2023 Q2 Form 10-Q Financial Statement

#000146574023000083 Filed on May 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $422.8M $116.6M
YoY Change 641.63% 159.99%
Cost Of Revenue $184.8M $170.9M
YoY Change 207.45% 263.36%
Gross Profit $238.0M -$156.1M
YoY Change -1003.68% -144.25%
Gross Profit Margin 56.3% -133.93%
Selling, General & Admin $8.868M $14.08M
YoY Change -19.52% 15.5%
% of Gross Profit 3.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $13.62M $24.57M
YoY Change -32.48% 30.55%
Operating Profit $224.4M -$180.7M
YoY Change -582.46% -154.1%
Interest Expense $159.6M $142.5M
YoY Change 330.07% 538.48%
% of Operating Profit 71.11%
Other Income/Expense, Net $305.0M -$101.9M
YoY Change -1411.8% -128.7%
Pretax Income $217.2M -$180.7M
YoY Change -567.07% -154.1%
Income Tax $19.78M -$3.900M
% Of Pretax Income 9.11%
Net Earnings $186.6M -$176.8M
YoY Change -357.6% -161.98%
Net Earnings / Revenue 44.13% -151.65%
Basic Earnings Per Share $1.94 -$2.05
Diluted Earnings Per Share $1.80 -$2.05
COMMON SHARES
Basic Shares Outstanding 96.66M shares 96.62M shares
Diluted Shares Outstanding 106.1M shares 92.58M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $699.1M $708.2M
YoY Change 36.57% 14.19%
Cash & Equivalents $699.1M $708.2M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $39.70M $40.83M
Other Receivables $248.6M $317.9M
Total Short-Term Assets $987.4M $1.067B
YoY Change 35.57% 12.58%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $12.53B $12.52B
YoY Change 2.89% 22.73%
Other Assets $322.6M $117.4M
YoY Change -48.61% -86.29%
Total Long-Term Assets $13.02B $12.87B
YoY Change 0.1% 13.66%
TOTAL ASSETS
Total Short-Term Assets $987.4M $1.067B
Total Long-Term Assets $13.02B $12.87B
Total Assets $14.01B $13.94B
YoY Change 1.98% 13.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $120.5M $74.92M
YoY Change 452.11% 649.83%
Deferred Revenue
YoY Change
Short-Term Debt $9.068B $9.085B
YoY Change 13.94% 15.4%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.511B $9.578B
YoY Change -0.02% 17.62%
LONG-TERM LIABILITIES
Long-Term Debt $2.122B $1.974B
YoY Change 41.0% 58.02%
Other Long-Term Liabilities $161.1M $142.9M
YoY Change -31.68% -43.33%
Total Long-Term Liabilities $2.283B $2.117B
YoY Change 31.16% 40.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.511B $9.578B
Total Long-Term Liabilities $2.283B $2.117B
Total Liabilities $11.79B $11.69B
YoY Change 4.8% 21.26%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $962.0K $967.0K
YoY Change -72.07% -71.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.216B $2.246B
YoY Change
Total Liabilities & Shareholders Equity $14.01B $13.94B
YoY Change 1.98% 13.58%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $186.6M -$176.8M
YoY Change -357.6% -161.98%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $111.3M $115.0K
YoY Change 60.08% -100.22%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions $0.00
YoY Change
Other Investing Activities $39.89M -$1.070B
YoY Change -105.92%
Cash From Investing Activities $39.89M -$1.070B
YoY Change -105.92% 50.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 44.91M $768.9M
YoY Change -83.25% 411.43%
NET CHANGE
Cash From Operating Activities 111.3M $115.0K
Cash From Investing Activities 39.89M -$1.070B
Cash From Financing Activities 44.91M $768.9M
Net Change In Cash 196.1M -$300.9M
YoY Change -158.28% -50.87%
FREE CASH FLOW
Cash From Operating Activities $111.3M $115.0K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2023Q1 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. Agency refers to a U.S. government sponsored enterprise, or GSE, such as the Federal National Mortgage Association (or Fannie Mae) or the Federal Home Loan Mortgage Corporation (or Freddie Mac), or a U.S. government agency such as the Government National Mortgage Association (or Ginnie Mae). 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%">On August 2, 2022, Matrix Financial Services Corporation, or Matrix, a wholly owned subsidiary of the Company, entered into a definitive stock purchase agreement to acquire RoundPoint Mortgage Servicing Corporation, or RoundPoint, from Freedom Mortgage Corporation. In connection with the acquisition, Matrix has agreed to pay a purchase price upon closing in an amount equal to the tangible net book value of RoundPoint, plus a premium amount of $10.5 million, subject to certain additional post-closing adjustments. In connection with the transaction, RoundPoint will divest its retail origination business as well as its RPX servicing exchange platform. Matrix also agreed to engage RoundPoint as a subservicer prior to the closing date and began transferring loans to RoundPoint in the fourth quarter of 2022. Upon closing, all servicing licenses and operational capabilities will remain with RoundPoint, and RoundPoint will become a wholly owned subsidiary of Matrix. The parties expect to close the transaction in 2023, subject to the satisfaction of customary closing conditions and the receipt of required regulatory and GSE approvals.</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>
CY2022Q3 us-gaap Business Combination Price Of Acquisition Expected
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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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22974000 usd
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1112000 usd
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CY2022Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss Writeoff
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5922000 usd
CY2022Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
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11573000 usd
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646 numberofpositions
CY2022Q4 two Debt Securities Availableforsale Numberof Positions
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704 numberofpositions
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431 numberofpositions
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553 numberofpositions
CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
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6325466000 usd
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191137000 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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0 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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0 usd
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6325466000 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
191137000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
7286510000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
334191000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
0 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
7286510000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
334191000 usd
CY2023Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
1360742000 usd
CY2022Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
2012620000 usd
CY2023Q1 two Debt Securities Availableforsale Gross Realized Gains Losses Amortized Cost Sold
DebtSecuritiesAvailableforsaleGrossRealizedGainsLossesAmortizedCostSold
1393484000 usd
CY2022Q1 two Debt Securities Availableforsale Gross Realized Gains Losses Amortized Cost Sold
DebtSecuritiesAvailableforsaleGrossRealizedGainsLossesAmortizedCostSold
2067471000 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
-32742000 usd
CY2022Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
-54851000 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
14070000 usd
CY2022Q1 us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
14695000 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
46812000 usd
CY2022Q1 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
69546000 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
-32742000 usd
CY2022Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
-54851000 usd
CY2022Q4 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
2984937000 usd
CY2021Q4 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
2191578000 usd
CY2023Q1 us-gaap Servicing Asset At Fair Value Additions
ServicingAssetAtFairValueAdditions
118341000 usd
CY2022Q1 us-gaap Servicing Asset At Fair Value Additions
ServicingAssetAtFairValueAdditions
484805000 usd
CY2023Q1 two Servicing Asset At Fair Value Sales
ServicingAssetAtFairValueSales
2693000 usd
CY2022Q1 two Servicing Asset At Fair Value Sales
ServicingAssetAtFairValueSales
0 usd
CY2023Q1 us-gaap Servicing Asset At Fair Value Changes In Fair Value Resulting From Changes In Valuation Inputs Or Changes In Assumptions
ServicingAssetAtFairValueChangesInFairValueResultingFromChangesInValuationInputsOrChangesInAssumptions
20421000 usd
CY2022Q1 us-gaap Servicing Asset At Fair Value Changes In Fair Value Resulting From Changes In Valuation Inputs Or Changes In Assumptions
ServicingAssetAtFairValueChangesInFairValueResultingFromChangesInValuationInputsOrChangesInAssumptions
524913000 usd
CY2023Q1 two Servicing Asset At Fair Value Other Change In Fair Value Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag
ServicingAssetAtFairValueOtherChangeInFairValueStatementOfIncomeOrComprehensiveIncomeExtensibleEnumerationNotDisclosedFlag
Other changes in fair value (2)
CY2022Q1 two Servicing Asset At Fair Value Other Change In Fair Value Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag
ServicingAssetAtFairValueOtherChangeInFairValueStatementOfIncomeOrComprehensiveIncomeExtensibleEnumerationNotDisclosedFlag
Other changes in fair value (2)
CY2023Q1 us-gaap Servicing Asset At Fair Value Other Changes In Fair Value
ServicingAssetAtFairValueOtherChangesInFairValue
-47661000 usd
CY2022Q1 us-gaap Servicing Asset At Fair Value Other Changes In Fair Value
ServicingAssetAtFairValueOtherChangesInFairValue
-114289000 usd
CY2023Q1 us-gaap Servicing Asset At Fair Value Other Changes That Affect Balance
ServicingAssetAtFairValueOtherChangesThatAffectBalance
-900000 usd
CY2022Q1 us-gaap Servicing Asset At Fair Value Other Changes That Affect Balance
ServicingAssetAtFairValueOtherChangesThatAffectBalance
2956000 usd
CY2023Q1 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
3072445000 usd
CY2022Q1 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
3089963000 usd
CY2023Q1 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
75183000 usd
CY2022Q4 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
50192000 usd
CY2023Q1 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
150519000 usd
CY2022Q4 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
100995000 usd
CY2023Q1 two Sensitivity Analysisof Fair Value Transferors Interestsin Transferred Financial Assets Impactof10 Percent Adverse Changein Delinquency
SensitivityAnalysisofFairValueTransferorsInterestsinTransferredFinancialAssetsImpactof10PercentAdverseChangeinDelinquency
4532000 usd
CY2022Q4 two Sensitivity Analysisof Fair Value Transferors Interestsin Transferred Financial Assets Impactof10 Percent Adverse Changein Delinquency
SensitivityAnalysisofFairValueTransferorsInterestsinTransferredFinancialAssetsImpactof10PercentAdverseChangeinDelinquency
3880000 usd
CY2023Q1 two Sensitivity Analysisof Fair Value Transferors Interestsin Transferred Financial Assets Impactof20 Percent Adverse Changein Delinquency
SensitivityAnalysisofFairValueTransferorsInterestsinTransferredFinancialAssetsImpactof20PercentAdverseChangeinDelinquency
9079000 usd
CY2022Q4 two Sensitivity Analysisof Fair Value Transferors Interestsin Transferred Financial Assets Impactof20 Percent Adverse Changein Delinquency
SensitivityAnalysisofFairValueTransferorsInterestsinTransferredFinancialAssetsImpactof20PercentAdverseChangeinDelinquency
7777000 usd
CY2023Q1 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
60373000 usd
CY2022Q4 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
44431000 usd
CY2023Q1 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
121961000 usd
CY2022Q4 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
87354000 usd
CY2023Q1 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
24272000 usd
CY2022Q4 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
20148000 usd
CY2023Q1 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
47776000 usd
CY2022Q4 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
39401000 usd
CY2023Q1 us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
129237000 usd
CY2022Q1 us-gaap Contractually Specified Servicing Fees Amount
ContractuallySpecifiedServicingFeesAmount
135214000 usd
CY2023Q1 us-gaap Ancillary Fee Income Generated By Servicing Financial Assets Amount
AncillaryFeeIncomeGeneratedByServicingFinancialAssetsAmount
369000 usd
CY2022Q1 us-gaap Ancillary Fee Income Generated By Servicing Financial Assets Amount
AncillaryFeeIncomeGeneratedByServicingFinancialAssetsAmount
470000 usd
CY2023Q1 two Float Income Generatedby Servicing Financial Assets Amount
FloatIncomeGeneratedbyServicingFinancialAssetsAmount
23714000 usd
CY2022Q1 two Float Income Generatedby Servicing Financial Assets Amount
FloatIncomeGeneratedbyServicingFinancialAssetsAmount
942000 usd
CY2023Q1 us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
153320000 usd
CY2022Q1 us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
136626000 usd
CY2023Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
100300000 usd
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
119000000 usd
CY2023Q1 two Mortgage Servicing Rights Delinquency Rate
MortgageServicingRightsDelinquencyRate
0.007
CY2022Q4 two Mortgage Servicing Rights Delinquency Rate
MortgageServicingRightsDelinquencyRate
0.008
CY2023Q1 two Continuing Involvementwith Continuedtobe Recognized Transferred Financial Assets Numberof Loans
ContinuingInvolvementwithContinuedtobeRecognizedTransferredFinancialAssetsNumberofLoans
831659 loan
CY2023Q1 us-gaap Securitized Assets And Any Other Financial Assets Managed Together Principal Amount Outstanding
SecuritizedAssetsAndAnyOtherFinancialAssetsManagedTogetherPrincipalAmountOutstanding
212810360000 usd
CY2022Q4 two Continuing Involvementwith Continuedtobe Recognized Transferred Financial Assets Numberof Loans
ContinuingInvolvementwithContinuedtobeRecognizedTransferredFinancialAssetsNumberofLoans
809665 loan
CY2022Q4 us-gaap Securitized Assets And Any Other Financial Assets Managed Together Principal Amount Outstanding
SecuritizedAssetsAndAnyOtherFinancialAssetsManagedTogetherPrincipalAmountOutstanding
205250967000 usd
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
117351000 usd
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
443026000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
708210000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
683479000 usd
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
117351000 usd
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
443026000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
825561000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1126505000 usd
CY2023Q1 us-gaap Trading Gains Losses
TradingGainsLosses
-237925000 usd
CY2022Q1 us-gaap Trading Gains Losses
TradingGainsLosses
-139803000 usd
CY2023Q1 two Derivative Notional Amount Additions
DerivativeNotionalAmountAdditions
11424891000 usd
CY2023Q1 two Derivative Notional Amount Settlement Termination Expiration Exercise
DerivativeNotionalAmountSettlementTerminationExpirationExercise
-8003512000 usd
CY2023Q1 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-106932000 usd
CY2022Q1 two Derivative Notional Amount Additions
DerivativeNotionalAmountAdditions
25445705000 usd
CY2022Q1 two Derivative Notional Amount Settlement Termination Expiration Exercise
DerivativeNotionalAmountSettlementTerminationExpirationExercise
23727291000 usd
CY2022Q1 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-250907000 usd
CY2023Q1 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
3100000000 usd
CY2022Q4 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
3000000000 usd
CY2023Q1 two Derivative Percentage Of Underlying Swap Variable Interest Rate Tied To Sofr
DerivativePercentageOfUnderlyingSwapVariableInterestRateTiedToSOFR
1.000
CY2023Q1 us-gaap Derivative Assets
DerivativeAssets
66000000 usd
CY2023Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
1700000 usd
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
89193000 usd
CY2023Q1 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
23180000 usd
CY2023Q1 us-gaap Derivative Assets
DerivativeAssets
66013000 usd
CY2023Q1 us-gaap Derivative Asset Not Offset Policy Election Deduction
DerivativeAssetNotOffsetPolicyElectionDeduction
1693000 usd
CY2023Q1 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
DerivativeAssetCollateralObligationToReturnCashOffset
0 usd
CY2023Q1 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeAssetFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
64320000 usd
CY2023Q1 us-gaap Securities Purchased Under Agreements To Resell Gross
SecuritiesPurchasedUnderAgreementsToResellGross
483916000 usd
CY2023Q1 us-gaap Securities Purchased Under Agreements To Resell Liability
SecuritiesPurchasedUnderAgreementsToResellLiability
0 usd
CY2023Q1 us-gaap Securities Purchased Under Agreements To Resell
SecuritiesPurchasedUnderAgreementsToResell
483916000 usd
CY2023Q1 us-gaap Securities Purchased Under Agreements To Resell Not Offset Policy Election Deduction
SecuritiesPurchasedUnderAgreementsToResellNotOffsetPolicyElectionDeduction
200766000 usd
CY2023Q1 us-gaap Securities Purchased Under Agreements To Resell Collateral Obligation To Return Cash
SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnCash
283150000 usd
CY2023Q1 us-gaap Securities Purchased Under Agreements To Resell Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
SecuritiesPurchasedUnderAgreementsToResellOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
0 usd
CY2023Q1 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Gross
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedGross
573109000 usd
CY2023Q1 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Liability
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedLiability
23180000 usd
CY2023Q1 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowed
549929000 usd
CY2023Q1 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Not Offset Policy Election Deduction
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedNotOffsetPolicyElectionDeduction
202459000 usd
CY2023Q1 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Collateral Obligation To Return Cash
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedCollateralObligationToReturnCash
283150000 usd
CY2023Q1 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
64320000 usd
CY2023Q1 us-gaap Securities Sold Under Agreements To Repurchase Gross
SecuritiesSoldUnderAgreementsToRepurchaseGross
9084712000 usd
CY2023Q1 us-gaap Securities Sold Under Agreements To Repurchase Asset
SecuritiesSoldUnderAgreementsToRepurchaseAsset
0 usd
CY2023Q1 us-gaap Assets Sold Under Agreements To Repurchase Repurchase Liability
AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability
9084712000 usd
CY2023Q1 us-gaap Securities Sold Under Agreements To Resell Not Offset Policy Election Deduction
SecuritiesSoldUnderAgreementsToResellNotOffsetPolicyElectionDeduction
9084712000 usd
CY2023Q1 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Cash
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash
0 usd
CY2023Q1 us-gaap Securities Sold Under Agreements To Repurchase Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
SecuritiesSoldUnderAgreementsToRepurchaseOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
0 usd
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
24873000 usd
CY2023Q1 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
23180000 usd
CY2023Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
1693000 usd
CY2023Q1 us-gaap Derivative Liability Not Offset Policy Election Deduction
DerivativeLiabilityNotOffsetPolicyElectionDeduction
1693000 usd
CY2023Q1 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
DerivativeLiabilityCollateralRightToReclaimCashOffset
0 usd
CY2023Q1 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilityFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
0 usd
CY2023Q1 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Gross
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross
9109585000 usd
CY2023Q1 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Asset
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset
23180000 usd
CY2023Q1 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoaned
9086405000 usd
CY2023Q1 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Not Offset Policy Election Deduction
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedNotOffsetPolicyElectionDeduction
9086405000 usd
CY2023Q1 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Cash
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash
0 usd
CY2023Q1 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
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
98609000 usd
CY2022Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
72171000 usd
CY2022Q4 us-gaap Derivative Assets
DerivativeAssets
26438000 usd
CY2022Q4 us-gaap Derivative Asset Not Offset Policy Election Deduction
DerivativeAssetNotOffsetPolicyElectionDeduction
26438000 usd
CY2022Q4 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
DerivativeAssetCollateralObligationToReturnCashOffset
0 usd
CY2022Q4 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeAssetFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
0 usd
CY2022Q4 us-gaap Securities Purchased Under Agreements To Resell Gross
SecuritiesPurchasedUnderAgreementsToResellGross
1066935000 usd
CY2022Q4 us-gaap Securities Purchased Under Agreements To Resell Liability
SecuritiesPurchasedUnderAgreementsToResellLiability
0 usd
CY2022Q4 us-gaap Securities Purchased Under Agreements To Resell
SecuritiesPurchasedUnderAgreementsToResell
1066935000 usd
CY2022Q4 us-gaap Securities Purchased Under Agreements To Resell Not Offset Policy Election Deduction
SecuritiesPurchasedUnderAgreementsToResellNotOffsetPolicyElectionDeduction
888295000 usd
CY2022Q4 us-gaap Securities Purchased Under Agreements To Resell Collateral Obligation To Return Cash
SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnCash
178640000 usd
CY2022Q4 us-gaap Securities Purchased Under Agreements To Resell Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
SecuritiesPurchasedUnderAgreementsToResellOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
0 usd
CY2022Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Gross
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedGross
1165544000 usd
CY2022Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Liability
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedLiability
72171000 usd
CY2022Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowed
1093373000 usd
CY2022Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Not Offset Policy Election Deduction
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedNotOffsetPolicyElectionDeduction
914733000 usd
CY2022Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Collateral Obligation To Return Cash
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedCollateralObligationToReturnCash
178640000 usd
CY2022Q4 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
0 usd
CY2022Q4 us-gaap Securities Sold Under Agreements To Repurchase Gross
SecuritiesSoldUnderAgreementsToRepurchaseGross
8603011000 usd
CY2022Q4 us-gaap Securities Sold Under Agreements To Repurchase Asset
SecuritiesSoldUnderAgreementsToRepurchaseAsset
0 usd
CY2022Q4 us-gaap Assets Sold Under Agreements To Repurchase Repurchase Liability
AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability
8603011000 usd
CY2022Q4 us-gaap Securities Sold Under Agreements To Resell Not Offset Policy Election Deduction
SecuritiesSoldUnderAgreementsToResellNotOffsetPolicyElectionDeduction
8603011000 usd
CY2022Q4 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Cash
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash
0 usd
CY2022Q4 us-gaap Securities Sold Under Agreements To Repurchase Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
SecuritiesSoldUnderAgreementsToRepurchaseOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
0 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
106219000 usd
CY2022Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
72171000 usd
CY2022Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
34048000 usd
CY2022Q4 us-gaap Derivative Liability Not Offset Policy Election Deduction
DerivativeLiabilityNotOffsetPolicyElectionDeduction
26438000 usd
CY2022Q4 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
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