Invesco Mortgage Capital : Q1 2025 Invesco Mortgage Capital Inc. Earnings Conference Call

About this update from Invesco Mortgage Capital Inc

Invesco Mortgage Capital Inc. First Quarter 2025 Earnings Call May 8, 2025 John Anzalone Chief Executive Officer Kevin Collins President Mark Gregson Chief Financial Officer David Lyle Chief Operating Officer Brian Norris Chief Investment Officer Q1 2025 Results Financial Results Investment Allocation Q1 25 Q4 24 Net income (loss) per common share $0.26 $(0.09) Earnings available for distribution per common share 1 $0.64 $0.53 Common stock dividend per share $0.34 $0.40 Book value per common share 2 $8.81 $8.92 Economic return 2 2.6% (0.5)% Debt-to-equity ratio 7.1x 6.7x Company Activity Non-Agency RMBS 0.1% Agency CMO 1.2% Agency CMBS 15.0% Issued $36.0 million of common stock under the at-the-market program Repurchased Series C Preferred Stock with a carrying value of $2.2 million Held $372 million of unrestricted cash and unencumbered investments at quarter end Earnings available for distribution is a non-GAAP financial measure. Refer to Appendix for additional information Refer to Appendix for additional information Past performance is not a guarantee of future results $5.9 billion Agency RMBS 83.7% Macro Environment Interest rates declined across the yield curve and expectations for monetary policy adjusted lower as trade wars threatened the global economy, increasing the risk of a recession in the U.S. Treasury Yields Money Market Rates 5.0% 4.5% 4.0% 3.5% 3.0% 0 yr 5 yr 10 yr 15 yr 20 yr 25 yr 30 yr 3/31/2024 12/31/2024 3/31/2025 4/30/2025 5.7% 5.3% 4.9% 4.5% 4.1% 4/24 6/24 8/24 10/24 12/24 2/25 4/25 Agency MBS Repo 1 Month SOFR 3 Month SOFR Federal Funds Futures 4.5% Agency MBS Holdings (in trillions) $2.8 4.0% $2.6 3.5% $2.4 3.0% $2.2 2.5% 4/25 10/25 4/26 10/26 4/27 10/27 3/31/2024 12/31/2024 3/31/2025 4/30/2025 Current $2.0 4/24 6/24 8/24 10/24 12/24 2/25 4/25 Fed MBS Holdings US Bank MBS Holdings Agency RMBS Market Valuations improved to start the year as interest rate volatility trended lower but deteriorated as trade policy uncertainty led to a broader selloff in risk assets Performance vs. Treasuries 1 (basis points) 150 100 50 0 -50 -100 4/24 6/24 8/24 10/24 12/24 2/25 4/25 Spread to Treasuries 2 (basis points) 150 135 120 105 90 4/24 6/24 8/24 10/24 12/24 2/25 4/25 30 year current coupon hedged performance vs. Treasuries 30 year current coupon zero volatility spread to Treasuries Specified Pool Pay-ups ($200k max, in points) $2.0 $1.5 $1.0 $0.5 $0.0 4/24 6/24 8/24 10/24 12/24 2/25 4/25 FN 5.0% FN 5.5% FN 6.0% FN 6.5% Dollar Roll Implied Financing Rate 6.5% 5.5% 4.5% 3.5% 2.5% 4/24 6/24 8/24 10/24 12/24 2/25 4/25 FN 5.0% FN 5.5% FN 6.0% FN 6.5% 1M SOFR Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

View stock analysis, news, and events for Invesco Mortgage Capital Inc