XML 20 R5.htm IDEA: XBRL DOCUMENT v3.22.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Interest income      
Mortgage-backed and credit risk transfer securities $ 167,056 $ 277,400 $ 772,657
Commercial and other loans 2,146 2,766 5,710
Total interest income 169,202 280,166 778,367
Interest expense      
Repurchase agreements [1] (11,290) 73,607 430,697
Secured loans 0 8,655 41,623
Total interest expense (11,290) 82,262 472,320
Net interest income 180,492 197,904 306,047
Other income (loss)      
Gain (loss) on investments, net (366,509) (961,938) 624,466
(Increase) decrease in provision for credit losses 1,768 (1,768) 0
Equity in earnings of unconsolidated ventures 870 1,163 2,224
Gain (loss) on derivative instruments, net 122,611 (851,050) (534,755)
Realized and unrealized credit derivative income (loss), net 0 (35,312) 8,343
Net gain (loss) on extinguishment of debt 0 14,742 0
Other investment income (loss), net 1 2,137 3,950
Total other income (loss) (241,259) (1,832,026) 104,228
Expenses      
Management fee — related party 21,080 29,367 38,173
General and administrative 8,153 10,863 8,001
Total expenses 29,233 40,230 46,174
Net income (loss) attributable to Invesco Mortgage Capital Inc. (90,000) (1,674,352) 364,101
Dividends to preferred stockholders 37,795 44,426 44,426
Issuance and redemption costs of redeemed preferred stock 4,682 0 0
Net income (loss) attributable to common stockholders $ (132,477) $ (1,718,778) $ 319,675
Net income (loss) attributable to common stockholders      
Basic (in usd per share) $ (0.48) $ (9.89) $ 2.42
Diluted (in usd per share) $ (0.48) $ (9.89) $ 2.42
Weighted average number of shares of common stock:      
Basic (in shares) 275,132,233 173,730,389 132,305,568
Diluted (in shares) 275,132,233 173,730,389 132,317,853
[1] Negative interest expense on repurchase agreements in 2021 is due to amortization of net deferred gains on de-designated interest rate swaps that exceeds current period interest expense on repurchase agreements. For further information on amortization of amounts classified in accumulated other comprehensive income before we discontinued hedge accounting, see Note 8 - “Derivatives and Hedging Activities” and Note 12 - “Stockholders' Equity”