Invesco Mortgage Capital : Q1 2025 Invesco Mortgage Capital Inc. Earnings Conference Call
IVR
Published on 05/08/2025 at 08:11
Invesco Mortgage Capital Inc.
First Quarter 2025 Earnings Call
May 8, 2025
Chief Executive Officer
President
Chief Financial Officer
Chief Operating Officer
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 share1
$0.64
$0.53
Common stock dividend per share
$0.34
$0.40
Book value per common share2
$8.81
$8.92
Economic return2
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
Agency RMBS
83.7%
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.
5.0%
4.5%
4.0%
3.5%
3.0%
0 yr 5 yr 10 yr 15 yr 20 yr 25 yr 30 yr
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
4.5%
(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
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. Treasuries1
(basis points)
150
100
50
0
-50
-100
4/24 6/24 8/24 10/24 12/24 2/25 4/25
Spread to Treasuries2
(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
($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%
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
Disclaimer
Invesco Mortgage Capital Inc. published this content on May 08, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2025 at 12:10 UTC.