If you look at IVR's balance sheet as of 9-30-11 you will see in the capital section "Distributions in excees of earnings" which total $15,648,000 ($.136 per share) for the nine months. Up $7478M from the preceeding quarters $8,173M. Its conceivable that the reduced dividend of $0.65 came about because managment wanted to eliminate the $15.7MM excess dividend charge. We'll have to wait to confirm this when IVR publishes year end '11 financials.
Pete, you are missing it again. The fact that they paid a dividend in excess of earnings for the 3rd quarter means that they funded the 3rd Q dividend of 80 cents out of the proceeds of the secondary offering. As I showed you in two separate posts, they earned about 66 cents in the fourth quarter which is why the divy was 65 cents. This is not due to the spo proceeds not being fully invested. They said in the 3rd q earnings presentation that $14.33 billion was invested. That's the number I used to calculate the 66 cents. Apparently, Zacks and FBR and the other firms that you rely on so heavily, could not do the same.
IVR's balance sheet also indicates a phenomenal growth of total assets of $853MM as of 12/31/10 to $15.3 Billion nine months later. What company that grows by a multiple of 16.8x in nine months isn't going to have a few bumps along the way.
Another reason for the reduced dividend could be that managment was unable to fully invest the funds of the last offering expediciously to get a full ROE for the quarter.Once again, we'll have to wait for the 4ht Qtr report.