Invesco Mortgage Capital Inc · NYSE:IVR
Invesco Mortgage Capital — Q4 2025 Earnings Presentation
12 slides from Invesco Mortgage Capital's earnings presentation, Jan 30, 2026
Slide 1: Fourth Quarter 2025 Earnings Call
Invesco Mortgage Capital Inc. Fourth Quarter 2025 Earnings Call January 30, 2026 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: Q4 2025 Results
Q4 2025 Results Financial Results Investment Allocation Q4 25 Q3 25 Net income (loss) per common share $0.68 $0.74 Earnings available for distribution per Agency RMBS $0.56 $0.58 84.6% common share1 $6.3 Common stock dividend per share $0.36 $0.34 Agency CMO 1.1% billion Book value per common share2
Slide 4: Macro Environment
Macro Environment The yield curve steepened modestly as monetary policy anchored the front-end amid resilient economic growth; the notable decline in interest rate volatility continued Treasury Yields Money Market Rates 5.0% 5.0% 4.5% 4.5% 4.0% 4.0% 3.5% 3.5% 3.0% 3.0% 0 yr 5 yr 10 yr 15 yr 20 yr 25
Slide 5: Agency RMBS Market
Agency RMBS Market Agency mortgages outperformed Treasuries, supported by the sustained decline in interest rate volatility; higher coupon specified pool pay-ups improved given strong demand for prepayment protection Performance vs. Treasuries1 Specified Pool Pay-ups (basis points) ($200k max, in po
Slide 6: Agency RMBS Investments
Agency RMBS Investments • Agency RMBS investment portfolio increased 11.1% to $5.3 Coupon Allocation 12/31/24 9/30/25 12/31/25 billion in Q4 2025 40% ◦ Net purchased $669 million during the quarter to invest proceeds from ATM issuance, re-invest paydowns, and 30% 32.7% modestly increase leverage 28.
Slide 7: Agency CMBS Investments
Agency CMBS Investments • Agency CMBS investment portfolio of $898 million at Allocation quarter end Freddie Multi PCs • Risk premiums modestly increased due to slightly 19.3% elevated supply • Agency CMBS benefits from: $898 ◦ Guarantee of principal and interest from the million issuing agency or f
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 $5.6 $5.0 $5.4 90% Maturities2 ($ millions) ($ millions) Pay Rate3 $5.2 $4.9 $4.9 $4.7 $4.5 $4.6 $4.0 $4.3 $4.4 80% Less than 3 y
Slide 9: Capital Structure
Capital Structure As of December 31, 2025 As of December 31, 2024 Common Stock Preferred Stock Common Stock Preferred Stock NYSE Ticker IVR IVR-PC IVR IVR-PC Shares Outstanding 71.8 million 6.9 million 61.7 million 7.2 million Share Price $8.41 $24.45 $8.05 $24.24 Book Value per share1 $8.72 $25.00
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 December 31, 2025 September 30, 2025 Net income (
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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