2014 Q2 Form 10-Q Financial Statement

#000143707114000031 Filed on August 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $170.7M $175.7M
YoY Change -2.85% 26.4%
Cost Of Revenue $78.80M $90.30M
YoY Change -12.74% 38.07%
Gross Profit $92.00M $85.40M
YoY Change 7.73% 16.03%
Gross Profit Margin 53.9% 48.61%
Selling, General & Admin $3.700M $3.000M
YoY Change 23.33% 200.0%
% of Gross Profit 4.02% 3.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $13.07M $13.85M
YoY Change -5.66% 42.4%
Operating Profit $78.93M $71.55M
YoY Change 10.32% 12.02%
Interest Expense $69.44M $79.46M
YoY Change -12.62% 40.14%
% of Operating Profit 87.97% 111.06%
Other Income/Expense, Net
YoY Change
Pretax Income -$63.80M $143.1M
YoY Change -144.58% 79.32%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings -$63.06M $141.6M
YoY Change -144.55% 79.6%
Net Earnings / Revenue -36.94% 80.57%
Basic Earnings Per Share -$0.53 $1.03
Diluted Earnings Per Share -$0.53 $0.95
COMMON SHARES
Basic Shares Outstanding 123.1M shares 135.1M shares
Diluted Shares Outstanding 124.5M shares 153.4M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $126.0M $170.0M
YoY Change -25.88% 0.59%
Cash & Equivalents $126.1M $169.8M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $556.0M $170.0M
YoY Change 227.06% 0.59%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $44.03M $36.42M
YoY Change 20.91% -99.77%
Other Assets $13.00M $24.00M
YoY Change -45.83% 60.0%
Total Long-Term Assets $20.87B $22.67B
YoY Change -7.93% 39.99%
TOTAL ASSETS
Total Short-Term Assets $556.0M $170.0M
Total Long-Term Assets $20.87B $22.67B
Total Assets $21.43B $22.84B
YoY Change -6.18% 39.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $680.0M $31.00M
YoY Change 2093.55% -77.21%
Accrued Expenses $25.00M $24.00M
YoY Change 4.17% 118.18%
Deferred Revenue
YoY Change
Short-Term Debt $14.72B $17.88B
YoY Change -17.65% 32.04%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.51B $18.12B
YoY Change -14.41% 32.92%
LONG-TERM LIABILITIES
Long-Term Debt $3.042B $0.00
YoY Change
Other Long-Term Liabilities $269.0M $2.136B
YoY Change -87.41% 377.85%
Total Long-Term Liabilities $3.311B $2.136B
YoY Change 55.01% 377.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.51B $18.12B
Total Long-Term Liabilities $3.311B $2.136B
Total Liabilities $18.82B $20.26B
YoY Change -7.08% 42.24%
SHAREHOLDERS EQUITY
Retained Earnings -$447.5M $66.39M
YoY Change -774.14%
Common Stock $2.533B $2.714B
YoY Change -6.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.576B $2.556B
YoY Change
Total Liabilities & Shareholders Equity $21.43B $22.84B
YoY Change -6.18% 39.58%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$63.06M $141.6M
YoY Change -144.55% 79.6%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $97.60M $137.9M
YoY Change -29.22% 34.67%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$709.6M $0.00
YoY Change -100.0%
Cash From Investing Activities -$709.6M -$1.348B
YoY Change -47.35% 145.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 549.9M 1.105B
YoY Change -50.24% 140.92%
NET CHANGE
Cash From Operating Activities 97.60M 137.9M
Cash From Investing Activities -709.6M -1.348B
Cash From Financing Activities 549.9M 1.105B
Net Change In Cash -62.10M -104.8M
YoY Change -40.74% -918.75%
FREE CASH FLOW
Cash From Operating Activities $97.60M $137.9M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Federal Home Loan Bank Advances Activity For Year Average Interest Rate For Year
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625000000 USD
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2419000 USD
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us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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60000 USD
us-gaap Interest And Fee Income Loans Commercial
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3680000 USD
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38175000 USD
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6889000 USD
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20471000 USD
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5613000 USD
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5622000 USD
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6782000 USD
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176000 USD
us-gaap Interest Expense Federal Home Loan Bank And Federal Reserve Bank Advances Short Term
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0 USD
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176000 USD
CY2013Q2 us-gaap Interest Expense Federal Home Loan Bank And Federal Reserve Bank Advances Short Term
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0 USD
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5456000 USD
us-gaap Interest Expense Other
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29761000 USD
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us-gaap Interest Income Expense After Provision For Loan Loss
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us-gaap Interest Income Expense After Provision For Loan Loss
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us-gaap Interest Income Expense Net
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2310686000 USD
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us-gaap Interest Income Securities Mortgage Backed
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151920000 USD
us-gaap Interest Income Securities Mortgage Backed
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268600000 USD
us-gaap Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
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0.989
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884000 USD
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95585000 USD
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64599000 USD
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1425000 USD
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0.011
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186599000 USD
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us-gaap Net Income Loss
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Available To Common Stockholders Basic
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138847000 USD
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145962000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
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232075000 USD
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us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
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2500000 USD
us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
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-1879000 USD
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1500000 USD
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us-gaap Number Of Operating Segments
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us-gaap Operating Expenses
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us-gaap Payment Of Financing And Stock Issuance Costs
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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CY2014Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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315520000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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518001000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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12404000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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CY2013Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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0 USD
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0 USD
CY2013Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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274660000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Other Income
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us-gaap Other Income
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us-gaap Payment Of Financing And Stock Issuance Costs
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Of Financing Costs
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us-gaap Payments Of Financing Costs
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us-gaap Payments Of Ordinary Dividends
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170214000 USD
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us-gaap Payments Of Stock Issuance Costs
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6000 USD
us-gaap Payments Of Stock Issuance Costs
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0 USD
us-gaap Payments To Acquire Loans Held For Investment
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557763000 USD
us-gaap Payments To Acquire Loans Held For Investment
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1562819000 USD
us-gaap Payments To Acquire Mortgage Backed Securities Mbs Categorized As Available For Sale
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us-gaap Payments To Acquire Mortgage Backed Securities Mbs Categorized As Available For Sale
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3104313000 USD
CY2013Q4 us-gaap Pledged Financial Instruments Not Separately Reported Mortgage Related Securities Available For Sale Or Held For Investment
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17079377000 USD
CY2014Q2 us-gaap Pledged Financial Instruments Not Separately Reported Mortgage Related Securities Available For Sale Or Held For Investment
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16455482000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
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5425000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
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5425000 USD
CY2014Q2 us-gaap Preferred Stock Dividends Income Statement Impact
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2712000 USD
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2713000 USD
CY2013Q4 us-gaap Preferred Stock Liquidation Preference Value
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140000000 USD
CY2014Q2 us-gaap Preferred Stock Liquidation Preference Value
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140000000 USD
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CY2014Q2 us-gaap Preferred Stock Shares Authorized
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50000000 shares
CY2013Q4 us-gaap Preferred Stock Shares Authorized
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CY2013Q4 us-gaap Preferred Stock Shares Issued
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CY2014Q2 us-gaap Preferred Stock Shares Issued
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5600000 shares
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5600000 shares
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5600000 shares
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135356000 USD
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135356000 USD
us-gaap Prior Period Reclassification Adjustment Description
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The presentation of certain prior period reported amounts has been reclassified to be consistent with the current presentation. Such reclassifications had no impact on net income or equity attributable to common shareholders.</font></div></div>
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us-gaap Proceeds From Convertible Debt
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us-gaap Proceeds From Federal Home Loan Bank Borrowings
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Related Party Transaction Amounts Of Transaction
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us-gaap Related Party Transaction Amounts Of Transaction
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us-gaap Unrealized Gain Loss On Derivatives
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us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accounting and reporting policies of the Company conform to U.S. GAAP. 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 the 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 securities (&#8220;MBS&#8221;), allowance for loan losses and other-than-temporary impairment charges. Actual results may differ from those estimates.</font></div></div>
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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123091000 shares
ivr Amortization Of Mortgage Backed Securities Premium Discount
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66983000 USD
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0 USD
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0.0330
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10381023000 USD
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21373000 USD
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410000000 USD
CY2014Q2 ivr Federal Home Loan Bank Advances Maturities Summary Duein Lessthan Thirty Days
FederalHomeLoanBankAdvancesMaturitiesSummaryDueinLessthanThirtyDays
0 USD
CY2014Q2 ivr Federal Home Loan Bank Advances Maturities Summary Duein Thirtyto Ninety Days
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215000000 USD
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P0D
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6782000 USD
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0 USD
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ivr Minimum Distribution Percentage Of Taxable Income To Qualify For Real Estate Investment Trust
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370642000 USD
ivr Mortgage Backed Securities Coupon Interest
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426459000 USD
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186513000 USD
CY2013Q2 ivr Mortgage Backed Securities Coupon Interest
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219943000 USD
ivr Mortgage Loanson Real Estate Numberof Loans Originated
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ivr Net Change In Due From Counterparties
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-1723000 USD
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0 USD
ivr Net Change In Unrealized Gain On Available For Sale Securities And Derivatives
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475173000 USD
ivr Net Change In Unrealized Gain On Available For Sale Securities And Derivatives
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-450668000 USD
ivr Non Cash Interest Income Capitalizedin Commercial Note Receivable
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0 USD
CY2014Q2 ivr Noncontrolling Interest Redeemable Partnership Units Common Units Shares Outstanding
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1425000 shares
ivr Notional Amount Of Derivatives Additions
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1637500000 USD
ivr Numberof Securitization Trusts
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2 trust
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7 trust
CY2013Q3 ivr Numberof Shares Registeredfor Resale Prospectus
NumberofSharesRegisteredforResaleProspectus
605034 shares
ivr Numberof Variable Interest Entities
NumberofVariableInterestEntities
7 entity
ivr Payable For Mortgage Backed Securities Purchased
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-921299000 USD
ivr Payable For Mortgage Backed Securities Purchased
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749469000 USD
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ivr Paymentsfor Originationof Loans Netof Origination Fees
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30619000 USD
ivr Paymentsfor Terminationof Futures Contractand Tba
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10586000 USD
ivr Paymentsfor Terminationof Futures Contractand Tba
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0 USD
CY2013Q4 ivr Percentage Of Re Securitization Of Real Estate Mortgage Investment Conduit At Fair Value
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1
CY2014Q2 ivr Percentage Of Re Securitization Of Real Estate Mortgage Investment Conduit At Fair Value
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1
CY2014Q2 ivr Percentage Of Securities Sold Under Agreements To Repurchase
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1
CY2013Q4 ivr Percentage Of Securities Sold Under Agreements To Repurchase
PercentageOfSecuritiesSoldUnderAgreementsToRepurchase
1
ivr Percentage Of Shareholders Equity Per Annum Paid As Management Fees
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0.015
CY2013Q4 ivr Preferred Stock Dividend Stated Percentage Rate
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0.0775
CY2014Q2 ivr Preferred Stock Dividend Stated Percentage Rate
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0.0775
ivr Proceedsfrom Loan Origination Fees Netof Payments Operating Activities
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0 USD
ivr Proceedsfrom Loan Origination Fees Netof Payments Operating Activities
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145000 USD
ivr Proceedsfrom Principal Repaymentson Commercial Loans
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401000 USD
ivr Proceedsfrom Principal Repaymentson Commercial Loans
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0 USD
ivr Proceedsfrom Principal Repaymentson Residential Loans
ProceedsfromPrincipalRepaymentsonResidentialLoans
8636000 USD
ivr Proceedsfrom Principal Repaymentson Residential Loans
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55213000 USD
ivr Proceedsfrom Terminationof Interest Rate Swaption
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47855000 USD
ivr Proceedsfrom Terminationof Interest Rate Swaption
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0 USD
ivr Realized And Unrealized Credit Default Swap Income
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621000 USD
CY2014Q2 ivr Realized And Unrealized Credit Default Swap Income
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292000 USD
CY2013Q2 ivr Realized And Unrealized Credit Default Swap Income
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180000 USD
ivr Realized And Unrealized Credit Default Swap Income
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531000 USD
ivr Repurchase Agreements Not Settled
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ivr Repurchase Agreements Not Settled
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0 USD
CY2014Q2 ivr Secured Debt Weighted Average Remaining Maturity
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P2M
ivr Securities Lending Payable Not Settled
SecuritiesLendingPayableNotSettled
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ivr Securities Lending Payable Not Settled
SecuritiesLendingPayableNotSettled
0 USD
ivr Share Repurchased Average Price Per Share
ShareRepurchasedAveragePricePerShare
14.69
ivr Unrealized Gain Loss On Credit Default Swap
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568000 USD
ivr Unrealized Gain Loss On Credit Default Swap
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107000 USD
dei Amendment Flag
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false
dei Current Fiscal Year End Date
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--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001437071
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
123095889 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
Invesco Mortgage Capital Inc.
dei Trading Symbol
TradingSymbol
IVR
CY2014Q2 invest Derivative Notional Amount
DerivativeNotionalAmount
13907500000 USD
CY2013Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
14050000000 USD

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