SecuritiesSoldUnderAgreementsToRepurchaseOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
0 USD
CY2021Q3 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
174807000 USD
CY2021Q3 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
91912000 USD
CY2021Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
82895000 USD
CY2021Q3 us-gaap Derivative Liability Not Offset Policy Election Deduction
DerivativeLiabilityNotOffsetPolicyElectionDeduction
53044000 USD
CY2021Q3 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
DerivativeLiabilityCollateralRightToReclaimCashOffset
0 USD
CY2021Q3 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilityFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
29851000 USD
CY2021Q3 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Gross
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross
7298508000 USD
CY2021Q3 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Asset
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset
91912000 USD
CY2021Q3 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoaned
7206596000 USD
CY2021Q3 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Not Offset Policy Election Deduction
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedNotOffsetPolicyElectionDeduction
7176745000 USD
CY2021Q3 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Cash
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash
0 USD
CY2021Q3 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
29851000 USD
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
124023000 USD
CY2020Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
28086000 USD
CY2020Q4 us-gaap Derivative Assets
DerivativeAssets
95937000 USD
CY2020Q4 us-gaap Derivative Asset Not Offset Policy Election Deduction
DerivativeAssetNotOffsetPolicyElectionDeduction
11058000 USD
CY2020Q4 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
DerivativeAssetCollateralObligationToReturnCashOffset
0 USD
CY2020Q4 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeAssetFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
84879000 USD
CY2020Q4 us-gaap Securities Purchased Under Agreements To Resell Gross
SecuritiesPurchasedUnderAgreementsToResellGross
91525000 USD
CY2020Q4 us-gaap Securities Purchased Under Agreements To Resell Liability
SecuritiesPurchasedUnderAgreementsToResellLiability
0 USD
CY2020Q4 us-gaap Securities Purchased Under Agreements To Resell
SecuritiesPurchasedUnderAgreementsToResell
91525000 USD
CY2020Q4 us-gaap Securities Purchased Under Agreements To Resell Not Offset Policy Election Deduction
SecuritiesPurchasedUnderAgreementsToResellNotOffsetPolicyElectionDeduction
0 USD
CY2020Q4 us-gaap Securities Purchased Under Agreements To Resell Collateral Obligation To Return Cash
SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnCash
89469000 USD
CY2020Q4 us-gaap Securities Purchased Under Agreements To Resell Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
SecuritiesPurchasedUnderAgreementsToResellOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
2056000 USD
CY2020Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Gross
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedGross
215548000 USD
CY2020Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Liability
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedLiability
28086000 USD
CY2020Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowed
187462000 USD
CY2020Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Not Offset Policy Election Deduction
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedNotOffsetPolicyElectionDeduction
11058000 USD
CY2020Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Collateral Obligation To Return Cash
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedCollateralObligationToReturnCash
89469000 USD
CY2020Q4 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
86935000 USD
CY2020Q4 us-gaap Securities Sold Under Agreements To Repurchase Gross
SecuritiesSoldUnderAgreementsToRepurchaseGross
15143898000 USD
CY2020Q4 us-gaap Securities Sold Under Agreements To Repurchase Asset
SecuritiesSoldUnderAgreementsToRepurchaseAsset
0 USD
CY2020Q4 us-gaap Assets Sold Under Agreements To Repurchase Repurchase Liability
AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability
15143898000 USD
CY2020Q4 us-gaap Securities Sold Under Agreements To Resell Not Offset Policy Election Deduction
SecuritiesSoldUnderAgreementsToResellNotOffsetPolicyElectionDeduction
15143898000 USD
CY2020Q4 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Cash
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash
0 USD
CY2020Q4 us-gaap Securities Sold Under Agreements To Repurchase Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
SecuritiesSoldUnderAgreementsToRepurchaseOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
0 USD
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
39144000 USD
CY2020Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
28086000 USD
CY2020Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
11058000 USD
CY2020Q4 us-gaap Derivative Liability Not Offset Policy Election Deduction
DerivativeLiabilityNotOffsetPolicyElectionDeduction
11058000 USD
CY2020Q4 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
DerivativeLiabilityCollateralRightToReclaimCashOffset
0 USD
CY2020Q4 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilityFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
0 USD
CY2020Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Gross
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross
15183042000 USD
CY2020Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Asset
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset
28086000 USD
CY2020Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoaned
15154956000 USD
CY2020Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Not Offset Policy Election Deduction
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedNotOffsetPolicyElectionDeduction
15154956000 USD
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