Invesco Mortgage Capital (IVR) 10-K 20 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Feb. 19, 2019	Jun. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Trading Symbol	IVR
Entity Registrant Name	Invesco Mortgage Capital Inc.
Entity Central Index Key	1,437,071
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		127,684,996
Entity Shell Company	false
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Public Float			$ 1,773,932,599

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Mortgage-backed and credit risk transfer securities, at fair value (including pledged securities of $17,082,825 and $17,560,811, respectively)	$ 17,396,642,000	$ 18,190,754,000
Commercial loans, held-for-investment	31,582,000	191,808,000
Cash and cash equivalents	135,617,000	88,381,000
Restricted cash	0	620,000
Due from counterparties	13,500,000	0
Investment related receivable	66,598,000	73,217,000
Derivative assets, at fair value	15,089,000	6,896,000
Other assets	154,477,000	105,580,000
Total assets	17,813,505,000	18,657,256,000
Liabilities:
Repurchase agreements	13,602,484,000	14,080,801,000
Exchangeable senior notes, net	0	143,231,000
Derivative liabilities, at fair value	23,390,000	32,765,000
Dividends and distributions payable	49,578,000	50,193,000
Investment related payable	132,096,000	5,191,000
Accrued interest payable	37,620,000	17,845,000
Collateral held payable	18,083,000	7,327,000
Accounts payable and accrued expenses	1,694,000	2,200,000
Due to affiliate	11,863,000	10,825,000
Total liabilities	15,526,808,000	16,000,378,000
Commitments and contingencies (See Note 16)
Equity:
Common Stock, par value $0.01 per share; 450,000,000 shares authorized; 111,584,996 and 111,624,159 shares issued and outstanding, respectively	1,115,000	1,116,000
Additional paid in capital	2,383,532,000	2,384,356,000
Accumulated other comprehensive income	220,813,000	261,029,000
Retained earnings (distributions in excess of earnings)	(882,087,000)	(579,334,000)
Total stockholders’ equity	2,286,697,000	2,630,491,000
Non-controlling interest	0	26,387,000
Total equity	2,286,697,000	2,656,878,000
Total liabilities and equity	17,813,505,000	18,657,256,000
Series A Cumulative Redeemable Preferred Stock
Equity:
Preferred Stock, par value $0.01 per share; 50,000,000 shares authorized:	135,356,000	135,356,000
Series B Cumulative Redeemable Preferred Stock
Equity:
Preferred Stock, par value $0.01 per share; 50,000,000 shares authorized:	149,860,000	149,860,000
Series C Cumulative Redeemable Preferred Stock
Equity:
Preferred Stock, par value $0.01 per share; 50,000,000 shares authorized:	$ 278,108,000	$ 278,108,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Mortgage-backed and credit risk transfer securities, pledged as collateral	$ 17,082,825	$ 17,560,811
Preferred Stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred Stock, shares authorized	50,000,000	50,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	111,584,996	111,624,159
Common stock, shares outstanding	111,584,996	111,624,159
Series A Cumulative Redeemable Preferred Stock
Preferred Stock, dividend rate stated percentage	7.75%	7.75%
Preferred Stock, shares issued	5,600,000	5,600,000
Preferred Stock, shares outstanding	5,600,000	5,600,000
Preferred Stock, aggregate liquidation preference	$ 140,000	$ 140,000
Series B Cumulative Redeemable Preferred Stock
Preferred Stock, dividend rate stated percentage	7.75%	7.75%
Preferred Stock, shares issued	6,200,000	6,200,000
Preferred Stock, shares outstanding	6,200,000	6,200,000
Preferred Stock, aggregate liquidation preference	$ 155,000	$ 155,000
Series C Cumulative Redeemable Preferred Stock
Preferred Stock, dividend rate stated percentage	7.50%
Preferred Stock, shares issued	11,500,000
Preferred Stock, shares outstanding	11,500,000
Preferred Stock, aggregate liquidation preference	$ 287,500

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Interest Income
Mortgage-backed and credit risk transfer securities	$ 631,478	$ 521,547	$ 456,444
Commercial and other loans	11,538	23,508	22,238
Total interest income	643,016	545,055	478,682
Interest Expense
Repurchase agreements	301,794	163,881	124,000
Secured loans	35,453	19,370	10,887
Exchangeable senior notes	1,621	13,340	22,467
Total interest expense	338,868	196,591	157,354
Net interest income	304,148	348,464	321,328
Other income (loss)
Gain (loss) on investments, net	(327,700)	(19,704)	(17,542)
Equity in earnings (losses) of unconsolidated ventures	3,402	(1,327)	2,392
Gain (loss) on derivative instruments, net	(5,277)	18,155	(62,815)
Realized and unrealized credit derivative income (loss), net	(151)	51,648	61,143
Net loss on extinguishment of debt	(26)	(6,814)	0
Other investment income (loss), net	2,860	7,381	(5,002)
Total other income (loss)	(326,892)	49,339	(21,824)
Expenses
Management fee — related party	40,722	37,556	34,541
General and administrative	7,070	7,190	7,265
Total expenses	47,792	44,746	41,806
Net income (loss)	(70,536)	353,057	257,698
Net income (loss) attributable to non-controlling interest	254	4,450	3,287
Net income (loss) attributable to Invesco Mortgage Capital Inc.	(70,790)	348,607	254,411
Dividends to preferred stockholders	44,426	28,080	22,864
Net income (loss) attributable to common stockholders	$ (115,216)	$ 320,527	$ 231,547
Net income (loss) attributable to common stockholders
Basic (in usd per share)	$ (1.03)	$ 2.87	$ 2.07
Diluted (in usd per share)	$ (1.03)	$ 2.75	$ 1.98
Weighted average number of shares of common stock:
Basic (in shares)	111,637,035	111,610,393	111,973,404
Diluted (in shares)	111,637,035	123,040,827	130,254,003

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (70,536)	$ 353,057	$ 257,698
Other comprehensive income (loss):
Unrealized gain (loss) on mortgage-backed and credit risk transfer securities, net	(210,424)	(9,885)	(37,632)
Reclassification of unrealized (gain) loss on sale of mortgage-backed and credit risk transfer securities to gain (loss) on investments, net	193,162	1,508	6,134
Reclassification of amortization of net deferred (gain) loss on de-designated interest rate swaps to repurchase agreements interest expense	(25,839)	(25,544)	5,154
Currency translation adjustments on investment in unconsolidated venture	(447)	863	128
Total other comprehensive income (loss)	(43,548)	(33,058)	(26,216)
Comprehensive income (loss)	(114,084)	319,999	231,482
Less: Comprehensive (income) loss attributable to non-controlling interest	979	(4,032)	(2,939)
Less: Dividends to preferred stockholders	(44,426)	(28,080)	(22,864)
Comprehensive income (loss) attributable to common stockholders	$ (157,531)	$ 287,887	$ 205,679

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Preferred StockSeries A Preferred Stock	Preferred StockSeries B Preferred Stock	Preferred StockSeries C Preferred Stock	Common Stock	Additional Paid in Capital	Accumulated Other Comprehensive Income (loss)	Retained earnings (Distributions in excess of earnings)	Total Stockholders’ Equity	Non- Controlling Interest
Beginning balance (in shares) at Dec. 31, 2015		5,600,000	6,200,000	0	113,619,471
Beginning balance at Dec. 31, 2015	$ 2,266,908	$ 135,356	$ 149,860	$ 0	$ 1,136	$ 2,407,372	$ 318,624	$ (771,313)	$ 2,241,035	$ 25,873
Increase (Decrease) in Stockholders' Equity
Net income (loss)	257,698							254,411	254,411	3,287
Other comprehensive income (loss)	(26,216)						(25,868)		(25,868)	(348)
Proceeds from issuance of common stock, net of offering costs (in shares)					3,201
Proceeds from issuance of common stock, net of offering costs	35				$ 0	35			35
Repurchase of shares of common stock (in shares)					(2,063,451)
Repurchase of shares of common stock	(25,000)				$ (20)	(24,980)			(25,000)
Stocks awards (in shares)					35,374
Common stock dividends	(178,537)							(178,537)	(178,537)
Common unit dividends	(2,280)									(2,280)
Preferred stock dividends	(22,864)							(22,864)	(22,864)
Amortization of equity-based compensation	440					434			434	6
Rebalancing of ownership percentage of non-controlling interest						(2,998)	912		(2,086)	2,086
Ending balance (in shares) at Dec. 31, 2016		5,600,000	6,200,000	0	111,594,595
Ending balance at Dec. 31, 2016	2,270,184	$ 135,356	$ 149,860	$ 0	$ 1,116	2,379,863	293,668	(718,303)	2,241,560	28,624
Increase (Decrease) in Stockholders' Equity
Net income (loss)	353,057							348,607	348,607	4,450
Other comprehensive income (loss)	(33,058)						(32,640)		(32,640)	(418)
Proceeds from issuance of preferred stock, net of offering costs (in shares)				11,500,000
Proceeds from issuance of preferred stock, net of offering costs	278,108			$ 278,108					278,108
Stocks awards (in shares)					29,564
Common stock dividends	(181,931)							(181,931)	(181,931)
Common unit dividends	(2,323)									(2,323)
Preferred stock dividends	(27,707)							(27,707)	(27,707)
Amortization of equity-based compensation	548					541			541	7
Rebalancing of ownership percentage of non-controlling interest	1					3,952	1		3,953	(3,953)
Ending balance (in shares) at Dec. 31, 2017		5,600,000	6,200,000	11,500,000	111,624,159
Ending balance at Dec. 31, 2017	2,656,878	$ 135,356	$ 149,860	$ 278,108	$ 1,116	2,384,356	261,029	(579,334)	2,630,491	26,387
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(70,536)							(70,790)	(70,790)	254
Other comprehensive income (loss)	$ (43,548)						(42,315)		(42,315)	(1,233)
Repurchase of shares of common stock (in shares)	(75,100)				(75,100)
Repurchase of shares of common stock	$ (1,144)				$ (1)	(1,143)			(1,144)
Stocks awards (in shares)					35,937
Common stock dividends	(187,537)							(187,537)	(187,537)
Common unit dividends	(1,796)									(1,796)
Preferred stock dividends	(44,426)							(44,426)	(44,426)
Amortization of equity-based compensation	570					561			561	9
Purchase of OP units from non-controlling interest	(21,764)					(798)	2,100		1,302	(23,066)
Rebalancing of ownership percentage of non-controlling interest	(1)					556	(1)		555	(555)
Ending balance (in shares) at Dec. 31, 2018		5,600,000	6,200,000	11,500,000	111,584,996
Ending balance at Dec. 31, 2018	$ 2,286,697	$ 135,356	$ 149,860	$ 278,108	$ 1,115	$ 2,383,532	$ 220,813	$ (882,087)	$ 2,286,697	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Cash Flows from Operating Activities
Net income (loss)	$ (70,536)	$ 353,057	$ 257,698
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of mortgage-backed and credit risk transfer securities premiums and (discounts), net	42,608	67,152	84,330
Realized and unrealized (gain) loss on derivative instruments, net	(14,738)	(95,231)	(41,988)
Realized and unrealized (gain) loss on credit derivatives, net	22,629	(28,305)	(36,800)
(Gain) loss on investments, net	327,700	19,704	17,542
Loss from investments in unconsolidated ventures in excess of distributions received	392	1,972	(2,392)
Other amortization	(25,184)	(23,888)	7,759
Net loss on extinguishment of debt	26	6,814	0
(Gain) loss on foreign currency transactions, net	1,038	(4,103)	8,260
Changes in operating assets and liabilities:
(Increase) decrease in operating assets	(155)	(7,774)	3,966
Increase (decrease) in operating liabilities	20,484	1,203	(2,578)
Net cash provided by operating activities	304,264	290,601	295,797
Cash Flows from Investing Activities
Purchase of mortgage-backed and credit risk transfer securities	(6,217,723)	(6,277,918)	(2,660,925)
Purchase of U.S. Treasury Securities	0	0	(403,105)
Proceeds from sale of U.S. Treasury securities	0	0	524,478
(Contributions to) distributions from investments in unconsolidated ventures, net	1,121	6,220	7,632
Change in other assets	(51,017)	(3,457)	623
Principal payments from mortgage-backed and credit risk transfer securities	1,986,930	2,401,951	2,614,613
Proceeds from sale of mortgage-backed and credit risk transfer securities	4,749,807	625,540	1,034,295
Payments on sale of credit derivatives	0	0	(6,017)
Settlement (termination) of futures, forwards, swaps, swaptions and TBAs, net	(2,830)	67,838	(59,658)
Net change in due from counterparties and collateral held payable	(3,994)	5,627	0
Principal payments from commercial loans held-for-investment	160,934	90,713	15,000
Origination and advances of commercial loans, net of origination fees	(1,677)	(4,799)	(87,202)
Net cash provided by (used in) investing activities	621,551	(3,088,285)	979,734
Cash Flows from Financing Activities
Proceeds from issuance of common stock	0	0	35
Repurchase of common stock	(1,144)	0	(25,000)
Proceeds from issuance of preferred stock	0	278,226	0
Due from counterparties - secured loans	0	0	29,445
Proceeds from repurchase agreements	136,573,821	146,886,038	127,056,247
Principal repayments of repurchase agreements	(137,052,138)	(143,964,490)	(128,023,042)
Proceeds from secured loans	0	0	125,000
Principal repayments of secured loans	0	0	(125,000)
Extinguishment of exchangeable senior notes	(143,433)	(262,069)	0
Payments of deferred costs	(167)	(116)	(136)
Purchase of Operating Partnership units from non-controlling interest	(21,764)	0	0
Payments of dividends and distributions	(234,374)	(212,692)	(204,491)
Net cash (used in) provided by financing activities	(879,199)	2,724,897	(1,166,942)
Net change in cash, cash equivalents and restricted cash	46,616	(72,787)	108,589
Cash, cash equivalents, and restricted cash beginning of period	89,001	161,788	53,199
Cash, cash equivalents, and restricted cash end of period	135,617	89,001	161,788
Supplement Disclosure of Cash Flow Information
Interest paid	344,422	220,299	146,840
Non-cash Investing and Financing Activities Information
Net change in unrealized gain (loss) on mortgage-backed and credit risk transfer securities	(17,262)	(8,377)	(31,498)
Dividends and distributions declared not paid	49,578	50,193	50,924
Net change in investment related payable (receivable)	(135,086)	(25,948)	115,304
Net change in repurchase agreements, not settled	0	(1,416)	(1,416)
Change in due from counterparties and collateral held payable	$ 0	$ 0	$ (5,886)

Organization and Business Opera

Organization and Business Operations	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Operations	Organization and Business Operations Invesco Mortgage Capital Inc. (the “Company”, “we”) is a Maryland corporation primarily focused on investing in, financing and managing residential and commercial mortgage-backed securities ("MBS") and other mortgage-related assets. We are externally managed and advised by Invesco Advisers, Inc. (our "Manager"), a registered investment adviser and an indirect, wholly-owned subsidiary of Invesco Ltd. (“Invesco”), a leading independent global investment management firm. We conduct our business through IAS Operating Partnership L.P. (the “Operating Partnership”) and have one operating segment. Prior to November 30, 2018, a wholly-owned subsidiary of Invesco owned approximately 1.3% of the Operating Partnership. See Note 15 - "Non-Controlling Interest - Operating Partnership" for information regarding redemption of Operating Partnership Units ("OP Units") previously held by Invesco. We primarily invest in: • Residential mortgage-backed securities ("RMBS") that are guaranteed by a U.S. government agency such as the Government National Mortgage Association (“Ginnie Mae”), or a federally chartered corporation such as the Federal National Mortgage Association ("Fannie Mae") or the Federal Home Loan Mortgage Corporation ("Freddie Mac") (collectively "Agency RMBS"); • Commercial mortgage-backed securities (“CMBS”) that are guaranteed by a U.S. government agency such as or a federally chartered corporation such as Freddie Mac or Freddie Mac (collectively "Agency CMBS"); • RMBS that are not guaranteed by a U.S. government agency or a federally chartered corporation (“non-Agency RMBS”); • CMBS that are not guaranteed by a U.S. government agency or a federally chartered corporation (“non-Agency CMBS”); • Credit risk transfer securities that are unsecured obligations issued by government-sponsored enterprises ("GSE CRT"); • Residential and commercial mortgage loans; and • Other real estate-related financing agreements. We elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes under the provisions of the Internal Revenue Code of 1986 commencing with our taxable year ended December 31, 2009. To maintain our REIT qualification, we are generally required to distribute at least 90% of our REIT taxable income to our stockholders annually. We operate our business in a manner that permits exclusion from the "Investment Company" definition under the Investment Company Act of 1940.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Consolidation Our consolidated financial statements have been prepared in accordance with U.S. GAAP and consolidate the financial statements of the Company and our controlled subsidiaries. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. In the opinion of management, the consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for a fair statement of our financial condition and results of operations for the periods presented. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. Examples of estimates include, but are not limited to, estimates of the fair values of financial instruments, interest income on mortgage-backed and credit risk transfer securities, provision for loan losses and other-than-temporary impairment charges. Actual results may differ from those estimates. Translation of Foreign Currencies The functional currency of the Company and its subsidiaries is U.S. dollars. Transactions in foreign currencies are recorded at the rates of exchange prevailing on the date of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are remeasured at the rates prevailing at the balance sheet date. Gains and losses arising on revaluation are included in other investment income (loss), net on the consolidated statements of operations. During the years ended December 31, 2018 , 2017 and 2016 , we incurred foreign currency losses of $0.9 million , gains of $4.1 million and losses of $8.2 million , respectively, primarily related to the revaluation of our commercial loan investment denominated in Pound Sterling. Our reporting currency is U.S. dollars. Upon consolidation, the assets and liabilities of our investment in an unconsolidated venture whose functional currency is the Euro is translated to U.S. dollars using the period-end exchange rates. Equity accounts are translated at historical rates, except for the change in retained earnings during the year, which is the result of the income statement translation process. Revenue and expense accounts are translated using the weighted average exchange rate during the period. The cumulative translation adjustments associated with the investment in the unconsolidated venture are recorded in accumulated other comprehensive income (loss), a component of consolidated stockholders’ equity. We generally hedge interest rate and foreign currency exposure with derivative financial instruments. Refer to Note 9 - "Derivatives and Hedging Activities" for further information. Fair Value Measurements We report our mortgage-backed and credit risk transfer securities and derivative assets and liabilities at fair value as determined by an independent pricing service. We generally obtain one price per instrument from our primary pricing service. If the primary pricing service cannot provide a price, we will seek a value from other pricing services. The pricing service uses two types of valuation approaches to determine the valuation of our various mortgage-backed and credit risk transfer securities: a market approach, which uses observable prices and other relevant information that is generated by market transactions involving identical or comparable assets or liabilities; and an income approach, which uses valuation techniques to convert future amounts to a single, discounted present value amount. In instances where sufficient market activity may not exist, the pricing service may utilize proprietary valuation models that may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics to estimate relevant cash flows, which are then discounted to calculate the fair values. Observable inputs may include a combination of benchmark yields, executed trades, broker/dealer quotes, issuer spreads, bids, offers and benchmark securities. In addition, the valuation models utilized by pricing services may consider additional pool level information such as prepayment speeds, default frequencies and default severities, if applicable. We and the pricing service continuously monitor market indicators and economic events to determine whether they may have an impact on our valuations. The pricing service values interest rate swaps and interest rate swaptions under the income approach using valuation models. The significant inputs in these models are readily available in public markets or can be derived from observable market transactions for substantially the full terms of the contracts. The pricing service values U.S. Treasury futures ("futures"), currency forward contracts and to-be-announced securities (“TBAs”) under the market approach through the use of quoted market prices available in an active market. Overrides of prices from pricing services are rare in the current market environment for the assets we hold. Examples of instances that would cause an override include if we recently traded the same security or there is an indication of market activity that would cause the pricing service price to no longer be indicative of fair value. In the rare instance where a price is adjusted, we have a control process to monitor the reason for such adjustment. To gain comfort that pricing service prices are representative of current market information, we compare the transaction prices of security purchases and sales to the valuation levels provided by the pricing services. Price differences exceeding pre-defined tolerance levels are identified and investigated and may be challenged. Trends are monitored over time and if there are indications that the valuations are not comparable to market activity, the pricing services are asked to provide detailed information regarding their methodology and inputs. Transparency tools are also available from the pricing services which help us understand data points and/or market inputs used for pricing securities. We also review daily price movements for interest rate swaps, interest rate swaptions, Futures, currency forward contracts and TBAs. Price movements exceeding pre-defined tolerance levels are investigated using an alternate price from another pricing service as well as available market information. Based on our findings, the primary pricing service may be challenged, or in rare cases, overridden with an alternate pricing source. In addition, we perform due diligence procedures on all pricing services on at least an annual basis. A questionnaire is sent to pricing services which requests information such as changes in methodologies, business recovery preparedness, internal controls and confirmation that evaluations are generated based on market data. Physical visits are also made to each pricing service's office. As described in Note 11 - "Fair Value of Financial Instruments," we evaluate the source used to fair value our assets and liabilities and make a determination on its categorization within the fair value hierarchy. If the price of a security is obtained from quoted prices for identical instruments in active markets, the security is classified as a level 1 security. If the price of a security is obtained from quoted prices for similar instruments or model-derived valuations whose inputs are observable, the security is classified as a level 2 security. If the inputs appear to be unobservable, the security would be classified as a level 3 security. Transfers between levels, if any, are determined at the end of the reporting period. Mortgage-Backed and Credit Risk Transfer Securities All of our mortgage-backed securities MBS and GSE CRTs are reported at fair value. Fair value is determined by obtaining valuations from an independent source. If the fair value of a security is not available from a third-party pricing service, or such data appears unreliable, we may estimate the fair value of the security using a variety of methods including other pricing services, discounted cash flow analysis, matrix pricing, option adjusted spread models and other fundamental analysis of observable market factors. We record our purchases of MBS and GSE CRTs on the trade date. Although we generally intend to hold most of our MBS and GSE CRTs until maturity, we may sell any of our mortgage-backed and credit risk transfer securities as part of our overall management of our investment portfolio. We have elected the fair value option for all of our MBS purchased on or after September 1, 2016. Prior to September 1, 2016, we had also elected the fair value option for our RMBS interest-only securities (“RMBS IOs”). RMBS IOs are hybrid financial instruments that contain embedded derivatives. Under the fair value option, changes in fair value are recognized in our consolidated statements of operations. In our view, this election more appropriately reflects the results of our operations because MBS fair value changes are accounted for in the same manner as fair value changes in economic hedging instruments. Except for RMBS IOs, MBS purchased prior to September 1, 2016 are classified as available-for-sale securities. Unrealized gains or losses on available-for-sale securities are recorded in accumulated other comprehensive income, a separate component of stockholders' equity, until sale or disposition of the investment. Upon sale or disposition, the cumulative gain or loss previously reported in stockholders' equity is recognized in income. Realized gains and losses from sales of MBS are determined based upon the specific identification method. We have elected the fair value option for GSE CRTs purchased on or after August 24, 2015. GSE CRTs are hybrid financial instruments that contain embedded derivatives. Coupon payments on the securities are based on LIBOR, and principal payments are based on prepayments, losses and defined credit events in a reference pool of mortgage loans that collateralize Agency RMBS. We elected the fair value option for these securities due to the complexities associated with bifurcation of GSE CRTs into a debt host contract and an embedded derivative. Under the fair value option, changes in fair value for GSE CRTs are recognized in our consolidated statements of operations. GSE CRTs purchased prior to August 24, 2015 are also reported at fair value but are accounted for as hybrid financial instruments consisting of a debt host contract and an embedded derivative. Unrealized gains or losses arising from changes in fair value of the debt host contract, excluding other-than-temporary impairment, are recognized in accumulated other comprehensive income, a separate component of stockholders’ equity, until sale or disposition of the investment. Upon sale or disposition of the debt host contract, the cumulative gain or loss previously reported in stockholders’ equity is recognized in income. Realized gains and losses from sales of GSE CRTs are determined based upon the specific identification method. Realized and unrealized gains or losses arising from changes in fair value of the embedded derivative are recognized in realized and unrealized credit derivative income (loss), net in our consolidated statements of operations. Our interest income recognition policies for MBS and GSE CRTs are described below in the Interest Income Recognition section of this Note 2 to our consolidated financial statements. We consider our portfolio of Agency RMBS and Agency CMBS to be of high credit quality under applicable accounting guidance. For non-Agency CMBS, non-Agency RMBS and GSE CRTs, we do not rely on ratings from third party agencies to determine the credit quality of the investment. We use internal models that analyze the loans underlying each security and evaluate factors including, but not limited to, delinquency status, loan-to-value ratios, borrower credit scores, occupancy status and geographic concentration to estimate the expected future cash flows. We place reliance on these internal models in determining credit quality. While non-Agency CMBS, non-Agency RMBS and GSE CRTs with expected future losses would generally be purchased at a discount to par, the potential for a significant adverse change in expected cash flows remains. We therefore evaluate each security in an unrealized loss position for other-than-temporary impairment at least quarterly. The determination of whether a security is other-than-temporarily impaired involves judgments and assumptions based on subjective and objective factors. Consideration is given to (i) our intent to sell the security and whether it is more likely than not that we will be required to sell the security before recovery of its amortized cost and (ii) the financial condition and near-term prospects of recovery in fair value of the security. This includes a determination of estimated future cash flows through an evaluation of the characteristics of the underlying loans and the structural features of the investment. Underlying loan characteristics reviewed include, but are not limited to, delinquency status, loan-to-value ratios, borrower credit scores, occupancy status and geographic concentration. We recognize in earnings and reflect as a reduction in the cost basis of the security the amount of any other-than-temporary impairment related to credit losses or impairments on securities that we intend to sell or for which it is more likely than not that we will need to sell before recoveries. The amount of the other-than-temporary impairment on debt securities related to other factors is recorded consistent with changes in the fair value of all other available-for-sale securities as a component of consolidated stockholders’ equity in other comprehensive income or loss with no change to the cost basis of the security. Commercial Loans Held-For-Investment We carry commercial loans held-for-investment at amortized cost, net of any provision for loan losses. An individual loan is considered impaired when it is deemed probable that the Company will not be able to recover its investment and any other anticipated future payments. We generally consider the following factors in evaluating whether a commercial loan is impaired: • Loan-to-value ratios; • The most recent financial information available for each loan and associated properties, including net operating income, debt service coverage ratios, occupancy rates, rent rolls, as well as any other factors we consider relevant, including, but not limited to, specific loan trigger events that would indicate an adverse change in expected cash flows or payment delinquency; • Economic trends, both macroeconomic as well as those directly affecting the properties associated with the loans, and the supply and demand trends in the market in which the subject property is located; and • The loan sponsor or borrowing entity’s ability to ensure that properties associated with the loan are managed and operated sufficiently. When an individual commercial loan is deemed to be impaired, we record a provision to reduce the carrying value of the loan to the current present value of expected future cash flows discounted at the loan’s effective interest rate, or if the loan is collateral dependent, we reduce the carrying value to the estimated fair value of the collateral, with a corresponding charge to provision for loan losses on our consolidated statements of operations. Interest Income Recognition Mortgage-Backed Securities Interest income on MBS is accrued based on the outstanding principal or notional balance of the securities and their contractual terms. Premiums or discounts are amortized or accreted into interest income over the life of the investment using the effective interest method. Interest income on our MBS where we may not recover substantially all of our initial investment is based on estimated future cash flows. We estimate future expected cash flows at the time of purchase and determine the effective interest rate based on these estimated cash flows and our purchase price. Over the life of the investments, we update these estimated future cash flows and compute a revised yield based on the current amortized cost of the investment. In estimating these future cash flows, there are a number of assumptions that are subject to uncertainties and contingencies, including but not limited to the rate and timing of principal payments (prepayments, repurchases, defaults and liquidations), the pass through or coupon rate, and interest rate fluctuations. These uncertainties and contingencies are difficult to predict and are subject to future events that may impact our estimate and our interest income. Changes in our original or most recent cash flow projections may result in a prospective change in interest income recognized on these securities, or the amortized cost of these securities. For non-Agency RMBS not of high credit quality, when actual cash flows vary from expected cash flows, the difference is recorded as an adjustment to the amortized cost of the security and the security's yield is revised prospectively. For Agency RMBS and Agency CMBS that cannot be prepaid in such a way that we would not recover substantially all of our initial investment, interest income recognition is based on contractual cash flows. We do not estimate prepayments in applying the effective interest method. Credit Risk Transfer Securities Interest income on GSE CRTs purchased prior to August 24, 2015 is accrued based on the coupon rate of the debt host contract which reflects the credit risk of GSE unsecured senior debt with a similar maturity. Premiums or discounts associated with the purchase of GSE CRTs are amortized or accreted into interest income over the life of the debt host contract using the effective interest method. The difference between the coupon rate on the hybrid instrument and the coupon rate on the debt host contract is considered premium income associated with the embedded derivative and is recorded in realized and unrealized credit derivative income (loss), net in our consolidated statements of operations. Interest income on GSE CRTs purchased on or after August 24, 2015 is based on estimated future cash flows. Commercial and Other Loans We recognize interest income from commercial and other loans when earned and deemed collectible, or until a loan becomes past due based on the terms of the loan agreement. Any related origination fees, net of origination cost are amortized into interest income using the effective interest method over the life of the loan. Interest received after a loan becomes past due or impaired is used to reduce the outstanding loan principal balance. When a delinquent loan previously placed on nonaccrual status has cured, meaning all delinquent principal and interest have been remitted by the borrower, the loan is placed back on accrual status. Alternately, loans that have been individually impaired may be placed back on accrual status if restructured and after the loan is considered re-performing. A restructured loan is considered re-performing when the loan has been current for at least 12 months . Cash and Cash Equivalents We consider all highly liquid investments that have original or remaining maturity dates of three months or less when purchased to be cash equivalents. At December 31, 2018 , we had cash and cash equivalents in excess of the FDIC deposit insurance limit of $ 250,000 per institution. We mitigate our risk of loss by actively monitoring our counterparties. Restricted Cash Restricted cash represents cash posted with the Federal Home Loan Bank of Indianapolis ("FHLBI") as collateral for secured loans and cash posted with counterparties as collateral for various derivative instruments. Cash held by counterparties as collateral is legally restricted and is not available for general corporate purposes. Due from Counterparties / Collateral Held Payable Due from counterparties represents cash posted with our counterparties as collateral for our derivatives and repurchase agreements. Collateral held payable represents cash posted with us by counterparties as collateral under our derivatives and repurchase agreements. To the extent we receive collateral other than cash from our counterparties, such assets are not included in our consolidated balance sheets. Notwithstanding the foregoing, if we either sell such assets or pledge the assets as collateral pursuant to a repurchase agreement, the cash received and the corresponding liability is reflected on the consolidated balance sheets. Investment Related Receivable / Investment Related Payable Investment related receivable consists of receivables for mortgage-backed and credit risk transfer securities that we have sold but have not settled with the buyer and accrued interest and principal paydowns on mortgage-backed and credit risk transfer securities. Investment related payable consists of liabilities for mortgage-backed and credit risk transfer securities that we have purchased but have not settled with the seller. Investments in Unconsolidated Ventures Our non-controlling investments in unconsolidated ventures are included in other assets in our consolidated balance sheets and are accounted for under the equity method. Capital contributions, distributions, profits and losses of the entities are allocated in accordance with the terms of the entities’ operating agreements. Such allocations may differ from the stated percentage interests, if any, as a result of preferred returns and allocation formulas as described in the entities' operating agreements. Repurchase Agreements We finance our purchases of mortgage-backed and credit risk transfer securities primarily through the use of repurchase agreements. Repurchase agreements are treated as collateralized financing transactions and are carried at their contractual amounts, including accrued interest, as specified in the respective agreements. We record the mortgage-backed and credit risk transfer securities and the related repurchase agreement financing on a gross basis in our consolidated balance sheets, and the corresponding interest income and interest expense on a gross basis in our consolidated statements of operations. Secured Loans Our wholly-owned subsidiary, IAS Services LLC, is a member of the Federal Home Loan Bank of Indianapolis ("FHLBI"). As a member of the FHLBI, IAS Services LLC has borrowed funds from the FHLBI in the form of secured advances. FHLBI advances are treated as secured financing transactions and are carried at their contractual amounts. Dividends and Distributions Payable Dividends and distributions payable represent dividends declared at the balance sheet date which are payable to common stockholders and preferred stockholders. As of December 31, 2017, dividends and distributions payable also included dividends declared at the balance sheet date that were payable to an Invesco wholly-owned subsidiary, the non-controlling interest common unit holder of our Operating Partnership. Earnings (Loss) per Share We calculate basic earnings (loss) per share by dividing net income (loss) attributable to common stockholders for the period by the weighted-average number of shares of our common stock outstanding for that period. Diluted earnings per share takes into account the effect of dilutive instruments, such as OP Units, exchangeable debt, and unvested restricted stock and uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding. Share-Based Compensation We adopted an equity incentive plan under which our independent directors, as part of their compensation for serving as directors, are eligible to receive quarterly stock awards. In addition, we may compensate the officers and employees of our Manager and its affiliates under this equity incentive plan under the terms of our management agreement. Share-based compensation arrangements include share options, restricted and non-restricted share awards, performance-based awards and share appreciation rights. Compensation related to stock awards to our independent directors is recognized in the consolidated financial statements based on the fair value of the equity or liability instruments issued on the date of grant. Compensation related to stock awards to employees of our Manager and its affiliates is recorded at the estimated fair value of the award over the vesting period of the award. We make an upward or downward adjustment to compensation expense for the difference in the fair value at the date of grant and the date the award is earned. Underwriting Commissions and Offering Costs Underwriting commissions and direct costs incurred in connection with our common and preferred stock offerings are reflected as a reduction of additional paid-in-capital and preferred stock, respectively. Comprehensive Income Our comprehensive income consists of net income, as presented in the consolidated statements of operations, adjusted for unrealized gains and losses on MBS purchased prior to September 1, 2016 and the debt host contract associated with GSE CRTs purchased prior to August 24, 2015; reclassification of amortization of net deferred gains and losses on de-designated interest rate swaps to repurchase agreements interest expense and currency translation adjustments on an investment in an unconsolidated venture. Unrealized gains and losses on our MBS purchased prior to September 1, 2016 and the debt host contract associated with GSE CRTs purchased prior to August 24, 2015 are reclassified into net income upon their sale. Accounting for Derivative Financial Instruments We record all derivatives on our consolidated balance sheets at fair value. At the inception of a derivative contract, we determine whether the instrument will be part of a qualifying hedge accounting relationship or whether we will account for the contract as a trading instrument. We have elected not to apply hedge accounting to all new derivative contracts entered into after January 1, 2014. Changes in the fair value of our derivatives are recorded in gain (loss) on derivative instruments, net in our consolidated statements of operations. Net interest paid or received under our interest rate swaps is also recognized in gain (loss) on derivative instruments, net in our consolidated statements of operations. Prior to 2014, we applied hedge accounting to our interest rate swap agreements. Effective December 31, 2013, we voluntarily discontinued hedge accounting for our interest rate swap agreements by de-designating the interest rate swaps as cash flow hedges. As long as we expect the forecasted transactions that were being hedged (i.e., rollovers of our repurchase agreement borrowings) to still occur, the balance recorded in accumulated other comprehensive income (loss) (“AOCI”) from the interest rate swap activity through December 31, 2013 will remain in AOCI and be recognized in our consolidated statements of operations as interest expense over the remaining term of the interest rate swaps. We may enter into derivative contracts, such as credit default swaps, that are intended to economically hedge certain of our risks, even though hedge accounting does not apply or we elect not to apply hedge accounting under U.S. GAAP. We are a party to hybrid financial instruments that contain embedded derivative instruments. For securities that we did not elect the fair value option, we assess at inception, whether the economic characteristics of the embedded derivative instruments are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the debt host contract), whether the financial instrument is remeasured to fair value through earnings and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that (1) the embedded instrument possesses economic characteristics that are not clearly and closely related to the economic characteristics of the debt host contract, (2) the financial instrument is not remeasured to fair value through earnings and (3) a separate instrument with the same terms would qualify as a derivative instrument, the embedded instrument qualifies as an embedded derivative that is separated from the debt host contract. The embedded derivative is recorded at fair value, and changes in fair value are recorded in realized and unrealized credit derivative income (loss), net in our consolidated statements of operations. We evaluate the terms and conditions of our holdings of swaptions, futures contracts, currency forward contracts and to-be-announced ("TBA") securities to determine if an instrument has the characteristics of an investment or should be considered a derivative under U.S. GAAP. Accordingly, swaptions, futures contracts, currency forward contracts and TBAs having the characteristics of derivatives are accounted for at fair value with such changes recognized in gain (loss) on derivative instruments, net in the consolidated statements of operations. The fair value of these swaptions, futures contracts, currency forward contracts and TBAs is included in derivative assets or derivative liabilities on the consolidated balance sheets. Income Taxes We elected to be taxed as a REIT commencing with our taxable year ended December 31, 2009. Accordingly, we will generally not be subject to U.S. federal and applicable state and local corporate income tax to the extent that we make qualifying distributions to our stockholders, and provided we satisfy on a continuing basis, through actual investment and operating results, the REIT requirements including certain asset, income, distribution and stock ownership tests. If we fail to qualify as a REIT and do not qualify for certain statutory relief provisions, we will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the four taxable years following the year in which we lost our REIT qualification. Accordingly, our failure to qualify as a REIT could have a material adverse impact on our results of operations and amounts available for distribution to stockholders. Our dividends paid deduction for qualifying dividends to our stockholders is computed using our REIT taxable income as opposed to net income reported on the consolidated financial statements. REIT taxable income will generally differ from net income because the determination of REIT taxable income is based on tax regulations and not financial accounting principles. We have elected to treat one of our subsidiaries as a taxable REIT subsidiary (“TRS”). In general, a TRS may hold assets and engage in activities that we cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A TRS is subject to U.S. federal, state and local corporate income taxes. Our TRS did not generate material taxable income for the years ended December 31, 2018 , 2017 and 2016. We do not have any accruals for uncertain tax positions. We would recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which would be included in general and administrative expenses. Reclassifications Certain prior period reported amounts have been reclassified to be consistent with the current presentation. Such reclassifications had no impact on total assets, net income or equity attributable to common stockholders. Accounting Pronouncements Recently Adopted Effective January 1, 2018, we adopted the accounting guidance that amends certain aspects of recognition, measurement, presentation, and disclosure of financial assets and liabilities. The standard requires that all equity investments, other than those accounted for as equity method investments, be measured at fair value with changes recognized in income. As of January 1, 2018, we had three types of equity investments: investments in unconsolidated ventures, an investment in an exchange traded fund, and an investment in FHLBI stock. Our investments in unconsolidated ventures are accounted for as equity method investments, and our investment in an exchange-traded fund was measured at f

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2018
Variable Interest Entity Disclosure [Abstract]
Variable Interest Entities	Variable Interest Entities Our maximum risk of loss in VIEs in which we are not the primary beneficiary at December 31, 2018 is presented in the table below. $ in thousands Carrying Amount Company's Maximum Risk of Loss Non-Agency CMBS 3,286,459 3,286,459 Non-Agency RMBS 1,163,682 1,163,682 Investments in unconsolidated ventures 24,012 24,012 Total 4,474,153 4,474,153 Refer to Note 4 - "Mortgage-Backed and Credit Risk Transfer Securities" and Note 6 - "Other Assets" for additional details regarding these investments.

Mortgage-Backed and Credit Risk

Mortgage-Backed and Credit Risk Transfer Securities	12 Months Ended
	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Mortgage-Backed and Credit Risk Transfer Securities	Mortgage-Backed and Credit Risk Transfer Securities The following tables summarize our MBS and GSE CRT portfolio by asset type at December 31, 2018 and 2017 . December 31, 2018 $ in thousands Principal/ Notional Unamortized Premium (Discount) Amortized Cost Unrealized Gain/ (Loss), net Fair Value Period- (1) Agency RMBS: 15 year fixed-rate 417,233 5,077 422,310 1,944 424,254 3.27 % 30 year fixed-rate 9,599,301 298,693 9,897,994 (125,225 ) 9,772,769 3.55 % ARM* 105,453 350 105,803 (56 ) 105,747 2.74 % Hybrid ARM* 548,133 13,425 561,558 (7,357 ) 554,201 2.80 % Total Agency RMBS pass-through 10,670,120 317,545 10,987,665 (130,694 ) 10,856,971 3.49 % Agency-CMO (2) 907,862 (631,180 ) 276,682 (8,991 ) 267,691 3.61 % Agency CMBS 973,122 15,058 988,180 14,330 1,002,510 3.54 % Non-Agency CMBS (3) 4,024,715 (727,307 ) 3,297,408 (10,949 ) 3,286,459 5.05 % Non-Agency RMBS (4)(5)(6) 2,800,335 (1,748,223 ) 1,052,112 111,570 1,163,682 7.24 % GSE CRT (7) 738,529 21,259 759,788 59,541 819,329 3.10 % Total 20,114,683 (2,752,848 ) 17,361,835 34,807 17,396,642 4.00 % *Adjustable-rate mortgage ("ARM") (1) Period-end weighted average yield is based on amortized cost as of December 31, 2018 and incorporates future prepayment and loss assumptions. (2) Agency collateralized mortgage obligation ("Agency-CMO") includes interest-only securities ("Agency IO"), which represent 73.6% of principal/notional balance, 13.5% of amortized cost and 12.4% of fair value. (3) Non-Agency CMBS includes interest-only securities which represent of 15.0% principal/notional balance, 0.4% of amortized cost and 0.5% of fair value. (4) Non-Agency RMBS held by us is 43.5% variable rate, 50.7% fixed rate and 5.8% floating rate based on fair value. (5) Of the total discount in non-Agency RMBS, $145.6 million is non-accretable calculated using the principal/notional balance and based on estimated future cash flows of the securities. (6) Non-Agency RMBS includes interest-only securities ("non-Agency IO") which represent 55.4% of principal/notional balance, 2.3% of amortized cost and 2.4% of fair value. (7) GSE CRT weighted average yield excludes coupon interest associated with embedded derivatives not accounted for under the fair value option that is recorded as realized and unrealized credit derivative income (loss), net. December 31, 2017 $ in thousands Principal/ Notional Balance Unamortized Premium (Discount) Amortized Cost Unrealized Gain/ (Loss), net Fair Value Period- end Weighted Average Yield (1) Agency RMBS: 15 year fixed-rate 2,917,307 119,120 3,036,427 (61,645 ) 2,974,782 2.17 % 30 year fixed-rate 7,354,211 295,977 7,650,188 (9,648 ) 7,640,540 3.09 % ARM* 238,486 1,609 240,095 1,105 241,200 2.60 % Hybrid ARM 1,696,148 26,066 1,722,214 (2,829 ) 1,719,385 2.54 % Total Agency RMBS pass-through 12,206,152 442,772 12,648,924 (73,017 ) 12,575,907 2.79 % Agency-CMO (2) 1,226,539 (942,290 ) 284,249 (10,306 ) 273,943 2.91 % Non-Agency CMBS (3) 3,879,775 (704,097 ) 3,175,678 40,739 3,216,417 4.92 % Non-Agency RMBS (4)(5)(6) 2,785,704 (1,661,683 ) 1,124,021 133,587 1,257,608 7.19 % GSE CRT (7) 757,183 24,306 781,489 85,390 866,879 2.45 % Total 20,855,353 (2,840,992 ) 18,014,361 176,393 18,190,754 3.42 % (1) Period-end weighted average yield based on amortized cost as of December 31, 2017 and incorporates future prepayment and loss assumptions. (2) Agency collateralized mortgage obligation ("Agency-CMO") includes interest-only securities ("Agency IO"), which represent 81.8% of principal/notional balance, 20.9% of amortized cost and 18.7% of fair value. (3) Non-Agency CMBS includes interest-only securities which represent 15.8% of principal/notional balance, 0.5% of amortized cost and 0.6% of fair value. (4) Non-Agency RMBS held by us is 52.2% variable rate, 37.8% fixed rate and 10.0% floating rate based on fair value. (5) Of the total discount in non-Agency RMBS, $195.3 million is non-accretable calculated using the principal/notional balance and based on estimated future cash flows of the securities. (6) Non-Agency RMBS includes interest-only securities ("non-Agency IO") which represent 51.5% of principal/notional balance, 2.0% of amortized cost and 1.8% of fair value. (7) GSE CRT weighted average yield excludes coupon interest associated with embedded derivatives not accounted for under the fair value option that is recorded as realized and unrealized credit derivative income (loss), net. The following table presents the fair value of our available-for-sale securities and securities accounted for under the fair value option by asset type as of December 31, 2018 and December 31, 2017 . We have elected the fair value option for all of our RMBS IOs, our MBS purchased on or after September 1, 2016 and our GSE CRTs purchased on or after August 24, 2015. As of December 31, 2018 and December 31, 2017 , approximately 67% and 36% , respectively, of our MBS and GSE CRTs are accounted for under the fair value option. December 31, 2018 December 31, 2017 $ in thousands Available-for-sale Securities Securities under Fair Value Option Total Fair Value Available-for-sale Securities Securities under Fair Value Option Total Agency RMBS: 15 year fixed-rate 204,347 219,907 424,254 2,842,440 132,342 2,974,782 30 year fixed-rate 1,093,070 8,679,699 9,772,769 2,467,871 5,172,669 7,640,540 ARM 105,747 — 105,747 241,200 — 241,200 Hybrid ARM 521,199 33,002 554,201 1,719,385 — 1,719,385 Total Agency RMBS pass-through 1,924,363 8,932,608 10,856,971 7,270,896 5,305,011 12,575,907 Agency-CMO 168,385 99,306 267,691 203,351 70,592 273,943 Agency CMBS — 1,002,510 1,002,510 — — — Non-Agency CMBS 2,153,403 1,133,056 3,286,459 2,376,413 840,004 3,216,417 Non-Agency RMBS 961,445 202,237 1,163,682 1,236,178 21,430 1,257,608 GSE CRT 586,231 233,098 819,329 635,537 231,342 866,879 Total 5,793,827 11,602,815 17,396,642 11,722,375 6,468,379 18,190,754 The components of the carrying value of our MBS and GSE CRT portfolio at December 31, 2018 and 2017 are presented below. December 31, 2018 December 31, 2017 $ in thousands MBS and GSE CRT Securities Interest-Only Securities Total MBS and GSE CRT Securities Interest-Only Securities Total Principal/ notional balance 17,442,367 2,672,316 20,114,683 17,974,390 2,880,963 20,855,353 Unamortized premium 395,907 — 395,907 521,626 — 521,626 Unamortized discount (549,988 ) (2,598,767 ) (3,148,755 ) (577,344 ) (2,785,274 ) (3,362,618 ) Gross unrealized gains (1) 238,579 7,448 246,027 336,543 5,113 341,656 Gross unrealized losses (1) (204,664 ) (6,556 ) (211,220 ) (155,146 ) (10,117 ) (165,263 ) Fair value 17,322,201 74,441 17,396,642 18,100,069 90,685 18,190,754 (1) Gross unrealized gains and losses includes gains (losses) recognized in net income for securities accounted for as derivatives or under the fair value option as well as gains (losses) for available-for-sale securities which are recognized as adjustments to other comprehensive income. Realization occurs upon sale or settlement of such securities. Further detail on the components of our total gains (losses) on investments, net for the years ended December 31, 2018 and 2017 is provided below within this Note 4. The following table summarizes our MBS and GSE CRT portfolio according to estimated weighted average life classifications as of December 31, 2018 and 2017 . $ in thousands December 31, 2018 December 31, 2017 Less than one year 110,020 135,559 Greater than one year and less than five years 3,508,100 7,934,836 Greater than or equal to five years 13,778,522 10,120,359 Total 17,396,642 18,190,754 The following tables present the estimated fair value and gross unrealized losses of our MBS and GSE CRTs by length of time that such securities have been in a continuous unrealized loss position at December 31, 2018 and 2017 . December 31, 2018 Less than 12 Months 12 Months or More Total $ in thousands Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Agency RMBS: 15 year fixed-rate 86,241 (814 ) 50 16,660 (189 ) 22 102,901 (1,003 ) 72 30 year fixed-rate 3,966,347 (49,182 ) 158 2,846,090 (94,716 ) 95 6,812,437 (143,898 ) 253 ARM 2,632 (28 ) 1 49,954 (785 ) 10 52,586 (813 ) 11 Hybrid ARM 6,758 (59 ) 2 453,463 (8,390 ) 71 460,221 (8,449 ) 73 Total Agency RMBS pass-through (1) 4,061,978 (50,083 ) 211 3,366,167 (104,080 ) 198 7,428,145 (154,163 ) 409 Agency-CMO (2) 152,962 (6,315 ) 34 101,705 (5,100 ) 19 254,667 (11,415 ) 53 Non-Agency CMBS (3) 1,214,691 (17,778 ) 94 659,298 (25,381 ) 52 1,873,989 (43,159 ) 146 Non-Agency RMBS (4) 87,850 (1,152 ) 19 89,265 (1,138 ) 16 177,115 (2,290 ) 35 GSE CRT (5) 9,639 (193 ) 1 — — — 9,639 (193 ) 1 Total 5,527,120 (75,521 ) 359 4,216,435 (135,699 ) 285 9,743,555 (211,220 ) 644 (1) Amounts disclosed includes Agency RMBS with a fair value of $ 6.1 billion for which the fair value option has been elected. Such securities have unrealized losses of $ 130.2 million . (2) Amounts disclosed includes Agency IO and Agency-CMO with fair value of $21.8 million and $66.0 million , respectively, for which the fair value option has been elected. These Agency IO and Agency-CMO securities have unrealized losses of $6.3 million and $845,000 , respectively. (3) Amounts disclosed includes non-Agency CMBS with a fair value of $831.3 million for which the fair value option has been elected. Such securities have unrealized losses of $26.3 million . (4) Amounts disclosed includes non-Agency RMBS and non-Agency IO with a fair value of $6.2 million and $3.7 million , respectively for which the fair value option has been elected. Such securities have unrealized losses of $79,000 and $269,000 , respectively. (5) Amounts disclosed includes GSE CRT with a fair value of $9.6 million for which fair value option has been elected. Such securities have unrealized losses of $193,000 . December 31, 2017 Less than 12 Months 12 Months or More Total $ in thousands Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Agency RMBS: 15 year fixed-rate 111,020 (321 ) 26 2,406,021 (67,285 ) 133 2,517,041 (67,606 ) 159 30 year fixed-rate 3,677,576 (20,730 ) 107 963,547 (27,158 ) 56 4,641,123 (47,888 ) 163 ARM 101,173 (902 ) 12 — — — 101,173 (902 ) 12 Hybrid ARM 614,321 (4,189 ) 73 517,642 (8,091 ) 47 1,131,963 (12,280 ) 120 Total Agency RMBS pass-through (1) 4,504,090 (26,142 ) 218 3,887,210 (102,534 ) 236 8,391,300 (128,676 ) 454 Agency-CMO (2) 75,299 (10,433 ) 44 81,988 (2,309 ) 5 157,287 (12,742 ) 49 Non-Agency CMBS (3) 892,553 (17,612 ) 81 135,139 (3,792 ) 12 1,027,692 (21,404 ) 93 Non-Agency RMBS (4) 84,439 (709 ) 15 96,263 (1,732 ) 11 180,702 (2,441 ) 26 Total 5,556,381 (54,896 ) 358 4,200,600 (110,367 ) 264 9,756,981 (165,263 ) 622 (1) Amounts disclosed includes Agency RMBS with a fair value of $ 3.4 billion for which the fair value option has been elected. Such securities have unrealized losses of $ 22.8 million . (2) Fair value includes unrealized losses on Agency IO of $10.1 million and and unrealized losses on CMO of $2.7 million . (3) Amounts disclosed include non-Agency CMBS with a fair value of $596.0 million for which the fair value option has been elected. Such securities have unrealized losses of $8.9 million . (4) Amounts disclosed include non-Agency IO with a fair value of $530,000 for which the fair value option has been elected. Such securities have unrealized losses of $ 39,000 . Gross unrealized losses on our Agency RMBS and CMO were $159.3 million at December 31, 2018 ( December 31, 2017 : $131.3 million ). Due to the inherent credit quality of Agency RMBS and CMO, we determined that at December 31, 2018 , any unrealized losses on these securities are not other than temporary. Gross unrealized losses on our Agency IO, non-Agency CMBS, GSE CRT and non-Agency RMBS were $51.9 million at December 31, 2018 ( December 31, 2017 : $33.9 million ). We do not consider these unrealized losses to be credit related, but rather due to non-credit related factors such as interest rate spreads, prepayment speeds and market fluctuations. These investment securities are included in our assessment for other-than-temporary-impairment ("OTTI") on a quarterly basis. We assess our investment securities for OTTI on a quarterly basis. When the fair value of an investment is less than its amortized cost at the balance sheet date of the reporting period for which impairment is assessed, the impairment is designated as either "temporary" or "other-than-temporary." This analysis includes a determination of estimated future cash flows through an evaluation of the characteristics of the underlying loans and the structural features of the investment. Underlying loan characteristics reviewed include, but are not limited to, delinquency status, loan-to-value ratios, borrower credit scores, occupancy status and geographic concentration. The following table represents OTTI included in earnings for the years ended December 31, 2018 and 2017 . We did not record any OTTI for the year ended December 31, 2016 . Years Ended December 31, $ in thousands 2018 2017 RMBS interest-only securities 7,761 11,208 Non-Agency RMBS (1) 85 754 Total 7,846 11,962 (1) Amounts disclosed relate to credit losses on debt securities for which a portion of an other-than-temporary impairment was recognized in other comprehensive income. OTTI on RMBS interest-only securities was recorded as a reclassification from an unrealized to realized loss within gain (loss) on investments, net on the consolidated statement of operations because we account for these securities under the fair value option. As of December 31, 2018 , we did not intend to sell the securities and determined that it was not more likely than not that we will be required to sell the securities. The following table summarizes the components of our total gain (loss) on investments, net for the years ended December 31, 2018 , 2017 and 2016 . As of December 31, 2018 , $11.6 billion ( December 31, 2017 : $6.5 billion ) or 67% ( December 31, 2017 : 36% ) of our MBS and GSE CRT are accounted for under the fair value option. Under the fair value option, changes in fair value are recognized as a component of gain (loss) on investments, net in our consolidated statements of operations. Years Ended December 31, $ in thousands 2018 2017 2016 Gross realized gains on sale of investments 774 2,208 14,196 Gross realized losses on sale of investments (218,910 ) (3,873 ) (21,635 ) Other-than-temporary impairment losses (7,846 ) (11,962 ) (8,909 ) Net unrealized gains and losses on MBS accounted for under the fair value option (95,327 ) (21,368 ) (5,791 ) Net unrealized gains and losses on GSE CRT accounted for under the fair value option (6,370 ) 15,269 4,598 Net unrealized gains and losses on trading securities (21 ) 22 (1 ) Total gain (loss) on investments, net (327,700 ) (19,704 ) (17,542 ) The following tables present components of interest income recognized on our MBS and GSE CRT portfolio for the years ended December 31, 2018 , 2017 and 2016 . GSE CRT interest income excludes coupon interest associated with embedded derivatives not accounted for under the fair value option that is recorded as realized and unrealized credit derivative income (loss), net. For the Year ended December 31, 2018 $ in thousands Coupon Interest Net (Premium Amortization)/ Discount Accretion Interest Income Agency RMBS and CMBS 452,303 (81,341 ) 370,962 Non-Agency CMBS 151,562 6,682 158,244 Non-Agency RMBS 55,116 19,968 75,084 GSE CRT 29,142 (3,071 ) 26,071 Other 1,117 — 1,117 Total 689,240 (57,762 ) 631,478 For the Year ended December 31, 2017 $ in thousands Coupon Interest Net (Premium Amortization)/Discount Accretion Interest Income Agency RMBS 392,248 (107,702 ) 284,546 Non-Agency CMBS 131,005 (4,268 ) 126,737 Non-Agency RMBS 70,849 18,769 89,618 GSE CRT 22,164 (1,949 ) 20,215 Other 431 — 431 Total 616,697 (95,150 ) 521,547 For the Year ended December 31, 2016 $ in thousands Coupon Interest Net (Premium Amortization)/Discount Accretion Interest Income Agency RMBS 346,783 (116,991 ) 229,792 Non-Agency CMBS 122,636 (11,536 ) 111,100 Non-Agency RMBS 94,206 13,529 107,735 GSE CRT 9,575 (3,192 ) 6,383 Other 1,492 (58 ) 1,434 Total 574,692 (118,248 ) 456,444

Commercial Loans Held-for-Inves

Commercial Loans Held-for-Investment	12 Months Ended
	Dec. 31, 2018
Receivables [Abstract]
Commercial Loans Held-for-Investment	Commercial Loans Held-for-Investment The following tables summarize commercial loans held-for-investment as of December 31, 2018 and 2017 that we purchased or originated. December 31, 2018 $ in thousands Number of loans Principal Balance Unamortized (fees)/ costs, net Carrying value Weighted Average Coupon Weighted Average Years to Maturity (1) Mezzanine loans 2 31,582 — 31,582 10.69 % 1.7 December 31, 2017 $ in thousands Number of loans Principal Balance Unamortized (fees)/ costs, net Carrying value Weighted Average Weighted Average Years to Maturity (1) Mezzanine loans 8 191,894 (86 ) 191,808 8.52 % 1.2 (1) Weighted average years to maturity is based on the contractual maturity date. Certain loans may contain either an option to prepay or an option to extend beyond their contractual maturity dates as specified in the respective loan agreements. These loans were not impaired, and no provision for loan loss has been recorded as of December 31, 2018 and 2017 based on our analysis of credit quality factors as discussed in Note 2 - "Summary of Significant Accounting Policies".

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets The following table summarizes our other assets as of December 31, 2018 and 2017 : $ in thousands December 31, 2018 December 31, 2017 FHLBI stock 74,250 74,250 Loan participation interest 54,981 — Investments in unconsolidated ventures 24,012 25,972 Investment in exchange-traded fund — 3,979 Prepaid expenses and other assets 1,234 1,379 Total 154,477 105,580 IAS Services LLC, our wholly-owned captive insurance subsidiary, is required to purchase and hold FHLBI stock as a condition of membership in FHLBI. The stock is recorded at cost. In August 2018, we acquired a participation interest in a secured loan collateralized by mortgage servicing rights. The loan has a two year term subject to a one year extension at the borrower's option. The participation interest bears interest at a floating rate based on LIBOR plus a spread. The weighted average asset yield for the participation interest was 6.06% as of December 31, 2018. We elected to account for the investment using the fair value option. Refer to Note 16- "Commitments and Contingencies" for additional details regarding our unfunded commitment on this loan participation interest. We have invested in unconsolidated ventures that are managed by an affiliate of our Manager. The unconsolidated ventures invest in our target assets. Refer to Note 16 - "Commitments and Contingencies" for additional details regarding our commitments to these unconsolidated ventures. We redeemed an investment in an exchange-traded fund that is managed by an affiliate of our Manager in the third quarter of 2018.

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Borrowings	Borrowings We finance the majority of our investment portfolio through repurchase agreements and secured loans. The following tables summarize certain characteristics of our borrowings at December 31, 2018 and 2017 . Refer to Note 8 - "Collateral Positions" for collateral pledged under our repurchase agreements and secured loans. $ in thousands December 31, 2018 Amount Outstanding Period-end Weighted Average Interest Rate Weighted Average Remaining Maturity (Days) Repurchase Agreements: Agency RMBS 9,529,352 2.56 % 36 Agency CMBS 810,450 2.53 % 31 Non-Agency CMBS 1,616,473 3.56 % 19 Non-Agency RMBS 923,959 3.60 % 26 GSE CRT 681,014 3.48 % 21 Loan Participation Interest 41,236 4.09 % 605 Total Repurchase Agreements 13,602,484 2.80 % 34 Secured Loans 1,650,000 2.68 % 1952 Total Borrowings 15,252,484 2.79 % 242 $ in thousands December 31, 2017 Amount Period-end Weighted Weighted Repurchase Agreements: Agency RMBS 11,111,755 1.58 % 25 Non-Agency CMBS 1,396,330 2.61 % 9 Non-Agency RMBS 915,225 2.77 % 31 GSE CRT 657,491 2.78 % 24 Total Repurchase Agreements 14,080,801 1.82 % 25 Secured Loans 1,650,000 1.52 % 2317 Exchangeable Senior Notes (1) 143,410 5.00 % 74 Total Borrowings 15,874,211 1.82 % 263 (1) Exchangeable senior notes were reported net of unamortized debt issuance costs of $179,000 as of December 31, 2017 in our consolidated balance sheet. The following table shows the aggregate amount of maturities of our outstanding borrowings: $ in thousands As of December 31, 2019 13,561,248 2020 341,236 2021 100,000 2022 — 2023 — Thereafter 1,250,000 Total 15,252,484 The following tables summarize certain characteristics of our repurchase agreements and secured loans at December 31, 2018 and 2017 . December 31, 2018 $ in thousands Amount Outstanding Percent of Total Amount Outstanding MBS and GSE CRT Pledged as Collateral (1) Repurchase Agreement Counterparties: ING Financial Markets 1,429,396 9.4 % 1,520,769 Mirae Asset Securities 1,425,052 9.3 % 1,511,005 HSBC 1,380,761 9.1 % 1,459,458 RBC 1,137,424 7.5 % 1,350,770 E D & F Man Capital Markets 1,102,474 7.2 % 1,170,665 Industrial and Commercial Bank of China 819,664 5.4 % 867,409 Citigroup 722,580 4.7 % 843,019 Federal Home Loan Mortgage Corp 580,277 3.8 % 622,607 Wells Fargo 528,165 3.5 % 612,132 MUFG Securities 511,725 3.4 % 568,563 Societe Generale 428,749 2.8 % 541,319 South Street Securities 409,698 2.7 % 432,208 Amherst Pierpont Securities 399,389 2.6 % 422,819 JP Morgan 383,560 2.5 % 454,570 Goldman Sachs 304,787 2.0 % 386,400 Mizuho Securities 252,528 1.7 % 270,910 Guggenheim Liquidity Services 204,548 1.3 % 216,047 All other repurchase agreement counterparties (2) 1,581,707 10.3 % 1,796,858 Total Repurchase Agreement Counterparties 13,602,484 89.2 % 15,047,528 Secured Loans Counterparty: FHLBI 1,650,000 10.8 % 1,930,364 Total 15,252,484 100.0 % 16,977,892 (1) Amounted pledged as collateral is measured at fair value as described in Note 2 - "Summary of Significant Accounting Policies." (2) Represents amounts outstanding with twelve counterparties. December 31, 2017 $ in thousands Amount Outstanding Percent of Total Amount Outstanding MBS and GSE CRT Pledged as Collateral (1) Repurchase Agreement Counterparties: HSBC 1,745,684 11.2 % 1,839,411 ING Financial Markets 1,482,603 9.4 % 1,571,061 Royal Bank of Canada 1,144,856 7.3 % 1,375,285 Industrial and Commercial Bank of China 1,038,844 6.6 % 1,102,543 E D & F Man Capital Markets 1,028,437 6.5 % 1,085,429 Mirae Asset Securities 958,756 6.1 % 1,018,664 MUFG Securities 865,201 5.5 % 936,071 Citigroup 724,094 4.6 % 841,977 Amherst Pierpont Securities 722,080 4.6 % 764,713 KGS-Alpha Capital Markets 461,098 2.9 % 491,313 JP Morgan 451,941 2.9 % 523,590 Societe Generale 386,737 2.5 % 495,093 BNP Paribas Securities 348,340 2.2 % 388,091 South Street Securities 332,623 2.1 % 354,689 Goldman Sachs 324,152 2.1 % 419,713 Mizuho Securities 310,835 2.0 % 330,555 Guggenheim Liquidity Services 306,081 1.9 % 322,452 Bank of Nova Scotia 289,705 1.8 % 301,715 Natixis Securities 275,764 1.8 % 302,291 All other repurchase agreement counterparties (2) 882,970 5.5 % 1,058,759 Total Repurchase Agreement Counterparties 14,080,801 89.5 % 15,523,415 Secured Loans Counterparty: FHLBI 1,650,000 10.5 % 1,927,496 Total 15,730,801 100.0 % 17,450,911 (1) Amount pledged as collateral is measured at fair value as described in Note 2 - "Summary of Significant Accounting Policies." (2) Represents amount outstanding with seven counterparties. Repurchase Agreements Our repurchase agreements bear interest at a contractually agreed upon rate and generally have maturities ranging from one month to six months . Our repurchase agreement that is collateralized by a loan participation interest bears interest at a floating rate based on LIBOR plus a spread and has a maturity of twenty months . Repurchase agreements are being accounted for as secured borrowings since we maintain effective control of the financed assets. Repurchase agreements are subject to certain financial covenants. We were in compliance with these covenants at December 31, 2018 . Our repurchase agreement collateral ratio (MBS, GSE CRTs and a loan participation interest) pledged as collateral/Amount Outstanding) was 111% as of December 31, 2018 (December 31, 2017 : 110% ). Secured Loans Our wholly-owned captive insurance subsidiary, IAS Services LLC, is a member of the FHLBI. As a member of the FHLBI, IAS Services LLC has borrowed funds from the FHLBI in the form of secured loans. As of December 31, 2018 , IAS Services LLC, had $1.65 billion in outstanding secured loans from the FHLBI. These secured loans have floating rates that are based on the three-month FHLB swap rate plus a spread. For the year ended December 31, 2018 , IAS Services LLC had weighted average borrowings of $1.65 billion with a weighted average borrowing rate of 2.15% and a weighted average maturity of 5.3 years. The Federal Housing Finance Agency’s ("FHFA") final rule governing Federal Home Loan Bank membership (the “FHFA Rule”) was effective on February 19, 2016. The FHFA Rule permits existing captive insurance companies, such as IAS Services LLC, to remain members until February 2021. New advances or renewals that mature beyond February 2021 are prohibited. The FHLBI has indicated it will honor the contractual maturity dates of existing advances to IAS Services LLC that were made prior to February 19, 2016 and extend beyond February 2021. We do not expect there to be any impact to our existing FHLBI borrowings under the FHFA rule. The ability to borrow from the FHLBI is subject to our continued creditworthiness, pledging of sufficient eligible collateral to secure advances, and compliance with FHLBI and FHFA rules. As discussed in Note 6 - "Other Assets," IAS Services LLC is required to purchase and hold a certain amount of FHLBI stock, which is based, in part, upon the outstanding principal balance of secured loans from the FHLBI. Exchangeable Senior Notes In 2013, our Operating Partnership issued $400.0 million in aggregate principal amount of Exchangeable Senior Notes (the “Notes”) due March 15, 2018 . We retired a portion of the Notes prior to their maturity and fully retired the Notes upon their maturity on March 15, 2018. Accrued interest payable on the Notes was approximately $2.1 million as of December 31, 2017 .

Collateral Positions

Collateral Positions	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Collateral Positions	Collateral Positions The following table summarizes the fair value of collateral that we have pledged under our repurchase agreements, secured loans, interest rate swaps, futures contracts and currency forward contracts as of December 31, 2018 and 2017 . Refer to Note 2 - "Summary of Significant Accounting Policies - Fair Value Measurements" for a description of how we determine fair value. RMBS, CMBS and GSE CRT collateral pledged is included in mortgage-backed and credit risk transfer securities on our consolidated balance sheets. Loan participation interest collateral pledged is included in other assets on our consolidated balance sheets. Cash collateral pledged on secured loans, bilateral interest rate swaps and currency forwards is classified as restricted cash on our consolidated balance sheets. Cash collateral pledged on futures contracts is classified as due from counterparties on our consolidated balance sheets. Cash collateral held on bilateral swaps that is not restricted for use is included in cash and cash equivalents on our consolidated balance sheets and the liability to return the collateral is included in collateral held payable. Non-cash collateral held is only recognized if the counterparty defaults or if we sell the pledged collateral. As of December 31, 2018 and 2017 , we did not recognize any non-cash collateral held. $ in thousands As of Collateral Pledged December 31, 2018 December 31, 2017 Repurchase Agreements: Agency RMBS 10,158,404 11,788,765 Agency CMBS 870,702 — Non-Agency CMBS 2,016,202 1,737,831 Non-Agency RMBS 1,127,911 1,143,373 GSE CRT 819,328 853,446 Loan participation interest 54,981 — Total repurchase agreements collateral pledged 15,047,528 15,523,415 Secured Loans: Agency RMBS 702,952 623,181 Non-Agency CMBS 1,227,412 1,304,315 Total secured loans collateral pledged 1,930,364 1,927,496 Interest Rate Swaps, Futures Contracts and Currency Forward Contracts: Agency RMBS 159,914 109,900 Cash 13,500 620 Total interest rate swaps, futures contracts and currency forward contracts collateral pledged 173,414 110,520 Total: Mortgage-backed and GSE CRT securities 17,082,825 17,560,811 Loan participation interest 54,981 — Cash 13,500 620 Total collateral pledged 17,151,306 17,561,431 Collateral Held December 31, 2018 December 31, 2017 Interest Rate Swaps: Cash 18,083 7,327 Non-cash collateral — — Total collateral held 18,083 7,327 Repurchase Agreements Collateral posted with our repurchase agreement counterparties is segregated in our books and records. The repurchase agreement counterparties have the right to resell and repledge the collateral posted but have the obligation to return the pledged collateral, or substantially the same collateral if agreed to by us, upon maturity of the repurchase agreement. Under the repurchase agreements, the respective lender retains the contractual right to mark the underlying collateral to fair value as determined by a pricing service agreed to by the respective lender and us. We would be required to provide additional collateral or fund margin calls if the value of pledged assets declines. We intend to maintain a level of liquidity that will enable us to meet margin calls. Secured Loans The ability to borrow from the FHLBI is subject to our continued creditworthiness, pledging of sufficient eligible collateral to secure advances, and compliance with FHLBI and FHFA rules. Collateral posted with the FHLBI is held in trust for the benefit of the FHLBI and is not commingled with our other assets. The FHLBI does not have the right to resell or repledge collateral posted unless an event of default occurs. The FHLBI retains the right to mark the underlying collateral for FHLBI advances to fair value as determined by the FHLBI in its sole discretion. IAS Services LLC would be required to provide additional collateral or fund margin calls if the value of pledged assets declines. Interest Rate Swaps Collateral pledged with our interest rate swap counterparties is segregated in our books and records. We have two types of interest rate swap agreements: bilateral interest rate swaps that are governed by an International Swaps and Derivatives Association ("ISDA") agreement and interest rate swaps that are centrally cleared by a registered clearing organization through a Futures Commission Merchant ("FCM"). Interest rate swaps that are governed by an ISDA agreement provide for bilateral collateral pledging based on the counterparties' market value. The counterparties have the right to repledge the collateral posted, but have the obligation to return the pledged collateral, or substantially the same collateral, if agreed to by us, as the market value of the interest rate swaps change. We are required to pledge initial margin and daily variation margin for our interest rate swaps that are centrally cleared. FCM determines the fair value of our centrally cleared swaps, including daily variation margin. As a result of rulebook changes governing central clearing activities effective January 3, 2017, the daily variation margin payment for centrally cleared interest rate swaps is characterized as settlement of the derivative itself rather than collateral. As a result of this change, cash collateral pledged on our centrally cleared interest rate swaps is settled against the fair value of these swaps. Futures Contracts We are required to pledge initial margin and daily variation margin for our futures contracts that is based on the fair value of our contracts as determined by our FCM. The daily variation margin payment for our futures contracts is characterized as settlement of the futures contract itself rather than collateral. Accordingly, cash collateral pledged on our futures contracts is settled against the fair value of these contracts. Currency Forward Contracts Collateral pledged with our currency forward counterparty is segregated in our books and records. Eligible collateral to be pledged can be in the form of cash or securities. Our currency forward contract provides for bilateral collateral pledging based on the counterparties' market value. The counterparties have the right to repledge the collateral posted, but have the obligation to return the pledged collateral, or substantially the same collateral, if agreed to by us, as the market value of the currency forward contracts change.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Derivatives and Hedging Activities Risk Management Objective of Using Derivatives We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, credit and foreign exchange rate risk primarily by managing the amount, sources, and duration of our investments, debt funding, and the use of derivative financial instruments. Specifically, we use derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to our investments and borrowings. The following table summarizes changes in the notional amount of our derivative instruments during 2018 : $ in thousands Notional Amount as of December 31, 2017 Additions Settlement, Notional Amount as Interest Rate Swaps (1) 8,620,000 5,200,000 (1,450,000 ) 12,370,000 Futures Contracts — 5,069,300 (3,379,400 ) 1,689,900 Currency Forward Contracts 76,859 208,727 (262,437 ) 23,149 Credit Derivatives 553,493 — (26,581 ) 526,912 TBA Purchase Contracts — 283,100 (283,100 ) — TBA Sale Contracts — (283,100 ) 283,100 — Total 9,250,352 10,478,027 (5,118,418 ) 14,609,961 (1) Notional amount as of December 31, 2017 excludes $500.0 million of interest rate swaps with forward start dates Interest Rate Swaps Our repurchase agreements are usually settled on a short-term basis ranging from one month to six months . At each settlement date, we typically refinance each repurchase agreement at the market interest rate at that time. In addition, our secured loans have floating interest rates. As such, we are exposed to changing interest rates. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposures to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Amounts recorded in AOCI before we discontinued cash flow hedge accounting for our interest rate swaps are reclassified to interest expense on repurchase agreements on the consolidated statements of operations as interest is accrued and paid on the related repurchase agreements over the remaining life of the interest rate swap agreements. We reclassified $25.8 million as a decrease ( 2017 : $25.5 million as a decrease; 2016: $5.2 million as an increase) to interest expense for the year ended December 31, 2018 . During the next 12 months, we estimate that $23.7 million will be reclassified as a decrease to interest expense, repurchase agreements. As of December 31, 2018 , $99.6 million ( December 31, 2017 : $123.9 million ) of net unrealized gains on discontinued cash flow hedges are still included in accumulated other comprehensive income. As of December 31, 2018 , we had the following interest rate derivatives outstanding: $ in thousands Counterparty Index Notional Maturity Date Fixed Interest Rate in Contract CME Central Clearing 1-month LIBOR 1,500,000 11/19/2019 2.70 % LCH Central Clearing 1-month LIBOR 400,000 7/30/2020 2.69 % CME Central Clearing 1-month LIBOR 200,000 9/20/2020 2.79 % CME Central Clearing 1-month LIBOR 400,000 9/28/2020 2.72 % CME Central Clearing 1-month LIBOR 500,000 10/25/2020 2.90 % CME Central Clearing 1-month LIBOR 300,000 2/5/2021 2.69 % CME Central Clearing 1-month LIBOR 300,000 2/5/2021 2.50 % CME Central Clearing 3-month LIBOR 500,000 5/24/2021 2.25 % Citibank, N.A. 1-month LIBOR 200,000 5/25/2021 2.83 % CME Central Clearing 3-month LIBOR 500,000 6/24/2021 2.44 % CME Central Clearing 1-month LIBOR 500,000 12/21/2021 2.60 % HSBC Bank USA, National Association 1-month LIBOR 550,000 2/24/2022 2.45 % CME Central Clearing 3-month LIBOR 1,000,000 6/9/2022 2.21 % CME Central Clearing 3-month LIBOR 1,000,000 8/14/2022 1.87 % The Royal Bank of Scotland Plc 1-month LIBOR 500,000 8/15/2023 1.98 % CME Central Clearing 1-month LIBOR 600,000 8/24/2023 2.88 % HSBC Bank USA, National Association 1-month LIBOR 500,000 12/15/2023 2.20 % CME Central Clearing 3-month LIBOR 450,000 1/12/2024 2.10 % CME Central Clearing 3-month LIBOR 450,000 1/25/2024 2.15 % LCH Central Clearing 3-month LIBOR 1,000,000 2/6/2025 2.77 % CME Central Clearing 3-month LIBOR 100,000 4/2/2025 2.04 % LCH Central Clearing 3-month LIBOR 220,000 8/31/2027 2.12 % CME Central Clearing 3-month LIBOR 250,000 5/24/2028 2.78 % CME Central Clearing 3-month LIBOR 250,000 5/24/2028 2.39 % LCH Central Clearing 1-month LIBOR 200,000 7/3/2028 2.78 % Total 12,370,000 2.46 % Refer to Note 8 - "Collateral Positions" for further information regarding our collateral pledged to and received from our interest rate swap counterparties. Interest Rate Swaptions We periodically purchase interest rate swaptions to help mitigate the potential impact of increases or decreases in interest rates on the performance of a portion of our investment portfolio (referred to as “convexity risk”). The interest rate swaptions provide us the option to enter into interest rate swap agreements for a predetermined notional amount, stated term and pay and receive interest rates in the future. The premium paid for interest rate swaptions is reported as a derivative asset in our consolidated balance sheets. The premium is valued at an amount equal to the fair value of the swaption that would have the effect of closing the position adjusted for nonperformance risk, if any. The difference between the premium and the fair value of the swaption is reported in gain (loss) on derivative instruments, net in our consolidated statements of operations. If an interest rate swaption expires unexercised, the loss on the interest rate swaption would be equal to the premium paid. If we sell or exercise an interest rate swaption, the realized gain or loss on the interest rate swaption would be equal to the difference between the cash or the fair value of the underlying interest rate swap received and the premium paid. As of December 31, 2018 and December 31, 2017 , we have no outstanding interest rate swaptions. TBAs, Futures and Currency Forward Contracts We purchase or sell certain TBAs and futures contracts to help mitigate the potential impact of changes in interest rates on the performance of our investment portfolio. We recognize realized and unrealized gains and losses associated with the purchases or sales of TBAs and futures contracts in gain (loss) on derivative instruments, net in our consolidated statements of operations. We use currency forward contracts to help mitigate the potential impact of changes in foreign currency exchange rates on our investments denominated in foreign currencies. We recognize realized and unrealized gains and losses associated with the purchases or sales of currency forward contracts in gain (loss) on derivative instruments, net in our consolidated statements of operations. As of December 31, 2018 , we did no t have any forward contracts denominated in Pound Sterling ( December 31, 2017 : $49.7 million of notional amount of forward contracts denominated in Pound Sterling). As of December 31, 2018 , we had $ 23.1 million ( December 31, 2017 : $27.2 million ) of notional amount of forward contracts denominated in Euro. Credit Derivatives Our GSE CRTs purchased prior to August 24, 2015 are accounted for as hybrid financial instruments consisting of a debt host contract and an embedded credit derivative. Embedded derivatives associated with GSE CRTs are recorded within mortgage-backed and credit risk transfer securities, at fair value, on our consolidated balance sheets. As of December 31, 2018 and 2017 , terms of the GSE CRT embedded derivatives are: $ in thousands December 31, 2018 December 31, 2017 Fair value amount 22,771 45,400 Notional amount 526,912 553,493 Maximum potential amount of future undiscounted payments 526,912 553,493 Tabular Disclosure of the Effect of Derivative Instruments on the Balance Sheet The table below presents the fair value of our derivative financial instruments, as well as their classification on our consolidated balance sheets as of December 31, 2018 and 2017 . $ in thousands Derivative Assets Derivative Liabilities As of December 31, 2018 As of December 31, 2017 As of December 31, 2018 As of December 31, 2017 Balance Sheet Fair Value Fair Value Balance Sheet Fair Value Fair Value Interest Rate Swaps Asset 15,089 6,896 Interest Rate Swaps Liability 15,382 31,548 Futures — — Futures 7,836 — Currency Forward Contracts — — Currency Forward Contracts 172 1,217 As a result of rulebook changes governing central clearing activities effective January 3, 2017, the daily variation margin payment for centrally cleared interest rate swaps and futures contracts is characterized as settlement of the derivative itself rather than collateral. As a result of the rule change, cash collateral pledged on our centrally cleared interest rate swaps and futures contracts is settled against fair value of these swaps. Tabular Disclosure of the Effect of Derivative Instruments on the Income Statement The tables below present the effect of our credit derivatives on our consolidated statements of operations for the years ended December 31, 2018 , 2017 and 2016 . $ in thousands Year ended December 31, 2018 Derivative not designated as hedging instrument Realized gain (loss), net GSE CRT embedded derivative coupon interest Unrealized gain (loss), net Realized and unrealized credit derivative income (loss), net GSE CRT Embedded Derivatives — 22,478 (22,629 ) (151 ) $ in thousands Year ended December 31, 2017 Derivative not designated as hedging instrument Realized gain (loss), net GSE CRT embedded derivative coupon interest Unrealized gain (loss), net Realized and unrealized credit derivative income (loss), net GSE CRT Embedded Derivatives — 23,343 28,305 51,648 $ in thousands Year ended December 31, 2016 Derivative not designated as hedging instrument Realized gain (loss), net GSE CRT embedded derivative coupon interest Unrealized gain (loss), net Realized and unrealized credit derivative income (loss), net GSE CRT Embedded Derivatives (6,017 ) 24,343 42,817 61,143 The following tables summarize the effect of interest rate swaps, interest rate swaptions, futures contracts, currency forward contracts and TBAs reported in gain (loss) on derivative instruments, net on the consolidated statements of operations for the years ended December 31, 2018 , 2017 and 2016 . $ in thousands Year ended December 31, 2018 Derivative not designated as hedging instrument Realized gain (loss) on derivative instruments, net Contractual net interest expense Unrealized gain (loss), net Gain (loss) on derivative instruments, net Interest Rate Swaps 81,417 (20,015 ) 24,358 85,760 Future Contracts (86,318 ) — (7,836 ) (94,154 ) Currency Forward Contracts 2,088 — 1,046 3,134 TBAs (17 ) — — (17 ) Total (2,830 ) (20,015 ) 17,568 (5,277 ) $ in thousands Year ended December 31, 2017 Derivative not designated as hedging instrument Realized gain (loss) on derivative instruments, net Contractual net interest expense Unrealized gain (loss), net Gain (loss) on derivative instruments, net Interest Rate Swaps 72,894 (77,076 ) 28,316 24,134 Currency Forward Contracts (5,056 ) — (923 ) (5,979 ) Total 67,838 (77,076 ) 27,393 18,155 $ in thousands Year ended December 31, 2016 Derivative Realized gain (loss) on derivative instruments, net Contractual net interest expense Unrealized gain (loss), net Gain (loss) on derivative instruments, net Interest Rate Swaps (69,090 ) (104,804 ) 100,503 (73,391 ) Interest Rate Swaptions (1,485 ) — 1,485 — Currency Forward Contracts 12,632 — (2,056 ) 10,576 Total (57,943 ) (104,804 ) 99,932 (62,815 ) Credit-risk-related Contingent Features We have agreements with each of our bilateral derivative counterparties. Some of those agreements contain a provision whereby if we default on any of our indebtedness, including default whereby repayment of the indebtedness has not been accelerated by the lender, we could also be declared in default on our derivative obligations. At December 31, 2018 , the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for non-performance risk related to bilateral interest rate swap agreements, was $1.8 million . We have minimum collateral posting thresholds with certain of our derivative counterparties and have posted $1.6 million of Agency RMBS as of December 31, 2018 . If we had breached any of these provisions at December 31, 2018 , we could have been required to settle our obligations under the agreements at their termination value. We also have an agreement with a clearing counterparty for our interest rate swaps that includes cross default provisions. The fair value of our centrally cleared interest rate derivative contracts, which includes accrued interest and variation margin but excludes any adjustment for non-performance risk, was a net liability of $13.2 million as of December 31, 2018 . We were in compliance with all of the financial provisions of these counterparty agreements as of December 31, 2018 .

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	12 Months Ended
	Dec. 31, 2018
Offsetting [Abstract]
Offsetting Assets and Liabilities	Offsetting Assets and Liabilities Certain of our repurchase agreements and derivative transactions are governed by underlying agreements that generally provide for a right of offset under master netting arrangements (or similar agreements), in the event of default or in the event of bankruptcy of either party to the transactions. Assets and liabilities subject to such arrangements are presented on a gross basis in the consolidated balance sheets. The following tables present information about the assets and liabilities that are subject to master netting arrangements (or similar agreements) and can potentially be offset on our consolidated balance sheets at December 31, 2018 and December 31, 2017 . As a result of rulebook changes governing central clearing activities effective January 3, 2017, the daily variation margin payment for centrally cleared interest rate swaps is characterized as settlement of the derivative itself rather than collateral. Our derivative liability of $13.2 million at December 31, 2018 related to centrally cleared interest rate swaps is not included in the table below as a result of this change. Offsetting of Derivative Assets As of December 31, 2018 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in thousands Description Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount Derivatives (1)(3) 15,089 — 15,089 (433 ) (14,656 ) — Offsetting of Derivative Liabilities, Repurchase Agreements and Secured Loans As of December 31, 2018 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in thousands Description Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities presented in the Consolidated Balance Sheets Financial Instruments (2) Cash Collateral Pledged Net Amount Derivatives (3) 10,239 — 10,239 (2,058 ) (7,836 ) 345 Repurchase Agreements (4) 13,602,484 — 13,602,484 (13,602,484 ) — — Secured Loans (5) 1,650,000 — 1,650,000 (1,650,000 ) — — Total 15,262,723 — 15,262,723 (15,254,542 ) (7,836 ) 345 Offsetting of Derivative Assets As of December 31, 2017 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in thousands Description Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount Derivatives (1)(3) 6,896 — 6,896 — (6,896 ) — Offsetting of Derivative Liabilities and Repurchase Agreements As of December 31, 2017 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in thousands Description Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities presented in the Consolidated Balance Sheets Financial Instruments (2) Cash Collateral Pledged Net Amount Derivatives (3) 22,445 — 22,445 (21,169 ) (620 ) 656 Repurchase Agreements (4) 14,080,801 — 14,080,801 (14,080,801 ) — — Secured Loans (5) 1,650,000 — 1,650,000 (1,650,000 ) — — 15,753,246 — 15,753,246 (15,751,970 ) (620 ) 656 (1) Amounts represent derivatives in an asset position that could potentially be offset against derivatives in a liability position at December 31, 2018 and December 31, 2017 , subject to a netting arrangement. (2) Amounts represent collateral pledged that is available to be offset against liability balances associated with repurchase agreements, secured loans and derivatives. (3) The fair value of securities pledged against our derivatives was $159.9 million at December 31, 2018 ( December 31, 2017 : $109.9 million ), of which $158.3 million ( December 31, 2017 : $86.2 million ) relates to initial margin pledged on centrally cleared interest rate swaps and futures. Centrally cleared interest rate swaps are excluded from the tables above. Cash collateral received on our derivatives was $18.1 million and $7.3 million at December 31, 2018 and December 31, 2017 , respectively. Cash collateral pledged by us on our derivatives was $13.5 million and $620,000 at December 31, 2018 and December 31, 2017 , respectively. Cash collateral pledged on our centrally cleared interest rate swaps is settled against the fair value of these swaps and therefore excluded from the tables above at December 31, 2018 . (4) The fair value of securities pledged against our borrowing under repurchase agreements was $15.0 billion and $15.5 billion at December 31, 2018 and December 31, 2017 , respectively. (5) The fair value of securities pledged against IAS Services LLC's borrowing under secured loans was $1.9 billion and $1.9 billion at December 31, 2018 and December 31, 2017 , respectively.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments A three-level valuation hierarchy exists for disclosure of fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. The three levels are defined as follows: • Level 1 Inputs – Quoted prices for identical instruments in active markets. • Level 2 Inputs – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3 Inputs – Instruments with primarily unobservable value drivers. The following tables present our assets and liabilities measured at fair value on a recurring basis. December 31, 2018 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 NAV as a practical expedient (3) Total at Fair Value Assets: Mortgage-backed and credit risk transfer securities (1) (2) — 17,373,871 22,771 — 17,396,642 Derivative assets — 15,089 — — 15,089 Other assets (4) — — 54,981 24,012 78,993 Total assets — 17,388,960 77,752 24,012 17,490,724 Liabilities: Derivative liabilities 7,836 15,554 — — 23,390 Total liabilities 7,836 15,554 — — 23,390 December 31, 2017 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 NAV as a practical expedient (3) Total at Fair Value Assets: Mortgage-backed and credit risk transfer securities (1) (2) — 18,145,354 45,400 — 18,190,754 Derivative assets — 6,896 — — 6,896 Other assets (5) 3,979 — — 25,972 29,951 Total assets 3,979 18,152,250 45,400 25,972 18,227,601 Liabilities: Derivative liabilities — 32,765 — — 32,765 Total liabilities — 32,765 — — 32,765 (1) For more detail about the fair value of our MBS and GSE CRTs, refer to Note 4 - "Mortgage-Backed and Credit Risk Transfer Securities." (2) Our GSE CRTs purchased prior to August 24, 2015 are accounted for as hybrid financial instruments with an embedded derivative. The hybrid instruments consist of debt host contracts classified as Level 2 and embedded derivatives classified as Level 3. As of December 31, 2018 , the net embedded derivative asset position of $22.8 million includes $28.8 million of embedded derivatives in an asset position and $6.0 million of embedded derivatives in a liability position. As of December 31, 2017 , the net embedded derivative asset position of $45.4 million includes $46.5 million of embedded derivatives in an asset position and $1.1 million of embedded derivatives in a liability position. (3) Investments in unconsolidated ventures are valued using the net asset value ("NAV") as a practical expedient and are not subject to redemption, although investors may sell or transfer their interest at the approval of the general partner of the underlying funds. As of December 31, 2018 and December 31, 2017 , the weighted average remaining term of investments in unconsolidated ventures is 2.6 years and 1.9 years, respectively. (4) Includes $55.0 million of a loan participation interest as of December 31, 2018. The loan participation interest is transferable and bears interest at a variable rate based on LIBOR plus a spread and resets daily. There was no evidence that the interest rate spread on the loan participation interest did not approximate market comparables as of December 31, 2018. As a result, the cost of the loan participation interest approximates its fair value. (5) Includes $4.0 million of an investment in an exchange-traded fund as of December 31, 2017 . The following table shows a reconciliation of the beginning and ending fair value measurements of our GSE CRT embedded derivatives, which we have valued utilizing Level 3 inputs: Years Ended $ in thousands December 31, 2018 December 31, 2017 Beginning balance 45,400 17,095 Unrealized gains/(losses), net (1) (22,629 ) 28,305 Ending balance 22,771 45,400 (1) Included in realized and unrealized credit derivative income (loss), net in the consolidated statements of operations are $22.6 million in net unrealized losses and $28.3 million in net unrealized gains attributable to assets still held as of December 31, 2018 and December 31, 2017 , respectively. The following table shows a reconciliation of the beginning and ending fair value measurements of our loan participation interest, which we have valued utilizing Level 3 inputs: Year Ended $ in thousands December 31, 2018 Beginning balance — Purchases 54,981 Ending balance 54,981 The following tables summarize significant unobservable inputs used in the fair value measurement of our GSE CRT embedded derivatives: Fair Value at $ in thousands December 31, 2018 Valuation Technique Unobservable Input Range Weighted Average GSE CRT Embedded Derivatives 22,771 Market Comparables, Vendor Pricing Weighted average life 2.9 - 5.9 years 4.3 years Fair Value at $ in thousands December 31, 2017 Valuation Technique Unobservable Input Range Weighted Average GSE CRT Embedded Derivatives 45,400 Market Comparables, Vendor Pricing Weighted average life 2.6 - 6.8 years 4.8 years These significant unobservable inputs change according to market conditions and security performance. We estimate the weighted average life of GSE CRTs in order to identify GSE corporate debt with a similar maturity. We obtain our weighted average life estimates from a third party provider. Although weighted average life is a significant input, changes in weighted average life may not have an explicit directional impact on the fair value measurement. The following table presents the carrying value and estimated fair value of our financial instruments that are not carried at fair value on the consolidated balance sheets at December 31, 2018 and December 31, 2017 : December 31, 2018 December 31, 2017 $ in thousands Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Commercial loans, held-for-investment 31,582 31,826 191,808 191,930 Other assets 74,250 74,250 74,250 74,250 Total 105,832 106,076 266,058 266,180 Financial Liabilities: Repurchase agreements 13,602,484 13,602,050 14,080,801 14,080,460 Secured loans 1,650,000 1,650,000 1,650,000 1,650,000 Exchangeable senior notes — — 143,231 143,948 Total 15,252,484 15,252,050 15,874,032 15,874,408 The following describes our methods for estimating the fair value for financial instruments. • The estimated fair value of commercial loans held-for-investment is a Level 3 fair value measurement. Subsequent to the origination or purchase, commercial loan investments are valued on monthly basis by an independent third party valuation agent using a discounted cash flow technique. • The estimated fair value of FHLBI stock, included in "Other assets," is a Level 3 fair value measurement. FHLBI stock may only be sold back to the FHLBI at its discretion at par. As a result, the cost of the FHLBI stock approximates its fair value. • The estimated fair value of repurchase agreements is a Level 3 fair value measurement based on an expected present value technique. This method discounts future estimated cash flows using rates we determined best reflect current market interest rates that would be offered for repurchase agreements with similar characteristics and credit quality. • The estimated fair value of secured loans is a Level 3 fair value measurement. The secured loans have floating rates based on an index plus a spread and the spread is typically consistent with those demanded in the market. Accordingly, the interest rates on these secured loans are at market, and thus the carrying amount approximates fair value. • The estimated fair value of exchangeable senior notes is a Level 2 fair value measurement based on a valuation obtained from a third-party pricing service.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions We are externally managed and advised by Invesco Advisers, Inc. (our "Manager"), a wholly-owned subsidiary of Invesco Ltd. Our Manager is at all times subject to the supervision and oversight of our Board of Directors and has only such functions and authority as we delegate to it. Our Manager and its affiliates provide us with our management team, including our officers and appropriate support personnel. Each of our officers is an employee of our Manager or one of its affiliates. We do not have any employees. Our Manager is not obligated to dedicate any of its employees exclusively to us, nor is our Manager obligated to dedicate any specific portion of time to our business. During the year ended December 31, 2018 , we reimbursed our Manager $ 779,000 ( 2017 : $ 801,000 ; 2016 : $ 695,000 ) for costs of support personnel that are fully dedicated to our business. We have invested $131.9 million as of December 31, 2018 ( 2017 : $74.4 million ) in money market or mutual funds managed by affiliates of our Manager. The investments are reported as cash and cash equivalents on our consolidated balance sheets. We also pay our Manager a portion of the origination and commitment fees received from borrowers in connection with purchasing and originating commercial real estate loans. For the years ended December 31, 2018 and December 31, 2017 , we did not receive any fees or pay our Manager any fees related to such transactions. For the year ended December 31, 2016, we paid our Manager $690,000 related to such transactions. Management Fee We pay our Manager a management fee equal to 1.50% of our stockholders’ equity per annum. The fee is calculated and payable quarterly in arrears. For purposes of calculating the management fee, stockholders’ equity is equal to the sum of the net proceeds from all issuances of equity securities since inception including proceeds from the issuance of OP Units to an affiliate of our Manager, plus retained earnings at the end of the most recently completed calendar quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods), less any amount paid to repurchase common stock since inception. Stockholder's equity excludes (i) any unrealized gains, losses or other items that do not affect realized net income (regardless of whether such items are included in other comprehensive income or loss, or in net income); (ii) cumulative net realized losses that are not attributable to permanently impaired investments and that relate to the investments for which market movement is accounted for in other comprehensive income; provided, however, that such adjustment shall not exceed cumulative unrealized net gains in other comprehensive income; (iii) one-time events pursuant to changes in U.S. GAAP; and (iv) certain non-cash items after discussions between our Manager and our independent directors and approval by a majority of our independent directors. We do not pay any management fees on our investments in unconsolidated ventures that are managed by an affiliate of our Manager. In 2016, we recorded a cumulative one-time adjustment of $2.3 million related to a prior adjustment for the accounting for premiums and discounts associated with non-Agency RMBS not of high credit quality. Expense Reimbursement We are required to reimburse our Manager for operating expenses incurred on our behalf, including directors and officers insurance, accounting services, auditing and tax services, filing fees, and miscellaneous general and administrative costs. Our reimbursement obligation is not subject to any dollar limitation. The following table summarizes the costs incurred on our behalf by our Manager for the years ended December 31, 2018 , 2017 and 2016 . Years ended December 31, $ in thousands 2018 2017 2016 Incurred costs, prepaid or expensed 6,483 5,997 6,986 Incurred costs, charged against equity as a cost of raising capital 230 299 — Incurred costs, capitalized to other assets — — 50 Total incurred costs, originally paid by our Manager 6,713 6,296 7,036 Termination Fee If we terminate our management agreement, we owe our Manager a termination fee equal to three times the sum of our average annual management fee during the 24 -month period before termination, calculated as of the end of the most recently completed fiscal quarter.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Preferred Stock Holders of our Series A Preferred Stock are entitled to receive dividends at an annual rate of 7.75% of the liquidation preference of $25.00 per share or $1.9375 per share per annum. These dividends are cumulative and payable quarterly in arrears. Holders of our Series B Preferred Stock are entitled to receive dividends at an annual rate of 7.75% of the liquidation preference of $25.00 per share or $1.9375 per share per annum until December 27, 2024. After December 27, 2024, holders are entitled to receive dividends at a floating rate equal to three-month LIBOR plus a spread of 5.18% of the $25.00 liquidation preference per annum. These dividends are cumulative and payable quarterly in arrears. In August 2017, we completed a public offering of 11,500,000 shares of 7.50% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock (the "Series C Preferred Stock") at the price of $25.00 per share. Total proceeds were $287.5 million before issuance costs of $9.4 million . Holders of our Series C Preferred Stock are entitled to receive dividends at an annual rate of 7.50% of the liquidation preference of $25.00 per share or $1.875 per share per annum until September 27, 2027. After September 27, 2027, holders are entitled to receive dividends at a floating rate equal to three-month LIBOR plus a spread of 5.289% of the $25.00 liquidation preference per annum. Dividends are cumulative and payable quarterly in arrears, commencing with the first dividend payment date on December 27, 2017. As of July 27, 2017, we have the option to redeem shares of our Series A Preferred Stock for $25.00 per share, plus any accumulated and unpaid dividends through the date of redemption. We have the option to redeem shares of Series B Preferred Stock after December 27, 2024 and shares of Series C Preferred Stock after September 27, 2027 for $25.00 per share, plus any accumulated and unpaid dividends through the date of the redemption. Shares of Series B and Series C Preferred Stock are not redeemable, convertible into or exchangeable for any other property or any other securities of the Company prior to those times, except under circumstances intended to preserve our qualification as a REIT or upon the occurrence of a change in control. Common Stock In December 2017, we entered into an equity distribution agreement with a placement agent under which we may sell up to 17,000,000 shares of our common stock from time to time in at-the-market or privately negotiated transactions. These shares are registered with the SEC under our automatic shelf registration statement (as amended and/or supplemented). As of December 31, 2018 , we have not sold any shares of common stock under the equity distribution agreement. Redemption of OP Units and Repurchase of Shares Owned by Invesco On November 30, 2018, we redeemed the OP Units held by a wholly-owned Invesco subsidiary for $21.8 million . We also repurchased 75,100 shares of common stock owned by Invesco for $1.1 million . The redemption price for the OP Units and common stock was equal to the market value of an equivalent number of shares of our registered common stock. We accounted for the redemption of the OP Units as an equity transaction and did not recognize a gain or loss on the transaction. We reallocated the components of accumulated other comprehensive loss to us as summarized in the table below. Share Repurchase Program In December 2011, our board of directors approved a share repurchase program with no stated expiration date. During the year ended December 31, 2018 , we repurchased 75,100 shares of our common stock at a repurchase price of $15.23 per share for a net cost of $1.1 million as discussed above. We did not repurchase any shares of our stock during the year ended December 31, 2017 . As of December 31, 2018 , we had authority to purchase 18,163,982 shares of our common stock through our share repurchase program. Share-Based Compensation We established the 2009 Equity Incentive Plan for grants of common stock and other equity based awards to our independent directors and officers and employees of our Manager and its affiliates (the “Incentive Plan”). Under the Incentive Plan, a total of 1,000,000 shares of common stock are authorized for issuance. Unless terminated earlier, the Incentive Plan will terminate in 2019 , but will continue to govern the unexpired awards. As of December 31, 2018 , 761,746 shares of common stock remain available for future issuance under the Incentive Plan. We recognized compensation expense of approximately $424,000 ( 2017 : $453,000 ; 2016 : $340,000 ) related to awards to our independent directors for the year ended December 31, 2018 . During the year ended December 31, 2018 , we issued 27,697 shares ( 2017 : 25,006 shares; 2016 : 25,068 shares) of common stock under the Incentive Plan to our independent directors. The fair market value of the shares granted was determined by the closing stock market price on the date of the grant. The grants vested immediately. We recognized compensation expense of approximately $129,000 ( 2017 : $138,000 ; 2016 : $100,000 ) for the year ended December 31, 2018 related to restricted stock units awarded to employees of our Manager and its affiliates which is reimbursed by our Manager under the management agreement. At December 31, 2018 , there was approximately $102,000 of total unrecognized compensation cost related to restricted stock unit awards that is expected to be recognized over a period of up to 39 months, with a weighted-average remaining vesting period of 13 months. The following table summarizes the activity related to restricted stock units awarded to employees of our Manager and its affiliates for the year ended December 31, 2018 . Year Ended December 31, 2018 Restricted Stock Units Weighted Average Grant Date Fair Value (1) Unvested at the beginning of the year 19,827 $ 14.35 Shares granted during the year 7,055 15.37 Shares forfeited during the year (3,967 ) 14.56 Shares vested during the year (11,864 ) 14.71 Unvested at the end of the year 11,051 $ 14.55 (1) The grant date fair value of restricted stock unit awards is based on the closing market price of our common stock at the grant date. Accumulated Other Comprehensive Income The following tables present the components of total other comprehensive income (loss), net and accumulated other comprehensive income ("AOCI") at December 31, 2018 and December 31, 2017 , respectively. The tables exclude gains and losses on MBS and GSE CRTs that are accounted for under the fair value option. December 31, 2018 $ in thousands Equity method investments Available-for-sale securities Derivatives and hedging Total Total other comprehensive income (loss), net: Unrealized gain (loss) on mortgage-backed and credit risk transfer securities, net — (210,424 ) — (210,424 ) Reclassification of unrealized (gain) loss on sale of mortgage-backed and credit risk transfer securities to gain (loss) on investments, net — 193,162 — 193,162 Reclassification of amortization of net deferred (gain) loss on de-designated interest rate swaps to repurchase agreements interest expense — — (25,839 ) (25,839 ) Currency translation adjustments on investment in unconsolidated venture (447 ) — — (447 ) Total other comprehensive income (loss), net (447 ) (17,262 ) (25,839 ) (43,548 ) AOCI balance at beginning of period 947 136,188 123,894 261,029 Other comprehensive income/(loss), net (447 ) (17,262 ) (25,839 ) (43,548 ) Other comprehensive income/(loss) attributable to non-controlling interest 6 927 300 1,233 Rebalancing of ownership percentage of non-controlling interest — (1 ) — (1 ) Purchase of OP units from non-controlling interest 7 812 1,281 2,100 AOCI balance at end of period 513 120,664 99,636 220,813 December 31, 2017 $ in thousands Equity method investments Available-for-sale securities Derivatives and hedging Total Total other comprehensive income (loss), net: Unrealized gain (loss) on mortgage-backed and credit risk transfer securities, net — (9,885 ) — (9,885 ) Reclassification of unrealized (gain) loss on sale of mortgage-backed and credit risk transfer securities to gain (loss) on investments, net — 1,508 — 1,508 Reclassification of amortization of net deferred (gain) loss on de-designated interest rate swaps to repurchase agreements interest expense — — (25,544 ) (25,544 ) Currency translation adjustments on investment in unconsolidated venture 863 — — 863 Total other comprehensive income (loss), net 863 (8,377 ) (25,544 ) (33,058 ) AOCI balance at beginning of period 95 144,458 149,115 293,668 Other comprehensive income/(loss), net 863 (8,377 ) (25,544 ) (33,058 ) Other comprehensive income/(loss) attributable to non-controlling interest (11 ) 106 323 418 Rebalancing of ownership percentage of non-controlling interest — 1 — 1 AOCI balance at end of period 947 136,188 123,894 261,029 Effective December 31, 2013, we voluntarily discontinued cash flow hedge accounting for our interest rate swaps to gain greater flexibility in managing interest rate exposures. Amounts recorded in AOCI before we discontinued cash flow hedge accounting for our interest rate swaps are reclassified to interest expense on repurchase agreements on the consolidated statements of operations as interest is accrued and paid on the related repurchase agreements over the remaining original life of the interest rate swap agreements. Dividends We declared the following dividends during 2018 and 2017: Series A Preferred Stock Dividends Declared Per Share Amount Date of Payment 2018 December 14, 2018 $ 0.4844 January 25, 2019 September 14, 2018 $ 0.4844 October 25, 2018 June 15, 2018 $ 0.4844 July 25, 2018 March 15, 2018 $ 0.4844 April 25, 2018 2017 December 14, 2017 $ 0.4844 January 25, 2018 September 14, 2017 $ 0.4844 October 25, 2017 June 15, 2017 $ 0.4844 July 25, 2017 March 15, 2017 $ 0.4844 April 25, 2017 Series B Preferred Stock Dividends Declared Per Share Amount Date of Payment 2018 November 6, 2018 $ 0.4844 December 27, 2018 August 2, 2018 $ 0.4844 September 27, 2018 May 2, 2018 $ 0.4844 June 27, 2018 February 15, 2018 $ 0.4844 March 27, 2018 2017 September 14, 2017 $ 0.4844 December 27, 2017 June 15, 2017 $ 0.4844 September 27, 2017 March 15, 2017 $ 0.4844 June 27, 2017 Series C Preferred Stock Dividends Declared Per Share Amount Date of Payment 2018 November 6, 2018 $ 0.46875 December 27, 2018 August 2, 2018 $ 0.46875 September 27, 2018 May 2, 2018 $ 0.46875 June 27, 2018 February 15, 2018 $ 0.46875 March 27, 2018 2017 September 14, 2017 $ 0.68230 December 27, 2017 Common Stock Dividends Declared Per Share Amount Date of Payment 2018 December 14, 2018 $ 0.42 January 28, 2019 September 14, 2018 $ 0.42 October 26, 2018 June 15, 2018 $ 0.42 July 26, 2018 March 15, 2018 $ 0.42 April 26, 2018 2017 December 14, 2017 $ 0.42 January 26, 2018 September 14, 2017 $ 0.41 October 26, 2017 June 15, 2017 $ 0.40 July 26, 2017 March 15, 2017 $ 0.40 April 26, 2017 The following table sets forth the dividends declared per share of our preferred and common stock and their related tax characterization for the fiscal tax years ended December 31, 2018 and 2017 . Tax Characterization of Dividends Fiscal Tax Year Dividends Declared Ordinary Dividends Capital Gain Distribution Carry Forward Series A Preferred Stock Dividends Fiscal tax year 2018 (1) 1.937600 1.937600 — — Fiscal tax year 2017 (2) 1.937600 1.937600 — — Series B Preferred Stock Dividends Fiscal tax year 2018 1.937600 1.937600 — — Fiscal tax year 2017 1.937600 1.937600 — — Series C Preferred Stock Dividends Fiscal tax year 2018 1.875000 1.875000 — — Fiscal tax year 2017 0.682290 0.682290 — — Common Stock Dividends Fiscal tax year 2018 1.680000 1.378178 — 0.301822 Fiscal tax year 2017 1.630000 1.480040 — 0.149960 (1) Excludes preferred stock dividend of $0.4844 per share declared on December 14, 2018 that has a record date of January 1, 2019. This dividend is a 2019 dividend for federal income tax purposes. (2) Excludes preferred stock dividend of $0.4844 per share declared on December 14, 2017 that has a record date of January 1, 2018. This dividend is a 2018 dividend for federal income tax purposes.

Earnings per Common Share

Earnings per Common Share	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Earnings per share for the years ended December 31, 2018 , 2017 and 2016 is computed as follows: $ and share amounts in thousands Years Ended December 31, 2018 2017 2016 Numerator (Income) Basic Earnings: Net income (loss) available to common stockholders (115,216 ) 320,527 231,547 Effect of dilutive securities: Income allocated to exchangeable senior notes — 13,340 22,467 Income (loss) allocated to non-controlling interest — 4,450 3,287 Dilutive net income (loss) available to stockholders (115,216 ) 338,317 257,301 Denominator (Weighted Average Shares) Basic Earnings: Shares available to common stockholders 111,637 111,610 111,973 Effect of dilutive securities: Restricted stock awards — 20 20 Non-controlling interest OP Units — 1,425 1,425 Exchangeable senior notes — 9,986 16,836 Dilutive Shares 111,637 123,041 130,254 Earnings (loss) per share: Net income (loss) attributable to common stockholders Basic (1.03 ) 2.87 2.07 Diluted (1.03 ) 2.75 1.98 The following potential common shares were excluded from diluted earnings per share for the year ended December 31, 2018 as the effect would be anti-dilutive: 14,404 for restricted stock awards, 1,184,373 for the exchangeable senior notes and 1,300,068 for non-controlling interest.

Non-controlling Interest - Oper

Non-controlling Interest - Operating Partnership	12 Months Ended
	Dec. 31, 2018
Noncontrolling Interest [Abstract]
Non-controlling Interest - Operating Partnership	Non-controlling Interest – Operating Partnership Through November 30, 2018, non-controlling interest represented the aggregate ownership interest of a wholly-owned Invesco subsidiary in our Operating Partnership. The ownership percentage was determined by dividing the number of OP Units held by the Unit Holders by the total number of dilutive shares of common stock. The issuance or repurchase of common stock (“Share” or “Shares”) or OP Units changed the percentage ownership of both the Unit Holders and the common stockholders. Since an OP unit was generally redeemable for cash or Shares at our option, it was deemed to be a Share equivalent. Therefore, such transactions were treated as capital transactions and resulted in a reallocation between stockholders’ equity and non-controlling interest in the accompanying consolidated balance sheets. As of December 31, 2017 , non-controlling interest related to the 1,425,000 OP Units outstanding represented a 1.3% interest in the Operating Partnership. On November 30, 2018, we redeemed all of the OP Units held by the non-controlling interest holder for $21.8 million . The redemption price for the OP Units was equal to the market value of an equivalent number of shares of our registered common stock. The following table summarizes the effect of changes in our ownership interest in our Operating Partnership on our equity. Years ended December 31, $ in thousands 2018 2017 2016 Net income (loss) attributable to Invesco Mortgage Capital Inc. (70,790 ) 348,607 254,411 Transfers from non-controlling interest: Decrease in additional paid-in capital due to purchase of OP units (798 ) — — Net transfers from non-controlling interest (798 ) — — Change from net income (loss) attributable to Invesco Mortgage Capital Inc. common stockholders and transfers (to) from non-controlling interest (71,588 ) 348,607 254,411 Prior to redemption of the OP Units, income was allocated to the non-controlling interest based on the Unit Holders’ ownership percentage of the Operating Partnership. The following table presents the net income (loss) allocated and distributions paid to the Operating Partnership non-controlling interest for the years ended December 31, 2018, 2017 and 2016 Years ended December 31, $ in thousands 2018 2017 2016 Net income (loss) allocated 254 4,450 3,287 Distributions paid 2,394 2,294 2,280 As of December 31, 2017 , there were $598,500 of distributions payable to the non-controlling interest.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Contingencies	Commitments and Contingencies Commitments and contingencies may arise in the ordinary course of business. Our material off balance sheet commitments as of December 31, 2018 are discussed below. As discussed in Note 6 - "Other Assets", we have invested in unconsolidated ventures that are sponsored by an affiliate of our Manager. The unconsolidated ventures are structured as partnerships, and we invest in the partnerships as a limited partner. The entities are structured such that capital commitments are to be drawn down over the life of the partnership as investment opportunities are identified. At December 31, 2018 , our undrawn capital and purchase commitments were $10.0 million ( 2017 : $10.2 million ). As discussed in Note 6 - "Other Assets", we have funded our portion of a commitment in a loan participation. The remainder of our commitment under the agreement will be funded over the two year term of the loan based upon the financing needs of the borrower. As of December 31, 2018 , we have an unfunded commitment of $20.0 million . As discussed in Note 5 - “Commercial Loans Held-for-Investment”, we purchase and originate commercial loans. As of December 31, 2018 , we did no t have any unfunded commitments on commercial loans held-for-investment ( 2017 : $4.8 million ). We have entered into agreements with financial institutions to guarantee certain obligations of our subsidiaries. We would be required to perform under these guarantees in the event of certain defaults. We have not had prior claims or losses under these contracts and expect the risk of loss to be remote.

Summarized Quarterly Results of

Summarized Quarterly Results of Operations (Unaudited)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Summarized Quarterly Results of Operations (Unaudited)	Summarized Quarterly Results of Operations (Unaudited) The following is a presentation of selected unaudited results of operations for the quarters ended. $ in thousands except share amounts Q4 18 Q3 18 Q2 18 Q1 18 Q4 17 Q3 17 Q2 17 Q1 17 Interest Income Mortgage-backed and credit risk transfer securities 174,511 160,416 147,548 149,003 147,509 134,138 121,027 118,873 Commercial and other loans 1,593 1,672 4,051 4,222 5,472 6,251 6,021 5,764 Total interest income 176,104 162,088 151,599 153,225 152,981 140,389 127,048 124,637 Interest Expense Repurchase agreements 91,057 81,763 69,389 59,585 51,955 45,907 36,072 29,947 Secured loans 10,565 9,490 8,471 6,927 5,878 5,544 4,535 3,413 Exchangeable senior notes — — — 1,621 2,104 2,724 3,504 5,008 Total interest expense 101,622 91,253 77,860 68,133 59,937 54,175 44,111 38,368 Net interest income 74,482 70,835 73,739 85,092 93,044 86,214 82,937 86,269 Other income (loss) Gain (loss) on investments, net 76,957 (207,910 ) (36,377 ) (160,370 ) (17,153 ) (11,873 ) 11,175 (1,853 ) Equity in earnings of unconsolidated ventures 624 1,084 798 896 (47 ) 408 (154 ) (1,534 ) Gain (loss) on derivative instruments, net (293,485 ) 87,672 67,169 133,367 64,251 1,955 (53,513 ) 5,462 Realized and unrealized credit derivative income (loss), net (9,026 ) 4,975 735 3,165 13,220 (2,930 ) 21,403 19,955 Net loss on extinguishment of debt — — — (26 ) (233 ) (1,344 ) (526 ) (4,711 ) Other investment income (loss), net 850 1,068 (2,160 ) 3,102 1,206 2,313 2,533 1,329 Total other income (loss) (224,080 ) (113,111 ) 30,165 (19,866 ) 61,244 (11,471 ) (19,082 ) 18,648 Expenses 12,410 11,778 11,627 11,977 11,972 11,254 10,635 10,885 Net income (loss) (162,008 ) (54,054 ) 92,277 53,249 142,316 63,489 53,220 94,032 Net income (loss) attributable to non-controlling interest (899 ) (681 ) 1,163 671 1,794 800 670 1,186 Net income (loss) attributable to Invesco Mortgage Capital Inc. (161,109 ) (53,373 ) 91,114 52,578 140,522 62,689 52,550 92,846 Dividends to preferred stockholders 11,106 11,107 11,106 11,107 3,086 13,562 5,716 5,716 Net income (loss) attributable to common stockholders (172,215 ) (64,480 ) 80,008 41,471 137,436 49,127 46,834 87,130 Earnings (loss) per share: Net income (loss) attributable to common stockholders Basic (1.54 ) (0.58 ) 0.72 0.37 1.23 0.44 0.42 0.78 Diluted (1.54 ) (0.58 ) 0.72 0.37 1.18 0.43 0.41 0.73

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 7, 2019, we completed a public offering of 16,100,000 shares Common Stock at the price of $15.73 per share. Total net proceeds were approximately $249.7 million after deducting estimated offering expenses.

Schedule IV Mortgage Loans on R

Schedule IV Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV Mortgage Loans on Real Estate	INVESCO MORTGAGE CAPITAL INC. AND SUBSIDIARIES Schedule IV Mortgage Loans on Real Estate As of December 31, 2018 $ in thousands Asset Type Property Type Location Interest Rate Maturity Date (1) Periodic Payment Terms (2) Prior Liens Face Amount of Mortgages Carrying Amount of Mortgages Principal Amount of Loans Subject to Delinquent Principal or Interest Mezzanine Loan Hotel TX L+8.50% 2/28/2021 I — 24,582 24,582 — Mezzanine Loan Multifamily TX L+7.75% 2/7/2019 I — 7,000 7,000 — 31,582 31,582 (3) — (1) Based on the contractual maturity date. Certain loans may contain either an option to repay or an option to extend beyond their contractual maturity dates as specified in the respective loan agreements. (2) Interest ("I") only until stated maturity of the loan. (3) The aggregate cost for federal income tax purposes is $31.6 million. Reconciliation of Carrying Value of Mortgage Loans on Real Estate: 2018 2017 2016 Beginning balance 191,808 273,355 209,062 Additions: Originations and purchases of new loans 1,677 4,799 87,474 Premium (discount) on new loans — — (272 ) Amortization of commercial loan origination fees and premium (discount) 91 337 302 Deductions: Collection of principal 160,934 90,713 15,000 Loss on foreign currency revaluation 1,060 (4,030 ) 8,211 Ending balance 31,582 191,808 273,355

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation Our consolidated financial statements have been prepared in accordance with U.S. GAAP and consolidate the financial statements of the Company and our controlled subsidiaries. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. In the opinion of management, the consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for a fair statement of our financial condition and results of operations for the periods presented. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. Examples of estimates include, but are not limited to, estimates of the fair values of financial instruments, interest income on mortgage-backed and credit risk transfer securities, provision for loan losses and other-than-temporary impairment charges. Actual results may differ from those estimates.
Translation of Foreign Currencies	Translation of Foreign Currencies The functional currency of the Company and its subsidiaries is U.S. dollars. Transactions in foreign currencies are recorded at the rates of exchange prevailing on the date of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are remeasured at the rates prevailing at the balance sheet date. Gains and losses arising on revaluation are included in other investment income (loss), net on the consolidated statements of operations. During the years ended December 31, 2018 , 2017 and 2016 , we incurred foreign currency losses of $0.9 million , gains of $4.1 million and losses of $8.2 million , respectively, primarily related to the revaluation of our commercial loan investment denominated in Pound Sterling. Our reporting currency is U.S. dollars. Upon consolidation, the assets and liabilities of our investment in an unconsolidated venture whose functional currency is the Euro is translated to U.S. dollars using the period-end exchange rates. Equity accounts are translated at historical rates, except for the change in retained earnings during the year, which is the result of the income statement translation process. Revenue and expense accounts are translated using the weighted average exchange rate during the period. The cumulative translation adjustments associated with the investment in the unconsolidated venture are recorded in accumulated other comprehensive income (loss), a component of consolidated stockholders’ equity. We generally hedge interest rate and foreign currency exposure with derivative financial instruments. Refer to Note 9 - "Derivatives and Hedging Activities" for further information.
Fair Value Measurements	Fair Value Measurements We report our mortgage-backed and credit risk transfer securities and derivative assets and liabilities at fair value as determined by an independent pricing service. We generally obtain one price per instrument from our primary pricing service. If the primary pricing service cannot provide a price, we will seek a value from other pricing services. The pricing service uses two types of valuation approaches to determine the valuation of our various mortgage-backed and credit risk transfer securities: a market approach, which uses observable prices and other relevant information that is generated by market transactions involving identical or comparable assets or liabilities; and an income approach, which uses valuation techniques to convert future amounts to a single, discounted present value amount. In instances where sufficient market activity may not exist, the pricing service may utilize proprietary valuation models that may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics to estimate relevant cash flows, which are then discounted to calculate the fair values. Observable inputs may include a combination of benchmark yields, executed trades, broker/dealer quotes, issuer spreads, bids, offers and benchmark securities. In addition, the valuation models utilized by pricing services may consider additional pool level information such as prepayment speeds, default frequencies and default severities, if applicable. We and the pricing service continuously monitor market indicators and economic events to determine whether they may have an impact on our valuations. The pricing service values interest rate swaps and interest rate swaptions under the income approach using valuation models. The significant inputs in these models are readily available in public markets or can be derived from observable market transactions for substantially the full terms of the contracts. The pricing service values U.S. Treasury futures ("futures"), currency forward contracts and to-be-announced securities (“TBAs”) under the market approach through the use of quoted market prices available in an active market. Overrides of prices from pricing services are rare in the current market environment for the assets we hold. Examples of instances that would cause an override include if we recently traded the same security or there is an indication of market activity that would cause the pricing service price to no longer be indicative of fair value. In the rare instance where a price is adjusted, we have a control process to monitor the reason for such adjustment. To gain comfort that pricing service prices are representative of current market information, we compare the transaction prices of security purchases and sales to the valuation levels provided by the pricing services. Price differences exceeding pre-defined tolerance levels are identified and investigated and may be challenged. Trends are monitored over time and if there are indications that the valuations are not comparable to market activity, the pricing services are asked to provide detailed information regarding their methodology and inputs. Transparency tools are also available from the pricing services which help us understand data points and/or market inputs used for pricing securities. We also review daily price movements for interest rate swaps, interest rate swaptions, Futures, currency forward contracts and TBAs. Price movements exceeding pre-defined tolerance levels are investigated using an alternate price from another pricing service as well as available market information. Based on our findings, the primary pricing service may be challenged, or in rare cases, overridden with an alternate pricing source. In addition, we perform due diligence procedures on all pricing services on at least an annual basis. A questionnaire is sent to pricing services which requests information such as changes in methodologies, business recovery preparedness, internal controls and confirmation that evaluations are generated based on market data. Physical visits are also made to each pricing service's office. As described in Note 11 - "Fair Value of Financial Instruments," we evaluate the source used to fair value our assets and liabilities and make a determination on its categorization within the fair value hierarchy. If the price of a security is obtained from quoted prices for identical instruments in active markets, the security is classified as a level 1 security. If the price of a security is obtained from quoted prices for similar instruments or model-derived valuations whose inputs are observable, the security is classified as a level 2 security. If the inputs appear to be unobservable, the security would be classified as a level 3 security. Transfers between levels, if any, are determined at the end of the reporting period.
Mortgage-Backed and Credit Risk Transfer Securities	Mortgage-Backed and Credit Risk Transfer Securities All of our mortgage-backed securities MBS and GSE CRTs are reported at fair value. Fair value is determined by obtaining valuations from an independent source. If the fair value of a security is not available from a third-party pricing service, or such data appears unreliable, we may estimate the fair value of the security using a variety of methods including other pricing services, discounted cash flow analysis, matrix pricing, option adjusted spread models and other fundamental analysis of observable market factors. We record our purchases of MBS and GSE CRTs on the trade date. Although we generally intend to hold most of our MBS and GSE CRTs until maturity, we may sell any of our mortgage-backed and credit risk transfer securities as part of our overall management of our investment portfolio. We have elected the fair value option for all of our MBS purchased on or after September 1, 2016. Prior to September 1, 2016, we had also elected the fair value option for our RMBS interest-only securities (“RMBS IOs”). RMBS IOs are hybrid financial instruments that contain embedded derivatives. Under the fair value option, changes in fair value are recognized in our consolidated statements of operations. In our view, this election more appropriately reflects the results of our operations because MBS fair value changes are accounted for in the same manner as fair value changes in economic hedging instruments. Except for RMBS IOs, MBS purchased prior to September 1, 2016 are classified as available-for-sale securities. Unrealized gains or losses on available-for-sale securities are recorded in accumulated other comprehensive income, a separate component of stockholders' equity, until sale or disposition of the investment. Upon sale or disposition, the cumulative gain or loss previously reported in stockholders' equity is recognized in income. Realized gains and losses from sales of MBS are determined based upon the specific identification method. We have elected the fair value option for GSE CRTs purchased on or after August 24, 2015. GSE CRTs are hybrid financial instruments that contain embedded derivatives. Coupon payments on the securities are based on LIBOR, and principal payments are based on prepayments, losses and defined credit events in a reference pool of mortgage loans that collateralize Agency RMBS. We elected the fair value option for these securities due to the complexities associated with bifurcation of GSE CRTs into a debt host contract and an embedded derivative. Under the fair value option, changes in fair value for GSE CRTs are recognized in our consolidated statements of operations. GSE CRTs purchased prior to August 24, 2015 are also reported at fair value but are accounted for as hybrid financial instruments consisting of a debt host contract and an embedded derivative. Unrealized gains or losses arising from changes in fair value of the debt host contract, excluding other-than-temporary impairment, are recognized in accumulated other comprehensive income, a separate component of stockholders’ equity, until sale or disposition of the investment. Upon sale or disposition of the debt host contract, the cumulative gain or loss previously reported in stockholders’ equity is recognized in income. Realized gains and losses from sales of GSE CRTs are determined based upon the specific identification method. Realized and unrealized gains or losses arising from changes in fair value of the embedded derivative are recognized in realized and unrealized credit derivative income (loss), net in our consolidated statements of operations. Our interest income recognition policies for MBS and GSE CRTs are described below in the Interest Income Recognition section of this Note 2 to our consolidated financial statements. We consider our portfolio of Agency RMBS and Agency CMBS to be of high credit quality under applicable accounting guidance. For non-Agency CMBS, non-Agency RMBS and GSE CRTs, we do not rely on ratings from third party agencies to determine the credit quality of the investment. We use internal models that analyze the loans underlying each security and evaluate factors including, but not limited to, delinquency status, loan-to-value ratios, borrower credit scores, occupancy status and geographic concentration to estimate the expected future cash flows. We place reliance on these internal models in determining credit quality. While non-Agency CMBS, non-Agency RMBS and GSE CRTs with expected future losses would generally be purchased at a discount to par, the potential for a significant adverse change in expected cash flows remains. We therefore evaluate each security in an unrealized loss position for other-than-temporary impairment at least quarterly. The determination of whether a security is other-than-temporarily impaired involves judgments and assumptions based on subjective and objective factors. Consideration is given to (i) our intent to sell the security and whether it is more likely than not that we will be required to sell the security before recovery of its amortized cost and (ii) the financial condition and near-term prospects of recovery in fair value of the security. This includes a determination of estimated future cash flows through an evaluation of the characteristics of the underlying loans and the structural features of the investment. Underlying loan characteristics reviewed include, but are not limited to, delinquency status, loan-to-value ratios, borrower credit scores, occupancy status and geographic concentration. We recognize in earnings and reflect as a reduction in the cost basis of the security the amount of any other-than-temporary impairment related to credit losses or impairments on securities that we intend to sell or for which it is more likely than not that we will need to sell before recoveries. The amount of the other-than-temporary impairment on debt securities related to other factors is recorded consistent with changes in the fair value of all other available-for-sale securities as a component of consolidated stockholders’ equity in other comprehensive income or loss with no change to the cost basis of the security.
Commercial Loans Held-For-Investment	Commercial Loans Held-For-Investment We carry commercial loans held-for-investment at amortized cost, net of any provision for loan losses. An individual loan is considered impaired when it is deemed probable that the Company will not be able to recover its investment and any other anticipated future payments. We generally consider the following factors in evaluating whether a commercial loan is impaired: • Loan-to-value ratios; • The most recent financial information available for each loan and associated properties, including net operating income, debt service coverage ratios, occupancy rates, rent rolls, as well as any other factors we consider relevant, including, but not limited to, specific loan trigger events that would indicate an adverse change in expected cash flows or payment delinquency; • Economic trends, both macroeconomic as well as those directly affecting the properties associated with the loans, and the supply and demand trends in the market in which the subject property is located; and • The loan sponsor or borrowing entity’s ability to ensure that properties associated with the loan are managed and operated sufficiently. When an individual commercial loan is deemed to be impaired, we record a provision to reduce the carrying value of the loan to the current present value of expected future cash flows discounted at the loan’s effective interest rate, or if the loan is collateral dependent, we reduce the carrying value to the estimated fair value of the collateral, with a corresponding charge to provision for loan losses on our consolidated statements of operations.
Interest Income Recognition	Interest Income Recognition Mortgage-Backed Securities Interest income on MBS is accrued based on the outstanding principal or notional balance of the securities and their contractual terms. Premiums or discounts are amortized or accreted into interest income over the life of the investment using the effective interest method. Interest income on our MBS where we may not recover substantially all of our initial investment is based on estimated future cash flows. We estimate future expected cash flows at the time of purchase and determine the effective interest rate based on these estimated cash flows and our purchase price. Over the life of the investments, we update these estimated future cash flows and compute a revised yield based on the current amortized cost of the investment. In estimating these future cash flows, there are a number of assumptions that are subject to uncertainties and contingencies, including but not limited to the rate and timing of principal payments (prepayments, repurchases, defaults and liquidations), the pass through or coupon rate, and interest rate fluctuations. These uncertainties and contingencies are difficult to predict and are subject to future events that may impact our estimate and our interest income. Changes in our original or most recent cash flow projections may result in a prospective change in interest income recognized on these securities, or the amortized cost of these securities. For non-Agency RMBS not of high credit quality, when actual cash flows vary from expected cash flows, the difference is recorded as an adjustment to the amortized cost of the security and the security's yield is revised prospectively. For Agency RMBS and Agency CMBS that cannot be prepaid in such a way that we would not recover substantially all of our initial investment, interest income recognition is based on contractual cash flows. We do not estimate prepayments in applying the effective interest method. Credit Risk Transfer Securities Interest income on GSE CRTs purchased prior to August 24, 2015 is accrued based on the coupon rate of the debt host contract which reflects the credit risk of GSE unsecured senior debt with a similar maturity. Premiums or discounts associated with the purchase of GSE CRTs are amortized or accreted into interest income over the life of the debt host contract using the effective interest method. The difference between the coupon rate on the hybrid instrument and the coupon rate on the debt host contract is considered premium income associated with the embedded derivative and is recorded in realized and unrealized credit derivative income (loss), net in our consolidated statements of operations. Interest income on GSE CRTs purchased on or after August 24, 2015 is based on estimated future cash flows. Commercial and Other Loans We recognize interest income from commercial and other loans when earned and deemed collectible, or until a loan becomes past due based on the terms of the loan agreement. Any related origination fees, net of origination cost are amortized into interest income using the effective interest method over the life of the loan. Interest received after a loan becomes past due or impaired is used to reduce the outstanding loan principal balance. When a delinquent loan previously placed on nonaccrual status has cured, meaning all delinquent principal and interest have been remitted by the borrower, the loan is placed back on accrual status. Alternately, loans that have been individually impaired may be placed back on accrual status if restructured and after the loan is considered re-performing. A restructured loan is considered re-performing when the loan has been current for at least 12 months .
Cash and Cash Equivalents, Restricted Cash	Cash and Cash Equivalents We consider all highly liquid investments that have original or remaining maturity dates of three months or less when purchased to be cash equivalents. At December 31, 2018 , we had cash and cash equivalents in excess of the FDIC deposit insurance limit of $ 250,000 per institution. We mitigate our risk of loss by actively monitoring our counterparties. Restricted Cash Restricted cash represents cash posted with the Federal Home Loan Bank of Indianapolis ("FHLBI") as collateral for secured loans and cash posted with counterparties as collateral for various derivative instruments. Cash held by counterparties as collateral is legally restricted and is not available for general corporate purposes.
Due from Counterparties/Collateral Held Payable	Due from Counterparties / Collateral Held Payable Due from counterparties represents cash posted with our counterparties as collateral for our derivatives and repurchase agreements. Collateral held payable represents cash posted with us by counterparties as collateral under our derivatives and repurchase agreements. To the extent we receive collateral other than cash from our counterparties, such assets are not included in our consolidated balance sheets. Notwithstanding the foregoing, if we either sell such assets or pledge the assets as collateral pursuant to a repurchase agreement, the cash received and the corresponding liability is reflected on the consolidated balance sheets
Investment Related Receivable / Investment Related Payable	Investment Related Receivable / Investment Related Payable Investment related receivable consists of receivables for mortgage-backed and credit risk transfer securities that we have sold but have not settled with the buyer and accrued interest and principal paydowns on mortgage-backed and credit risk transfer securities. Investment related payable consists of liabilities for mortgage-backed and credit risk transfer securities that we have purchased but have not settled with the seller.
Investments in Unconsolidated Ventures	Investments in Unconsolidated Ventures Our non-controlling investments in unconsolidated ventures are included in other assets in our consolidated balance sheets and are accounted for under the equity method. Capital contributions, distributions, profits and losses of the entities are allocated in accordance with the terms of the entities’ operating agreements. Such allocations may differ from the stated percentage interests, if any, as a result of preferred returns and allocation formulas as described in the entities' operating agreements.
Repurchase Agreements	Repurchase Agreements We finance our purchases of mortgage-backed and credit risk transfer securities primarily through the use of repurchase agreements. Repurchase agreements are treated as collateralized financing transactions and are carried at their contractual amounts, including accrued interest, as specified in the respective agreements. We record the mortgage-backed and credit risk transfer securities and the related repurchase agreement financing on a gross basis in our consolidated balance sheets, and the corresponding interest income and interest expense on a gross basis in our consolidated statements of operations.
Secured Loans	Secured Loans Our wholly-owned subsidiary, IAS Services LLC, is a member of the Federal Home Loan Bank of Indianapolis ("FHLBI"). As a member of the FHLBI, IAS Services LLC has borrowed funds from the FHLBI in the form of secured advances. FHLBI advances are treated as secured financing transactions and are carried at their contractual amounts.
Dividends and Distributions Payable	Dividends and Distributions Payable Dividends and distributions payable represent dividends declared at the balance sheet date which are payable to common stockholders and preferred stockholders. As of December 31, 2017, dividends and distributions payable also included dividends declared at the balance sheet date that were payable to an Invesco wholly-owned subsidiary, the non-controlling interest common unit holder of our Operating Partnership.
Earnings (Loss) per Share	Earnings (Loss) per Share We calculate basic earnings (loss) per share by dividing net income (loss) attributable to common stockholders for the period by the weighted-average number of shares of our common stock outstanding for that period. Diluted earnings per share takes into account the effect of dilutive instruments, such as OP Units, exchangeable debt, and unvested restricted stock and uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding.
Share-Based Compensation	Share-Based Compensation We adopted an equity incentive plan under which our independent directors, as part of their compensation for serving as directors, are eligible to receive quarterly stock awards. In addition, we may compensate the officers and employees of our Manager and its affiliates under this equity incentive plan under the terms of our management agreement. Share-based compensation arrangements include share options, restricted and non-restricted share awards, performance-based awards and share appreciation rights. Compensation related to stock awards to our independent directors is recognized in the consolidated financial statements based on the fair value of the equity or liability instruments issued on the date of grant. Compensation related to stock awards to employees of our Manager and its affiliates is recorded at the estimated fair value of the award over the vesting period of the award. We make an upward or downward adjustment to compensation expense for the difference in the fair value at the date of grant and the date the award is earned.
Underwriting Commissions and Offering Costs	Underwriting Commissions and Offering Costs Underwriting commissions and direct costs incurred in connection with our common and preferred stock offerings are reflected as a reduction of additional paid-in-capital and preferred stock, respectively.
Comprehensive Income	Comprehensive Income Our comprehensive income consists of net income, as presented in the consolidated statements of operations, adjusted for unrealized gains and losses on MBS purchased prior to September 1, 2016 and the debt host contract associated with GSE CRTs purchased prior to August 24, 2015; reclassification of amortization of net deferred gains and losses on de-designated interest rate swaps to repurchase agreements interest expense and currency translation adjustments on an investment in an unconsolidated venture. Unrealized gains and losses on our MBS purchased prior to September 1, 2016 and the debt host contract associated with GSE CRTs purchased prior to August 24, 2015 are reclassified into net income upon their sale.
Accounting for Derivative Financial Instruments	Accounting for Derivative Financial Instruments We record all derivatives on our consolidated balance sheets at fair value. At the inception of a derivative contract, we determine whether the instrument will be part of a qualifying hedge accounting relationship or whether we will account for the contract as a trading instrument. We have elected not to apply hedge accounting to all new derivative contracts entered into after January 1, 2014. Changes in the fair value of our derivatives are recorded in gain (loss) on derivative instruments, net in our consolidated statements of operations. Net interest paid or received under our interest rate swaps is also recognized in gain (loss) on derivative instruments, net in our consolidated statements of operations. Prior to 2014, we applied hedge accounting to our interest rate swap agreements. Effective December 31, 2013, we voluntarily discontinued hedge accounting for our interest rate swap agreements by de-designating the interest rate swaps as cash flow hedges. As long as we expect the forecasted transactions that were being hedged (i.e., rollovers of our repurchase agreement borrowings) to still occur, the balance recorded in accumulated other comprehensive income (loss) (“AOCI”) from the interest rate swap activity through December 31, 2013 will remain in AOCI and be recognized in our consolidated statements of operations as interest expense over the remaining term of the interest rate swaps. We may enter into derivative contracts, such as credit default swaps, that are intended to economically hedge certain of our risks, even though hedge accounting does not apply or we elect not to apply hedge accounting under U.S. GAAP. We are a party to hybrid financial instruments that contain embedded derivative instruments. For securities that we did not elect the fair value option, we assess at inception, whether the economic characteristics of the embedded derivative instruments are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the debt host contract), whether the financial instrument is remeasured to fair value through earnings and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that (1) the embedded instrument possesses economic characteristics that are not clearly and closely related to the economic characteristics of the debt host contract, (2) the financial instrument is not remeasured to fair value through earnings and (3) a separate instrument with the same terms would qualify as a derivative instrument, the embedded instrument qualifies as an embedded derivative that is separated from the debt host contract. The embedded derivative is recorded at fair value, and changes in fair value are recorded in realized and unrealized credit derivative income (loss), net in our consolidated statements of operations. We evaluate the terms and conditions of our holdings of swaptions, futures contracts, currency forward contracts and to-be-announced ("TBA") securities to determine if an instrument has the characteristics of an investment or should be considered a derivative under U.S. GAAP. Accordingly, swaptions, futures contracts, currency forward contracts and TBAs having the characteristics of derivatives are accounted for at fair value with such changes recognized in gain (loss) on derivative instruments, net in the consolidated statements of operations. The fair value of these swaptions, futures contracts, currency forward contracts and TBAs is included in derivative assets or derivative liabilities on the consolidated balance sheets.
Income Taxes	Income Taxes We elected to be taxed as a REIT commencing with our taxable year ended December 31, 2009. Accordingly, we will generally not be subject to U.S. federal and applicable state and local corporate income tax to the extent that we make qualifying distributions to our stockholders, and provided we satisfy on a continuing basis, through actual investment and operating results, the REIT requirements including certain asset, income, distribution and stock ownership tests. If we fail to qualify as a REIT and do not qualify for certain statutory relief provisions, we will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the four taxable years following the year in which we lost our REIT qualification. Accordingly, our failure to qualify as a REIT could have a material adverse impact on our results of operations and amounts available for distribution to stockholders. Our dividends paid deduction for qualifying dividends to our stockholders is computed using our REIT taxable income as opposed to net income reported on the consolidated financial statements. REIT taxable income will generally differ from net income because the determination of REIT taxable income is based on tax regulations and not financial accounting principles. We have elected to treat one of our subsidiaries as a taxable REIT subsidiary (“TRS”). In general, a TRS may hold assets and engage in activities that we cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A TRS is subject to U.S. federal, state and local corporate income taxes. Our TRS did not generate material taxable income for the years ended December 31, 2018 , 2017 and 2016. We do not have any accruals for uncertain tax positions. We would recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which would be included in general and administrative expenses.
Reclassifications	Reclassifications Certain prior period reported amounts have been reclassified to be consistent with the current presentation. Such reclassifications had no impact on total assets, net income or equity attributable to common stockholders.
Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements	Accounting Pronouncements Recently Adopted Effective January 1, 2018, we adopted the accounting guidance that amends certain aspects of recognition, measurement, presentation, and disclosure of financial assets and liabilities. The standard requires that all equity investments, other than those accounted for as equity method investments, be measured at fair value with changes recognized in income. As of January 1, 2018, we had three types of equity investments: investments in unconsolidated ventures, an investment in an exchange traded fund, and an investment in FHLBI stock. Our investments in unconsolidated ventures are accounted for as equity method investments, and our investment in an exchange-traded fund was measured at fair value with changes recognized in income. While the standard eliminates the cost method for equity investments without readily determinable fair values, it does allow an election to record equity investments without readily determinable fair values at cost, less impairment, and plus or minus adjustments for observable price changes. We elected to record our investment in FHLBI stock at cost, less impairment. As such, the adoption of this accounting guidance did not impact our financial condition or results of operations. The standard also amends certain disclosure requirements for financial instruments. Refer to Note 4 - "Mortgage-Backed and Credit Risk Transfer Securities" for a tabular summary of the fair value of our available-for-sale securities and securities accounted for under the fair value option by asset type. Effective January 1, 2018, we adopted the accounting guidance intended to reduce diversity in how restricted cash and certain transactions are classified in the statement of cash flows. The new guidance requires that the statement of cash flows explains the difference during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. We adopted the accounting standard on a retrospective basis, which required us to restate our statement of cash flows for the years ended December 31, 2017 and 2016. The adoption of the guidance primarily impacted the presentation of cash flows related to distributions from investments in unconsolidated ventures and basis recovered on certain investment securities. For the year ended December 31, 2017, the adoption resulted in a $ 27.4 million decrease (2016: $ 33.9 million ) in net cash provided by operating activities, $ 33.0 million increase (2016: $ 30.7 million ) in net cash used in investing activities and $ 5.6 million decrease (2016: $ 3.2 million increase) in net cash provided by financing activities. We included restricted cash of $ 620,000 as of December 31, 2017 in our reconciliation of cash, cash equivalents and restricted cash on the consolidated statements of cash flows. We did not have any restricted cash as of December 31, 2018 and December 31, 2016. Pending Accounting Pronouncements In June 2016, new accounting guidance was issued for reporting credit losses for assets measured at amortized cost and available-for-sale securities. The new guidance significantly changes how entities will measure credit losses for most financial assets, including loans, that are not measured at fair value through net income. The guidance replaces the existing “incurred loss” model with an “expected loss” model for instruments measured at amortized cost and requires entities to record allowances for available-for-sale debt securities rather than reduce the carrying amount, as they do today under the other-than-temporary impairment model. The new guidance also simplifies the accounting model for purchased credit-impaired debt securities and loans. We are required to adopt the new guidance in the first quarter of 2020 by recording a cumulative effect adjustment to retained earnings as of January 1, 2020. We are currently evaluating the potential impacts of the new guidance and proposed amendments to the new guidance on our consolidated financial statements. In June 2018, new accounting guidance was issued that aligns the measurement and classification for stock-based payments to non-employees with the guidance for stock-based payments to employees. Under the new guidance, the measurement of equity-classified non-employee awards will be fixed at the grant date. We are required to adopt the new guidance in the first quarter of 2019 by recording a cumulative effect adjustment to retained earnings as of January 1, 2019. We have determined that the new guidance will not have a material impact on our consolidated financial statements. In August 2017, the FASB issued guidance to improve accounting for hedging activities. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. We are required to adopt the new guidance in the first quarter of 2019. We have determined that this new guidance will not have an impact on our consolidated financial statements because we elected not to apply hedge accounting to all new derivative contracts entered into after January 1, 2014.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2018
Variable Interest Entity Disclosure [Abstract]
Maximum Risk of Loss	Our maximum risk of loss in VIEs in which we are not the primary beneficiary at December 31, 2018 is presented in the table below. $ in thousands Carrying Amount Company's Maximum Risk of Loss Non-Agency CMBS 3,286,459 3,286,459 Non-Agency RMBS 1,163,682 1,163,682 Investments in unconsolidated ventures 24,012 24,012 Total 4,474,153 4,474,153

Mortgage-Backed and Credit Ri_2

Mortgage-Backed and Credit Risk Transfer Securities (Tables)	12 Months Ended
	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Summary of Investment Portfolio	The components of the carrying value of our MBS and GSE CRT portfolio at December 31, 2018 and 2017 are presented below. December 31, 2018 December 31, 2017 $ in thousands MBS and GSE CRT Securities Interest-Only Securities Total MBS and GSE CRT Securities Interest-Only Securities Total Principal/ notional balance 17,442,367 2,672,316 20,114,683 17,974,390 2,880,963 20,855,353 Unamortized premium 395,907 — 395,907 521,626 — 521,626 Unamortized discount (549,988 ) (2,598,767 ) (3,148,755 ) (577,344 ) (2,785,274 ) (3,362,618 ) Gross unrealized gains (1) 238,579 7,448 246,027 336,543 5,113 341,656 Gross unrealized losses (1) (204,664 ) (6,556 ) (211,220 ) (155,146 ) (10,117 ) (165,263 ) Fair value 17,322,201 74,441 17,396,642 18,100,069 90,685 18,190,754 (1) Gross unrealized gains and losses includes gains (losses) recognized in net income for securities accounted for as derivatives or under the fair value option as well as gains (losses) for available-for-sale securities which are recognized as adjustments to other comprehensive income. Realization occurs upon sale or settlement of such securities. Further detail on the components of our total gains (losses) on investments, net for the years ended December 31, 2018 and 2017 is provided below within this Note 4. The following tables summarize our MBS and GSE CRT portfolio by asset type at December 31, 2018 and 2017 . December 31, 2018 $ in thousands Principal/ Notional Unamortized Premium (Discount) Amortized Cost Unrealized Gain/ (Loss), net Fair Value Period- (1) Agency RMBS: 15 year fixed-rate 417,233 5,077 422,310 1,944 424,254 3.27 % 30 year fixed-rate 9,599,301 298,693 9,897,994 (125,225 ) 9,772,769 3.55 % ARM* 105,453 350 105,803 (56 ) 105,747 2.74 % Hybrid ARM* 548,133 13,425 561,558 (7,357 ) 554,201 2.80 % Total Agency RMBS pass-through 10,670,120 317,545 10,987,665 (130,694 ) 10,856,971 3.49 % Agency-CMO (2) 907,862 (631,180 ) 276,682 (8,991 ) 267,691 3.61 % Agency CMBS 973,122 15,058 988,180 14,330 1,002,510 3.54 % Non-Agency CMBS (3) 4,024,715 (727,307 ) 3,297,408 (10,949 ) 3,286,459 5.05 % Non-Agency RMBS (4)(5)(6) 2,800,335 (1,748,223 ) 1,052,112 111,570 1,163,682 7.24 % GSE CRT (7) 738,529 21,259 759,788 59,541 819,329 3.10 % Total 20,114,683 (2,752,848 ) 17,361,835 34,807 17,396,642 4.00 % *Adjustable-rate mortgage ("ARM") (1) Period-end weighted average yield is based on amortized cost as of December 31, 2018 and incorporates future prepayment and loss assumptions. (2) Agency collateralized mortgage obligation ("Agency-CMO") includes interest-only securities ("Agency IO"), which represent 73.6% of principal/notional balance, 13.5% of amortized cost and 12.4% of fair value. (3) Non-Agency CMBS includes interest-only securities which represent of 15.0% principal/notional balance, 0.4% of amortized cost and 0.5% of fair value. (4) Non-Agency RMBS held by us is 43.5% variable rate, 50.7% fixed rate and 5.8% floating rate based on fair value. (5) Of the total discount in non-Agency RMBS, $145.6 million is non-accretable calculated using the principal/notional balance and based on estimated future cash flows of the securities. (6) Non-Agency RMBS includes interest-only securities ("non-Agency IO") which represent 55.4% of principal/notional balance, 2.3% of amortized cost and 2.4% of fair value. (7) GSE CRT weighted average yield excludes coupon interest associated with embedded derivatives not accounted for under the fair value option that is recorded as realized and unrealized credit derivative income (loss), net. December 31, 2017 $ in thousands Principal/ Notional Balance Unamortized Premium (Discount) Amortized Cost Unrealized Gain/ (Loss), net Fair Value Period- end Weighted Average Yield (1) Agency RMBS: 15 year fixed-rate 2,917,307 119,120 3,036,427 (61,645 ) 2,974,782 2.17 % 30 year fixed-rate 7,354,211 295,977 7,650,188 (9,648 ) 7,640,540 3.09 % ARM* 238,486 1,609 240,095 1,105 241,200 2.60 % Hybrid ARM 1,696,148 26,066 1,722,214 (2,829 ) 1,719,385 2.54 % Total Agency RMBS pass-through 12,206,152 442,772 12,648,924 (73,017 ) 12,575,907 2.79 % Agency-CMO (2) 1,226,539 (942,290 ) 284,249 (10,306 ) 273,943 2.91 % Non-Agency CMBS (3) 3,879,775 (704,097 ) 3,175,678 40,739 3,216,417 4.92 % Non-Agency RMBS (4)(5)(6) 2,785,704 (1,661,683 ) 1,124,021 133,587 1,257,608 7.19 % GSE CRT (7) 757,183 24,306 781,489 85,390 866,879 2.45 % Total 20,855,353 (2,840,992 ) 18,014,361 176,393 18,190,754 3.42 % (1) Period-end weighted average yield based on amortized cost as of December 31, 2017 and incorporates future prepayment and loss assumptions. (2) Agency collateralized mortgage obligation ("Agency-CMO") includes interest-only securities ("Agency IO"), which represent 81.8% of principal/notional balance, 20.9% of amortized cost and 18.7% of fair value. (3) Non-Agency CMBS includes interest-only securities which represent 15.8% of principal/notional balance, 0.5% of amortized cost and 0.6% of fair value. (4) Non-Agency RMBS held by us is 52.2% variable rate, 37.8% fixed rate and 10.0% floating rate based on fair value. (5) Of the total discount in non-Agency RMBS, $195.3 million is non-accretable calculated using the principal/notional balance and based on estimated future cash flows of the securities. (6) Non-Agency RMBS includes interest-only securities ("non-Agency IO") which represent 51.5% of principal/notional balance, 2.0% of amortized cost and 1.8% of fair value. (7) GSE CRT weighted average yield excludes coupon interest associated with embedded derivatives not accounted for under the fair value option that is recorded as realized and unrealized credit derivative income (loss), net.
Schedule of Fair Value of Available-for-sale Securities and Securities Accounted for under Fair Value Option by Asset Type	The following table presents the fair value of our available-for-sale securities and securities accounted for under the fair value option by asset type as of December 31, 2018 and December 31, 2017 . We have elected the fair value option for all of our RMBS IOs, our MBS purchased on or after September 1, 2016 and our GSE CRTs purchased on or after August 24, 2015. As of December 31, 2018 and December 31, 2017 , approximately 67% and 36% , respectively, of our MBS and GSE CRTs are accounted for under the fair value option. December 31, 2018 December 31, 2017 $ in thousands Available-for-sale Securities Securities under Fair Value Option Total Fair Value Available-for-sale Securities Securities under Fair Value Option Total Agency RMBS: 15 year fixed-rate 204,347 219,907 424,254 2,842,440 132,342 2,974,782 30 year fixed-rate 1,093,070 8,679,699 9,772,769 2,467,871 5,172,669 7,640,540 ARM 105,747 — 105,747 241,200 — 241,200 Hybrid ARM 521,199 33,002 554,201 1,719,385 — 1,719,385 Total Agency RMBS pass-through 1,924,363 8,932,608 10,856,971 7,270,896 5,305,011 12,575,907 Agency-CMO 168,385 99,306 267,691 203,351 70,592 273,943 Agency CMBS — 1,002,510 1,002,510 — — — Non-Agency CMBS 2,153,403 1,133,056 3,286,459 2,376,413 840,004 3,216,417 Non-Agency RMBS 961,445 202,237 1,163,682 1,236,178 21,430 1,257,608 GSE CRT 586,231 233,098 819,329 635,537 231,342 866,879 Total 5,793,827 11,602,815 17,396,642 11,722,375 6,468,379 18,190,754
Fair Value of MBS and GSE CRTs According to Weighted Average Life Classification	The following table summarizes our MBS and GSE CRT portfolio according to estimated weighted average life classifications as of December 31, 2018 and 2017 . $ in thousands December 31, 2018 December 31, 2017 Less than one year 110,020 135,559 Greater than one year and less than five years 3,508,100 7,934,836 Greater than or equal to five years 13,778,522 10,120,359 Total 17,396,642 18,190,754
Unrealized Losses and Estimated Fair Value of MBS and GSE CRTs by Length of Time	The following tables present the estimated fair value and gross unrealized losses of our MBS and GSE CRTs by length of time that such securities have been in a continuous unrealized loss position at December 31, 2018 and 2017 . December 31, 2018 Less than 12 Months 12 Months or More Total $ in thousands Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Agency RMBS: 15 year fixed-rate 86,241 (814 ) 50 16,660 (189 ) 22 102,901 (1,003 ) 72 30 year fixed-rate 3,966,347 (49,182 ) 158 2,846,090 (94,716 ) 95 6,812,437 (143,898 ) 253 ARM 2,632 (28 ) 1 49,954 (785 ) 10 52,586 (813 ) 11 Hybrid ARM 6,758 (59 ) 2 453,463 (8,390 ) 71 460,221 (8,449 ) 73 Total Agency RMBS pass-through (1) 4,061,978 (50,083 ) 211 3,366,167 (104,080 ) 198 7,428,145 (154,163 ) 409 Agency-CMO (2) 152,962 (6,315 ) 34 101,705 (5,100 ) 19 254,667 (11,415 ) 53 Non-Agency CMBS (3) 1,214,691 (17,778 ) 94 659,298 (25,381 ) 52 1,873,989 (43,159 ) 146 Non-Agency RMBS (4) 87,850 (1,152 ) 19 89,265 (1,138 ) 16 177,115 (2,290 ) 35 GSE CRT (5) 9,639 (193 ) 1 — — — 9,639 (193 ) 1 Total 5,527,120 (75,521 ) 359 4,216,435 (135,699 ) 285 9,743,555 (211,220 ) 644 (1) Amounts disclosed includes Agency RMBS with a fair value of $ 6.1 billion for which the fair value option has been elected. Such securities have unrealized losses of $ 130.2 million . (2) Amounts disclosed includes Agency IO and Agency-CMO with fair value of $21.8 million and $66.0 million , respectively, for which the fair value option has been elected. These Agency IO and Agency-CMO securities have unrealized losses of $6.3 million and $845,000 , respectively. (3) Amounts disclosed includes non-Agency CMBS with a fair value of $831.3 million for which the fair value option has been elected. Such securities have unrealized losses of $26.3 million . (4) Amounts disclosed includes non-Agency RMBS and non-Agency IO with a fair value of $6.2 million and $3.7 million , respectively for which the fair value option has been elected. Such securities have unrealized losses of $79,000 and $269,000 , respectively. (5) Amounts disclosed includes GSE CRT with a fair value of $9.6 million for which fair value option has been elected. Such securities have unrealized losses of $193,000 . December 31, 2017 Less than 12 Months 12 Months or More Total $ in thousands Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Agency RMBS: 15 year fixed-rate 111,020 (321 ) 26 2,406,021 (67,285 ) 133 2,517,041 (67,606 ) 159 30 year fixed-rate 3,677,576 (20,730 ) 107 963,547 (27,158 ) 56 4,641,123 (47,888 ) 163 ARM 101,173 (902 ) 12 — — — 101,173 (902 ) 12 Hybrid ARM 614,321 (4,189 ) 73 517,642 (8,091 ) 47 1,131,963 (12,280 ) 120 Total Agency RMBS pass-through (1) 4,504,090 (26,142 ) 218 3,887,210 (102,534 ) 236 8,391,300 (128,676 ) 454 Agency-CMO (2) 75,299 (10,433 ) 44 81,988 (2,309 ) 5 157,287 (12,742 ) 49 Non-Agency CMBS (3) 892,553 (17,612 ) 81 135,139 (3,792 ) 12 1,027,692 (21,404 ) 93 Non-Agency RMBS (4) 84,439 (709 ) 15 96,263 (1,732 ) 11 180,702 (2,441 ) 26 Total 5,556,381 (54,896 ) 358 4,200,600 (110,367 ) 264 9,756,981 (165,263 ) 622 (1) Amounts disclosed includes Agency RMBS with a fair value of $ 3.4 billion for which the fair value option has been elected. Such securities have unrealized losses of $ 22.8 million . (2) Fair value includes unrealized losses on Agency IO of $10.1 million and and unrealized losses on CMO of $2.7 million . (3) Amounts disclosed include non-Agency CMBS with a fair value of $596.0 million for which the fair value option has been elected. Such securities have unrealized losses of $8.9 million . (4) Amounts disclosed include non-Agency IO with a fair value of $530,000 for which the fair value option has been elected. Such securities have unrealized losses of $ 39,000 .
Changes in other than temporary impairment included in earnings	The following table represents OTTI included in earnings for the years ended December 31, 2018 and 2017 . We did not record any OTTI for the year ended December 31, 2016 . Years Ended December 31, $ in thousands 2018 2017 RMBS interest-only securities 7,761 11,208 Non-Agency RMBS (1) 85 754 Total 7,846 11,962 (1) Amounts disclosed relate to credit losses on debt securities for which a portion of an other-than-temporary impairment was recognized in other comprehensive income.
Gain (Loss) on Investments	The following table summarizes the components of our total gain (loss) on investments, net for the years ended December 31, 2018 , 2017 and 2016 . As of December 31, 2018 , $11.6 billion ( December 31, 2017 : $6.5 billion ) or 67% ( December 31, 2017 : 36% ) of our MBS and GSE CRT are accounted for under the fair value option. Under the fair value option, changes in fair value are recognized as a component of gain (loss) on investments, net in our consolidated statements of operations. Years Ended December 31, $ in thousands 2018 2017 2016 Gross realized gains on sale of investments 774 2,208 14,196 Gross realized losses on sale of investments (218,910 ) (3,873 ) (21,635 ) Other-than-temporary impairment losses (7,846 ) (11,962 ) (8,909 ) Net unrealized gains and losses on MBS accounted for under the fair value option (95,327 ) (21,368 ) (5,791 ) Net unrealized gains and losses on GSE CRT accounted for under the fair value option (6,370 ) 15,269 4,598 Net unrealized gains and losses on trading securities (21 ) 22 (1 ) Total gain (loss) on investments, net (327,700 ) (19,704 ) (17,542 )
Components of MBS and GSE CRT Interest Income	The following tables present components of interest income recognized on our MBS and GSE CRT portfolio for the years ended December 31, 2018 , 2017 and 2016 . GSE CRT interest income excludes coupon interest associated with embedded derivatives not accounted for under the fair value option that is recorded as realized and unrealized credit derivative income (loss), net. For the Year ended December 31, 2018 $ in thousands Coupon Interest Net (Premium Amortization)/ Discount Accretion Interest Income Agency RMBS and CMBS 452,303 (81,341 ) 370,962 Non-Agency CMBS 151,562 6,682 158,244 Non-Agency RMBS 55,116 19,968 75,084 GSE CRT 29,142 (3,071 ) 26,071 Other 1,117 — 1,117 Total 689,240 (57,762 ) 631,478 For the Year ended December 31, 2017 $ in thousands Coupon Interest Net (Premium Amortization)/Discount Accretion Interest Income Agency RMBS 392,248 (107,702 ) 284,546 Non-Agency CMBS 131,005 (4,268 ) 126,737 Non-Agency RMBS 70,849 18,769 89,618 GSE CRT 22,164 (1,949 ) 20,215 Other 431 — 431 Total 616,697 (95,150 ) 521,547 For the Year ended December 31, 2016 $ in thousands Coupon Interest Net (Premium Amortization)/Discount Accretion Interest Income Agency RMBS 346,783 (116,991 ) 229,792 Non-Agency CMBS 122,636 (11,536 ) 111,100 Non-Agency RMBS 94,206 13,529 107,735 GSE CRT 9,575 (3,192 ) 6,383 Other 1,492 (58 ) 1,434 Total 574,692 (118,248 ) 456,444

Commercial Loans Held-for-Inv_2

Commercial Loans Held-for-Investment (Tables)	12 Months Ended
	Dec. 31, 2018
Receivables [Abstract]
Schedule of Commercial Loans Held for Investment	The following tables summarize commercial loans held-for-investment as of December 31, 2018 and 2017 that we purchased or originated. December 31, 2018 $ in thousands Number of loans Principal Balance Unamortized (fees)/ costs, net Carrying value Weighted Average Coupon Weighted Average Years to Maturity (1) Mezzanine loans 2 31,582 — 31,582 10.69 % 1.7 December 31, 2017 $ in thousands Number of loans Principal Balance Unamortized (fees)/ costs, net Carrying value Weighted Average Weighted Average Years to Maturity (1) Mezzanine loans 8 191,894 (86 ) 191,808 8.52 % 1.2 (1) Weighted average years to maturity is based on the contractual maturity date. Certain loans may contain either an option to prepay or an option to extend beyond their contractual maturity dates as specified in the respective loan agreements.

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of other assets	The following table summarizes our other assets as of December 31, 2018 and 2017 : $ in thousands December 31, 2018 December 31, 2017 FHLBI stock 74,250 74,250 Loan participation interest 54,981 — Investments in unconsolidated ventures 24,012 25,972 Investment in exchange-traded fund — 3,979 Prepaid expenses and other assets 1,234 1,379 Total 154,477 105,580

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of Borrowings	The following tables summarize certain characteristics of our borrowings at December 31, 2018 and 2017 . Refer to Note 8 - "Collateral Positions" for collateral pledged under our repurchase agreements and secured loans. $ in thousands December 31, 2018 Amount Outstanding Period-end Weighted Average Interest Rate Weighted Average Remaining Maturity (Days) Repurchase Agreements: Agency RMBS 9,529,352 2.56 % 36 Agency CMBS 810,450 2.53 % 31 Non-Agency CMBS 1,616,473 3.56 % 19 Non-Agency RMBS 923,959 3.60 % 26 GSE CRT 681,014 3.48 % 21 Loan Participation Interest 41,236 4.09 % 605 Total Repurchase Agreements 13,602,484 2.80 % 34 Secured Loans 1,650,000 2.68 % 1952 Total Borrowings 15,252,484 2.79 % 242 $ in thousands December 31, 2017 Amount Period-end Weighted Weighted Repurchase Agreements: Agency RMBS 11,111,755 1.58 % 25 Non-Agency CMBS 1,396,330 2.61 % 9 Non-Agency RMBS 915,225 2.77 % 31 GSE CRT 657,491 2.78 % 24 Total Repurchase Agreements 14,080,801 1.82 % 25 Secured Loans 1,650,000 1.52 % 2317 Exchangeable Senior Notes (1) 143,410 5.00 % 74 Total Borrowings 15,874,211 1.82 % 263 (1) Exchangeable senior notes were reported net of unamortized debt issuance costs of $179,000 as of December 31, 2017 in our consolidated balance sheet.
Schedule of maturities of outstanding borrowings	The following table shows the aggregate amount of maturities of our outstanding borrowings: $ in thousands As of December 31, 2019 13,561,248 2020 341,236 2021 100,000 2022 — 2023 — Thereafter 1,250,000 Total 15,252,484
Schedule of Repurchase Agreements by Counterparties	The following tables summarize certain characteristics of our repurchase agreements and secured loans at December 31, 2018 and 2017 . December 31, 2018 $ in thousands Amount Outstanding Percent of Total Amount Outstanding MBS and GSE CRT Pledged as Collateral (1) Repurchase Agreement Counterparties: ING Financial Markets 1,429,396 9.4 % 1,520,769 Mirae Asset Securities 1,425,052 9.3 % 1,511,005 HSBC 1,380,761 9.1 % 1,459,458 RBC 1,137,424 7.5 % 1,350,770 E D & F Man Capital Markets 1,102,474 7.2 % 1,170,665 Industrial and Commercial Bank of China 819,664 5.4 % 867,409 Citigroup 722,580 4.7 % 843,019 Federal Home Loan Mortgage Corp 580,277 3.8 % 622,607 Wells Fargo 528,165 3.5 % 612,132 MUFG Securities 511,725 3.4 % 568,563 Societe Generale 428,749 2.8 % 541,319 South Street Securities 409,698 2.7 % 432,208 Amherst Pierpont Securities 399,389 2.6 % 422,819 JP Morgan 383,560 2.5 % 454,570 Goldman Sachs 304,787 2.0 % 386,400 Mizuho Securities 252,528 1.7 % 270,910 Guggenheim Liquidity Services 204,548 1.3 % 216,047 All other repurchase agreement counterparties (2) 1,581,707 10.3 % 1,796,858 Total Repurchase Agreement Counterparties 13,602,484 89.2 % 15,047,528 Secured Loans Counterparty: FHLBI 1,650,000 10.8 % 1,930,364 Total 15,252,484 100.0 % 16,977,892 (1) Amounted pledged as collateral is measured at fair value as described in Note 2 - "Summary of Significant Accounting Policies." (2) Represents amounts outstanding with twelve counterparties. December 31, 2017 $ in thousands Amount Outstanding Percent of Total Amount Outstanding MBS and GSE CRT Pledged as Collateral (1) Repurchase Agreement Counterparties: HSBC 1,745,684 11.2 % 1,839,411 ING Financial Markets 1,482,603 9.4 % 1,571,061 Royal Bank of Canada 1,144,856 7.3 % 1,375,285 Industrial and Commercial Bank of China 1,038,844 6.6 % 1,102,543 E D & F Man Capital Markets 1,028,437 6.5 % 1,085,429 Mirae Asset Securities 958,756 6.1 % 1,018,664 MUFG Securities 865,201 5.5 % 936,071 Citigroup 724,094 4.6 % 841,977 Amherst Pierpont Securities 722,080 4.6 % 764,713 KGS-Alpha Capital Markets 461,098 2.9 % 491,313 JP Morgan 451,941 2.9 % 523,590 Societe Generale 386,737 2.5 % 495,093 BNP Paribas Securities 348,340 2.2 % 388,091 South Street Securities 332,623 2.1 % 354,689 Goldman Sachs 324,152 2.1 % 419,713 Mizuho Securities 310,835 2.0 % 330,555 Guggenheim Liquidity Services 306,081 1.9 % 322,452 Bank of Nova Scotia 289,705 1.8 % 301,715 Natixis Securities 275,764 1.8 % 302,291 All other repurchase agreement counterparties (2) 882,970 5.5 % 1,058,759 Total Repurchase Agreement Counterparties 14,080,801 89.5 % 15,523,415 Secured Loans Counterparty: FHLBI 1,650,000 10.5 % 1,927,496 Total 15,730,801 100.0 % 17,450,911 (1) Amount pledged as collateral is measured at fair value as described in Note 2 - "Summary of Significant Accounting Policies." (2) Represents amount outstanding with seven counterparties.

Collateral Positions (Tables)

Collateral Positions (Tables)	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Collateral Hold and Pledged	The following table summarizes the fair value of collateral that we have pledged under our repurchase agreements, secured loans, interest rate swaps, futures contracts and currency forward contracts as of December 31, 2018 and 2017 . Refer to Note 2 - "Summary of Significant Accounting Policies - Fair Value Measurements" for a description of how we determine fair value. RMBS, CMBS and GSE CRT collateral pledged is included in mortgage-backed and credit risk transfer securities on our consolidated balance sheets. Loan participation interest collateral pledged is included in other assets on our consolidated balance sheets. Cash collateral pledged on secured loans, bilateral interest rate swaps and currency forwards is classified as restricted cash on our consolidated balance sheets. Cash collateral pledged on futures contracts is classified as due from counterparties on our consolidated balance sheets. Cash collateral held on bilateral swaps that is not restricted for use is included in cash and cash equivalents on our consolidated balance sheets and the liability to return the collateral is included in collateral held payable. Non-cash collateral held is only recognized if the counterparty defaults or if we sell the pledged collateral. As of December 31, 2018 and 2017 , we did not recognize any non-cash collateral held. $ in thousands As of Collateral Pledged December 31, 2018 December 31, 2017 Repurchase Agreements: Agency RMBS 10,158,404 11,788,765 Agency CMBS 870,702 — Non-Agency CMBS 2,016,202 1,737,831 Non-Agency RMBS 1,127,911 1,143,373 GSE CRT 819,328 853,446 Loan participation interest 54,981 — Total repurchase agreements collateral pledged 15,047,528 15,523,415 Secured Loans: Agency RMBS 702,952 623,181 Non-Agency CMBS 1,227,412 1,304,315 Total secured loans collateral pledged 1,930,364 1,927,496 Interest Rate Swaps, Futures Contracts and Currency Forward Contracts: Agency RMBS 159,914 109,900 Cash 13,500 620 Total interest rate swaps, futures contracts and currency forward contracts collateral pledged 173,414 110,520 Total: Mortgage-backed and GSE CRT securities 17,082,825 17,560,811 Loan participation interest 54,981 — Cash 13,500 620 Total collateral pledged 17,151,306 17,561,431 Collateral Held December 31, 2018 December 31, 2017 Interest Rate Swaps: Cash 18,083 7,327 Non-cash collateral — — Total collateral held 18,083 7,327

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding Interest Rate Swaptions and Derivative Instrument Information	The following table summarizes changes in the notional amount of our derivative instruments during 2018 : $ in thousands Notional Amount as of December 31, 2017 Additions Settlement, Notional Amount as Interest Rate Swaps (1) 8,620,000 5,200,000 (1,450,000 ) 12,370,000 Futures Contracts — 5,069,300 (3,379,400 ) 1,689,900 Currency Forward Contracts 76,859 208,727 (262,437 ) 23,149 Credit Derivatives 553,493 — (26,581 ) 526,912 TBA Purchase Contracts — 283,100 (283,100 ) — TBA Sale Contracts — (283,100 ) 283,100 — Total 9,250,352 10,478,027 (5,118,418 ) 14,609,961 (1) Notional amount as of December 31, 2017 excludes $500.0 million of interest rate swaps with forward start dates
Interest Rate Derivatives Outstanding	As of December 31, 2018 , we had the following interest rate derivatives outstanding: $ in thousands Counterparty Index Notional Maturity Date Fixed Interest Rate in Contract CME Central Clearing 1-month LIBOR 1,500,000 11/19/2019 2.70 % LCH Central Clearing 1-month LIBOR 400,000 7/30/2020 2.69 % CME Central Clearing 1-month LIBOR 200,000 9/20/2020 2.79 % CME Central Clearing 1-month LIBOR 400,000 9/28/2020 2.72 % CME Central Clearing 1-month LIBOR 500,000 10/25/2020 2.90 % CME Central Clearing 1-month LIBOR 300,000 2/5/2021 2.69 % CME Central Clearing 1-month LIBOR 300,000 2/5/2021 2.50 % CME Central Clearing 3-month LIBOR 500,000 5/24/2021 2.25 % Citibank, N.A. 1-month LIBOR 200,000 5/25/2021 2.83 % CME Central Clearing 3-month LIBOR 500,000 6/24/2021 2.44 % CME Central Clearing 1-month LIBOR 500,000 12/21/2021 2.60 % HSBC Bank USA, National Association 1-month LIBOR 550,000 2/24/2022 2.45 % CME Central Clearing 3-month LIBOR 1,000,000 6/9/2022 2.21 % CME Central Clearing 3-month LIBOR 1,000,000 8/14/2022 1.87 % The Royal Bank of Scotland Plc 1-month LIBOR 500,000 8/15/2023 1.98 % CME Central Clearing 1-month LIBOR 600,000 8/24/2023 2.88 % HSBC Bank USA, National Association 1-month LIBOR 500,000 12/15/2023 2.20 % CME Central Clearing 3-month LIBOR 450,000 1/12/2024 2.10 % CME Central Clearing 3-month LIBOR 450,000 1/25/2024 2.15 % LCH Central Clearing 3-month LIBOR 1,000,000 2/6/2025 2.77 % CME Central Clearing 3-month LIBOR 100,000 4/2/2025 2.04 % LCH Central Clearing 3-month LIBOR 220,000 8/31/2027 2.12 % CME Central Clearing 3-month LIBOR 250,000 5/24/2028 2.78 % CME Central Clearing 3-month LIBOR 250,000 5/24/2028 2.39 % LCH Central Clearing 1-month LIBOR 200,000 7/3/2028 2.78 % Total 12,370,000 2.46 %
Schedule of Credit Derivatives	As of December 31, 2018 and 2017 , terms of the GSE CRT embedded derivatives are: $ in thousands December 31, 2018 December 31, 2017 Fair value amount 22,771 45,400 Notional amount 526,912 553,493 Maximum potential amount of future undiscounted payments 526,912 553,493
Fair Value of Derivative Financial Instruments and Classification on Balance Sheet	The table below presents the fair value of our derivative financial instruments, as well as their classification on our consolidated balance sheets as of December 31, 2018 and 2017 . $ in thousands Derivative Assets Derivative Liabilities As of December 31, 2018 As of December 31, 2017 As of December 31, 2018 As of December 31, 2017 Balance Sheet Fair Value Fair Value Balance Sheet Fair Value Fair Value Interest Rate Swaps Asset 15,089 6,896 Interest Rate Swaps Liability 15,382 31,548 Futures — — Futures 7,836 — Currency Forward Contracts — — Currency Forward Contracts 172 1,217
Effect of Derivative Financial Instruments on Statement of Operations	The tables below present the effect of our credit derivatives on our consolidated statements of operations for the years ended December 31, 2018 , 2017 and 2016 . $ in thousands Year ended December 31, 2018 Derivative not designated as hedging instrument Realized gain (loss), net GSE CRT embedded derivative coupon interest Unrealized gain (loss), net Realized and unrealized credit derivative income (loss), net GSE CRT Embedded Derivatives — 22,478 (22,629 ) (151 ) $ in thousands Year ended December 31, 2017 Derivative not designated as hedging instrument Realized gain (loss), net GSE CRT embedded derivative coupon interest Unrealized gain (loss), net Realized and unrealized credit derivative income (loss), net GSE CRT Embedded Derivatives — 23,343 28,305 51,648 $ in thousands Year ended December 31, 2016 Derivative not designated as hedging instrument Realized gain (loss), net GSE CRT embedded derivative coupon interest Unrealized gain (loss), net Realized and unrealized credit derivative income (loss), net GSE CRT Embedded Derivatives (6,017 ) 24,343 42,817 61,143 The following tables summarize the effect of interest rate swaps, interest rate swaptions, futures contracts, currency forward contracts and TBAs reported in gain (loss) on derivative instruments, net on the consolidated statements of operations for the years ended December 31, 2018 , 2017 and 2016 . $ in thousands Year ended December 31, 2018 Derivative not designated as hedging instrument Realized gain (loss) on derivative instruments, net Contractual net interest expense Unrealized gain (loss), net Gain (loss) on derivative instruments, net Interest Rate Swaps 81,417 (20,015 ) 24,358 85,760 Future Contracts (86,318 ) — (7,836 ) (94,154 ) Currency Forward Contracts 2,088 — 1,046 3,134 TBAs (17 ) — — (17 ) Total (2,830 ) (20,015 ) 17,568 (5,277 ) $ in thousands Year ended December 31, 2017 Derivative not designated as hedging instrument Realized gain (loss) on derivative instruments, net Contractual net interest expense Unrealized gain (loss), net Gain (loss) on derivative instruments, net Interest Rate Swaps 72,894 (77,076 ) 28,316 24,134 Currency Forward Contracts (5,056 ) — (923 ) (5,979 ) Total 67,838 (77,076 ) 27,393 18,155 $ in thousands Year ended December 31, 2016 Derivative Realized gain (loss) on derivative instruments, net Contractual net interest expense Unrealized gain (loss), net Gain (loss) on derivative instruments, net Interest Rate Swaps (69,090 ) (104,804 ) 100,503 (73,391 ) Interest Rate Swaptions (1,485 ) — 1,485 — Currency Forward Contracts 12,632 — (2,056 ) 10,576 Total (57,943 ) (104,804 ) 99,932 (62,815 )

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Offsetting [Abstract]
Offsetting Assets	The following tables present information about the assets and liabilities that are subject to master netting arrangements (or similar agreements) and can potentially be offset on our consolidated balance sheets at December 31, 2018 and December 31, 2017 . As a result of rulebook changes governing central clearing activities effective January 3, 2017, the daily variation margin payment for centrally cleared interest rate swaps is characterized as settlement of the derivative itself rather than collateral. Our derivative liability of $13.2 million at December 31, 2018 related to centrally cleared interest rate swaps is not included in the table below as a result of this change. Offsetting of Derivative Assets As of December 31, 2018 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in thousands Description Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount Derivatives (1)(3) 15,089 — 15,089 (433 ) (14,656 ) — Offsetting of Derivative Liabilities, Repurchase Agreements and Secured Loans As of December 31, 2018 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in thousands Description Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities presented in the Consolidated Balance Sheets Financial Instruments (2) Cash Collateral Pledged Net Amount Derivatives (3) 10,239 — 10,239 (2,058 ) (7,836 ) 345 Repurchase Agreements (4) 13,602,484 — 13,602,484 (13,602,484 ) — — Secured Loans (5) 1,650,000 — 1,650,000 (1,650,000 ) — — Total 15,262,723 — 15,262,723 (15,254,542 ) (7,836 ) 345 Offsetting of Derivative Assets As of December 31, 2017 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in thousands Description Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount Derivatives (1)(3) 6,896 — 6,896 — (6,896 ) — Offsetting of Derivative Liabilities and Repurchase Agreements As of December 31, 2017 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in thousands Description Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities presented in the Consolidated Balance Sheets Financial Instruments (2) Cash Collateral Pledged Net Amount Derivatives (3) 22,445 — 22,445 (21,169 ) (620 ) 656 Repurchase Agreements (4) 14,080,801 — 14,080,801 (14,080,801 ) — — Secured Loans (5) 1,650,000 — 1,650,000 (1,650,000 ) — — 15,753,246 — 15,753,246 (15,751,970 ) (620 ) 656 (1) Amounts represent derivatives in an asset position that could potentially be offset against derivatives in a liability position at December 31, 2018 and December 31, 2017 , subject to a netting arrangement. (2) Amounts represent collateral pledged that is available to be offset against liability balances associated with repurchase agreements, secured loans and derivatives. (3) The fair value of securities pledged against our derivatives was $159.9 million at December 31, 2018 ( December 31, 2017 : $109.9 million ), of which $158.3 million ( December 31, 2017 : $86.2 million ) relates to initial margin pledged on centrally cleared interest rate swaps and futures. Centrally cleared interest rate swaps are excluded from the tables above. Cash collateral received on our derivatives was $18.1 million and $7.3 million at December 31, 2018 and December 31, 2017 , respectively. Cash collateral pledged by us on our derivatives was $13.5 million and $620,000 at December 31, 2018 and December 31, 2017 , respectively. Cash collateral pledged on our centrally cleared interest rate swaps is settled against the fair value of these swaps and therefore excluded from the tables above at December 31, 2018 . (4) The fair value of securities pledged against our borrowing under repurchase agreements was $15.0 billion and $15.5 billion at December 31, 2018 and December 31, 2017 , respectively. (5) The fair value of securities pledged against IAS Services LLC's borrowing under secured loans was $1.9 billion and $1.9 billion at December 31, 2018 and December 31, 2017 , respectively.
Offsetting Liabilities	The following tables present information about the assets and liabilities that are subject to master netting arrangements (or similar agreements) and can potentially be offset on our consolidated balance sheets at December 31, 2018 and December 31, 2017 . As a result of rulebook changes governing central clearing activities effective January 3, 2017, the daily variation margin payment for centrally cleared interest rate swaps is characterized as settlement of the derivative itself rather than collateral. Our derivative liability of $13.2 million at December 31, 2018 related to centrally cleared interest rate swaps is not included in the table below as a result of this change. Offsetting of Derivative Assets As of December 31, 2018 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in thousands Description Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount Derivatives (1)(3) 15,089 — 15,089 (433 ) (14,656 ) — Offsetting of Derivative Liabilities, Repurchase Agreements and Secured Loans As of December 31, 2018 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in thousands Description Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities presented in the Consolidated Balance Sheets Financial Instruments (2) Cash Collateral Pledged Net Amount Derivatives (3) 10,239 — 10,239 (2,058 ) (7,836 ) 345 Repurchase Agreements (4) 13,602,484 — 13,602,484 (13,602,484 ) — — Secured Loans (5) 1,650,000 — 1,650,000 (1,650,000 ) — — Total 15,262,723 — 15,262,723 (15,254,542 ) (7,836 ) 345 Offsetting of Derivative Assets As of December 31, 2017 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in thousands Description Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount Derivatives (1)(3) 6,896 — 6,896 — (6,896 ) — Offsetting of Derivative Liabilities and Repurchase Agreements As of December 31, 2017 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in thousands Description Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities presented in the Consolidated Balance Sheets Financial Instruments (2) Cash Collateral Pledged Net Amount Derivatives (3) 22,445 — 22,445 (21,169 ) (620 ) 656 Repurchase Agreements (4) 14,080,801 — 14,080,801 (14,080,801 ) — — Secured Loans (5) 1,650,000 — 1,650,000 (1,650,000 ) — — 15,753,246 — 15,753,246 (15,751,970 ) (620 ) 656 (1) Amounts represent derivatives in an asset position that could potentially be offset against derivatives in a liability position at December 31, 2018 and December 31, 2017 , subject to a netting arrangement. (2) Amounts represent collateral pledged that is available to be offset against liability balances associated with repurchase agreements, secured loans and derivatives. (3) The fair value of securities pledged against our derivatives was $159.9 million at December 31, 2018 ( December 31, 2017 : $109.9 million ), of which $158.3 million ( December 31, 2017 : $86.2 million ) relates to initial margin pledged on centrally cleared interest rate swaps and futures. Centrally cleared interest rate swaps are excluded from the tables above. Cash collateral received on our derivatives was $18.1 million and $7.3 million at December 31, 2018 and December 31, 2017 , respectively. Cash collateral pledged by us on our derivatives was $13.5 million and $620,000 at December 31, 2018 and December 31, 2017 , respectively. Cash collateral pledged on our centrally cleared interest rate swaps is settled against the fair value of these swaps and therefore excluded from the tables above at December 31, 2018 . (4) The fair value of securities pledged against our borrowing under repurchase agreements was $15.0 billion and $15.5 billion at December 31, 2018 and December 31, 2017 , respectively. (5) The fair value of securities pledged against IAS Services LLC's borrowing under secured loans was $1.9 billion and $1.9 billion at December 31, 2018 and December 31, 2017 , respectively.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Values Measured on Recurring Basis	The following tables present our assets and liabilities measured at fair value on a recurring basis. December 31, 2018 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 NAV as a practical expedient (3) Total at Fair Value Assets: Mortgage-backed and credit risk transfer securities (1) (2) — 17,373,871 22,771 — 17,396,642 Derivative assets — 15,089 — — 15,089 Other assets (4) — — 54,981 24,012 78,993 Total assets — 17,388,960 77,752 24,012 17,490,724 Liabilities: Derivative liabilities 7,836 15,554 — — 23,390 Total liabilities 7,836 15,554 — — 23,390 December 31, 2017 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 NAV as a practical expedient (3) Total at Fair Value Assets: Mortgage-backed and credit risk transfer securities (1) (2) — 18,145,354 45,400 — 18,190,754 Derivative assets — 6,896 — — 6,896 Other assets (5) 3,979 — — 25,972 29,951 Total assets 3,979 18,152,250 45,400 25,972 18,227,601 Liabilities: Derivative liabilities — 32,765 — — 32,765 Total liabilities — 32,765 — — 32,765 (1) For more detail about the fair value of our MBS and GSE CRTs, refer to Note 4 - "Mortgage-Backed and Credit Risk Transfer Securities." (2) Our GSE CRTs purchased prior to August 24, 2015 are accounted for as hybrid financial instruments with an embedded derivative. The hybrid instruments consist of debt host contracts classified as Level 2 and embedded derivatives classified as Level 3. As of December 31, 2018 , the net embedded derivative asset position of $22.8 million includes $28.8 million of embedded derivatives in an asset position and $6.0 million of embedded derivatives in a liability position. As of December 31, 2017 , the net embedded derivative asset position of $45.4 million includes $46.5 million of embedded derivatives in an asset position and $1.1 million of embedded derivatives in a liability position. (3) Investments in unconsolidated ventures are valued using the net asset value ("NAV") as a practical expedient and are not subject to redemption, although investors may sell or transfer their interest at the approval of the general partner of the underlying funds. As of December 31, 2018 and December 31, 2017 , the weighted average remaining term of investments in unconsolidated ventures is 2.6 years and 1.9 years, respectively. (4) Includes $55.0 million of a loan participation interest as of December 31, 2018. The loan participation interest is transferable and bears interest at a variable rate based on LIBOR plus a spread and resets daily. There was no evidence that the interest rate spread on the loan participation interest did not approximate market comparables as of December 31, 2018. As a result, the cost of the loan participation interest approximates its fair value. (5) Includes $4.0 million of an investment in an exchange-traded fund as of December 31, 2017 .
Net Derivative Asset (Liability) Level 3 Roll Forward	The following table shows a reconciliation of the beginning and ending fair value measurements of our GSE CRT embedded derivatives, which we have valued utilizing Level 3 inputs: Years Ended $ in thousands December 31, 2018 December 31, 2017 Beginning balance 45,400 17,095 Unrealized gains/(losses), net (1) (22,629 ) 28,305 Ending balance 22,771 45,400 (1) Included in realized and unrealized credit derivative income (loss), net in the consolidated statements of operations are $22.6 million in net unrealized losses and $28.3 million in net unrealized gains attributable to assets still held as of December 31, 2018 and December 31, 2017 , respectively.
Loan participation interest Level 3 Roll Forward	The following table shows a reconciliation of the beginning and ending fair value measurements of our loan participation interest, which we have valued utilizing Level 3 inputs: Year Ended $ in thousands December 31, 2018 Beginning balance — Purchases 54,981 Ending balance 54,981
Net Derivative Asset (Liability), Fair Value Inputs	The following tables summarize significant unobservable inputs used in the fair value measurement of our GSE CRT embedded derivatives: Fair Value at $ in thousands December 31, 2018 Valuation Technique Unobservable Input Range Weighted Average GSE CRT Embedded Derivatives 22,771 Market Comparables, Vendor Pricing Weighted average life 2.9 - 5.9 years 4.3 years Fair Value at $ in thousands December 31, 2017 Valuation Technique Unobservable Input Range Weighted Average GSE CRT Embedded Derivatives 45,400 Market Comparables, Vendor Pricing Weighted average life 2.6 - 6.8 years 4.8 years
Carrying Values And Estimated Fair Value of Financial Instruments	The following table presents the carrying value and estimated fair value of our financial instruments that are not carried at fair value on the consolidated balance sheets at December 31, 2018 and December 31, 2017 : December 31, 2018 December 31, 2017 $ in thousands Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Commercial loans, held-for-investment 31,582 31,826 191,808 191,930 Other assets 74,250 74,250 74,250 74,250 Total 105,832 106,076 266,058 266,180 Financial Liabilities: Repurchase agreements 13,602,484 13,602,050 14,080,801 14,080,460 Secured loans 1,650,000 1,650,000 1,650,000 1,650,000 Exchangeable senior notes — — 143,231 143,948 Total 15,252,484 15,252,050 15,874,032 15,874,408

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the costs incurred on our behalf by our Manager for the years ended December 31, 2018 , 2017 and 2016 . Years ended December 31, $ in thousands 2018 2017 2016 Incurred costs, prepaid or expensed 6,483 5,997 6,986 Incurred costs, charged against equity as a cost of raising capital 230 299 — Incurred costs, capitalized to other assets — — 50 Total incurred costs, originally paid by our Manager 6,713 6,296 7,036

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Schedule of Nonvested Restricted Stock Shares Activity	The following table summarizes the activity related to restricted stock units awarded to employees of our Manager and its affiliates for the year ended December 31, 2018 . Year Ended December 31, 2018 Restricted Stock Units Weighted Average Grant Date Fair Value (1) Unvested at the beginning of the year 19,827 $ 14.35 Shares granted during the year 7,055 15.37 Shares forfeited during the year (3,967 ) 14.56 Shares vested during the year (11,864 ) 14.71 Unvested at the end of the year 11,051 $ 14.55 (1) The grant date fair value of restricted stock unit awards is based on the closing market price of our common stock at the grant date.
Schedule of Accumulated Other Comprehensive Income	The following tables present the components of total other comprehensive income (loss), net and accumulated other comprehensive income ("AOCI") at December 31, 2018 and December 31, 2017 , respectively. The tables exclude gains and losses on MBS and GSE CRTs that are accounted for under the fair value option. December 31, 2018 $ in thousands Equity method investments Available-for-sale securities Derivatives and hedging Total Total other comprehensive income (loss), net: Unrealized gain (loss) on mortgage-backed and credit risk transfer securities, net — (210,424 ) — (210,424 ) Reclassification of unrealized (gain) loss on sale of mortgage-backed and credit risk transfer securities to gain (loss) on investments, net — 193,162 — 193,162 Reclassification of amortization of net deferred (gain) loss on de-designated interest rate swaps to repurchase agreements interest expense — — (25,839 ) (25,839 ) Currency translation adjustments on investment in unconsolidated venture (447 ) — — (447 ) Total other comprehensive income (loss), net (447 ) (17,262 ) (25,839 ) (43,548 ) AOCI balance at beginning of period 947 136,188 123,894 261,029 Other comprehensive income/(loss), net (447 ) (17,262 ) (25,839 ) (43,548 ) Other comprehensive income/(loss) attributable to non-controlling interest 6 927 300 1,233 Rebalancing of ownership percentage of non-controlling interest — (1 ) — (1 ) Purchase of OP units from non-controlling interest 7 812 1,281 2,100 AOCI balance at end of period 513 120,664 99,636 220,813 December 31, 2017 $ in thousands Equity method investments Available-for-sale securities Derivatives and hedging Total Total other comprehensive income (loss), net: Unrealized gain (loss) on mortgage-backed and credit risk transfer securities, net — (9,885 ) — (9,885 ) Reclassification of unrealized (gain) loss on sale of mortgage-backed and credit risk transfer securities to gain (loss) on investments, net — 1,508 — 1,508 Reclassification of amortization of net deferred (gain) loss on de-designated interest rate swaps to repurchase agreements interest expense — — (25,544 ) (25,544 ) Currency translation adjustments on investment in unconsolidated venture 863 — — 863 Total other comprehensive income (loss), net 863 (8,377 ) (25,544 ) (33,058 ) AOCI balance at beginning of period 95 144,458 149,115 293,668 Other comprehensive income/(loss), net 863 (8,377 ) (25,544 ) (33,058 ) Other comprehensive income/(loss) attributable to non-controlling interest (11 ) 106 323 418 Rebalancing of ownership percentage of non-controlling interest — 1 — 1 AOCI balance at end of period 947 136,188 123,894 261,029
Schedule of Dividends Declared	We declared the following dividends during 2018 and 2017: Series A Preferred Stock Dividends Declared Per Share Amount Date of Payment 2018 December 14, 2018 $ 0.4844 January 25, 2019 September 14, 2018 $ 0.4844 October 25, 2018 June 15, 2018 $ 0.4844 July 25, 2018 March 15, 2018 $ 0.4844 April 25, 2018 2017 December 14, 2017 $ 0.4844 January 25, 2018 September 14, 2017 $ 0.4844 October 25, 2017 June 15, 2017 $ 0.4844 July 25, 2017 March 15, 2017 $ 0.4844 April 25, 2017 Series B Preferred Stock Dividends Declared Per Share Amount Date of Payment 2018 November 6, 2018 $ 0.4844 December 27, 2018 August 2, 2018 $ 0.4844 September 27, 2018 May 2, 2018 $ 0.4844 June 27, 2018 February 15, 2018 $ 0.4844 March 27, 2018 2017 September 14, 2017 $ 0.4844 December 27, 2017 June 15, 2017 $ 0.4844 September 27, 2017 March 15, 2017 $ 0.4844 June 27, 2017 Series C Preferred Stock Dividends Declared Per Share Amount Date of Payment 2018 November 6, 2018 $ 0.46875 December 27, 2018 August 2, 2018 $ 0.46875 September 27, 2018 May 2, 2018 $ 0.46875 June 27, 2018 February 15, 2018 $ 0.46875 March 27, 2018 2017 September 14, 2017 $ 0.68230 December 27, 2017 Common Stock Dividends Declared Per Share Amount Date of Payment 2018 December 14, 2018 $ 0.42 January 28, 2019 September 14, 2018 $ 0.42 October 26, 2018 June 15, 2018 $ 0.42 July 26, 2018 March 15, 2018 $ 0.42 April 26, 2018 2017 December 14, 2017 $ 0.42 January 26, 2018 September 14, 2017 $ 0.41 October 26, 2017 June 15, 2017 $ 0.40 July 26, 2017 March 15, 2017 $ 0.40 April 26, 2017 The following table sets forth the dividends declared per share of our preferred and common stock and their related tax characterization for the fiscal tax years ended December 31, 2018 and 2017 . Tax Characterization of Dividends Fiscal Tax Year Dividends Declared Ordinary Dividends Capital Gain Distribution Carry Forward Series A Preferred Stock Dividends Fiscal tax year 2018 (1) 1.937600 1.937600 — — Fiscal tax year 2017 (2) 1.937600 1.937600 — — Series B Preferred Stock Dividends Fiscal tax year 2018 1.937600 1.937600 — — Fiscal tax year 2017 1.937600 1.937600 — — Series C Preferred Stock Dividends Fiscal tax year 2018 1.875000 1.875000 — — Fiscal tax year 2017 0.682290 0.682290 — — Common Stock Dividends Fiscal tax year 2018 1.680000 1.378178 — 0.301822 Fiscal tax year 2017 1.630000 1.480040 — 0.149960 (1) Excludes preferred stock dividend of $0.4844 per share declared on December 14, 2018 that has a record date of January 1, 2019. This dividend is a 2019 dividend for federal income tax purposes. (2) Excludes preferred stock dividend of $0.4844 per share declared on December 14, 2017 that has a record date of January 1, 2018. This dividend is a 2018 dividend for federal income tax purposes.

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	Earnings per share for the years ended December 31, 2018 , 2017 and 2016 is computed as follows: $ and share amounts in thousands Years Ended December 31, 2018 2017 2016 Numerator (Income) Basic Earnings: Net income (loss) available to common stockholders (115,216 ) 320,527 231,547 Effect of dilutive securities: Income allocated to exchangeable senior notes — 13,340 22,467 Income (loss) allocated to non-controlling interest — 4,450 3,287 Dilutive net income (loss) available to stockholders (115,216 ) 338,317 257,301 Denominator (Weighted Average Shares) Basic Earnings: Shares available to common stockholders 111,637 111,610 111,973 Effect of dilutive securities: Restricted stock awards — 20 20 Non-controlling interest OP Units — 1,425 1,425 Exchangeable senior notes — 9,986 16,836 Dilutive Shares 111,637 123,041 130,254 Earnings (loss) per share: Net income (loss) attributable to common stockholders Basic (1.03 ) 2.87 2.07 Diluted (1.03 ) 2.75 1.98

Non-controlling Interest - Op_2

Non-controlling Interest - Operating Partnership (Tables)	12 Months Ended
	Dec. 31, 2018
Noncontrolling Interest [Abstract]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net	The following table summarizes the effect of changes in our ownership interest in our Operating Partnership on our equity. Years ended December 31, $ in thousands 2018 2017 2016 Net income (loss) attributable to Invesco Mortgage Capital Inc. (70,790 ) 348,607 254,411 Transfers from non-controlling interest: Decrease in additional paid-in capital due to purchase of OP units (798 ) — — Net transfers from non-controlling interest (798 ) — — Change from net income (loss) attributable to Invesco Mortgage Capital Inc. common stockholders and transfers (to) from non-controlling interest (71,588 ) 348,607 254,411
Schedule of Income (Expense) Allocated and Distributions Paid to Noncontrolling Interests	The following table presents the net income (loss) allocated and distributions paid to the Operating Partnership non-controlling interest for the years ended December 31, 2018, 2017 and 2016 Years ended December 31, $ in thousands 2018 2017 2016 Net income (loss) allocated 254 4,450 3,287 Distributions paid 2,394 2,294 2,280

Summarized Quarterly Results _2

Summarized Quarterly Results of Operations (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Selected Results of Operations for Quarters	The following is a presentation of selected unaudited results of operations for the quarters ended. $ in thousands except share amounts Q4 18 Q3 18 Q2 18 Q1 18 Q4 17 Q3 17 Q2 17 Q1 17 Interest Income Mortgage-backed and credit risk transfer securities 174,511 160,416 147,548 149,003 147,509 134,138 121,027 118,873 Commercial and other loans 1,593 1,672 4,051 4,222 5,472 6,251 6,021 5,764 Total interest income 176,104 162,088 151,599 153,225 152,981 140,389 127,048 124,637 Interest Expense Repurchase agreements 91,057 81,763 69,389 59,585 51,955 45,907 36,072 29,947 Secured loans 10,565 9,490 8,471 6,927 5,878 5,544 4,535 3,413 Exchangeable senior notes — — — 1,621 2,104 2,724 3,504 5,008 Total interest expense 101,622 91,253 77,860 68,133 59,937 54,175 44,111 38,368 Net interest income 74,482 70,835 73,739 85,092 93,044 86,214 82,937 86,269 Other income (loss) Gain (loss) on investments, net 76,957 (207,910 ) (36,377 ) (160,370 ) (17,153 ) (11,873 ) 11,175 (1,853 ) Equity in earnings of unconsolidated ventures 624 1,084 798 896 (47 ) 408 (154 ) (1,534 ) Gain (loss) on derivative instruments, net (293,485 ) 87,672 67,169 133,367 64,251 1,955 (53,513 ) 5,462 Realized and unrealized credit derivative income (loss), net (9,026 ) 4,975 735 3,165 13,220 (2,930 ) 21,403 19,955 Net loss on extinguishment of debt — — — (26 ) (233 ) (1,344 ) (526 ) (4,711 ) Other investment income (loss), net 850 1,068 (2,160 ) 3,102 1,206 2,313 2,533 1,329 Total other income (loss) (224,080 ) (113,111 ) 30,165 (19,866 ) 61,244 (11,471 ) (19,082 ) 18,648 Expenses 12,410 11,778 11,627 11,977 11,972 11,254 10,635 10,885 Net income (loss) (162,008 ) (54,054 ) 92,277 53,249 142,316 63,489 53,220 94,032 Net income (loss) attributable to non-controlling interest (899 ) (681 ) 1,163 671 1,794 800 670 1,186 Net income (loss) attributable to Invesco Mortgage Capital Inc. (161,109 ) (53,373 ) 91,114 52,578 140,522 62,689 52,550 92,846 Dividends to preferred stockholders 11,106 11,107 11,106 11,107 3,086 13,562 5,716 5,716 Net income (loss) attributable to common stockholders (172,215 ) (64,480 ) 80,008 41,471 137,436 49,127 46,834 87,130 Earnings (loss) per share: Net income (loss) attributable to common stockholders Basic (1.54 ) (0.58 ) 0.72 0.37 1.23 0.44 0.42 0.78 Diluted (1.54 ) (0.58 ) 0.72 0.37 1.18 0.43 0.41 0.73

Organization and Business Ope_2

Organization and Business Operations (Detail) - segment	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Organization And Business Operations
Number of operating segments	1
Minimum distribution percentage of taxable income to qualify for REIT	90.00%
Operating Partnership
Organization And Business Operations
Ownership percentage in operating partnership	1.30%	1.30%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Foreign currency gain (losses)	$ (1,038,000)	$ 4,103,000	$ (8,260,000)
Increase (decrease) of net cash provided by operating activities	304,264,000	290,601,000	295,797,000
Increase (decrease) of net cash used in investing activities	(621,551,000)	3,088,285,000	(979,734,000)
Increase (decrease) of net cash provided by financing activities	(879,199,000)	2,724,897,000	(1,166,942,000)
Restricted cash	0	620,000
Other investment income (loss), net
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Foreign currency gain (losses)	$ (900,000)	4,100,000	(8,200,000)
Accounting Standards Update 2016-15
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (decrease) of net cash provided by operating activities		(27,400,000)	(33,900,000)
Increase (decrease) of net cash used in investing activities		33,000,000	30,700,000
Increase (decrease) of net cash provided by financing activities		$ (5,600,000)	$ 3,200,000

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity
Carrying Amount	$ 17,396,642	$ 18,190,754
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying Amount	4,474,153
Company's Maximum Risk of Loss	4,474,153
Variable Interest Entity, Not Primary Beneficiary | Non-Agency CMBS
Variable Interest Entity
Carrying Amount	3,286,459
Company's Maximum Risk of Loss	3,286,459
Variable Interest Entity, Not Primary Beneficiary | Non-Agency RMBS
Variable Interest Entity
Carrying Amount	1,163,682
Company's Maximum Risk of Loss	1,163,682
Variable Interest Entity, Not Primary Beneficiary | Investments in unconsolidated ventures
Variable Interest Entity
Carrying Amount	24,012
Company's Maximum Risk of Loss	$ 24,012

Mortgage-Backed and Credit Ri_3

Mortgage-Backed and Credit Risk Transfer Securities - Summary of Investment Portfolio (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Principal/ Notional Balance	$ 20,114,683	$ 20,855,353
Unamortized Premium (Discount)	(2,752,848)	(2,840,992)
Amortized Cost	17,361,835	18,014,361
Unrealized Gain/ (Loss), net	34,807	176,393
Fair Value	$ 17,396,642	$ 18,190,754
Period- end Weighted Average Yield	4.00%	3.42%
Percentage of agency collateralized mortgage obligations interest only securities, principal balance	73.60%	81.80%
Percentage of agency collateralized mortgage obligations interest only securities, amortized cost	13.50%	20.90%
Percentage of agency collateralized mortgage obligations interest only securities, fair value	12.40%	18.70%
Unamortized premium (discount) non-accretable portion	$ 145,600	$ 195,300
Percentage of Non-Agency RMBS interest-only, principal balance	15.00%	51.50%
Percentage of Non-Agency RMBS interest-only, amortized cost	0.40%	2.00%
Percentage of Non-Agency RMBS interest only, fair value	0.50%	1.80%
Percentage of CMBS interest only, principal balance		15.80%
Percentage of CMBS interest only, amortized cost		0.50%
Percentage of CMBS interest only, fair value		0.60%
15 year fixed-rate
Debt Securities, Available-for-sale [Line Items]
Principal/ Notional Balance	$ 417,233	$ 2,917,307
Unamortized Premium (Discount)	5,077	119,120
Amortized Cost	422,310	3,036,427
Unrealized Gain/ (Loss), net	1,944	(61,645)
Fair Value	$ 424,254	$ 2,974,782
Period- end Weighted Average Yield	3.27%	2.17%
30 year fixed-rate
Debt Securities, Available-for-sale [Line Items]
Principal/ Notional Balance	$ 9,599,301	$ 7,354,211
Unamortized Premium (Discount)	298,693	295,977
Amortized Cost	9,897,994	7,650,188
Unrealized Gain/ (Loss), net	(125,225)	(9,648)
Fair Value	$ 9,772,769	$ 7,640,540
Period- end Weighted Average Yield	3.55%	3.09%
ARM
Debt Securities, Available-for-sale [Line Items]
Principal/ Notional Balance	$ 105,453	$ 238,486
Unamortized Premium (Discount)	350	1,609
Amortized Cost	105,803	240,095
Unrealized Gain/ (Loss), net	(56)	1,105
Fair Value	$ 105,747	$ 241,200
Period- end Weighted Average Yield	2.74%	2.60%
Hybrid ARM
Debt Securities, Available-for-sale [Line Items]
Principal/ Notional Balance	$ 548,133	$ 1,696,148
Unamortized Premium (Discount)	13,425	26,066
Amortized Cost	561,558	1,722,214
Unrealized Gain/ (Loss), net	(7,357)	(2,829)
Fair Value	$ 554,201	$ 1,719,385
Period- end Weighted Average Yield	2.80%	2.54%
Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Principal/ Notional Balance	$ 10,670,120	$ 12,206,152
Unamortized Premium (Discount)	317,545	442,772
Amortized Cost	10,987,665	12,648,924
Unrealized Gain/ (Loss), net	(130,694)	(73,017)
Fair Value	$ 10,856,971	$ 12,575,907
Period- end Weighted Average Yield	3.49%	2.79%
Agency-CMO
Debt Securities, Available-for-sale [Line Items]
Principal/ Notional Balance	$ 907,862	$ 1,226,539
Unamortized Premium (Discount)	(631,180)	(942,290)
Amortized Cost	276,682	284,249
Unrealized Gain/ (Loss), net	(8,991)	(10,306)
Fair Value	$ 267,691	$ 273,943
Period- end Weighted Average Yield	3.61%	2.91%
Agency CMBS
Debt Securities, Available-for-sale [Line Items]
Principal/ Notional Balance	$ 973,122
Unamortized Premium (Discount)	15,058
Amortized Cost	988,180
Unrealized Gain/ (Loss), net	14,330
Fair Value	$ 1,002,510	$ 0
Period- end Weighted Average Yield	3.54%
Non-Agency CMBS
Debt Securities, Available-for-sale [Line Items]
Principal/ Notional Balance	$ 4,024,715	3,879,775
Unamortized Premium (Discount)	(727,307)	(704,097)
Amortized Cost	3,297,408	3,175,678
Unrealized Gain/ (Loss), net	(10,949)	40,739
Fair Value	$ 3,286,459	$ 3,216,417
Period- end Weighted Average Yield	5.05%	4.92%
Non-Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Principal/ Notional Balance	$ 2,800,335	$ 2,785,704
Unamortized Premium (Discount)	(1,748,223)	(1,661,683)
Amortized Cost	1,052,112	1,124,021
Unrealized Gain/ (Loss), net	111,570	133,587
Fair Value	$ 1,163,682	$ 1,257,608
Period- end Weighted Average Yield	7.24%	7.19%
Percentage of non-agency securities classified as variable rate	43.50%	52.20%
Percentage of non-agency securities classified as fixed rate	50.70%	37.80%
Percentage of non-agency securities classified as floating rate	5.80%	10.00%
Non-Agency IO
Debt Securities, Available-for-sale [Line Items]
Percentage of Non-Agency RMBS interest-only, principal balance	55.40%
Percentage of Non-Agency RMBS interest-only, amortized cost	2.30%
Percentage of Non-Agency RMBS interest only, fair value	2.40%
GSE CRT
Debt Securities, Available-for-sale [Line Items]
Principal/ Notional Balance	$ 738,529	$ 757,183
Unamortized Premium (Discount)	21,259	24,306
Amortized Cost	759,788	781,489
Unrealized Gain/ (Loss), net	59,541	85,390
Fair Value	$ 819,329	$ 866,879
Period- end Weighted Average Yield	3.10%	2.45%

Mortgage-Backed and Credit Ri_4

Mortgage-Backed and Credit Risk Transfer Securities - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Percentage of MBS and GSE CRT are accounted for under the fair value option	66.70%	35.60%
Gross unrealized losses	$ 211,220	$ 165,263
Agency RMBS, Agency CMBS and CMO
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses	159,300	131,300
Agency IO, non-Agency RMBS and non-Agency CMBS
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses	$ 51,900	$ 33,900

Mortgage-Backed and Credit Ri_5

Mortgage-Backed and Credit Risk Transfer Securities - Schedule of Fair Value of Available-for-sale Securities and Securities Accounted for under Fair Value Option by Asset Type (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities	$ 5,793,827	$ 11,722,375
Securities under Fair Value Option	11,602,815	6,468,379
Marketable Securities	17,396,642	18,190,754
15 year fixed-rate
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities	204,347	2,842,440
Securities under Fair Value Option	219,907	132,342
Marketable Securities	424,254	2,974,782
30 year fixed-rate
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities	1,093,070	2,467,871
Securities under Fair Value Option	8,679,699	5,172,669
Marketable Securities	9,772,769	7,640,540
ARM
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities	105,747	241,200
Securities under Fair Value Option	0	0
Marketable Securities	105,747	241,200
Hybrid ARM
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities	521,199	1,719,385
Securities under Fair Value Option	33,002	0
Marketable Securities	554,201	1,719,385
Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities	1,924,363	7,270,896
Securities under Fair Value Option	8,932,608	5,305,011
Marketable Securities	10,856,971	12,575,907
Agency-CMO
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities	168,385	203,351
Securities under Fair Value Option	99,306	70,592
Marketable Securities	267,691	273,943
Agency CMBS
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities	0	0
Securities under Fair Value Option	1,002,510	0
Marketable Securities	1,002,510	0
Non-Agency CMBS
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities	2,153,403	2,376,413
Securities under Fair Value Option	1,133,056	840,004
Marketable Securities	3,286,459	3,216,417
Non-Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities	961,445	1,236,178
Securities under Fair Value Option	202,237	21,430
Marketable Securities	1,163,682	1,257,608
GSE CRT
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities	586,231	635,537
Securities under Fair Value Option	233,098	231,342
Marketable Securities	$ 819,329	$ 866,879

Mortgage-Backed and Credit Ri_6

Mortgage-Backed and Credit Risk Transfer Securities - Components of Carrying Value of MBS and GSE CRT Portfolio (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Principal/ notional balance	$ 20,114,683	$ 20,855,353
Unamortized premium	395,907	521,626
Unamortized discount	(3,148,755)	(3,362,618)
Gross unrealized gains	246,027	341,656
Gross unrealized losses	(211,220)	(165,263)
Fair Value	17,396,642	18,190,754
Mortgage-backed and GSE CRT securities
Debt Securities, Available-for-sale [Line Items]
Principal/ notional balance	17,442,367	17,974,390
Unamortized premium	395,907	521,626
Unamortized discount	(549,988)	(577,344)
Gross unrealized gains	238,579	336,543
Gross unrealized losses	(204,664)	(155,146)
Fair Value	17,322,201	18,100,069
Interest-Only Securities
Debt Securities, Available-for-sale [Line Items]
Principal/ notional balance	2,672,316	2,880,963
Unamortized premium	0	0
Unamortized discount	(2,598,767)	(2,785,274)
Gross unrealized gains	7,448	5,113
Gross unrealized losses	(6,556)	(10,117)
Fair Value	$ 74,441	$ 90,685

Mortgage-Backed and Credit Ri_7

Mortgage-Backed and Credit Risk Transfer Securities - Fair Value of MBS and GSE CRTs According to Weighted Average Life Classification (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Less than one year	$ 110,020	$ 135,559
Greater than one year and less than five years	3,508,100	7,934,836
Greater than or equal to five years	13,778,522	10,120,359
Total	$ 17,396,642	$ 18,190,754

Mortgage-Backed and Credit Ri_8

Mortgage-Backed and Credit Risk Transfer Securities - Unrealized Losses and Estimated Fair Value of MBS and GSE CRT by Length of Time (Detail)	Dec. 31, 2018USD ($)security	Dec. 31, 2017USD ($)security
Fair Value
Less than 12 Months	$ 5,527,120,000	$ 5,556,381,000
12 Months or More	4,216,435,000	4,200,600,000
Total	9,743,555,000	9,756,981,000
Unrealized Losses
Less than 12 Months	(75,521,000)	(54,896,000)
12 Months or More	(135,699,000)	(110,367,000)
Total	$ (211,220,000)	$ (165,263,000)
Number of Securities
Less than 12 Months (in securities) | security	359	358
12 Months or More (in securities) | security	285	264
Total (in securities) | security	644	622
15 year fixed-rate
Fair Value
Less than 12 Months	$ 86,241,000	$ 111,020,000
12 Months or More	16,660,000	2,406,021,000
Total	102,901,000	2,517,041,000
Unrealized Losses
Less than 12 Months	(814,000)	(321,000)
12 Months or More	(189,000)	(67,285,000)
Total	$ (1,003,000)	$ (67,606,000)
Number of Securities
Less than 12 Months (in securities) | security	50	26
12 Months or More (in securities) | security	22	133
Total (in securities) | security	72	159
30 year fixed-rate
Fair Value
Less than 12 Months	$ 3,966,347,000	$ 3,677,576,000
12 Months or More	2,846,090,000	963,547,000
Total	6,812,437,000	4,641,123,000
Unrealized Losses
Less than 12 Months	(49,182,000)	(20,730,000)
12 Months or More	(94,716,000)	(27,158,000)
Total	$ (143,898,000)	$ (47,888,000)
Number of Securities
Less than 12 Months (in securities) | security	158	107
12 Months or More (in securities) | security	95	56
Total (in securities) | security	253	163
ARM
Fair Value
Less than 12 Months	$ 2,632,000	$ 101,173,000
12 Months or More	49,954,000	0
Total	52,586,000	101,173,000
Unrealized Losses
Less than 12 Months	(28,000)	(902,000)
12 Months or More	(785,000)	0
Total	$ (813,000)	$ (902,000)
Number of Securities
Less than 12 Months (in securities) | security	1	12
12 Months or More (in securities) | security	10	0
Total (in securities) | security	11	12
Hybrid ARM
Fair Value
Less than 12 Months	$ 6,758,000	$ 614,321,000
12 Months or More	453,463,000	517,642,000
Total	460,221,000	1,131,963,000
Unrealized Losses
Less than 12 Months	(59,000)	(4,189,000)
12 Months or More	(8,390,000)	(8,091,000)
Total	$ (8,449,000)	$ (12,280,000)
Number of Securities
Less than 12 Months (in securities) | security	2	73
12 Months or More (in securities) | security	71	47
Total (in securities) | security	73	120
Agency RMBS
Fair Value
Less than 12 Months	$ 4,061,978,000	$ 4,504,090,000
12 Months or More	3,366,167,000	3,887,210,000
Total	7,428,145,000	8,391,300,000
Unrealized Losses
Less than 12 Months	(50,083,000)	(26,142,000)
12 Months or More	(104,080,000)	(102,534,000)
Total	$ (154,163,000)	$ (128,676,000)
Number of Securities
Less than 12 Months (in securities) | security	211	218
12 Months or More (in securities) | security	198	236
Total (in securities) | security	409	454
Fair value option, fair value	$ 6,100,000,000	$ 3,400,000,000
Fair value option, unrealized losses	130,200,000	22,800,000
Agency-CMO
Fair Value
Less than 12 Months	152,962,000	75,299,000
12 Months or More	101,705,000	81,988,000
Total	254,667,000	157,287,000
Unrealized Losses
Less than 12 Months	(6,315,000)	(10,433,000)
12 Months or More	(5,100,000)	(2,309,000)
Total	$ (11,415,000)	$ (12,742,000)
Number of Securities
Less than 12 Months (in securities) | security	34	44
12 Months or More (in securities) | security	19	5
Total (in securities) | security	53	49
Agency IO
Number of Securities
Fair value option, fair value	$ 21,800,000
Fair value option, unrealized losses	6,300,000	$ 10,100,000
CMO
Number of Securities
Fair value option, fair value	66,000,000
Fair value option, unrealized losses	845,000	2,700,000
Non-Agency CMBS
Fair Value
Less than 12 Months	1,214,691,000	892,553,000
12 Months or More	659,298,000	135,139,000
Total	1,873,989,000	1,027,692,000
Unrealized Losses
Less than 12 Months	(17,778,000)	(17,612,000)
12 Months or More	(25,381,000)	(3,792,000)
Total	$ (43,159,000)	$ (21,404,000)
Number of Securities
Less than 12 Months (in securities) | security	94	81
12 Months or More (in securities) | security	52	12
Total (in securities) | security	146	93
Fair value option, fair value	$ 831,300,000	$ 596,000,000
Fair value option, unrealized losses	26,300,000	8,900,000
Non-Agency RMBS
Fair Value
Less than 12 Months	87,850,000	84,439,000
12 Months or More	89,265,000	96,263,000
Total	177,115,000	180,702,000
Unrealized Losses
Less than 12 Months	(1,152,000)	(709,000)
12 Months or More	(1,138,000)	(1,732,000)
Total	$ (2,290,000)	$ (2,441,000)
Number of Securities
Less than 12 Months (in securities) | security	19	15
12 Months or More (in securities) | security	16	11
Total (in securities) | security	35	26
Fair value option, fair value	$ 6,200,000
Fair value option, unrealized losses	79,000
Non-Agency IO
Number of Securities
Fair value option, fair value	3,700,000	$ 530,000
Fair value option, unrealized losses	269,000	$ 39,000
GSE CRT
Fair Value
Less than 12 Months	9,639,000
12 Months or More	0
Total	9,639,000
Unrealized Losses
Less than 12 Months	(193,000)
12 Months or More	0
Total	$ (193,000)
Number of Securities
Less than 12 Months (in securities) | security	1
12 Months or More (in securities) | security	0
Total (in securities) | security	1
Fair value option, fair value	$ 9,600,000
Fair value option, unrealized losses	$ 193,000

Mortgage-Backed and Credit Ri_9

Mortgage-Backed and Credit Risk Transfer Securities - OTTI included in earnings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Securities, Available-for-sale [Line Items]
Other-than-temporary credit impairment losses	$ 7,846	$ 11,962	$ 8,909
RMBS interest-only securities
Debt Securities, Available-for-sale [Line Items]
Other-than-temporary credit impairment losses	7,761	11,208
Non-Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Other-than-temporary credit impairment losses	$ 85	$ 754

Mortgage-Backed and Credit R_10

Mortgage-Backed and Credit Risk Transfer Securities - Realized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Securities, Available-for-sale [Line Items]
Amount of MBS and GSE CRT are accounted for under the fair value option	$ 11,600,000	$ 6,500,000
Percentage of MBS and GSE CRT are accounted for under the fair value option	66.70%	35.60%
Gross realized gains on sale of investments	$ 774	$ 2,208	$ 14,196
Gross realized losses on sale of investments	(218,910)	(3,873)	(21,635)
Other-than-temporary impairment losses	(7,846)	(11,962)	(8,909)
Net unrealized gains and losses on trading securities	(21)	22	(1)
Total gain (loss) on investments, net	(327,700)	(19,704)	(17,542)
MBS
Debt Securities, Available-for-sale [Line Items]
Net unrealized gains and losses on securities accounted for under the fair value option	(95,327)	(21,368)	(5,791)
GSE CRT
Debt Securities, Available-for-sale [Line Items]
Net unrealized gains and losses on securities accounted for under the fair value option	$ (6,370)	$ 15,269	$ 4,598

Mortgage-Backed and Credit R_11

Mortgage-Backed and Credit Risk Transfer Securities - Components of MBS and GSE CRT Interest Income (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Securities, Available-for-sale [Line Items]
Net (Premium Amortization)/Discount Accretion									$ (42,608)	$ (67,152)	$ (84,330)
Interest Income	$ 174,511	$ 160,416	$ 147,548	$ 149,003	$ 147,509	$ 134,138	$ 121,027	$ 118,873	631,478	521,547	456,444
Mortgage-backed and GSE CRT securities
Debt Securities, Available-for-sale [Line Items]
Coupon Interest									689,240	616,697	574,692
Net (Premium Amortization)/Discount Accretion									(57,762)	(95,150)	(118,248)
Interest Income									631,478	521,547	456,444
Agency RMBS and CMBS
Debt Securities, Available-for-sale [Line Items]
Coupon Interest									452,303	392,248	346,783
Net (Premium Amortization)/Discount Accretion									(81,341)	(107,702)	(116,991)
Interest Income									370,962	284,546	229,792
Non-Agency CMBS
Debt Securities, Available-for-sale [Line Items]
Coupon Interest									151,562	131,005	122,636
Net (Premium Amortization)/Discount Accretion									6,682	(4,268)	(11,536)
Interest Income									158,244	126,737	111,100
Non-Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Coupon Interest									55,116	70,849	94,206
Net (Premium Amortization)/Discount Accretion									19,968	18,769	13,529
Interest Income									75,084	89,618	107,735
GSE CRT
Debt Securities, Available-for-sale [Line Items]
Coupon Interest									29,142	22,164	9,575
Net (Premium Amortization)/Discount Accretion									(3,071)	(1,949)	(3,192)
Interest Income									26,071	20,215	6,383
Other
Debt Securities, Available-for-sale [Line Items]
Coupon Interest									1,117	431	1,492
Net (Premium Amortization)/Discount Accretion									0	0	(58)
Interest Income									$ 1,117	$ 431	$ 1,434

Commercial Loans Held-for-Inv_3

Commercial Loans Held-for-Investment (Details)	12 Months Ended
	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value	$ 31,582,000	$ 191,808,000
Commercial Portfolio Segment | Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	2	8
Principal Balance	$ 31,582,000	$ 191,894,000
Unamortized (fees)/ costs, net	0	(86,000)
Carrying value	$ 31,582,000	$ 191,808,000
Weighted Average Coupon	10.69%	8.52%
Weighted Average Years to Maturity	1 year 8 months 15 days	1 year 2 months 12 days
Allowance for loan losses	$ 0	$ 0

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
FHLBI stock	$ 74,250	$ 74,250
Loan participation interest	54,981	0
Investments in unconsolidated ventures	24,012	25,972
Investment in exchange-traded fund	0	3,979
Prepaid expenses and other assets	1,234	1,379
Total	$ 154,477	$ 105,580

Other Assets - Additional Infor

Other Assets - Additional Information (Details)	1 Months Ended
	Aug. 31, 2018	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable, term	2 years
Secured loan collateralized by mortgage servicing rights
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable, term	2 years
Loans receivable, renewal option, term	1 year
Participation interest in a secured loan collateralized by mortgage servicing rights | LIBOR
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable, basis spread on variable rate		6.06%

Borrowings - Schedule of Borrow

Borrowings - Schedule of Borrowings (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Repurchase Agreements
Amount Outstanding	$ 13,602,484	$ 14,080,801
Period-end Weighted Average Interest Rate	2.80%	1.82%
Weighted Average Remaining Maturity (Days)	34 days	25 days
Secured Debt, Excluding Asset-backed Securities
Total Borrowings
Total borrowings, amount outstanding	$ 15,252,484	$ 15,874,211
Total borrowings, weighted average interest rate	2.79%	1.82%
Total borrowings, weighted average remaining maturity (days)	242 days	263 days
Agency RMBS
Repurchase Agreements
Amount Outstanding	$ 9,529,352	$ 11,111,755
Period-end Weighted Average Interest Rate	2.56%	1.58%
Weighted Average Remaining Maturity (Days)	36 days	25 days
Agency CMBS
Repurchase Agreements
Amount Outstanding	$ 810,450
Period-end Weighted Average Interest Rate	2.53%
Weighted Average Remaining Maturity (Days)	31 days
Non-Agency CMBS
Repurchase Agreements
Amount Outstanding	$ 1,616,473	$ 1,396,330
Period-end Weighted Average Interest Rate	3.56%	2.61%
Weighted Average Remaining Maturity (Days)	19 days	9 days
Non-Agency RMBS
Repurchase Agreements
Amount Outstanding	$ 923,959	$ 915,225
Period-end Weighted Average Interest Rate	3.60%	2.77%
Weighted Average Remaining Maturity (Days)	26 days	31 days
GSE CRT
Repurchase Agreements
Amount Outstanding	$ 681,014	$ 657,491
Period-end Weighted Average Interest Rate	3.48%	2.78%
Weighted Average Remaining Maturity (Days)	21 days	24 days
Loan Participation Interest
Repurchase Agreements
Amount Outstanding	$ 41,236
Period-end Weighted Average Interest Rate	4.09%
Weighted Average Remaining Maturity (Days)	605 days
Secured Loans
Secured Loans:
Secured Loans, Amount Outstanding	$ 1,650,000	$ 1,650,000
Secured Loans, Weighted Average Interest Rate	2.68%	1.52%
Secured Loans, Weighted Average Remaining Maturity (Days)	1952 days	2317 days
Exchangeable Senior Notes
Exchangeable Senior Notes
Exchangeable Senior Notes, Amount Outstanding		$ 143,410
Exchangeable Senior Notes, Weighted Average Interest Rate		5.00%
Exchangeable Senior Notes, Weighted Average Remaining Maturity (Days)		74 days
Total Borrowings
Debt issuance costs		$ 179

Borrowings - Schedule of Maturi

Borrowings - Schedule of Maturities (Details) $ in Thousands	Dec. 31, 2018USD ($)
Debt Disclosure [Abstract]
2,019	$ 13,561,248
2,020	341,236
2,021	100,000
2,022	0
2,023	0
Thereafter	1,250,000
Total	$ 15,252,484

Borrowings - Repurchase Agreeme

Borrowings - Repurchase Agreements (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)Counterparty	Dec. 31, 2017USD ($)Counterparty
Repurchase Agreement Counterparty
Amount Outstanding	$ 13,602,484	$ 14,080,801
Total, Amount outstanding	$ 15,252,484	$ 15,730,801
Total, Percent of total amount outstanding	100.00%	100.00%
MBS and GSE CRT Pledged as Collateral	$ 15,047,528	$ 15,523,415
MBS and GSE CRT Pledged as Collateral, Advances from FHLBI	1,900,000	1,900,000
Total, MBS and GSE CRT Pledged as Collateral	$ 16,977,892	$ 17,450,911
Securities sold under agreements to repurchase, number of other counterparties | Counterparty	12	7
ING Financial Markets
Repurchase Agreement Counterparty
Amount Outstanding	$ 1,429,396	$ 1,482,603
Percent of Total Amount Outstanding	9.40%	9.40%
MBS and GSE CRT Pledged as Collateral	$ 1,520,769	$ 1,571,061
Mirae Asset Securities
Repurchase Agreement Counterparty
Amount Outstanding	$ 1,425,052	$ 958,756
Percent of Total Amount Outstanding	9.30%	6.10%
MBS and GSE CRT Pledged as Collateral	$ 1,511,005	$ 1,018,664
HSBC
Repurchase Agreement Counterparty
Amount Outstanding	$ 1,380,761	$ 1,745,684
Percent of Total Amount Outstanding	9.10%	11.20%
MBS and GSE CRT Pledged as Collateral	$ 1,459,458	$ 1,839,411
RBC
Repurchase Agreement Counterparty
Amount Outstanding	$ 1,137,424
Percent of Total Amount Outstanding	7.50%
MBS and GSE CRT Pledged as Collateral	$ 1,350,770
E D & F Man Capital Markets
Repurchase Agreement Counterparty
Amount Outstanding	$ 1,102,474	$ 1,028,437
Percent of Total Amount Outstanding	7.20%	6.50%
MBS and GSE CRT Pledged as Collateral	$ 1,170,665	$ 1,085,429
Industrial and Commercial Bank of China
Repurchase Agreement Counterparty
Amount Outstanding	$ 819,664	$ 1,038,844
Percent of Total Amount Outstanding	5.40%	6.60%
MBS and GSE CRT Pledged as Collateral	$ 867,409	$ 1,102,543
Citigroup
Repurchase Agreement Counterparty
Amount Outstanding	$ 722,580	$ 724,094
Percent of Total Amount Outstanding	4.70%	4.60%
MBS and GSE CRT Pledged as Collateral	$ 843,019	$ 841,977
Federal Home Loan Mortgage Corp
Repurchase Agreement Counterparty
Amount Outstanding	$ 580,277
Percent of Total Amount Outstanding	3.80%
MBS and GSE CRT Pledged as Collateral	$ 622,607
Wells Fargo
Repurchase Agreement Counterparty
Amount Outstanding	$ 528,165
Percent of Total Amount Outstanding	3.50%
MBS and GSE CRT Pledged as Collateral	$ 612,132
MUFG Securities
Repurchase Agreement Counterparty
Amount Outstanding	$ 511,725	$ 865,201
Percent of Total Amount Outstanding	3.40%	5.50%
MBS and GSE CRT Pledged as Collateral	$ 568,563	$ 936,071
Royal Bank of Canada
Repurchase Agreement Counterparty
Amount Outstanding		$ 1,144,856
Percent of Total Amount Outstanding		7.30%
MBS and GSE CRT Pledged as Collateral		$ 1,375,285
Societe Generale
Repurchase Agreement Counterparty
Amount Outstanding	$ 428,749	$ 386,737
Percent of Total Amount Outstanding	2.80%	2.50%
MBS and GSE CRT Pledged as Collateral	$ 541,319	$ 495,093
South Street Securities
Repurchase Agreement Counterparty
Amount Outstanding	$ 409,698	$ 332,623
Percent of Total Amount Outstanding	2.70%	2.10%
MBS and GSE CRT Pledged as Collateral	$ 432,208	$ 354,689
Amherst Pierpont Securities
Repurchase Agreement Counterparty
Amount Outstanding	$ 399,389	$ 722,080
Percent of Total Amount Outstanding	2.60%	4.60%
MBS and GSE CRT Pledged as Collateral	$ 422,819	$ 764,713
JP Morgan
Repurchase Agreement Counterparty
Amount Outstanding	$ 383,560	$ 451,941
Percent of Total Amount Outstanding	2.50%	2.90%
MBS and GSE CRT Pledged as Collateral	$ 454,570	$ 523,590
Mizuho Securities
Repurchase Agreement Counterparty
Amount Outstanding	$ 252,528	$ 310,835
Percent of Total Amount Outstanding	1.70%	2.00%
MBS and GSE CRT Pledged as Collateral	$ 270,910	$ 330,555
Guggenheim Liquidity Services
Repurchase Agreement Counterparty
Amount Outstanding	$ 204,548	$ 306,081
Percent of Total Amount Outstanding	1.30%	1.90%
MBS and GSE CRT Pledged as Collateral	$ 216,047	$ 322,452
Goldman Sachs
Repurchase Agreement Counterparty
Amount Outstanding	$ 304,787	$ 324,152
Percent of Total Amount Outstanding	2.00%	2.10%
MBS and GSE CRT Pledged as Collateral	$ 386,400	$ 419,713
KGS-Alpha Capital Markets
Repurchase Agreement Counterparty
Amount Outstanding		$ 461,098
Percent of Total Amount Outstanding		2.90%
MBS and GSE CRT Pledged as Collateral		$ 491,313
BNP Paribas Securities
Repurchase Agreement Counterparty
Amount Outstanding		$ 348,340
Percent of Total Amount Outstanding		2.20%
MBS and GSE CRT Pledged as Collateral		$ 388,091
Bank of Nova Scotia
Repurchase Agreement Counterparty
Amount Outstanding		$ 289,705
Percent of Total Amount Outstanding		1.80%
MBS and GSE CRT Pledged as Collateral		$ 301,715
Natixis Securities
Repurchase Agreement Counterparty
Amount Outstanding		$ 275,764
Percent of Total Amount Outstanding		1.80%
MBS and GSE CRT Pledged as Collateral		$ 302,291
All other repurchase agreement counterparties
Repurchase Agreement Counterparty
Amount Outstanding	$ 1,581,707	$ 882,970
Percent of Total Amount Outstanding	10.30%	5.50%
MBS and GSE CRT Pledged as Collateral	$ 1,796,858	$ 1,058,759
Total Repurchase Agreement Counterparties
Repurchase Agreement Counterparty
Amount Outstanding	$ 13,602,484	$ 14,080,801
Percent of Total Amount Outstanding	89.20%	89.50%
MBS and GSE CRT Pledged as Collateral	$ 15,047,528	$ 15,523,415
FHLBI
Repurchase Agreement Counterparty
Advances from FHLBI	$ 1,650,000	$ 1,650,000
Percent of Advances from FHLBI	10.80%	10.50%
MBS and GSE CRT Pledged as Collateral, Advances from FHLBI	$ 1,930,364	$ 1,927,496

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2013
Repurchase Agreement Counterparty
Loan participation interest maturity	20 months
Collateral ratio	111.00%	110.00%
Exchangeable Senior Notes
Repurchase Agreement Counterparty
Aggregate principal balance			$ 400,000,000
Accrued interest payable on notes		$ 2,100,000
Minimum
Repurchase Agreement Counterparty
Repurchase obligation maturity	1 month
Maximum
Repurchase Agreement Counterparty
Repurchase obligation maturity	6 months
Federal Home Loan Bank of Indianapolis
Repurchase Agreement Counterparty
Outstanding secured advances from FHLBI	$ 1,650,000,000
Average outstanding borrowings from FHLBI	$ 1,650,000,000
FHLBI weighted average interest rate on advances	2.15%
FHLBI weighted average maturity of advances	5 years 3 months 18 days

Collateral Positions (Details)

Collateral Positions (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Secured loans collateral pledged	$ 1,930,364	$ 1,927,496
Interest rate swaps collateral pledged	159,914	109,900
Total collateral pledged	17,151,306	17,561,431
Cash collateral held	18,083	7,327
Non-cash collateral held	0	0
Total collateral held	18,083	7,327
Repurchase agreement collateral pledged	15,047,528	15,523,415
Interest Rate Swaps, Futures Contracts and Currency Forward Contracts
Derivative [Line Items]
Interest rate swaps collateral pledged	173,414	110,520
Agency RMBS
Derivative [Line Items]
Secured loans collateral pledged	702,952	623,181
Repurchase agreement collateral pledged	10,158,404	11,788,765
Agency CMBS
Derivative [Line Items]
Repurchase agreement collateral pledged	870,702	0
Non-Agency CMBS
Derivative [Line Items]
Secured loans collateral pledged	1,227,412	1,304,315
Repurchase agreement collateral pledged	2,016,202	1,737,831
Non-Agency RMBS
Derivative [Line Items]
Repurchase agreement collateral pledged	1,127,911	1,143,373
GSE CRT
Derivative [Line Items]
Repurchase agreement collateral pledged	819,328	853,446
Loan Participation Interest
Derivative [Line Items]
Total collateral pledged	54,981	0
Repurchase agreement collateral pledged	54,981	0
Mortgage-backed and GSE CRT securities
Derivative [Line Items]
Total collateral pledged	17,082,825	17,560,811
Cash
Derivative [Line Items]
Total collateral pledged	13,500	620
Cash | Interest Rate Swaps, Futures Contracts and Currency Forward Contracts
Derivative [Line Items]
Interest rate swaps collateral pledged	$ 13,500	$ 620

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Outstanding Interest Rate Swaptions and Derivative Instrument Information (Detail)	12 Months Ended
	Dec. 31, 2018USD ($)
Changes in notional amount of derivative instruments [Roll Forward]
Notional Amount as of December 31, 2017	$ 9,250,352,000
Additions	10,478,027,000
Settlement, Termination, Expiration or Exercise	(5,118,418,000)
Notional Amount as of December 31, 2018	14,609,961,000
Interest Rate Swaps
Changes in notional amount of derivative instruments [Roll Forward]
Notional Amount as of December 31, 2017	8,620,000,000
Additions	5,200,000,000
Settlement, Termination, Expiration or Exercise	(1,450,000,000)
Notional Amount as of December 31, 2018	12,370,000,000
Interest Rate Swaps With Forward Start Dates [Member]
Changes in notional amount of derivative instruments [Roll Forward]
Notional Amount as of December 31, 2017	500,000,000
Future Contracts
Changes in notional amount of derivative instruments [Roll Forward]
Notional Amount as of December 31, 2017	0
Additions	5,069,300,000
Settlement, Termination, Expiration or Exercise	(3,379,400,000)
Notional Amount as of December 31, 2018	1,689,900,000
Currency Forward Contracts
Changes in notional amount of derivative instruments [Roll Forward]
Notional Amount as of December 31, 2017	76,859,000
Additions	208,727,000
Settlement, Termination, Expiration or Exercise	(262,437,000)
Notional Amount as of December 31, 2018	23,149,000
Credit Derivatives [Member]
Changes in notional amount of derivative instruments [Roll Forward]
Notional Amount as of December 31, 2017	553,493,000
Additions	0
Settlement, Termination, Expiration or Exercise	(26,581,000)
Notional Amount as of December 31, 2018	526,912,000
TBA Purchase Contracts [Member]
Changes in notional amount of derivative instruments [Roll Forward]
Notional Amount as of December 31, 2017	0
Additions	283,100,000
Settlement, Termination, Expiration or Exercise	(283,100,000)
Notional Amount as of December 31, 2018	0
TBA Sale Contracts [Member]
Changes in notional amount of derivative instruments [Roll Forward]
Notional Amount as of December 31, 2017	0
Additions	(283,100,000)
Settlement, Termination, Expiration or Exercise	283,100,000
Notional Amount as of December 31, 2018	$ 0

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosures
Reclassification of amortization of net deferred (gain) loss on de-designated interest rate swaps to repurchase agreements interest expense	$ (25,839,000)	$ (25,544,000)	$ 5,154,000
Loss to be reclassified during the next 12 months	23,700,000
Accumulated other comprehensive income	220,813,000	261,029,000
Notional amount	14,609,961,000	9,250,352,000
Derivative liabilities, at fair value	10,239,000	22,445,000
Mortgage-backed and credit risk transfer securities, pledged as collateral	17,082,825,000	17,560,811,000
Accrued Interest
Derivative Instruments and Hedging Activities Disclosures
Derivative liabilities, at fair value	1,800,000
Agency RMBS
Derivative Instruments and Hedging Activities Disclosures
Mortgage-backed and credit risk transfer securities, pledged as collateral	1,600,000
Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures
Notional amount	12,370,000,000	8,620,000,000
Derivative liabilities, at fair value	15,382,000	31,548,000
Currency Forward Contracts
Derivative Instruments and Hedging Activities Disclosures
Notional amount	23,149,000	76,859,000
Derivative liabilities, at fair value	172,000	1,217,000
Derivatives and hedging
Derivative Instruments and Hedging Activities Disclosures
Reclassification of amortization of net deferred (gain) loss on de-designated interest rate swaps to repurchase agreements interest expense	(25,839,000)	(25,544,000)
Accumulated other comprehensive income	99,600,000	123,894,000
Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures
Realized loss on derivative instruments, net	2,830,000	(67,838,000)	57,943,000
Not Designated as Hedging Instrument | Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures
Realized loss on derivative instruments, net	(81,417,000)	(72,894,000)	69,090,000
Not Designated as Hedging Instrument | Currency Forward Contracts
Derivative Instruments and Hedging Activities Disclosures
Realized loss on derivative instruments, net	(2,088,000)	5,056,000	$ (12,632,000)
Pound Sterling | Currency Forward Contracts
Derivative Instruments and Hedging Activities Disclosures
Notional amount	0	49,700,000
Euro | Currency Forward Contracts
Derivative Instruments and Hedging Activities Disclosures
Notional amount	23,100,000	$ 27,200,000
Central Clearing Counterparty
Derivative Instruments and Hedging Activities Disclosures
Derivative liabilities, at fair value	$ 13,200,000
Minimum
Derivative Instruments and Hedging Activities Disclosures
Repurchase obligation maturity	1 month
Maximum
Derivative Instruments and Hedging Activities Disclosures
Repurchase obligation maturity	6 months

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Interest Rate Derivatives Outstanding (Detail) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Notional	$ 14,609,961,000	$ 9,250,352,000
Interest Rate Swaps
Derivative [Line Items]
Notional	$ 12,370,000,000	$ 8,620,000,000
Fixed Interest Rate in Contract	2.46041%
Interest Rate Swaps | CME Central Clearing Due Nov 19, 2019 Fixed Interest Rate 2.70%
Derivative [Line Items]
Notional	$ 1,500,000,000
Fixed Interest Rate in Contract	2.69875%
Interest Rate Swaps | LCH Central Clearing Due Jul 30, 2020 Fixed Interest Rate 2.69%
Derivative [Line Items]
Notional	$ 400,000,000
Fixed Interest Rate in Contract	2.686%
Interest Rate Swaps | CME Central Clearing Due September 20, 2020, Fixed Interest Rate 2.79%
Derivative [Line Items]
Notional	$ 200,000,000
Fixed Interest Rate in Contract	2.7905%
Interest Rate Swaps | CME Central Clearing Due Sep 28, 2020 Fixed Interest Rate 2.72%
Derivative [Line Items]
Notional	$ 400,000,000
Fixed Interest Rate in Contract	2.7195%
Interest Rate Swaps | CME Central Clearing Due Oct 25, 2020 Fixed Interest Rate 2.90%
Derivative [Line Items]
Notional	$ 500,000,000
Fixed Interest Rate in Contract	2.895%
Interest Rate Swaps | CME Central Clearing Due Feb 05, 2021 Fixed Interest Rate 2.69%
Derivative [Line Items]
Notional	$ 300,000,000
Fixed Interest Rate in Contract	2.691%
Interest Rate Swaps | CME Central Clearing Due Feb 05, 2021 Fixed Interest Rate 2.50%
Derivative [Line Items]
Notional	$ 300,000,000
Fixed Interest Rate in Contract	2.496%
Interest Rate Swaps | CME Central Clearing Due May 24, 2021, Fixed Interest Rate 2.25%
Derivative [Line Items]
Notional	$ 500,000,000
Fixed Interest Rate in Contract	2.249%
Interest Rate Swaps | Citibank N.A. Due May 25, 2021, Fixed Interest Rate 2.83%
Derivative [Line Items]
Notional	$ 200,000,000
Fixed Interest Rate in Contract	2.83%
Interest Rate Swaps | CME Central Clearing Due June 24, 2021, Fixed Interest Rate 2.44%
Derivative [Line Items]
Notional	$ 500,000,000
Fixed Interest Rate in Contract	2.439%
Interest Rate Swaps | CME Central Clearing Due Dec 21, 2021 Fixed Interest Rate 2.60%
Derivative [Line Items]
Notional	$ 500,000,000
Fixed Interest Rate in Contract	2.603%
Interest Rate Swaps | HSBC Bank USA National Association Due Feb 24, 2022, Fixed Interest Rate 2.45%
Derivative [Line Items]
Notional	$ 550,000,000
Fixed Interest Rate in Contract	2.45%
Interest Rate Swaps | CME Central Clearing Due June 9, 2022, Fixed Interest Rate 2.21%
Derivative [Line Items]
Notional	$ 1,000,000,000
Fixed Interest Rate in Contract	2.213%
Interest Rate Swaps | CME Central Clearing Due Aug 14, 2022, Fixed Interest Rate 1.87%
Derivative [Line Items]
Notional	$ 1,000,000,000
Fixed Interest Rate in Contract	1.8665%
Interest Rate Swaps | The Royal Bank Of Scotland Plc Due Aug 15, 2023 Fixed Interest Rate 1.98%
Derivative [Line Items]
Notional	$ 500,000,000
Fixed Interest Rate in Contract	1.98375%
Interest Rate Swaps | CME Central Clearing Due Aug 24, 2023, Fixed Interest Rate 2.88%
Derivative [Line Items]
Notional	$ 600,000,000
Fixed Interest Rate in Contract	2.883%
Interest Rate Swaps | HSBC Bank USA National Association Due Dec 15, 2023, Fixed Interest Rate 2.20%
Derivative [Line Items]
Notional	$ 500,000,000
Fixed Interest Rate in Contract	2.201%
Interest Rate Swaps | CME Central Clearing Due Jan 12, 2024, Fixed Interest Rate 2.10%
Derivative [Line Items]
Notional	$ 450,000,000
Fixed Interest Rate in Contract	2.0999%
Interest Rate Swaps | CME Central Clearing Due Jan 25, 2024, Fixed Interest Rate 2.15%
Derivative [Line Items]
Notional	$ 450,000,000
Fixed Interest Rate in Contract	2.1456%
Interest Rate Swaps | LCH Central Clearing Due Feb 6, 2025, Fixed Interest Rate 2.77%
Derivative [Line Items]
Notional	$ 1,000,000,000
Fixed Interest Rate in Contract	2.7735%
Interest Rate Swaps | CME Central Clearing Due Apr 2, 2025, Fixed Interest Rate 2.04%
Derivative [Line Items]
Notional	$ 100,000,000
Fixed Interest Rate in Contract	2.0375%
Interest Rate Swaps | LCH Central Clearing Due Aug 31, 2027, Fixed Interest Rate 2.12%
Derivative [Line Items]
Notional	$ 220,000,000
Fixed Interest Rate in Contract	2.1225%
Interest Rate Swaps | CME Central Clearing Due May 24, 2028, Fixed Interest Rate 2.78%
Derivative [Line Items]
Notional	$ 250,000,000
Fixed Interest Rate in Contract	2.78%
Interest Rate Swaps | CME Central Clearing Due May 24, 2028, Fixed Interest Rate 2.39%
Derivative [Line Items]
Notional	$ 250,000,000
Fixed Interest Rate in Contract	2.39%
Interest Rate Swaps | LCH Central Clearing Due Jul 3, 2028, Fixed Interest Rate 2.78%
Derivative [Line Items]
Notional	$ 200,000,000
Fixed Interest Rate in Contract	2.78%

Derivatives and Hedging Activ_6

Derivatives and Hedging Activities - Schedule of Credit Derivatives (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Credit Derivatives
Notional amount	$ 14,609,961	$ 9,250,352
GSE CRT | Embedded Credit Derivative
Credit Derivatives
Fair value amount	22,771	45,400
Notional amount	526,912	553,493
Maximum potential amount of future undiscounted payments	$ 526,912	$ 553,493

Derivatives and Hedging Activ_7

Derivatives and Hedging Activities - Fair Value of Derivative Financial Instruments Classification on Balance Sheet (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value
Derivative assets, at fair value	$ 15,089	$ 6,896
Derivative liabilities, at fair value	10,239	22,445
Interest Rate Swaps
Derivatives, Fair Value
Derivative assets, at fair value	15,089	6,896
Derivative liabilities, at fair value	15,382	31,548
Future
Derivatives, Fair Value
Derivative assets, at fair value	0	0
Derivative liabilities, at fair value	7,836	0
Currency Forward Contracts
Derivatives, Fair Value
Derivative assets, at fair value	0	0
Derivative liabilities, at fair value	$ 172	$ 1,217

Derivatives and Hedging Activ_8

Derivatives and Hedging Activities - Effect of Derivative Financial Instruments on Statement of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments, Gain (Loss)
Gain (loss) on derivative instruments, net	$ (293,485)	$ 87,672	$ 67,169	$ 133,367	$ 64,251	$ 1,955	$ (53,513)	$ 5,462	$ (5,277)	$ 18,155	$ (62,815)
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss)
Realized gain (loss) on derivative instruments, net									(2,830)	67,838	(57,943)
Contractual net interest expense									(20,015)	(77,076)	(104,804)
Unrealized gain (loss), net									17,568	27,393	99,932
Gain (loss) on derivative instruments, net									(5,277)	18,155	(62,815)
Not Designated as Hedging Instrument | GSE CRT Embedded Derivatives
Derivative Instruments, Gain (Loss)
Realized gain (loss) on derivative instruments, net									0	0	(6,017)
Contractual net interest expense									22,478	23,343	24,343
Unrealized gain (loss), net									(22,629)	28,305	42,817
Gain (loss) on derivative instruments, net									(151)	51,648	61,143
Not Designated as Hedging Instrument | Interest Rate Swaps
Derivative Instruments, Gain (Loss)
Realized gain (loss) on derivative instruments, net									81,417	72,894	(69,090)
Contractual net interest expense									(20,015)	(77,076)	(104,804)
Unrealized gain (loss), net									24,358	28,316	100,503
Gain (loss) on derivative instruments, net									85,760	24,134	(73,391)
Not Designated as Hedging Instrument | Future Contracts
Derivative Instruments, Gain (Loss)
Realized gain (loss) on derivative instruments, net									(86,318)
Contractual net interest expense									0
Unrealized gain (loss), net									(7,836)
Gain (loss) on derivative instruments, net									(94,154)
Not Designated as Hedging Instrument | Currency Forward Contracts
Derivative Instruments, Gain (Loss)
Realized gain (loss) on derivative instruments, net									2,088	(5,056)	12,632
Contractual net interest expense									0	0	0
Unrealized gain (loss), net									1,046	(923)	(2,056)
Gain (loss) on derivative instruments, net									3,134	$ (5,979)	10,576
Not Designated as Hedging Instrument | TBAs
Derivative Instruments, Gain (Loss)
Realized gain (loss) on derivative instruments, net									(17)
Contractual net interest expense									0
Unrealized gain (loss), net									0
Gain (loss) on derivative instruments, net									$ (17)
Not Designated as Hedging Instrument | Interest Rate Swaptions
Derivative Instruments, Gain (Loss)
Realized gain (loss) on derivative instruments, net											(1,485)
Contractual net interest expense											0
Unrealized gain (loss), net											1,485
Gain (loss) on derivative instruments, net											$ 0

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities - Offsetting of Derivative Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Derivatives
Gross Amounts of Recognized Assets	$ 15,089	$ 6,896
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Assets presented in the Consolidated Balance Sheets	15,089	6,896
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments	(433)	0
Gross Amounts Not Offset in the Consolidated Balance Sheets, Collateral Received	(14,656)	(6,896)
Net amount	$ 0	$ 0

Offsetting Assets and Liabili_4

Offsetting Assets and Liabilities - Offsetting of Derivative Liabilities (Detail) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Derivatives:
Gross amounts of recognized liabilities, derivatives	$ 10,239,000	$ 22,445,000
Gross amounts offset in the consolidated balance sheet, derivatives	0	0
Net amounts of liabilities presented in the consolidated balance sheet, derivatives	10,239,000	22,445,000
Financial instruments, derivatives	(2,058,000)	(21,169,000)
Collateral received, derivatives	(7,836,000)	(620,000)
Net amount, derivatives	345,000	656,000
Repurchase Agreements:
Gross amounts of recognized liabilities, repurchase agreements	13,602,484,000	14,080,801,000
Gross amounts offset in the consolidated balance sheet, repurchase agreements	0	0
Net amounts of assets presented in the consolidated balance sheet, repurchase agreements	13,602,484,000	14,080,801,000
Financial instruments, repurchase agreements	(13,602,484,000)	(14,080,801,000)
Collateral received, repurchase agreements	0	0
Net amount, repurchase agreements	0	0
Secured Loans:
Gross amounts of recognized liabilities, secured loans	1,650,000,000	1,650,000,000
Gross amounts offset in the consolidated balance sheet, secured loans	0	0
Net amounts of assets presented in the consolidated balance sheet, secured loans	1,650,000,000	1,650,000,000
Financial instruments, secured loans	(1,650,000,000)	(1,650,000,000)
Collateral received, secured loans	0	0
Net amount, secured loans	0	0
Total gross amount of recognized liabilities	15,262,723,000	15,753,246,000
Total gross amounts offset in the consolidated balance sheets	0	0
Net amounts of assets presented in the consolidated balance sheets	15,262,723,000	15,753,246,000
Total financial instruments	(15,254,542,000)	(15,751,970,000)
Total collateral received	(7,836,000)	(620,000)
Total net amount	345,000	656,000
Fair value of securities pledged against derivatives	159,914,000	109,900,000
Cash collateral received	18,083,000	7,327,000
Cash collateral pledged on derivatives	13,500,000	620,000
Securities sold under agreements to repurchase fair value of collateral	15,047,528,000	15,523,415,000
Collateral pledged against secured loans	1,900,000,000	1,900,000,000
Centrally Cleared Interest Rate Swaps
Secured Loans:
Fair value of securities pledged against derivatives	158,300,000	$ 86,200,000
Central Clearing Counterparty
Derivatives:
Gross amounts of recognized liabilities, derivatives	$ 13,200,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Values Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage-backed and credit risk transfer securities	$ 18,190,754		$ 17,396,642
Derivative assets, at fair value	6,896		15,089
Derivative liabilities, at fair value	$ 22,445		10,239
Weighted average remaining term of investments in unconsolidated ventures	2 years 7 months 21 days	1 year 11 months
Loan participation interest	$ 0		54,981
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
GSE CRT Embedded Derivatives	45,400		22,771
Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage-backed and credit risk transfer securities	18,190,754		17,396,642
Derivative assets, at fair value	6,896		15,089
Other assets, at fair value	29,951		78,993
Total assets	18,227,601		17,490,724
Derivative liabilities, at fair value	32,765		23,390
Total liabilities	32,765		23,390
Recurring | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage-backed and credit risk transfer securities	0		0
Derivative assets, at fair value	0		0
Other assets, at fair value	3,979		0
Total assets	3,979		0
Derivative liabilities, at fair value	0		7,836
Total liabilities	0		7,836
Recurring | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage-backed and credit risk transfer securities	18,145,354		17,373,871
Derivative assets, at fair value	6,896		15,089
Other assets, at fair value	0		0
Total assets	18,152,250		17,388,960
Derivative liabilities, at fair value	32,765		15,554
Total liabilities	32,765		15,554
Recurring | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage-backed and credit risk transfer securities	45,400		22,771
Derivative assets, at fair value	0		0
Other assets, at fair value	0		54,981
Total assets	45,400		77,752
Derivative liabilities, at fair value	0		0
Total liabilities	0		0
Recurring | NAV as a practical expedient
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
NAV as a practical expedient	25,972		24,012
Mortgage-Backed and Credit Risk Transfer Securities, at Fair Value | Recurring | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Embedded derivatives at fair value	45,400		22,800
GSE CRT Embedded Derivatives	46,500		28,800
Embedded derivative liability	$ 1,100		$ 6,000

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Net Derivative Asset (Liability) Level 3 Roll Forward (Detail) - Embedded Credit Derivative - GSE CRT - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 45,400	$ 17,095
Unrealized gains/(losses), net	(22,629)	28,305
Ending balance	22,771	45,400
Unrealized gains on credit derivatives, net	$ (22,600)	$ 28,300

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Loan participation interest Level 3 Roll Forward (Details) - Loan Participation Interest $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0
Purchases	54,981
Ending balance	$ 54,981

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Quantitative Information About Level 3 Fair Value Measurements (Detail) - Level 3 $ in Thousands	Dec. 31, 2018USD ($)year	Dec. 31, 2017USD ($)year
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
GSE CRT Embedded Derivatives | $	$ 22,771	$ 45,400
Measurement Input, Expected Term | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
GSE CRT Embedded Derivatives, measurement input	2.9	2.6
Measurement Input, Expected Term | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
GSE CRT Embedded Derivatives, measurement input	5.9	6.8
Measurement Input, Expected Term | Weighted Average
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
GSE CRT Embedded Derivatives, measurement input | year	4.3	4.8

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	$ 74,250	$ 74,250
Total	106,076	266,180
Repurchase agreements	13,602,050	14,080,460
Secured loans	1,650,000	1,650,000
Exchangeable senior notes		143,948
Total	15,252,050	15,874,408
Estimated Fair Value | Commercial loans, held-for-investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans, held-for-investment	31,826	191,930
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	74,250	74,250
Total	105,832	266,058
Repurchase agreements	13,602,484	14,080,801
Secured loans	1,650,000	1,650,000
Exchangeable senior notes		143,231
Total	15,252,484	15,874,032
Carrying Value | Commercial loans, held-for-investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans, held-for-investment	$ 31,582	$ 191,808

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction
Expenses from transactions with related party	$ 40,722	$ 37,556	$ 34,541
Investment in money market or mutual funds managed by affiliates of a related party	$ 135,617	88,381
Management
Related Party Transaction
Fee paid by Company to Manager as percentage of Company's shareholders' equity	1.50%
Termination fee multiplier	3
Termination fees assessment period	24 months
Invesco Advisers, Inc. | Affiliated Entity
Related Party Transaction
Expenses from transactions with related party	$ 779	801	695
Investment in money market or mutual funds managed by affiliates of a related party	$ 131,900	$ 74,400
Loans origination and commitment fees paid			690
Accounting for Premiums and Discounts Associated with Non-Agency RMBS | Management
Related Party Transaction
Cumulative one-time adjustment			$ 2,300

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - Management - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction
Amounts of transaction with related party	$ 6,713	$ 6,296	$ 7,036
Incurred costs, prepaid or expensed
Related Party Transaction
Amounts of transaction with related party	6,483	5,997	6,986
Incurred costs, charged against equity as a cost of raising capital
Related Party Transaction
Amounts of transaction with related party	230	299	0
Incurred costs, capitalized to other assets
Related Party Transaction
Amounts of transaction with related party	$ 0	$ 0	$ 50

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Nov. 30, 2018	Jan. 01, 2018	Dec. 31, 2017	Aug. 31, 2017	Sep. 27, 2017	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Sep. 28, 2017
Class of Stock [Line Items]
Purchase of Operating Partnership units from non-controlling interest	$ 21,800
Repurchase of shares of common stock (in shares)														75,100
Average price per repurchased common share														$ 15.23
Repurchase of shares of common stock														$ 1,144		$ 25,000
Common Stock
Class of Stock [Line Items]
Equity distribution agreement, number of shares to sell			17,000,000
Number of shares authorized to be repurchased (in shares)						18,163,982								18,163,982
Series C Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Dividends declared, preferred stock (in USD per share)						$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875		$ 0.6823			$ 1.875	$ 0.68229
Preferred stock, liquidation preference				$ 25
Preferred stock, price per share per annum					$ 1.875
Preferred stock dividend rate				7.50%
Number of shares in public offering				11,500,000
Proceeds from issuance of redeemable preferred stock				$ 287,500
Payments of stock issuance costs				$ 9,400
Series C Cumulative Redeemable Preferred Stock | LIBOR
Class of Stock [Line Items]
Preferred stock dividends basis spread on variable rate																	5.289%
Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Dividends declared, preferred stock (in USD per share)		$ 0.4844				$ 0.4844	0.4844	0.4844	0.4844	$ 0.4844	0.4844	$ 0.4844	$ 0.4844	$ 1.9376	1.9376
Preferred stock, percentage rate						7.75%								7.75%
Preferred stock, liquidation preference						$ 25								$ 25
Preferred stock, price per share per annum														1.9375
Series B Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Dividends declared, preferred stock (in USD per share)						0.4844	$ 0.4844	$ 0.4844	$ 0.4844		$ 0.4844	$ 0.4844	$ 0.4844	1.9376	$ 1.9376
Preferred stock, price per share per annum														$ 1.9375
Preferred stock dividend rate														7.75%
Preferred stock redemption price (in usd per share)						$ 25								$ 25
Series B Cumulative Redeemable Preferred Stock | LIBOR
Class of Stock [Line Items]
Preferred stock dividends basis spread on variable rate						5.18%								5.18%
Preferred Stock
Class of Stock [Line Items]
Preferred stock, liquidation preference						$ 25								$ 25
Preferred stock redemption price (in usd per share)						$ 25								$ 25
2009 Equity Incentive Plan
Class of Stock [Line Items]
Total unrecognized compensation cost expected to be recognized						$ 102								$ 102
Total unrecognized compensation cost expected to be recognized, period for recognition														39 months
Total unrecognized compensation cost expected to be recognized, weighted average remaining vesting period														13 months
2009 Equity Incentive Plan | Non-Executive Director
Class of Stock [Line Items]
Compensation expense recognized														$ 424	$ 453	$ 340
Restricted stock awards during period (in shares)														27,697	25,006	25,068
2009 Equity Incentive Plan | Employees of the Manager and its Affiliates
Class of Stock [Line Items]
Compensation expense recognized														$ 129	$ 138	$ 100
2009 Equity Incentive Plan | Common Stock
Class of Stock [Line Items]
Common stock options reserved for issuance						1,000,000								1,000,000
Number of common stock remain available for future issuance (in shares)						761,746								761,746

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Nonvested Restricted Stock Units (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2018$ / sharesshares
Restricted Stock Units
Balance at beginning of the period (in shares) | shares	19,827
Shares granted during the year (in shares) | shares	7,055
Shares forfeited during the period (in shares) | shares	(3,967)
Shares vested during the year (in shares) | shares	(11,864)
Balance at end of the period (in shares) | shares	11,051
Weighted Average Grant Date Fair Value
Balance at beginning of the period (in USD per share) | $ / shares	$ 14.35
Shares granted during the year (in USD per share) | $ / shares	15.37
Shares forfeited during the year (in USD per share) | $ / shares	14.56
Shares vested during the year (in USD per share) | $ / shares	14.71
Balance at end of the period (in USD per share) | $ / shares	$ 14.55

Stockholders' Equity - Componen

Stockholders' Equity - Components of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accumulated other comprehensive income (loss) from derivative instruments:
Accumulated other comprehensive income	$ 220,813	$ 261,029
Unrealized gain (loss) on mortgage-backed and credit risk transfer securities, net	(210,424)	(9,885)	$ (37,632)
Reclassification of unrealized (gain) loss on sale of mortgage-backed and credit risk transfer securities to gain (loss) on investments, net	193,162	1,508	6,134
Reclassification of amortization of net deferred (gain) loss on de-designated interest rate swaps to repurchase agreements interest expense	(25,839)	(25,544)	5,154
Currency translation adjustments on investment in unconsolidated venture	(447)	863	128
Total other comprehensive income (loss)	(43,548)	(33,058)	(26,216)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	2,656,878	2,270,184	2,266,908
Other comprehensive income/(loss), net	(43,548)	(33,058)	(26,216)
Other comprehensive income/(loss) attributable to non-controlling interest	1,233	418
Rebalancing of ownership percentage of non-controlling interest	(1)	1
Purchase of OP units from non-controlling interest	(21,764)
Ending balance	2,286,697	2,656,878	2,270,184
Equity method investments, including portion attributable to noncontrolling interest
Accumulated other comprehensive income (loss) from derivative instruments:
Currency translation adjustments on investment in unconsolidated venture	(447)	863
Total other comprehensive income (loss)	(447)	863
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income/(loss), net	(447)	863
Other comprehensive income/(loss) attributable to non-controlling interest	6	(11)
Purchase of OP units from non-controlling interest	7
Available-for-sale securities, including portion attributable to noncontrolling interest
Accumulated other comprehensive income (loss) from derivative instruments:
Unrealized gain (loss) on mortgage-backed and credit risk transfer securities, net	(210,424)	(9,885)
Reclassification of unrealized (gain) loss on sale of mortgage-backed and credit risk transfer securities to gain (loss) on investments, net	193,162	1,508
Total other comprehensive income (loss)	(17,262)	(8,377)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income/(loss), net	(17,262)	(8,377)
Other comprehensive income/(loss) attributable to non-controlling interest	927	106
Rebalancing of ownership percentage of non-controlling interest	(1)	1
Purchase of OP units from non-controlling interest	812
Derivatives and hedging, including portion attributable to noncontrolling interest
Accumulated other comprehensive income (loss) from derivative instruments:
Accumulated other comprehensive income	99,600	123,894
Reclassification of amortization of net deferred (gain) loss on de-designated interest rate swaps to repurchase agreements interest expense	(25,839)	(25,544)
Total other comprehensive income (loss)	(25,839)	(25,544)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income/(loss), net	(25,839)	(25,544)
Other comprehensive income/(loss) attributable to non-controlling interest	300	323
Purchase of OP units from non-controlling interest	1,281
Equity method investment attributable to parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	947	95
Ending balance	513	947	95
Available-for-sale securities attributable to parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	136,188	144,458
Ending balance	120,664	136,188	144,458
Derivatives and hedging attributable to parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	123,894	149,115
Ending balance	99,636	123,894	149,115
AOCI attributable to parent
Accumulated other comprehensive income (loss) from derivative instruments:
Total other comprehensive income (loss)	(42,315)	(32,640)	(25,868)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	261,029	293,668	318,624
Other comprehensive income/(loss), net	(42,315)	(32,640)	(25,868)
Rebalancing of ownership percentage of non-controlling interest	(1)	1	912
Purchase of OP units from non-controlling interest	2,100
Ending balance	$ 220,813	$ 261,029	$ 293,668

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Dividends Declared (Details) - $ / shares	Jan. 01, 2019	Jan. 01, 2018	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Common stock dividend declared (in USD per share)			$ 0.42	$ 0.42	$ 0.42	$ 0.42	$ 0.42	$ 0.41	$ 0.40	$ 0.40	$ 1.68	$ 1.63
Ordinary Dividends
Class of Stock [Line Items]
Common stock dividend declared (in USD per share)											1.378178	1.48004
Capital Gain Distribution
Class of Stock [Line Items]
Common stock dividend declared (in USD per share)											0	0
Carry Forward
Class of Stock [Line Items]
Common stock dividend declared (in USD per share)											0.301822	0.14996
Series A Preferred Stock
Class of Stock [Line Items]
Dividends declared, preferred stock (in USD per share)		$ 0.4844	0.4844	0.4844	0.4844	0.4844	$ 0.4844	0.4844	0.4844	0.4844	1.9376	1.9376
Series A Preferred Stock | Ordinary Dividends
Class of Stock [Line Items]
Dividends declared, preferred stock (in USD per share)											1.937600	1.9376
Series A Preferred Stock | Capital Gain Distribution
Class of Stock [Line Items]
Dividends declared, preferred stock (in USD per share)											0	0
Series A Preferred Stock | Carry Forward
Class of Stock [Line Items]
Dividends declared, preferred stock (in USD per share)											0	0
Series B Preferred Stock
Class of Stock [Line Items]
Dividends declared, preferred stock (in USD per share)			0.4844	0.4844	0.4844	0.4844		0.4844	$ 0.4844	$ 0.4844	1.9376	1.9376
Series B Preferred Stock | Ordinary Dividends
Class of Stock [Line Items]
Dividends declared, preferred stock (in USD per share)											1.937600	1.9376
Series B Preferred Stock | Capital Gain Distribution
Class of Stock [Line Items]
Dividends declared, preferred stock (in USD per share)											0	0
Series B Preferred Stock | Carry Forward
Class of Stock [Line Items]
Dividends declared, preferred stock (in USD per share)											0	0
Series C Preferred Stock
Class of Stock [Line Items]
Dividends declared, preferred stock (in USD per share)			$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875		$ 0.6823			1.875	0.68229
Series C Preferred Stock | Ordinary Dividends
Class of Stock [Line Items]
Dividends declared, preferred stock (in USD per share)											1.875	0.68229
Series C Preferred Stock | Capital Gain Distribution
Class of Stock [Line Items]
Dividends declared, preferred stock (in USD per share)											0	0
Series C Preferred Stock | Carry Forward
Class of Stock [Line Items]
Dividends declared, preferred stock (in USD per share)											$ 0	$ 0
Subsequent Event | Series A Preferred Stock
Class of Stock [Line Items]
Dividends declared, preferred stock (in USD per share)	$ 0.4844

Earnings per Common Share (Deta

Earnings per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Basic Earnings:
Net income (loss) available to common stockholders	$ (172,215)	$ (64,480)	$ 80,008	$ 41,471	$ 137,436	$ 49,127	$ 46,834	$ 87,130	$ (115,216)	$ 320,527	$ 231,547
Effect of dilutive securities:
Income allocated to exchangeable senior notes									0	13,340	22,467
Income (loss) allocated to non-controlling interest									0	4,450	3,287
Dilutive net income (loss) available to stockholders									$ (115,216)	$ 338,317	$ 257,301
Basic Earnings:
Shares available to common stockholders (in shares)									111,637,035	111,610,393	111,973,404
Effect of dilutive securities:
Restricted stock awards (in shares)									0	20,000	20,000
Non-controlling interest OP Units (in shares)										1,425,000	1,425,000
Exchangeable senior notes (in shares)									0	9,986,000	16,836,000
Dilutive Shares (in shares)									111,637,035	123,040,827	130,254,003
Earnings (loss) per share:
Basic (in usd per share)	$ (1.54)	$ (0.58)	$ 0.72	$ 0.37	$ 1.23	$ 0.44	$ 0.42	$ 0.78	$ (1.03)	$ 2.87	$ 2.07
Diluted (in usd per share)	$ (1.54)	$ (0.58)	$ 0.72	$ 0.37	$ 1.18	$ 0.43	$ 0.41	$ 0.73	$ (1.03)	$ 2.75	$ 1.98
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share
Potential common shares excluded from diluted earnings per common share									14,404
Exchangeable Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Potential common shares excluded from diluted earnings per common share									1,184,373
Non-controlling interest
Antidilutive Securities Excluded from Computation of Earnings Per Share
Potential common shares excluded from diluted earnings per common share									1,300,068

Non-controlling Interest - Op_3

Non-controlling Interest - Operating Partnership - Additional Information (Detail) - USD ($)	Nov. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Noncontrolling Interest
Non-controlling interest related to the outstanding of OP units			1,425,000
Purchase of Operating Partnership units from non-controlling interest	$ 21,800,000
Rebalancing of ownership percentage of non-controlling interest		$ (1,000)	$ 1,000
Non-controlling interest
Noncontrolling Interest
Rebalancing of ownership percentage of non-controlling interest		(555,000)	(3,953,000)	$ 2,086,000
Net income (loss) allocated		254,000	4,450,000	3,287,000
Distributions paid		2,394,000	2,294,000	2,280,000
Distributions payable to non-controlling interest			598,500
Additional Paid in Capital
Noncontrolling Interest
Rebalancing of ownership percentage of non-controlling interest		$ 556,000	$ 3,952,000	$ (2,998,000)
Operating Partnership
Noncontrolling Interest
Non-controlling interest in operating partnership		1.30%	1.30%

Non-controlling Interest - Op_4

Non-controlling Interest - Operating Partnership Non-controlling Interest - Operating Partnership - Schedule of Changes in Net Income (Loss) attributable to Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Noncontrolling Interest [Abstract]
Net income (loss) attributable to Invesco Mortgage Capital Inc.	$ (161,109)	$ (53,373)	$ 91,114	$ 52,578	$ 140,522	$ 62,689	$ 52,550	$ 92,846	$ (70,790)	$ 348,607	$ 254,411
Net transfers from non-controlling interest									(798)	0	0
Change from net income (loss) attributable to Invesco Mortgage Capital Inc. common stockholders and transfers (to) from non-controlling interest									$ (71,588)	$ 348,607	$ 254,411

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	1 Months Ended
	Aug. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Loss Contingencies [Line Items]
Undrawn capital and purchase commitments for unconsolidated ventures sponsored by an affiliate		$ 10,000,000	$ 10,200,000
Loans receivable, term	2 years
Commercial Portfolio Segment
Loss Contingencies [Line Items]
Unfunded commitment		0	$ 4,800,000
Loan Participation Interest
Loss Contingencies [Line Items]
Unfunded commitment		$ 20,000,000

Summarized Quarterly Results _3

Summarized Quarterly Results of Operations (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Interest Income
Mortgage-backed and credit risk transfer securities	$ 174,511	$ 160,416	$ 147,548	$ 149,003	$ 147,509	$ 134,138	$ 121,027	$ 118,873	$ 631,478	$ 521,547	$ 456,444
Commercial and other loans	1,593	1,672	4,051	4,222	5,472	6,251	6,021	5,764	11,538	23,508	22,238
Total interest income	176,104	162,088	151,599	153,225	152,981	140,389	127,048	124,637	643,016	545,055	478,682
Interest Expense
Repurchase agreements	91,057	81,763	69,389	59,585	51,955	45,907	36,072	29,947	301,794	163,881	124,000
Secured loans	10,565	9,490	8,471	6,927	5,878	5,544	4,535	3,413	35,453	19,370	10,887
Exchangeable senior notes	0	0	0	1,621	2,104	2,724	3,504	5,008	1,621	13,340	22,467
Total interest expense	101,622	91,253	77,860	68,133	59,937	54,175	44,111	38,368	338,868	196,591	157,354
Net interest income	74,482	70,835	73,739	85,092	93,044	86,214	82,937	86,269	304,148	348,464	321,328
Other income (loss)
Gain (loss) on investments, net	76,957	(207,910)	(36,377)	(160,370)	(17,153)	(11,873)	11,175	(1,853)	(327,700)	(19,704)	(17,542)
Equity in earnings of unconsolidated ventures	624	1,084	798	896	(47)	408	(154)	(1,534)	3,402	(1,327)	2,392
Gain (loss) on derivative instruments, net	(293,485)	87,672	67,169	133,367	64,251	1,955	(53,513)	5,462	(5,277)	18,155	(62,815)
Realized and unrealized credit derivative income (loss), net	(9,026)	4,975	735	3,165	13,220	(2,930)	21,403	19,955	(151)	51,648	61,143
Net loss on extinguishment of debt	0	0	0	(26)	(233)	(1,344)	(526)	(4,711)	(26)	(6,814)	0
Other investment income (loss), net	850	1,068	(2,160)	3,102	1,206	2,313	2,533	1,329	2,860	7,381	(5,002)
Total other income (loss)	(224,080)	(113,111)	30,165	(19,866)	61,244	(11,471)	(19,082)	18,648	(326,892)	49,339	(21,824)
Expenses	12,410	11,778	11,627	11,977	11,972	11,254	10,635	10,885	47,792	44,746	41,806
Net income (loss)	(162,008)	(54,054)	92,277	53,249	142,316	63,489	53,220	94,032	(70,536)	353,057	257,698
Net income (loss) attributable to non-controlling interest	(899)	(681)	1,163	671	1,794	800	670	1,186	254	4,450	3,287
Net income (loss) attributable to Invesco Mortgage Capital Inc.	(161,109)	(53,373)	91,114	52,578	140,522	62,689	52,550	92,846	(70,790)	348,607	254,411
Dividends to preferred stockholders	11,106	11,107	11,106	11,107	3,086	13,562	5,716	5,716	44,426	28,080	22,864
Net income (loss) attributable to common stockholders	$ (172,215)	$ (64,480)	$ 80,008	$ 41,471	$ 137,436	$ 49,127	$ 46,834	$ 87,130	$ (115,216)	$ 320,527	$ 231,547
Net income (loss) attributable to common stockholders
Basic (in usd per share)	$ (1.54)	$ (0.58)	$ 0.72	$ 0.37	$ 1.23	$ 0.44	$ 0.42	$ 0.78	$ (1.03)	$ 2.87	$ 2.07
Diluted (in usd per share)	$ (1.54)	$ (0.58)	$ 0.72	$ 0.37	$ 1.18	$ 0.43	$ 0.41	$ 0.73	$ (1.03)	$ 2.75	$ 1.98

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events (Details) - Subsequent Event $ / shares in Units, $ in Millions	Feb. 07, 2019USD ($)$ / sharesshares
Subsequent Event [Line Items]
Number of shares in public offering | shares	16,100,000
Sale of stock, price (in USD per share) | $ / shares	$ 15.73
Proceeds from issuance of common stock | $	$ 249.7

Schedule IV Mortgage Loans on_2

Schedule IV Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018
Mortgage Loans on Real Estate
Carrying Amount of Mortgages	$ 191,808	$ 273,355	$ 209,062	$ 31,582
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Beginning balance	191,808	273,355	209,062
Additions:
Originations and purchases of new loans	1,677	4,799	87,474
Premium (discount) on new loans	0		(272)
Amortization of commercial loan origination fees and premium (discount)	91	337	302
Deductions:
Collection of principal	160,934	90,713	15,000
Loss on foreign currency revaluation	1,060	(4,030)	8,211
Ending balance	31,582	$ 191,808	$ 273,355
Mezzanine Loan
Mortgage Loans on Real Estate
Face Amount of Mortgages				31,582
Carrying Amount of Mortgages	31,582			31,582
Principal Amount of Loans Subject to Delinquent Principal or Interest				0
Deductions:
Ending balance	31,582
TX | Hotel | Mezzanine Loan
Mortgage Loans on Real Estate
Face Amount of Mortgages				24,582
Carrying Amount of Mortgages	24,582			24,582
Principal Amount of Loans Subject to Delinquent Principal or Interest				0
Deductions:
Ending balance	$ 24,582
TX | Hotel | Mezzanine Loan | LIBOR
Mortgage Loans on Real Estate
Percentage over base rate	8.50%
TX | Multifamily | Mezzanine Loan
Mortgage Loans on Real Estate
Face Amount of Mortgages				7,000
Carrying Amount of Mortgages	$ 7,000			7,000
Principal Amount of Loans Subject to Delinquent Principal or Interest				$ 0
Deductions:
Ending balance	$ 7,000
TX | Multifamily | Mezzanine Loan | LIBOR
Mortgage Loans on Real Estate
Percentage over base rate	7.75%