Invesco Mortgage Capital Inc · NYSE:IVR
Invesco Mortgage Capital — Q1 2026 Earnings Presentation
12 slides from Invesco Mortgage Capital's earnings presentation, May 1, 2026
Slide 1: Invesco Mortgage Capital Inc. First Quarter 2026 Earnings Call
Invesco Mortgage Capital Inc. First Quarter 2026 Earnings Call May 1, 2026 Kevin Collins Dave Lyle Mark Gregson Brian Norris Chief Executive Officer President Chief Financial Officer Chief Investment Officer
Slide 2: Cautionary Notice Regarding Forward-Looking Statements
Cautionary Notice Regarding Forward-Looking Statements This 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 Litiga
Slide 3: Q1 2026 Results
Q1 2026 Results Financial Results Investment Allocation Q1 26 Q4 25 Net income (loss) per common share ($0.28) $0.68 Agency RMBS 70.2% Earnings available for distribution per $0.55 $0.56 common share1 $7.3 Common stock dividends per share $0.36 $0.36 Agency CMBS billion 11.9% Book value per common s
Slide 4: Macro Environment
Macro Environment The yield curve bear flattened as increased inflationary pressures reduced expectations for near-term easing of monetary policy, leading to a sharp reversal in the recent downward trend of interest rate volatility Treasury Yields Money Market Rates 5.5% 5.0% 5.0% 4.5% 4.5% 4.0% 4.0
Slide 5: Agency RMBS Market
Agency RMBS Market Agency mortgages performed well in January, supported by the GSE MBS purchase program announcement, but underperformed into quarter end as the Middle East conflict led to increased interest rate volatility Performance vs. Treasuries1 Specified Pool Pay-ups (basis points) ($200k ma
Slide 6: Agency RMBS Investments
Agency RMBS Investments • Agency RMBS investment portfolio increased 19.1% to $6.3 Coupon Allocation 3/31/25 12/31/25 3/31/26 billion in Q1 2026 40% ◦ Net purchased $1.3 billion during the quarter to invest proceeds from ATM issuance and re-invest paydowns 30% 28.0% 29.7% 28.4% 28.9% 30.1% 29.6% ◦ P
Slide 7: Agency CMBS Investments
Agency CMBS Investments • Agency CMBS investment portfolio of $864 million at Allocation quarter end • Risk premiums contracted notably as elevated issuance Freddie Multi PCs 20.0% was met with bank and money manager demand • Agency CMBS benefits from: $864 ◦ Guarantee of principal and interest from
Slide 8: Financing & Hedging
Financing & Hedging Cost of Funds Protection1 Hedge Portfolio Composition (in billions) $6.0 100% Treasury Futures Interest Rate Notional Swap Notional Interest Rate Swap $5.0 $5.4 $5.6 90% Maturities2 ($ millions) ($ millions) Pay Rate3 $5.2 $5.3 $5.1 $4.9 $4.5 $4.6 $4.0 $4.3 $4.4 80% Less than 3 y
Slide 9: Capital Structure
Capital Structure As of March 31, 2026 As of March 31, 2025 Common Stock Preferred Stock Common Stock Preferred Stock NYSE Ticker IVR IVR-PC IVR IVR-PC Shares Outstanding 87.5 million 6.8 million 65.9 million 7.1 million Share Price $8.08 $23.36 $7.89 $23.78 Book Value per share1 $8.08 $25.00 $8.81
Slide 10: Appendix - Non-GAAP Financial Information
Appendix - Non-GAAP Financial Information 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
Slide 11: Appendix - Reconciliation of GAAP to Non-GAAP Financial Information
Appendix - Reconciliation of GAAP to Non-GAAP Financial Information The table below provides a reconciliation of U.S. GAAP net income (loss) attributable to common stockholders to earnings available for distribution: Three Months Ended $ in thousands March 31, 2026 December 31, 2025 Net income (loss
Slide 12: Appendix – Definitions
Appendix – Definitions Agency CMBS – Commercial mortgage-backed securities (“CMBS") that are guaranteed by a U.S. government agency such as the Government National Mortgage Association or a federally chartered corporation such as the Federal National Mortgage Association (“Fannie” or “FN”) or the Fe
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