Invesco Mortgage Capital Inc · NYSE:IVR
Invesco Mortgage Capital — Q3 2025 Earnings Presentation
12 slides from Invesco Mortgage Capital's earnings presentation, Oct 31, 2025
Slide 1: Third Quarter 2025 Earnings Call
Invesco Mortgage Capital Inc. Third Quarter 2025 Earnings Call October 31, 2025 John Anzalone Kevin Collins Mark Gregson David Lyle Brian Norris Chief Executive Officer President Chief Financial Officer Chief Operating 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: Q3 2025 Results
Q3 2025 Results Financial Results Investment Allocation Q3 25 Q2 25 Net income (loss) per common share $0.74 ($0.40) Earnings available for distribution per Agency RMBS $0.58 $0.58 83.1% common share1 $5.7 Common stock dividend per share $0.34 $0.34 Agency CMO 1.2% billion Book value per common shar
Slide 4: Macro Environment
Macro Environment Interest rates declined modestly in the third quarter as employment data signaled a weakening labor market despite robust economic growth and improving financial conditions Treasury Yields Money Market Rates 5.0% 5.5% 4.5% 5.0% 4.0% 4.5% 3.5% 4.0% 3.0% 3.5% 0 yr 5 yr 10 yr 15 yr 20
Slide 5: Agency RMBS Market
Agency RMBS Market Agency mortgages performed well during the third quarter as interest rate volatility continued to decline, while higher coupon specified pool pay-ups improved given lower mortgage rates Performance vs. Treasuries1 Specified Pool Pay-ups (basis points) ($200k max, in points) 200 $2
Slide 6: Agency RMBS Investments
Agency RMBS Investments • Agency RMBS investment portfolio increased 13.2% to $4.8 Coupon Allocation 9/30/24 6/30/25 9/30/25 billion in Q3 2025 40% ◦ Net purchased $647 million during the quarter to invest proceeds from ATM issuance, re-invest paydowns, and 30% maintain leverage ◦ Purchases were foc
Slide 7: Agency CMBS Investments
Agency CMBS Investments • Agency CMBS investment portfolio of $0.9 billion at Allocation quarter end Freddie Multi PCs • Agency CMBS risk premiums continued to decline with 19.3% broader financial markets • Agency CMBS benefits from: $899.5 ◦ Guarantee of principal and interest from the million issu
Slide 8: Financing & Hedging
Financing & Hedging Cost of Funds Protection1 Hedge Portfolio Composition (in billions) Treasury Futures Interest Rate $6.0 100% Notional Swap Notional Interest Rate Swap Maturities2 ($ millions) ($ millions) Pay Rate3 $5.0 90% $4.0 80% Less than 3 years - 1,555 0.31% $3.0 70% 3 to 5 years - 450 0.4
Slide 9: Capital Structure
Capital Structure As of September 30, 2025 As of September 30, 2024 Common Stock Preferred Stock Common Stock Preferred Stock NYSE Ticker IVR IVR-PC IVR IVR-PB IVR-PC Shares Outstanding 70.9 million 6.9 million 60.7 million 4.2 million 7.3 million Share Price $7.56 $24.36 $9.39 $24.62 $24.05 Book Va
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 September 30, 2025 June 30, 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
Invesco Mortgage Capital — Q3 2025 Earnings Presentation on 6ix