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03.08.2023 16:15
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Invesco Mortgage Capital Inc. Reports Second Quarter 2023 Financial Results
Ein Analyst beim Betrachten von Charts (Symbolbild).
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PR Newswire
ATLANTA, Aug. 3, 2023
ATLANTA, Aug. 3, 2023 /PRNewswire/ -- 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 $12.79. |
Key performance indicators for the quarters ended June 30, 2023 and March 31, 2023 are summarized in the table below.
| ($ in millions, except share amounts) | Q2 2023 | Q1 2023 | Variance |
| 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 yields | 5.41 % | 5.28 % | 0.13 % |
| Average cost of funds | 4.93 % | 4.20 % | 0.73 % |
| Average net interest rate margin | 0.48 % | 1.08 % | (0.60) % |
| | | | |
| Period-end weighted average asset yields (2) | 5.24 % | 5.24 % | 0.00 % |
| Period-end weighted average cost of funds | 5.21 % | 4.91 % | 0.30 % |
| Period-end weighted average net interest rate margin | 0.03 % | 0.33 % | (0.30) % |
| | | | |
| Book value per common share (3) | $11.98 | $12.61 | ($0.63) |
| Earnings (loss) per common share (basic) | ($0.03) | $0.39 | ($0.42) |
| Earnings (loss) per common share (diluted) | ($0.03) | $0.39 | ($0.42) |
| Debt-to-equity ratio | 5.9x | 5.8x | 0.1x |
| | | | |
| Non-GAAP Financial Measures (4) | | | |
| Earnings available for distribution | $61.5 | $59.3 | $2.2 |
| Effective interest expense | ($1.2) Werbung Mehr Nachrichten zur Invesco Mortgage Capital Aktie kostenlos abonnieren
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