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    Invesco Mortgage Capital Inc. Reports Fourth Quarter 2024 Financial Results

    2/20/25 4:15:00 PM ET
    $IVR
    Real Estate Investment Trusts
    Real Estate
    Get the next $IVR alert in real time by email

    ATLANTA, Feb. 20, 2025 /PRNewswire/ -- Invesco Mortgage Capital Inc. (NYSE:IVR) (the "Company") today announced financial results for the quarter ended December 31, 2024.

    (PRNewsfoto/Invesco Mortgage Capital Inc.)

    • Net loss per common share of $0.09 compared to net income of $0.63 in Q3 2024
    • Earnings available for distribution per common share(1) of $0.53 compared to $0.68 in Q3 2024
    • Common stock dividend of $0.40 per common share, unchanged from Q3 2024
    • Book value per common share(2) of $8.92 compared to $9.37 as of September 30, 2024
    • Economic return(3) of (0.5)% compared to 5.4% in Q3 2024
    • Improved capital structure through redemption of Series B Preferred Stock

    Update from John Anzalone, Chief Executive Officer

    "Long-term Treasury yields rose sharply during the fourth quarter as the disinflationary trend stalled and market participants recalibrated their expectations for future monetary and fiscal policy. The resulting interest rate volatility and reduced investor demand drove underperformance relative to interest rate hedges on our Agency RMBS. Positively, this was partially offset by improved risk premiums on our Agency CMBS as demand for stable cash flow profiles increased. Against this backdrop, book value per common share decreased 4.8% to $8.92 and, when combined with our $0.40 per share common stock dividend, resulted in an economic return of (0.5)% for the quarter. As of February 14, 2025, our book value per common share is estimated to be between $8.90 and $9.26.(4)

    "We notably improved our capital structure and reduced our cost of capital by funding the redemption of our Series B Preferred Stock in December with lower cost repurchase agreements. As a result, our debt-to-equity ratio increased to 6.7x at the end of the fourth quarter, up from 6.1x at the end of the third quarter. As of the end of the quarter, approximately 85% of our $5.4 billion investment portfolio was invested in Agency RMBS and 15% was invested in Agency CMBS. We maintained a sizeable balance of unrestricted cash and unencumbered investments totaling $389 million.

    "Our earnings available for distribution(1) declined during the fourth quarter as we recognized a one-time charge associated with the redemption of our Series B Preferred Stock. In addition, we diversified the composition of our interest rate hedges, reducing our exposure to changes in swap spreads by increasing our allocation to U.S. Treasury futures. While this negatively impacted our effective net interest income(1) for the quarter, we stand to benefit from future normalization of the yield curve.

    "In the near-term, we remain cautious on Agency RMBS as shifting expectations for monetary and fiscal policy may result in elevated interest rate volatility, reducing investor demand. Our long-term outlook for Agency RMBS is favorable, however, as we expect demand to improve in higher coupons given attractive valuations, an eventual decline in interest rate volatility, and a steeper yield curve. Lastly, we expect a gradual increase in Agency CMBS new issuance to be met with robust investor demand, as the sector continues to offer value relative to other fixed income investments due to its prepayment protection and attractive risk-adjusted return profiles."

    (1) Earnings available for distribution (and by calculation, earnings available for distribution per common share) and effective net interest income are non-Generally Accepted Accounting Principles ("GAAP") financial measures. Refer to the section entitled "Non-GAAP Financial Measures" for important disclosures and reconciliations to the most comparable U.S. GAAP measures.

    (2) Book value per common share as of December 31, 2024 and September 30, 2024 is calculated as total stockholders' equity less the liquidation preference of the Company's Series B Preferred Stock and Series C Preferred Stock ($0 and $180.2 million as of December 31, 2024, respectively, and $106.2 million and $181.9 million as of September 30, 2024, respectively), divided by total common shares outstanding.

    (3) Economic return for the quarter ended December 31, 2024 is defined as the change in book value per common share from September 30, 2024 to December 31, 2024 of $(0.45); plus dividends declared of $0.40 per common share; divided by the September 30, 2024 book value per common share of $9.37. Economic return for the quarter ended September 30, 2024 is defined as the change in book value per common share from June 30, 2024 to September 30, 2024 of $0.10; plus dividends declared of $0.40 per common share; divided by the June 30, 2024 book value per common share of $9.27.

    (4) Book value per common share as of February 14, 2025 is adjusted to exclude a pro rata portion of the current quarter's common stock dividend (which for purposes of this calculation is assumed to be the same as the previous quarter) and is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($178.8 million as of February 14, 2025), divided by total common shares outstanding of 61.7 million.

    Key performance indicators for the quarters ended December 31, 2024 and September 30, 2024 are summarized in the table below.

    ($ in millions, except share amounts)

    Q4 '24

    Q3 '24

    Variance

    Average Balances (1)

    (unaudited)

    (unaudited)



    Average earning assets (at amortized cost)

    $5,440.7

    $5,566.3

    ($125.6)

    Average borrowings

    $4,865.6

    $5,004.5

    ($138.9)

    Average total stockholders' equity

    $798.4

    $845.7

    ($47.3)









    U.S. GAAP Financial Measures







    Total interest income

    $76.1

    $73.8

    $2.3

    Total interest expense

    $62.4

    $66.3

    ($3.9)

    Net interest income

    $13.7

    $7.5

    $6.2

    Total expenses

    $4.8

    $4.7

    $0.1

    Net income (loss) attributable to common stockholders

    ($5.5)

    $35.3

    ($40.8)









    Average earning asset yields

    5.60 %

    5.31 %

    0.29 %

    Average cost of funds

    5.13 %

    5.30 %

    (0.17) %

    Average net interest rate margin

    0.47 %

    0.01 %

    0.46 %









    Period-end weighted average asset yields (2)

    5.42 %

    5.41 %

    0.01 %

    Period-end weighted average cost of funds

    4.80 %

    5.15 %

    (0.35) %

    Period-end weighted average net interest rate margin

    0.62 %

    0.26 %

    0.36 %









    Book value per common share (3)

    $8.92

    $9.37

    ($0.45)

    Earnings (loss) per common share (basic)

    ($0.09)

    $0.63

    ($0.72)

    Earnings (loss) per common share (diluted)

    ($0.09)

    $0.63

    ($0.72)

    Debt-to-equity ratio

                   6.7x  

                   6.1x  

                   0.6x  









    Non-GAAP Financial Measures (4)







    Earnings available for distribution

    $32.3

    $38.3

    ($6.0)

    Effective interest expense

    $30.1

    $25.4

    $4.7

    Effective net interest income

    $46.0

    $48.4

    ($2.4)









    Effective cost of funds

    2.47 %

    2.03 %

    0.44 %

    Effective interest rate margin

    3.13 %

    3.28 %

    (0.15) %









    Earnings available for distribution per common share

    $0.53

    $0.68

    ($0.15)

    Economic debt-to-equity ratio

                   6.7x  

                   6.1x  

                   0.6x  



    (1) Average earning assets, average borrowings and average total stockholders' equity are calculated based on the weighted month-end balances of mortgage-backed securities at amortized cost, repurchase agreement borrowings and total U.S. GAAP stockholders' equity, respectively.

    (2) Period-end weighted average asset yields are based on amortized cost as of period-end and incorporate future prepayment and loss assumptions when appropriate.

    (3) Book value per common share is calculated as total stockholders' equity less the liquidation preference of the Company's Series B Preferred Stock and Series C Preferred Stock ($0 and $180.2 million as of December 31, 2024, respectively, and $106.2 million and $181.9 million as of September 30, 2024, respectively), divided by total common shares outstanding.

    (4) Earnings available for distribution (and by calculation, earnings available for distribution per common share), effective interest expense (and by calculation, effective cost of funds), effective net interest income (and by calculation, effective interest rate margin), and economic debt-to-equity ratio are non-GAAP financial measures. Refer to the section entitled "Non-GAAP Financial Measures" for important disclosures and a reconciliation to the most comparable U.S. GAAP measures of net income (loss) attributable to common stockholders (and by calculation, basic earnings (loss) per common share), total interest expense (and by calculation, cost of funds), net interest income (and by calculation, net interest rate margin) and debt-to-equity ratio.

    Portfolio Composition

    The following table summarizes the Company's MBS portfolio as of December 31, 2024 and September 30, 2024.





    As of 





    December 31, 2024



    September 30, 2024

    $ in thousands



    Fair Value



    Percentage of Portfolio



    Period-end Weighted Average Yield



    Fair Value



    Percentage of Portfolio



    Period-end Weighted Average Yield

    Agency RMBS:

























    30 year fixed-rate pass-through coupon:

























    4.0 %



    369,321



    6.8 %



    4.67 %



    577,105



    9.8 %



    4.66 %

    4.5 %



    658,218



    12.1 %



    4.95 %



    703,865



    12.0 %



    4.95 %

    5.0 %



    836,197



    15.3 %



    5.35 %



    1,147,475



    19.5 %



    5.27 %

    5.5 %



    1,196,335



    22.0 %



    5.59 %



    1,260,678



    21.5 %



    5.59 %

    6.0 %



    1,481,454



    27.2 %



    5.97 %



    1,418,691



    24.2 %



    5.98 %

    Total 30 year fixed-rate pass-through



    4,541,525



    83.4 %



    5.50 %



    5,107,814



    87.0 %



    5.43 %

    Agency-CMO



    70,776



    1.3 %



    9.20 %



    73,199



    1.2 %



    9.91 %

    Agency CMBS



    816,147



    15.0 %



    4.59 %



    675,074



    11.5 %



    4.64 %

    Non-Agency CMBS



    9,836



    0.2 %



    8.91 %



    9,936



    0.2 %



    8.91 %

    Non-Agency RMBS



    7,224



    0.1 %



    11.13 %



    7,673



    0.1 %



    9.31 %

    Total MBS portfolio



    5,445,508



    100.0 %



    5.42 %



    5,873,696



    100.0 %



    5.41 %

    The following table presents certain characteristics of the Company's borrowings as of December 31, 2024 and September 30, 2024.





    As of

    $ in thousands



    December 31, 2024



    September 30, 2024



    Amount Outstanding



    Weighted Average Interest Rate



    Weighted Average Remaining Maturity (days)



    Amount Outstanding



    Weighted Average Interest Rate



    Weighted Average Remaining Maturity (days)

    Repurchase agreements - Agency RMBS



    4,112,219



    4.80 %



    29



    4,535,956



    5.15 %



    33

    Repurchase agreements - Agency CMBS



    781,739



    4.77 %



    32



    648,929



    5.16 %



    25

    Total borrowings



    4,893,958



    4.80 %



    29



    5,184,885



    5.15 %



    32

    The tables below present certain characteristics of the Company's interest rate swaps whereby the Company pays interest at a fixed rate and receives floating interest based on the secured overnight financing rate ("SOFR") as of December 31, 2024 and September 30, 2024.

    $ in thousands



    As of December 31, 2024

    Maturities



    Notional

    Amount



    Weighted Average Fixed Pay Rate



    Weighted Average Floating Receive Rate



    Weighted Average Years to Maturity

    Less than 3 years



    1,730,000



    1.06 %



    4.49 %



    2.2

    3 to 5 years



    375,000



    0.39 %



    4.49 %



    4.3

    5 to 7 years



    750,000



    0.57 %



    4.49 %



    5.8

    Greater than 10 years



    410,000



    1.83 %



    4.49 %



    18.9

    Total



    3,265,000



    0.97 %



    4.49 %



    5.3

     

    $ in thousands



    As of September 30, 2024

    Maturities



    Notional

    Amount



    Weighted Average Fixed Pay Rate



    Weighted Average Floating Receive Rate



    Weighted Average Years to Maturity

    Less than 3 years



    1,730,000



    1.93 %



    4.96 %



    2.1

    3 to 5 years



    575,000



    0.33 %



    4.96 %



    3.4

    5 to 7 years



    950,000



    0.54 %



    4.96 %



    5.8

    7 to 10 years



    100,000



    3.61 %



    4.96 %



    9.3

    Greater than 10 years



    435,000



    1.84 %



    4.96 %



    19.0

    Total



    3,790,000



    1.37 %



    4.96 %



    5.4

    The table below presents certain characteristics of the Company's futures contracts as of December 31, 2024 and September 30, 2024.





    As of December 31, 2024



    As of September 30, 2024

    $ in thousands



    Notional Amount - Short



    Notional Amount - Short

    10 year U.S. Treasury futures



    136,000



    —

    Ultra 10 year U.S. Treasury futures



    1,057,000



    490,000

    30 year U.S. Treasury futures



    209,000



    —

    Total



    1,402,000



    —

    The following table summarizes certain characteristics of the Company's TBAs accounted for as derivatives as of December 31, 2024. The Company did not have any TBAs outstanding as of September 30, 2024.

    $ in thousands



    As of December 31, 2024





    Notional Amount



    Implied Cost Basis



    Implied Market Value



    Net Carrying Value - Asset (Liability)

    5.5% TBA purchase contracts



    100,000



    99,800



    99,173



    (627)

    5.5% TBA sales contracts



    (100,000)



    (99,194)



    (99,173)



    21

    Net TBA derivatives



    —



    606



    —



    (606)

    Capital Activities

    Dividends

    As previously announced on December 19, 2024, the Company declared a common stock dividend of $0.40 per share paid on January 24, 2025 to its stockholders of record as of the close of business on December 30, 2024. The Company declared a Series C Preferred Stock dividend on February 19, 2025 of $0.46875 per share payable on March 27, 2025 to its stockholders of record on March 5, 2025.

    Issuances of Common Stock

    The Company sold 993,837 shares of common stock for net proceeds of $8.3 million during the fourth quarter through its at-the-market program.

    Redemption of Series B Preferred Stock

    On December 27, 2024, the Company redeemed all outstanding shares of Series B Preferred Stock for a cash redemption price of $25.00 per share.

    Repurchases of Series C Preferred Stock

    During the three months ended December 31, 2024, the Company repurchased and retired 70,864 shares of Series C Preferred Stock for a total cost of $1.7 million.

    About Invesco Mortgage Capital Inc.

    Invesco Mortgage Capital Inc. is a real estate investment trust that primarily focuses on investing in, financing and managing mortgage-backed securities and other mortgage-related assets. Invesco Mortgage Capital Inc. is externally managed and advised by Invesco Advisers, Inc., a registered investment adviser and an indirect wholly-owned subsidiary of Invesco Ltd., a leading independent global investment management firm.

    Earnings Call

    Members of the investment community and the general public are invited to listen to the Company's earnings conference call on Friday, February 21, 2025, at 9:00 a.m. ET, by calling one of the following numbers:

    North America Toll Free:    888-982-7409

    International:                     1-212-287-1625

    Passcode:                          Invesco

    An audio replay will be available until 5:00 pm ET on March 7, 2025 by calling:

    866-363-4045 (North America) or 1-203-369-0206 (International)

    The presentation slides that will be reviewed during the call will be available on the Company's website at www.invescomortgagecapital.com.

    Cautionary Notice Regarding Forward-Looking Statements

    This press release, the related presentation and comments made in the associated conference call, may include statements and information that constitute "forward-looking statements" within the meaning of the U.S. securities laws as defined in the Private Securities Litigation Reform Act of 1995, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements include our views on the risk positioning of our portfolio, domestic and global market conditions (including the Agency RMBS, Agency CMBS, residential and commercial real estate markets), the market for our target assets, our financial performance, including our earnings available for distribution, economic return, comprehensive income and changes in our book value, our intention and ability to pay dividends, our ability to continue performance trends, the stability of portfolio yields, interest rates, credit spreads, prepayment trends, financing sources, cost of funds, our leverage, liquidity, capital structure and equity allocation. In addition, words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as "will," "may," "could," "should," and "would" as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements.

    Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. There can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks identified under the captions "Risk Factors," "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K and quarterly reports on Form 10-Q, which are available on the Securities and Exchange Commission's website at www.sec.gov.

    All written or oral forward-looking statements that we make, or that are attributable to us, are expressly qualified by this cautionary notice. We expressly disclaim any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate.

    INVESCO MORTGAGE CAPITAL INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF OPERATIONS





    Three Months Ended



    Years Ended

    $ in thousands, except share data

    December 31, 2024



    September 30, 2024



    December 31, 2023



    December 31, 2024



    December 31, 2023



    (unaudited)



    (unaudited)



    (unaudited)





























    Interest income

    76,110



    73,825



    62,082



    286,546



    277,929

    Interest expense

    62,431



    66,315



    53,780



    249,719



    228,229

    Net interest income

    13,679



    7,510



    8,302



    36,827



    49,700





















    Other income (loss)



















    Gain (loss) on investments, net

    (187,714)



    165,168



    165,340



    (133,911)



    (107,280)

    (Increase) decrease in provision for credit losses

    (236)



    80



    (108)



    (458)



    (320)

    Equity in earnings (losses) of unconsolidated ventures

    —



    —



    (5)



    (193)



    (1)

    Gain (loss) on derivative instruments, net

    182,556



    (127,345)



    (141,580)



    176,634



    61,838

    Other investment income (loss), net

    2



    —



    —



    2



    (66)

    Total other income (loss)

    (5,392)



    37,903



    23,647



    42,074



    (45,829)

    Expenses



















    Management fee – related party

    3,172



    2,888



    3,053



    11,866



    12,290

    General and administrative

    1,609



    1,805



    1,697



    7,153



    7,440

    Total expenses

    4,781



    4,693



    4,750



    19,019



    19,730

    Net income (loss)

    3,506



    40,720



    27,199



    59,882



    (15,859)

    Dividends to preferred stockholders

    (5,444)



    (5,474)



    (5,679)



    (22,011)



    (23,153)

    Gain on repurchase and retirement of preferred stock

    1



    25



    760



    427



    1,471

    Issuance and redemption costs of redeemed preferred stock

    (3,535)



    —



    —



    (3,535)



    —

    Net income (loss) attributable to common stockholders

    (5,472)



    35,271



    22,280



    34,763



    (37,541)

    Earnings (loss) per share:



















    Net income (loss) attributable to common stockholders



















    Basic

    (0.09)



    0.63



    0.46



    0.65



    (0.85)

    Diluted

    (0.09)



    0.63



    0.46



    0.65



    (0.85)

     

    INVESCO MORTGAGE CAPITAL INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)











    Three Months Ended



    Years Ended

    $ in thousands

    December 31, 2024



    September 30, 2024



    December 31, 2023



    December 31, 2024



    December 31, 2023



    (unaudited)



    (unaudited)



    (unaudited)









    Net income (loss)

    3,506



    40,720



    27,199



    59,882



    (15,859)

    Other comprehensive income (loss):



















    Unrealized gain (loss) on mortgage-backed securities, net

    (412)



    (287)



    607



    (1,051)



    (91)

    Reclassification of unrealized loss on available-for-sale securities to (increase) decrease in provision for credit losses

    224



    —



    108



    526



    320

    Reclassification of amortization of net deferred (gain) loss on de-designated interest rate swaps to interest expense

    —



    —



    (900)



    —



    (10,405)

    Currency translation adjustments on investment in unconsolidated venture

    —



    —



    —



    —



    (10)

    Reclassification of currency translation loss on investment in unconsolidated venture to other investment income (loss), net

    —



    —



    —



    —



    123

    Total other comprehensive income (loss)

    (188)



    (287)



    (185)



    (525)



    (10,063)

    Comprehensive income (loss)

    3,318



    40,433



    27,014



    59,357



    (25,922)

    Dividends to preferred stockholders

    (5,444)



    (5,474)



    (5,679)



    (22,011)



    (23,153)

    Gain on repurchase and retirement of preferred stock

    1



    25



    760



    427



    1,471

    Issuance and redemption costs of redeemed preferred stock

    (3,535)



    —



    —



    (3,535)



    —

    Comprehensive income (loss) attributable to common stockholders

    (5,660)



    34,984



    22,095



    34,238



    (47,604)

     

    INVESCO MORTGAGE CAPITAL INC. AND SUBSIDIARIES

    CONSOLIDATED BALANCE SHEETS







    As of



    December 31, 2024



    December 31, 2023

    $ in thousands, except share amounts



    ASSETS







    Mortgage-backed securities, at fair value (including pledged securities of $5,129,486 and $4,712,185, respectively; net of allowance for credit losses of $654 and $320, respectively)

    5,445,508



    5,045,306

    U.S. Treasury securities, at fair value

    —



    11,214

    Cash and cash equivalents

    73,403



    76,967

    Restricted cash

    137,478



    121,670

    Due from counterparties

    580



    —

    Investment related receivable

    24,870



    26,604

    Derivative assets, at fair value

    5,033



    939

    Other assets

    1,162



    1,509

    Total assets

    5,688,034



    5,284,209

    LIABILITIES AND STOCKHOLDERS' EQUITY







    Liabilities:







    Repurchase agreements

    4,893,958



    4,458,695

    Derivative liabilities, at fair value

    627



    —

    Dividends payable

    24,692



    19,384

    Accrued interest payable

    32,711



    15,787

    Collateral held payable

    —



    2,475

    Accounts payable and accrued expenses

    1,619



    1,296

    Due to affiliate

    3,698



    3,907

    Total liabilities

    4,957,305



    4,501,544

    Commitments and contingencies (1)







    Stockholders' equity:







    Preferred Stock, par value $0.01 per share; 50,000,000 shares authorized:







    7.75% Fixed-to-Floating Series B Cumulative Redeemable Preferred Stock: no shares and 4,385,997 shares issued and outstanding, respectively ($0 and $109,650 aggregate liquidation preference, respectively)

    —



    106,014

    7.50% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock: 7,206,659 and 7,545,439 shares issued and outstanding, respectively ($180,166 and $188,636 aggregate liquidation preference, respectively)

    174,281



    182,474

    Common Stock, par value $0.01 per share; 134,000,000 and 67,000,000 shares authorized, respectively; 61,729,693 and 48,460,626 shares issued and outstanding, respectively

    617



    484

    Additional paid in capital

    4,127,807



    4,011,138

    Accumulated other comprehensive income

    173



    698

    Retained earnings (distributions in excess of earnings)

    (3,572,149)



    (3,518,143)

    Total stockholders' equity

    730,729



    782,665

    Total liabilities and stockholders' equity

    5,688,034



    5,284,209





    (1)

    See Note 14 of the Company's consolidated financial statements filed in Part IV, Item 15 of the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

    Non-GAAP Financial Measures

    The table below shows the non-GAAP financial measures the Company uses to analyze its operating results and the most directly comparable U.S. GAAP measures. The Company believes these non-GAAP measures are useful to investors in assessing its performance as discussed further below.

    Non-GAAP Financial Measure



    Most Directly Comparable U.S. GAAP Measure

    Earnings available for distribution (and by calculation, earnings available for distribution per common share)



    Net income (loss) attributable to common stockholders (and by calculation, basic earnings (loss) per common share)

    Effective interest expense (and by calculation, effective cost of funds)



    Total interest expense (and by calculation, cost of funds)

    Effective net interest income (and by calculation, effective interest rate margin)



    Net interest income (and by calculation, net interest rate margin)

    Economic debt-to-equity ratio



    Debt-to-equity ratio

    The non-GAAP financial measures used by the Company's management should be analyzed in conjunction with U.S. GAAP financial measures and should not be considered substitutes for U.S. GAAP financial measures. In addition, the non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of its peer companies.

    Earnings Available for Distribution

    The Company's business objective is to provide attractive risk-adjusted returns to its stockholders, primarily through dividends and secondarily through capital appreciation. The Company uses earnings available for distribution as a measure of its investment portfolio's ability to generate income for distribution to common stockholders and to evaluate its progress toward meeting this objective. The Company calculates earnings available for distribution as U.S. GAAP net income (loss) attributable to common stockholders adjusted for (gain) loss on investments, net; realized (gain) loss on derivative instruments, net; unrealized (gain) loss on derivative instruments, net; TBA dollar roll income; gain on repurchase and retirement of preferred stock; foreign currency (gains) losses, net and amortization of net deferred (gain) loss on de-designated interest rate swaps.

    By excluding the gains and losses discussed above, the Company believes the presentation of earnings available for distribution provides a consistent measure of operating performance that investors can use to evaluate its results over multiple reporting periods and, to a certain extent, compare to its peer companies. However, because not all of the Company's peer companies use identical operating performance measures, the Company's presentation of earnings available for distribution may not be comparable to other similarly titled measures used by its peer companies. The Company excludes the impact of gains and losses when calculating earnings available for distribution because (i) when analyzed in conjunction with its U.S. GAAP results, earnings available for distribution provides additional detail of its investment portfolio's earnings capacity and (ii) gains and losses are not accounted for consistently under U.S. GAAP. Under U.S. GAAP, certain gains and losses are reflected in net income whereas other gains and losses are reflected in other comprehensive income. For example, a portion of the Company's mortgage-backed securities are classified as available-for-sale securities, and changes in the valuation of these securities are recorded in other comprehensive income on its consolidated balance sheets. The Company elected the fair value option for its mortgage-backed securities purchased on or after September 1, 2016, and changes in the valuation of these securities are recorded in other income (loss) in the consolidated statements of operations. In addition, certain gains and losses represent one-time events. The Company may add and has added additional reconciling items to its earnings available for distribution calculation as appropriate.

    To maintain qualification as a REIT, U.S. federal income tax law generally requires that the Company distribute at least 90% of its REIT taxable income annually, determined without regard to the deduction for dividends paid and excluding net capital gains. The Company has historically distributed at least 100% of its REIT taxable income. Because the Company views earnings available for distribution as a consistent measure of its investment portfolio's ability to generate income for distribution to common stockholders, earnings available for distribution is one metric, but not the exclusive metric, that the Company's board of directors uses to determine the amount, if any, and the payment date of dividends on common stock. However, earnings available for distribution should not be considered as an indication of the Company's taxable income, a guaranty of its ability to pay dividends or as a proxy for the amount of dividends it may pay, as earnings available for distribution excludes certain items that impact its cash needs.

    Earnings available for distribution is an incomplete measure of the Company's financial performance and there are other factors that impact the achievement of the Company's business objective. The Company cautions that earnings available for distribution should not be considered as an alternative to net income (determined in accordance with U.S. GAAP), or as an indication of the Company's cash flow from operating activities (determined in accordance with U.S. GAAP), a measure of the Company's liquidity, or as an indication of amounts available to fund its cash needs.

    The table below provides a reconciliation of U.S. GAAP net income (loss) attributable to common stockholders to earnings available for distribution for the following periods.



    Three Months Ended



    Years Ended



    December 31,

    2024



    September 30,

    2024



    December 31,

    2023



    December 31,

    2024



    December 31,

    2023

    $ in thousands, except per share data









    Net income (loss) attributable to common stockholders

    (5,472)



    35,271



    22,280



    34,763



    (37,541)

    Adjustments:



















    (Gain) loss on investments, net

    187,714



    (165,168)



    (165,340)



    133,911



    107,280

    Realized (gain) loss on derivative instruments, net(1)

    (157,864)



    172,797



    199,137



    (11,405)



    179,526

    Unrealized (gain) loss on derivative instruments, net(1)

    7,629



    (4,569)



    (8,576)



    (3,467)



    (2,356)

    TBA dollar roll income(2)

    249



    39



    —



    1,366



    697

    (Gain) on repurchase and retirement of preferred stock

    (1)



    (25)



    (760)



    (427)



    (1,471)

    Foreign currency (gains) losses, net(3)

    (2)



    —



    —



    (2)



    66

    Amortization of net deferred (gain) loss on de-designated interest rate swaps(4)

    —



    —



    (900)



    —



    (10,405)

    Subtotal

    37,725



    3,074



    23,561



    119,976



    273,337

    Earnings available for distribution

    32,253



    38,345



    45,841



    154,739



    235,796

    Basic income (loss) per common share

    (0.09)



    0.63



    0.46



    0.65



    (0.85)

    Earnings available for distribution per common share(5)

    0.53



    0.68



    0.95



    2.88



    5.35





    (1)

    U.S. GAAP gain (loss) on derivative instruments, net on the consolidated statements of operations includes the following components.

     



    Three Months Ended



    Years Ended



    December 31,

    2024



    September 30,

    2024



    December 31,

    2023



    December 31,

    2024



    December 31,

    2023

    $ in thousands









    Realized gain (loss) on derivative instruments, net

    157,864



    (172,797)



    (199,137)



    11,405



    (179,526)

    Unrealized gain (loss) on derivative instruments, net

    (7,629)



    4,569



    8,576



    3,467



    2,356

    Contractual net interest income (expense) on interest rate swaps

    32,321



    40,883



    48,981



    161,762



    239,008

    Gain (loss) on derivative instruments, net

    182,556



    (127,345)



    (141,580)



    176,634



    61,838





    (2)

    A TBA dollar roll is a series of derivative transactions where TBAs with the same specified issuer, term and coupon but different settlement dates are simultaneously bought and sold. The TBA settling in the later month typically prices at a discount to the TBA settling in the earlier month. TBA dollar roll income represents the price differential between the TBA price for current month settlement versus the TBA price for forward month settlement. The Company includes TBA dollar roll income in earnings available for distribution because it is the economic equivalent of interest income on the underlying Agency RMBS, less an implied financing cost, over the forward settlement period. TBA dollar roll income is a component of gain (loss) on derivative instruments, net on the Company's consolidated statements of operations.





    (3)

    Foreign currency gains (losses), net includes foreign currency transaction gains and losses and the reclassification of currency translation adjustments that were previously recorded in accumulated other comprehensive income and is included in other investment income (loss), net on the consolidated statements of operations.





    (4)

    U.S. GAAP interest expense on the consolidated statements of operations includes the following components.

     



    Three Months Ended



    Years Ended



    December 31,

    2024



    September 30,

    2024



    December 31,

    2023



    December 31,

    2024



    December 31,

    2023

    $ in thousands









    Interest expense on repurchase agreement borrowings

    62,431



    66,315



    54,680



    249,719



    238,634

    Amortization of net deferred (gain) loss on de-designated interest rate swaps

    —



    —



    (900)



    —



    (10,405)

    Total interest expense

    62,431



    66,315



    53,780



    249,719



    228,229





    (5)

    Earnings available for distribution per common share is equal to earnings available for distribution divided by the basic weighted average number of common shares outstanding.

    The table below presents the components of earnings available for distribution.



    Three Months Ended



    Years Ended

    $ in thousands

    December 31,

    2024



    September 30,

    2024



    December 31,

    2023



    December 31,

    2024



    December 31,

    2023

    Effective net interest income (1)

    46,000



    48,393



    56,383



    198,589



    278,303

    TBA dollar roll income

    249



    39



    —



    1,366



    697

    Equity in earnings (losses) of unconsolidated ventures

    —



    —



    (5)



    (193)



    (1)

    (Increase) decrease in provision for credit losses

    (236)



    80



    (108)



    (458)



    (320)

    Total expenses

    (4,781)



    (4,693)



    (4,750)



    (19,019)



    (19,730)

    Subtotal

    41,232



    43,819



    51,520



    180,285



    258,949

    Dividends to preferred stockholders

    (5,444)



    (5,474)



    (5,679)



    (22,011)



    (23,153)

    Issuance and redemption costs of redeemed preferred stock

    (3,535)



    —



    —



    (3,535)



    —

    Earnings available for distribution

    32,253



    38,345



    45,841



    154,739



    235,796





    (1)

    See below for a reconciliation of net interest income to effective net interest income, a non-GAAP measure.

    Effective Interest Expense/Effective Cost of Funds/Effective Net Interest Income/Effective Interest Rate Margin

    The Company calculates effective interest expense (and by calculation, effective cost of funds) as U.S. GAAP total interest expense adjusted for contractual net interest income (expense) on its interest rate swaps that is recorded as gain (loss) on derivative instruments, net and the amortization of net deferred gains (losses) on de-designated interest rate swaps that is recorded as interest expense. The Company views its interest rate swaps as an economic hedge against increases in future market interest rates on its borrowings. The Company adds back the net payments or receipts on its interest rate swap agreements to its total U.S. GAAP interest expense because the Company uses interest rate swaps to add stability to interest expense. The Company excludes the amortization of net deferred gains (losses) on de-designated interest rate swaps from its calculation of effective interest expense because the Company does not consider the amortization a current component of its borrowing costs.

    The Company calculates effective net interest income (and by calculation, effective interest rate margin) as U.S. GAAP net interest income adjusted for contractual net interest income (expense) on its interest rate swaps that is recorded as gain (loss) on derivative instruments, net and amortization of net deferred gains (losses) on de-designated interest rate swaps that is recorded as interest expense.

    The Company believes the presentation of effective interest expense, effective cost of funds, effective net interest income and effective interest rate margin measures, when considered together with U.S. GAAP financial measures, provides information that is useful to investors in understanding the Company's borrowing costs and operating performance.

    The following tables reconcile total interest expense to effective interest expense and cost of funds to effective cost of funds for the following periods.



    Three Months Ended



    December 31,

    2024



    September 30,

    2024



    December 31,

    2023

    $ in thousands

    Reconciliation



    Cost of Funds / Effective Cost of Funds



    Reconciliation



    Cost of Funds / Effective Cost of Funds



    Reconciliation



    Cost of Funds / Effective Cost of Funds

    Total interest expense

    62,431



    5.13 %



    66,315



    5.30 %



    53,780



    5.76 %

    Add: Amortization of net deferred gain (loss) on de-designated interest rate swaps

    —



    — %



    —



    — %



    900



    0.09 %

    Less: Contractual net interest expense (income) on interest rate swaps recorded as gain (loss) on derivative instruments, net

    (32,321)



    (2.66) %



    (40,883)



    (3.27) %



    (48,981)



    (5.24) %

    Effective interest expense

    30,110



    2.47 %



    25,432



    2.03 %



    5,699



    0.61 %

     



    Years Ended December 31,



    2024



    2023

    $ in thousands

    Reconciliation



    Cost of Funds / Effective Cost of Funds



    Reconciliation



    Cost of Funds / Effective Cost of Funds

    Total interest expense

    249,719



    5.39 %



    228,229



    5.03 %

    Add: Amortization of net deferred gain (loss) on de-designated interest rate swaps

    —



    — %



    10,405



    0.23 %

    Less: Contractual net interest expense (income) on interest rate swaps recorded as gain (loss) on derivative instruments, net

    (161,762)



    (3.49) %



    (239,008)



    (5.26) %

    Effective interest expense

    87,957



    1.90 %



    (374)



    — %

    The following tables reconcile net interest income to effective net interest income and net interest rate margin to effective interest rate margin for the following periods.



    Three Months Ended



    December 31,

    2024



    September 30,

    2024



    December 31,

    2023

    $ in thousands

    Reconciliation



    Net Interest Rate Margin / Effective Interest Rate Margin



    Reconciliation



    Net Interest Rate Margin / Effective Interest Rate Margin



    Reconciliation



    Net Interest Rate Margin / Effective Interest Rate Margin

    Net interest income

    13,679



    0.47 %



    7,510



    0.01 %



    8,302



    (0.12) %

    Less: Amortization of net deferred (gain) loss on de-designated interest rate swaps

    —



    — %



    —



    — %



    (900)



    (0.09) %

    Add: Contractual net interest income (expense) on interest rate swaps recorded as gain (loss) on derivative instruments, net

    32,321



    2.66 %



    40,883



    3.27 %



    48,981



    5.24 %

    Effective net interest income

    46,000



    3.13 %



    48,393



    3.28 %



    56,383



    5.03 %

     



    Years Ended December 31,



    2024



    2023

    $ in thousands

    Reconciliation



    Net Interest Rate Margin / Effective Interest Rate Margin



    Reconciliation



    Net Interest Rate Margin / Effective Interest Rate Margin

    Net interest income

    36,827



    0.11 %



    49,700



    0.41 %

    Less: Amortization of net deferred (gain) loss on de-designated interest rate swaps

    —



    — %



    (10,405)



    (0.23) %

    Add: Contractual net interest income (expense) on interest rate swaps recorded as gain (loss) on derivative instruments, net

    161,762



    3.49 %



    239,008



    5.26 %

    Effective net interest income

    198,589



    3.60 %



    278,303



    5.44 %

    Economic Debt-to-Equity Ratio

    The following table shows the Company's debt-to-equity ratio and the Company's economic debt-to-equity ratio as of December 31, 2024 and September 30, 2024. The Company's debt-to-equity ratio is calculated in accordance with U.S. GAAP and is the ratio of total debt to total stockholders' equity.

    The Company presents an economic debt-to-equity ratio, a non-GAAP financial measure of leverage that considers the impact of the off-balance sheet financing of its investments in TBAs that are accounted for as derivative instruments under U.S. GAAP. The Company includes its TBAs at implied cost basis in its measure of leverage because a forward contract to acquire Agency RMBS in the TBA market carries similar risks to Agency RMBS purchased in the cash market and funded with on-balance sheet liabilities. Similarly, a contract for the forward sale of Agency RMBS has substantially the same effect as selling the underlying Agency RMBS and reducing the Company's on-balance sheet funding commitments. The Company believes that presenting its economic debt-to-equity ratio, when considered together with its U.S. GAAP financial measure of debt-to-equity ratio, provides information that is useful to investors in understanding how management evaluates at-risk leverage and gives investors a comparable statistic to those of other mortgage REITs who also invest in TBAs and present a similar non-GAAP measure of leverage.



    As of

    $ in thousands

    December 31, 2024



    September 30, 2024

    Repurchase agreements

    4,893,958



    5,184,885

    Total stockholders' equity

    730,729



    857,003









    Debt-to-equity ratio (1)

    6.7



    6.1

    Economic debt-to-equity ratio (2)

    6.7



    6.1





    (1)

    Debt-to-equity ratio is calculated as the ratio of total repurchase agreements to total stockholders' equity.

    (2)

    Economic debt-to-equity ratio is calculated as the ratio of total repurchase agreements and TBAs at implied cost basis ($606,000 as of December 31, 2024; none as of September 30, 2024) to total stockholders' equity.

    Average Balances

    The table below presents information related to the Company's average earning assets, average earning asset yields, average borrowings and average cost of funds for the following periods.



    Three Months Ended



    Years Ended

    $ in thousands

    December 31, 2024



    September 30, 2024



    December 31, 2023



    December 31, 2024



    December 31, 2023

    Average earning assets (1)

    5,440,662



    5,566,299



    4,401,475



    5,208,204



    5,106,473

    Average earning asset yields (2)

    5.60 %



    5.31 %



    5.64 %



    5.50 %



    5.44 %





















    Average borrowings (3)

    4,865,582



    5,004,504



    3,746,432



    4,637,086



    4,540,252

    Average cost of funds (4)

    5.13 %



    5.30 %



    5.76 %



    5.39 %



    5.03 %





    (1)

    Average balances for each period are based on weighted month-end balances.

    (2)

    Average earning asset yields for each period are calculated by dividing interest income, including amortization of premiums and discounts, by average earning assets based on the amortized cost of the investments. All yields are annualized.

    (3)

    Average borrowings for each period are based on weighted month-end balances.

    (4)

    Average cost of funds is calculated by dividing annualized interest expense, including amortization of net deferred gain (loss) on de-designated interest rate swaps, by average borrowings.

    Greg Seals,

    Investor Relations

    404-439-3323

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/invesco-mortgage-capital-inc-reports-fourth-quarter-2024-financial-results-302381762.html

    SOURCE Invesco Mortgage Capital Inc.

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    • Invesco Mortgage Capital Inc. Announces Quarterly Common Dividend

      ATLANTA, Dec. 28, 2020 /PRNewswire/ -- Invesco Mortgage Capital Inc. (the "Company") (NYSE: IVR) today announced that its Board of Directors declared a quarterly dividend on shares of its common stock.  Common Stock Dividend The Company's Board of Directors declared a cash dividend of $0.08 per share of common stock for the fourth quarter of 2020.  The dividend will be paid on January 26, 2021 to stockholders of record on January 12, 2021, with an ex-dividend date of January 11, 2021.  The Company expects that all cash and stock dividends paid on the Company's common stock and all cash dividends paid on its Series A, Series B and Series C preferred stock in 2020 will be characterized as

      12/28/20 4:15:00 PM ET
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    • Invesco Mortgage Capital Inc. Reports First Quarter 2025 Financial Results

      ATLANTA, May 7, 2025 /PRNewswire/ -- Invesco Mortgage Capital Inc. (NYSE:IVR) (the "Company") today announced financial results for the quarter ended March 31, 2025. Net income per common share of $0.26 compared to net loss of $0.09 in Q4 2024Earnings available for distribution per common share(1) of $0.64 compared to $0.53 in Q4 2024Common stock dividend of $0.34 per common share compared to $0.40 in Q4 2024Book value per common share(2) of $8.81 compared to $8.92 as of December 31, 2024Economic return(3) of 2.6% compared to (0.5)% in Q4 2024Update from John Anzalone, Chief E

      5/7/25 4:15:00 PM ET
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    • Invesco Mortgage Capital Inc. To Announce First Quarter 2025 Results

      ATLANTA, April 23, 2025 /PRNewswire/ -- Invesco Mortgage Capital Inc. (NYSE:IVR) will announce its first quarter 2025 results Wednesday, May 7, 2025, after market close. A conference call and audio webcast to review first quarter 2025 results will be held on Thursday, May 8, 2025, at 9:00 a.m. ET. Scheduled to speak are John Anzalone, Chief Executive Officer; Brian Norris, Chief Investment Officer; Kevin Collins, President; David Lyle, Chief Operating Officer and Mark Gregson, Chief Financial Officer. A presentation will be available on the Company's Web site at www.invescomor

      4/23/25 4:15:00 PM ET
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    • Invesco Mortgage Capital Inc. Announces Quarterly Common Dividend

      ATLANTA, March 25, 2025 /PRNewswire/ -- Invesco Mortgage Capital Inc. (the "Company") (NYSE:IVR) today announced that its Board of Directors declared a cash dividend of $0.34 per share of common stock for the first quarter of 2025. The dividend will be paid on April 25, 2025 to stockholders of record at the close of business on April 7, 2025, with an ex-dividend date of April 7, 2025. "Despite recent market volatility, the environment for agency mortgage-backed securities investment remains compelling. We reduced our common stock dividend to a level that enables us to pay a co

      3/25/25 4:15:00 PM ET
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