Invesco Mortgage Capital (IVR)

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Invesco Mortgage Capital (IVR) - 2024 Q1 - Quarterly Results
2024-05-08 20:35
Exhibit 99.1 Press Release For immediate release Greg Seals, Investor Relations 404-439-3323 Invesco Mortgage Capital Inc. Reports First Quarter 2024 Financial Results Atlanta - May 8, 2024 -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the "Company") today announced financial results for the quarter ended March 31, 2024. Update from John Anzalone, Chief Executive Officer "Interest rates rose across the yield curve during the first quarter, as stronger than expected economic growth and inflation in the U.S. ...
Invesco Mortgage Capital: Buy This 18% Yielding REIT While It's Still On Sale
Seeking Alpha· 2024-04-26 16:56
mcsilvey According to Fidelity back in December 2023, the outlook for real estate in 2024 is likely to rebound from 2023 levels due to more stable and potentially lower interest rates. The real estate market in 2024 should be calmer if nothing else. One stock that I believe offers good value before the market rebounds is the REIT from Invesco Mortgage Capital (NYSE:IVR) offering income investors an 18+% yield. Fidelity While the real estate market started to show signs of recovery in the first quarter o ...
Invesco Mortgage Capital (IVR) - 2023 Q4 - Annual Report
2024-02-22 22:07
Part I [Item 1. Business](index=4&type=section&id=Item%201.%20Business) Invesco Mortgage Capital Inc. is a Maryland REIT externally managed by Invesco Advisers, Inc., investing in MBS and using repurchase agreements for financing - The company is a REIT externally managed by Invesco Advisers, Inc., with no employees of its own[17](index=17&type=chunk)[19](index=19&type=chunk) Investment Portfolio as of December 31, 2023 | Asset Class | Description | | :--- | :--- | | **Agency RMBS** | Residential MBS guaranteed by Ginnie Mae, Fannie Mae, or Freddie Mac | | **Non-Agency CMBS** | Commercial MBS not guaranteed by a U.S. government agency | | **Non-Agency RMBS** | Residential MBS not guaranteed by a U.S. government agency | | **U.S. Treasury securities** | Debt securities issued by the U.S. Department of the Treasury | | **Other** | Includes a real estate-related financing arrangement | - The company's primary financing strategy relies on short-term repurchase agreements, with interest rates closely tied to the Secured Overnight Financing Rate (SOFR)[42](index=42&type=chunk)[44](index=44&type=chunk) - Risk management is a core component of the strategy, utilizing derivative instruments like interest rate swaps, futures, and U.S. Treasury securities to mitigate interest rate, spread, and credit risks[47](index=47&type=chunk)[48](index=48&type=chunk)[52](index=52&type=chunk) [Item 1A. Risk Factors](index=11&type=section&id=Item%201A.%20Risk%20Factors) The company faces diverse risks including investment, financing, business, and tax-related challenges, particularly concerning interest rates, repurchase agreements, and REIT qualification - Investment risks are significant, including adverse effects from Federal Reserve actions in the Agency RMBS market, interest rate fluctuations impacting asset values and borrowing costs, and prepayment rates affecting portfolio value[71](index=71&type=chunk)[78](index=78&type=chunk)[89](index=89&type=chunk) - The company is heavily dependent on repurchase agreement financing. An inability to access this funding, potential margin calls from declining asset values, or counterparty defaults could materially harm the business[111](index=111&type=chunk)[114](index=114&type=chunk)[118](index=118&type=chunk) - Hedging strategies may not be fully effective and could adversely affect earnings due to mismatches in duration, counterparty default, or high costs during volatile periods[124](index=124&type=chunk) - The business is highly dependent on its external Manager, Invesco Advisers, Inc., and its key personnel. Conflicts of interest exist as the Manager allocates investments among various clients, which may not always favor the company[154](index=154&type=chunk)[155](index=155&type=chunk) - Failure to maintain qualification as a REIT would result in being taxed as a regular corporation, leading to a substantial tax liability and a significant reduction in cash available for distribution to stockholders[179](index=179&type=chunk) [Item 1B. Unresolved Staff Comments](index=36&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[229](index=229&type=chunk) [Item 1C. Cybersecurity](index=36&type=section&id=Item%201C.%20Cybersecurity) As an externally managed company, IVR relies on its Manager's comprehensive cybersecurity program, with Board oversight and no material incidents reported - The company relies on its Manager's cybersecurity program, which includes proactive testing, third-party risk management, incident response, and employee training[230](index=230&type=chunk)[232](index=232&type=chunk) - The Board of Directors provides oversight, receiving updates at least semi-annually from the Manager's Chief Information Security Officer[233](index=233&type=chunk) - As of December 31, 2023, no cyber incidents have materially affected the company's business, operations, or financial condition[234](index=234&type=chunk) [Item 2. Properties](index=37&type=section&id=Item%202.%20Properties) The company's principal executive office is in Atlanta, Georgia, with space and services provided by its Manager - The principal executive office is located at 1331 Spring Street, N.W., Suite 2500, Atlanta, Georgia 30309. Office space is provided by the Manager[235](index=235&type=chunk) [Item 3. Legal Proceedings](index=37&type=section&id=Item%203.%20Legal%20Proceedings) As of December 31, 2023, the company was not involved in any material legal proceedings - As of December 31, 2023, the company was not involved in any legal proceedings[236](index=236&type=chunk) [Item 4. Mine Safety Disclosures](index=37&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[237](index=237&type=chunk) Part II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=38&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on NYSE, pays quarterly dividends for REIT status, and has active preferred stock repurchase programs - As of December 31, 2023, **1,816,398** shares of common stock were available for repurchase under the company's program. No common stock was repurchased in Q4 2023[247](index=247&type=chunk) Preferred Stock Repurchases (Q4 2023) | Series | Shares Repurchased (Q4 2023) | Average Price Paid Per Share | | :--- | :--- | :--- | | **Series B** | 79,417 | $21.79 | | **Series C** | 135,772 | $19.98 | [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2023, macroeconomic factors led to a 22% decline in book value, a net loss, and decreased net interest income, despite portfolio concentration in Agency RMBS - The book value per common share decreased by **22%** during 2023, from **$12.79** to **$10.00**. Including dividends, the economic return for the year was **(9.3)%**[258](index=258&type=chunk)[280](index=280&type=chunk) Investment Portfolio Summary (in thousands) | Investment Type | Dec 31, 2023 (Fair Value, in thousands) | Dec 31, 2022 (Fair Value, in thousands) | | :--- | :--- | :--- | | Agency RMBS | $5,027,232 | $4,746,693 | | Non-Agency CMBS | $9,935 | $36,787 | | Non-Agency RMBS | $8,139 | $8,413 | | U.S. Treasury securities | $11,214 | $— | | **Total Investment Portfolio** | **$5,057,020** | **$4,792,445** | Key Financial Results (in thousands) | Metric | 2023 (in thousands) | 2022 (in thousands) | | :--- | :--- | :--- | | Net Interest Income | $49,700 | $142,953 | | Net Loss Attributable to Common Stockholders | ($37,541) | ($416,963) | | Earnings Available for Distribution (Non-GAAP) | $235,796 | $185,011 | - The economic debt-to-equity ratio, a non-GAAP measure including off-balance sheet TBA financing, was **5.7x** at year-end 2023, up from **5.3x** at year-end 2022[358](index=358&type=chunk)[359](index=359&type=chunk)[365](index=365&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures about Market Risk](index=63&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages primary market risks like interest rate and prepayment risk through portfolio adjustments and derivatives, with sensitivity analysis showing impact on value and income - The company is exposed to significant market risks, including interest rate, prepayment, extension, market value, real estate, and credit risk[391](index=391&type=chunk)[401](index=401&type=chunk)[403](index=403&type=chunk) Interest Rate Sensitivity Analysis as of December 31, 2023 | Change in Interest Rates | Percentage Change in Projected Net Interest Income | Percentage Change in Projected Portfolio Value | | :--- | :--- | :--- | | +1.00% | (1.04)% | (0.76)% | | +0.50% | (0.41)% | (0.23)% | | -0.50% | 0.27% | (0.13)% | | -1.00% | 0.93% | (0.68)% | - Risk management strategies include monitoring asset and financing characteristics, using a range of financing maturities, and employing hedging instruments like interest rate swaps to manage interest rate sensitivity[413](index=413&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=66&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) The company's financial statements and supplementary data are included under Item 15 of this report - The financial statements and supplementary data are included under Item 15 of this Report[413](index=413&type=chunk) [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=66&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[414](index=414&type=chunk) [Item 9A. Controls and Procedures](index=66&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls and internal controls over financial reporting were effective, with an unqualified auditor opinion - Management concluded that disclosure controls and procedures were effective as of December 31, 2023[415](index=415&type=chunk) - Management assessed internal control over financial reporting as effective as of December 31, 2023, based on the COSO framework[418](index=418&type=chunk) - The independent registered public accounting firm, PricewaterhouseCoopers LLP, provided an unqualified opinion on the effectiveness of the company's internal control over financial reporting[419](index=419&type=chunk) [Item 9B. Other Information](index=67&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[421](index=421&type=chunk) Part III [Item 10. Directors, Executive Officers and Corporate Governance](index=68&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2024 proxy statement - Required information is incorporated by reference from the registrant's proxy statement for the 2024 Annual Meeting of Stockholders[7](index=7&type=chunk)[424](index=424&type=chunk) [Item 11. Executive Compensation](index=68&type=section&id=Item%2011.%20Executive%20Compensation) Executive compensation information is incorporated by reference from the 2024 proxy statement - Required information is incorporated by reference from the registrant's proxy statement for the 2024 Annual Meeting of Stockholders[7](index=7&type=chunk)[426](index=426&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=68&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership information for beneficial owners and management is incorporated by reference from the 2024 proxy statement - Required information is incorporated by reference from the registrant's proxy statement for the 2024 Annual Meeting of Stockholders[7](index=7&type=chunk)[427](index=427&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=68&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related transactions and director independence is incorporated by reference from the 2024 proxy statement - Required information is incorporated by reference from the registrant's proxy statement for the 2024 Annual Meeting of Stockholders[7](index=7&type=chunk)[428](index=428&type=chunk) [Item 14. Principal Accounting Fees and Services](index=68&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Principal accounting fees and services information is incorporated by reference from the 2024 proxy statement - Required information is incorporated by reference from the registrant's proxy statement for the 2024 Annual Meeting of Stockholders[7](index=7&type=chunk)[429](index=429&type=chunk) Part IV [Item 15. Exhibits, Financial Statement Schedules](index=68&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section includes audited consolidated financial statements, the independent auditor's report, financial schedules, and a list of exhibits - This item includes the audited financial statements, financial statement schedules, and exhibits for the reporting period[431](index=431&type=chunk) [Report of Independent Registered Public Accounting Firm](index=73&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) PricewaterhouseCoopers LLP issued an unqualified opinion on financial statements and internal controls, identifying MBS valuation as a critical audit matter - The auditor, PricewaterhouseCoopers LLP, issued an unqualified opinion on the financial statements and internal controls[447](index=447&type=chunk) - A critical audit matter was identified as the valuation of mortgage-backed securities at fair value, which required significant auditor judgment and effort[453](index=453&type=chunk)[455](index=455&type=chunk) [Consolidated Financial Statements](index=75&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show total assets of $5.3 billion, liabilities of $4.5 billion, equity of $782.7 million, and a net loss of $15.9 million for 2023 Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2023 (in thousands) | Dec 31, 2022 (in thousands) | | :--- | :--- | :--- | | Total Assets | $5,284,209 | $5,097,395 | | Total Liabilities | $4,501,544 | $4,293,320 | | **Total Stockholders' Equity** | **$782,665** | **$804,075** | Consolidated Statement of Operations Highlights (in thousands) | Account | 2023 (in thousands) | 2022 (in thousands) | | :--- | :--- | :--- | | Net Interest Income | $49,700 | $142,953 | | Net Loss | ($15,859) | ($402,924) | | Net Loss Attributable to Common Stockholders | ($37,541) | ($416,963) | | Basic Loss Per Share | ($0.85) | ($12.21) | [Item 16. Form 10-K Summary](index=68&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable to the company - Not applicable[432](index=432&type=chunk)
Invesco Mortgage Capital (IVR) - 2023 Q4 - Annual Results
2024-02-22 21:42
Exhibit 99.1 Press Release For immediate release Greg Seals, Investor Relations 404-439-3323 Invesco Mortgage Capital Inc. Reports Fourth Quarter 2023 Financial Results Atlanta - February 22, 2024 -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the "Company") today announced financial results for the quarter ended December 31, 2023. Update from John Anzalone, Chief Executive Officer "We are cautious on the near-term outlook for the Agency RMBS sector given recent strong performance and the uncertain timing of ...
Invesco Mortgage Capital (IVR) - 2023 Q3 - Earnings Call Transcript
2023-11-07 16:27
Invesco Mortgage Capital Inc. (NYSE:IVR) Q3 2023 Earnings Conference Call November 7, 2023 9:00 AM ET Company Participants Greg Seals - Investor Relations John Anzalone - Chief Executive Officer Kevin Collins - President Lee Phegley - Chief Financial Officer David Lyle - Chief Operating Officer Brian Norris - Chief Investment Officer Conference Call Participants Trevor Cranston - JMP Securities Matthew Erdner - JonesTrading Operator Welcome to Invesco Mortgage Capital Inc.'s Third Quarter 2023 Investor Conf ...
Invesco Mortgage Capital (IVR) - 2023 Q3 - Quarterly Report
2023-11-06 22:12
PART I FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The report includes unaudited condensed consolidated financial statements as of September 30, 2023 [Unaudited Condensed Consolidated Balance Sheets](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $5.83 billion, while stockholders' equity slightly decreased to $785 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$5,831,343** | **$5,097,395** | | Mortgage-backed securities, at fair value | $5,443,928 | $4,791,893 | | Cash and cash equivalents | $173,921 | $175,535 | | **Total Liabilities** | **$5,046,318** | **$4,293,320** | | Repurchase agreements | $4,987,006 | $4,234,823 | | **Total Stockholders' Equity** | **$785,025** | **$804,075** | [Unaudited Condensed Consolidated Statements of Operations](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a Q3 2023 net loss of $68.6 million, an improvement from the prior year Statements of Operations Summary (in thousands, except per share data) | Metric | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $9,431 | $31,720 | $41,398 | $117,098 | | Gain (loss) on investments, net | ($224,897) | ($260,837) | ($272,620) | ($1,090,101) | | Gain (loss) on derivative instruments, net | $151,689 | $133,549 | $203,418 | $554,151 | | Net Income (Loss) | ($68,599) | ($101,428) | ($43,058) | ($439,385) | | Net Income (Loss) Attributable to Common Stockholders | ($74,024) | ($94,602) | ($59,821) | ($447,562) | | Basic EPS | ($1.62) | ($2.78) | ($1.40) | ($13.42) | [Unaudited Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations was $206.1 million for the nine months ended September 30, 2023 Cash Flow Summary (Nine Months Ended Sep 30, in thousands) | Cash Flow Category | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $206,115 | $126,784 | | Net cash provided by (used in) investing activities | ($899,785) | $2,845,711 | | Net cash provided by (used in) financing activities | $774,634 | ($3,285,182) | | **Net change in cash, cash equivalents and restricted cash** | **$80,964** | **($312,687)** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, the Agency RMBS portfolio, and financing via repurchase agreements - The company primarily focuses on investing in, financing, and managing mortgage-backed securities (MBS), with a **significant concentration in Agency RMBS**[23](index=23&type=chunk)[28](index=28&type=chunk) Mortgage-Backed Securities Portfolio (Fair Value, in thousands) | Security Type | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | 30 year fixed-rate Agency RMBS | $5,331,969 | $4,661,737 | | Agency-CMO | $78,007 | $84,956 | | Non-Agency CMBS | $25,987 | $36,787 | | Non-Agency RMBS | $7,965 | $8,413 | | **Total** | **$5,443,928** | **$4,791,893** | - The company finances the majority of its portfolio through repurchase agreements, with the outstanding amount increasing to **$4.99 billion** as of September 30, 2023, from $4.23 billion at year-end 2022[58](index=58&type=chunk)[60](index=60&type=chunk) - As of September 30, 2023, the company held interest rate swaps with a total notional amount of **$6.85 billion** to hedge against interest rate risk[69](index=69&type=chunk)[70](index=70&type=chunk) - During the nine months ended September 30, 2023, the company sold **9.7 million shares** of common stock for net proceeds of **$109.1 million** under its equity distribution agreement[111](index=111&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses market challenges impacting Agency RMBS and the resulting 22% decline in book value - Q3 2023 was marked by restrictive financial conditions, widening credit spreads, and higher interest rates and volatility, leading to a **sharp underperformance of Agency RMBS** relative to Treasuries[133](index=133&type=chunk)[134](index=134&type=chunk) - The company's investment portfolio is predominantly composed of 30-year fixed-rate Agency RMBS, which constituted approximately **98% of the total investment portfolio** as of September 30, 2023[140](index=140&type=chunk) Book Value Per Common Share | Date | Total Equity (thousands) | Adjusted Equity (thousands) | Common Shares Outstanding (thousands) | Book Value Per Share | | :--- | :--- | :--- | :--- | :--- | | Sep 30, 2023 | $785,025 | $481,360 | 48,461 | $9.93 | | Dec 31, 2022 | $804,075 | $495,222 | 38,711 | $12.79 | - Book value per common share **decreased by 22%** from December 31, 2022, to September 30, 2023, primarily due to the sharp underperformance of Agency RMBS amid elevated interest rate volatility and higher rates[158](index=158&type=chunk) - Net interest income for Q3 2023 was **$9.4 million**, a significant decrease from $31.7 million in Q3 2022, primarily due to a higher cost of funds, which rose to **5.36%** from 1.84% year-over-year, outpacing the increase in asset yields[175](index=175&type=chunk)[176](index=176&type=chunk)[181](index=181&type=chunk) Reconciliation to Earnings Available for Distribution (EAD) | ($ in thousands, except per share) | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Net income (loss) attributable to common stockholders | ($74,024) | ($94,602) | | Adjustments (net) | $143,177 | $142,049 | | **Earnings available for distribution** | **$69,153** | **$47,447** | | **EAD per common share** | **$1.51** | **$1.39** | - The company's economic debt-to-equity ratio **increased to 6.4x** as of September 30, 2023, from 5.3x at the end of 2022[233](index=233&type=chunk)[236](index=236&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks include interest rate, spread, prepayment, and credit risk - The primary components of market risk are identified as **interest rate, principal prepayment, market value, spread, and credit risk**[261](index=261&type=chunk)[269](index=269&type=chunk)[282](index=282&type=chunk) - The company mitigates interest rate risk on its short-term repurchase agreement financing by using derivative contracts, **primarily interest rate swaps**[263](index=263&type=chunk) Interest Rate Sensitivity Analysis (as of Sep 30, 2023) | Change in Interest Rates | Percentage Change in Projected Net Interest Income | Percentage Change in Projected Portfolio Value | | :--- | :--- | :--- | | +1.00% | (0.07)% | (0.36)% | | +0.50% | (0.12)% | (0.11)% | | -0.50% | 0.28% | (0.09)% | | -1.00% | 0.56% | (0.45)% | [Controls and Procedures](index=57&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes - The principal executive officer and principal financial officer concluded that the company's **disclosure controls and procedures were effective** as of September 30, 2023[286](index=286&type=chunk) - **No changes in internal control over financial reporting** occurred during the quarter ended September 30, 2023, that materially affected, or are reasonably likely to materially affect, internal controls[288](index=288&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=58&type=section&id=Item%201.%20Legal%20Proceedings) The company was not involved in any material legal proceedings as of September 30, 2023 - The company reports **no involvement in material legal proceedings** as of September 30, 2023[291](index=291&type=chunk) [Risk Factors](index=58&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors were reported during the quarter - **No material changes to risk factors** were reported for the period covered by this quarterly report[292](index=292&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=58&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased shares of its Series B and Series C Preferred Stock during Q3 2023 Preferred Stock Repurchases (Q3 2023) | Series | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | Series B | 34,432 | $22.12 | | Series C | 92,563 | $21.20 | - The share repurchase program, approved in May 2022, allows for the repurchase of up to **3,000,000 Series B shares** and **5,000,000 Series C shares** with no expiration date[295](index=295&type=chunk) [Exhibits](index=58&type=section&id=Item%206.%20Exhibits) This section indexes the exhibits filed with the Form 10-Q, including required certifications
Invesco Mortgage Capital (IVR) - 2023 Q2 - Earnings Call Transcript
2023-08-04 14:45
Invesco Mortgage Capital Inc. (NYSE:IVR) Q2 2023 Earnings Conference Call August 4, 2023 9:00 AM ET Company Participants Greg Seals - Investor Relations John Anzalone - Chief Executive Officer Kevin Collins - President Richard Lee Phegley - Chief Financial Officer David Lyle - Chief Operating Officer Brian Norris - Chief Investment Officer Conference Call Participants Douglas Harter - Credit Suisse Trevor Cranston - JMP Securities Operator Welcome to Invesco Mortgage Capital Inc.'s Second Quarter 2023 Inves ...
Invesco Mortgage Capital (IVR) - 2023 Q2 - Earnings Call Presentation
2023-08-04 12:20
Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. There can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks identified under the captions "Risk Factors," "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form ...
Invesco Mortgage Capital (IVR) - 2023 Q2 - Quarterly Report
2023-08-03 21:22
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________ FORM 10-Q _______________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-34385 Invesco M ...
Invesco Mortgage Capital (IVR) - 2023 Q1 - Earnings Call Transcript
2023-05-10 15:09
Invesco Mortgage Capital Inc. (NYSE:IVR) Q1 2023 Results Conference Call May 10, 2023 9:00 AM ET Company Participants Greg Seals - IR John Anzalone - CEO Brian Norris - CIO Conference Call Participants Douglas Harter - Credit Suisse Trevor Cranston - JMP Securities Matthew Erdner - JonesTrading Operator Welcome to Invesco Mortgage Capital Inc.'s First Quarter 2023 Investor Conference Call. All participants will be in a listen-only mode until the question-and-answer session. [Operator Instructions] As a remi ...