Invesco Mortgage Capital Inc. Q3 2024 10-Q Filed

TL;DR

IVR 10-Q filed: Q3 2024 financials out, shows common & preferred stock details.

AI Summary

Invesco Mortgage Capital Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial position, including common stock and preferred stock series B and C, as of September 30, 2024, and December 31, 2023. The company is incorporated in Maryland and its fiscal year ends on December 31.

Why It Matters

This filing provides investors with an update on Invesco Mortgage Capital's financial health and capital structure, crucial for understanding its investment strategy and risk exposure in the mortgage market.

Risk Assessment

Risk Level: medium — As a mortgage REIT, Invesco Mortgage Capital is inherently exposed to interest rate fluctuations and credit risks within the real estate market.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Latest financial data available)
• 2023-12-31 — Prior Year End Date (For comparative financial analysis)

Key Players & Entities

• Invesco Mortgage Capital Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of reporting period
• 2023-12-31 (date) — Prior year-end comparison date
• SeriesBPreferredStockMember (security) — Type of preferred stock detailed
• SeriesCPreferredStockMember (security) — Type of preferred stock detailed

FAQ

Key Financial Figures

• $0.01 — ich Registered Common Stock, par value $0.01 per share IVR New York Stock Exchange

Filing Documents

• ivr-20240930.htm (10-Q) — 2244KB
• ivr20240930ex311.htm (EX-31.1) — 9KB
• ivr20240930ex312.htm (EX-31.2) — 9KB
• ivr20240930ex321.htm (EX-32.1) — 4KB
• ivr20240930ex322.htm (EX-32.2) — 4KB
• ivr-20240930_g1.jpg (GRAPHIC) — 45KB
• 0001437071-24-000037.txt ( ) — 10450KB
• ivr-20240930.xsd (EX-101.SCH) — 67KB
• ivr-20240930_cal.xml (EX-101.CAL) — 94KB
• ivr-20240930_def.xml (EX-101.DEF) — 306KB
• ivr-20240930_lab.xml (EX-101.LAB) — 688KB
• ivr-20240930_pre.xml (EX-101.PRE) — 494KB
• ivr-20240930_htm.xml (XML) — 1877KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION 1

Financial Statements

Item 1. Financial Statements 1 Unaudited Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024; June 30, 2024; September 30, 2024; March 31, 2023; June 30, 2023 and September 30, 2023 4 Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 49

Controls and Procedures

Item 4. Controls and Procedures 52

OTHER INFORMATION

PART II OTHER INFORMATION 53

Legal Proceedings

Item 1. Legal Proceedings 53

Risk Factors

Item 1A. Risk Factors 53

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 53

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 53

Other Information

Item 5. Other Information 53

Exhibits

Item 6. Exhibits 53 Table of Contents PART I

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS INVESCO MORTGAGE CAPITAL INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) As of $ in thousands, except share amounts September 30, 2024 December 31, 2023 ASSETS Mortgage-backed securities, at fair value (including pledged securities of $ 5,401,351 and $ 4,712,185 , respectively; net of allowance for credit losses of $ 542 and $ 320 , respectively) 5,873,696 5,045,306 U.S. Treasury securities, at fair value — 11,214 Cash and cash equivalents 48,254 76,967 Restricted cash 120,199 121,670 Investment related receivable 26,739 26,604 Derivative assets, at fair value 12,035 939 Other assets 1,307 1,509 Total assets 6,082,230 5,284,209 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Repurchase agreements 5,184,885 4,458,695 Dividends payable 24,292 19,384 Accrued interest payable 10,686 15,787 Collateral held payable 336 2,475 Accounts payable and accrued expenses 1,607 1,296 Due to affiliate 3,421 3,907 Total liabilities 5,225,227 4,501,544 Commitments and contingencies (See Note 14): Stockholders' equity: Preferred Stock, par value $ 0.01 per share; 50,000,000 shares authorized: 7.75 % Fixed-to-Floating Series B Cumulative Redeemable Preferred Stock: 4,247,989 and 4,385,997 shares issued and outstanding, respectively ($ 106,200 and $ 109,650 aggregate liquidation preference, respectively) 102,678 106,014 7.50 % Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock: 7,277,523 and 7,545,439 shares issued and outstanding, respectively ($ 181,938 and $ 188,636 aggregate liquidation preference, respectively) 175,995 182,474 Common Stock, par value $ 0.01 per share; 134,000,000 and 67,000,000 shares authorized, respectively; 60,730,287 and 48,460,626 shares issued and outstanding, respectively 607 484 Additional paid in capital 4,119,347 4,011,138 Accumulated other comprehensive income 361 698 Retained earnings (distributions in excess of earnings) ( 3,541,985 ) ( 3,518,1

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