Invesco Mortgage Capital (IVR) 10-K 19 Feb 20 2019 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2019	Feb. 18, 2020	Jun. 30, 2019
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-34385
Entity Registrant Name	Invesco Mortgage Capital Inc.
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0001437071
Current Fiscal Year End Date	--12-31
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-2749336
Entity Address, Address Line One	1555 Peachtree Street, N.E., Suite 1800
Entity Address, City or Town	Atlanta,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30309
City Area Code	404
Local Phone Number	892-0896
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 2,076,183,911
Entity Common Stock, Shares Outstanding		164,956,357
Documents Incorporated by Reference	Part III of this Form 10-K incorporates by reference certain information (solely to the extent explicitly indicated) from the registrant’s proxy statement for the 2020 Annual Meeting of Stockholders to be filed pursuant to Regulation 14A.
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	IVR
Security Exchange Name	NYSE
7.75% Series A Cumulative Redeemable Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	7.75% Series A Cumulative Redeemable Preferred Stock
Trading Symbol	IVRpA
Security Exchange Name	NYSE
7.75% Fixed-to-Floating Series B Cumulative Redeemable Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	7.75% Fixed-to-Floating Series B Cumulative Redeemable Preferred Stock
Trading Symbol	IVRpB
Security Exchange Name	NYSE
7.50% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	7.50% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock
Trading Symbol	IVRpC
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Mortgage-backed and credit risk transfer securities, at fair value (including pledged securities of $21,132,742 and $17,082,825, respectively)	$ 21,771,786	$ 17,396,642
Cash and cash equivalents	172,507	135,617
Restricted cash	116,995	0
Due from counterparties	32,568	13,500
Investment related receivable	67,976	66,598
Derivative assets, at fair value	18,533	15,089
Other assets	166,180	186,059
Total assets	22,346,545	17,813,505
Liabilities:
Repurchase agreements	17,532,303	13,602,484
Secured loans	1,650,000	1,650,000
Derivative liabilities, at fair value	352	23,390
Dividends payable	74,841	49,578
Investment related payable	99,561	132,096
Accrued interest payable	43,998	37,620
Collateral held payable	170	18,083
Accounts payable and accrued expenses	1,560	1,694
Due to affiliate	11,861	11,863
Total liabilities	19,414,646	15,526,808
Commitments and contingencies (See Note 15)
Stockholders' equity:
Common Stock, par value $0.01 per share; 450,000,000 shares authorized; 144,256,357 and 111,584,996 shares issued and outstanding, respectively	1,443	1,115
Additional paid in capital	2,892,652	2,383,532
Accumulated other comprehensive income	288,963	220,813
Retained earnings (distributions in excess of earnings)	(814,483)	(882,087)
Total stockholders’ equity	2,931,899	2,286,697
Total liabilities and stockholders' equity	22,346,545	17,813,505
Series A Cumulative Redeemable Preferred Stock
Stockholders' equity:
Preferred Stock, par value $0.01 per share; 50,000,000 shares authorized:	135,356	135,356
Series B Cumulative Redeemable Preferred Stock
Stockholders' equity:
Preferred Stock, par value $0.01 per share; 50,000,000 shares authorized:	149,860	149,860
Series C Cumulative Redeemable Preferred Stock
Stockholders' equity:
Preferred Stock, par value $0.01 per share; 50,000,000 shares authorized:	$ 278,108	$ 278,108

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
MBS and GSE CRT pledged as collateral	$ 21,132,742	$ 17,082,825
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	144,256,357	111,584,996
Common stock, shares outstanding	144,256,357	111,584,996
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%	7.50%
Preferred Stock, shares issued	11,500,000	11,500,000
Preferred Stock, shares outstanding	11,500,000	11,500,000
Preferred Stock, aggregate liquidation preference	$ 287,500	$ 287,500

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Interest Income
Mortgage-backed and credit risk transfer securities	$ 191,490	$ 194,938	$ 200,737	$ 185,492	$ 174,511	$ 160,416	$ 147,548	$ 149,003	$ 772,657	$ 631,478	$ 521,547
Commercial and other loans	1,291	1,353	1,484	1,582	1,593	1,672	4,051	4,222	5,710	11,538	23,508
Total interest income	192,781	196,291	202,221	187,074	176,104	162,088	151,599	153,225	778,367	643,016	545,055
Interest Expense
Repurchase agreements	97,993	112,851	117,978	101,875	91,057	81,763	69,389	59,585	430,697	301,794	163,881
Secured loans	8,808	10,413	11,258	11,144	10,565	9,490	8,471	6,927	41,623	35,453	19,370
Exchangeable senior notes	0	0	0	0	0	0	0	1,621	0	1,621	13,340
Total interest expense	106,801	123,264	129,236	113,019	101,622	91,253	77,860	68,133	472,320	338,868	196,591
Net interest income	85,980	73,027	72,985	74,055	74,482	70,835	73,739	85,092	306,047	304,148	348,464
Other income (loss)
Gain (loss) on investments, net	(148,511)	202,413	302,182	268,382	76,957	(207,910)	(36,377)	(160,370)	624,466	(327,700)	(19,704)
Equity in earnings (losses) of unconsolidated ventures	427	403	702	692	624	1,084	798	896	2,224	3,402	(1,327)
Gain (loss) on derivative instruments, net	188,682	(177,244)	(344,733)	(201,460)	(293,485)	87,672	67,169	133,367	(534,755)	(5,277)	18,155
Realized and unrealized credit derivative income (loss), net	2,896	1	(2,438)	7,884	(9,026)	4,975	735	3,165	8,343	(151)	51,648
Net loss on extinguishment of debt	0	0	0	0	0	0	0	(26)	0	(26)	(6,814)
Other investment income (loss), net	909	1,005	1,007	1,029	850	1,068	(2,160)	3,102	3,950	2,860	7,381
Total other income (loss)	44,403	26,578	(43,280)	76,527	(224,080)	(113,111)	30,165	(19,866)	104,228	(326,892)	49,339
Expenses
Management fee — related party	10,529	8,740	9,370	9,534	10,294	10,105	10,102	10,221	38,173	40,722	37,556
General and administrative	1,882	1,862	1,999	2,258	2,116	1,673	1,525	1,756	8,001	7,070	7,190
Total expenses	12,411	10,602	11,369	11,792	12,410	11,778	11,627	11,977	46,174	47,792	44,746
Net income (loss)	117,972	89,003	18,336	138,790	(162,008)	(54,054)	92,277	53,249	364,101	(70,536)	353,057
Net income (loss) attributable to non-controlling interest	0	0	0	0	(899)	(681)	1,163	671	0	254	4,450
Net income (loss) attributable to Invesco Mortgage Capital Inc.	117,972	89,003	18,336	138,790	(161,109)	(53,373)	91,114	52,578	364,101	(70,790)	348,607
Dividends to preferred stockholders	11,106	11,107	11,106	11,107	11,106	11,107	11,106	11,107	44,426	44,426	28,080
Net income (loss) attributable to common stockholders	$ 106,866	$ 77,896	$ 7,230	$ 127,683	$ (172,215)	$ (64,480)	$ 80,008	$ 41,471	$ 319,675	$ (115,216)	$ 320,527
Net income (loss) attributable to common stockholders
Basic (in usd per share)	$ 0.75	$ 0.57	$ 0.06	$ 1.05	$ (1.54)	$ (0.58)	$ 0.72	$ 0.37	$ 2.42	$ (1.03)	$ 2.87
Diluted (in usd per share)	$ 0.75	$ 0.57	$ 0.06	$ 1.05	$ (1.54)	$ (0.58)	$ 0.72	$ 0.37	$ 2.42	$ (1.03)	$ 2.75
Weighted average number of shares of common stock:
Basic (in shares)									132,305,568	111,637,035	111,610,393
Diluted (in shares)									132,317,853	111,637,035	123,040,827

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 364,101	$ (70,536)	$ 353,057
Other comprehensive income (loss):
Unrealized gain (loss) on mortgage-backed and credit risk transfer securities, net	83,965	(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	9,072	193,162	1,508
Reclassification of amortization of net deferred (gain) loss on de-designated interest rate swaps to repurchase agreements interest expense	(23,729)	(25,839)	(25,544)
Currency translation adjustments on investment in unconsolidated venture	(1,158)	(447)	863
Total other comprehensive income (loss)	68,150	(43,548)	(33,058)
Comprehensive income (loss)	432,251	(114,084)	319,999
Less: Comprehensive (income) loss attributable to non-controlling interest	0	979	(4,032)
Less: Dividends to preferred stockholders	(44,426)	(44,426)	(28,080)
Comprehensive income (loss) attributable to common stockholders	$ 387,825	$ (157,531)	$ 287,887

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, 2016		5,600,000	6,200,000	0	111,594,595
Beginning 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						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
Increase (Decrease) in Stockholders' Equity
Net income (loss)	364,101							364,101	364,101
Other comprehensive income (loss)	68,150						68,150		68,150
Proceeds from issuance of common stock, net of offering costs (in shares)					32,640,260
Proceeds from issuance of common stock, net of offering costs	508,926				$ 328	508,598			508,926
Stocks awards (in shares)					31,101
Common stock dividends	(252,071)							(252,071)	(252,071)
Preferred stock dividends	(44,426)							(44,426)	(44,426)
Amortization of equity-based compensation	522					522			522
Ending balance (in shares) at Dec. 31, 2019		5,600,000	6,200,000	11,500,000	144,256,357
Ending balance at Dec. 31, 2019	$ 2,931,899	$ 135,356	$ 149,860	$ 278,108	$ 1,443	$ 2,892,652	$ 288,963	$ (814,483)	$ 2,931,899	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Cash Flows from Operating Activities
Net income (loss)	$ 364,101	$ (70,536)	$ 353,057
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	46,243	42,608	67,152
Realized and unrealized (gain) loss on derivative instruments, net	570,595	(14,738)	(95,231)
Realized and unrealized (gain) loss on credit derivatives, net	12,490	22,629	(28,305)
(Gain) loss on investments, net	(624,466)	327,700	19,704
(Gain) loss from investments in unconsolidated ventures in excess of distributions received	(490)	392	1,972
Other amortization	(23,207)	(25,184)	(23,888)
Net loss on extinguishment of debt	0	26	6,814
(Gain) loss on foreign currency transactions, net	0	1,038	(4,103)
Changes in operating assets and liabilities:
Increase in operating assets	(8,096)	(155)	(7,774)
Increase in operating liabilities	6,189	20,484	1,203
Net cash provided by operating activities	343,359	304,264	290,601
Cash Flows from Investing Activities
Purchase of mortgage-backed and credit risk transfer securities	(9,244,391)	(6,217,723)	(6,277,918)
Distributions from (contributions to) investments in unconsolidated ventures, net	1,346	1,121	6,220
Change in other assets	10,327	(51,017)	(3,457)
Principal payments from mortgage-backed and credit risk transfer securities	2,189,327	1,986,930	2,401,951
Proceeds from sale of mortgage-backed and credit risk transfer securities	3,311,884	4,749,807	625,540
Settlement (termination) of futures, forwards, swaps, and TBAs, net	(597,077)	(2,830)	67,838
Net change in due from counterparties and collateral held payable on derivative instruments	(3,174)	(3,994)	5,627
Principal payments from commercial loans held-for-investment	7,527	160,934	90,713
Origination and advances of commercial loans, net of origination fees	0	(1,677)	(4,799)
Net cash (used in) provided by investing activities	(4,324,231)	621,551	(3,088,285)
Cash Flows from Financing Activities
Proceeds from issuance of common stock	509,075	0	0
Repurchase of common stock	0	(1,144)	0
Proceeds from issuance of preferred stock	0	0	278,226
Proceeds from repurchase agreements	131,624,461	136,573,821	146,886,038
Principal repayments of repurchase agreements	(127,694,642)	(137,052,138)	(143,964,490)
Extinguishment of exchangeable senior notes	0	(143,433)	(262,069)
Net change in due from counterparties and collateral held payable on repurchase agreements	(32,557)	0	0
Payments of deferred costs	(346)	(167)	(116)
Purchase of Operating Partnership units from non-controlling interest	0	(21,764)	0
Payments of dividends and distributions	(271,234)	(234,374)	(212,692)
Net cash provided by (used in) financing activities	4,134,757	(879,199)	2,724,897
Net change in cash, cash equivalents and restricted cash	153,885	46,616	(72,787)
Cash, cash equivalents, and restricted cash beginning of period	135,617	89,001	161,788
Cash, cash equivalents, and restricted cash end of period	289,502	135,617	89,001
Supplement Disclosure of Cash Flow Information
Interest paid	489,661	344,422	220,299
Non-cash Investing and Financing Activities Information
Net change in unrealized gain (loss) on mortgage-backed and credit risk transfer securities	93,037	(17,262)	(8,377)
Dividends and distributions declared not paid	74,841	49,578	50,193
(Decrease) increase in unsettled to-be-announced (“TBA”) securities and related payable	(32,530)	132,087	0
Net change in investment related receivable (payable) excluding TBA securities	5,724	(2,999)	(25,948)
Net change in repurchase agreements, not settled	0	0	(1,416)
Change in foreign currency translation adjustment on other investments	$ 1,158	$ 447	$ (863)

Organization and Business Opera

Organization and Business Operations	12 Months Ended
	Dec. 31, 2019
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 14 - “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 Ginnie Mae 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, 2019
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. 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 and 2017 we incurred foreign currency losses of $930,000 and gains of $4.1 million , respectively, primarily related to the revaluation of a commercial loan investment denominated in Pound Sterling. This commercial loan was repaid by the borrower during 2018. 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 8 - “Derivatives and Hedging Activities” for further information. Fair Value Measurements We report our MBS and GSE CRTs 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 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, 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 10 - “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 We record our purchases of MBS and GSE CRTs on the trade date and report these securities at fair value as described above in the Fair Value Measurements section of this Note 2 to our consolidated financial statements. Although we generally intend to hold most of our MBS and GSE CRTs until maturity, we may sell any of these securities prior to maturity as part of our overall management of our investment portfolio. Approximately $17.4 billion ( 80% ) of our MBS and GSE CRTs are accounted for under the fair value option as of December 31, 2019 ( December 31, 2018 : $11.6 billion or 67% ). Under the fair value option, we recognize changes in fair value in our consolidated statements of operations as unrealized gains and losses. In our view, this election more appropriately reflects the results of our operations because MBS and GSE CRT fair value changes are accounted for in the same manner as fair value changes in our economic hedging instruments. We elected the fair value option for all MBS purchased on or after September 1, 2016, GSE CRTs purchased on or after August 24, 2015 and all RMBS interest-only securities. We classify the remaining balance of our MBS and GSE CRTs as available-for-sale ( $4.4 billion or 20% as of December 31, 2019 ; $5.8 billion or 33% as of December 31, 2018 ). 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. GSE CRTs purchased prior to August 24, 2015 are 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 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. We elected the fair value option for GSE CRTs purchased on or after August 24, 2015 due to the complexities associated with bifurcation of GSE CRTs into a debt host contract and an embedded derivative. 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. Other-Than-Temporary-Impairment 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, 2019 , 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 posted with counterparties as collateral 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 Payable Dividends payable represent dividends declared at the balance sheet date which are payable to common stockholders and preferred stockholders. 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 senior notes, and unvested restricted stock awards 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 Under the terms of our 2009 Equity Incentive Plan (the “Incentive Plan”), our independent directors are eligible to receive quarterly stock awards as part of their compensation for serving as directors, In addition, we may compensate the officers and employees of our Manager and its affiliates under the Incentive Plan under the terms of our management agreement. Share-based compensation arrangements may include share options, restricted and non-restricted share awards, performance-based awards and share appreciation rights. Compensation related to stock awards is recognized in the consolidated financial statements based on the fair value of the equity or liability instruments issued on the date of grant. Underwriting Commissions and Offering Costs Underwriting commissions and direct costs incurred in connection with our common and preferred stock offerings are recorded 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 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 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, 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 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 or applied to elect to treat two of our subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, TRSs 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. TRSs are subject to U.S. federal, state and local corporate income taxes. Our TRSs did not generate material taxable income for the years ended December 31, 2019 , 2018 and 2017 . 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, 2019, we adopted the accounting guidance 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 is fixed at the grant date. The implementation of the guidance did not have a material impact on our financial statements. 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 as of January 1, 2020. The new guidance specifically excludes available-for-sale securities measured at fair value through net income. The Company elected the fair value option for all MBS purchased on or after September 1, 2016 and GSE CRTs purchased on or after August 24, 2015. Accordingly, the impact of the new guidance on accounting for our debt securities is limited to the approximately $4.4 billion of MBS and GSE CRT securities that we purchased prior to election of the fair value option and hold as of December 31, 2019. We are not required to record an allowance for credit losses on January 1, 2020 for our purchased credit deteriorated securities because all of our purchased credit deteriorated securities were in an unrealized gain position as of December 31, 2019. We have one commercial loan as of December 31, 2019 that is carried at amortized cost. We will implement the new guidance for this loan on a modified retrospective basis by electing the fair value option. The implementation of the new guidance will not have a material impact on our financial statements.

Variable Interest Entities ("VI

Variable Interest Entities ("VIEs")	12 Months Ended
	Dec. 31, 2019
Variable Interest Entity Disclosure [Abstract]
Variable Interest Entities (VIEs)	Variable Interest Entities (“VIEs”) Our maximum risk of loss in VIEs in which we are not the primary beneficiary at December 31, 2019 is presented in the table below. $ in thousands Carrying Amount Company's Maximum Risk of Loss Non-Agency CMBS 3,823,474 3,823,474 Non-Agency RMBS 955,671 955,671 Investments in unconsolidated ventures 21,998 21,998 Total 4,801,143 4,801,143 Refer to Note 4 - “Mortgage-Backed and Credit Risk Transfer Securities” and Note 5 - “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, 2019
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, 2019 and 2018 . December 31, 2019 $ in thousands Principal/ Notional Unamortized Premium (Discount) Amortized Cost Unrealized Gain/ (Loss), net Fair Value Period- (1) Agency RMBS: 15 year fixed-rate 280,426 1,666 282,092 10,322 292,414 3.34 % 30 year fixed-rate 9,911,339 308,427 10,219,766 304,454 10,524,220 3.62 % Hybrid ARM* 55,024 602 55,626 1,267 56,893 3.46 % Total Agency RMBS pass-through 10,246,789 310,695 10,557,484 316,043 10,873,527 3.61 % Agency-CMO (2) 883,122 (467,840 ) 415,282 12,230 427,512 3.54 % Agency CMBS (3) 4,561,276 75,299 4,636,575 131,355 4,767,930 3.01 % Non-Agency CMBS (4) 4,464,525 (772,295 ) 3,692,230 131,244 3,823,474 5.16 % Non-Agency RMBS (5)(6)(7) 2,340,119 (1,487,603 ) 852,516 103,155 955,671 6.98 % GSE CRT (8) 858,244 19,945 878,189 45,483 923,672 2.78 % Total 23,354,075 (2,321,799 ) 21,032,276 739,510 21,771,786 3.85 % *Adjustable-rate mortgage (“ARM”) (1) Period-end weighted average yield is based on amortized cost as of December 31, 2019 and incorporates future prepayment and loss assumptions. (2) Agency collateralized mortgage obligation (“Agency-CMO”) includes interest-only securities (“Agency IO”), which represent 56.3% of principal/notional balance, 6.4% of amortized cost and 6.4% of fair value. (3) Includes unsettled TBA securities with an amortized cost of approximately $99.3 million . (4) Non-Agency CMBS includes interest-only securities which represent of 13.1% principal/notional balance, 0.3% of amortized cost and 0.3% of fair value. (5) Non-Agency RMBS held by us is 37.0% variable rate, 57.7% fixed rate and 5.3% floating rate based on fair value. Coupon payments on variable instruments are based upon changes in the underlying Hybrid ARM loan coupons, while coupon payments on floating rate investments are based up a spread to a reference index. (6) Of the total discount in non-Agency RMBS, $120.2 million is non-accretable calculated using the principal/notional balance and based on estimated future cash flows of the securities. (7) Non-Agency RMBS includes interest-only securities (“non-Agency IO”) which represent 56.2% of principal/notional balance, 1.9% of amortized cost and 1.3% of fair value. (8) 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, 2018 $ 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 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 % Hybrid ARM 653,586 13,775 667,361 (7,413 ) 659,948 2.79 % 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 % (1) Period-end weighted average yield 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 15.0% of 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. Coupon payments on variable instruments are based upon changes in the underlying Hybrid ARM loan coupons, while coupon payments on floating rate investments are based up a spread to a reference index. (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. 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, 2019 and December 31, 2018 . 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, 2019 and December 31, 2018 , approximately 80% and 67% , respectively, of our MBS and GSE CRTs are accounted for under the fair value option. December 31, 2019 December 31, 2018 $ 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 98,666 193,748 292,414 204,347 219,907 424,254 30 year fixed-rate 754,590 9,769,630 10,524,220 1,093,070 8,679,699 9,772,769 ARM — 105,747 — 105,747 Hybrid ARM 31,522 25,371 56,893 521,199 33,002 554,201 Total Agency RMBS pass-through 884,778 9,988,749 10,873,527 1,924,363 8,932,608 10,856,971 Agency-CMO 146,733 280,779 427,512 168,385 99,306 267,691 Agency CMBS — 4,767,930 4,767,930 — 1,002,510 1,002,510 Non-Agency CMBS 2,150,991 1,672,483 3,823,474 2,153,403 1,133,056 3,286,459 Non-Agency RMBS 715,479 240,192 955,671 961,445 202,237 1,163,682 GSE CRT 507,445 416,227 923,672 586,231 233,098 819,329 Total 4,405,426 17,366,360 21,771,786 5,793,827 11,602,815 17,396,642 The components of the carrying value of our MBS and GSE CRT portfolio at December 31, 2019 and 2018 are presented below. December 31, 2019 December 31, 2018 $ in thousands MBS and GSE CRT Securities Interest-Only Securities Total MBS and GSE CRT Securities Interest-Only Securities Total Principal/notional balance 20,957,410 2,396,665 23,354,075 17,442,367 2,672,316 20,114,683 Unamortized premium 440,503 — 440,503 395,907 — 395,907 Unamortized discount (419,983 ) (2,342,319 ) (2,762,302 ) (549,988 ) (2,598,767 ) (3,148,755 ) Gross unrealized gains (1) 807,324 4,782 812,106 238,579 7,448 246,027 Gross unrealized losses (1) (66,064 ) (6,532 ) (72,596 ) (204,664 ) (6,556 ) (211,220 ) Fair value 21,719,190 52,596 21,771,786 17,322,201 74,441 17,396,642 (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, 2019 and 2018 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, 2019 and 2018 . $ in thousands December 31, 2019 December 31, 2018 Less than one year 268,536 110,020 Greater than one year and less than five years 7,836,620 3,508,100 Greater than or equal to five years 13,666,630 13,778,522 Total 21,771,786 17,396,642 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, 2019 and 2018 . December 31, 2019 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 957 (1 ) 2 362 (3 ) 4 1,319 (4 ) 6 30 year fixed-rate 255,649 (207 ) 3 34,009 (256 ) 5 289,658 (463 ) 8 Hybrid ARM 434 (2 ) 1 1,524 (46 ) 3 1,958 (48 ) 4 Total Agency RMBS pass-through (1) 257,040 (210 ) 6 35,895 (305 ) 12 292,935 (515 ) 18 Agency-CMO (2) 67,875 (1,194 ) 15 6,155 (1,513 ) 13 74,030 (2,707 ) 28 Agency CMBS (3) 1,743,800 (50,521 ) 58 — — — 1,743,800 (50,521 ) 58 Non-Agency CMBS (4) 203,129 (2,783 ) 19 101,021 (11,425 ) 7 304,150 (14,208 ) 26 Non-Agency RMBS (5) 26,283 (3,935 ) 14 12,199 (636 ) 2 38,482 (4,571 ) 16 GSE CRT (6) 77,044 (74 ) 4 — — — 77,044 (74 ) 4 Total 2,375,171 (58,717 ) 116 155,270 (13,879 ) 34 2,530,441 (72,596 ) 150 (1) Includes Agency RMBS with a fair value of $ 271.3 million for which the fair value option has been elected. These securities have unrealized losses of $ 268,000 . (2) Includes Agency IO with fair value of $11.1 million for which the fair value option has been elected. These Agency IO have unrealized losses of $2.3 million . (3) Fair value option has been elected for all Agency CMBS that are in an unrealized loss position. (4) Includes non-Agency CMBS with a fair value of $181.5 million for which the fair value option has been elected. These securities have unrealized losses of $2.8 million . (5) Includes non-Agency RMBS and non-Agency IO with a fair value of $17.6 million and $8.5 million , respectively, for which the fair value option has been elected. These securities have unrealized losses of $261,000 and $3.7 million , respectively. (6) Fair value option has been elected for all GSE CRT that are in an unrealized loss position. 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 Hybrid ARM 9,390 (87 ) 3 503,417 (9,175 ) 81 512,807 (9,262 ) 84 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) Includes Agency RMBS with a fair value of $ 6.1 billion for which the fair value option has been elected. These securities have unrealized losses of $ 130.2 million . (2) 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) Includes non-Agency CMBS with a fair value of $831.3 million for which the fair value option has been elected. These securities have unrealized losses of $26.3 million . (4) 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. These securities have unrealized losses of $ 79,000 and $269,000 , respectively. (5) Fair value option has been elected for all GSE CRT that are in an unrealized loss position. Gross unrealized losses on our Agency RMBS, Agency CMBS and CMO were $51.5 million at December 31, 2019 ( December 31, 2018 : $159.3 million ). Due to the inherent credit quality of Agency RMBS, Agency CMBS and Agency CMO, we determined that at December 31, 2019 , any unrealized losses on these securities are not other than temporary. Gross unrealized losses on our Agency IO, non-Agency RMBS, GSE CRT and non-Agency CMBS were $21.1 million at December 31, 2019 ( December 31, 2018 : $51.9 million ). We do not consider these unrealized losses to be credit related, but rather due to non-credit related factors such as interest rates, 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, 2019 , 2018 and 2017 . Years Ended December 31, $ in thousands 2019 2018 2017 RMBS interest-only securities 6,707 7,761 11,208 Non-Agency RMBS (1) 1,024 85 754 Total 7,731 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 statements of operations because we account for these securities under the fair value option. As of December 31, 2019 , 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, 2019 , 2018 and 2017 . Years Ended December 31, $ in thousands 2019 2018 2017 Gross realized gains on sale of investments 24,721 774 2,208 Gross realized losses on sale of investments (16,682 ) (218,910 ) (3,873 ) Other-than-temporary impairment losses (7,731 ) (7,846 ) (11,962 ) Net unrealized gains (losses) on MBS accounted for under the fair value option 626,104 (95,327 ) (21,368 ) Net unrealized gains (losses) on GSE CRT accounted for under the fair value option (1,946 ) (6,370 ) 15,269 Net unrealized gains (losses on trading securities) — (21 ) 22 Total gain (loss) on investments, net 624,466 (327,700 ) (19,704 ) The following tables present components of interest income recognized on our MBS and GSE CRT portfolio for the years ended December 31, 2019 , 2018 and 2017 . 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, 2019 $ in thousands Coupon Interest Net (Premium Amortization)/ Discount Accretion Interest Income Agency RMBS 488,650 (76,676 ) 411,974 Agency CMBS 88,462 (4,712 ) 83,750 Non-Agency CMBS 163,326 15,347 178,673 Non-Agency RMBS 52,857 13,164 66,021 GSE CRT 37,032 (7,842 ) 29,190 Other 3,049 — 3,049 Total 833,376 (60,719 ) 772,657 For the Year ended December 31, 2018 $ in thousands Coupon Interest Net (Premium Amortization)/Discount Accretion Interest Income Agency RMBS 441,757 (80,750 ) 361,007 Agency CMBS 10,546 (591 ) 9,955 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

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets The following table summarizes our other assets as of December 31, 2019 and 2018 : $ in thousands December 31, 2019 December 31, 2018 FHLBI stock 74,250 74,250 Loan participation interest 44,654 54,981 Commercial loans, held-for-investment 24,055 31,582 Investments in unconsolidated ventures 21,998 24,012 Prepaid expenses and other assets 1,223 1,234 Total 166,180 186,059 IAS Services LLC, our wholly-owned captive insurance subsidiary, is required to purchase and hold FHLBI stock as a condition of membership in the 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 secured loan is due in August 2020 and is 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 5.82% as of December 31, 2019 and 6.06% as of December 31, 2018 . We elected to account for the investment using the fair value option. Refer to Note 15 - “Commitments and Contingencies” for additional details regarding our unfunded commitment on this loan participation interest. As of December 31, 2019 , our commercial loan portfolio consisted of one commercial loan that matures in February 2021. ( 2018 : two commercial loans with a weighted average maturity of 1.7 years ). The loans had a weighted average coupon rate of 10.19% as of December 31, 2019 and 10.69% as of December 31, 2018 . The loans were not impaired, and we have not recorded an allowance for loan losses as of December 31, 2019 and December 31, 2018 based on our analysis of credit quality factors as described in Note 2 - “Summary of Significant Accounting Policies”. 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 15 - “Commitments and Contingencies” for additional details regarding our commitments to these unconsolidated ventures.

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2019
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, 2019 and 2018 . Refer to Note 7 - “Collateral Positions” for collateral pledged and held under our repurchase agreements and secured loans. $ in thousands December 31, 2019 Amount Outstanding Period-end Weighted Average Interest Rate Weighted Average Remaining Maturity (Days) Repurchase Agreements: Agency RMBS 9,666,964 1.95 % 46 Agency CMBS 4,246,359 1.95 % 43 Non-Agency CMBS 2,041,968 2.71 % 14 Non-Agency RMBS 790,412 2.65 % 16 GSE CRT 753,110 2.70 % 13 Loan Participation Interest 33,490 3.22 % 240 Total Repurchase Agreements 17,532,303 2.11 % 39 Secured Loans 1,650,000 1.93 % 1587 Total Borrowings 19,182,303 2.09 % 172 $ in thousands December 31, 2018 Amount Period-end Weighted Average Weighted Average 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 The following table shows the aggregate amount of maturities of our outstanding borrowings: As of $ in thousands December 31, 2019 2020 17,832,303 2021 100,000 2022 — 2023 — 2024 — 2025 1,250,000 Total 19,182,303 Repurchase Agreements Our repurchase agreements generally 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 matures in August 2020 . Repurchase agreements are 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, 2019 . Our repurchase agreement collateral ratio (MBS, GSE CRTs and a loan participation interest pledged as collateral/ amount outstanding) was 109% as of December 31, 2019 (December 31, 2018 : 111% ). 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, 2019 , 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, 2019 , IAS Services LLC had weighted average borrowings of $1.65 billion with a weighted average borrowing rate of 2.52% and a weighted average maturity of 4.3 years. The Federal Housing Finance Agency’s (“FHFA”) final rule governing Federal Home Loan Bank membership (the “FHFA Rule”) became 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 after February 2021 are prohibited. The FHLBI has indicated it will honor the contractual maturity dates of existing advances to IAS Services LLC. The ability to maintain our existing advances from the FHLBI is subject to our continued creditworthiness, pledging of sufficient eligible collateral to secure advances, and compliance with certain agreements with FHLBI and FHFA rules. We were in compliance with all of the financial provisions of these agreements as of December 31, 2019 . As discussed in Note 5 - “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 During the year ended December 31, 2018, we retired $143.4 million of our Exchangeable Senior Notes (the "Notes") for a repurchase price of $143.4 million and realized a net loss on extinguishment of debt of $26,000 . During the year ended December 31, 2017, we retired $256.6 million of the Notes for a repurchase price of $262.1 million and realized a net loss on extinguishment of debt of $6.8 million

Collateral Positions

Collateral Positions	12 Months Ended
	Dec. 31, 2019
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, 2019 and 2018 . Refer to Note 2 - “Summary of Significant Accounting Policies - Fair Value Measurements” for a description of how we determine fair value. MBS 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, centrally cleared swaps, bilateral interest rate swaps and currency forward contracts is classified as restricted cash on our consolidated balance sheets. Cash collateral pledged on repurchase agreements, futures contracts and TBA securities that are accounted for as derivatives is classified as due from counterparties on our consolidated balance sheets. TBA securities that are recorded as mortgage-backed and credit risk transfer securities on our condensed consolidated balance sheets cannot be pledged as collateral until these securities settle. We held approximately $99.3 million and $131.8 million of these securities as of December 31, 2019 and 2018 , respectively. Cash collateral held on bilateral swaps and repurchase agreements 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, 2019 and 2018 , we did not recognize any non-cash collateral held on our consolidated balance sheets. $ in thousands As of Collateral Pledged December 31, 2019 December 31, 2018 Repurchase Agreements: Agency RMBS 10,187,555 10,158,404 Agency CMBS 4,446,384 870,702 Non-Agency CMBS 2,549,841 2,016,202 Non-Agency RMBS 943,176 1,127,911 GSE CRT 918,117 819,328 Loan participation interest 44,654 54,981 Cash 32,568 — Total repurchase agreements collateral pledged 19,122,295 15,047,528 Secured Loans: Agency RMBS 621,471 702,952 Non-Agency CMBS 1,276,418 1,227,412 Restricted cash 600 — Total secured loans collateral pledged 1,898,489 1,930,364 Interest Rate Swaps, Futures Contracts and Currency Forward Contracts: Agency RMBS 189,780 159,914 Cash — 13,500 Restricted cash 116,395 — Total interest rate swaps, futures contracts and currency forward contracts collateral pledged 306,175 173,414 Total collateral pledged: Mortgage-backed and credit risk transfer securities 21,132,742 17,082,825 Loan participation interest 44,654 54,981 Cash 32,568 13,500 Restricted cash 116,995 — Total collateral pledged 21,326,959 17,151,306 Collateral Held December 31, 2019 December 31, 2018 Repurchase Agreements: Cash 10 — Non-cash collateral 181 — Total repurchase agreements collateral held 191 — Interest Rate Swaps: Cash 160 18,083 Total interest rate swap collateral held 160 18,083 Total collateral held: Cash 170 18,083 Non-cash collateral 181 — Total collateral held 351 18,083 Repurchase Agreements Collateral pledged 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. We would be required to provide additional collateral to meet margin calls if the value of pledged assets declined. 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 pledged 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 to meet margin calls if the value of pledged assets declines. Interest Rate Swaps As of December 31, 2019, all of our interest rate swaps are centrally cleared by a registered clearing organization such as the Chicago Mercantile Exchange (“CME”) and LCH Limited (“LCH”) through a Futures Commission Merchant (“FCM”). We are required to pledge initial margin and daily variation margin for our centrally cleared interest rate swaps that is based on the fair value of our contracts as determined by our FCM. Collateral pledged with our FCM is segregated in our books and records and can be in the form of cash or securities. Daily variation margin for centrally cleared interest rate swaps is characterized as settlement of the derivative itself rather than collateral and is recorded as gain (loss) on derivative instruments, net in our consolidated statements of operations. Our FCM agreements include cross default provisions, and we were in compliance with all of the financial provisions of these agreements as of December 31, 2019 . Prior to December 31, 2019, we also had bilateral interest rate swaps that were governed by International Swaps and Derivatives Association agreements that provided for bilateral collateral pledging based on our counterparties' market value. The counterparties had the right to repledge the collateral posted, but had 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 changed. 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. Collateral pledged with our FCM is segregated in our books and records and can be in the form of cash of securities. Daily variation margin for futures contracts is characterized as settlement of the futures contract itself rather than collateral and is recorded as gain(loss) on derivative instruments, net in our consolidated statements of operations. We had no futures contracts as of December 31, 2019 . Currency Forward Contracts Our currency forward contract provides for bilateral collateral pledging based on market value as determined by our counterparty. Collateral pledged with our currency forward counterparty is segregated in our books and records and can be in the form of cash or securities. Our counterparty has the right to repledge the collateral posted, but has 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 contract changes.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	12 Months Ended
	Dec. 31, 2019
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, borrowings, 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 or foreign exchange 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 2019 : $ in thousands Notional Amount as of December 31, 2018 Additions Settlement, Notional Amount as Interest Rate Swaps 12,370,000 26,950,000 (25,320,000 ) 14,000,000 Futures Contracts 1,689,900 3,625,800 (5,315,700 ) — Currency Forward Contracts 23,149 101,597 (101,635 ) 23,111 Credit Derivatives 526,912 — (61,946 ) 464,966 Total 14,609,961 30,677,397 (30,799,281 ) 14,488,077 Refer to Note 7 - “Collateral Positions” for further information regarding our collateral pledged to and received from our interest rate swap counterparties. 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 making fixed-rate payments to counterparty in exchange for the receipt of variable-rate amounts 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 $23.7 million as a decrease ( 2018 : $25.8 million as a decrease; 2017 : $25.5 million as a decrease) to interest expense for the year ended December 31, 2019 . During the next 12 months, we estimate that $23.8 million will be reclassified as a decrease to interest expense, repurchase agreements. As of December 31, 2019 , $75.9 million ( 2018 : $99.6 million ) of net unrealized gains on discontinued cash flow hedges are still included in accumulated other comprehensive income. As of December 31, 2019 , we had interest rate swaps with the following maturities outstanding: $ in thousands As of December 31, 2019 Maturities Notional Amount (1) Weighted Average Fixed Pay Rate Weighted Average Receive Rate Weighted Average Years to Maturity 2020 1,900,000 1.67 % 1.84 % 0.6 2021 2,500,000 1.40 % 1.77 % 1.3 2022 800,000 1.53 % 1.91 % 2.9 2023 2,400,000 1.44 % 1.72 % 3.9 2024 900,000 1.49 % 1.76 % 4.8 Thereafter 5,500,000 1.44 % 1.78 % 9.5 Total 14,000,000 1.47 % 1.79 % 5.2 $ in thousands As of December 31, 2018 Maturities Notional Amount (2) Weighted Average Fixed Pay Rate Weighted Average Receive Rate Weighted Average Years to Maturity 2019 1,500,000 2.70 % 2.47 % 0.9 2020 1,500,000 2.78 % 2.51 % 1.7 2021 2,300,000 2.51 % 2.58 % 2.5 2022 2,550,000 2.13 % 2.65 % 3.4 2023 1,600,000 2.39 % 2.47 % 4.7 Thereafter 2,920,000 2.47 % 2.55 % 6.8 Total 12,370,000 2.46 % 2.55 % 3.7 (1) Notional amount includes $10.7 billion of interest rate swaps that receive variable payments based on 1-month LIBOR and $3.3 billion of interest rate swaps that receive variable payments based on 3-month LIBOR as of December 31, 2019 . (2) Notional amount includes $6.7 billion of interest rate swaps that receive variable payments based on 1-month LIBOR and $5.7 billion of interest rate swaps that receive variable payments based on 3-month LIBOR as of December 31, 2018 . 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, 2019 , we had $ 23.1 million ( December 31, 2018 : $23.1 million ) of notional amount of currency forward contracts related to an investment in an unconsolidated venture 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, 2019 and 2018 , terms of the GSE CRT embedded derivatives are: $ in thousands December 31, 2019 December 31, 2018 Fair value amount 10,281 22,771 Notional amount 464,966 526,912 Maximum potential amount of future undiscounted payments 464,966 526,912 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, 2019 and 2018 . $ in thousands Derivative Assets Derivative Liabilities As of December 31, 2019 As of December 31, 2018 As of December 31, 2019 As of December 31, 2018 Balance Sheet Fair Value Fair Value Balance Sheet Fair Value Fair Value Interest Rate Swaps Asset 18,533 15,089 Interest Rate Swaps Liability — 15,382 Currency Forward Contracts — — Currency Forward Contracts 352 172 Futures Contracts — — Futures Contracts — 7,836 Total Derivative Assets 18,533 15,089 Total Derivative Liabilities 352 23,390 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, 2019 , 2018 and 2017 . $ in thousands Year ended December 31, 2019 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 — 20,833 (12,490 ) 8,343 $ 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 The following tables summarize the effect of interest rate swaps, 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, 2019 , 2018 and 2017 . $ in thousands Year ended December 31, 2019 Derivative not designated as hedging instrument Realized gain (loss) on derivative instruments, net Contractual net interest income (expense) Unrealized gain (loss), net Gain (loss) on derivative instruments, net Interest Rate Swaps (440,626 ) 35,840 18,826 (385,960 ) Future Contracts (157,929 ) — 7,836 (150,093 ) Currency Forward Contracts 1,478 — (180 ) 1,298 Total (597,077 ) 35,840 26,482 (534,755 ) $ in thousands Year ended December 31, 2018 Derivative not designated as hedging instrument Realized gain (loss) on derivative instruments, net Contractual net interest income (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 Realized gain (loss) on derivative instruments, net Contractual net interest income (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

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	12 Months Ended
	Dec. 31, 2019
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, 2019 and December 31, 2018 . The daily variation margin payment for centrally cleared interest rate swaps is characterized as settlement of the derivative itself rather than collateral. Our derivative asset of $18.5 million ( December 31, 2018 : derivative liability of $13.2 million ) at December 31, 2019 related to centrally cleared interest rate swaps is not included in the table below as a result of this characterization of daily variation margin. Offsetting of Derivative Liabilities, Repurchase Agreements and Secured Loans As of December 31, 2019 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 (1) Cash Collateral Pledged Net Amount Derivatives (2) 352 — 352 — (320 ) 32 Repurchase Agreements (3) 17,532,303 — 17,532,303 (17,532,303 ) — — Secured Loans (4) 1,650,000 — 1,650,000 (1,650,000 ) — — Total 19,182,655 — 19,182,655 (19,182,303 ) (320 ) 32 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 (3)(5) 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 (1) Cash Collateral Pledged Net Amount Derivatives (2) 10,239 — 10,239 (2,058 ) (7,836 ) 345 Repurchase Agreements (3) 13,602,484 — 13,602,484 (13,602,484 ) — — Secured Loans (4) 1,650,000 — 1,650,000 (1,650,000 ) — — Total 15,262,723 — 15,262,723 (15,254,542 ) (7,836 ) 345 (1) Amounts represent collateral pledged that is available to be offset against liability balances associated with repurchase agreements, secured loans and derivatives. (2) The fair value of securities pledged against our derivatives was $189.8 million at December 31, 2019 ( December 31, 2018 : $159.9 million ), of which $189.8 million ( December 31, 2018 : $158.3 million ) relates to initial margin pledged on centrally cleared interest rate swaps. Centrally cleared interest rate swaps are excluded from the tables above. Cash collateral received on our derivatives was $160,000 and $18.1 million at December 31, 2019 and December 31, 2018 , respectively. Cash collateral pledged by us on our futures contracts and interest rate swaps was $116.4 million and $13.5 million at December 31, 2019 and December 31, 2018 , 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, 2019 and December 31, 2018 , respectively. (3) The fair value of securities pledged against our borrowing under repurchase agreements was $19.1 billion and $15.0 billion at December 31, 2019 and December 31, 2018 , respectively. We pledged cash collateral of $32.6 million and held cash collateral of $10,000 under repurchase agreements as of December 31, 2019 . (4) The fair value of securities pledged against IAS Services LLC's borrowings under secured loans was $1.9 billion and $1.9 billion at December 31, 2019 and December 31, 2018 , respectively. (5) Amounts represent derivatives in an asset position which could potentially be offset against derivatives in a liability position at December 31, 2018 , subject to a netting arrangement.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2019
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, 2019 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) — 21,761,505 10,281 — 21,771,786 Derivative assets — 18,533 — — 18,533 Other assets (4) — — 44,654 21,998 66,652 Total assets — 21,780,038 54,935 21,998 21,856,971 Liabilities: Derivative liabilities — 352 — — 352 Total liabilities — 352 — — 352 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 (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 financial instruments consist of debt host contracts classified as Level 2 and embedded derivatives classified as Level 3. As of December 31, 2019 , the net embedded derivative asset position of $10.3 million includes $19.5 million of embedded derivatives in an asset position and $9.2 million of embedded derivatives in a liability position. 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. (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, 2019 and December 31, 2018 , the weighted average remaining term of investments in unconsolidated ventures is 2.2 years and 2.6 years, respectively. (4) Includes $44.7 million and $55.0 million of a loan participation interest as of December 31, 2019 and December 31, 2018 , respectively. The loan participation interest is transferable and bears interest at a variable rate based on LIBOR plus a spread and resets daily. As a result, the cost of the loan participation interest approximates its fair value. 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, 2019 December 31, 2018 Beginning balance 22,771 45,400 Unrealized gains/(losses), net (1) (12,490 ) (22,629 ) Ending balance 10,281 22,771 (1) Included in realized and unrealized credit derivative income (loss), net in the consolidated statements of operations are $12.5 million in net unrealized losses and $22.6 million in net unrealized losses attributable to assets still held as of December 31, 2019 and December 31, 2018 , 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, 2019 December 31, 2018 Beginning balance 54,981 — Purchases/Advances 7,962 54,981 Repayments (18,289 ) — Ending balance 44,654 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, 2019 Valuation Technique Unobservable Input Range Weighted Average GSE CRT Embedded Derivatives 10,281 Market Comparables, Vendor Pricing Weighted average life 1.1 - 4.2 years 2.9 years 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 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, 2019 and December 31, 2018 : December 31, 2019 December 31, 2018 $ in thousands Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Commercial loans, held-for-investment 24,055 24,397 31,582 31,826 FHLBI stock 74,250 74,250 74,250 74,250 Total 98,305 98,647 105,832 106,076 Financial Liabilities: Repurchase agreements 17,532,303 17,534,344 13,602,484 13,602,050 Secured loans 1,650,000 1,650,000 1,650,000 1,650,000 Total 19,182,303 19,184,344 15,252,484 15,252,050 The following describes our methods for estimating the fair value for financial instruments not carried at fair value on the consolidated balance sheets. • The estimated fair value of commercial loans held-for-investment, included in “Other assets” on our consolidated balance sheets, is a Level 3 fair value measurement. Subsequent to the origination or purchase, commercial loan investments are valued on a 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” on our consolidated balance sheets, 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.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
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, 2019 , we reimbursed our Manager $ 888,000 ( 2018 : $ 779,000 ; 2017 : $ 801,000 ) for costs of support personnel that are fully dedicated to our business. We have invested $154.0 million as of December 31, 2019 ( 2018 : $131.9 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 as they are highly liquid and have original or remaining maturities of three months or less when purchased. Management Fee Effective October 1, 2019, our management fee is equal to 1.50% of our stockholders' equity per annum. For purposes of calculating the management fee, stockholders' equity is calculated as average month-end stockholder's equity for the prior calendar quarter as determined in accordance with U.S. GAAP. Stockholders' equity may exclude one-time events due to changes in U.S. GAAP and certain non-cash items upon approval by a majority of our independent directors. Prior to October 1, 2019, we paid our Manager a management fee equal to 1.50% of our stockholders’ equity per annum. The fee was calculated and payable quarterly in arrears. For purposes of calculating the management fee, stockholders’ equity was 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 then current or prior periods), less any amount paid to repurchase common stock since inception. Stockholders' equity excluded (i) any unrealized gains, losses or other items that did not affect realized net income (regardless of whether such items were included in other comprehensive income or loss, or in net income); (ii) cumulative net realized losses that were not attributable to permanently impaired investments and that related to the investments for which market movement was accounted for in other comprehensive income; provided, however, that such adjustment did 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. Expense Reimbursement We are required to reimburse our Manager for our 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, 2019 , 2018 and 2017 . Years ended December 31, $ in thousands 2019 2018 2017 Incurred costs, prepaid or expensed 7,343 6,483 5,997 Incurred costs, charged against equity as a cost of raising capital 950 230 299 Total incurred costs, originally paid by our Manager 8,293 6,713 6,296 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, 2019
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. 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. Dividends are cumulative and payable quarterly in arrears. 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 our Series B Preferred Stock after December 27, 2024 and shares of our 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. In March 2019, we entered into an equity distribution agreement with a placement agent under which we may sell up to 7,000,000 shares of our preferred stock from time to time in at-the-market or privately negotiated transactions. These shares are registered with the SEC under our shelf registration statement (as amended and/or supplemented). As of December 31, 2019 , we have not sold any shares of preferred stock under the equity distribution agreement. Common Stock On February 7, 2019, we completed a public offering of 16,100,000 shares of common stock at the price of $15.73 per share. Total net proceeds were approximately $249.5 million after deducting offering costs. On August 16, 2019, we completed a public offering of 14,000,000 shares of common stock at the price of $15.86 per share. Total net proceeds were approximately $219.3 million after deducting offering costs. In March 2019, we amended our equity distribution agreement, dated December 18, 2017, 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 shelf registration statement (as amended and/or supplemented). During the year ended December 31, 2019 , we issued 2,540,260 shares of common stock under the equity distribution agreement for proceeds of $40.1 million , net of approximately $846,000 in commissions and fees. 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 During the year ended December 31, 2019 , we did not repurchase any shares of our common stock. 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. As of December 31, 2019 , we had authority to purchase 18,163,982 shares of our common stock through our share repurchase program. Share-Based Compensation In May 2019, we amended our Incentive Plan to extend the term of the plan until 2029 and to reduce the number of shares of common stock available for issuance under the Incentive Plan to 200,000 . We recognized compensation expense of approximately $450,000 ( 2018 : $424,000 ; 2017 : $453,000 ) related to awards to our independent directors for the year ended December 31, 2019 . During the year ended December 31, 2019 , we issued 27,665 shares ( 2018 : 27,697 shares; 2017 : 25,006 shares) of common stock under the Incentive Plan to our independent directors. The awards vested immediately. We recognized compensation expense of approximately $72,000 ( 2018 : $129,000 ; 2017 : $138,000 ) for the year ended December 31, 2019 related to restricted stock units awarded to employees of our Manager and its affiliates under our Incentive Plan. At December 31, 2019 , there was approximately $131,000 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 15 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, 2019 . Year Ended December 31, 2019 Restricted Stock Units Weighted Average Grant Date Fair Value Unvested at the beginning of the year 11,051 $ 14.55 Shares granted during the year 6,189 15.92 Shares vested during the year (4,720 ) 14.48 Unvested at the end of the year 12,520 $ 15.25 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, 2019 and December 31, 2018 , respectively. The tables exclude gains and losses on MBS and GSE CRTs that are accounted for under the fair value option. December 31, 2019 $ 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 — 83,965 — 83,965 Reclassification of unrealized (gain) loss on sale of mortgage-backed and credit risk transfer securities to gain (loss) on investments, net — 9,072 — 9,072 Reclassification of amortization of net deferred (gain) loss on de-designated interest rate swaps to repurchase agreements interest expense — — (23,729 ) (23,729 ) Currency translation adjustments on investment in unconsolidated venture (1,158 ) — — (1,158 ) Total other comprehensive income (loss), net (1,158 ) 93,037 (23,729 ) 68,150 AOCI balance at beginning of period 513 120,664 99,636 220,813 Total other comprehensive income/(loss), net (1,158 ) 93,037 (23,729 ) 68,150 AOCI balance at end of period (645 ) 213,701 75,907 288,963 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 Total 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 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 2019 and 2018 : $ in thousands, except per share amounts Dividends Declared Series A Preferred Stock Per Share In Aggregate Date of Payment 2019 December 16, 2019 0.4844 2,712 January 27, 2020 September 16, 2019 0.4844 2,713 October 25, 2019 June 17, 2019 0.4844 2,712 July 25, 2019 March 18, 2019 0.4844 2,713 April 25, 2019 2018 December 14, 2018 0.4844 2,713 January 25, 2019 September 14, 2018 0.4844 2,713 October 25, 2018 June 15, 2018 0.4844 2,712 July 25, 2018 March 15, 2018 0.4844 2,713 April 25, 2018 $ in thousands, except per share amounts Dividends Declared Series B Preferred Stock Per Share In Aggregate Date of Payment 2019 November 5, 2019 0.4844 3,003 December 27, 2019 August 1, 2019 0.4844 3,003 September 27, 2019 May 3, 2019 0.4844 3,004 June 27, 2019 February 14, 2019 0.4844 3,003 March 27, 2019 2018 November 6, 2018 0.4844 3,003 December 27, 2018 August 2, 2018 0.4844 3,003 September 27, 2018 May 2, 2018 0.4844 3,004 June 27, 2018 February 15, 2018 0.4844 3,003 March 27, 2018 Dividends Declared Series C Preferred Stock Per Share In Aggregate Date of Payment 2019 November 5, 2019 0.46875 5,391 December 27, 2019 August 1, 2019 0.46875 5,391 September 27, 2019 May 3, 2019 0.46875 5,390 June 27, 2019 February 14, 2019 0.46875 5,391 March 27, 2019 2018 November 6, 2018 0.46875 5,391 December 27, 2018 August 2, 2018 0.46875 5,391 September 27, 2018 May 2, 2018 0.46875 5,390 June 27, 2018 February 15, 2018 0.46875 5,391 March 27, 2018 Common Stock Dividends Declared Per Share In Aggregate Date of Payment 2019 December 16, 2019 0.50 72,132 January 28, 2020 September 16, 2019 0.45 64,261 October 28, 2019 June 17, 2019 0.45 57,958 July 26, 2019 March 18, 2019 0.45 57,720 April 26, 2019 2018 December 14, 2018 0.42 46,866 January 28, 2019 September 14, 2018 0.42 46,895 October 26, 2018 June 15, 2018 0.42 46,890 July 26, 2018 March 15, 2018 0.42 46,887 April 26, 2018 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, 2019 and 2018 . Tax Characterization of Dividends Fiscal Tax Year Dividends Declared Ordinary Dividends Return of Capital Capital Gain Distribution Carry Forward Series A Preferred Stock Dividends Fiscal tax year 2019 (1) 1.937600 — 1.937600 — — Fiscal tax year 2018 (2) 1.937600 1.937600 — — — Series B Preferred Stock Dividends Fiscal tax year 2019 1.937600 — 1.937600 — — Fiscal tax year 2018 1.937600 1.937600 — — — Series C Preferred Stock Dividends Fiscal tax year 2019 1.875000 — 1.875000 — — Fiscal tax year 2018 1.875000 1.875000 — — — Common Stock Dividends Fiscal tax year 2019 (3) 1.850000 — 1.350000 — 0.500000 Fiscal tax year 2018 (4) 1.680000 1.378178 — — 0.301822 (1) Excludes preferred stock dividend of $0.4844 per share declared on December 16, 2019 that has a record date of January 1, 2020 . This dividend is a 2020 dividend for federal income tax purposes. (2) Excludes preferred stock dividend of $0.4844 per share declared on December 14, 2018 that had a record date of January 1, 2019. This dividend is a 2019 dividend for federal income tax purposes. (3) Our fourth quarter dividend declared on December 16, 2019 that has a record date of December 27, 2019 was paid on January 28, 2020. This dividend is a 2020 dividend for federal income tax purposes. (4) Our fourth quarter dividend declared on December 14, 2018 that had a record date of December 26, 2018 was paid on January 28, 2019. A portion of this dividend, $0.301822 per share, was a 2019 dividend for tax purposes and treated as a return of capital.

Earnings per Common Share

Earnings per Common Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Earnings per share for the years ended December 31, 2019 , 2018 and 2017 is computed as follows: In thousands except per share amounts Years Ended December 31, 2019 2018 2017 Numerator (Income) Basic Earnings: Net income (loss) available to common stockholders 319,675 (115,216 ) 320,527 Effect of dilutive securities: Income allocated to exchangeable senior notes (1) — — 13,340 Income (loss) allocated to non-controlling interest (2) — — 4,450 Dilutive net income (loss) available to stockholders 319,675 (115,216 ) 338,317 Denominator (Weighted Average Shares) Basic Earnings: Shares available to common stockholders 132,306 111,637 111,610 Effect of dilutive securities: Restricted stock awards 12 — 20 Non-controlling interest OP Units (2) — — 1,425 Exchangeable senior notes (1) — — 9,986 Dilutive Shares 132,318 111,637 123,041 Earnings (loss) per share: Net income (loss) attributable to common stockholders Basic 2.42 (1.03 ) 2.87 Diluted 2.42 (1.03 ) 2.75 (1) The Company repaid its exchangeable senior notes in March 2018. (2) The Company redeemed all OP Units of the non-controlling interest holder in November 2018 as discussed in Note 14 - "Non-Controlling Interest - Operating Partnership". The following potential weighted average 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, 2019
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 our consolidated balance sheets. 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 Net income (loss) attributable to Invesco Mortgage Capital Inc. (70,790 ) 348,607 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 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 and 2017. Years ended December 31, $ in thousands 2018 2017 Net income (loss) allocated 254 4,450 Distributions paid 2,394 2,294

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
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, 2019 are discussed below. As discussed in Note 5 - “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. As of December 31, 2019 , our undrawn capital and purchase commitments were $6.5 million . As discussed in Note 5 - “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 remaining term of the loan based upon the financing needs of the borrower. As of December 31, 2019 , we have an unfunded commitment of $30.3 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, 2019
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 19 Q3 19 Q2 19 Q1 19 Q4 18 Q3 18 Q2 18 Q1 18 Interest Income Mortgage-backed and credit risk transfer securities 191,490 194,938 200,737 185,492 174,511 160,416 147,548 149,003 Commercial and other loans 1,291 1,353 1,484 1,582 1,593 1,672 4,051 4,222 Total interest income 192,781 196,291 202,221 187,074 176,104 162,088 151,599 153,225 Interest Expense Repurchase agreements 97,993 112,851 117,978 101,875 91,057 81,763 69,389 59,585 Secured loans 8,808 10,413 11,258 11,144 10,565 9,490 8,471 6,927 Exchangeable senior notes — — — — — — — 1,621 Total interest expense 106,801 123,264 129,236 113,019 101,622 91,253 77,860 68,133 Net interest income 85,980 73,027 72,985 74,055 74,482 70,835 73,739 85,092 Other income (loss) Gain (loss) on investments, net (148,511 ) 202,413 302,182 268,382 76,957 (207,910 ) (36,377 ) (160,370 ) Equity in earnings of unconsolidated ventures 427 403 702 692 624 1,084 798 896 Gain (loss) on derivative instruments, net 188,682 (177,244 ) (344,733 ) (201,460 ) (293,485 ) 87,672 67,169 133,367 Realized and unrealized credit derivative income (loss), net 2,896 1 (2,438 ) 7,884 (9,026 ) 4,975 735 3,165 Net loss on extinguishment of debt — — — — — — — (26 ) Other investment income (loss), net 909 1,005 1,007 1,029 850 1,068 (2,160 ) 3,102 Total other income (loss) 44,403 26,578 (43,280 ) 76,527 (224,080 ) (113,111 ) 30,165 (19,866 ) Expenses Management fee – related party 10,529 8,740 9,370 9,534 10,294 10,105 10,102 10,221 General and administrative 1,882 1,862 1,999 2,258 2,116 1,673 1,525 1,756 Total expenses 12,411 10,602 11,369 11,792 12,410 11,778 11,627 11,977 Net income (loss) 117,972 89,003 18,336 138,790 (162,008 ) (54,054 ) 92,277 53,249 Net income (loss) attributable to non-controlling interest — — — — (899 ) (681 ) 1,163 671 Net income (loss) attributable to Invesco Mortgage Capital Inc. 117,972 89,003 18,336 138,790 (161,109 ) (53,373 ) 91,114 52,578 Dividends to preferred stockholders 11,106 11,107 11,106 11,107 11,106 11,107 11,106 11,107 Net income (loss) attributable to common stockholders 106,866 77,896 7,230 127,683 (172,215 ) (64,480 ) 80,008 41,471 Earnings (loss) per share: Net income (loss) attributable to common stockholders Basic 0.75 0.57 0.06 1.05 (1.54 ) (0.58 ) 0.72 0.37 Diluted 0.75 0.57 0.06 1.05 (1.54 ) (0.58 ) 0.72 0.37

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Common Stock On February 6, 2020, we completed a public offering of 20,700,000 shares of common stock at the price of $16.78 per share. Total net proceeds were approximately $347.0 million after deducting estimated offering costs. Secured Loans We repaid $300.0 million of secured loans from the FHLBI upon their maturity on February 11, 2020 through a combination of available cash and additional repurchase agreement borrowings. Dividends We declared the following dividends on our Series B and Series C Preferred Stock on February 18, 2020 to our stockholders of record as of March 5, 2020: a Series B Preferred Stock dividend of $0.4844 per share payable on March 27, 2020 and a Series C Preferred Stock dividend of $0.46875 per share payable on March 27, 2020.

Schedule IV Mortgage Loans on R

Schedule IV Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2019
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, 2019 $ in thousands Asset Type Property Type Location Interest Rate Maturity Date Periodic Payment Terms (1) 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 — 24,055 24,055 — 24,055 24,055 (2) — (1) Interest (“I”) only until stated maturity of the loan. (2) The aggregate cost for federal income tax purposes is $24.1 million. Reconciliation of Carrying Value of Mortgage Loans on Real Estate: 2019 2018 2017 Beginning balance 31,582 191,808 273,355 Additions: Originations and purchases of new loans — 1,677 4,799 Amortization of commercial loan origination fees and premium (discount) — 91 337 Deductions: Collection of principal 7,527 160,934 90,713 Loss on foreign currency revaluation — 1,060 (4,030 ) Ending balance 24,055 31,582 191,808

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
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.
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 and 2017 we incurred foreign currency losses of $930,000 and gains of $4.1 million , respectively, primarily related to the revaluation of a commercial loan investment denominated in Pound Sterling. This commercial loan was repaid by the borrower during 2018. 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.
Fair Value Measurements	Fair Value Measurements We report our MBS and GSE CRTs 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 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, 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 10 - “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 We record our purchases of MBS and GSE CRTs on the trade date and report these securities at fair value as described above in the Fair Value Measurements section of this Note 2 to our consolidated financial statements. Although we generally intend to hold most of our MBS and GSE CRTs until maturity, we may sell any of these securities prior to maturity as part of our overall management of our investment portfolio. Approximately $17.4 billion ( 80% ) of our MBS and GSE CRTs are accounted for under the fair value option as of December 31, 2019 ( December 31, 2018 : $11.6 billion or 67% ). Under the fair value option, we recognize changes in fair value in our consolidated statements of operations as unrealized gains and losses. In our view, this election more appropriately reflects the results of our operations because MBS and GSE CRT fair value changes are accounted for in the same manner as fair value changes in our economic hedging instruments. We elected the fair value option for all MBS purchased on or after September 1, 2016, GSE CRTs purchased on or after August 24, 2015 and all RMBS interest-only securities. We classify the remaining balance of our MBS and GSE CRTs as available-for-sale ( $4.4 billion or 20% as of December 31, 2019 ; $5.8 billion or 33% as of December 31, 2018 ). 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. GSE CRTs purchased prior to August 24, 2015 are 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 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. We elected the fair value option for GSE CRTs purchased on or after August 24, 2015 due to the complexities associated with bifurcation of GSE CRTs into a debt host contract and an embedded derivative. 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. Other-Than-Temporary-Impairment 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, 2019 , 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 posted with counterparties as collateral is not available for general corporate purposes.
Due from Counterparties/Collateral Held Payable	Due from Counterparties / Collateral Held Payable
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 Payable	Dividends Payable Dividends payable represent dividends declared at the balance sheet date which are payable to common stockholders and preferred stockholders.
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 senior notes, and unvested restricted stock awards 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 Under the terms of our 2009 Equity Incentive Plan (the “Incentive Plan”), our independent directors are eligible to receive quarterly stock awards as part of their compensation for serving as directors, In addition, we may compensate the officers and employees of our Manager and its affiliates under the Incentive Plan under the terms of our management agreement. Share-based compensation arrangements may include share options, restricted and non-restricted share awards, performance-based awards and share appreciation rights. Compensation related to stock awards is recognized in the consolidated financial statements based on the fair value of the equity or liability instruments issued on the date of grant.
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 recorded 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 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 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, 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 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 or applied to elect to treat two of our subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, TRSs 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. TRSs are subject to U.S. federal, state and local corporate income taxes. Our TRSs did not generate material taxable income for the years ended December 31, 2019 , 2018 and 2017 . 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, 2019, we adopted the accounting guidance 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 is fixed at the grant date. The implementation of the guidance did not have a material impact on our financial statements. 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 as of January 1, 2020. The new guidance specifically excludes available-for-sale securities measured at fair value through net income. The Company elected the fair value option for all MBS purchased on or after September 1, 2016 and GSE CRTs purchased on or after August 24, 2015. Accordingly, the impact of the new guidance on accounting for our debt securities is limited to the approximately $4.4 billion of MBS and GSE CRT securities that we purchased prior to election of the fair value option and hold as of December 31, 2019. We are not required to record an allowance for credit losses on January 1, 2020 for our purchased credit deteriorated securities because all of our purchased credit deteriorated securities were in an unrealized gain position as of December 31, 2019. We have one commercial loan as of December 31, 2019 that is carried at amortized cost. We will implement the new guidance for this loan on a modified retrospective basis by electing the fair value option. The implementation of the new guidance will not have a material impact on our financial statements.

Variable Interest Entities ("_2

Variable Interest Entities ("VIEs") (Tables)	12 Months Ended
	Dec. 31, 2019
Variable Interest Entity Disclosure [Abstract]
Schedule of Maximum Risk of Loss	Our maximum risk of loss in VIEs in which we are not the primary beneficiary at December 31, 2019 is presented in the table below. $ in thousands Carrying Amount Company's Maximum Risk of Loss Non-Agency CMBS 3,823,474 3,823,474 Non-Agency RMBS 955,671 955,671 Investments in unconsolidated ventures 21,998 21,998 Total 4,801,143 4,801,143

Mortgage-Backed and Credit Ri_2

Mortgage-Backed and Credit Risk Transfer Securities (Tables)	12 Months Ended
	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Schedule of Investment Portfolio	The components of the carrying value of our MBS and GSE CRT portfolio at December 31, 2019 and 2018 are presented below. December 31, 2019 December 31, 2018 $ in thousands MBS and GSE CRT Securities Interest-Only Securities Total MBS and GSE CRT Securities Interest-Only Securities Total Principal/notional balance 20,957,410 2,396,665 23,354,075 17,442,367 2,672,316 20,114,683 Unamortized premium 440,503 — 440,503 395,907 — 395,907 Unamortized discount (419,983 ) (2,342,319 ) (2,762,302 ) (549,988 ) (2,598,767 ) (3,148,755 ) Gross unrealized gains (1) 807,324 4,782 812,106 238,579 7,448 246,027 Gross unrealized losses (1) (66,064 ) (6,532 ) (72,596 ) (204,664 ) (6,556 ) (211,220 ) Fair value 21,719,190 52,596 21,771,786 17,322,201 74,441 17,396,642 (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, 2019 and 2018 is provided below within this Note 4. The following tables summarize our MBS and GSE CRT portfolio by asset type at December 31, 2019 and 2018 . December 31, 2019 $ in thousands Principal/ Notional Unamortized Premium (Discount) Amortized Cost Unrealized Gain/ (Loss), net Fair Value Period- (1) Agency RMBS: 15 year fixed-rate 280,426 1,666 282,092 10,322 292,414 3.34 % 30 year fixed-rate 9,911,339 308,427 10,219,766 304,454 10,524,220 3.62 % Hybrid ARM* 55,024 602 55,626 1,267 56,893 3.46 % Total Agency RMBS pass-through 10,246,789 310,695 10,557,484 316,043 10,873,527 3.61 % Agency-CMO (2) 883,122 (467,840 ) 415,282 12,230 427,512 3.54 % Agency CMBS (3) 4,561,276 75,299 4,636,575 131,355 4,767,930 3.01 % Non-Agency CMBS (4) 4,464,525 (772,295 ) 3,692,230 131,244 3,823,474 5.16 % Non-Agency RMBS (5)(6)(7) 2,340,119 (1,487,603 ) 852,516 103,155 955,671 6.98 % GSE CRT (8) 858,244 19,945 878,189 45,483 923,672 2.78 % Total 23,354,075 (2,321,799 ) 21,032,276 739,510 21,771,786 3.85 % *Adjustable-rate mortgage (“ARM”) (1) Period-end weighted average yield is based on amortized cost as of December 31, 2019 and incorporates future prepayment and loss assumptions. (2) Agency collateralized mortgage obligation (“Agency-CMO”) includes interest-only securities (“Agency IO”), which represent 56.3% of principal/notional balance, 6.4% of amortized cost and 6.4% of fair value. (3) Includes unsettled TBA securities with an amortized cost of approximately $99.3 million . (4) Non-Agency CMBS includes interest-only securities which represent of 13.1% principal/notional balance, 0.3% of amortized cost and 0.3% of fair value. (5) Non-Agency RMBS held by us is 37.0% variable rate, 57.7% fixed rate and 5.3% floating rate based on fair value. Coupon payments on variable instruments are based upon changes in the underlying Hybrid ARM loan coupons, while coupon payments on floating rate investments are based up a spread to a reference index. (6) Of the total discount in non-Agency RMBS, $120.2 million is non-accretable calculated using the principal/notional balance and based on estimated future cash flows of the securities. (7) Non-Agency RMBS includes interest-only securities (“non-Agency IO”) which represent 56.2% of principal/notional balance, 1.9% of amortized cost and 1.3% of fair value. (8) 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, 2018 $ 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 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 % Hybrid ARM 653,586 13,775 667,361 (7,413 ) 659,948 2.79 % 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 % (1) Period-end weighted average yield 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 15.0% of 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. Coupon payments on variable instruments are based upon changes in the underlying Hybrid ARM loan coupons, while coupon payments on floating rate investments are based up a spread to a reference index. (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.
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, 2019 and December 31, 2018 . 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, 2019 and December 31, 2018 , approximately 80% and 67% , respectively, of our MBS and GSE CRTs are accounted for under the fair value option. December 31, 2019 December 31, 2018 $ 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 98,666 193,748 292,414 204,347 219,907 424,254 30 year fixed-rate 754,590 9,769,630 10,524,220 1,093,070 8,679,699 9,772,769 ARM — 105,747 — 105,747 Hybrid ARM 31,522 25,371 56,893 521,199 33,002 554,201 Total Agency RMBS pass-through 884,778 9,988,749 10,873,527 1,924,363 8,932,608 10,856,971 Agency-CMO 146,733 280,779 427,512 168,385 99,306 267,691 Agency CMBS — 4,767,930 4,767,930 — 1,002,510 1,002,510 Non-Agency CMBS 2,150,991 1,672,483 3,823,474 2,153,403 1,133,056 3,286,459 Non-Agency RMBS 715,479 240,192 955,671 961,445 202,237 1,163,682 GSE CRT 507,445 416,227 923,672 586,231 233,098 819,329 Total 4,405,426 17,366,360 21,771,786 5,793,827 11,602,815 17,396,642
Schedule of 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, 2019 and 2018 . $ in thousands December 31, 2019 December 31, 2018 Less than one year 268,536 110,020 Greater than one year and less than five years 7,836,620 3,508,100 Greater than or equal to five years 13,666,630 13,778,522 Total 21,771,786 17,396,642
Schedule of 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, 2019 and 2018 . December 31, 2019 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 957 (1 ) 2 362 (3 ) 4 1,319 (4 ) 6 30 year fixed-rate 255,649 (207 ) 3 34,009 (256 ) 5 289,658 (463 ) 8 Hybrid ARM 434 (2 ) 1 1,524 (46 ) 3 1,958 (48 ) 4 Total Agency RMBS pass-through (1) 257,040 (210 ) 6 35,895 (305 ) 12 292,935 (515 ) 18 Agency-CMO (2) 67,875 (1,194 ) 15 6,155 (1,513 ) 13 74,030 (2,707 ) 28 Agency CMBS (3) 1,743,800 (50,521 ) 58 — — — 1,743,800 (50,521 ) 58 Non-Agency CMBS (4) 203,129 (2,783 ) 19 101,021 (11,425 ) 7 304,150 (14,208 ) 26 Non-Agency RMBS (5) 26,283 (3,935 ) 14 12,199 (636 ) 2 38,482 (4,571 ) 16 GSE CRT (6) 77,044 (74 ) 4 — — — 77,044 (74 ) 4 Total 2,375,171 (58,717 ) 116 155,270 (13,879 ) 34 2,530,441 (72,596 ) 150 (1) Includes Agency RMBS with a fair value of $ 271.3 million for which the fair value option has been elected. These securities have unrealized losses of $ 268,000 . (2) Includes Agency IO with fair value of $11.1 million for which the fair value option has been elected. These Agency IO have unrealized losses of $2.3 million . (3) Fair value option has been elected for all Agency CMBS that are in an unrealized loss position. (4) Includes non-Agency CMBS with a fair value of $181.5 million for which the fair value option has been elected. These securities have unrealized losses of $2.8 million . (5) Includes non-Agency RMBS and non-Agency IO with a fair value of $17.6 million and $8.5 million , respectively, for which the fair value option has been elected. These securities have unrealized losses of $261,000 and $3.7 million , respectively. (6) Fair value option has been elected for all GSE CRT that are in an unrealized loss position. 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 Hybrid ARM 9,390 (87 ) 3 503,417 (9,175 ) 81 512,807 (9,262 ) 84 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) Includes Agency RMBS with a fair value of $ 6.1 billion for which the fair value option has been elected. These securities have unrealized losses of $ 130.2 million . (2) 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) Includes non-Agency CMBS with a fair value of $831.3 million for which the fair value option has been elected. These securities have unrealized losses of $26.3 million . (4) 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. These securities have unrealized losses of $ 79,000 and $269,000 , respectively. (5) Fair value option has been elected for all GSE CRT that are in an unrealized loss position.
Schedule of Changes in Other than Temporary Impairment Included in Earnings	The following table represents OTTI included in earnings for the years ended December 31, 2019 , 2018 and 2017 . Years Ended December 31, $ in thousands 2019 2018 2017 RMBS interest-only securities 6,707 7,761 11,208 Non-Agency RMBS (1) 1,024 85 754 Total 7,731 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.
Schedule of Gain (Loss) on Investments	The following table summarizes the components of our total gain (loss) on investments, net for the years ended December 31, 2019 , 2018 and 2017 . Years Ended December 31, $ in thousands 2019 2018 2017 Gross realized gains on sale of investments 24,721 774 2,208 Gross realized losses on sale of investments (16,682 ) (218,910 ) (3,873 ) Other-than-temporary impairment losses (7,731 ) (7,846 ) (11,962 ) Net unrealized gains (losses) on MBS accounted for under the fair value option 626,104 (95,327 ) (21,368 ) Net unrealized gains (losses) on GSE CRT accounted for under the fair value option (1,946 ) (6,370 ) 15,269 Net unrealized gains (losses on trading securities) — (21 ) 22 Total gain (loss) on investments, net 624,466 (327,700 ) (19,704 )
Schedule of 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, 2019 , 2018 and 2017 . 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, 2019 $ in thousands Coupon Interest Net (Premium Amortization)/ Discount Accretion Interest Income Agency RMBS 488,650 (76,676 ) 411,974 Agency CMBS 88,462 (4,712 ) 83,750 Non-Agency CMBS 163,326 15,347 178,673 Non-Agency RMBS 52,857 13,164 66,021 GSE CRT 37,032 (7,842 ) 29,190 Other 3,049 — 3,049 Total 833,376 (60,719 ) 772,657 For the Year ended December 31, 2018 $ in thousands Coupon Interest Net (Premium Amortization)/Discount Accretion Interest Income Agency RMBS 441,757 (80,750 ) 361,007 Agency CMBS 10,546 (591 ) 9,955 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

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of other assets	The following table summarizes our other assets as of December 31, 2019 and 2018 : $ in thousands December 31, 2019 December 31, 2018 FHLBI stock 74,250 74,250 Loan participation interest 44,654 54,981 Commercial loans, held-for-investment 24,055 31,582 Investments in unconsolidated ventures 21,998 24,012 Prepaid expenses and other assets 1,223 1,234 Total 166,180 186,059

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of Borrowings	The following tables summarize certain characteristics of our borrowings at December 31, 2019 and 2018 . Refer to Note 7 - “Collateral Positions” for collateral pledged and held under our repurchase agreements and secured loans. $ in thousands December 31, 2019 Amount Outstanding Period-end Weighted Average Interest Rate Weighted Average Remaining Maturity (Days) Repurchase Agreements: Agency RMBS 9,666,964 1.95 % 46 Agency CMBS 4,246,359 1.95 % 43 Non-Agency CMBS 2,041,968 2.71 % 14 Non-Agency RMBS 790,412 2.65 % 16 GSE CRT 753,110 2.70 % 13 Loan Participation Interest 33,490 3.22 % 240 Total Repurchase Agreements 17,532,303 2.11 % 39 Secured Loans 1,650,000 1.93 % 1587 Total Borrowings 19,182,303 2.09 % 172 $ in thousands December 31, 2018 Amount Period-end Weighted Average Weighted Average 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
Schedule of Maturities of Outstanding Borrowings	The following table shows the aggregate amount of maturities of our outstanding borrowings: As of $ in thousands December 31, 2019 2020 17,832,303 2021 100,000 2022 — 2023 — 2024 — 2025 1,250,000 Total 19,182,303

Collateral Positions (Tables)

Collateral Positions (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 and 2018 . Refer to Note 2 - “Summary of Significant Accounting Policies - Fair Value Measurements” for a description of how we determine fair value. MBS 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, centrally cleared swaps, bilateral interest rate swaps and currency forward contracts is classified as restricted cash on our consolidated balance sheets. Cash collateral pledged on repurchase agreements, futures contracts and TBA securities that are accounted for as derivatives is classified as due from counterparties on our consolidated balance sheets. TBA securities that are recorded as mortgage-backed and credit risk transfer securities on our condensed consolidated balance sheets cannot be pledged as collateral until these securities settle. We held approximately $99.3 million and $131.8 million of these securities as of December 31, 2019 and 2018 , respectively. Cash collateral held on bilateral swaps and repurchase agreements 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, 2019 and 2018 , we did not recognize any non-cash collateral held on our consolidated balance sheets. $ in thousands As of Collateral Pledged December 31, 2019 December 31, 2018 Repurchase Agreements: Agency RMBS 10,187,555 10,158,404 Agency CMBS 4,446,384 870,702 Non-Agency CMBS 2,549,841 2,016,202 Non-Agency RMBS 943,176 1,127,911 GSE CRT 918,117 819,328 Loan participation interest 44,654 54,981 Cash 32,568 — Total repurchase agreements collateral pledged 19,122,295 15,047,528 Secured Loans: Agency RMBS 621,471 702,952 Non-Agency CMBS 1,276,418 1,227,412 Restricted cash 600 — Total secured loans collateral pledged 1,898,489 1,930,364 Interest Rate Swaps, Futures Contracts and Currency Forward Contracts: Agency RMBS 189,780 159,914 Cash — 13,500 Restricted cash 116,395 — Total interest rate swaps, futures contracts and currency forward contracts collateral pledged 306,175 173,414 Total collateral pledged: Mortgage-backed and credit risk transfer securities 21,132,742 17,082,825 Loan participation interest 44,654 54,981 Cash 32,568 13,500 Restricted cash 116,995 — Total collateral pledged 21,326,959 17,151,306 Collateral Held December 31, 2019 December 31, 2018 Repurchase Agreements: Cash 10 — Non-cash collateral 181 — Total repurchase agreements collateral held 191 — Interest Rate Swaps: Cash 160 18,083 Total interest rate swap collateral held 160 18,083 Total collateral held: Cash 170 18,083 Non-cash collateral 181 — Total collateral held 351 18,083

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes changes in the notional amount of our derivative instruments during 2019 : $ in thousands Notional Amount as of December 31, 2018 Additions Settlement, Notional Amount as Interest Rate Swaps 12,370,000 26,950,000 (25,320,000 ) 14,000,000 Futures Contracts 1,689,900 3,625,800 (5,315,700 ) — Currency Forward Contracts 23,149 101,597 (101,635 ) 23,111 Credit Derivatives 526,912 — (61,946 ) 464,966 Total 14,609,961 30,677,397 (30,799,281 ) 14,488,077
Schedule of Interest Rate Swaps Outstanding	As of December 31, 2019 , we had interest rate swaps with the following maturities outstanding: $ in thousands As of December 31, 2019 Maturities Notional Amount (1) Weighted Average Fixed Pay Rate Weighted Average Receive Rate Weighted Average Years to Maturity 2020 1,900,000 1.67 % 1.84 % 0.6 2021 2,500,000 1.40 % 1.77 % 1.3 2022 800,000 1.53 % 1.91 % 2.9 2023 2,400,000 1.44 % 1.72 % 3.9 2024 900,000 1.49 % 1.76 % 4.8 Thereafter 5,500,000 1.44 % 1.78 % 9.5 Total 14,000,000 1.47 % 1.79 % 5.2 $ in thousands As of December 31, 2018 Maturities Notional Amount (2) Weighted Average Fixed Pay Rate Weighted Average Receive Rate Weighted Average Years to Maturity 2019 1,500,000 2.70 % 2.47 % 0.9 2020 1,500,000 2.78 % 2.51 % 1.7 2021 2,300,000 2.51 % 2.58 % 2.5 2022 2,550,000 2.13 % 2.65 % 3.4 2023 1,600,000 2.39 % 2.47 % 4.7 Thereafter 2,920,000 2.47 % 2.55 % 6.8 Total 12,370,000 2.46 % 2.55 % 3.7 (1) Notional amount includes $10.7 billion of interest rate swaps that receive variable payments based on 1-month LIBOR and $3.3 billion of interest rate swaps that receive variable payments based on 3-month LIBOR as of December 31, 2019 . (2) Notional amount includes $6.7 billion of interest rate swaps that receive variable payments based on 1-month LIBOR and $5.7 billion of interest rate swaps that receive variable payments based on 3-month LIBOR as of December 31, 2018 .
Schedule of Credit Derivatives	As of December 31, 2019 and 2018 , terms of the GSE CRT embedded derivatives are: $ in thousands December 31, 2019 December 31, 2018 Fair value amount 10,281 22,771 Notional amount 464,966 526,912 Maximum potential amount of future undiscounted payments 464,966 526,912
Schedule of 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, 2019 and 2018 . $ in thousands Derivative Assets Derivative Liabilities As of December 31, 2019 As of December 31, 2018 As of December 31, 2019 As of December 31, 2018 Balance Sheet Fair Value Fair Value Balance Sheet Fair Value Fair Value Interest Rate Swaps Asset 18,533 15,089 Interest Rate Swaps Liability — 15,382 Currency Forward Contracts — — Currency Forward Contracts 352 172 Futures Contracts — — Futures Contracts — 7,836 Total Derivative Assets 18,533 15,089 Total Derivative Liabilities 352 23,390
Schedule of 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, 2019 , 2018 and 2017 . $ in thousands Year ended December 31, 2019 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 — 20,833 (12,490 ) 8,343 $ 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 The following tables summarize the effect of interest rate swaps, 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, 2019 , 2018 and 2017 . $ in thousands Year ended December 31, 2019 Derivative not designated as hedging instrument Realized gain (loss) on derivative instruments, net Contractual net interest income (expense) Unrealized gain (loss), net Gain (loss) on derivative instruments, net Interest Rate Swaps (440,626 ) 35,840 18,826 (385,960 ) Future Contracts (157,929 ) — 7,836 (150,093 ) Currency Forward Contracts 1,478 — (180 ) 1,298 Total (597,077 ) 35,840 26,482 (534,755 ) $ in thousands Year ended December 31, 2018 Derivative not designated as hedging instrument Realized gain (loss) on derivative instruments, net Contractual net interest income (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 Realized gain (loss) on derivative instruments, net Contractual net interest income (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

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Offsetting [Abstract]
Schedule of 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, 2019 and December 31, 2018 . The daily variation margin payment for centrally cleared interest rate swaps is characterized as settlement of the derivative itself rather than collateral. Our derivative asset of $18.5 million ( December 31, 2018 : derivative liability of $13.2 million ) at December 31, 2019 related to centrally cleared interest rate swaps is not included in the table below as a result of this characterization of daily variation margin. Offsetting of Derivative Liabilities, Repurchase Agreements and Secured Loans As of December 31, 2019 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 (1) Cash Collateral Pledged Net Amount Derivatives (2) 352 — 352 — (320 ) 32 Repurchase Agreements (3) 17,532,303 — 17,532,303 (17,532,303 ) — — Secured Loans (4) 1,650,000 — 1,650,000 (1,650,000 ) — — Total 19,182,655 — 19,182,655 (19,182,303 ) (320 ) 32 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 (3)(5) 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 (1) Cash Collateral Pledged Net Amount Derivatives (2) 10,239 — 10,239 (2,058 ) (7,836 ) 345 Repurchase Agreements (3) 13,602,484 — 13,602,484 (13,602,484 ) — — Secured Loans (4) 1,650,000 — 1,650,000 (1,650,000 ) — — Total 15,262,723 — 15,262,723 (15,254,542 ) (7,836 ) 345 (1) Amounts represent collateral pledged that is available to be offset against liability balances associated with repurchase agreements, secured loans and derivatives. (2) The fair value of securities pledged against our derivatives was $189.8 million at December 31, 2019 ( December 31, 2018 : $159.9 million ), of which $189.8 million ( December 31, 2018 : $158.3 million ) relates to initial margin pledged on centrally cleared interest rate swaps. Centrally cleared interest rate swaps are excluded from the tables above. Cash collateral received on our derivatives was $160,000 and $18.1 million at December 31, 2019 and December 31, 2018 , respectively. Cash collateral pledged by us on our futures contracts and interest rate swaps was $116.4 million and $13.5 million at December 31, 2019 and December 31, 2018 , 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, 2019 and December 31, 2018 , respectively. (3) The fair value of securities pledged against our borrowing under repurchase agreements was $19.1 billion and $15.0 billion at December 31, 2019 and December 31, 2018 , respectively. We pledged cash collateral of $32.6 million and held cash collateral of $10,000 under repurchase agreements as of December 31, 2019 . (4) The fair value of securities pledged against IAS Services LLC's borrowings under secured loans was $1.9 billion and $1.9 billion at December 31, 2019 and December 31, 2018
Schedule of 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, 2019 and December 31, 2018 . The daily variation margin payment for centrally cleared interest rate swaps is characterized as settlement of the derivative itself rather than collateral. Our derivative asset of $18.5 million ( December 31, 2018 : derivative liability of $13.2 million ) at December 31, 2019 related to centrally cleared interest rate swaps is not included in the table below as a result of this characterization of daily variation margin. Offsetting of Derivative Liabilities, Repurchase Agreements and Secured Loans As of December 31, 2019 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 (1) Cash Collateral Pledged Net Amount Derivatives (2) 352 — 352 — (320 ) 32 Repurchase Agreements (3) 17,532,303 — 17,532,303 (17,532,303 ) — — Secured Loans (4) 1,650,000 — 1,650,000 (1,650,000 ) — — Total 19,182,655 — 19,182,655 (19,182,303 ) (320 ) 32 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 (3)(5) 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 (1) Cash Collateral Pledged Net Amount Derivatives (2) 10,239 — 10,239 (2,058 ) (7,836 ) 345 Repurchase Agreements (3) 13,602,484 — 13,602,484 (13,602,484 ) — — Secured Loans (4) 1,650,000 — 1,650,000 (1,650,000 ) — — Total 15,262,723 — 15,262,723 (15,254,542 ) (7,836 ) 345 (1) Amounts represent collateral pledged that is available to be offset against liability balances associated with repurchase agreements, secured loans and derivatives. (2) The fair value of securities pledged against our derivatives was $189.8 million at December 31, 2019 ( December 31, 2018 : $159.9 million ), of which $189.8 million ( December 31, 2018 : $158.3 million ) relates to initial margin pledged on centrally cleared interest rate swaps. Centrally cleared interest rate swaps are excluded from the tables above. Cash collateral received on our derivatives was $160,000 and $18.1 million at December 31, 2019 and December 31, 2018 , respectively. Cash collateral pledged by us on our futures contracts and interest rate swaps was $116.4 million and $13.5 million at December 31, 2019 and December 31, 2018 , 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, 2019 and December 31, 2018 , respectively. (3) The fair value of securities pledged against our borrowing under repurchase agreements was $19.1 billion and $15.0 billion at December 31, 2019 and December 31, 2018 , respectively. We pledged cash collateral of $32.6 million and held cash collateral of $10,000 under repurchase agreements as of December 31, 2019 . (4) The fair value of securities pledged against IAS Services LLC's borrowings under secured loans was $1.9 billion and $1.9 billion at December 31, 2019 and December 31, 2018

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of Fair Values Measured on Recurring Basis	The following tables present our assets and liabilities measured at fair value on a recurring basis. December 31, 2019 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) — 21,761,505 10,281 — 21,771,786 Derivative assets — 18,533 — — 18,533 Other assets (4) — — 44,654 21,998 66,652 Total assets — 21,780,038 54,935 21,998 21,856,971 Liabilities: Derivative liabilities — 352 — — 352 Total liabilities — 352 — — 352 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 (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 financial instruments consist of debt host contracts classified as Level 2 and embedded derivatives classified as Level 3. As of December 31, 2019 , the net embedded derivative asset position of $10.3 million includes $19.5 million of embedded derivatives in an asset position and $9.2 million of embedded derivatives in a liability position. 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. (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, 2019 and December 31, 2018 , the weighted average remaining term of investments in unconsolidated ventures is 2.2 years and 2.6 years, respectively. (4) Includes $44.7 million and $55.0 million of a loan participation interest as of December 31, 2019 and December 31, 2018 , respectively. The loan participation interest is transferable and bears interest at a variable rate based on LIBOR plus a spread and resets daily. As a result, the cost of the loan participation interest approximates its fair value.
Schedule of 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, 2019 December 31, 2018 Beginning balance 22,771 45,400 Unrealized gains/(losses), net (1) (12,490 ) (22,629 ) Ending balance 10,281 22,771 (1) Included in realized and unrealized credit derivative income (loss), net in the consolidated statements of operations are $12.5 million in net unrealized losses and $22.6 million in net unrealized losses attributable to assets still held as of December 31, 2019 and December 31, 2018 , respectively.
Schedule of 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, 2019 December 31, 2018 Beginning balance 54,981 — Purchases/Advances 7,962 54,981 Repayments (18,289 ) — Ending balance 44,654 54,981
Schedule of 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, 2019 Valuation Technique Unobservable Input Range Weighted Average GSE CRT Embedded Derivatives 10,281 Market Comparables, Vendor Pricing Weighted average life 1.1 - 4.2 years 2.9 years 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
Schedule of 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, 2019 and December 31, 2018 : December 31, 2019 December 31, 2018 $ in thousands Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets: Commercial loans, held-for-investment 24,055 24,397 31,582 31,826 FHLBI stock 74,250 74,250 74,250 74,250 Total 98,305 98,647 105,832 106,076 Financial Liabilities: Repurchase agreements 17,532,303 17,534,344 13,602,484 13,602,050 Secured loans 1,650,000 1,650,000 1,650,000 1,650,000 Total 19,182,303 19,184,344 15,252,484 15,252,050

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 , 2018 and 2017 . Years ended December 31, $ in thousands 2019 2018 2017 Incurred costs, prepaid or expensed 7,343 6,483 5,997 Incurred costs, charged against equity as a cost of raising capital 950 230 299 Total incurred costs, originally paid by our Manager 8,293 6,713 6,296

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 . Year Ended December 31, 2019 Restricted Stock Units Weighted Average Grant Date Fair Value Unvested at the beginning of the year 11,051 $ 14.55 Shares granted during the year 6,189 15.92 Shares vested during the year (4,720 ) 14.48 Unvested at the end of the year 12,520 $ 15.25
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, 2019 and December 31, 2018 , respectively. The tables exclude gains and losses on MBS and GSE CRTs that are accounted for under the fair value option. December 31, 2019 $ 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 — 83,965 — 83,965 Reclassification of unrealized (gain) loss on sale of mortgage-backed and credit risk transfer securities to gain (loss) on investments, net — 9,072 — 9,072 Reclassification of amortization of net deferred (gain) loss on de-designated interest rate swaps to repurchase agreements interest expense — — (23,729 ) (23,729 ) Currency translation adjustments on investment in unconsolidated venture (1,158 ) — — (1,158 ) Total other comprehensive income (loss), net (1,158 ) 93,037 (23,729 ) 68,150 AOCI balance at beginning of period 513 120,664 99,636 220,813 Total other comprehensive income/(loss), net (1,158 ) 93,037 (23,729 ) 68,150 AOCI balance at end of period (645 ) 213,701 75,907 288,963 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 Total 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
Schedule of Dividends Declared	We declared the following dividends during 2019 and 2018 : $ in thousands, except per share amounts Dividends Declared Series A Preferred Stock Per Share In Aggregate Date of Payment 2019 December 16, 2019 0.4844 2,712 January 27, 2020 September 16, 2019 0.4844 2,713 October 25, 2019 June 17, 2019 0.4844 2,712 July 25, 2019 March 18, 2019 0.4844 2,713 April 25, 2019 2018 December 14, 2018 0.4844 2,713 January 25, 2019 September 14, 2018 0.4844 2,713 October 25, 2018 June 15, 2018 0.4844 2,712 July 25, 2018 March 15, 2018 0.4844 2,713 April 25, 2018 $ in thousands, except per share amounts Dividends Declared Series B Preferred Stock Per Share In Aggregate Date of Payment 2019 November 5, 2019 0.4844 3,003 December 27, 2019 August 1, 2019 0.4844 3,003 September 27, 2019 May 3, 2019 0.4844 3,004 June 27, 2019 February 14, 2019 0.4844 3,003 March 27, 2019 2018 November 6, 2018 0.4844 3,003 December 27, 2018 August 2, 2018 0.4844 3,003 September 27, 2018 May 2, 2018 0.4844 3,004 June 27, 2018 February 15, 2018 0.4844 3,003 March 27, 2018 Dividends Declared Series C Preferred Stock Per Share In Aggregate Date of Payment 2019 November 5, 2019 0.46875 5,391 December 27, 2019 August 1, 2019 0.46875 5,391 September 27, 2019 May 3, 2019 0.46875 5,390 June 27, 2019 February 14, 2019 0.46875 5,391 March 27, 2019 2018 November 6, 2018 0.46875 5,391 December 27, 2018 August 2, 2018 0.46875 5,391 September 27, 2018 May 2, 2018 0.46875 5,390 June 27, 2018 February 15, 2018 0.46875 5,391 March 27, 2018 Common Stock Dividends Declared Per Share In Aggregate Date of Payment 2019 December 16, 2019 0.50 72,132 January 28, 2020 September 16, 2019 0.45 64,261 October 28, 2019 June 17, 2019 0.45 57,958 July 26, 2019 March 18, 2019 0.45 57,720 April 26, 2019 2018 December 14, 2018 0.42 46,866 January 28, 2019 September 14, 2018 0.42 46,895 October 26, 2018 June 15, 2018 0.42 46,890 July 26, 2018 March 15, 2018 0.42 46,887 April 26, 2018 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, 2019 and 2018 . Tax Characterization of Dividends Fiscal Tax Year Dividends Declared Ordinary Dividends Return of Capital Capital Gain Distribution Carry Forward Series A Preferred Stock Dividends Fiscal tax year 2019 (1) 1.937600 — 1.937600 — — Fiscal tax year 2018 (2) 1.937600 1.937600 — — — Series B Preferred Stock Dividends Fiscal tax year 2019 1.937600 — 1.937600 — — Fiscal tax year 2018 1.937600 1.937600 — — — Series C Preferred Stock Dividends Fiscal tax year 2019 1.875000 — 1.875000 — — Fiscal tax year 2018 1.875000 1.875000 — — — Common Stock Dividends Fiscal tax year 2019 (3) 1.850000 — 1.350000 — 0.500000 Fiscal tax year 2018 (4) 1.680000 1.378178 — — 0.301822 (1) Excludes preferred stock dividend of $0.4844 per share declared on December 16, 2019 that has a record date of January 1, 2020 . This dividend is a 2020 dividend for federal income tax purposes. (2) Excludes preferred stock dividend of $0.4844 per share declared on December 14, 2018 that had a record date of January 1, 2019. This dividend is a 2019 dividend for federal income tax purposes. (3) Our fourth quarter dividend declared on December 16, 2019 that has a record date of December 27, 2019 was paid on January 28, 2020. This dividend is a 2020 dividend for federal income tax purposes. (4) Our fourth quarter dividend declared on December 14, 2018 that had a record date of December 26, 2018 was paid on January 28, 2019. A portion of this dividend, $0.301822 per share, was a 2019 dividend for tax purposes and treated as a return of capital.

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	Earnings per share for the years ended December 31, 2019 , 2018 and 2017 is computed as follows: In thousands except per share amounts Years Ended December 31, 2019 2018 2017 Numerator (Income) Basic Earnings: Net income (loss) available to common stockholders 319,675 (115,216 ) 320,527 Effect of dilutive securities: Income allocated to exchangeable senior notes (1) — — 13,340 Income (loss) allocated to non-controlling interest (2) — — 4,450 Dilutive net income (loss) available to stockholders 319,675 (115,216 ) 338,317 Denominator (Weighted Average Shares) Basic Earnings: Shares available to common stockholders 132,306 111,637 111,610 Effect of dilutive securities: Restricted stock awards 12 — 20 Non-controlling interest OP Units (2) — — 1,425 Exchangeable senior notes (1) — — 9,986 Dilutive Shares 132,318 111,637 123,041 Earnings (loss) per share: Net income (loss) attributable to common stockholders Basic 2.42 (1.03 ) 2.87 Diluted 2.42 (1.03 ) 2.75 (1) The Company repaid its exchangeable senior notes in March 2018. (2) The Company redeemed all OP Units of the non-controlling interest holder in November 2018 as discussed in Note 14 - "Non-Controlling Interest - Operating Partnership".

Non-controlling Interest - Op_2

Non-controlling Interest - Operating Partnership (Tables)	12 Months Ended
	Dec. 31, 2019
Noncontrolling Interest [Abstract]
Schedule of 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 Net income (loss) attributable to Invesco Mortgage Capital Inc. (70,790 ) 348,607 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
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 and 2017. Years ended December 31, $ in thousands 2018 2017 Net income (loss) allocated 254 4,450 Distributions paid 2,394 2,294

Summarized Quarterly Results _2

Summarized Quarterly Results of Operations (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
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 19 Q3 19 Q2 19 Q1 19 Q4 18 Q3 18 Q2 18 Q1 18 Interest Income Mortgage-backed and credit risk transfer securities 191,490 194,938 200,737 185,492 174,511 160,416 147,548 149,003 Commercial and other loans 1,291 1,353 1,484 1,582 1,593 1,672 4,051 4,222 Total interest income 192,781 196,291 202,221 187,074 176,104 162,088 151,599 153,225 Interest Expense Repurchase agreements 97,993 112,851 117,978 101,875 91,057 81,763 69,389 59,585 Secured loans 8,808 10,413 11,258 11,144 10,565 9,490 8,471 6,927 Exchangeable senior notes — — — — — — — 1,621 Total interest expense 106,801 123,264 129,236 113,019 101,622 91,253 77,860 68,133 Net interest income 85,980 73,027 72,985 74,055 74,482 70,835 73,739 85,092 Other income (loss) Gain (loss) on investments, net (148,511 ) 202,413 302,182 268,382 76,957 (207,910 ) (36,377 ) (160,370 ) Equity in earnings of unconsolidated ventures 427 403 702 692 624 1,084 798 896 Gain (loss) on derivative instruments, net 188,682 (177,244 ) (344,733 ) (201,460 ) (293,485 ) 87,672 67,169 133,367 Realized and unrealized credit derivative income (loss), net 2,896 1 (2,438 ) 7,884 (9,026 ) 4,975 735 3,165 Net loss on extinguishment of debt — — — — — — — (26 ) Other investment income (loss), net 909 1,005 1,007 1,029 850 1,068 (2,160 ) 3,102 Total other income (loss) 44,403 26,578 (43,280 ) 76,527 (224,080 ) (113,111 ) 30,165 (19,866 ) Expenses Management fee – related party 10,529 8,740 9,370 9,534 10,294 10,105 10,102 10,221 General and administrative 1,882 1,862 1,999 2,258 2,116 1,673 1,525 1,756 Total expenses 12,411 10,602 11,369 11,792 12,410 11,778 11,627 11,977 Net income (loss) 117,972 89,003 18,336 138,790 (162,008 ) (54,054 ) 92,277 53,249 Net income (loss) attributable to non-controlling interest — — — — (899 ) (681 ) 1,163 671 Net income (loss) attributable to Invesco Mortgage Capital Inc. 117,972 89,003 18,336 138,790 (161,109 ) (53,373 ) 91,114 52,578 Dividends to preferred stockholders 11,106 11,107 11,106 11,107 11,106 11,107 11,106 11,107 Net income (loss) attributable to common stockholders 106,866 77,896 7,230 127,683 (172,215 ) (64,480 ) 80,008 41,471 Earnings (loss) per share: Net income (loss) attributable to common stockholders Basic 0.75 0.57 0.06 1.05 (1.54 ) (0.58 ) 0.72 0.37 Diluted 0.75 0.57 0.06 1.05 (1.54 ) (0.58 ) 0.72 0.37

Organization and Business Ope_2

Organization and Business Operations (Detail)	12 Months Ended
	Dec. 31, 2019segment
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%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Detail)	12 Months Ended
	Dec. 31, 2019USD ($)loanSubsidiary	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Foreign currency gain (losses)	$ 0	$ (1,038,000)	$ 4,103,000
FDIC deposit insurance limit amount	$ 250,000
Number of subsidiaries treated as taxable REIT | Subsidiary	2
MBS and GSE CRT Securities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Securities accounted for under fair value option	$ 17,366,360,000	$ 11,602,815,000
Percentage of MBS and GSE CRT accounted for under the fair value option	80.00%	67.00%
Available-for-sale securities	$ 4,405,426,000	$ 5,793,827,000
Percentage of MBS and GSE CRT securities classified as available-for-sale	20.00%	33.00%
Commercial
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of loans | loan	1	2
Investment Denominated in Pound Sterling | Commercial
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Foreign currency gain (losses)		$ 930,000	$ 4,100,000

Variable Interest Entities ("_3

Variable Interest Entities ("VIEs") (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Variable Interest Entity
Carrying Amount	$ 21,771,786	$ 17,396,642
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying Amount	4,801,143
Company's Maximum Risk of Loss	4,801,143
Variable Interest Entity, Not Primary Beneficiary | Non-Agency CMBS
Variable Interest Entity
Carrying Amount	3,823,474
Company's Maximum Risk of Loss	3,823,474
Variable Interest Entity, Not Primary Beneficiary | Non-Agency RMBS
Variable Interest Entity
Carrying Amount	955,671
Company's Maximum Risk of Loss	955,671
Variable Interest Entity, Not Primary Beneficiary | Investments in unconsolidated ventures
Variable Interest Entity
Carrying Amount	21,998
Company's Maximum Risk of Loss	$ 21,998

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, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Principal/ Notional Balance	$ 23,354,075	$ 20,114,683
Unamortized Premium (Discount)	(2,321,799)	(2,752,848)
Amortized Cost	21,032,276	17,361,835
Unrealized Gain/ (Loss), net	739,510	34,807
Fair Value	$ 21,771,786	$ 17,396,642
Period- end Weighted Average Yield	3.85%	4.00%
Percentage of Agency-CMO interest only securities, principal balance	56.30%	73.60%
Percentage of Agency-CMO interest only securities, amortized cost	6.40%	13.50%
Percentage of Agency-CMO interest only securities, fair value	6.40%	12.40%
Percentage of Non-Agency CMBS interest only, principal balance	13.10%	15.00%
Percentage of Non-Agency CMBS interest only, amortized cost	0.30%	0.40%
Percentage of Non-Agency CMBS interest only, fair value	0.30%	0.50%
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%
Unamortized premium (discount) non-accretable portion		$ 145,600
15 year fixed-rate
Debt Securities, Available-for-sale [Line Items]
Principal/ Notional Balance	$ 280,426	417,233
Unamortized Premium (Discount)	1,666	5,077
Amortized Cost	282,092	422,310
Unrealized Gain/ (Loss), net	10,322	1,944
Fair Value	$ 292,414	$ 424,254
Period- end Weighted Average Yield	3.34%	3.27%
30 year fixed-rate
Debt Securities, Available-for-sale [Line Items]
Principal/ Notional Balance	$ 9,911,339	$ 9,599,301
Unamortized Premium (Discount)	308,427	298,693
Amortized Cost	10,219,766	9,897,994
Unrealized Gain/ (Loss), net	304,454	(125,225)
Fair Value	$ 10,524,220	$ 9,772,769
Period- end Weighted Average Yield	3.62%	3.55%
Hybrid ARM
Debt Securities, Available-for-sale [Line Items]
Principal/ Notional Balance	$ 55,024	$ 653,586
Unamortized Premium (Discount)	602	13,775
Amortized Cost	55,626	667,361
Unrealized Gain/ (Loss), net	1,267	(7,413)
Fair Value	$ 56,893	$ 659,948
Period- end Weighted Average Yield	3.46%	2.79%
Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Principal/ Notional Balance	$ 10,246,789	$ 10,670,120
Unamortized Premium (Discount)	310,695	317,545
Amortized Cost	10,557,484	10,987,665
Unrealized Gain/ (Loss), net	316,043	(130,694)
Fair Value	$ 10,873,527	$ 10,856,971
Period- end Weighted Average Yield	3.61%	3.49%
Agency-CMO
Debt Securities, Available-for-sale [Line Items]
Principal/ Notional Balance	$ 883,122	$ 907,862
Unamortized Premium (Discount)	(467,840)	(631,180)
Amortized Cost	415,282	276,682
Unrealized Gain/ (Loss), net	12,230	(8,991)
Fair Value	$ 427,512	$ 267,691
Period- end Weighted Average Yield	3.54%	3.61%
Agency CMBS
Debt Securities, Available-for-sale [Line Items]
Principal/ Notional Balance	$ 4,561,276	$ 973,122
Unamortized Premium (Discount)	75,299	15,058
Amortized Cost	4,636,575	988,180
Unrealized Gain/ (Loss), net	131,355	14,330
Fair Value	$ 4,767,930	$ 1,002,510
Period- end Weighted Average Yield	3.01%	3.54%
Unsettled TBA securities
Debt Securities, Available-for-sale [Line Items]
Principal/ Notional Balance	$ 99,300
Non-Agency CMBS
Debt Securities, Available-for-sale [Line Items]
Principal/ Notional Balance	4,464,525	$ 4,024,715
Unamortized Premium (Discount)	(772,295)	(727,307)
Amortized Cost	3,692,230	3,297,408
Unrealized Gain/ (Loss), net	131,244	(10,949)
Fair Value	$ 3,823,474	$ 3,286,459
Period- end Weighted Average Yield	5.16%	5.05%
Non-Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Principal/ Notional Balance	$ 2,340,119	$ 2,800,335
Unamortized Premium (Discount)	(1,487,603)	(1,748,223)
Amortized Cost	852,516	1,052,112
Unrealized Gain/ (Loss), net	103,155	111,570
Fair Value	$ 955,671	$ 1,163,682
Period- end Weighted Average Yield	6.98%	7.24%
Percentage of non-agency securities classified as variable rate	37.00%	43.50%
Percentage of non-agency securities classified as fixed rate	57.70%	50.70%
Percentage of non-agency securities classified as floating rate	5.30%	5.80%
Unamortized premium (discount) non-accretable portion	$ 120,200
Non-Agency IO
Debt Securities, Available-for-sale [Line Items]
Percentage of Non-Agency RMBS interest-only, principal balance	56.20%
Percentage of Non-Agency RMBS interest-only, amortized cost	1.90%
Percentage of Non-Agency RMBS interest only, fair value	1.30%
GSE CRT
Debt Securities, Available-for-sale [Line Items]
Principal/ Notional Balance	$ 858,244	$ 738,529
Unamortized Premium (Discount)	19,945	21,259
Amortized Cost	878,189	759,788
Unrealized Gain/ (Loss), net	45,483	59,541
Fair Value	$ 923,672	$ 819,329
Period- end Weighted Average Yield	2.78%	3.10%

Mortgage-Backed and Credit Ri_4

Mortgage-Backed and Credit Risk Transfer Securities - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses	$ 72,596	$ 211,220
Agency RMBS, Agency CMBS and CMO
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses	51,500	159,300
Agency IO, Non-Agency RMBS and Non-Agency CMBS
Debt Securities, Available-for-sale [Line Items]
Gross unrealized losses	$ 21,100	$ 51,900

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, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Marketable Securities	$ 21,771,786	$ 17,396,642
Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities	884,778	1,924,363
Securities accounted for under fair value option	9,988,749	8,932,608
Marketable Securities	10,873,527	10,856,971
15 year fixed-rate
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities	98,666	204,347
Securities accounted for under fair value option	193,748	219,907
Marketable Securities	292,414	424,254
30 year fixed-rate
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities	754,590	1,093,070
Securities accounted for under fair value option	9,769,630	8,679,699
Marketable Securities	10,524,220	9,772,769
ARM
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities		105,747
Securities accounted for under fair value option		0
Marketable Securities		105,747
Hybrid ARM
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities	31,522	521,199
Securities accounted for under fair value option	25,371	33,002
Marketable Securities	56,893	554,201
Agency-CMO
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities	146,733	168,385
Securities accounted for under fair value option	280,779	99,306
Marketable Securities	427,512	267,691
Agency CMBS
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities	0	0
Securities accounted for under fair value option	4,767,930	1,002,510
Marketable Securities	4,767,930	1,002,510
Non-Agency CMBS
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities	2,150,991	2,153,403
Securities accounted for under fair value option	1,672,483	1,133,056
Marketable Securities	3,823,474	3,286,459
Non-Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities	715,479	961,445
Securities accounted for under fair value option	240,192	202,237
Marketable Securities	955,671	1,163,682
GSE CRT
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities	507,445	586,231
Securities accounted for under fair value option	416,227	233,098
Marketable Securities	$ 923,672	$ 819,329
Mortgage-backed and credit risk transfer securities
Debt Securities, Available-for-sale [Line Items]
Percentage of MBS and GSE CRT accounted for under the fair value option	80.00%	67.00%
Available-for-sale Securities	$ 4,405,426	$ 5,793,827
Securities accounted for under fair value option	17,366,360	11,602,815
Marketable Securities	$ 21,719,190	$ 17,322,201

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, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Principal/notional balance	$ 23,354,075	$ 20,114,683
Unamortized premium	440,503	395,907
Unamortized discount	(2,762,302)	(3,148,755)
Gross unrealized gains	812,106	246,027
Gross unrealized losses	(72,596)	(211,220)
Fair Value	21,771,786	17,396,642
Mortgage-backed and credit risk transfer securities
Debt Securities, Available-for-sale [Line Items]
Principal/notional balance	20,957,410	17,442,367
Unamortized premium	440,503	395,907
Unamortized discount	(419,983)	(549,988)
Gross unrealized gains	807,324	238,579
Gross unrealized losses	(66,064)	(204,664)
Fair Value	21,719,190	17,322,201
Interest-Only Securities
Debt Securities, Available-for-sale [Line Items]
Principal/notional balance	2,396,665	2,672,316
Unamortized premium	0	0
Unamortized discount	(2,342,319)	(2,598,767)
Gross unrealized gains	4,782	7,448
Gross unrealized losses	(6,532)	(6,556)
Fair Value	$ 52,596	$ 74,441

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, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Less than one year	$ 268,536	$ 110,020
Greater than one year and less than five years	7,836,620	3,508,100
Greater than or equal to five years	13,666,630	13,778,522
Total	$ 21,771,786	$ 17,396,642

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) $ in Thousands	Dec. 31, 2019USD ($)security	Dec. 31, 2018USD ($)security
Fair Value
Less than 12 Months	$ 2,375,171	$ 5,527,120
12 Months or More	155,270	4,216,435
Total	2,530,441	9,743,555
Unrealized Losses
Less than 12 Months	(58,717)	(75,521)
12 Months or More	(13,879)	(135,699)
Total	$ (72,596)	$ (211,220)
Number of Securities
Less than 12 Months (in securities) | security	116	359
12 Months or More (in securities) | security	34	285
Total (in securities) | security	150	644
15 year fixed-rate
Fair Value
Less than 12 Months	$ 957	$ 86,241
12 Months or More	362	16,660
Total	1,319	102,901
Unrealized Losses
Less than 12 Months	(1)	(814)
12 Months or More	(3)	(189)
Total	$ (4)	$ (1,003)
Number of Securities
Less than 12 Months (in securities) | security	2	50
12 Months or More (in securities) | security	4	22
Total (in securities) | security	6	72
30 year fixed-rate
Fair Value
Less than 12 Months	$ 255,649	$ 3,966,347
12 Months or More	34,009	2,846,090
Total	289,658	6,812,437
Unrealized Losses
Less than 12 Months	(207)	(49,182)
12 Months or More	(256)	(94,716)
Total	$ (463)	$ (143,898)
Number of Securities
Less than 12 Months (in securities) | security	3	158
12 Months or More (in securities) | security	5	95
Total (in securities) | security	8	253
Hybrid ARM
Fair Value
Less than 12 Months	$ 434	$ 9,390
12 Months or More	1,524	503,417
Total	1,958	512,807
Unrealized Losses
Less than 12 Months	(2)	(87)
12 Months or More	(46)	(9,175)
Total	$ (48)	$ (9,262)
Number of Securities
Less than 12 Months (in securities) | security	1	3
12 Months or More (in securities) | security	3	81
Total (in securities) | security	4	84
Agency RMBS
Fair Value
Less than 12 Months	$ 257,040	$ 4,061,978
12 Months or More	35,895	3,366,167
Total	292,935	7,428,145
Unrealized Losses
Less than 12 Months	(210)	(50,083)
12 Months or More	(305)	(104,080)
Total	$ (515)	$ (154,163)
Number of Securities
Less than 12 Months (in securities) | security	6	211
12 Months or More (in securities) | security	12	198
Total (in securities) | security	18	409
Fair value option, fair value	$ 271,300	$ 6,100,000
Fair value option, unrealized losses	268	130,200
Agency-CMO
Fair Value
Less than 12 Months	67,875	152,962
12 Months or More	6,155	101,705
Total	74,030	254,667
Unrealized Losses
Less than 12 Months	(1,194)	(6,315)
12 Months or More	(1,513)	(5,100)
Total	$ (2,707)	$ (11,415)
Number of Securities
Less than 12 Months (in securities) | security	15	34
12 Months or More (in securities) | security	13	19
Total (in securities) | security	28	53
Agency IO
Number of Securities
Fair value option, fair value	$ 11,100	$ 21,800
Fair value option, unrealized losses	2,300	6,300
CMO
Number of Securities
Fair value option, fair value		66,000
Fair value option, unrealized losses		845
Agency CMBS
Fair Value
Less than 12 Months	1,743,800
12 Months or More	0
Total	1,743,800
Unrealized Losses
Less than 12 Months	(50,521)
12 Months or More	0
Total	$ (50,521)
Number of Securities
Less than 12 Months (in securities) | security	58
12 Months or More (in securities) | security	0
Total (in securities) | security	58
Non-Agency CMBS
Fair Value
Less than 12 Months	$ 203,129	1,214,691
12 Months or More	101,021	659,298
Total	304,150	1,873,989
Unrealized Losses
Less than 12 Months	(2,783)	(17,778)
12 Months or More	(11,425)	(25,381)
Total	$ (14,208)	$ (43,159)
Number of Securities
Less than 12 Months (in securities) | security	19	94
12 Months or More (in securities) | security	7	52
Total (in securities) | security	26	146
Fair value option, fair value	$ 181,500	$ 831,300
Fair value option, unrealized losses	2,800	26,300
Non-Agency RMBS
Fair Value
Less than 12 Months	26,283	87,850
12 Months or More	12,199	89,265
Total	38,482	177,115
Unrealized Losses
Less than 12 Months	(3,935)	(1,152)
12 Months or More	(636)	(1,138)
Total	$ (4,571)	$ (2,290)
Number of Securities
Less than 12 Months (in securities) | security	14	19
12 Months or More (in securities) | security	2	16
Total (in securities) | security	16	35
Fair value option, fair value	$ 17,600	$ 6,200
Fair value option, unrealized losses	261	79
Non-Agency IO
Number of Securities
Fair value option, fair value	8,500	3,700
Fair value option, unrealized losses	3,700	269
GSE CRT
Fair Value
Less than 12 Months	77,044	9,639
12 Months or More	0	0
Total	77,044	9,639
Unrealized Losses
Less than 12 Months	(74)	(193)
12 Months or More	0	0
Total	$ (74)	$ (193)
Number of Securities
Less than 12 Months (in securities) | security	4	1
12 Months or More (in securities) | security	0	0
Total (in securities) | security	4	1

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, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Other-than-temporary credit impairment losses	$ 7,731	$ 7,846	$ 11,962
RMBS interest-only securities
Debt Securities, Available-for-sale [Line Items]
Other-than-temporary credit impairment losses	6,707	7,761	11,208
Non-Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Other-than-temporary credit impairment losses	$ 1,024	$ 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, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Gross realized gains on sale of investments	$ 24,721	$ 774	$ 2,208
Gross realized losses on sale of investments	(16,682)	(218,910)	(3,873)
Other-than-temporary impairment losses	(7,731)	(7,846)	(11,962)
Net unrealized gains (losses on trading securities)	0	(21)	22
Total gain (loss) on investments, net	624,466	(327,700)	(19,704)
MBS
Debt Securities, Available-for-sale [Line Items]
Net unrealized gains and losses on securities accounted for under the fair value option	626,104	(95,327)	(21,368)
GSE CRT
Debt Securities, Available-for-sale [Line Items]
Net unrealized gains and losses on securities accounted for under the fair value option	$ (1,946)	$ (6,370)	$ 15,269

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, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Net (Premium Amortization)/Discount Accretion									$ (46,243)	$ (42,608)	$ (67,152)
Interest Income	$ 191,490	$ 194,938	$ 200,737	$ 185,492	$ 174,511	$ 160,416	$ 147,548	$ 149,003	772,657	631,478	521,547
Mortgage-backed and credit risk transfer securities
Debt Securities, Available-for-sale [Line Items]
Coupon Interest									833,376	689,240	616,697
Net (Premium Amortization)/Discount Accretion									(60,719)	(57,762)	(95,150)
Interest Income									772,657	631,478	521,547
Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Coupon Interest									488,650	441,757	392,248
Net (Premium Amortization)/Discount Accretion									(76,676)	(80,750)	(107,702)
Interest Income									411,974	361,007	284,546
Agency CMBS
Debt Securities, Available-for-sale [Line Items]
Coupon Interest									88,462	10,546
Net (Premium Amortization)/Discount Accretion									(4,712)	(591)
Interest Income									83,750	9,955
Non-Agency CMBS
Debt Securities, Available-for-sale [Line Items]
Coupon Interest									163,326	29,142	131,005
Net (Premium Amortization)/Discount Accretion									15,347	(3,071)	(4,268)
Interest Income									178,673	26,071	126,737
Non-Agency RMBS
Debt Securities, Available-for-sale [Line Items]
Coupon Interest									52,857	151,562	70,849
Net (Premium Amortization)/Discount Accretion									13,164	6,682	18,769
Interest Income									66,021	158,244	89,618
GSE CRT
Debt Securities, Available-for-sale [Line Items]
Coupon Interest									37,032	55,116	22,164
Net (Premium Amortization)/Discount Accretion									(7,842)	19,968	(1,949)
Interest Income									29,190	75,084	20,215
Other
Debt Securities, Available-for-sale [Line Items]
Coupon Interest									3,049	1,117	431
Net (Premium Amortization)/Discount Accretion									0	0	0
Interest Income									$ 3,049	$ 1,117	$ 431

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
FHLBI stock	$ 74,250	$ 74,250
Loan participation interest	44,654	54,981
Commercial loans, held-for-investment	24,055	31,582
Investments in unconsolidated ventures	21,998	24,012
Prepaid expenses and other assets	1,223	1,234
Total	$ 166,180	$ 186,059

Other Assets - Additional Infor

Other Assets - Additional Information (Details) - loan	1 Months Ended	12 Months Ended
	Aug. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Secured Loan Collateralized by Mortgage Servicing Rights
Loans and Leases Receivable Disclosure [Line Items]
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		5.82%	6.06%
Commercial
Loans and Leases Receivable Disclosure [Line Items]
Number of loans		1	2
Weighted average years to maturity			1 year 8 months 12 days
Weighted average coupon rate		10.19%	10.69%

Borrowings - Schedule of Borrow

Borrowings - Schedule of Borrowings (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Repurchase Agreements
Amount Outstanding	$ 17,532,303	$ 13,602,484
Period-end Weighted Average Interest Rate	2.11%	2.80%
Weighted Average Remaining Maturity (Days)	39 days	34 days
Secured Loans:
Secured Loans, Amount Outstanding	$ 1,650,000	$ 1,650,000
Secured Debt, Excluding Asset-backed Securities
Total Borrowings
Total borrowings, amount outstanding	$ 19,182,303	$ 15,252,484
Total borrowings, weighted average interest rate	2.09%	2.79%
Total borrowings, weighted average remaining maturity (days)	172 days	242 days
Agency RMBS
Repurchase Agreements
Amount Outstanding	$ 9,666,964	$ 9,529,352
Period-end Weighted Average Interest Rate	1.95%	2.56%
Weighted Average Remaining Maturity (Days)	46 days	36 days
Agency CMBS
Repurchase Agreements
Amount Outstanding	$ 4,246,359	$ 810,450
Period-end Weighted Average Interest Rate	1.95%	2.53%
Weighted Average Remaining Maturity (Days)	43 days	31 days
Non-Agency CMBS
Repurchase Agreements
Amount Outstanding	$ 2,041,968	$ 1,616,473
Period-end Weighted Average Interest Rate	2.71%	3.56%
Weighted Average Remaining Maturity (Days)	14 days	19 days
Non-Agency RMBS
Repurchase Agreements
Amount Outstanding	$ 790,412	$ 923,959
Period-end Weighted Average Interest Rate	2.65%	3.60%
Weighted Average Remaining Maturity (Days)	16 days	26 days
GSE CRT
Repurchase Agreements
Amount Outstanding	$ 753,110	$ 681,014
Period-end Weighted Average Interest Rate	2.70%	3.48%
Weighted Average Remaining Maturity (Days)	13 days	21 days
Loan Participation Interest
Repurchase Agreements
Amount Outstanding	$ 33,490	$ 41,236
Period-end Weighted Average Interest Rate	3.22%	4.09%
Weighted Average Remaining Maturity (Days)	240 days	605 days
Secured Loans
Secured Loans:
Secured Loans, Amount Outstanding	$ 1,650,000	$ 1,650,000
Secured Loans, Weighted Average Interest Rate	1.93%	2.68%
Secured Loans, Weighted Average Remaining Maturity (Days)	1587 days	1952 days

Borrowings - Schedule of Maturi

Borrowings - Schedule of Maturities (Details) $ in Thousands	Dec. 31, 2019USD ($)
Debt Disclosure [Abstract]
2020	$ 17,832,303
2021	100,000
2022	0
2023	0
2024	0
Thereafter	1,250,000
Total	$ 19,182,303

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Repurchase Agreement Counterparty
Collateral ratio									109.00%	111.00%
Net loss on extinguishment of debt	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 26	$ 0	$ 26	$ 6,814
Senior Exchangeable Note
Repurchase Agreement Counterparty
Debt retirement amount										143,400	256,600
Repurchase price					$ 143,400					143,400	262,100
Net loss on extinguishment of debt										$ 26	$ 6,800
Federal Home Loan Bank of Indianapolis
Repurchase Agreement Counterparty
Outstanding secured advances from FHLBI	$ 1,650,000								1,650,000
Average outstanding borrowings from FHLBI									$ 1,650,000
FHLBI weighted average interest rate on advances									2.52%
FHLBI weighted average maturity of advances									4 years 3 months 18 days

Collateral Positions (Details)

Collateral Positions (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Principal/notional balance	$ 23,354,075	$ 20,114,683
Repurchase Agreements	19,122,295	15,047,528
Secured Loans	1,898,489	1,930,364
Interest Rate Swaps, Futures Contracts and Currency Forward Contracts	189,780	159,914
Total collateral pledged	21,326,959	17,151,306
Cash collateral held	170	18,083
Non-cash collateral held	181	0
Total collateral held	351	18,083
Interest Rate Swaps, Futures Contracts and Currency Forward Contracts
Derivative [Line Items]
Interest Rate Swaps, Futures Contracts and Currency Forward Contracts	306,175	173,414
Repurchase Agreements
Derivative [Line Items]
Cash collateral held	10	0
Non-cash collateral held	181	0
Total collateral held	191	0
Interest Rate Swaps
Derivative [Line Items]
Cash collateral held	160	18,083
Total collateral held	160	18,083
Agency RMBS
Derivative [Line Items]
Repurchase Agreements	10,187,555	10,158,404
Secured Loans	621,471	702,952
Agency CMBS
Derivative [Line Items]
Principal/notional balance	4,561,276	973,122
Repurchase Agreements	4,446,384	870,702
Non-Agency CMBS
Derivative [Line Items]
Principal/notional balance	4,464,525	4,024,715
Repurchase Agreements	2,549,841	2,016,202
Secured Loans	1,276,418	1,227,412
Non-Agency RMBS
Derivative [Line Items]
Principal/notional balance	2,340,119	2,800,335
Repurchase Agreements	943,176	1,127,911
GSE CRT
Derivative [Line Items]
Principal/notional balance	858,244	738,529
Repurchase Agreements	918,117	819,328
Mortgage-backed and credit risk transfer securities
Derivative [Line Items]
Principal/notional balance	99,300	131,800
Total collateral pledged	21,132,742	17,082,825
Loan Participation Interest
Derivative [Line Items]
Repurchase Agreements	44,654	54,981
Total collateral pledged	44,654	54,981
Cash
Derivative [Line Items]
Repurchase Agreements	32,568	0
Total collateral pledged	32,568	13,500
Cash | Interest Rate Swaps, Futures Contracts and Currency Forward Contracts
Derivative [Line Items]
Interest Rate Swaps, Futures Contracts and Currency Forward Contracts	0	13,500
Restricted cash
Derivative [Line Items]
Secured Loans	600	0
Total collateral pledged	116,995	0
Restricted cash | Interest Rate Swaps, Futures Contracts and Currency Forward Contracts
Derivative [Line Items]
Interest Rate Swaps, Futures Contracts and Currency Forward Contracts	$ 116,395	$ 0

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Outstanding Interest Rate Swaptions and Derivative Instrument Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Changes in notional amount of derivative instruments [Roll Forward]
Notional Amount as of December 31, 2018	$ 14,609,961
Additions	30,677,397
Settlement, Termination, Expiration or Exercise	(30,799,281)
Notional Amount as of December 31, 2019	14,488,077
Interest Rate Swaps
Changes in notional amount of derivative instruments [Roll Forward]
Notional Amount as of December 31, 2018	12,370,000
Additions	26,950,000
Settlement, Termination, Expiration or Exercise	(25,320,000)
Notional Amount as of December 31, 2019	14,000,000
Future Contracts
Changes in notional amount of derivative instruments [Roll Forward]
Notional Amount as of December 31, 2018	1,689,900
Additions	3,625,800
Settlement, Termination, Expiration or Exercise	(5,315,700)
Notional Amount as of December 31, 2019	0
Currency Forward Contracts
Changes in notional amount of derivative instruments [Roll Forward]
Notional Amount as of December 31, 2018	23,149
Additions	101,597
Settlement, Termination, Expiration or Exercise	(101,635)
Notional Amount as of December 31, 2019	23,111
Credit Derivatives
Changes in notional amount of derivative instruments [Roll Forward]
Notional Amount as of December 31, 2018	526,912
Additions	0
Settlement, Termination, Expiration or Exercise	(61,946)
Notional Amount as of December 31, 2019	$ 464,966

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosures
Reclass amount as a decrease to interest expense	$ 188,682	$ (177,244)	$ (344,733)	$ (201,460)	$ (293,485)	$ 87,672	$ 67,169	$ 133,367	$ (534,755)	$ (5,277)	$ 18,155
Accumulated other comprehensive income	288,963				220,813				288,963	220,813
Notional amount	14,488,077				14,609,961				14,488,077	14,609,961
Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures
Reclass amount as a decrease to interest expense									23,700	25,800	$ 25,500
Loss to be reclassified during the next 12 months	23,800								23,800
Notional amount	14,000,000				12,370,000				14,000,000	12,370,000
Currency Forward Contracts
Derivative Instruments and Hedging Activities Disclosures
Notional amount	23,111				23,149				23,111	23,149
Euro | Currency Forward Contracts
Derivative Instruments and Hedging Activities Disclosures
Notional amount	23,100				23,100				23,100	23,100
Derivatives and hedging | Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures
Accumulated other comprehensive income	$ 75,900				$ 99,600				$ 75,900	$ 99,600
Minimum | Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures
Repurchase obligation maturity									1 month
Maximum | Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures
Repurchase obligation maturity									6 months

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities Derivatives and Hedging Activities - Schedule of Interest Rate Swaps Outstanding (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Notional Amount	$ 14,488,077	$ 14,609,961
Interest Rate Swaps
Derivative [Line Items]
Notional Amount	$ 14,000,000	$ 12,370,000
Weighted Average Fixed Pay Rate	1.47%	2.46%
Weighted Average Receive Rate	1.79%	2.55%
Weighted Average Years to Maturity	5 years 2 months 12 days	3 years 8 months 12 days
Interest Rate Swaps | 1-Month LIBOR
Derivative [Line Items]
Notional Amount	$ 10,700,000	$ 6,700,000
Interest Rate Swaps | 3-Month LIBOR
Derivative [Line Items]
Notional Amount	3,300,000	5,700,000
2020 | Interest Rate Swaps
Derivative [Line Items]
Notional Amount	$ 1,900,000	$ 1,500,000
Weighted Average Fixed Pay Rate	1.67%	2.70%
Weighted Average Receive Rate	1.84%	2.47%
Weighted Average Years to Maturity	18 days	10 months 24 days
2021 | Interest Rate Swaps
Derivative [Line Items]
Notional Amount	$ 2,500,000	$ 1,500,000
Weighted Average Fixed Pay Rate	1.40%	2.78%
Weighted Average Receive Rate	1.77%	2.51%
Weighted Average Years to Maturity	1 year 3 months 18 days	1 year 8 months 12 days
2022 | Interest Rate Swaps
Derivative [Line Items]
Notional Amount	$ 800,000	$ 2,300,000
Weighted Average Fixed Pay Rate	1.53%	2.51%
Weighted Average Receive Rate	1.91%	2.58%
Weighted Average Years to Maturity	2 years 10 months 24 days	2 years 6 months
2023 | Interest Rate Swaps
Derivative [Line Items]
Notional Amount	$ 2,400,000	$ 2,550,000
Weighted Average Fixed Pay Rate	1.44%	2.13%
Weighted Average Receive Rate	1.72%	2.65%
Weighted Average Years to Maturity	3 years 10 months 24 days	3 years 4 months 24 days
2024 | Interest Rate Swaps
Derivative [Line Items]
Notional Amount	$ 900,000	$ 1,600,000
Weighted Average Fixed Pay Rate	1.49%	2.39%
Weighted Average Receive Rate	1.76%	2.47%
Weighted Average Years to Maturity	4 years 9 months 18 days	4 years 8 months 12 days
Thereafter | Interest Rate Swaps
Derivative [Line Items]
Notional Amount	$ 5,500,000	$ 2,920,000
Weighted Average Fixed Pay Rate	1.44%	2.47%
Weighted Average Receive Rate	1.78%	2.55%
Weighted Average Years to Maturity	9 years 6 months	6 years 9 months 18 days

Derivatives and Hedging Activ_6

Derivatives and Hedging Activities - Schedule of Credit Derivatives (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Credit Derivatives
Notional amount	$ 14,488,077	$ 14,609,961
GSE CRT | Embedded Credit Derivative
Credit Derivatives
Fair value amount	10,281	22,771
Notional amount	464,966	526,912
Maximum potential amount of future undiscounted payments	$ 464,966	$ 526,912

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, 2019	Dec. 31, 2018
Derivatives, Fair Value
Derivative asset	$ 18,533	$ 15,089
Derivative liabilities	352	23,390
Interest Rate Swaps
Derivatives, Fair Value
Derivative asset	18,533	15,089
Derivative liabilities	0	15,382
Currency Forward Contracts
Derivatives, Fair Value
Derivative asset	0	0
Derivative liabilities	352	172
Futures Contracts
Derivatives, Fair Value
Derivative asset	0	0
Derivative liabilities	$ 0	$ 7,836

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, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments, Gain (Loss)
Gain (loss) on derivative instruments, net	$ 188,682	$ (177,244)	$ (344,733)	$ (201,460)	$ (293,485)	$ 87,672	$ 67,169	$ 133,367	$ (534,755)	$ (5,277)	$ 18,155
Interest Rate Swaps
Derivative Instruments, Gain (Loss)
Gain (loss) on derivative instruments, net									23,700	25,800	25,500
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss)
Realized gain (loss) on derivative instruments, net									(597,077)	(2,830)	67,838
Contractual net interest income (expense)									35,840	(20,015)	(77,076)
Unrealized gain (loss), net									26,482	17,568	27,393
Gain (loss) on derivative instruments, net									(534,755)	(5,277)	18,155
Not Designated as Hedging Instrument | GSE CRT Embedded Derivatives
Derivative Instruments, Gain (Loss)
Realized gain (loss) on derivative instruments, net									0	0	0
Contractual net interest income (expense)									20,833	22,478	23,343
Unrealized gain (loss), net									(12,490)	(22,629)	28,305
Gain (loss) on derivative instruments, net									8,343	(151)	51,648
Not Designated as Hedging Instrument | Interest Rate Swaps
Derivative Instruments, Gain (Loss)
Realized gain (loss) on derivative instruments, net									(440,626)	81,417	72,894
Contractual net interest income (expense)									35,840	(20,015)	(77,076)
Unrealized gain (loss), net									18,826	24,358	28,316
Gain (loss) on derivative instruments, net									(385,960)	85,760	24,134
Not Designated as Hedging Instrument | Future Contracts
Derivative Instruments, Gain (Loss)
Realized gain (loss) on derivative instruments, net									(157,929)
Contractual net interest income (expense)									0
Unrealized gain (loss), net									7,836
Gain (loss) on derivative instruments, net									(150,093)
Not Designated as Hedging Instrument | Currency Forward Contracts
Derivative Instruments, Gain (Loss)
Realized gain (loss) on derivative instruments, net									1,478	2,088	(5,056)
Contractual net interest income (expense)									0	0	0
Unrealized gain (loss), net									(180)	1,046	(923)
Gain (loss) on derivative instruments, net									$ 1,298	3,134	$ (5,979)
Not Designated as Hedging Instrument | TBAs
Derivative Instruments, Gain (Loss)
Realized gain (loss) on derivative instruments, net										(17)
Contractual net interest income (expense)										0
Unrealized gain (loss), net										0
Gain (loss) on derivative instruments, net										(17)
Not Designated as Hedging Instrument | Future Contracts
Derivative Instruments, Gain (Loss)
Realized gain (loss) on derivative instruments, net										(86,318)
Contractual net interest income (expense)										0
Unrealized gain (loss), net										(7,836)
Gain (loss) on derivative instruments, net										$ (94,154)

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities Offsetting Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Offsetting Liabilities [Line Items]
Derivative assets, at fair value	$ 18,533	$ 15,089
Derivative liabilities, at fair value	352	23,390
Central Clearing Counterparty
Offsetting Liabilities [Line Items]
Derivative assets, at fair value	$ 18,500
Derivative liabilities, at fair value		$ 13,200

Offsetting Assets and Liabili_4

Offsetting Assets and Liabilities - Offsetting of Derivative Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivatives
Gross Amounts of Recognized Assets		$ 15,089
Gross Amounts Offset in the Consolidated Balance Sheets		0
Net Amounts of Assets presented in the Consolidated Balance Sheets	$ 18,533	15,089
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments		(433)
Gross Amounts Not Offset in the Consolidated Balance Sheets, Collateral Received		(14,656)
Net amount		$ 0

Offsetting Assets and Liabili_5

Offsetting Assets and Liabilities - Offsetting of Derivative Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivatives:
Gross amounts of recognized liabilities, derivatives	$ 352	$ 10,239
Gross amounts offset in the consolidated balance sheet, derivatives	0	0
Net amounts of liabilities presented in the consolidated balance sheet, derivatives	352	10,239
Financial instruments, derivatives	0	(2,058)
Collateral received, derivatives	(320)	(7,836)
Net amount, derivatives	32	345
Repurchase Agreements:
Gross amounts of recognized liabilities, repurchase agreements	17,532,303	13,602,484
Gross amounts offset in the consolidated balance sheet, repurchase agreements	0	0
Net amounts of assets presented in the consolidated balance sheet, repurchase agreements	17,532,303	13,602,484
Financial instruments, repurchase agreements	(17,532,303)	(13,602,484)
Collateral received, repurchase agreements	0	0
Net amount, repurchase agreements	0	0
Secured Loans:
Gross amounts of recognized liabilities, secured loans	1,650,000	1,650,000
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	1,650,000
Financial instruments, secured loans	(1,650,000)	(1,650,000)
Collateral received, secured loans	0	0
Net amount, secured loans	0	0
Total gross amount of recognized liabilities	19,182,655	15,262,723
Total gross amounts offset in the consolidated balance sheets	0	0
Net amounts of assets presented in the consolidated balance sheets	19,182,655	15,262,723
Total financial instruments	(19,182,303)	(15,254,542)
Total collateral received	(320)	(7,836)
Total net amount	32	345
Fair value of securities pledged against derivatives	189,780	159,914
Cash collateral received	170	18,083
Cash collateral pledged on derivatives	116,400	13,500
Securities sold under agreements to repurchase fair value of collateral	19,122,295	15,047,528
Collateral pledged against secured loans	1,900,000	1,900,000
Centrally Cleared Interest Rate Swaps
Secured Loans:
Fair value of securities pledged against derivatives	189,800	158,300
Interest Rate Swaps
Secured Loans:
Cash collateral received	160	18,083
Repurchase Agreements
Secured Loans:
Cash collateral received	10	0
Cash
Secured Loans:
Securities sold under agreements to repurchase fair value of collateral	$ 32,568	$ 0

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Values Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage-backed and credit risk transfer securities	$ 21,771,786	$ 17,396,642
Derivative assets, at fair value		15,089
Derivative liabilities, at fair value	$ 352	$ 10,239
Weighted average remaining term of investments in unconsolidated ventures	2 years 2 months 12 days	2 years 7 months 6 days
Loan participation interest	$ 44,654	$ 54,981
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value amount	10,281	22,771
Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage-backed and credit risk transfer securities	21,771,786	17,396,642
Derivative assets, at fair value	18,533	15,089
Other assets, at fair value	66,652	78,993
Total assets	21,856,971	17,490,724
Derivative liabilities, at fair value	352	23,390
Total liabilities	352	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	0	0
Total assets	0	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	21,761,505	17,373,871
Derivative assets, at fair value	18,533	15,089
Other assets, at fair value	0	0
Total assets	21,780,038	17,388,960
Derivative liabilities, at fair value	352	15,554
Total liabilities	352	15,554
Recurring | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage-backed and credit risk transfer securities	10,281	22,771
Derivative assets, at fair value	0	0
Other assets, at fair value	44,654	54,981
Total assets	54,935	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	21,998	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	10,300	22,800
Fair value amount	19,500	28,800
Embedded derivative liability	$ 9,200	$ 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, 2019	Dec. 31, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 22,771	$ 45,400
Unrealized gains/(losses), net	(12,490)	(22,629)
Ending balance	10,281	22,771
Unrealized losses on credit derivatives, net	$ 12,500	$ 22,600

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Loan participation interest Level 3 Roll Forward (Details) - Loan Participation Interest - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 54,981	$ 0
Purchases/Advances	7,962	54,981
Repayments	(18,289)	0
Ending balance	$ 44,654	$ 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, 2019USD ($)year	Dec. 31, 2018USD ($)year
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
GSE CRT Embedded Derivatives | $	$ 10,281	$ 22,771
Measurement Input, Expected Term | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
GSE CRT Embedded Derivatives, weighted average life	1.1	2.9
Measurement Input, Expected Term | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
GSE CRT Embedded Derivatives, weighted average life	4.2	5.9
Measurement Input, Expected Term | Weighted Average
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
GSE CRT Embedded Derivatives, weighted average life | year	2.9	4.3

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, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
FHLBI stock	$ 74,250	$ 74,250
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans, held-for-investment	24,055	31,582
FHLBI stock	74,250	74,250
Total	98,305	105,832
Repurchase agreements	17,532,303	13,602,484
Secured loans	1,650,000	1,650,000
Total	19,182,303	15,252,484
Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans, held-for-investment	24,397	31,826
FHLBI stock	74,250	74,250
Total	98,647	106,076
Repurchase agreements	17,534,344	13,602,050
Secured loans	1,650,000	1,650,000
Total	$ 19,184,344	$ 15,252,050

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction
Expenses from transactions with related party	$ 10,529	$ 8,740	$ 9,370	$ 9,534	$ 10,294	$ 10,105	$ 10,102	$ 10,221	$ 38,173	$ 40,722	$ 37,556
Investment in money market or mutual funds managed by affiliates of a related party	172,507				135,617				$ 172,507	135,617
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									$ 888	779	$ 801
Investment in money market or mutual funds managed by affiliates of a related party	$ 154,000				$ 131,900				$ 154,000	$ 131,900

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - Management - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction
Amounts of transaction with related party	$ 8,293	$ 6,713	$ 6,296
Incurred costs, prepaid or expensed
Related Party Transaction
Amounts of transaction with related party	7,343	6,483	5,997
Incurred costs, charged against equity as a cost of raising capital
Related Party Transaction
Amounts of transaction with related party	$ 950	$ 230	$ 299

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Aug. 16, 2019	Feb. 07, 2019	Nov. 30, 2018	Mar. 31, 2019	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	May 31, 2019
Class of Stock [Line Items]
Purchase of OP units from non-controlling interest			$ 21,800			$ 0	$ 21,764	$ 0
Repurchase of shares of common stock (in shares)							75,100
Repurchase of shares of common stock			$ 1,100				$ 1,144
Average price per repurchased common share							$ 15.23
2009 Equity Incentive Plan
Class of Stock [Line Items]
Total unrecognized compensation cost expected to be recognized						$ 131
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						15 months
2009 Equity Incentive Plan | Non-Executive Director
Class of Stock [Line Items]
Compensation expense recognized						$ 450	$ 424	$ 453
Restricted stock awards during period (in shares)						27,665	27,697	25,006
2009 Equity Incentive Plan | Employees of the Manager and its Affiliates
Class of Stock [Line Items]
Compensation expense recognized						$ 72	$ 129	$ 138
Equity Distribution Agreement
Class of Stock [Line Items]
Equity distribution agreement, number of shares to sell				7,000,000
Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, percentage rate						7.75%
Preferred stock, liquidation preference						$ 25
Preferred stock, price per share per annum						1.9375
Series B Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, price per share per annum						$ 1.9375
Preferred stock dividend rate						7.75%
Preferred stock redemption price (in usd per share)						$ 25
Series B Cumulative Redeemable Preferred Stock | LIBOR
Class of Stock [Line Items]
Preferred stock dividends basis spread on variable rate						5.18%
Series C Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, liquidation preference						$ 25
Preferred stock, price per share per annum						$ 1.875
Preferred stock dividend rate						7.50%
Preferred stock redemption price (in usd per share)						$ 25
Series C Cumulative Redeemable Preferred Stock | LIBOR
Class of Stock [Line Items]
Preferred stock dividends basis spread on variable rate						5.289%
Common Stock
Class of Stock [Line Items]
Equity distribution agreement, number of shares to sell				17,000,000
Number of shares issued during period (in shares)	14,000,000	16,100,000
Sale of stock, price (in USD per share)	$ 15.86	$ 15.73
Proceeds from issuance of common stock	$ 219,300	$ 249,500
Number of shares authorized to be repurchased (in shares)						18,163,982
Common Stock | 2009 Equity Incentive Plan
Class of Stock [Line Items]
Common stock options reserved for issuance									200,000
Common Stock | Equity Distribution Agreement
Class of Stock [Line Items]
Number of shares issued during period (in shares)						2,540,260
Proceeds from issuance of common stock						$ 40,100
Payments of stock issuance costs					$ 846

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Nonvested Restricted Stock Units (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2019$ / sharesshares
Restricted Stock Units
Unvested at the beginning of the period (in shares) | shares	11,051
Shares granted during the year (in shares) | shares	6,189
Shares vested during the year (in shares) | shares	(4,720)
Unvested at the end of the period (in shares) | shares	12,520
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in USD per share) | $ / shares	$ 14.55
Shares granted during the year (in USD per share) | $ / shares	15.92
Shares vested during the year (in USD per share) | $ / shares	14.48
Unvested at the beginning of the period (in USD per share) | $ / shares	$ 15.25

Stockholders' Equity - Componen

Stockholders' Equity - Components of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accumulated other comprehensive income (loss) from derivative instruments:
Unrealized gain (loss) on mortgage-backed and credit risk transfer securities, net	$ 83,965	$ (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	9,072	193,162	1,508
Reclassification of amortization of net deferred (gain) loss on de-designated interest rate swaps to repurchase agreements interest expense	(23,729)	(25,839)	(25,544)
Currency translation adjustments on investment in unconsolidated venture	(1,158)	(447)	863
Total other comprehensive income/(loss), net	68,150	(43,548)	(33,058)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	2,286,697	2,656,878	2,270,184
Total other comprehensive income/(loss), net	68,150	(43,548)	(33,058)
Other comprehensive income/(loss) attributable to non-controlling interest		1,233
Rebalancing of ownership percentage of non-controlling interest		(1)
Purchase of OP units from non-controlling interest		(21,764)
Ending balance	2,931,899	2,286,697	2,656,878
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	(1,158)	(447)
Total other comprehensive income/(loss), net	(1,158)	(447)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Total other comprehensive income/(loss), net	(1,158)	(447)
Other comprehensive income/(loss) attributable to non-controlling interest		6
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	83,965	(210,424)
Reclassification of unrealized (gain) loss on sale of mortgage-backed and credit risk transfer securities to gain (loss) on investments, net	9,072	193,162
Total other comprehensive income/(loss), net	93,037	(17,262)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Total other comprehensive income/(loss), net	93,037	(17,262)
Other comprehensive income/(loss) attributable to non-controlling interest		927
Rebalancing of ownership percentage of non-controlling interest		(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:
Reclassification of amortization of net deferred (gain) loss on de-designated interest rate swaps to repurchase agreements interest expense	(23,729)	(25,839)
Total other comprehensive income/(loss), net	(23,729)	(25,839)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Total other comprehensive income/(loss), net	(23,729)	(25,839)
Other comprehensive income/(loss) attributable to non-controlling interest		300
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	513	947
Ending balance	(645)	513	947
Available-for-sale securities attributable to parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	120,664	136,188
Ending balance	213,701	120,664	136,188
Derivatives and hedging attributable to parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	99,636	123,894
Ending balance	75,907	99,636	123,894
AOCI attributable to parent
Accumulated other comprehensive income (loss) from derivative instruments:
Total other comprehensive income/(loss), net	68,150	(42,315)	(32,640)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	220,813	261,029	293,668
Total other comprehensive income/(loss), net	68,150	(42,315)	(32,640)
Rebalancing of ownership percentage of non-controlling interest		(1)	1
Purchase of OP units from non-controlling interest		2,100
Ending balance	$ 288,963	$ 220,813	$ 261,029

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 01, 2019	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Common stock dividend declared (in USD per share)		$ 0.50	$ 0.45	$ 0.45	$ 0.45	$ 0.42	$ 0.42	$ 0.42	$ 0.42	$ 1.850000	$ 1.680000
Dividends, common stock		$ 72,132	$ 64,261	$ 57,958	$ 57,720	$ 46,866	$ 46,895	$ 46,890	$ 46,887
Ordinary Dividends
Class of Stock [Line Items]
Common stock dividend declared (in USD per share)										0	1.378178
Return of Capital
Class of Stock [Line Items]
Common stock dividend declared (in USD per share)										1.350000	0
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)										0.500000	0.301822
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock dividend declared (in USD per share)	$ 0.4844	$ 0.4844	$ 0.4844	$ 0.4844	$ 0.4844		$ 0.4844	$ 0.4844	$ 0.4844	1.937600	1.937600
Dividends, preferred stock		$ 2,712	$ 2,713	$ 2,712	$ 2,713	$ 2,713	$ 2,713	$ 2,712	$ 2,713
Series A Preferred Stock | Ordinary Dividends
Class of Stock [Line Items]
Preferred stock dividend declared (in USD per share)										0	1.937600
Series A Preferred Stock | Return of Capital
Class of Stock [Line Items]
Preferred stock dividend declared (in USD per share)										1.937600	0
Series A Preferred Stock | Capital Gain Distribution
Class of Stock [Line Items]
Preferred stock dividend declared (in USD per share)										0	0
Series A Preferred Stock | Carry Forward
Class of Stock [Line Items]
Preferred stock dividend declared (in USD per share)										0	0
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock dividend declared (in USD per share)		$ 0.4844	$ 0.4844	$ 0.4844	$ 0.4844	$ 0.4844	$ 0.4844	$ 0.4844	$ 0.4844	1.937600	1.937600
Dividends, preferred stock		$ 3,003	$ 3,003	$ 3,004	$ 3,003	$ 3,003	$ 3,003	$ 3,004	$ 3,003
Series B Preferred Stock | Ordinary Dividends
Class of Stock [Line Items]
Preferred stock dividend declared (in USD per share)										0	1.937600
Series B Preferred Stock | Return of Capital
Class of Stock [Line Items]
Preferred stock dividend declared (in USD per share)										1.937600	0
Series B Preferred Stock | Capital Gain Distribution
Class of Stock [Line Items]
Preferred stock dividend declared (in USD per share)										0	0
Series B Preferred Stock | Carry Forward
Class of Stock [Line Items]
Preferred stock dividend declared (in USD per share)										0	0
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock dividend declared (in USD per share)		$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	1.875000	1.875000
Dividends, preferred stock		$ 5,391	$ 5,391	$ 5,390	$ 5,391	$ 5,391	$ 5,391	$ 5,390	$ 5,391
Series C Preferred Stock | Ordinary Dividends
Class of Stock [Line Items]
Preferred stock dividend declared (in USD per share)										0	1.875000
Series C Preferred Stock | Return of Capital
Class of Stock [Line Items]
Preferred stock dividend declared (in USD per share)										1.875000	0
Series C Preferred Stock | Capital Gain Distribution
Class of Stock [Line Items]
Preferred stock dividend declared (in USD per share)										0	0
Series C Preferred Stock | Carry Forward
Class of Stock [Line Items]
Preferred stock dividend declared (in USD per share)										$ 0	$ 0

Earnings per Common Share (Deta

Earnings per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Basic Earnings:
Net income (loss) available to common stockholders	$ 106,866	$ 77,896	$ 7,230	$ 127,683	$ (172,215)	$ (64,480)	$ 80,008	$ 41,471	$ 319,675	$ (115,216)	$ 320,527
Effect of dilutive securities:
Income allocated to exchangeable senior notes									0	0	13,340
Income (loss) allocated to non-controlling interest									0		4,450
Dilutive net income (loss) available to stockholders									$ 319,675	$ (115,216)	$ 338,317
Basic Earnings:
Shares available to common stockholders (in shares)									132,305,568	111,637,035	111,610,393
Effect of dilutive securities:
Restricted stock awards (in shares)									12,000	0	20,000
Non-controlling interest OP Units (in shares)											1,425,000
Exchangeable senior notes (in shares)									0	0	9,986,000
Dilutive Shares (in shares)									132,317,853	111,637,035	123,040,827
Earnings (loss) per share:
Basic (in usd per share)	$ 0.75	$ 0.57	$ 0.06	$ 1.05	$ (1.54)	$ (0.58)	$ 0.72	$ 0.37	$ 2.42	$ (1.03)	$ 2.87
Diluted (in usd per share)	$ 0.75	$ 0.57	$ 0.06	$ 1.05	$ (1.54)	$ (0.58)	$ 0.72	$ 0.37	$ 2.42	$ (1.03)	$ 2.75
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) $ in Millions	Nov. 30, 2018USD ($)
Noncontrolling Interest [Abstract]
Purchase of Operating Partnership units from non-controlling interest	$ 21.8

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, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Noncontrolling Interest [Line Items]
Net income (loss) attributable to Invesco Mortgage Capital Inc.	$ 117,972	$ 89,003	$ 18,336	$ 138,790	$ (161,109)	$ (53,373)	$ 91,114	$ 52,578	$ 364,101	$ (70,790)	$ 348,607
Operating Partnership
Noncontrolling Interest [Line Items]
Net income (loss) attributable to Invesco Mortgage Capital Inc.										(70,790)	348,607
Net transfers from non-controlling interest										(798)	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

Non-controlling Interest - Op_5

Non-controlling Interest - Operating Partnership non-controlling interest (Details) - Non-Controlling Interest - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Noncontrolling Interest [Line Items]
Net income (loss) allocated	$ 254	$ 4,450
Distributions paid	$ 2,394	$ 2,294

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2019USD ($)
Loss Contingencies [Line Items]
Undrawn capital and purchase commitments for unconsolidated ventures sponsored by an affiliate	$ 6.5
Loan Participation Interest
Loss Contingencies [Line Items]
Unfunded commitment	$ 30.3

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, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Interest Income
Mortgage-backed and credit risk transfer securities	$ 191,490	$ 194,938	$ 200,737	$ 185,492	$ 174,511	$ 160,416	$ 147,548	$ 149,003	$ 772,657	$ 631,478	$ 521,547
Commercial and other loans	1,291	1,353	1,484	1,582	1,593	1,672	4,051	4,222	5,710	11,538	23,508
Total interest income	192,781	196,291	202,221	187,074	176,104	162,088	151,599	153,225	778,367	643,016	545,055
Interest Expense
Repurchase agreements	97,993	112,851	117,978	101,875	91,057	81,763	69,389	59,585	430,697	301,794	163,881
Secured loans	8,808	10,413	11,258	11,144	10,565	9,490	8,471	6,927	41,623	35,453	19,370
Exchangeable senior notes	0	0	0	0	0	0	0	1,621	0	1,621	13,340
Total interest expense	106,801	123,264	129,236	113,019	101,622	91,253	77,860	68,133	472,320	338,868	196,591
Net interest income	85,980	73,027	72,985	74,055	74,482	70,835	73,739	85,092	306,047	304,148	348,464
Other income (loss)
Gain (loss) on investments, net	(148,511)	202,413	302,182	268,382	76,957	(207,910)	(36,377)	(160,370)	624,466	(327,700)	(19,704)
Equity in earnings of unconsolidated ventures	427	403	702	692	624	1,084	798	896	2,224	3,402	(1,327)
Gain (loss) on derivative instruments, net	188,682	(177,244)	(344,733)	(201,460)	(293,485)	87,672	67,169	133,367	(534,755)	(5,277)	18,155
Realized and unrealized credit derivative income (loss), net	2,896	1	(2,438)	7,884	(9,026)	4,975	735	3,165	8,343	(151)	51,648
Net loss on extinguishment of debt	0	0	0	0	0	0	0	(26)	0	(26)	(6,814)
Other investment income (loss), net	909	1,005	1,007	1,029	850	1,068	(2,160)	3,102	3,950	2,860	7,381
Total other income (loss)	44,403	26,578	(43,280)	76,527	(224,080)	(113,111)	30,165	(19,866)	104,228	(326,892)	49,339
Expenses
Management fee — related party	10,529	8,740	9,370	9,534	10,294	10,105	10,102	10,221	38,173	40,722	37,556
General and administrative	1,882	1,862	1,999	2,258	2,116	1,673	1,525	1,756	8,001	7,070	7,190
Total expenses	12,411	10,602	11,369	11,792	12,410	11,778	11,627	11,977	46,174	47,792	44,746
Net income (loss)	117,972	89,003	18,336	138,790	(162,008)	(54,054)	92,277	53,249	364,101	(70,536)	353,057
Net income (loss) attributable to non-controlling interest	0	0	0	0	(899)	(681)	1,163	671	0	254	4,450
Net income (loss) attributable to Invesco Mortgage Capital Inc.	117,972	89,003	18,336	138,790	(161,109)	(53,373)	91,114	52,578	364,101	(70,790)	348,607
Dividends to preferred stockholders	11,106	11,107	11,106	11,107	11,106	11,107	11,106	11,107	44,426	44,426	28,080
Net income (loss) attributable to common stockholders	$ 106,866	$ 77,896	$ 7,230	$ 127,683	$ (172,215)	$ (64,480)	$ 80,008	$ 41,471	$ 319,675	$ (115,216)	$ 320,527
Net income (loss) attributable to common stockholders
Basic (in usd per share)	$ 0.75	$ 0.57	$ 0.06	$ 1.05	$ (1.54)	$ (0.58)	$ 0.72	$ 0.37	$ 2.42	$ (1.03)	$ 2.87
Diluted (in usd per share)	$ 0.75	$ 0.57	$ 0.06	$ 1.05	$ (1.54)	$ (0.58)	$ 0.72	$ 0.37	$ 2.42	$ (1.03)	$ 2.75

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 18, 2020	Feb. 11, 2020	Feb. 06, 2020	Aug. 16, 2019	Feb. 07, 2019	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Common Stock
Subsequent Event [Line Items]
Number of shares issued during period (in shares)				14,000,000	16,100,000
Sale of stock, price (in USD per share)				$ 15.86	$ 15.73
Proceeds from issuance of common stock				$ 219.3	$ 249.5
Series B Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividends (in USD per share)						$ 0.4844	$ 0.4844	$ 0.4844	$ 0.4844	$ 0.4844	$ 0.4844	$ 0.4844	$ 0.4844	$ 1.937600	$ 1.937600
Series C Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividends (in USD per share)						$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 0.46875	$ 1.875000	$ 1.875000
Subsequent Event
Subsequent Event [Line Items]
Secured loans		$ 300
Subsequent Event | Common Stock
Subsequent Event [Line Items]
Number of shares issued during period (in shares)			20,700,000
Sale of stock, price (in USD per share)			$ 16.78
Proceeds from issuance of common stock			$ 347
Subsequent Event | Series B Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividends (in USD per share)	$ 0.4844
Subsequent Event | Series C Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividends (in USD per share)	$ 0.46875

Schedule IV Mortgage Loans on_2

Schedule IV Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019
Mortgage Loans on Real Estate
Carrying Amount of Mortgages	$ 31,582	$ 191,808	$ 191,808	$ 24,055
Reconciliation of Carrying Value of Mortgage Loans on Real Estate:
Beginning balance	31,582	191,808	273,355
Additions:
Originations and purchases of new loans	0	1,677	4,799
Amortization of commercial loan origination fees and premium (discount)	0	91	337
Deductions:
Collection of principal	7,527	160,934	90,713
Loss on foreign currency revaluation	0	1,060	(4,030)
Ending balance	24,055	$ 31,582	$ 191,808
Mezzanine Loan
Mortgage Loans on Real Estate
Face Amount of Mortgages				24,055
Carrying Amount of Mortgages	24,055			24,055
Principal Amount of Loans Subject to Delinquent Principal or Interest				0
Deductions:
Ending balance	24,055
TX | Hotel | Mezzanine Loan
Mortgage Loans on Real Estate
Face Amount of Mortgages				24,055
Carrying Amount of Mortgages	24,055			24,055
Principal Amount of Loans Subject to Delinquent Principal or Interest				$ 0
Deductions:
Ending balance	$ 24,055
LIBOR | TX | Hotel | Mezzanine Loan
Mortgage Loans on Real Estate
Percentage over base rate	8.50%