AI Earnings Predictions for INVESCO MORTGAGE CAPITAL INC (IVR)

EX-99.1

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EX-99.1

Document

Exhibit 99.1

Press Release

For immediate release

Greg Seals,

Investor Relations

404-439-3323

Invesco Mortgage Capital Inc. Reports Third Quarter 2026 Financial Results

Atlanta - October 29, 2026 -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the “Company”) today announced financial results for the quarter ended September 30, 2026.

•Net loss per common share of $0.92 compared to net income of $0.34 in Q2 2026

•Earnings available for distribution per common share(1) of $0.47 compared to $0.50 in Q2 2026

•Monthly common stock dividends totaling $0.36 per share, unchanged from Q2 2026

•Book value per common share(2) of $6.74 compared to $8.03 as of June 30, 2026

•Economic return(3) of (11.6)% compared to 3.8% in Q2 2026

•Debt-to-equity ratio of 7.6x compared to 6.3x as of June 30, 2026

•Economic debt-to-equity ratio(1) of 8.3x compared to 7.5x as of June 30, 2026

Update from Kevin Collins, Chief Executive Officer

“Economic growth remained resilient during the third quarter, but financial conditions tightened as investors increasingly priced in additional Federal Reserve rate hikes. Short-term Treasury yields rose on expectations for further monetary policy tightening, while longer-term yields increased on stronger growth expectations and concerns over elevated fiscal deficits and Treasury supply. Interest rate volatility also rose from the subdued levels of the second quarter, weighing on investor risk appetite and contributing to materially wider Agency RMBS spreads and modestly wider Agency CMBS spreads.

“Against this backdrop, our portfolio generated negative returns relative to Treasuries, although the impact was partially offset by improvement in swap spreads. Book value declined by 16.1% to $6.74 at quarter end, and when combined with our monthly dividends, resulted in an economic return of (11.6)% for the quarter.

“At quarter end, our $8.0 billion investment portfolio consisted of $6.6 billion of Agency RMBS, $0.7 billion of Agency TBA, and $0.7 billion of Agency CMBS. Our economic debt-to-equity ratio was 8.3x, and we maintained a sizable balance of unrestricted cash and unencumbered investments totaling $401.3 million. During the latter part of the quarter, we reduced our Agency CMBS allocation and redeployed proceeds into Agency RMBS opportunities, as spread widening created increasingly attractive risk-adjusted return potential within the sector. Importantly, financing markets remained orderly despite elevated market volatility. Our strong liquidity position, diversified financing relationships, and disciplined risk-management framework continue to position the Company well during periods of market uncertainty.

“Our outlook for both Agency RMBS and Agency CMBS remains constructive. While uncertainty surrounding inflation, monetary policy, and geopolitical developments remains elevated, recent spread widening has enhanced the relative value and prospective return potential of both sectors. Looking ahead, we believe Agency RMBS is well positioned to benefit from increased participation by GSEs, banks, money managers, and other institutional investors as compelling risk-adjusted returns continue to attract capital. Agency CMBS also remains attractive, supported by elevated yields, stable cash flow characteristics, and meaningful diversification benefits.

“We believe an eventual de-escalation of geopolitical tensions in the Middle East, coupled with moderation in interest rate volatility, could provide an additional tailwind for our target assets. Until then, we remain focused on maintaining prudent leverage, ample liquidity, and strategic portfolio diversification. We believe our measured approach positions us well to navigate uncertainty while seeking to deliver attractive risk-adjusted returns and create long-term shareholder value.”

(1) Earnings available for distribution (and by calculation, earnings available for distribution per common share) and economic debt-to-equity ratio are non-Generally Accepted Accounting Principles (“GAAP”) financial measures. Refer to the section entitled “Non-GAAP Financial Measures” for important disclosures and a reconciliation to the most comparable U.S. GAAP measures.

(2) Book value per common share as of September 30, 2026 and June 30, 2026 is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($168.1 million as of September 30, 2026 and $168.6 million as of June 30, 2026), divided by total common shares outstanding.

(3) Economic return for the quarter ended September 30, 2026 is defined as the change in book value per common share from June 30, 2026 to September 30, 2026 of ($1.29); plus dividends declared of $0.36 per common share; divided by the June 30, 2026 book value per common share of $8.03. Economic return for the quarter ended June 30, 2026 is defined as the change in book value per common share from March 31, 2026 to J

EX-99.1

2 ivr10142026-8kxex991.htm

EX-99.1

Document

Exhibit 99.1

Press Release

For immediate release

Greg Seals,

Investor Relations

404-439-3323

Invesco Mortgage Capital Inc. October 2026 Dividend Announcement and September Financial Update

Atlanta - October 14, 2026 -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the “Company”) today announced that the Company declared a cash dividend of $0.12 per share of common stock for the month of October 2026. The dividend will be paid on November 16, 2026 to stockholders of record at the close of business on October 26, 2026, with an ex-dividend date of October 26, 2026.

Financial Highlights as of September 30, 2026

•Total investment portfolio including TBAs of $8.0 billion

•Unrestricted cash and unencumbered investments of $401.3 million

•Total repurchase agreement borrowings of $6.8 billion

•Estimated book value per common share of $6.74(1)

•Debt-to-equity ratio of 7.6x and economic debt-to-equity ratio of 8.3x(2)

(1) Estimated book value per common share as of September 30, 2026 is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($168.1 million), divided by total common shares outstanding of 109.1 million.

(2) Debt-to-equity ratio is calculated in accordance with U.S. GAAP as the ratio of total repurchase agreement borrowings to total stockholders' equity. Economic debt-to-equity ratio is a non-GAAP financial measure and is calculated as the ratio of (i) the sum of total repurchase agreement borrowings and TBAs at implied cost basis ($674.1 million) to (ii) total stockholders' equity. Refer to the section titled “Economic Debt-to-Equity Ratio” below for additional information.

The Company is providing certain preliminary, unaudited month-end financial data as of September 30, 2026, including updates on the Company's book value, investment portfolio, leverage and liquidity. The information in this press release has been prepared by, and is the responsibility of, the Company's management. The Company's independent auditors have not audited, reviewed, examined, compiled nor applied agreed-upon procedures with respect to this information and, accordingly, they do not express an opinion or provide any form of assurance on the figures presented.

The preliminary metrics and estimates included in this press release are based on information that the Company believes to be reliable as of today's date and reflect management's judgment at this stage of the month-end closing process. This month-end update should not be viewed as a substitute for financial statements prepared in accordance with U.S. GAAP and is not necessarily indicative of results to be achieved in any future period. Additional items may be identified as part of the ongoing month-end and quarter-end closing processes, and such items could result in material revisions to the data presented in this press release. Accordingly, readers should not place undue reliance on the preliminary figures contained in this press release. The Company undertakes no obligation to update or revise the information contained herein, whether as a result of new information, subsequent events or otherwise.

1

Portfolio Composition

The following table summarizes certain characteristics of the Company's investment portfolio including TBAs as of September 30, 2026.

As of September 30, 2026

$ in thousandsFair ValuePercentage Period-end Weighted Average Yield (1)

Agency RMBS:

30 year fixed-rate pass-through coupon:

2.5%39,229 0.5 %4.42 %

3.0%141,913 1.8 %4.54 %

4.5%1,180,562 14.8 %4.87 %

5.0%1,996,091 25.1 %5.20 %

5.5%1,958,635 24.6 %5.48 %

6.0%1,309,387 16.4 %5.91 %

Total 30 year fixed-rate pass-through6,625,817 83.2 %5.34 %

Agency CMBS681,179 8.5 %4.68 %

Subtotal7,306,996 91.7 %5.28 %

TBAs, at implied market value: (2)

Agency TBA coupon:

5.5%157,748 2.0 %

6.0%441,847 5.5 %

6.5%60,299 0.8 %

Total Agency TBA659,894 8.3 %

Total investment portfolio including TBAs7,966,890 100.0 %

(1) Period-end weighted average yield is based on amortized cost as of September 30, 2026 and incorporates future prepayment assumptions when appropriate.

(2) The presentation of TBAs in the table above represents management's view of the investment portfolio and does not reflect how the Company records TBAs on its balance sheet under U.S. GAAP. Under U.S. GAAP, the Company records TBAs that it does not intend to settle on the contractual settlement date as derivative financial instruments. The Company values TBAs on its balance sheet at net carrying value, which represents the difference between the implied market value and the implied cost basis of the TBAs.

The following table summarizes certain characteristics of the Company's borrowings as of September 30, 2026.

As of September 30, 2026

$ in thousandsAmount OutstandingWeighted Average Interest RateWeighted Average Remaining Maturity (days)

Repurchase agreements - Agency MBS6,842,947 3.97 %20

The fo

EX-99.1

2 ivrq22026-8kxex991.htm

EX-99.1

Document

Exhibit 99.1

Press Release

For immediate release

Greg Seals,

Investor Relations

404-439-3323

Invesco Mortgage Capital Inc. Reports Second Quarter 2026 Financial Results

Atlanta - July 30, 2026 -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the “Company”) today announced financial results for the quarter ended June 30, 2026.

•Net income per common share of $0.34 compared to net loss of $0.28 in Q1 2026

•Earnings available for distribution per common share(1) of $0.50 compared to $0.55 in Q1 2026

•Monthly common stock dividends totaling $0.36 per share, unchanged from Q1 2026

•Book value per common share(2) of $8.03 compared to $8.08 as of March 31, 2026

•Economic return(3) of 3.8% compared to (3.2)% in Q1 2026

•Debt-to-equity ratio of 6.3x compared to 6.1x as of March 31, 2026

•Economic debt-to-equity ratio(1) of 7.5x, unchanged from March 31, 2026

Update from Kevin Collins, Chief Executive Officer

“During the second quarter of 2026, financial conditions improved despite periodic bouts of volatility driven by geopolitical developments in the Middle East and shifting expectations for monetary policy. While U.S. Treasury yields moved higher amid resilient economic growth and elevated inflation, interest rate volatility declined notably from March levels, and investor risk sentiment improved during the quarter. Against this backdrop, our target assets generated positive returns in excess of Treasuries, supported by attractive carry and favorable supply and demand dynamics.

“Our Agency RMBS and TBA investments performed well despite rising interest rates and a more restrictive monetary policy outlook. Our Agency CMBS continued to provide notable stability, supported by attractive relative valuations and predictable cashflows. Economic return for the quarter was 3.8%, driven by attractive carry and contracting risk premiums across our Agency MBS portfolio.

“At quarter end, our $8.2 billion investment portfolio consisted of $6.0 billion Agency RMBS, $1.2 billion Agency TBA, and $0.9 billion Agency CMBS. Our economic debt-to-equity ratio was unchanged at 7.5x, and we maintained a sizable balance of unrestricted cash and unencumbered investments totaling $548.3 million.

“Our outlook for Agency RMBS and Agency CMBS remains constructive. While uncertainty surrounding monetary policy and geopolitical developments persists, we believe valuations remain compelling as interest rate volatility and inflation expectations have moderated from their first quarter peaks. Supply and demand dynamics remain favorable as net issuance is expected to be contained, and broad-based investor demand remains supportive. Agency CMBS is also well positioned, supported by its attractive risk-adjusted yields, relatively low sensitivity to interest rate fluctuations, and diversification benefits. Taken together, these macroeconomic and market technical factors create a favorable backdrop for our investment strategy as we enter the second half of 2026.”

(1) Earnings available for distribution (and by calculation, earnings available for distribution per common share) and economic debt-to-equity ratio are non-Generally Accepted Accounting Principles (“GAAP”) financial measures. Refer to the section entitled “Non-GAAP Financial Measures” for important disclosures and a reconciliation to the most comparable U.S. GAAP measures.

(2) Book value per common share as of June 30, 2026 and March 31, 2026 is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($168.6 million as of June 30, 2026 and $169.7 million as of March 31, 2026), divided by total common shares outstanding.

(3) Economic return for the quarter ended June 30, 2026 is defined as the change in book value per common share from March 31, 2026 to June 30, 2026 of ($0.05); plus dividends declared of $0.36 per common share; divided by the March 31, 2026 book value per common share of $8.08. Economic return for the quarter ended March 31, 2026 is defined as the change in book value per common share from December 31, 2025 to March 31, 2026 of ($0.64); plus dividends declared of $0.36 per common share; divided by the December 31, 2025 book value per common share of $8.72.

1

Key performance indicators for the quarters ended June 30, 2026 and March 31, 2026 are summarized in the table below.

$ in millions, except share amountsQ2 2026Q1 2026Variance

Average Balances (1) (unaudited)(unaudited)

Average earning assets (at amortized cost)$6,631.0 $5,946.5 $684.5

Average borrowings$5,927.7 $5,367.5 $560.2

Average total stockholders' equity$966.9 $887.5 $79.4

U.S. GAAP Financial Measures

Total interest income$85.4 $79.6 $5.8

Total interest expense$55.3 $52.6 $2.7

Net interest income$30.1 $27.0 $3.1

Total expenses$5.5 $4.9 $0.6

Net income (loss) attributable to common stockholders$31.8 ($23.1)$54.9

Average earning asset yields5.15 %5.36 %(0.21)%

Average cost

EX-99.1

2 ivr07152026-8kxex991.htm

EX-99.1

Document

Exhibit 99.1

Press Release

For immediate release

Greg Seals,

Investor Relations

404-439-3323

Invesco Mortgage Capital Inc. July 2026 Dividend Announcement and June Financial Update

Atlanta - July 15, 2026 -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the “Company”) today announced that the Company declared a cash dividend of $0.12 per share of common stock for the month of July 2026. The dividend will be paid on August 14, 2026 to stockholders of record at the close of business on July 27, 2026, with an ex-dividend date of July 27, 2026.

Financial Highlights as of June 30, 2026

•Total investment portfolio including TBAs of $8.2 billion

•Unrestricted cash and unencumbered investments of $548.3 million

•Total repurchase agreement borrowings of $6.2 billion

•Estimated book value per common share of $8.03(1)

•Debt-to-equity ratio of 6.3x and economic debt-to-equity ratio of 7.5x(2)

(1) Estimated book value per common share as of June 30, 2026 is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($168.6 million), divided by total common shares outstanding of 102.4 million.

(2) Debt-to-equity ratio is calculated in accordance with U.S. GAAP as the ratio of total repurchase agreement borrowings to total stockholders' equity. Economic debt-to-equity ratio is a non-GAAP financial measure and is calculated as the ratio of total repurchase agreement borrowings and TBAs at implied cost basis ($1.2 billion as of June 30, 2026) to total stockholders' equity. Refer to the section titled “Economic Debt-to-Equity Ratio” below for additional information.

The Company is providing certain preliminary, unaudited month-end financial data as of June 30, 2026, including updates on the Company's book value, investment portfolio, leverage and liquidity. The information in this press release has been prepared by, and is the responsibility of, the Company's management. The Company's independent auditors have not audited, reviewed, examined, compiled nor applied agreed-upon procedures with respect to this information and, accordingly, they do not express an opinion or provide any form of assurance on the figures presented.

The preliminary metrics and estimates included in this press release are based on information that the Company believes to be reliable as of today's date and reflect management's judgment at this stage of the month-end closing process. This month-end update should not be viewed as a substitute for financial statements prepared in accordance with U.S. GAAP and is not necessarily indicative of results to be achieved in any future period. Additional items may be identified as part of the ongoing month-end and quarter-end closing processes, and such items could result in material revisions to the data presented in this press release. Accordingly, readers should not place undue reliance on the preliminary figures contained in this press release. The Company undertakes no obligation to update or revise the information contained herein, whether as a result of new information, subsequent events or otherwise.

1

Portfolio Composition

The following table summarizes certain characteristics of the Company's investment portfolio including TBAs as of June 30, 2026.

As of June 30, 2026

$ in thousandsFair ValuePercentage Period-end Weighted Average Yield (1)

Agency RMBS:

30 year fixed-rate pass-through coupon:

4.5%1,257,214 15.4 %4.87 %

5.0%1,590,480 19.5 %5.18 %

5.5%1,901,626 23.4 %5.47 %

6.0%1,234,309 15.1 %5.91 %

Total 30 year fixed-rate pass-through5,983,629 73.4 %5.36 %

Agency CMO64,386 0.8 %8.83 %

Agency CMBS901,894 11.1 %4.62 %

Total MBS portfolio6,949,909 85.3 %5.29 %

TBAs, at implied market value (2) 1,201,022 14.7 %

Total investment portfolio including TBAs8,150,931 100.0 %

(1) Period-end weighted average yield is based on amortized cost as of June 30, 2026 and incorporates future prepayment assumptions when appropriate.

(2) The presentation of TBAs in the table above represents management's view of the investment portfolio and does not reflect how the Company records TBAs on its balance sheet under U.S. GAAP. Under U.S. GAAP, the Company records TBAs that it does not intend to settle on the contractual settlement date as derivative financial instruments. The Company values TBAs on its balance sheet at net carrying value, which represents the difference between the implied market value and the implied cost basis of the TBAs.

The following table summarizes certain characteristics of the Company's borrowings as of June 30, 2026.

As of June 30, 2026

$ in thousandsAmount OutstandingWeighted Average Interest RateWeighted Average Remaining Maturity (days)

Repurchase agreements - Agency MBS6,210,403 3.76 %25

The following table summarizes certain characteristics of the Company's interest rate swaps whereby the Company pays fixed interest rates and receives floating interest

EX-99.1

2 ivrq12026-8kxex991.htm

EX-99.1

Document

Exhibit 99.1

Press Release

For immediate release

Greg Seals,

Investor Relations

404-439-3323

Invesco Mortgage Capital Inc. Reports First Quarter 2026 Financial Results

Atlanta - April 30, 2026 -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the “Company”) today announced financial results for the quarter ended March 31, 2026.

•Net loss per common share of $0.28 compared to net income of $0.68 in Q4 2025

•Earnings available for distribution per common share(1) of $0.55 compared to $0.56 in Q4 2025

•Monthly common stock dividends totaling $0.36 per share compared to quarterly dividend of $0.36 in Q4 2025

•Book value per common share(2) of $8.08 compared to $8.72 as of December 31, 2025

•Economic return(3) of (3.2)% compared to 8.0% in Q4 2025

•Debt-to-equity ratio of 6.1x compared to 7.0x as of December 31, 2025

•Economic debt-to-equity ratio(1) of 7.5x compared to 7.0x as of December 31, 2025

Update from Kevin Collins, Incoming Chief Executive Officer

“During the first quarter of 2026, we operated in a more challenging market environment following the strong recovery in Agency MBS valuations experienced in the second half of 2025. Financial conditions deteriorated as rising geopolitical tensions, higher energy prices and renewed inflation concerns drove increased interest rate volatility and pushed U.S. Treasury yields higher across the curve. These dynamics weighed on risk assets broadly and resulted in higher coupon Agency RMBS underperformance relative to Treasuries. Although our Agency CMBS investments performed well during the quarter, the benefit was outweighed by increased Agency RMBS risk premiums and notable swap spread tightening. Book value declined by 7.3% to $8.08 at quarter end, and when combined with our monthly dividends, resulted in an economic return of (3.2)% for the quarter.

“Our economic debt-to-equity ratio increased to 7.5x as of quarter end, up from 7.0x as of December 31, 2025, reflecting the decline in our book value per common share and a more constructive outlook on Agency RMBS as we enter the second quarter. At quarter end, our $7.3 billion investment portfolio consisted of $5.2 billion Agency RMBS, $1.2 billion Agency TBA, and $0.9 billion Agency CMBS, and we maintained a sizable balance of unrestricted cash and unencumbered investments totaling $493.1 million.

“Risk sentiment has improved entering the second quarter, supported by a decline in interest rate volatility. A further de‑escalation of the Middle East conflict would likely provide additional support for risk assets. From a supply‑and‑demand perspective, Agency RMBS net issuance is expected to remain manageable, the GSEs continue to provide steady demand and bank participation is likely to increase, supported in part by recent Basel capital framework proposals that improve the relative capital efficiency of high-quality mortgage assets. Together, these macro and technical factors create a more constructive backdrop for our Agency RMBS holdings, particularly as wider spread levels relative to the prior quarter offer more attractive entry points. In addition, despite elevated supply, our Agency CMBS continues to offer attractive risk‑adjusted yields and diversification benefits, given its stable cash flow profile and lower sensitivity to interest rate fluctuations.”

(1) Earnings available for distribution (and by calculation, earnings available for distribution per common share) and economic debt-to-equity ratio are non-Generally Accepted Accounting Principles (“GAAP”) financial measures. Refer to the section entitled “Non-GAAP Financial Measures” for important disclosures and a reconciliation to the most comparable U.S. GAAP measures.

(2) Book value per common share as of March 31, 2026 and December 31, 2025 is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($169.7 million as of March 31, 2026 and $171.4 million as of December 31, 2025), divided by total common shares outstanding.

(3) Economic return for the quarter ended March 31, 2026 is defined as the change in book value per common share from December 31, 2025 to March 31, 2026 of ($0.64); plus dividends declared of $0.36 per common share; divided by the December 31, 2025 book value per common share of $8.72. Economic return for the quarter ended December 31, 2025 is defined as the change in book value per common share from September 30, 2025 to December 31, 2025 of $0.31; plus dividends declared of $0.36 per common share; divided by the September 30, 2025 book value per common share of $8.41.

1

Key performance indicators for the quarters ended March 31, 2026 and December 31, 2025 are summarized in the table below.

$ in millions, except share amountsQ1 2026Q4 2025Variance

Average Balances (1) (unaudited)(unaudited)

Average earning assets (at amortized cost)$5,946.5 $5,868.9 $77.6

Average borrowings$5,367.5 $5,393.7 ($26.2)

EX-99.1

2 ivrq42025-8kxex991.htm

EX-99.1

Document

Exhibit 99.1

Press Release

For immediate release

Greg Seals,

Investor Relations

404-439-3323

Invesco Mortgage Capital Inc. Reports Fourth Quarter 2025 Financial Results

Atlanta - January 29, 2026 -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the “Company”) today announced financial results for the quarter ended December 31, 2025.

•Net income per common share of $0.68 compared to $0.74 in Q3 2025

•Earnings available for distribution per common share(1) of $0.56 compared to $0.58 in Q3 2025

•Common stock dividend of $0.36 per common share compared to $0.34 in Q3 2025

•Book value per common share(2) of $8.72 compared to $8.41 as of September 30, 2025

•Economic return(3) of 8.0% compared to 8.7% in Q3 2025

Update from John Anzalone, Chief Executive Officer

“During the fourth quarter, financial conditions improved, underpinned by two interest rate cuts from the Federal Reserve, robust corporate earnings and strong economic growth. This supportive backdrop, along with lower interest rate volatility and broadening investor demand, drove notable outperformance in Agency RMBS relative to Treasuries across the coupon stack. Additionally, swap spreads continued their widening trend, providing an additional positive contribution to performance. These factors led to a 3.7% increase in book value per common share to $8.72 at quarter end, and when combined with our increased dividend of $0.36, resulted in a positive economic return of 8.0% for the quarter.

“We modestly increased our debt-to-equity ratio to 7.0x as of quarter end, up from 6.7x as of September 30, 2025, reflecting the improved investment environment and enabling the Company to further benefit from positive Agency RMBS performance. At quarter end, our $6.3 billion investment portfolio consisted of $5.4 billion Agency RMBS and $0.9 billion Agency CMBS, and we maintained a sizable balance of unrestricted cash and unencumbered investments totaling $453.3 million.

“Given the meaningful decline in interest rate volatility, we remain constructive on Agency RMBS, though we view near-term risks as balanced following the sector's strong performance, reinforced by the recent announcements that Fannie Mae and Freddie Mac will purchase $200 billion in Agency RMBS. In addition, Agency CMBS continues to offer attractive risk-adjusted yields and diversification benefits, given its stable cash flow profile and lower sensitivity to interest rate fluctuations. Longer term, the environment for Agency MBS investments is likely to remain favorable given reduced interest rate volatility and expectations for broadening investor demand and a steeper yield curve.”

(1) Earnings available for distribution (and by calculation, earnings available for distribution per common share) is a non-Generally Accepted Accounting Principles (“GAAP”) financial measure. Refer to the section entitled “Non-GAAP Financial Measures” for important disclosures and a reconciliation to the most comparable U.S. GAAP measure.

(2) Book value per common share as of December 31, 2025 and September 30, 2025 is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($171.4 million as of December 31, 2025 and $173.3 million as of September 30, 2025), divided by total common shares outstanding.

(3) Economic return for the quarter ended December 31, 2025 is defined as the change in book value per common share from September 30, 2025 to December 31, 2025 of $0.31; plus dividends declared of $0.36 per common share; divided by the September 30, 2025 book value per common share of $8.41. Economic return for the quarter ended September 30, 2025 is defined as the change in book value per common share from June 30, 2025 to September 30, 2025 of $0.36; plus dividends declared of $0.34 per common share; divided by the June 30, 2025 book value per common share of $8.05.

1

Key performance indicators for the quarters ended December 31, 2025 and September 30, 2025 are summarized in the table below.

$ in millions, except share amountsQ4 2025Q3 2025Variance

Average Balances (1) (unaudited)(unaudited)

Average earning assets (at amortized cost)$5,868.9 $5,382.2 $486.7

Average borrowings$5,393.7 $4,889.8 $503.9

Average total stockholders' equity$793.0 $748.0 $45.0

U.S. GAAP Financial Measures

Total interest income$77.9 $72.9 $5.0

Total interest expense$56.6 $55.3 $1.3

Net interest income$21.3 $17.6 $3.7

Total expenses$4.6 $4.5 $0.1

Net income (loss) attributable to common stockholders$48.2 $50.2 ($2.0)

Average earning asset yields5.31 %5.42 %(0.11)%

Average cost of funds4.20 %4.52 %(0.32)%

Average net interest rate margin1.11 %0.90 %0.21 %

Period-end weighted average asset yields (2)

5.37 %5.42 %(0.05)%

Period-end weighted average cost of funds4.04 %4.35 %(0.31)%

Period-end weighted average net interest rate margin1.33 %1.07 %0.26 %

Book value per common share (3) $8.72 $8.41 $0.31

Ear

EX-99.1

2 ivrq32025-8kxex991.htm

EX-99.1

Document

Exhibit 99.1

Press Release

For immediate release

Greg Seals,

Investor Relations

404-439-3323

Invesco Mortgage Capital Inc. Reports Third Quarter 2025 Financial Results

Atlanta - October 30, 2025 -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the “Company”) today announced financial results for the quarter ended September 30, 2025.

•Net income per common share of $0.74 compared to net loss of $0.40 in Q2 2025

•Earnings available for distribution per common share(1) of $0.58, unchanged from Q2 2025

•Common stock dividend of $0.34 per common share, unchanged from Q2 2025

•Book value per common share(2) of $8.41 compared to $8.05 as of June 30, 2025

•Economic return(3) of 8.7% compared to (4.8)% in Q2 2025

Update from John Anzalone, Chief Executive Officer

“The strong momentum that began in mid-April continued throughout the third quarter, as financial markets benefited from expectations for easing monetary policy, strong corporate earnings and improved economic growth. Agency RMBS performed well, with declining interest rate volatility and robust investor demand driving higher valuations in most coupons. Additionally, swap spreads reversed a portion of their tightening experienced during the second quarter, providing a tailwind for performance. These factors led to a 4.5% increase in book value per common share to $8.41 at quarter end, and, when combined with our $0.34 dividend, resulted in a positive economic return of 8.7% for the quarter.

“Our debt-to-equity ratio was 6.7x at the end of the quarter, up slightly from 6.5x as of June 30, 2025 as we continued to reduce the percentage of our capital structure comprised of preferred stock and positioned the Company to further benefit from positive Agency RMBS performance. At quarter end, our $5.7 billion investment portfolio consisted of $4.8 billion Agency RMBS and $0.9 billion Agency CMBS, and we maintained a sizable balance of unrestricted cash and unencumbered investments totaling $423 million. As of October 24, 2025, we estimate book value per common share to be between $8.31 and $8.65(4).

“Given the notable decline in interest rate volatility, we remain constructive on Agency RMBS, though we view near-term risks as balanced following its recent strong performance. Our longer-term outlook for the sector remains favorable, as we expect investor demand to broaden given lower interest rate volatility, a steeper yield curve and attractive valuations. In addition, Agency CMBS continues to offer attractive risk-adjusted yields and diversification benefits relative to our Agency RMBS holdings, supported by its stable cash flow profile and lower sensitivity to interest rate fluctuations. Lastly, we believe anticipated changes to bank regulatory capital rules would increase demand for Agency RMBS and Agency CMBS, providing further support for both sectors.”

(1) Earnings available for distribution (and by calculation, earnings available for distribution per common share) is a non-Generally Accepted Accounting Principles (“GAAP”) financial measure. Refer to the section entitled “Non-GAAP Financial Measures” for important disclosures and a reconciliation to the most comparable U.S. GAAP measure.

(2) Book value per common share as of September 30, 2025 and June 30, 2025 is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($173.3 million as of September 30, 2025 and $175.5 million as of June 30, 2025), divided by total common shares outstanding.

(3) Economic return for the quarter ended September 30, 2025 is defined as the change in book value per common share from June 30, 2025 to September 30, 2025 of $0.36; plus dividends declared of $0.34 per common share; divided by the June 30, 2025 book value per common share of $8.05. Economic return for the quarter ended June 30, 2025 is defined as the change in book value per common share from March 31, 2025 to June 30, 2025 of ($0.76); plus dividends declared of $0.34 per common share; divided by the March 31, 2025 book value per common share of $8.81.

(4) Book value per common share as of October 24, 2025 is adjusted to exclude a pro rata portion of the current quarter’s common stock dividend (which for purposes of this calculation is assumed to be the same as the previous quarter) and is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($172.6 million as of October 24, 2025), divided by total common shares outstanding of 70.9 million.

1

Key performance indicators for the quarters ended September 30, 2025 and June 30, 2025 are summarized in the table below.

($ in millions, except share amounts)Q3 2025Q2 2025Variance

Average Balances (1) (unaudited)(unaudited)

Average earning assets (at amortized cost)$5,382.2 $5,078.9 $303.3

Average borrowings$4,889.8 $4,577.6 $312.2

Average total stockholders' equity$748.0 $709.9 $38.1

EX-99.1

2 ivrq22025-8kxex991.htm

EX-99.1

Document

Exhibit 99.1

Press Release

For immediate release

Greg Seals,

Investor Relations

404-439-3323

Invesco Mortgage Capital Inc. Reports Second Quarter 2025 Financial Results

Atlanta - July 24, 2025 -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the “Company”) today announced financial results for the quarter ended June 30, 2025.

•Net loss per common share of $0.40 compared to net income of $0.26 in Q1 2025

•Earnings available for distribution per common share(1) of $0.58 compared to $0.64 in Q1 2025

•Common stock dividend of $0.34 per common share, unchanged from Q1 2025

•Book value per common share(2) of $8.05 compared to $8.81 as of March 31, 2025

•Economic return(3) of (4.8)% compared to 2.6% in Q1 2025

Update from John Anzalone, Chief Executive Officer

“Financial markets began the second quarter under pressure, driven by a sharply negative reaction to the tariff announcements on April 2nd, which triggered a spike in interest rate volatility and a selloff in risk assets. Following the announcement of the 90-day pause in tariff implementation on April 9th, markets began to recover as trade policy tail risks diminished and interest rate volatility trended lower. Agency RMBS performance followed a similar trajectory to other risk assets, underperforming significantly in early April before rebounding as the quarter progressed. However, valuations on our interest rate swap hedges were negatively impacted as trade policy-related volatility combined with fiscal policy concerns to drive swap spreads notably tighter. These factors resulted in an economic return for the quarter of (4.8)%, consisting of our $0.34 dividend per common share and a $0.76 decline in book value per common share.

“We ended the second quarter with a debt-to-equity ratio of 6.5x, down from 7.1x as of March 31, 2025, reflecting our belief that elevated near term uncertainty regarding trade, fiscal and monetary policy warrants a modestly more defensive posture. At quarter end, our $5.2 billion investment portfolio consisted of $4.3 billion Agency RMBS and $0.9 billion Agency CMBS, and we maintained a sizeable balance of unrestricted cash and unencumbered investments totaling $362 million.

“As of July 18, 2025, we estimate book value per common share to be between $7.99 and $8.31(4), as Agency RMBS performed well at the beginning of the third quarter. Although our near-term outlook for Agency RMBS remains cautious, our longer-term outlook for the sector is favorable, as we expect investor demand to strengthen in higher coupons given attractive valuations and a steeper yield curve. In addition, we remain positive on Agency CMBS as limited issuance, strong fundamental performance and stable cash flow profiles should provide favorable support for this sector.”

(1) Earnings available for distribution (and by calculation, earnings available for distribution per common share) is a non-Generally Accepted Accounting Principles (“GAAP”) financial measure. Refer to the section entitled “Non-GAAP Financial Measures” for important disclosures and a reconciliation to the most comparable U.S. GAAP measure.

(2) Book value per common share as of June 30, 2025 and March 31, 2025 is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($175.5 million as of June 30, 2025 and $177.9 million as of March 31, 2025), divided by total common shares outstanding.

(3) Economic return for the quarter ended June 30, 2025 is defined as the change in book value per common share from March 31, 2025 to June 30, 2025 of ($0.76); plus dividends declared of $0.34 per common share; divided by the March 31, 2025 book value per common share of $8.81. Economic return for the quarter ended March 31, 2025 is defined as the change in book value per common share from December 31, 2024 to March 31, 2025 of ($0.11); plus dividends declared of $0.34 per common share; divided by the December 31, 2024 book value per common share of $8.92.

(4) Book value per common share as of July 18, 2025 is adjusted to exclude a pro rata portion of the current quarter’s common stock dividend (which for purposes of this calculation is assumed to be the same as the previous quarter) and is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($175.1 million as of July 18, 2025), divided by total common shares outstanding of 66.3 million.

1

Key performance indicators for the quarters ended June 30, 2025 and March 31, 2025 are summarized in the table below.

($ in millions, except share amounts)Q2 2025Q1 2025Variance

Average Balances (1) (unaudited)(unaudited)

Average earning assets (at amortized cost)$5,078.9 $5,422.6 ($343.7)

Average borrowings$4,577.6 $4,930.2 ($352.6)

Average total stockholders' equity$709.9 $754.7 ($44.8)

U.S. GAAP Financial Measures

Total interest income$70.6 $73.8 ($3.2)

Total interest expens

EX-99.1

2 ivrq12025-8kxex991.htm

EX-99.1

Document

Exhibit 99.1

Press Release

For immediate release

Greg Seals,

Investor Relations

404-439-3323

Invesco Mortgage Capital Inc. Reports First Quarter 2025 Financial Results

Atlanta - May 7, 2025 -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the “Company”) today announced financial results for the quarter ended March 31, 2025.

•Net income per common share of $0.26 compared to net loss of $0.09 in Q4 2024

•Earnings available for distribution per common share(1) of $0.64 compared to $0.53 in Q4 2024

•Common stock dividend of $0.34 per common share compared to $0.40 in Q4 2024

•Book value per common share(2) of $8.81 compared to $8.92 as of December 31, 2024

•Economic return(3) of 2.6% compared to (0.5)% in Q4 2024

Update from John Anzalone, Chief Executive Officer

“During the first quarter, financial markets reacted negatively to proposed U.S. fiscal and trade policies given concerns they could result in slower economic growth and higher inflation. Despite weaker market sentiment, Agency RMBS performance was largely consistent with Treasuries, with higher coupons modestly outperforming their hedges as longer-dated interest rate volatility trended lower. This resulted in an economic return for the quarter of 2.6%, consisting of our $0.34 dividend per common share and an $0.11 decline in book value per common share.

“We ended the first quarter with a debt-to-equity ratio of 7.1x, up from 6.7x as of December 31, 2024. At quarter end, our $5.9 billion investment portfolio primarily consisted of $5.0 billion Agency RMBS and $0.9 billion Agency CMBS, and we maintained a sizeable balance of unrestricted cash and unencumbered investments totaling $372 million.

“Agency RMBS sharply underperformed Treasuries in April given a significant increase in interest rate volatility and deterioration in risk sentiment driven by rapidly evolving U.S. trade policy. Our book value per common share declined as a result and is estimated to be between $7.74 and $8.06(4) as of April 30, 2025. We remain cautious on the near-term outlook for markets given elevated policy uncertainty and will continue to prudently manage our investment portfolio and liquidity position.

“Our long-term outlook for Agency RMBS is favorable, however, as we expect investor demand to strengthen in higher coupons given attractive valuations, an eventual decline in interest rate volatility, and a steeper yield curve. Finally, while Agency CMBS risk premiums may remain elevated until sentiment in the broader fixed income market improves, limited issuance, strong fundamental performance and stable cash flow profiles should provide favorable support for this sector.”

(1) Earnings available for distribution (and by calculation, earnings available for distribution per common share) is a non-Generally Accepted Accounting Principles (“GAAP”) financial measure. Refer to the section entitled “Non-GAAP Financial Measures” for important disclosures and a reconciliation to the most comparable U.S. GAAP measure.

(2) Book value per common share as of March 31, 2025 and December 31, 2024 is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($177.9 million as of March 31, 2025 and $180.2 million as of December 31, 2024), divided by total common shares outstanding.

(3) Economic return for the quarter ended March 31, 2025 is defined as the change in book value per common share from December 31, 2024 to March 31, 2025 of ($0.11); plus dividends declared of $0.34 per common share; divided by the December 31, 2024 book value per common share of $8.92. Economic return for the quarter ended December 31, 2024 is defined as the change in book value per common share from September 30, 2024 to December 31, 2024 of ($0.45); plus dividends declared of $0.40 per common share; divided by the September 30, 2024 book value per common share of $9.37.

(4) Book value per common share as of April 30, 2025 is adjusted to exclude a pro rata portion of the current quarter’s common stock dividend (which for purposes of this calculation is assumed to be the same as the previous quarter) and is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($176.7 million as of April 30, 2025), divided by total common shares outstanding of 65.9 million.

1

Key performance indicators for the quarters ended March 31, 2025 and December 31, 2024 are summarized in the table below.

($ in millions, except share amounts)Q1 2025Q4 2024Variance

Average Balances (1) (unaudited)(unaudited)

Average earning assets (at amortized cost)$5,422.6 $5,440.7 ($18.1)

Average borrowings$4,930.2 $4,865.6 $64.6

Average total stockholders' equity$754.7 $798.4 ($43.7)

U.S. GAAP Financial Measures

Total interest income$73.8 $76.1 ($2.3)

Total interest expense$55.0 $62.4 ($7.4)

Net interest income$18.8 $13.7 $5.1

Total expenses$4.7 $4.8 ($0.1)

EX-99.1

2 ivrq42024-8kxex991.htm

EX-99.1

Document

Exhibit 99.1

Press Release

For immediate release

Greg Seals,

Investor Relations

404-439-3323

Invesco Mortgage Capital Inc. Reports Fourth Quarter 2024 Financial Results

Atlanta - February 20, 2025 -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the “Company”) today announced financial results for the quarter ended December 31, 2024.

•Net loss per common share of $0.09 compared to net income of $0.63 in Q3 2024

•Earnings available for distribution per common share(1) of $0.53 compared to $0.68 in Q3 2024

•Common stock dividend of $0.40 per common share, unchanged from Q3 2024

•Book value per common share(2) of $8.92 compared to $9.37 as of September 30, 2024

•Economic return(3) of (0.5)% compared to 5.4% in Q3 2024

•Improved capital structure through redemption of Series B Preferred Stock

Update from John Anzalone, Chief Executive Officer

“Long-term Treasury yields rose sharply during the fourth quarter as the disinflationary trend stalled and market participants recalibrated their expectations for future monetary and fiscal policy. The resulting interest rate volatility and reduced investor demand drove underperformance relative to interest rate hedges on our Agency RMBS. Positively, this was partially offset by improved risk premiums on our Agency CMBS as demand for stable cash flow profiles increased. Against this backdrop, book value per common share decreased 4.8% to $8.92 and, when combined with our $0.40 per share common stock dividend, resulted in an economic return of (0.5)% for the quarter. As of February 14, 2025, our book value per common share is estimated to be between $8.90 and $9.26.(4)

“We notably improved our capital structure and reduced our cost of capital by funding the redemption of our Series B Preferred Stock in December with lower cost repurchase agreements. As a result, our debt-to-equity ratio increased to 6.7x at the end of the fourth quarter, up from 6.1x at the end of the third quarter. As of the end of the quarter, approximately 85% of our $5.4 billion investment portfolio was invested in Agency RMBS and 15% was invested in Agency CMBS. We maintained a sizeable balance of unrestricted cash and unencumbered investments totaling $389 million.

“Our earnings available for distribution(1) declined during the fourth quarter as we recognized a one-time charge associated with the redemption of our Series B Preferred Stock. In addition, we diversified the composition of our interest rate hedges, reducing our exposure to changes in swap spreads by increasing our allocation to U.S. Treasury futures. While this negatively impacted our effective net interest income(1) for the quarter, we stand to benefit from future normalization of the yield curve.

“In the near-term, we remain cautious on Agency RMBS as shifting expectations for monetary and fiscal policy may result in elevated interest rate volatility, reducing investor demand. Our long-term outlook for Agency RMBS is favorable, however, as we expect demand to improve in higher coupons given attractive valuations, an eventual decline in interest rate volatility, and a steeper yield curve. Lastly, we expect a gradual increase in Agency CMBS new issuance to be met with robust investor demand, as the sector continues to offer value relative to other fixed income investments due to its prepayment protection and attractive risk-adjusted return profiles.”

(1) Earnings available for distribution (and by calculation, earnings available for distribution per common share) and effective net interest income are non-Generally Accepted Accounting Principles (“GAAP”) financial measures. Refer to the section entitled “Non-GAAP Financial Measures” for important disclosures and reconciliations to the most comparable U.S. GAAP measures.

(2) Book value per common share as of December 31, 2024 and September 30, 2024 is calculated as total stockholders' equity less the liquidation preference of the Company's Series B Preferred Stock and Series C Preferred Stock ($0 and $180.2 million as of December 31, 2024, respectively, and $106.2 million and $181.9 million as of September 30, 2024, respectively), divided by total common shares outstanding.

(3) Economic return for the quarter ended December 31, 2024 is defined as the change in book value per common share from September 30, 2024 to December 31, 2024 of $(0.45); plus dividends declared of $0.40 per common share; divided by the September 30, 2024 book value per common share of $9.37. Economic return for the quarter ended September 30, 2024 is defined as the change in book value per common share from June 30, 2024 to September 30, 2024 of $0.10; plus dividends declared of $0.40 per common share; divided by the June 30, 2024 book value per common share of $9.27.

(4) Book value per common share as of February 14, 2025 is adjusted to exclude a pro rata portion of the current quarter’s common stock dividend (which for purposes of this calculatio

EX-99.1

2 ivrq32024-8kxex991.htm

EX-99.1

Document

Exhibit 99.1

Press Release

For immediate release

Greg Seals,

Investor Relations

404-439-3323

Invesco Mortgage Capital Inc. Reports Third Quarter 2024 Financial Results

Atlanta - November 5, 2024 -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the “Company”) today announced financial results for the quarter ended September 30, 2024.

•Net income per common share of $0.63 compared to net loss of $0.38 in Q2 2024

•Earnings available for distribution per common share(1) of $0.68 compared to $0.86 in Q2 2024

•Common stock dividend of $0.40 per common share, unchanged from Q2 2024

•Book value per common share(2) of $9.37 compared to $9.27 as of June 30, 2024

•Economic return(3) of 5.4% compared to (4.1)% in Q2 2024

Update from John Anzalone, Chief Executive Officer

“Agency mortgage valuations improved during the third quarter as interest rate volatility declined and the yield curve steepened in connection with the Federal Reserve's decision to begin easing monetary policy. In this macroeconomic environment, our higher coupon Agency RMBS investments outperformed, contributing to a 1.1% increase in book value per common share to $9.37. Combined with our $0.40 common stock dividend, this resulted in an economic return of 5.4% for the quarter. As of October 31, 2024, our book value per common share is estimated to be between $8.42 and $8.76.(4)

“Our debt-to-equity ratio ended the third quarter at 6.1x, up from 5.6x as of June 30th, while our economic debt-to-equity ratio(1) increased from 5.9x to 6.1x quarter over quarter. As of the end of the quarter, our $5.9 billion investment portfolio primarily consisted of $5.2 billion Agency RMBS and $0.7 billion Agency CMBS, and we continued to maintain a sizeable balance of unrestricted cash and unencumbered investments totaling $521 million.

“For the quarter, earnings available for distribution per common share was $0.68, compared to $0.86 in the second quarter. This decrease reflects a reduction in our effective net interest income(1) related to changes in the size and composition of our hedging portfolio.

“We recently announced the redemption of our Series B Preferred shares, which will help optimize our capital structure and reduce our dividend obligations going forward.

“The anticipated easing of monetary policy should lead to a steeper yield curve and lower interest rate volatility in the coming months, creating a favorable environment for Agency RMBS investments. However, risks including accelerating inflation, fiscal policy expectations and short-term funding pressures into year end could reduce investor demand for the sector in the near-term. Despite these risks, we are constructive on the sector, as Agency mortgage performance stands to benefit from normalization of monetary policy given attractive valuations and supportive supply and demand technicals.”

(1) Earnings available for distribution (and by calculation, earnings available for distribution per common share), economic debt-to-equity ratio and effective net interest income are non-Generally Accepted Accounting Principles (“GAAP”) financial measures. Refer to the section entitled “Non-GAAP Financial Measures” for important disclosures and reconciliations to the most comparable U.S. GAAP measures.

(2) Book value per common share as of September 30, 2024 and June 30, 2024 is calculated as total stockholders' equity less the liquidation preference of the Company's Series B Preferred Stock and Series C Preferred Stock ($106.2 million and $181.9 million as of September 30, 2024, respectively, and $106.2 million and $183.6 million as of June 30, 2024, respectively), divided by total common shares outstanding.

(3) Economic return for the quarter ended September 30, 2024 is defined as the change in book value per common share from June 30, 2024 to September 30, 2024 of $0.10; plus dividends declared of $0.40 per common share; divided by the June 30, 2024 book value per common share of $9.27. Economic return for the quarter ended June 30, 2024 is defined as the change in book value per common share from March 31, 2024 to June 30, 2024 of ($0.81); plus dividends declared of $0.40 per common share; divided by the March 31, 2024 book value per common share of $10.08.

(4) Book value per common share as of October 31, 2024 is adjusted to exclude a pro rata portion of the current quarter’s common stock dividend (which for purposes of this calculation is assumed to be the same as the previous quarter) and is calculated as total stockholders' equity less the liquidation preference of the Company's Series B Preferred Stock and Series C Preferred Stock ($106.2 million and $181.2 million as of October 31, 2024, respectively), divided by total common shares outstanding of 60.7 million.

1

Key performance indicators for the quarters ended September 30, 2024 and June 30, 2024 are summarized in the table below.

($ in millions, except share amounts)Q3 2024Q2 20

EX-99.1

2 ivrq22024-8kxex991.htm

EX-99.1

Document

Exhibit 99.1

Press Release

For immediate release

Greg Seals,

Investor Relations

404-439-3323

Invesco Mortgage Capital Inc. Reports Second Quarter 2024 Financial Results

Atlanta - August 8, 2024 -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the “Company”) today announced financial results for the quarter ended June 30, 2024.

•Net loss per common share of $0.38 compared to net income of $0.49 in Q1 2024

•Earnings available for distribution per common share(1) of $0.86 unchanged from Q1 2024

•Common stock dividend of $0.40 per common share, unchanged from Q1 2024

•Book value per common share(2) of $9.27 compared to $10.08 as of March 31, 2024

•Economic return(3) of (4.1)% compared to 4.8% in Q1 2024

Update from John Anzalone, Chief Executive Officer

“Agency RMBS valuations were negatively impacted during the second quarter as persistent uncertainty regarding near-term monetary policy led to an increase in interest rate volatility. In addition, interest rates rose and swap spreads tightened as investor expectations for an increased pace of Treasury supply took hold. Against this backdrop, our higher coupon Agency RMBS investments underperformed, contributing to an 8.0% decline in book value per common share to $9.27. Combined with our $0.40 common stock dividend, this resulted in an economic return of (4.1)% for the quarter. As of August 2, 2024, our book value per common share is estimated to be between $9.21 and $9.59.(4)

“Our debt-to-equity ratio ended the second quarter at 5.6x, unchanged from March 31st, while our economic debt-to-equity ratio(1) increased from 5.6x to 5.9x. As of the end of the quarter, our $5.0 billion investment portfolio primarily consisted of $4.6 billion Agency RMBS (including Agency TBA) and $0.4 billion Agency CMBS, and we continued to maintain a sizeable balance of unrestricted cash and unencumbered investments totaling $446 million.

“Earnings available for distribution for the period continued to be supported by attractive interest income on our target assets, favorable funding and low-cost, pay-fixed swaps. For the quarter, earnings available for distribution per common share was $0.86, unchanged from the first quarter.

“Recent economic data confirmed the disinflationary trend has resumed, increasing the likelihood of a near-term easing of monetary policy. Given our expectations for a steeper yield curve and a decline in interest rate volatility, our outlook for Agency RMBS remains positive. In particular, we believe investors in higher coupon Agency RMBS stand to benefit from attractive valuations, favorable funding and strong liquidity as market conditions improve.”

(1) Earnings available for distribution (and by calculation, earnings available for distribution per common share) and economic debt-to-equity ratio are non-Generally Accepted Accounting Principles (“GAAP”) financial measures. Refer to the section entitled “Non-GAAP Financial Measures” for important disclosures and reconciliations to the most comparable U.S. GAAP measures.

(2) Book value per common share as of June 30, 2024 and March 31, 2024 is calculated as total stockholders' equity less the liquidation preference of the Company's Series B Preferred Stock and Series C Preferred Stock ($106.2 million and $183.6 million as of June 30, 2024, respectively, and $107.3 million and $186.2 million as of March 31, 2024, respectively), divided by total common shares outstanding.

(3) Economic return for the quarter ended June 30, 2024 is defined as the change in book value per common share from March 31, 2024 to June 30, 2024 of ($0.81); plus dividends declared of $0.40 per common share; divided by the March 31, 2024 book value per common share of $10.08. Economic return for the quarter ended March 31, 2024 is defined as the change in book value per common share from December 31, 2023 to March 31, 2024 of $0.08; plus dividends declared of $0.40 per common share; divided by the December 31, 2023 book value per common share of $10.00.

(4) Book value per common share as of August 2, 2024 is adjusted to exclude a pro rata portion of the current quarter’s common stock dividend (which for purposes of this calculation is assumed to be the same as the previous quarter) and is calculated as total stockholders' equity less the liquidation preference of the Company's Series B Preferred Stock and Series C Preferred Stock ($106.2 million and $182.9 million as of August 2, 2024, respectively), divided by total common shares outstanding of 54.8 million.

1

Key performance indicators for the quarters ended June 30, 2024 and March 31, 2024 are summarized in the table below.

($ in millions, except share amounts)Q2 2024Q1 2024Variance

Average Balances(unaudited)(unaudited)

Average earning assets (at amortized cost)$4,847.1 $4,972.2 ($125.1)

Average borrowings$4,252.0 $4,419.8 ($167.8)

Average stockholders' equity (1) $817.2 $823.2 ($6.0)

U.S. GAAP Financial Measu

ivr-20240717

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 17, 2024

Invesco Mortgage Capital Inc.

(Exact name of registrant as specified in its charter)

Maryland001-3438526-2749336

(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)

1331 Spring Street N.W., Suite 2500

Atlanta,Georgia30309

(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (404) 892-0896

n/a

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each ClassTrading SymbolName of Each Exchange on Which Registered

Common Stock, par value $0.01 per shareIVRNew York Stock Exchange

7.75% Fixed-to-Floating Series B Cumulative Redeemable Preferred Stock IVR PrBNew York Stock Exchange

7.50% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock IVR PrCNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

Invesco Mortgage Capital, Inc. (the “Company”) is disclosing certain preliminary financial information for the quarter ended June 30, 2024.

Preliminary Financial Information as of June 30, 2024:

•Total investment portfolio of $5.0 billion, including $4.4 billion of Agency residential mortgage-backed securities, $0.4 billion of Agency commercial mortgage-backed securities and $0.2 billion of to-be-announced securities (“TBAs”)(1)

•Unrestricted cash and unencumbered investments totaling approximately $446 million

•Debt-to-equity ratio(2) is estimated to be 5.6x

•Economic debt-to-equity ratio(3) is estimated to be 5.9x

(1) Represents the implied cost basis of TBAs that are accounted for as derivative financial instruments under U.S. Generally Accepted Accounting Principles (“GAAP”).

(2) Debt-to-equity ratio is a U.S. GAAP financial measure calculated as the ratio of total repurchase agreements ($4.3 billion as of June 30, 2024) to total stockholders' equity.

(3) Economic debt-to-equity ratio is a non-GAAP financial measure calculated as the ratio of total repurchase agreements ($4.3 billion as of June 30, 2024) and TBAs at implied cost basis ($0.2 billion as of June 30, 2024) to total stockholders' equity. Refer to the section titled “Non-GAAP Financial Measures” below for additional information.

The above information is preliminary and subject to completion, including the completion of customary financial statement closing and review procedures for the quarter ended June 30, 2024. As a result, the preliminary financial information set forth above reflects the Company's estimates with respect to such information, based on information currently available to management, and may vary from the Company's actual financial results as of and for the periods noted above. These preliminary estimates are not a comprehensive statement or estimate of the Company's financial results or financial condition. Further, these estimates should not be viewed as a substitute for financial statements prepared in accordance with U.S. GAAP, and they are not necessarily indicative of the results to be achieved in any future period. Accordingly, a reader should not place undue reliance on these estimates.

These preliminary estimates, which are the responsibility of the Company's management, were prepared by the Company's management and are based upon a number of assumptions. Additional items that may requi

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Document

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.

•Net income per common share of $0.49 compared to $0.46 in Q4 2023

•Earnings available for distribution per common share(1) of $0.86 compared to $0.95 in Q4 2023

•Common stock dividend of $0.40 per common share, unchanged from Q4 2023

•Book value per common share(2) of $10.08 compared to $10.00 as of December 31, 2023

•Economic return(3) of 4.8% compared to 4.7% in Q4 2023

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. led to a dramatic re-pricing of the market's expectations of future monetary policy. Interest rate volatility declined notably during the quarter as market expectations and projections from the Federal Reserve converged. Against this backdrop, our higher coupon Agency RMBS outperformed lower coupons given their more significant exposure to the decline in volatility. In addition, we benefited from wider spreads on our swap portfolio. These factors led to a positive economic return of 4.8% for the quarter, consisting of an 0.8% increase in our book value per common share to $10.08 combined with our $0.40 common stock dividend. As of May 3, 2024, our book value per common share is estimated to be between $9.64 and $10.04.(4)

“Our debt-to-equity ratio ended the first quarter at 5.6x, down modestly from 5.7x as of year-end. As of the end of the quarter, 94.3% of our $5.0 billion investment portfolio was invested in Agency RMBS, 5.3% was invested in Agency CMBS and 0.4% was invested in credit assets. We maintained a sizeable balance of unrestricted cash and unencumbered investments totaling $451 million.

“Earnings available for distribution (“EAD”) for the period was supported by attractive interest income on our target assets, favorable funding and low-cost, pay-fixed swaps. For the quarter, EAD per common share was $0.86 compared to $0.95 for the fourth quarter of 2023, primarily reflecting a decline in effective net interest income(1) in connection with adjustments to our swap portfolio.

“Given the increase in market volatility in April, we remain cautious on the near-term outlook for the Agency RMBS sector as the market adjusts to shifting expectations around the timing of monetary policy adjustments. Our recent allocation to fixed-rate Agency CMBS reduces our exposure to near-term interest rate volatility while providing attractive returns with favorable funding. Over the longer term, however, the potential normalization of monetary policy and a steeper yield curve should be supportive of Agency RMBS. We believe Agency RMBS investors stand to benefit from attractive valuations, favorable funding and robust liquidity as the macro environment evolves.”

(1) Earnings available for distribution (and by calculation, earnings available for distribution per common share) and effective net interest income are non-Generally Accepted Accounting Principles (“GAAP”) financial measures. Refer to the section entitled “Non-GAAP Financial Measures” for important disclosures and reconciliations to the most comparable U.S. GAAP measures.

(2) Book value per common share as of March 31, 2024 and December 31, 2023 is calculated as total stockholders' equity less the liquidation preference of the Company's Series B Preferred Stock and Series C Preferred Stock ($107.3 million and $186.2 million as of March 31, 2024, respectively, and $109.7 million and $188.6 million as of December 31, 2023, respectively), divided by total common shares outstanding.

(3) Economic return for the quarter ended March 31, 2024 is defined as the change in book value per common share from December 31, 2023 to March 31, 2024 of $0.08; plus dividends declared of $0.40 per common share; divided by the December 31, 2023 book value per common share of $10.00. Economic return for the quarter ended December 31, 2023 is defined as the change in book value per common share from September 30, 2023 to December 31, 2023 of $0.07; plus dividends declared of $0.40 per common share; divided by the September 30, 2023 book value per common share of $9.93.

(4) Book value per common share as of May 3, 2024 is adjusted to exclude a pro rata portion of the current quarter’s common stock dividend (which for purposes of this calculation is assumed to be the same as the previous quarter) and is calculated as total stockholders' equity less the liquidation preference of the Company's Series B Preferred Stock and Series C Preferred Stock ($106.4 million and $184.9 million as of May 3, 2024, respectively), divided by total common shares ou

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EX-99.1

Document

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.

•Net income per common share of $0.46 compared to net loss of $1.62 in Q3 2023

•Earnings available for distribution per common share(1) of $0.95 compared to $1.51 in Q3 2023

•Common stock dividend of $0.40 per common share, unchanged from Q3 2023

•Book value per common share(2) of $10.00 compared to $9.93 as of September 30, 2023

•Economic return(3) of 4.7% compared to (13.8)% in Q3 2023

Update from John Anzalone, Chief Executive Officer

“The sharp rise in interest rates that began in the second quarter persisted in early October as the 10-year U.S. Treasury yield rose over 40 basis points to reach 5.0% for the first time in over 16 years, negatively impacting Agency RMBS valuations. Market sentiment then reversed course, as incoming data supported a soft landing narrative and market expectations for interest rate cuts by the Federal Reserve were pulled forward into the first quarter of 2024, benefiting Agency RMBS into year end. During the quarter, we reduced risk within the portfolio as volatility initially increased, and subsequently returned leverage to our target range as volatility subsided. Our book value per common share ended the quarter at $10.00, representing an increase of 0.7% from September 30th, and when combined with our $0.40 common stock dividend, produced an economic return of 4.7% for the quarter.

“Our debt-to-equity ratio ended the fourth quarter at 5.7x, down from 6.4x as of September 30th. As of the end of the quarter, substantially all our $5.1 billion investment portfolio was invested in Agency RMBS, and we maintained a sizeable balance of unrestricted cash and unencumbered investments totaling $422 million.

“Earnings available for distribution (“EAD”) for the period benefited from attractive interest income on our target assets, favorable funding and low-cost, pay-fixed swaps. For the quarter, EAD per common share was $0.95 compared to $1.51 for the third quarter, reflecting declines in interest income on investments and interest rate swaps in connection with our reduction in leverage and adjustments to our swap portfolio. As of February 16, 2024, our book value per common share is estimated to be between $9.50 and $9.88.(4)

“We are cautious on the near-term outlook for the Agency RMBS sector given recent strong performance and the uncertain timing of monetary policy adjustments. However, the potential reduction in interest rate volatility associated with the eventual normalization of monetary policy should be supportive for investors with longer time horizons. We believe Agency RMBS investors stand to benefit from attractive valuations, favorable funding and a steeper yield curve as the macro environment stabilizes.”

(1) Earnings available for distribution (and by calculation, earnings available for distribution per common share) is a non-Generally Accepted Accounting Principles (“GAAP”) financial measure. Refer to the section entitled “Non-GAAP Financial Measures” for important disclosures and a reconciliation to the most comparable U.S. GAAP measure.

(2) Book value per common share as of December 31, 2023 and September 30, 2023 is calculated as total stockholders' equity less the liquidation preference of the Company's Series B Preferred Stock and Series C Preferred Stock ($109.7 million and $188.6 million as of December 31, 2023, respectively, and $111.6 million and $192.0 million as of September 30, 2023, respectively), divided by total common shares outstanding.

(3) Economic return for the quarter ended December 31, 2023 is defined as the change in book value per common share from September 30, 2023 to December 31, 2023 of $0.07; plus dividends declared of $0.40 per common share; divided by the September 30, 2023 book value per common share of $9.93. Economic return for the quarter ended September 30, 2023 is defined as the change in book value per common share from June 30, 2023 to September 30, 2023 of ($2.05); plus dividends declared of $0.40 per common share; divided by the June 30, 2023 book value per common share of $11.98.

(4) Book value per common share as of February 16, 2024 is adjusted to exclude a pro rata portion of the current quarter’s common stock dividend (which for purposes of this calculation is assumed to be the same as the previous quarter) and is calculated as total stockholders' equity less the liquidation preference of the Company's Series B Preferred Stock and Series C Preferred Stock ($108.1 million and $187.1 million as of February 16, 2024, respectively), divided by total common shares outstanding of 48.5 million.

1

Key performance indicators for t

EX-99.1

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EX-99.1

Document

Exhibit 99.1

Press Release

For immediate release

Greg Seals,

Investor Relations

404-439-3323

Invesco Mortgage Capital Inc. Reports Third Quarter 2023 Financial Results

Atlanta - November 6, 2023 -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the “Company”) today announced financial results for the quarter ended September 30, 2023.

•Net loss per common share of $1.62 compared to $0.03 in Q2 2023

•Earnings available for distribution per common share(1) of $1.51 compared to $1.45 in Q2 2023

•Common stock dividend of $0.40 per common share, unchanged from Q2 2023

•Book value per common share(2) of $9.93 compared to $11.98 as of June 30, 2023

•Economic return(3) of (13.8)% compared to (1.8)% in Q2 2023

Update from John Anzalone, Chief Executive Officer

“The third quarter presented another challenging environment for Agency RMBS as financial markets adjusted to shifting expectations for fiscal and monetary policy, leading to sharply higher interest rates and escalating interest rate volatility. Against this backdrop, our Agency RMBS assets underperformed, contributing to a 17.1% decline in our book value per common share for the third quarter. The decline in book value, when combined with our $0.40 common stock dividend, resulted in an economic return of (13.8)% for the quarter.

“Our debt-to-equity ratio ended the third quarter at 6.4x, up from 5.9x as of June 30th. As of the end of the quarter, substantially all of our $5.4 billion investment portfolio was invested in Agency RMBS, and we maintained a sizeable balance of unrestricted cash and unencumbered investments totaling $392 million.

“Earnings available for distribution for the period continued to benefit from attractive interest income on our target assets, favorable funding and low-cost, pay-fixed swaps. Subsequent to quarter end, we responded to elevated interest rate volatility and further pressure on Agency RMBS valuations by actively reducing the size of our portfolio, negatively impacting our current earnings power. As of November 3, 2023, our book value per common share is estimated to be between $9.07 and $9.45.(4)

“We remain cautious on the near-term outlook for the sector given the uncertain path of fiscal and monetary policy and heightened geopolitical risks. However, the potential reduction in interest rate volatility associated with the eventual normalization of monetary policy should be supportive of our target assets, and we continue to believe Agency RMBS investors with long term horizons stand to benefit from historically attractive valuations.”

(1) Earnings available for distribution (and by calculation, earnings available for distribution per common share) is a non-Generally Accepted Accounting Principles (“GAAP”) financial measure. Refer to the section entitled “Non-GAAP Financial Measures” for important disclosures and a reconciliation to the most comparable U.S. GAAP measure.

(2) Book value per common share as of September 30, 2023 and June 30, 2023 is calculated as total stockholders' equity less the liquidation preference of the Company's Series B Preferred Stock and Series C Preferred Stock ($111.6 million and $192.0 million as of September 30, 2023, respectively, and $112.5 million and $194.3 million as of June 30, 2023, respectively), divided by total common shares outstanding.

(3) Economic return for the quarter ended September 30, 2023 is defined as the change in book value per common share from June 30, 2023 to September 30, 2023 of ($2.05); plus dividends declared of $0.40 per common share; divided by the June 30, 2023 book value per common share of $11.98. Economic return for the quarter ended June 30, 2023 is defined as the change in book value per common share from March 31, 2023 to June 30, 2023 of ($0.63); plus dividends declared of $0.40 per common share; divided by the March 31, 2023 book value per common share of $12.61.

(4) Book value per common share as of November 3, 2023 is adjusted to exclude a pro rata portion of the current quarter’s common stock dividend (which for purposes of this calculation is assumed to be the same as the previous quarter) and is calculated as total stockholders' equity less the liquidation preference of the Company's Series B Preferred Stock and Series C Preferred Stock ($110.8 million and $190.6 million as of November 3, 2023, respectively), divided by total common shares outstanding of 48.5 million.

1

Key performance indicators for the quarters ended September 30, 2023 and June 30, 2023 are summarized in the table below.

($ in millions, except share amounts)Q3 2023Q2 2023Variance

Average Balances(unaudited)(unaudited)

Average earning assets (at amortized cost)$5,498.3 $5,285.8 $212.5

Average borrowings$4,902.4 $4,791.7 $110.7

Average stockholders' equity (1) $832.0 $833.5 ($1.5)

U.S. GAAP Financial Measures

Total interest income$75.1 $71.4 $3.7

Total interest expense$65.7 $59.0 $6.7

Net interest income$9.

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Document

Exhibit 99.1

Press Release

For immediate release

Greg Seals,

Investor Relations

404-439-3323

Invesco Mortgage Capital Inc. Reports Second Quarter 2023 Financial Results

Atlanta - August 3, 2023 -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the “Company”) today announced financial results for the quarter ended June 30, 2023.

•Net loss per common share of $0.03 compared to net income of $0.39 in Q1 2023

•Earnings available for distribution per common share(1) of $1.45 compared to $1.50 in Q1 2023

•Common stock dividend of $0.40 per common share, unchanged from Q1 2023

•Book value per common share(2) of $11.98 compared to $12.61 as of March 31, 2023

•Economic return(3) of (1.8)% compared to 1.7% in Q1 2023

Update from John Anzalone, Chief Executive Officer

“Agency RMBS performance improved during the second quarter as investor appetite for risk assets increased given greater confidence that the U.S. economy may avoid a recession. Lower coupon valuations rebounded from poor performance in the first quarter as concerns regarding regional banking stability dissipated, while higher coupon valuations benefited to a lesser extent from the modest decline in interest rate volatility. However, higher interest rates and a faster than expected pace of sales from the FDIC negatively impacted our book value, due in part to a decline in premiums on our specified pool investments. Against this backdrop, our book value per common share ended the quarter at $11.98, representing a decline of 5.0% from March 31st, and when combined with our $0.40 common dividend produced an economic return of (1.8)% for the quarter.

“Earnings available for distribution (“EAD”) for the second quarter remained strong at $1.45 per common share. EAD is well supported and is expected to continue to benefit from our hedging strategy, as borrowing costs are hedged by low-cost, pay-fixed swaps with a weighted average maturity of over seven years.

“Our debt-to-equity ratio ended the second quarter at 5.9x, up marginally from 5.8x as of March 31st. As of the end of the quarter, substantially all of our $5.5 billion investment portfolio was invested in Agency RMBS, and we maintained a sizeable balance of unrestricted cash and unencumbered investments totaling $492.3 million.

“We believe the conclusion of the Federal Reserve’s tightening cycle will result in a reduction of interest rate volatility and, when combined with compelling valuations and favorable funding conditions, will support an attractive investment environment for Agency RMBS in the second half of 2023.”

(1) Earnings available for distribution (and by calculation, earnings available for distribution per common share) is a non-Generally Accepted Accounting Principles (“GAAP”) financial measure. Refer to the section entitled “Non-GAAP Financial Measures” for important disclosures and a reconciliation to the most comparable U.S. GAAP measure.

(2) Book value per common share is calculated as total stockholders' equity less the liquidation preference of the Company's Series B Preferred Stock and Series C Preferred Stock ($112.5 million and $194.3 million as of June 30, 2023, respectively, and $113.4 million and $195.4 million as of March 31, 2023, respectively), divided by total common shares outstanding.

(3) Economic return for the quarter ended June 30, 2023 is defined as the change in book value per common share from March 31, 2023 to June 30, 2023 of ($0.63); plus dividends declared of $0.40 per common share; divided by the March 31, 2023 book value per common share of $12.61. Economic return for the quarter ended March 31, 2023 is defined as the change in book value per common share from December 31, 2022 to March 31, 2023 of ($0.18); plus dividends declared of $0.40 per common share; divided by the December 31, 2022 book value per common share of $12.79.

1

Key performance indicators for the quarters ended June 30, 2023 and March 31, 2023 are summarized in the table below.

($ in millions, except share amounts)Q2 2023Q1 2023Variance

Average Balances(unaudited)(unaudited)

Average earning assets (at amortized cost)$5,285.8 $5,245.3 $40.5

Average borrowings$4,791.7 $4,737.5 $54.2

Average stockholders' equity (1) $833.5 $847.5 ($14.0)

U.S. GAAP Financial Measures

Total interest income$71.4 $69.3 $2.1

Total interest expense$59.0 $49.7 $9.3

Net interest income$12.4 $19.6 ($7.2)

Total expenses$5.1 $5.1 $0.0

Net income (loss) attributable to common stockholders($1.4)$15.6 ($17.0)

Average earning asset yields5.41 %5.28 %0.13 %

Average cost of funds4.93 %4.20 %0.73 %

Average net interest rate margin0.48 %1.08 %(0.60)%

Period-end weighted average asset yields (2)

5.24 %5.24 %0.00 %

Period-end weighted average cost of funds5.21 %4.91 %0.30 %

Period-end weighted average net interest rate margin0.03 %0.33 %(0.30)%

Book value per common share (3) $11.98 $12.61 ($0.63)

Earnings (loss) per common share (basic)($0.03)$0

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Document

Exhibit 99.1

Press Release

For immediate release

Greg Seals,

Investor Relations

404-439-3323

Invesco Mortgage Capital Inc. Reports First Quarter 2023 Financial Results

Atlanta - May 9, 2023 -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the “Company”) today announced financial results for the quarter ended March 31, 2023.

•Net income per common share of $0.39 compared to $0.84 in Q4 2022

•Earnings available for distribution per common share(1) of $1.50 compared to $1.46 in Q4 2022

•Common stock dividend of $0.40 per common share compared to $0.65 in Q4 2022

•Book value per common share(2) of $12.61 compared to $12.79 at Q4 2022

•Economic return(3) of 1.7% compared to 5.0% in Q4 2022

Update from John Anzalone, Chief Executive Officer

“The volatile environment for Agency residential mortgage-backed securities (“Agency RMBS”) continued during the first quarter of 2023. Strong performance in January was more than offset by sharp underperformance in February and March amidst the slowing disinflationary trend in economic data and turmoil in the regional banking sector. Against this backdrop, our book value per common share ended the quarter at $12.61, representing a modest decline of 1.4% from year end, and when combined with our $0.40 common dividend produced an economic return of 1.7% for the quarter.

“Earnings available for distribution (“EAD”) for the first quarter remained strong at $1.50 per common share. EAD is well supported and is expected to continue to benefit from our hedging strategy, as borrowing costs are hedged by low-cost, pay-fixed swaps with a weighted average maturity of over seven years.

“As noted in our March 27th press release, we reduced our first quarter dividend to $0.40 per share. The reduced dividend remains attractive and allows the Company to retain capital and enhance book value by continuing to invest in Agency RMBS. We believe Agency RMBS are at historically attractive valuations and reduced demand from the Federal Reserve and commercial banks will provide compelling opportunities for new investments. In addition, we expect that the conclusion of the Federal Reserve’s tightening cycle will result in a reduction in interest rate volatility, providing a tailwind for our target assets.

“Given our improved outlook for Agency RMBS, we increased our debt-to-equity ratio to 5.8x as of March 31, 2023 from 5.3x at year end. As of the end of the quarter, substantially all of our $5.4 billion investment portfolio was invested in Agency RMBS, and we maintained a sizeable balance of unrestricted cash and unencumbered investments totaling $463.9 million.”

(1) Earnings available for distribution (and by calculation, earnings available for distribution per common share) is a non-Generally Accepted Accounting Principles (“GAAP”) financial measure. Refer to the section entitled “Non-GAAP Financial Measures” for important disclosures and a reconciliation to the most comparable U.S. GAAP measure.

(2) Book value per common share is calculated as total stockholders' equity less the liquidation preference of the Company's Series B Preferred Stock ($113.4 million) and Series C Preferred Stock ($195.4 million), divided by total common shares outstanding.

(3) Economic return for the quarter ended March 31, 2023 is defined as the change in book value per common share from December 31, 2022 to March 31, 2023 of ($0.18); plus dividends declared of $0.40 per common share; divided by the December 31, 2022 book value per common share of $12.79. Economic return for the quarter ended December 31, 2022 is defined as the change in book value per common share from September 30, 2022 to December 31, 2022 of ($0.01); plus dividends declared of $0.65 per common share; divided by the September 30, 2022 book value per common share of $12.80.

1

Key performance indicators for the quarters ended March 31, 2023 and December 31, 2022 are summarized in the table below.

($ in millions, except share amounts)Q1 ‘23Q4 ‘22Variance

Average Balances(unaudited)(unaudited)

Average earning assets (at amortized cost)$5,245.3 $4,347.4 $897.9

Average borrowings$4,737.5 $3,828.2 $909.3

Average stockholders' equity (1) $847.5 $835.5 $12.0

U.S. GAAP Financial Measures

Total interest income$69.3 $58.1 $11.2

Total interest expense$49.7 $32.2 $17.5

Net interest income$19.6 $25.9 ($6.3)

Total expenses$5.1 $5.0 $0.1

Net income (loss) attributable to common stockholders$15.6 $30.6 ($15.0)

Average earning asset yields5.28 %5.34 %(0.06)%

Average cost of funds4.20 %3.36 %0.84 %

Average net interest rate margin1.08 %1.98 %(0.90)%

Period-end weighted average asset yields (2)

5.24 %5.35 %(0.11)%

Period-end weighted average cost of funds4.91 %4.24 %0.67 %

Period-end weighted average net interest rate margin0.33 %1.11 %(0.78)%

Book value per common share (3) $12.61 $12.79 ($0.18)

Earnings (loss) per common share (basic)$0.39 $0.84 ($0.45)

Earnings (loss) per common

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Document

Exhibit 99.1

Press Release

For immediate release

Matt Seitz,

Investor Relations

404-439-3323

Invesco Mortgage Capital Inc. Reports Fourth Quarter 2022 Financial Results

Atlanta - February 21, 2023 -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the “Company”) today announced financial results for the quarter ended December 31, 2022.(1)

•Net income per common share of $0.84 compared to net loss of $2.78 in Q3 2022

•Earnings available for distribution per common share(2) of $1.46 compared to $1.39 in Q3 2022

•Common stock dividend of $0.65 per common share, unchanged from Q3 2022

•Book value per common share(3) of $12.79 compared to $12.80 at Q3 2022

•Economic return(4) of 5.0% compared to (16.8)% in Q3 2022

Update from John Anzalone, Chief Executive Officer

“The environment for Agency residential mortgage-backed securities (“Agency RMBS”) remained turbulent during the fourth quarter, as interest rate volatility persisted at a historically elevated level. Book value per common share finished largely unchanged for the quarter at $12.79 and has increased in 2023 primarily due to improved Agency RMBS valuations.

“Earnings available for distribution for the fourth quarter improved to $1.46 per common share as we continued to rotate the portfolio into higher yielding Agency RMBS. Attractive spreads on our target assets, along with favorable funding and a relatively low-cost legacy swap portfolio, continued to support the earnings power of the portfolio.

“The change in book value, combined with our $0.65 dividend, resulted in an economic return of 5.0% for the quarter. Our debt-to-equity ratio increased modestly to 5.3x and our economic debt-to-equity ratio(2) remained unchanged at 5.3x. At the end of the quarter, substantially all of our $4.8 billion investment portfolio, including to-be-announced securities forward contracts (“TBAs”), was invested in Agency RMBS, and we maintained a sizeable balance of unrestricted cash and unencumbered investments totaling $528 million.

“While further changes in monetary policy by the Federal Reserve may bring challenges in the coming months, we believe that a potential reduction in interest rate volatility combined with compelling valuations and favorable funding conditions will support an attractive investment environment for Agency RMBS in 2023.”

(1) For all periods presented in this press release, common share and per common share amounts have been adjusted on a retroactive basis to reflect the Company's one-for-ten reverse stock split, which was effected following the close of business on June 3, 2022.

(2) Earnings available for distribution (and by calculation, earnings available for distribution per common share) and economic debt-to-equity ratio are non-Generally Accepted Accounting Principles (“GAAP”) financial measures. Refer to the section entitled “Non-GAAP Financial Measures” for important disclosures and a reconciliation to the most comparable U.S. GAAP measures.

(3) Book value per common share is calculated as total stockholders' equity less the liquidation preference of the Company's Series B Preferred Stock ($113.4 million) and Series C Preferred Stock ($195.4 million), divided by total common shares outstanding.

(4) Economic return for the quarter ended December 31, 2022 is defined as the change in book value per common share from September 30, 2022 to December 31, 2022 of $(0.01); plus dividends declared of $0.65 per common share; divided by the September 30, 2022 book value per common share of $12.80. Economic return for the quarter ended September 30, 2022 is defined as the change in book value per common share from June 30, 2022 to September 30, 2022 of $(3.36); plus dividends declared of $0.65 per common share; divided by the June 30, 2022 book value per common share of $16.16.

1

Key performance indicators for the quarters ended December 31, 2022 and September 30, 2022 are summarized in the table below.

($ in millions, except share amounts)Q4 ‘22Q3 ‘22Variance

Average Balances(unaudited)(unaudited)

Average earning assets (at amortized cost)$4,347.4 $4,568.9 ($221.5)

Average borrowings$3,828.2 $3,907.7 ($79.5)

Average stockholders' equity (1) $835.5 $883.9 ($48.4)

U.S. GAAP Financial Measures

Total interest income$58.1 $49.7 $8.4

Total interest expense$32.2 $18.0 $14.2

Net interest income$25.9 $31.7 ($5.8)

Total expenses$5.0 $5.9 ($0.9)

Net income (loss) attributable to common stockholders$30.6 ($94.6)$125.2

Average earning asset yields5.34 %4.35 %0.99 %

Average cost of funds3.36 %1.84 %1.52 %

Average net interest rate margin1.98 %2.51 %(0.53 %)

Period-end weighted average asset yields (2)

5.35 %4.77 %0.58 %

Period-end weighted average cost of funds4.24 %3.27 %0.97 %

Period-end weighted average net interest rate margin1.11 %1.50 %(0.39 %)

Book value per common share (3) $12.79 $12.80 ($0.01)

Earnings (loss) per common share (basic)$0.84 ($2.78)$3.62

Earnings (loss)

EX-99.1

2 ivrq32022-8kxex991.htm

EX-99.1

Document

Exhibit 99.1

Press Release

For immediate release

Matt Seitz,

Investor Relations

404-439-3323

Invesco Mortgage Capital Inc. Reports Third Quarter 2022 Financial Results

Atlanta - November 2, 2022 -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the “Company”) today announced financial results for the quarter ended September 30, 2022.(1)

•Net loss per common share of $2.78 compared to a net loss of $3.52 in Q2 2022

•Earnings available for distribution per common share(2) of $1.39 compared to $1.40 in Q2 2022

•Common stock dividend of $0.65 per common share compared to $0.90 in Q2 2022

•Book value per common share(3) of $12.80 compared to $16.16 at Q2 2022

•Economic return(4) of (16.8%) compared to (17.9%) in Q2 2022

Update from John Anzalone, Chief Executive Officer

“The difficult environment for Agency residential mortgage-backed securities (“Agency RMBS”) persisted during the third quarter, as the sector recorded its worst quarterly performance in over a decade. Book value declined as valuations on our Agency RMBS holdings were pressured lower by sharply higher interest rates, elevated volatility, reduced liquidity and a general risk off tone in financial markets. Given a rapidly evolving monetary policy landscape, our outlook on the sector remains cautious in the near term. However, we believe the Agency RMBS sector currently represents a compelling long-term opportunity, as valuations remain at historically attractive levels.

“Earnings available for distribution for the third quarter remained strong at $1.39 per common share given our rotation into higher yielding Agency RMBS, along with favorable funding and a relatively low-cost legacy swap portfolio. Further, wider spreads on our target assets have created an attractive reinvestment environment that is supportive of the earnings power of the portfolio.

“During the quarter, we remained focused on improving our capital structure by repurchasing preferred stock and issuing common stock through our at-the-market program. Since the inception of the repurchase program in May 2022, we have repurchased 5.3 million shares of our Series B and Series C Preferred Stock, representing approximately 30% of our preferred stock outstanding prior to the start of the repurchase program. Further, we continue to evaluate additional investment opportunities to complement our Agency RMBS strategy by expanding our target assets and portfolio diversification.

“Given the decrease in book value and repurchases of preferred stock, our debt-to-equity ratio increased to 5.1x and our economic debt-to-equity ratio(2) increased to 5.3x. At quarter-end, substantially all of our $4.5 billion investment portfolio, including to-be-announced securities forward contracts (“TBAs”), was invested in Agency RMBS, and we maintained a sizeable balance of unrestricted cash and unencumbered investments totaling $504.3 million.”

(1) For all periods presented in this press release, common share and per common share amounts have been adjusted on a retroactive basis to reflect the Company's one-for-ten reverse stock split, which was effected following the close of business on June 3, 2022.

(2) Earnings available for distribution (and by calculation, earnings available for distribution per common share) and economic debt-to-equity ratio are non-Generally Accepted Accounting Principles (“GAAP”) financial measures. Refer to the section entitled “Non-GAAP Financial Measures” for important disclosures and a reconciliation to the most comparable U.S. GAAP measure.

(3) Book value per common share is calculated as total stockholders' equity less the liquidation preference of the Company's Series B Preferred Stock and Series C Preferred Stock ($113.4 million and $195.4 million, respectively, as of September 30, 2022 and $153.9 million and $272.0 million, respectively, as of June 30, 2022), divided by total common shares outstanding.

(4) Economic return for the quarter ended September 30, 2022 is defined as the change in book value per common share from June 30, 2022 to September 30, 2022 of ($3.36); plus dividends declared of $0.65 per common share; divided by the June 30, 2022 book value per common share of $16.16. Economic return for the quarter ended June 30, 2022 is defined as the change in book value per common share from March 31, 2022 to June 30, 2022 of ($4.62); plus dividends declared of $0.90 per common share; divided by the March 31, 2022 book value per common share of $20.78.

1

Key performance indicators for the quarters ended September 30, 2022 and June 30, 2022 are summarized in the table below.

($ in millions, except share amounts)Q3 ‘22Q2 ‘22Variance

Average Balances(unaudited)(unaudited)

Average earning assets (at amortized cost)$4,568.9 $4,663.3 ($94.4)

Average borrowings$3,907.7 $4,059.4 ($151.7)

Average stockholders' equity (1) $883.9 $947.9 ($64.0)

U.S. GAAP Financial Measures

Total interest income$49.7 $44.6 $5.