2024 Q1 Form 10-K Financial Statement

#000146574024000076 Filed on February 20, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $430.3M -$237.1M $770.5M
YoY Change 269.1% 142.2% 160.71%
Cost Of Revenue $167.1M $180.1M $738.7M
YoY Change -2.19% 27.83% 109.56%
Gross Profit $263.2M -$417.2M $31.79M
YoY Change -268.57% 74.71% -92.19%
Gross Profit Margin 61.17% 4.13%
Selling, General & Admin $26.53M $21.30M $52.87M
YoY Change 88.38% 187.37% 29.82%
% of Gross Profit 10.08% 166.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $46.38M $45.26M $115.2M
YoY Change 88.8% 97.19% 39.22%
Operating Profit $216.8M -$462.5M -$83.39M
YoY Change -219.99% 76.68% -125.7%
Interest Expense $160.0M $643.2M
YoY Change 12.29% 148.93%
% of Operating Profit 73.79%
Other Income/Expense, Net $146.1M -$395.6M
YoY Change -243.44% -185.24%
Pretax Income $215.6M -$462.5M -$83.39M
YoY Change -219.28% 76.68% -125.7%
Income Tax $11.97M -$29.26M $22.98M
% Of Pretax Income 5.55%
Net Earnings $191.0M -$444.7M -$152.0M
YoY Change -208.03% 70.11% -169.02%
Net Earnings / Revenue 44.39% -19.73%
Basic Earnings Per Share $1.85 -$1.60
Diluted Earnings Per Share $1.69 -$4.56 -$1.59
COMMON SHARES
Basic Shares Outstanding 103.4M shares 96.19M shares 95.67M shares
Diluted Shares Outstanding 113.0M shares 95.67M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $666.2M $729.7M $729.7M
YoY Change -5.93% 6.77% 6.77%
Cash & Equivalents $666.2M $729.7M $729.7M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $35.49M $35.34M $35.34M
Other Receivables $545.3M $323.2M $323.2M
Total Short-Term Assets $1.247B $1.088B $1.088B
YoY Change 16.88% 11.86% 11.86%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $27.45M
YoY Change
Intangibles
YoY Change
Long-Term Investments $11.62B $11.66B $11.66B
YoY Change -7.17% -1.41% -1.41%
Other Assets $72.18M $65.10M $65.10M
YoY Change -38.49% -85.31% -85.31%
Total Long-Term Assets $11.91B $12.05B $12.05B
YoY Change -7.45% -3.54% -3.54%
TOTAL ASSETS
Total Short-Term Assets $1.247B $1.088B $1.088B
Total Long-Term Assets $11.91B $12.05B $12.05B
Total Assets $13.16B $13.14B $13.14B
YoY Change -5.58% -2.43% -2.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $79.99M $141.8M $141.8M
YoY Change 6.77% 50.77% 50.77%
Deferred Revenue
YoY Change
Short-Term Debt $8.362B $8.020B $8.020B
YoY Change -7.96% -6.77% -6.77%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.831B $8.795B $8.795B
YoY Change -7.8% -5.46% -5.46%
LONG-TERM LIABILITIES
Long-Term Debt $1.922B $1.893B $1.893B
YoY Change -2.63% 5.21% 5.21%
Other Long-Term Liabilities $168.8M $246.9M $246.9M
YoY Change 18.16% 37.16% 37.16%
Total Long-Term Liabilities $2.091B $2.140B $2.140B
YoY Change -1.22% 8.11% 8.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.831B $8.795B $8.795B
Total Long-Term Liabilities $2.091B $2.140B $2.140B
Total Liabilities $10.92B $10.94B $10.94B
YoY Change -6.61% -3.08% -3.08%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.035M $1.032M
YoY Change 7.03% 19.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.240B $2.203B $2.203B
YoY Change
Total Liabilities & Shareholders Equity $13.16B $13.14B $13.14B
YoY Change -5.58% -2.43% -2.43%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $191.0M -$444.7M -$152.0M
YoY Change -208.03% 70.11% -169.02%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$8.670M $109.7M $343.5M
YoY Change -7639.13% -53.51% -44.9%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions $20.98M
YoY Change
Other Investing Activities -$347.7M $777.5M $0.00
YoY Change -67.5% -11.87%
Cash From Investing Activities -$347.7M $777.5M -$195.8M
YoY Change -67.5% -11.87% -92.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 300.0M -1.137B -$479.4M
YoY Change -60.99% -27.41% -141.12%
NET CHANGE
Cash From Operating Activities -8.670M 109.7M $343.5M
Cash From Investing Activities -347.7M 777.5M -$195.8M
Cash From Financing Activities 300.0M -1.137B -$479.4M
Net Change In Cash -56.41M -250.1M -$331.7M
YoY Change -81.26% -44.24% -65.53%
FREE CASH FLOW
Cash From Operating Activities -$8.670M $109.7M $343.5M
Capital Expenditures
Free Cash Flow
YoY Change

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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 founded in 2009 that, through its wholly owned subsidiaries (collectively, the Company), invests in, finances and manages mortgage servicing rights, or MSR, Agency residential mortgage-backed securities, or Agency RMBS, and, through its operational platform, RoundPoint Mortgage Servicing LLC, or RoundPoint, is one of the largest servicers of conventional loans in the country. 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 Company is structured as an internally-managed real estate investment trust, or REIT, and its common stock is listed on the New York Stock Exchange, or 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 seeks to leverage its core competencies of understanding and managing interest rate and prepayment risk to invest in its portfolio of MSR and Agency RMBS, with the objective of delivering stable performance across changing market environments. The Company is acutely focused on creating sustainable stockholder value over the long term.</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%">Effective September 30, 2023, one of the Company’s wholly owned subsidiaries, Matrix Financial Services Corporation, or Matrix, acquired RoundPoint from Freedom Mortgage Corporation, or Freedom, after the completion of customary closing conditions and receiving the required regulatory and GSE approvals. Upon closing, all servicing and origination licenses and operational capabilities remained with RoundPoint, and RoundPoint became a wholly owned subsidiary of Matrix. Management believes this acquisition will add value for stakeholders of the Company through cost savings achieved by bringing the servicing of its MSR portfolio in-house, greater control over the Company’s MSR portfolio and the associated cash flows, and the ability to participate more fully in the mortgage finance space as opportunities arise.</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>
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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, 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="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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CY2023Q4 us-gaap Servicing Asset At Fair Value Amount
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21506000 usd
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CY2022Q4 us-gaap Derivative Assets
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CY2022Q4 us-gaap Derivative Liabilities
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DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
7610000 usd
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CY2023Q4 two Mortgage Servicing Rights Categorized As Level3 Assets
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CY2023Q4 us-gaap Available For Sale Securities Debt Securities
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CY2022Q4 us-gaap Servicing Asset At Fair Value Amount
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CY2023Q4 us-gaap Derivative Assets
DerivativeAssets
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CY2022Q4 us-gaap Derivative Assets
DerivativeAssets
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CY2022Q4 us-gaap Derivative Assets
DerivativeAssets
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CY2023Q4 us-gaap Securities Purchased Under Agreements To Resell
SecuritiesPurchasedUnderAgreementsToResell
284091000 usd
CY2022Q4 us-gaap Securities Purchased Under Agreements To Resell
SecuritiesPurchasedUnderAgreementsToResell
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CY2022Q4 us-gaap Securities Purchased Under Agreements To Resell
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CY2023Q4 us-gaap Other Assets Fair Value Disclosure
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31704000 usd
CY2023Q4 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
31704000 usd
CY2022Q4 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
3493000 usd
CY2022Q4 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
3493000 usd
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AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability
8020207000 usd
CY2023Q4 us-gaap Assets Sold Under Agreements To Repurchase Repurchase Liability
AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability
8020207000 usd
CY2022Q4 us-gaap Assets Sold Under Agreements To Repurchase Repurchase Liability
AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability
8603011000 usd
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AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability
8603011000 usd
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1329171000 usd
CY2023Q4 two Revolving Credit Facilities
RevolvingCreditFacilities
1329171000 usd
CY2022Q4 two Revolving Credit Facilities
RevolvingCreditFacilities
1118831000 usd
CY2023Q4 two Revolving Credit Facilities
RevolvingCreditFacilities
1329171000 usd
CY2022Q4 two Revolving Credit Facilities
RevolvingCreditFacilities
1118831000 usd
CY2022Q4 two Revolving Credit Facilities
RevolvingCreditFacilities
1118831000 usd
CY2023Q4 us-gaap Medium Term Notes
MediumTermNotes
295271000 usd
CY2023Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
289653000 usd
CY2022Q4 us-gaap Medium Term Notes
MediumTermNotes
398011000 usd
CY2022Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
361905000 usd
CY2023Q4 us-gaap Convertible Notes Payable
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268582000 usd
CY2023Q4 us-gaap Convertible Debt Fair Value Disclosures
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254232000 usd
CY2022Q4 us-gaap Convertible Notes Payable
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282496000 usd
CY2022Q4 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
246727000 usd
CY2023Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
21506000 usd
CY2023Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
21506000 usd
CY2022Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
34048000 usd
CY2022Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
34048000 usd
CY2023Q4 us-gaap Assets Sold Under Agreements To Repurchase Repurchase Liability
AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability
8000000000 usd
CY2022Q4 us-gaap Assets Sold Under Agreements To Repurchase Repurchase Liability
AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability
8600000000 usd
CY2023Q4 us-gaap Assets Sold Under Agreements To Repurchase Interest Rate
AssetsSoldUnderAgreementsToRepurchaseInterestRate
0.0574
CY2022Q4 us-gaap Assets Sold Under Agreements To Repurchase Interest Rate
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CY2023 us-gaap Repurchase Agreement Counterparty Weighted Average Maturity Of Agreements1
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P55D
CY2022Q4 us-gaap Repurchase Agreement Counterparty Weighted Average Maturity Of Agreements1
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P59D
CY2023Q4 us-gaap Assets Sold Under Agreements To Repurchase Repurchase Liability
AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability
8020207000 usd
CY2023Q4 us-gaap Assets Sold Under Agreements To Repurchase Interest Rate
AssetsSoldUnderAgreementsToRepurchaseInterestRate
0.0574
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AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability
8603011000 usd
CY2022Q4 us-gaap Assets Sold Under Agreements To Repurchase Interest Rate
AssetsSoldUnderAgreementsToRepurchaseInterestRate
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AssetsSoldUnderAgreementsToRepurchaseMarketValue
8650229000 usd
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AssetsSoldUnderAgreementsToRepurchaseMarketValue
9333270000 usd
CY2023Q4 two Repurchase Agreement Counterparty Percent Of Equity At Risk
RepurchaseAgreementCounterpartyPercentOfEquityAtRisk
0.10
CY2023Q4 two Revolving Credit Facilities
RevolvingCreditFacilities
1300000000 usd
CY2022Q4 two Revolving Credit Facilities
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1100000000 usd
CY2023Q4 us-gaap Line Of Credit Facility Interest Rate At Period End
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0.0866
CY2022Q4 us-gaap Line Of Credit Facility Interest Rate At Period End
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CY2023 us-gaap Line Of Credit Facility Expiration Period
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CY2022Q4 us-gaap Line Of Credit Facility Expiration Period
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CY2023Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
295800000 usd
CY2022Q4 us-gaap Debt Instrument Face Amount
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400000000 usd
CY2023Q4 us-gaap Medium Term Notes
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295300000 usd
CY2022Q4 us-gaap Medium Term Notes
MediumTermNotes
398000000 usd
CY2023Q4 us-gaap Debt Weighted Average Interest Rate
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CY2022Q4 us-gaap Debt Weighted Average Interest Rate
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CY2023 us-gaap Debt Instrument Term
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CY2022Q4 us-gaap Debt Instrument Term
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CY2022Q4 two Pledged Assets Not Separately Reported Nonsecuritized Investments Underlying Loan Coupon
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CY2023Q4 us-gaap Convertible Notes Payable
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268600000 usd
CY2022Q4 us-gaap Convertible Notes Payable
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282500000 usd
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PreferredStockSharesOutstanding
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CY2023Q4 us-gaap Preferred Stock Value Outstanding
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CY2023Q4 us-gaap Preferred Stock Liquidation Preference
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25.00
CY2023Q4 us-gaap Preferred Stock Liquidation Preference
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CY2023 two Preferred Stock Dividend Payment Rate Variable Rate Spread
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CY2023 two Preferred Stock Dividend Payment Rate Variable Rate Spread
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CY2023Q4 us-gaap Preferred Stock Liquidation Preference
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CY2021Q1 us-gaap Preferred Stock Liquidation Preference
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CY2023 us-gaap Preferred Stock Redemption Discount
PreferredStockRedemptionDiscount
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CY2022 us-gaap Preferred Stock Redemption Discount
PreferredStockRedemptionDiscount
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CY2022Q4 us-gaap Common Stock Shares Authorized
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CY2023Q4 us-gaap Common Stock Shares Outstanding
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CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
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CY2023Q4 two Stock Issued And Outstanding Shares Dividend Reinvestment Plan
StockIssuedAndOutstandingSharesDividendReinvestmentPlan
130630 shares
CY2023Q4 two Stock Issued And Outstanding Value Dividend Reinvestment Plan
StockIssuedAndOutstandingValueDividendReinvestmentPlan
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CY2023 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
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CY2022 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
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CY2021 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
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CY2023 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
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CY2022 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
300000 usd
CY2021 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
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CY2023Q4 two At Market Offering Number Of Shares Authorized To Be Sold
AtMarketOfferingNumberOfSharesAuthorizedToBeSold
11000000 shares
CY2023Q4 two Stock Issued And Outstanding Shares At Market Offering
StockIssuedAndOutstandingSharesAtMarketOffering
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CY2023Q4 two Stock Issued And Outstanding Value At Market Offering
StockIssuedAndOutstandingValueAtMarketOffering
234600000 usd
CY2023Q4 two Aoci Debt Securities Available For Sale Unrealized Gain After Tax
AOCIDebtSecuritiesAvailableForSaleUnrealizedGainAfterTax
23305000 usd
CY2022Q4 two Aoci Debt Securities Available For Sale Unrealized Gain After Tax
AOCIDebtSecuritiesAvailableForSaleUnrealizedGainAfterTax
47656000 usd
CY2023Q4 two Aoci Debt Securities Available For Sale Unrealized Loss After Tax
AOCIDebtSecuritiesAvailableForSaleUnrealizedLossAfterTax
199734000 usd
CY2022Q4 two Aoci Debt Securities Available For Sale Unrealized Loss After Tax
AOCIDebtSecuritiesAvailableForSaleUnrealizedLossAfterTax
326367000 usd
CY2023Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
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CY2022Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum
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CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2023Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
4300000 usd
CY2023 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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InterestIncomeDebtSecuritiesAvailableForSaleOperating
412310000 usd
CY2022 us-gaap Interest Income Debt Securities Available For Sale Operating
InterestIncomeDebtSecuritiesAvailableForSaleOperating
272230000 usd
CY2021 us-gaap Interest Income Debt Securities Available For Sale Operating
InterestIncomeDebtSecuritiesAvailableForSaleOperating
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CY2023 us-gaap Interest Income Domestic Deposits
InterestIncomeDomesticDeposits
68054000 usd
CY2022 us-gaap Interest Income Domestic Deposits
InterestIncomeDomesticDeposits
23310000 usd
CY2021 us-gaap Interest Income Domestic Deposits
InterestIncomeDomesticDeposits
1287000 usd
CY2023 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
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CY2022 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
295540000 usd
CY2021 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
168597000 usd
CY2023 us-gaap Interest Expense Securities Sold Under Agreements To Repurchase
InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase
474292000 usd
CY2022 us-gaap Interest Expense Securities Sold Under Agreements To Repurchase
InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase
167455000 usd
CY2021 us-gaap Interest Expense Securities Sold Under Agreements To Repurchase
InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase
25774000 usd
CY2023 two Interest Expense Revolving Credit Facilities
InterestExpenseRevolvingCreditFacilities
121124000 usd
CY2022 two Interest Expense Revolving Credit Facilities
InterestExpenseRevolvingCreditFacilities
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CY2021 two Interest Expense Revolving Credit Facilities
InterestExpenseRevolvingCreditFacilities
22425000 usd
CY2023 us-gaap Interest Expense Subordinated Notes And Debentures
InterestExpenseSubordinatedNotesAndDebentures
28994000 usd
CY2022 us-gaap Interest Expense Subordinated Notes And Debentures
InterestExpenseSubordinatedNotesAndDebentures
19514000 usd
CY2021 us-gaap Interest Expense Subordinated Notes And Debentures
InterestExpenseSubordinatedNotesAndDebentures
12936000 usd
CY2023 two Interest Expense Convertible Debt
InterestExpenseConvertibleDebt
18815000 usd
CY2022 two Interest Expense Convertible Debt
InterestExpenseConvertibleDebt
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CY2021 two Interest Expense Convertible Debt
InterestExpenseConvertibleDebt
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CY2023 us-gaap Interest Expense
InterestExpense
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CY2022 us-gaap Interest Expense
InterestExpense
258395000 usd
CY2021 us-gaap Interest Expense
InterestExpense
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InterestIncomeExpenseNet
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CY2022 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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CY2021 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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CY2023Q4 two Percentof Reit Taxable Incometo Distribute
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1
CY2023 two Excise Tax On Certain Stock Repurchases And Similar Transactions Percent
ExciseTaxOnCertainStockRepurchasesAndSimilarTransactionsPercent
0.01
CY2023 two Excise Tax On Certain Stock Repurchases And Similar Transactions Percent
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0.01
CY2023 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
3498000 usd
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CurrentFederalTaxExpenseBenefit
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CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
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CY2023 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
4976000 usd
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
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CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
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CY2023 us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
8474000 usd
CY2022 us-gaap Current Federal State And Local Tax Expense Benefit
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CY2021 us-gaap Current Federal State And Local Tax Expense Benefit
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DeferredFederalIncomeTaxExpenseBenefit
16602000 usd
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
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CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
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CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
14325000 usd
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2023 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
14504000 usd
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
105241000 usd
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
22978000 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4192000 usd
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
253000000 usd
CY2023 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-17513000 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
68135000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
40198000 usd
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
2358000 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
10478000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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IncomeTaxReconciliationStateAndLocalIncomeTaxes
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CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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IncomeTaxReconciliationOtherAdjustments
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2022 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
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CY2021 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
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CY2023 us-gaap Income Tax Reconciliation Tax Exempt Income
IncomeTaxReconciliationTaxExemptIncome
27537000 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
EffectiveIncomeTaxRateReconciliationTaxExemptIncome
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IncomeTaxReconciliationTaxExemptIncome
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IncomeTaxReconciliationTaxExemptIncome
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CY2023 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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PreferredStockRedemptionDiscount
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CY2022Q4 two State And Local Income Taxes Receivable Payable
StateAndLocalIncomeTaxesReceivablePayable
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CY2023Q4 two Income Taxes Receivable Payable
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CY2023Q4 us-gaap Deferred Tax Liabilities
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CY2023Q4 us-gaap Deferred Tax Liabilities Investments
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CY2022Q4 us-gaap Deferred Tax Assets Other
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CY2023Q4 us-gaap Deferred Income Tax Liabilities
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CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2023Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
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CY2022Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
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CY2022 us-gaap Profit Loss
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CY2021 us-gaap Profit Loss
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CY2023 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
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PreferredStockDividendsIncomeStatementImpact
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CY2021 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
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CY2023 us-gaap Preferred Stock Redemption Discount
PreferredStockRedemptionDiscount
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