NYSE$IVR
Invesco Mortgage Capital Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Announced financial results for the quarter ended March 31, 2024.
Invesco Mortgage Capital Inc. reported a positive economic return of 4.8% for Q1 2024, driven by outperformance of higher coupon Agency RMBS and wider spreads on the swap portfolio. The company's book value per common share increased to $10.08, combined with a common stock dividend of $0.40. As of the end of the quarter, 94.3% of the investment portfolio was invested in Agency RMBS, 5.3% in Agency CMBS, and 0.4% in credit assets, with a debt-to-equity ratio of 5.6x.
- Net income per common share was $0.49, compared to $0.46 in Q4 2023.
- Earnings available for distribution per common share was $0.86, compared to $0.95 in Q4 2023.
- Common stock dividend remained unchanged at $0.40 per common share.
- Book value per common share increased to $10.08, compared to $10.00 as of December 31, 2023.
Headline financials
Revenue & EPS history
Invesco Mortgage Capital · Revenue · Quarterly
$7M
Forward guidance
Invesco Mortgage Capital Inc. remains cautious on the near-term outlook for the Agency RMBS sector, given the increase in market volatility in April. However, the company believes that the potential normalization of monetary policy and a steeper yield curve should be supportive of Agency RMBS over the longer term.
Tailwinds
- Allocation to fixed-rate Agency CMBS reduces exposure to near-term interest rate volatility.
- Fixed-rate Agency CMBS provides attractive returns with favorable funding.
- Potential normalization of monetary policy should be supportive of Agency RMBS.
- A steeper yield curve should be supportive of Agency RMBS.
- Agency RMBS investors stand to benefit from attractive valuations, favorable funding and robust liquidity as the macro environment evolves.
Headwinds
- Increase in market volatility in April.
- Market adjusts to shifting expectations around the timing of monetary policy adjustments.
- Near-term outlook for the Agency RMBS sector is cautious.
- Decline in effective net interest income in connection with adjustments to swap portfolio.
- Unspecified risks associated with adjustments to swap portfolio.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
-0.1%
Avg return
Earnings day
-0.5%
Avg return
5 days after
-2.8%
Avg return
30 days after
46%
30 / 65 earnings
Positive
+13.3%
Q3 2020
Best reaction
-8.4%
Q3 2013
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.0% | +1.7% | -2.7% | |
| Q4 2025 | -3.4% | -0.1% | -5.3% | |
| Q3 2025 | +0.3% | +0.4% | +9.2% | |
| Q2 2025 | -0.4% | -0.4% | -1.7% | |
| Q1 2025 | +1.8% | +3.8% | +3.0% | |
| Q4 2024 | -0.9% | -1.3% | -3.1% | |
| Q3 2024 | -1.0% | +3.5% | +3.7% | |
| Q2 2024 | +1.4% | -0.5% | +0.1% | |
| Q1 2024 | +1.4% | +1.4% | +0.4% | |
| Q4 2023 | -0.1% | +2.1% | +9.2% | |
| Q3 2023 | -3.6% | -4.4% | +2.8% | |
| Q2 2023 | -2.2% | -1.9% | -3.4% | |
| Q1 2023 | +6.6% | +4.6% | +3.7% | |
| Q4 2022 | -4.2% | -6.1% | -23.3% | |
| Q3 2022 | -2.2% | +2.0% | +14.3% | |
| Q2 2022 | +2.0% | +1.9% | -7.9% | |
| Q1 2022 | -8.1% | -9.7% | -5.4% | |
| Q4 2021 | -6.3% | -11.4% | -13.7% | |
| Q3 2021 | +1.9% | +2.8% | -7.8% | |
| Q2 2021 | -6.7% | -7.9% | -9.6% | |
| Q1 2021 | -5.2% | -7.3% | -12.3% | |
| Q4 2020 | +3.2% | +5.1% | +4.9% | |
| Q3 2020 | +13.3% | +11.8% | +17.8% | |
| Q2 2020 | +3.8% | +3.8% | -8.9% | |
| Q1 2020 | -3.7% | -15.4% | -21.9% | |
| Q4 2019 | +0.5% | -0.8% | -69.4% | |
| Q3 2019 | +3.5% | +2.9% | +5.1% | |
| Q2 2019 | +2.6% | +1.7% | -7.5% | |
| Q1 2019 | -0.2% | -0.7% | -1.6% | |
| Q4 2018 | -0.4% | +0.0% | +0.7% | |
| Q3 2018 | -0.8% | -0.1% | +2.1% | |
| Q2 2018 | -1.4% | -1.9% | +1.3% | |
| Q1 2018 | +2.3% | -0.1% | +1.6% | |
| Q4 2017 | -2.1% | -1.3% | -0.1% | |
| Q3 2017 | -1.5% | -1.7% | +7.5% | |
| Q2 2017 | +1.9% | +0.8% | +0.5% | |
| Q1 2017 | +0.4% | -2.9% | +2.7% | |
| Q4 2016 | -0.2% | -1.4% | -2.6% | |
| Q3 2016 | +0.7% | +0.1% | -2.1% | |
| Q2 2016 | +4.7% | +5.7% | +7.7% | |
| Q1 2016 | +4.4% | — | — | |
| Q4 2015 | +5.1% | — | — | |
| Q3 2015 | +2.3% | — | — | |
| Q2 2015 | +0.3% | — | — | |
| Q1 2015 | +1.0% | — | — | |
| Q4 2014 | +3.4% | — | — | |
| Q3 2014 | -2.4% | — | — | |
| Q2 2014 | +0.5% | — | — | |
| Q1 2014 | +0.3% | — | — | |
| Q4 2013 | -1.8% | — | — | |
| Q3 2013 | -8.4% | — | — | |
| Q2 2013 | -3.3% | — | — | |
| Q1 2013 | -3.4% | — | — | |
| Q4 2012 | -1.1% | — | — | |
| Q4 2011 | -1.3% | — | — | |
| Q3 2012 | +1.3% | — | — | |
| Q2 2012 | -2.5% | — | — | |
| Q1 2012 | -0.3% | — | — | |
| Q3 2011 | -1.0% | — | — | |
| Q2 2011 | +4.8% | — | — | |
| Q1 2011 | +0.5% | — | — | |
| Q4 2010 | +0.6% | — | — | |
| Q3 2010 | -1.5% | — | — | |
| Q2 2010 | -0.6% | — | — | |
| Q1 2010 | -1.0% | — | — |
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