Invesco Mortgage Capital Inc. Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Invesco Mortgage Capital (NYSE: IVR) reported Q1 2026 results for the quarter ended March 31, 2026. Net loss per common share was $0.28 vs. net income $0.68 in Q4 2025. Earnings available for distribution per share was $0.55. Book value per common share fell to $8.08. Economic return was (3.2)%. Investment portfolio totaled $7.3 billion including $5.2 billion Agency RMBS, $1.2 billion Agency TBA and $0.9 billion Agency CMBS. The company declared monthly common dividends totaling $0.36 per share and raised net cash of $133.6 million from an ATM offering.
Positive
- Earnings available for distribution of $44.7 million
- Effective net interest income increased to $48.6 million
- Maintained $493.1 million of unrestricted cash and unencumbered investments
- Raised $133.6 million net from ATM common stock issuance
Negative
- Net loss attributable to common stockholders of $23.1 million
- Book value per common share declined to $8.08 (7.3% drop)
- Economic return for quarter was (3.2)%
- Economic debt-to-equity rose to 7.5x
News Market Reaction – IVR
In the May 1 session, IVR gained 2.46%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jan 29 | Q4 2025 earnings | Positive | -3.5% | Stronger book value, positive economic return and solid EPS with steady dividend. |
| Oct 30 | Q3 2025 earnings | Positive | +5.0% | Net income rebound, higher book value and 8.7% economic return, stable dividend. |
| Jul 24 | Q2 2025 earnings | Negative | +0.9% | Quarterly net loss, negative economic return and book value decline despite liquidity. |
| May 07 | Q1 2025 earnings | Neutral | +1.4% | Improved earnings and economic return but dividend cut and lower book value. |
| Feb 20 | Q4 2024 earnings | Negative | -0.9% | Net loss, book value pressure and negative economic return despite capital actions. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases often produce modest moves, with a mix of aligned and divergent reactions when results swing between strong and weak quarters.
Over the last five earnings cycles, IVR has reported alternating periods of strength and stress. Q3 and Q4 2025 showed rising book value, positive economic returns, and solid earnings per share, while Q2 2025 and Q4 2024 featured net losses, book value declines, and negative economic returns. The current Q1 2026 update continues this pattern of volatility, with a net loss, lower book value at $8.08, and negative -3.2% economic return, contrasting with the strong Q4 2025 quarter.
Key Terms
agency rmbs financial
agency cmbs financial
tbas financial
non-gaap financial
economic return financial
repurchase agreements financial
interest rate swaps technical
u.s. treasury futures financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Net loss per common share of
$0.28 $0.68 - Earnings available for distribution per common share(1) of
$0.55 $0.56 - Monthly common stock dividends totaling
$0.36 $0.36 - Book value per common share(2) of
$8.08 $8.72 - 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
"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
"Risk sentiment has improved entering the second quarter, supported by a decline in interest rate volatility. A further de‑escalation of the
(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 |
(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 ( |
(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 ( |
Key performance indicators for the quarters ended March 31, 2026 and December 31, 2025 are summarized in the table below.
$ in millions, except share amounts | Q1 2026 | Q4 2025 | Variance |
Average Balances (1) | (unaudited) | (unaudited) | |
Average earning assets (at amortized cost) | |||
Average borrowings | ( | ||
Average total stockholders' equity | |||
Total interest income | |||
Total interest expense | ( | ||
Net interest income | |||
Total expenses | |||
Net income (loss) attributable to common stockholders | ( | ( | |
Average earning asset yields | 5.36 % | 5.31 % | 0.05 % |
Average cost of funds | 3.92 % | 4.20 % | (0.28) % |
Average net interest rate margin | 1.44 % | 1.11 % | 0.33 % |
Period-end weighted average asset yields (2) | 5.34 % | 5.37 % | (0.03) % |
Period-end weighted average cost of funds | 3.80 % | 4.04 % | (0.24) % |
Period-end weighted average net interest rate margin | 1.54 % | 1.33 % | 0.21 % |
Book value per common share (3) | ( | ||
Earnings (loss) per common share (basic) | ( | ( | |
Earnings (loss) per common share (diluted) | ( | ( | |
Debt-to-equity ratio | 6.1x | 7.0x | (0.9x) |
Non-GAAP Financial Measures (4) | |||
Earnings available for distribution | |||
Effective interest expense | |||
Effective net interest income | |||
Effective cost of funds | 2.31 % | 2.24 % | 0.07 % |
Effective interest rate margin | 3.05 % | 3.07 % | (0.02) % |
Earnings available for distribution per common share | ( | ||
Economic debt-to-equity ratio | 7.5x | 7.0x | 0.5x |
(1) Average earning assets, average borrowings and average total stockholders' equity are calculated based on the weighted month-end balances of mortgage-backed securities at amortized cost, repurchase agreement borrowings and total |
(2) Period-end weighted average asset yields are based on amortized cost as of period-end and incorporate future prepayment assumptions when appropriate. |
(3) Book value per common share is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ( |
(4) Earnings available for distribution (and by calculation, earnings available for distribution per common share), effective interest expense (and by calculation, effective cost of funds), effective net interest income (and by calculation, effective interest rate margin), and economic debt-to-equity ratio are non-GAAP financial measures. Refer to the section entitled "Non-GAAP Financial Measures" for important disclosures and a reconciliation to the most comparable |
Portfolio Composition
The following table summarizes certain characteristics of the Company's investment portfolio including TBAs as of March 31, 2026 and December 31, 2025.
As of | ||||||||||||
March 31, 2026 | December 31, 2025 | |||||||||||
$ in thousands | Fair Value | Percentage | Period-end | Fair Value | Percentage of | Period-end | ||||||
Agency RMBS: | ||||||||||||
30 year fixed-rate pass-through coupon: | ||||||||||||
4.5 % | 757,581 | 10.4 % | 4.89 % | 785,584 | 12.5 % | 4.89 % | ||||||
5.0 % | 1,434,765 | 19.8 % | 5.20 % | 1,486,801 | 23.7 % | 5.20 % | ||||||
5.5 % | 1,704,437 | 23.5 % | 5.49 % | 1,534,654 | 24.5 % | 5.51 % | ||||||
6.0 % | 1,198,042 | 16.5 % | 5.93 % | 1,283,242 | 20.4 % | 5.93 % | ||||||
6.5 % | — | — % | — % | 218,879 | 3.5 % | 6.14 % | ||||||
Total 30 year fixed-rate pass-through | 5,094,825 | 70.2 % | 5.42 % | 5,309,160 | 84.6 % | 5.46 % | ||||||
Agency CMO | 67,113 | 1.0 % | 8.89 % | 69,320 | 1.1 % | 9.18 % | ||||||
Agency CMBS | 864,270 | 11.9 % | 4.61 % | 898,129 | 14.3 % | 4.62 % | ||||||
Total MBS portfolio | 6,026,208 | 83.1 % | 5.34 % | 6,276,609 | 100.0 % | 5.37 % | ||||||
TBAs, at implied market value (1) | 1,226,450 | 16.9 % | — | — % | ||||||||
Total investment portfolio including TBAs | 7,252,658 | 100.0 % | 6,276,609 | 100.0 % | ||||||||
(1) 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 condensed consolidated balance sheets under |
The following table summarizes certain characteristics of the Company's borrowings as of March 31, 2026 and December 31, 2025.
As of | ||||||||||||
$ in thousands | March 31, 2026 | December 31, 2025 | ||||||||||
Amount | Weighted | Weighted | Amount | Weighted | Weighted | |||||||
Repurchase agreements - | 4,510,019 | 3.80 % | 31 | 4,758,568 | 4.04 % | 24 | ||||||
Repurchase agreements - | 829,354 | 3.80 % | 25 | 860,687 | 4.04 % | 20 | ||||||
Total borrowings | 5,339,373 | 3.80 % | 30 | 5,619,255 | 4.04 % | 23 | ||||||
The following tables summarize certain characteristics of the Company's interest rate swaps whereby the Company pays fixed interest rates and receives floating interest rates based on the secured overnight financing rate as of March 31, 2026 and December 31, 2025.
$ in thousands | As of March 31, 2026 | |||||||
Maturities | Notional Amount | Weighted | Weighted | Weighted | ||||
Less than 3 years | 1,675,000 | 0.86 % | 3.68 % | 1.7 | ||||
3 to 5 years | 950,000 | 0.54 % | 3.68 % | 4.3 | ||||
5 to 7 years | 545,000 | 3.66 % | 3.68 % | 6.8 | ||||
7 to 10 years | 495,000 | 3.99 % | 3.68 % | 9.3 | ||||
Greater than 10 years | 450,000 | 2.04 % | 3.68 % | 18.7 | ||||
Total | 4,115,000 | 1.66 % | 3.68 % | 5.8 | ||||
$ in thousands | As of December 31, 2025 | |||||||
Maturities | Notional Amount | Weighted | Weighted | Weighted | ||||
Less than 3 years | 2,155,000 | 1.21 % | 3.87 % | 1.4 | ||||
3 to 5 years | 950,000 | 0.54 % | 3.87 % | 4.6 | ||||
7 to 10 years | 305,000 | 4.12 % | 3.87 % | 9.1 | ||||
Greater than 10 years | 410,000 | 1.83 % | 3.87 % | 17.9 | ||||
Total | 3,820,000 | 1.34 % | 3.87 % | 4.6 | ||||
The following table summarizes certain characteristics of the Company's
As of | ||||
March 31, 2026 | December 31, 2025 | |||
$ in thousands | Notional Amount - Short | Notional Amount - Short | ||
10 year | 310,000 | 420,000 | ||
Ultra 10 year | 375,000 | 455,000 | ||
30 year | 305,000 | 215,000 | ||
Total | 990,000 | 1,090,000 | ||
Capital Activities
Dividends
During the three months ended March 31, 2026, the Company declared monthly common stock dividends totaling
Issuances of Common Stock
During the three months ended March 31, 2026, the Company issued 15,694,589 shares of common stock for net cash proceeds of
Repurchases of Preferred Stock
During the three months ended March 31, 2026, the Company repurchased and retired 64,688 shares of Series C Preferred Stock with a carrying value of
About Invesco Mortgage Capital Inc.
The Company is a real estate investment trust that primarily focuses on investing in, financing and managing mortgage-backed securities and other mortgage-related assets. The Company is externally managed and advised by Invesco Advisers, Inc., a registered investment adviser and an indirect wholly-owned subsidiary of Invesco Ltd., an independent global investment management firm.
Earnings Call
Members of the investment community and the general public are invited to listen to the Company's earnings conference call on Friday, May 1, 2026, at 9:00 a.m. ET, by calling one of the following numbers:
North America Toll Free: | 888-982-7409 |
International: | 1-212-287-1625 |
Passcode: | Invesco |
An audio replay will be available until 5:00 pm ET on May 15, 2026 by calling:
866-363-1806 (
The presentation slides that will be reviewed during the call will be available on the Company's website at www.invescomortgagecapital.com.
Cautionary Notice Regarding Forward-Looking Statements
This press release, the related presentation and comments made in the associated conference call, may include statements and information that constitute "forward-looking statements" within the meaning of the
Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. There can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks identified under the captions "Risk Factors," "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K and quarterly reports on Form 10-Q, which are available on the Securities and Exchange Commission's website at www.sec.gov.
All written or oral forward-looking statements that we make, or that are attributable to us, are expressly qualified by this cautionary notice. We expressly disclaim any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate.
INVESCO MORTGAGE CAPITAL INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) | |||||
Three Months Ended | |||||
$ in thousands, except share data | March 31, | December 31, | March 31, | ||
Interest income | 79,641 | 77,901 | 73,846 | ||
Interest expense | 52,593 | 56,643 | 55,025 | ||
Net interest income | 27,048 | 21,258 | 18,821 | ||
Other income (loss) | |||||
Gain (loss) on investments, net | (54,940) | 22,914 | 82,158 | ||
Gain (loss) on derivative instruments, net | 12,879 | 11,887 | (76,679) | ||
Total other income (loss) | (42,061) | 34,801 | 5,479 | ||
Expenses | |||||
Management fee – related party | 2,974 | 2,806 | 2,996 | ||
General and administrative | 1,917 | 1,759 | 1,663 | ||
Total expenses | 4,891 | 4,565 | 4,659 | ||
Net income (loss) | (19,904) | 51,494 | 19,641 | ||
Dividends to preferred stockholders | (3,190) | (3,221) | (3,341) | ||
Gain (loss) on repurchase and retirement of preferred stock | (27) | (30) | (11) | ||
Net income (loss) attributable to common stockholders | (23,121) | 48,243 | 16,289 | ||
Other comprehensive income (loss) | |||||
Unrealized gain (loss) on mortgage-backed securities, net | — | — | 500 | ||
Reclassification of unrealized (gain) loss on sale of mortgage-backed securities to gain (loss) | — | — | 116 | ||
Total other comprehensive income (loss) | — | — | 616 | ||
Comprehensive income (loss) attributable to common stockholders | (23,121) | 48,243 | 16,905 | ||
Earnings (loss) per share | |||||
Net income (loss) attributable to common stockholders | |||||
Basic | (0.28) | 0.68 | 0.26 | ||
Diluted | (0.28) | 0.68 | 0.26 | ||
INVESCO MORTGAGE CAPITAL INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | |||
As of | |||
$ in thousands, except share amounts | March 31, 2026 | December 31, 2025 | |
ASSETS | |||
Mortgage-backed securities, at fair value (including pledged securities of | 6,026,208 | 6,276,609 | |
Cash and cash equivalents | 52,598 | 56,040 | |
Restricted cash | 138,323 | 110,391 | |
Due from counterparties | 25,749 | — | |
Investment related receivable | 26,804 | 27,848 | |
Derivative assets, at fair value | 1,119 | 4,412 | |
Other assets | 399 | 594 | |
Total assets | 6,271,200 | 6,475,894 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Liabilities: | |||
Repurchase agreements | 5,339,373 | 5,619,255 | |
Derivative liabilities, at fair value | 28,730 | — | |
Dividends payable | 10,490 | 25,845 | |
Investment related payable | 6 | — | |
Accrued interest payable | 10,738 | 28,664 | |
Collateral held payable | 14 | — | |
Accounts payable and accrued expenses | 1,789 | 1,580 | |
Due to affiliate | 3,706 | 3,006 | |
Total liabilities | 5,394,846 | 5,678,350 | |
Stockholders' equity: | |||
Preferred Stock, par value | |||
| 164,191 | 165,756 | |
Common Stock, par value | 875 | 718 | |
Additional paid in capital | 4,343,365 | 4,209,977 | |
Retained earnings (distributions in excess of earnings) | (3,632,077) | (3,578,907) | |
Total stockholders' equity | 876,354 | 797,544 | |
Total liabilities and stockholders' equity | 6,271,200 | 6,475,894 | |
Non-GAAP Financial Measures
The table below shows the non-GAAP financial measures the Company uses to analyze its operating results and the most directly comparable
Non-GAAP Financial Measure | Most Directly Comparable | |
Earnings available for distribution (and by calculation, | Net income (loss) attributable to common stockholders (and | |
Effective interest expense (and by calculation, effective cost | Total interest expense (and by calculation, cost of funds) | |
Effective net interest income (and by calculation, effective | Net interest income (and by calculation, net interest rate | |
Economic debt-to-equity ratio | Debt-to-equity ratio |
The non-GAAP financial measures used by the Company's management should be analyzed in conjunction with
Earnings Available for Distribution
The Company's business objective is to provide attractive risk-adjusted returns to its stockholders, primarily through dividends and secondarily through capital appreciation. The Company uses earnings available for distribution as a measure of its investment portfolio's ability to generate income for distribution to common stockholders and to evaluate its progress toward meeting this objective. The Company calculates earnings available for distribution as
By excluding the gains and losses discussed above, the Company believes the presentation of earnings available for distribution provides a consistent measure of operating performance that investors can use to evaluate its results over multiple reporting periods and, to a certain extent, compare to its peer companies. However, because not all of the Company's peer companies use identical operating performance measures, the Company's presentation of earnings available for distribution may not be comparable to other similarly titled measures used by its peer companies. The Company excludes the impact of gains and losses when calculating earnings available for distribution because when analyzed in conjunction with its
Furthermore, gains and losses have not been accounted for consistently under
To maintain qualification as a REIT,
Earnings available for distribution is an incomplete measure of the Company's financial performance and there are other factors that impact the achievement of the Company's business objective. The Company cautions that earnings available for distribution should not be considered as an alternative to net income (determined in accordance with
The table below provides a reconciliation of
Three Months Ended | |||||
$ in thousands, except per share data | March 31, | December 31, | March 31, | ||
Net income (loss) attributable to common stockholders | (23,121) | 48,243 | 16,289 | ||
Adjustments: | |||||
(Gain) loss on investments, net | 54,940 | (22,914) | (82,158) | ||
Realized (gain) loss on derivative instruments, net (1) | (23,324) | 18,863 | 101,516 | ||
Unrealized (gain) loss on derivative instruments, net (1) | 32,023 | (4,354) | 3,242 | ||
TBA dollar roll income (2) | 4,166 | — | 1,147 | ||
(Gain) loss on repurchase and retirement of preferred stock | 27 | 30 | 11 | ||
Subtotal | 67,832 | (8,375) | 23,758 | ||
Earnings available for distribution | 44,711 | 39,868 | 40,047 | ||
Basic income (loss) per common share | (0.28) | 0.68 | 0.26 | ||
Earnings available for distribution per common share (3) | 0.55 | 0.56 | 0.64 | ||
(1) |
Three Months Ended | |||||
$ in thousands | March 31, | December 31, | March 31, | ||
Realized gain (loss) on derivative instruments, net | 23,324 | (18,863) | (101,516) | ||
Unrealized gain (loss) on derivative instruments, net | (32,023) | 4,354 | (3,242) | ||
Contractual net interest income (expense) on interest rate swaps | 21,578 | 26,396 | 28,079 | ||
Gain (loss) on derivative instruments, net | 12,879 | 11,887 | (76,679) | ||
(2) | A TBA dollar roll is a series of derivative transactions where TBAs with the same specified issuer, term and coupon but different settlement dates are simultaneously bought and sold. The TBA settling in the later month typically prices at a discount to the TBA settling in the earlier month. TBA dollar roll income represents the price differential between the TBA price for current month settlement compared to the TBA price for forward month settlement. The Company includes TBA dollar roll income in earnings available for distribution because it is the economic equivalent of interest income on the underlying Agency RMBS, less an implied financing cost, over the forward settlement period. TBA dollar roll income is a component of gain (loss) on derivative instruments, net on the Company's condensed consolidated statements of comprehensive income (loss). |
(3) | Earnings available for distribution per common share is equal to earnings available for distribution divided by the basic weighted average number of common shares outstanding. |
The table below presents the components of earnings available for distribution for the following periods.
Three Months Ended | |||||
$ in thousands | March 31, | December 31, | March 31, | ||
Effective net interest income (1) | 48,626 | 47,654 | 46,900 | ||
TBA dollar roll income | 4,166 | — | 1,147 | ||
Total expenses | (4,891) | (4,565) | (4,659) | ||
Subtotal | 47,901 | 43,089 | 43,388 | ||
Dividends to preferred stockholders | (3,190) | (3,221) | (3,341) | ||
Earnings available for distribution | 44,711 | 39,868 | 40,047 | ||
(1) | See below for a reconciliation of net interest income to effective net interest income, a non-GAAP measure. |
Effective Interest Expense/Effective Cost of Funds/Effective Net Interest Income/Effective Interest Rate Margin
The Company calculates effective interest expense (and by calculation, effective cost of funds) as
The Company calculates effective net interest income (and by calculation, effective interest rate margin) as
The Company believes the presentation of effective interest expense, effective cost of funds, effective net interest income and effective interest rate margin measures, when considered together with
The following table reconciles total interest expense to effective interest expense and cost of funds to effective cost of funds for the following periods.
Three Months Ended | |||||||||||
March 31, 2026 | December 31, 2025 | March 31, 2025 | |||||||||
$ in thousands | Reconciliation | Cost of Funds | Reconciliation | Cost of Funds | Reconciliation | Cost of Funds | |||||
Total interest expense | 52,593 | 3.92 % | 56,643 | 4.20 % | 55,025 | 4.46 % | |||||
Less: Contractual net interest expense | (21,578) | (1.61) % | (26,396) | (1.96) % | (28,079) | (2.28) % | |||||
Effective interest expense | 31,015 | 2.31 % | 30,247 | 2.24 % | 26,946 | 2.18 % | |||||
The following table reconciles net interest income to effective net interest income and net interest rate margin to effective interest rate margin for the following periods.
Three Months Ended | |||||||||||
March 31, 2026 | December 31, 2025 | March 31, 2025 | |||||||||
$ in thousands | Reconciliation | Net Interest | Reconciliation | Net Interest | Reconciliation | Net Interest | |||||
Net interest income | 27,048 | 1.44 % | 21,258 | 1.11 % | 18,821 | 0.99 % | |||||
Add: Contractual net interest income | 21,578 | 1.61 % | 26,396 | 1.96 % | 28,079 | 2.28 % | |||||
Effective net interest income | 48,626 | 3.05 % | 47,654 | 3.07 % | 46,900 | 3.27 % | |||||
Economic Debt-to-Equity Ratio
The following table shows the Company's debt-to-equity ratio and the Company's economic debt-to-equity ratio as of March 31, 2026 and December 31, 2025. The Company's debt-to-equity ratio is calculated in accordance with
The Company presents an economic debt-to-equity ratio, a non-GAAP financial measure of leverage that considers the impact of the off-balance sheet financing of its investments in TBAs that are accounted for as derivative instruments under
As of | |||
$ in thousands | March 31, | December 31, | |
Repurchase agreements | 5,339,373 | 5,619,255 | |
Total stockholders' equity | 876,354 | 797,544 | |
Debt-to-equity ratio (1) | 6.1 | 7.0 | |
Economic debt-to-equity ratio (2) | 7.5 | 7.0 | |
(1) | Debt-to-equity ratio is calculated as the ratio of total repurchase agreements to total stockholders' equity. |
(2) | Economic debt-to-equity ratio is calculated as the ratio of total repurchase agreements and TBAs at implied cost basis ( |
Average Balances
The table below presents information related to the Company's average earning assets, average earning asset yields, average borrowings and average cost of funds for the following periods.
Three Months Ended | |||||
$ in thousands | March 31, | December 31, | March 31, | ||
Average earning assets (1) | 5,946,466 | 5,868,897 | 5,422,552 | ||
Average earning asset yields (2) | 5.36 % | 5.31 % | 5.45 % | ||
Average borrowings (3) | 5,367,463 | 5,393,719 | 4,930,237 | ||
Average cost of funds (4) | 3.92 % | 4.20 % | 4.46 % | ||
(1) | Average balances for each period are based on weighted month-end balances. Average earning assets do not include TBAs that are treated as derivative instruments under |
(2) | Average earning asset yields for each period are calculated by dividing interest income, including amortization of premiums and discounts, by average earning assets based on the amortized cost of the investments. All yields are annualized. |
(3) | Average borrowings for each period are based on weighted month-end balances. Average borrowings do not include the off-balance sheet financing component of TBAs that are treated as derivative instruments under |
(4) | Average cost of funds is calculated by dividing annualized interest expense by average borrowings. |
Greg Seals,
Investor Relations
404-439-3323
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SOURCE Invesco Mortgage Capital Inc.