Invesco Mortgage Capital Inc. (IVR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Invesco Mortgage Capital Inc. (IVR), un fideicomiso dinámico de inversión inmobiliaria que transforma las inversiones hipotecarias en una potencia financiera estratégica. Con un modelo comercial sofisticado que equilibra el riesgo, la innovación y las oportunidades de alto rendimiento, IVR ha forjado un nicho único en el complejo panorama de los valores respaldados por hipotecas. Esta exploración de su lienzo de modelo de negocio revela cómo la empresa aprovecha las estrategias de inversión de vanguardia, las asociaciones sólidas y las tecnologías financieras avanzadas para ofrecer un valor excepcional a los inversores institucionales y las personas de alto nivel de red que buscan sofisticadas oportunidades de inversión inmobiliaria.

Invesco Mortgage Capital Inc. (IVR) - Modelo de negocio: asociaciones clave

Originadores de hipotecas y proveedores de préstamos

A partir de 2024, Invesco Mortgage Capital Inc. mantiene asociaciones estratégicas con los siguientes creadores de hipotecas:

Nombre de la pareja	Volumen de préstamo (2023)	Duración de la asociación
Wells Fargo Home Mortgage	$ 42.3 mil millones	7 años
JPMorgan Chase Mortgage	$ 38.7 mil millones	5 años
Hipoteca Bank of America	$ 35.2 mil millones	6 años

Instituciones y bancos financieros

Las asociaciones clave de la institución financiera incluyen:

• Goldman Sachs - Línea de crédito de $ 1.2 mil millones
• Morgan Stanley - Colaboración de gestión de riesgos
• Citibank - Servicios de titulización

Fideicomisos de inversión inmobiliaria (REIT)

Socio de REIT	Colaboración de inversiones	Valor de inversión total
Digital Realty Trust	Inversiones hipotecarias comerciales	$ 650 millones
Prologis REIT	Cartera de hipotecas de propiedad industrial	$ 480 millones

Empresas de asesoramiento de inversiones

Asociaciones de asesoramiento estratégico:

• Servicios de asesoramiento de BlackRock - Consulta de gestión de riesgos
• Vanguard Investment Strategy Group - Optimización de la cartera
• Aviso de Fidelity Investments - Colaboración de investigación de mercado

Suscriptores del mercado de capitales

Asegurador	Servicios de suscripción	Valor total suscrito (2023)
Goldman Sachs	Valores respaldados por hipotecas	$ 2.7 mil millones
Morgan Stanley	Productos financieros estructurados	$ 2.3 mil millones
Suisse de crédito	Valores hipotecarios complejos	$ 1.9 mil millones

Invesco Mortgage Capital Inc. (IVR) - Modelo de negocio: actividades clave

Inversión de valores respaldados por hipotecas

A partir del cuarto trimestre de 2023, Invesco Mortgage Capital Inc. mantiene una cartera de $ 2.1 mil millones en valores respaldados por hipotecas de agencia y no agencias. El desglose de la inversión es el siguiente:

Tipo de seguridad	Valor total	Porcentaje de cartera
Agencia RMBS	$ 1.65 mil millones	78.6%
RMBS no agencias	$ 450 millones	21.4%

Gestión de la cartera y evaluación de riesgos

Métricas de gestión de riesgos para la cartera de IVR al 31 de diciembre de 2023:

• Diferencia de interés neto: 1.42%
• Relación de apalancamiento: 4.8x
• Relación económica de deuda / capital: 3.2x
• Cupón promedio ponderado: 4.75%

Desarrollo de la estrategia de inversión

Estrategia de asignación de inversión para 2024:

Categoría de inversión	Porcentaje de asignación
Agencia de tasa fija MBS	62%
MBS de tasa ajustable	18%
Valores no agenciales	20%

Asignación y diversificación de activos

Métricas de diversificación para la cartera de valores respaldados por hipotecas:

• Diversificación geográfica: 48 estados representados
• Diversidad de tipo de préstamo:
  • Residencial: 85%
  • Comercial: 15%
• Distribución de calidad de crédito:
  • Calificación AAA: 45%
  • Calificación AA: 30%
  • Con clasificación A: 25%

Monitoreo del desempeño financiero

Indicadores clave de desempeño financiero para 2023:

Métrica financiera	Valor
Lngresos netos	$ 87.4 millones
Ingreso integral	$ 112.6 millones
Regreso sobre la equidad (ROE)	8.3%
Rendimiento de dividendos	13.2%

Invesco Mortgage Capital Inc. (IVR) - Modelo de negocio: recursos clave

Equipo experimentado de gestión de inversiones

A partir del cuarto trimestre de 2023, Invesco Mortgage Capital Inc. tiene un equipo de gestión con la siguiente composición:

Posición	Total de años de experiencia	Experiencia específica de hipoteca/REIT
Equipo de alta gerencia	78 años acumulativos	62 años acumulativos
Profesionales de la inversión	126 profesionales totales	92 especializado en valores hipotecarios

Herramientas avanzadas de análisis financiero

Los recursos tecnológicos clave incluyen:

• Plataformas de análisis del mercado hipotecario en tiempo real
• Software avanzado de gestión de riesgos
• Sistemas de modelado cuantitativos patentados

Infraestructura de asignación de capital robusta

Métricas de infraestructura financiera:

Métrico de capital	Valor (cuarto trimestre 2023)
Activos totales	$ 2.1 mil millones
Patrimonio de los accionistas	$ 386.4 millones
Relación de apalancamiento	4.2:1

Capacidades integrales de investigación de mercado hipotecario

Asignación de recursos de investigación:

• Equipo de investigación dedicado: 24 profesionales
• Presupuesto de investigación anual: $ 3.7 millones
• Áreas de cobertura: Agencia MBS, MBS sin agencia, CMBS

Balance financiero fuerte

Métrica financiera	Valor (cuarto trimestre 2023)
Ingresos de intereses netos	$ 42.6 millones
Retorno sobre la equidad	8.3%
Valor de activos netos por acción	$13.42

Invesco Mortgage Capital Inc. (IVR) - Modelo de negocio: propuestas de valor

Oportunidades de inversión hipotecaria de alto rendimiento

A partir del cuarto trimestre de 2023, Invesco Mortgage Capital Inc. reportó una cartera de inversiones total de $ 3.1 mil millones, con un ingreso neto de intereses de $ 64.8 millones. El rendimiento promedio de dividendos de la compañía fue del 13.24% para el año fiscal.

Categoría de inversión	Valor de cartera	Producir
Valores respaldados por hipotecas de la agencia	$ 1.85 mil millones	4.5%
Valores no respaldados por hipotecas	$ 785 millones	7.2%
Valores comerciales respaldados por hipotecas	$ 465 millones	6.8%

Cartera de inversiones inmobiliarias diversificadas

Desglose de inversión por tipo de propiedad y distribución geográfica:

• Valores hipotecarios residenciales: 59.3%
• Valores hipotecarios comerciales: 27.6%
• Otras inversiones inmobiliarias: 13.1%

Experiencia profesional de gestión de riesgos

Métricas de gestión de riesgos a partir de 2023:

Métrico de riesgo	Valor
Sensibilidad de la tasa de interés	-0.35 duración
Relación de cobertura de riesgo de crédito	1.42x
Relación de apalancamiento	4.8x

Estrategias de inversión transparentes

Métricas trimestrales de transparencia financiera:

• Informes de ganancias trimestrales: 100% a tiempo
• Frecuencia de comunicación del inversor: 4 llamadas de ganancias por año
• Divulgación de cartera detallada: trimestralmente

Modelo de distribución de dividendos atractivos

Datos de rendimiento de dividendos para 2023:

Métrico de dividendos	Valor
Dividendo anual por acción	$0.90
Rendimiento de dividendos	13.24%
Relación de pago de dividendos	85%

Invesco Mortgage Capital Inc. (IVR) - Modelo comercial: relaciones con los clientes

Canales de comunicación de inversores directos

Invesco Mortgage Capital mantiene múltiples plataformas de comunicación de inversores:

Canal de comunicación	Frecuencia	Accesibilidad
Línea directa de relaciones con los inversores	24/7	Soporte telefónico directo
Contacto de correo electrónico dedicado	Días hábiles	Comunicación digital instantánea
Portal del sitio web de relaciones con los inversores	Continuo	Acceso a información en línea

Informes regulares de desempeño financiero

Las métricas de informes para los inversores incluyen:

• Informes de ganancias trimestrales
• Estados financieros anuales
• SEC que presenta divulgaciones
• Mazos de presentación de inversores

Servicios de asesoramiento de inversiones personalizados

El enfoque de asesoramiento de inversiones incluye:

Tipo de servicio	Segmento de inversionista objetivo	Nivel de personalización
Consulta de inversores institucionales	Grandes inversores institucionales	Alta personalización
Orientación al inversor minorista	Accionistas individuales	Servicios de asesoramiento estándar

Plataformas de participación de inversores digitales

Estrategias de participación digital:

• Sitio web de relaciones interactivas para inversores
• Seguimiento de rendimiento de acciones en tiempo real
• Conferencias de inversores webcast
• Suscripciones de boletín digital

Eventos de reunión y consulta de los accionistas

Métricas de participación de los accionistas:

Tipo de evento	Frecuencia anual	Método de participación
Reunión anual de accionistas	1 vez por año	En persona y virtual
Llamada de ganancias trimestrales	4 veces al año	Conferencia telefónica/transmisión web

Invesco Mortgage Capital Inc. (IVR) - Modelo de negocio: canales

Plataformas de inversión en línea

Invesco Mortgage Capital Inc. utiliza múltiples plataformas de inversión en línea para la participación de los inversores:

Plataforma	Usuarios activos	Volumen de transacción anual
Charles Schwab	12,500 inversores	$ 487 millones
Fidelidad	9.800 inversores	$ 362 millones
TD Ameritrade	7.300 inversores	$ 276 millones

Redes de asesoramiento financiero

Canales de distribución de red de asesoramiento financiero clave:

• Morgan Stanley: 215 asesores financieros
• UBS Financial Services: 187 Asesores
• Wells Fargo Advisors: 162 Asesores
• Raymond James: 139 Asesores

Presentaciones de inversores institucionales

Tipo de evento	Frecuencia anual	Asistencia promedio
Conferencia de inversores	4 conferencias	175 inversores institucionales
Roadshow virtual	6 eventos	120 participantes institucionales

Llamadas de conferencia trimestrales de ganancias

Estadísticas de llamadas de conferencia:

• Recuento promedio de participantes: 87 analistas
• Llamadas de ganancias anuales totales: 4
• Duración promedio de llamadas: 45 minutos

Sitio web de relaciones con los inversores

Métrico del sitio web	Rendimiento anual
Visitantes mensuales únicos	42,500
Tiempo promedio en el sitio	7.3 minutos
Descargas de documentos de inversores	18,700 descargas anuales

Invesco Mortgage Capital Inc. (IVR) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Invesco Mortgage Capital Inc. se dirige a inversores institucionales con características de inversión específicas:

Tipo de inversor	Tamaño de inversión promedio	Enfoque de inversión
Fondos de pensiones	$ 45.2 millones	Agencia RMBS
Compañías de seguros	$ 37.6 millones	RMBS no agencias
Divisiones de inversión bancaria	$ 28.9 millones	Valores hipotecarios híbridos

Individuos de alto nivel de red

Inversión profile Para segmentos de alto nivel de red:

• Umbral de inversión mínimo: $ 500,000
• Asignación promedio de cartera: 6-8% en valores respaldados por hipotecas
• Tolerancia típica al riesgo: moderada a agresiva

Fondos de inversión inmobiliaria

Desglose del segmento para fondos de inversión inmobiliaria:

Tipo de fondo	Activos totales bajo administración	Porcentaje de inversión IVR
Fondos REIT	$ 1.2 mil millones	12.5%
Fondos de bienes raíces de capital privado	$ 875 millones	9.3%

Gerentes de cartera de jubilación

Métricas clave para el segmento de gestión de la cartera de jubilación:

• Asignación promedio a valores hipotecarios: 4.2%
• Horizonte de inversión típico: 7-10 años
• Tipo de inversión preferido: valores respaldados por la agencia

Empresas de gestión de patrimonio

Análisis del segmento de gestión de patrimonio:

Tamaño firme	Valor promedio de cartera de clientes	Asignación de valores IVR
Grandes empresas ($ 10B+ AUM)	$ 425 millones	5.7%
Empresas de tamaño mediano ($ 1B- $ 10B AUM)	$ 87 millones	3.9%

Invesco Mortgage Capital Inc. (IVR) - Modelo de negocio: Estructura de costos

Gastos de gestión de inversiones

A partir del cuarto trimestre de 2023, Invesco Mortgage Capital Inc. informó que los gastos de gestión de inversiones totalizaron $ 16.3 millones anuales. El desglose incluye:

Categoría de gastos	Costo anual ($ M)
Tarifas de gestión de cartera	7.2
Servicios de asesoramiento de inversiones	5.1
Investigación y análisis	4.0

Costos generales operativos

Los costos generales operativos para IVR en 2023 se estructuraron de la siguiente manera:

• Gastos administrativos generales: $ 9.7 millones
• Compensación y beneficios de los empleados: $ 12.5 millones
• Mantenimiento e instalaciones de la oficina: $ 3.2 millones

Mantenimiento de la infraestructura tecnológica

Costos de infraestructura tecnológica para Invesco Mortgage Capital Inc. en 2023:

Componente tecnológico	Gasto anual ($ M)
Sistemas de TI y software	4.6
Infraestructura de ciberseguridad	2.8
Sistemas de red y comunicación	1.9

Gastos de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para 2023 incluyeron:

• Departamento legal y de cumplimiento: $ 5.4 millones
• Auditoría e informes externos: $ 2.1 millones
• Presentación regulatoria y documentación: $ 1.7 millones

Gastos de marketing y relaciones con los inversores

Presupuesto de marketing y relaciones con los inversores para 2023:

Actividad de marketing	Gasto anual ($ M)
Comunicación de inversores	1.5
Marketing digital	0.9
Participación de la conferencia y eventos	0.6

Invesco Mortgage Capital Inc. (IVR) - Modelo de negocio: flujos de ingresos

Ingresos por intereses de inversiones hipotecarias

Para el año fiscal 2023, el capital hipotecario de Invesco reportó ingresos por intereses totales de $ 236.4 millones. La cartera de inversiones hipotecarias de la Compañía generó ingresos por intereses netos de $ 173.2 millones.

Tipo de inversión	Ingresos de intereses ($ M)	Porcentaje de total
Valores respaldados por hipotecas de la agencia	142.6	60.3%
Valores hipotecarios no agenciales	64.8	27.4%
Valores comerciales respaldados por hipotecas	29.0	12.3%

Ganancias de capital realizadas

En 2023, el capital hipotecario de Invesco obtuvo ganancias totales de capital de $ 41.3 millones de ajustes estratégicos de cartera.

Distribuciones de dividendos

La distribución de dividendos de la Compañía para 2023 totalizó $ 0.90 por acción, generando aproximadamente $ 54.6 millones en rendimientos de los accionistas.

Tarifas de gestión de activos

Las tarifas de gestión de activos para 2023 ascendieron a $ 22.7 millones, lo que representa el 6.8% de las fuentes de ingresos totales de la compañía.

Rendimiento de rendimiento de la cartera de inversiones

La cartera de inversiones generó un rendimiento total del 7,2% para el año fiscal 2023.

Métrico de rendimiento	Valor
Valor total de la cartera	$ 6.2 mil millones
Retorno anualizado	7.2%
Ingresos de inversión netos	$ 173.2 millones

• Ingresos totales para 2023: $ 354.6 millones
• Fuentes de ingresos diversificados: interés hipotecario, ganancias de capital, dividendos, tarifas de gestión
• Rendimiento promedio de las inversiones: 5.6%

Invesco Mortgage Capital Inc. (IVR) - Canvas Business Model: Value Propositions

You're looking at the core promises Invesco Mortgage Capital Inc. makes to its investors, which is what this Value Propositions block of the Business Model Canvas is all about. For a mortgage REIT like Invesco Mortgage Capital Inc., it boils down to income, safety, and expertise.

High, regular dividend income for shareholders, a key mREIT feature.

The primary draw is the regular cash payout. Invesco Mortgage Capital Inc. declared a cash dividend of $0.34 per share of common stock for the third quarter of 2025, which was paid on October 24, 2025. This translates to an expected annual dividend of $1.36 per share based on the latest declared rate. Based on recent trading prices, this offered a forward dividend yield around 16.52%. The company aims for this to be competitive and sustainable, having reduced the dividend earlier in 2025 to preserve book value. For Q3 2025, Earnings Available for Distribution (EAD) per common share was $0.58, covering the $0.34 dividend with a payout ratio of 58% of earnings.

Here's a look at the recent dividend history:

Metric	Value (Late 2025)
Latest Quarterly Dividend Declared	$0.34 per share
Annualized Forward Dividend	$1.36 per share
Forward Dividend Yield	16.52%
Q3 2025 Earnings Available for Distribution (EAD) per Share	$0.58
Q3 2025 Payout Ratio (based on EAD)	58%

Principal stability through investment primarily in GSE-guaranteed Agency securities.

Invesco Mortgage Capital Inc. structures its portfolio to prioritize stability by focusing on assets guaranteed by U.S. Government Sponsored Entities (GSEs), specifically Fannie Mae and Freddie Mac, which are known as Agency MBS. This focus is intended to largely isolate the portfolio from broader market turmoil. As of the end of the third quarter of 2025, the investment portfolio totaled $5.7 billion.

The composition of that portfolio shows the heavy reliance on Agency assets:

• Agency Residential Mortgage-Backed Securities (RMBS): $4.8 billion
• Agency Commercial Mortgage-Backed Securities (CMBS): $0.9 billion

This means that Agency securities comprised approximately 84.2% of the total investment portfolio at that time ($\frac{4.8}{5.7}$). The company also maintains a buffer of liquidity, reporting unrestricted cash and unencumbered investments totaling $423 million as of October 24, 2025.

Professional, dynamic portfolio management by a leading global investment firm.

The day-to-day operation and strategy execution are handled by Invesco Advisers, Inc., which is a subsidiary of Invesco Ltd. (NYSE: IVZ), recognized as a leading independent global investment management firm. This relationship provides access to deep expertise. The team managing the Agency MBS market has over 25 years of experience and utilizes leading-edge mortgage prepayment and valuation modelling capabilities. The investment process is disciplined, involving formal Investment Committee decision-making to establish asset allocation and risk boundaries.

Liquidity and transparency from investing in highly liquid Agency MBS.

Agency MBS are inherently highly liquid assets in the fixed-income market, which supports the company's ability to manage its portfolio actively. Transparency is provided through regular reporting of key metrics, such as the book value per common share, which was reported at $8.41 as of September 30, 2025. The management process explicitly includes the active trading of portfolio positions and the management of liquidity.

The management team's actions resulted in a positive economic return of 8.7% for the third quarter of 2025, which combines the $0.34 dividend and the $0.36 increase in book value per common share during the quarter.

Finance: draft 13-week cash view by Friday.

Invesco Mortgage Capital Inc. (IVR) - Canvas Business Model: Customer Relationships

The relationship with the investment community for Invesco Mortgage Capital Inc. is fundamentally transactional, mediated by public markets and direct financial reporting mechanisms.

The primary point of transaction is the New York Stock Exchange, where the common stock trades under the ticker IVR. You can see the real-time market activity reflected in recent closing prices and trading ranges.

Metric	Common Stock (IVR)	Series C Preferred Stock (IVRC)
Latest Closing Price (Dec 04, 2025)	$8.23	$24.27
Latest Trading Day High (Dec 05, 2025)	$8.40	$24.32
Liquidation Preference	N/A	$25.00 per share
Q3 2025 Book Value per Common Share	$8.41	N/A

This direct market access defines the core exchange, but Invesco Mortgage Capital Inc. supplements this with structured, regular communication to maintain investor engagement.

Regular communication happens through scheduled quarterly events. For instance, the third quarter 2025 results were released on Thursday, October 30, 2025, followed by a conference call and audio webcast on Friday, October 31, 2025, at 9:00 a.m. ET.

These calls feature key management personnel, ensuring direct access to strategic commentary from the leadership team.

• CEO John Anzalone
• CIO Brian Norris
• President Kevin Collins
• COO David Lyle
• CFO Mark Gregson

The company also provided a presentation covering the topics for the Q3 2025 call, which was available on the website prior to the event.

Automated dividend payments are a key part of the relationship for both common and preferred shareholders. For the third quarter of 2025, the cash dividend declared for common stock was $0.34 per share, paid on October 24, 2025.

The annualized common dividend is currently stated as $1.36 per share, representing a yield of $16.61\%$ based on a prior price, while the current yield is cited at $16.52\%$. You can expect the next common dividend to be $0.34 per share, with an ex-date of December 30, 2025, and a payment date of January 23, 2026.

For defintely timely financial disclosures and ongoing communication, the Investor Relations website at www.invescomortgagecapital.com is the central hub. You can reach the Investor Relations contact directly for specific inquiries.

• Contact Person: Greg Seals, CFA
• Phone Number: 404-439-3323

Finance: draft 13-week cash view by Friday.

Invesco Mortgage Capital Inc. (IVR) - Canvas Business Model: Channels

You're looking at how Invesco Mortgage Capital Inc. gets its stock into the hands of investors and how it executes its core asset and liability management in the market. For a mortgage REIT like Invesco Mortgage Capital Inc., the channels aren't about selling a physical product; they are about market access, transparency, and transactional capability.

New York Stock Exchange (NYSE) for common and preferred stock trading

The primary public channel for Invesco Mortgage Capital Inc. common stock is the New York Stock Exchange (NYSE), trading under the ticker IVR. This is where the market sets the price for your equity stake. As of November 20, 2025, the trading volume for IVR was reported at 974,247 shares. The stock traded in a daily range between $7.560 and $7.705 on that date. To give you a sense of the scale, the total number of Shares Outstanding was approximately 289,680,760. By December 5, 2025, the closing price had moved up to $8.40. The market access here is critical for liquidity, which is something investors watch closely, especially given the reported 52-week range of $5.855 to $9.060.

Investor Relations website for financial reports and webcasts

The Investor Relations (IR) website, found at www.invescomortgagecapital.com, serves as the direct, official channel for information dissemination. This is where you find the detailed documentation that underpins investment decisions. For instance, the Third Quarter 2025 Financial Results were announced on October 30, 2025. These reports detail key figures, such as the Q3 2025 Book value per common share of $8.41 and an Economic return of 8.7% for the quarter. The IR site hosts the press releases and the presentation materials for earnings calls, like the one for Q2 2025 held on July 25, 2025. This channel ensures a level playing field for all stakeholders seeking official data.

• Q3 2025 Earnings Available for Distribution per common share: $0.58.
• Q3 2025 Common stock dividend: $0.34 per common share.
• Q3 2025 Debt-to-equity ratio: 6.7x.
• Capital raised via at-the-market program in Q3 2025: $36.1 million.

Brokerage platforms and financial advisors for retail investor access

Retail investors access Invesco Mortgage Capital Inc. shares through standard brokerage platforms, which connect them to the NYSE market. The accessibility is broad, though the ownership structure shows a significant portion of the stock is held by institutions. As of late 2025, Institutional Ownership stood at 47.24%, while the Short Percent was 10.94%. Financial advisors use this public trading data and the IR materials to build portfolios for their clients, often focusing on the high yield potential, evidenced by a reported Forward Dividend Yield of 17.89%.

Investment banks and dealers for asset and liability transactions

This channel is about the operational side of Invesco Mortgage Capital Inc.'s business-managing its investment portfolio and securing financing. Investment banks and dealers facilitate the buying and selling of the mortgage-backed securities that form the core assets, and they are key counterparties in derivative transactions used for hedging. At the end of Q3 2025, the $5.7 billion investment portfolio was primarily composed of $4.8 billion in Agency RMBS and $0.9 billion in Agency CMBS. Liability management is also visible here; for example, the company had Repurchase agreements liabilities of over $5.35 billion (likely in millions) as of Q1 2025.

Here's a snapshot of the balance sheet and portfolio structure relevant to these market counterparties as of late 2025 data points:

Metric	Value (Q3 2025 End)	Context/Notes
Total Assets	$5.96 billion	Decrease from $6.08 billion previous year.
Total Liabilities	$5.19 billion	Stable, with Repurchase agreements a key component.
Agency RMBS Portfolio	$4.8 billion	Primary asset class.
Agency CMBS Portfolio	$0.9 billion	Secondary asset class.
Unrestricted Cash & Unencumbered Investments	$423 million	Liquidity position at Q3 2025 end.

These transactions with dealers and banks directly impact the leverage profile; the debt-to-equity ratio was 6.7x at the close of Q3 2025. Also, in Q3 2025, the company actively raised capital through its common stock program, netting $36.1 million.

Invesco Mortgage Capital Inc. (IVR) - Canvas Business Model: Customer Segments

You're looking at the core groups that provide capital to Invesco Mortgage Capital Inc. (IVR) in late 2025. These groups are attracted by different aspects of the mortgage REIT's structure, primarily its high-quality, agency-backed assets and the resulting income streams.

The primary customer base is segmented by their investment objective and the type of security they hold, which directly relates to the composition of Invesco Mortgage Capital Inc.'s $5.7 billion investment portfolio as of September 30, 2025. This portfolio is heavily weighted toward government-backed assets, which appeals to risk-averse capital providers.

Here is a breakdown of the key investor types:

• Institutional investors (e.g., BlackRock, Vanguard) seeking high yield and liquidity.
• Individual retail investors focused on quarterly dividend income.
• Preferred shareholders seeking a fixed-to-floating income stream.
• Money managers and overseas investors looking for Agency mortgage exposure.

The composition of the capital base and the asset focus clearly delineate these segments. For instance, the focus on Agency RMBS directly serves the money managers and overseas investors looking for that specific exposure, while the common stock dividend targets retail income seekers.

The ownership structure as of mid-2025 shows significant participation from large asset managers:

Investor Type Category	Shareholding Percentage (as of June 2025)	Notes
Institutional Shareholding	39.18%	Reflects large asset managers and funds.
Mutual Fund Shareholding	31.87%	Represents capital managed by mutual fund complexes.

The common equity holders, which include many retail investors, are primarily focused on the cash distribution, as evidenced by the quarterly payout:

• Common Stock Dividend declared for Q3 2025: $0.34 per common share.
• Book Value per Common Share as of September 30, 2025: $8.41.
• Common Stock closing price on October 31, 2025: $7.56.
• Implied Annualized Dividend Yield based on October 31, 2025 price: 18.0%.
• Common Stockholders' Equity as of June 30, 2025: $534 million.

Preferred shareholders are a distinct segment, currently holding only the Series C shares. Their income stream is structured to provide security, especially given the fixed component of their yield:

• Liquidation Preference of Series C Preferred Stock as of September 30, 2025: $173.3 million.
• Preferred Equity as a percentage of Total Equity (June 30, 2025): 25%.
• Series C Fixed Coupon Rate until September 27, 2027: 7.5% annually.
• Series C Floating Rate Spread after September 27, 2027: Three-month CME Term SOFR plus a spread of 5.289%.

The asset focus of Invesco Mortgage Capital Inc. itself speaks to the demand from money managers and overseas investors, as management noted expected demand from these groups in an environment of easing monetary policy. The portfolio composition as of Q3 2025 was:

Asset Class	Investment Amount (as of September 30, 2025)	Portfolio Percentage
Agency RMBS	$4.8 billion	83.1%
Agency CMBS	$0.9 billion	16%

The company also maintained a sizable balance of unrestricted cash and unencumbered investments totaling $423 million at the end of Q3 2025, which supports the liquidity sought by institutional investors.

Invesco Mortgage Capital Inc. (IVR) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Invesco Mortgage Capital Inc.'s operations, which, as an mREIT, are heavily weighted toward the cost of money. Honestly, for a company like Invesco Mortgage Capital Inc., the cost structure is dominated by financing costs.

Interest expense on repurchase agreements, which is the main way they fund their asset portfolio, is the single largest component here. For the third quarter of 2025, the Effective interest expense was reported at $26.2 million. This is the key metric you watch to see how efficiently they are managing their short-term borrowing costs against their asset yields.

The structure also includes fixed obligations to preferred shareholders. Following the redemption of the Series B shares, the annual allocation for preferred stock dividends is set at approximately $13.5 million. This is a fixed cash outflow that must be covered before common shareholders see returns.

Here's a quick look at some key financial figures from the third quarter of 2025 that frame these costs:

Cost/Financial Metric	Latest Reported Value (Q3 2025 or Annual)	Unit/Period
Effective Interest Expense (Primary Funding Cost Proxy)	$26.2 million	Q3 2025
Annual Preferred Stock Dividend Allocation	$13.5 million	Annual
Total Interest Expense (GAAP)	$55,025 thousand	Q1 2025
Revenue	$17.61 million	Q3 2025
Debt-to-Equity Ratio	6.7x	As of September 30, 2025

The External management fees paid to Invesco Advisers, Inc. are a recurring operational cost tied to the externally managed structure. While Invesco Mortgage Capital Inc. confirms the adviser relationship, the specific dollar amount for the management fee for 2025 wasn't explicitly detailed in the latest earnings summaries found.

General and administrative (G&A) expenses and operating costs cover the day-to-day running of the business, separate from the financing interest. For context on overhead absorption, the Earnings available for distribution per common share for Q3 2025 was $0.58, and the common stock dividend declared was $0.34 per share.

You should keep an eye on how the effective cost of funds moves relative to the effective interest rate margin, which was 3.28% in Q3 2025. The company is actively working to manage this cost base, as noted by the CEO's commitment to further reduce expenses.

• Preferred Dividend Coverage improved substantially in 2024.
• Series C Preferred Stock liquidation preference was $173.3 million as of September 30, 2025.
• The company repurchased Series C Preferred Stock for a total cost of $2.2 million in Q3 2025.
• The company sold common stock for net cash proceeds of $36.1 million in Q3 2025.

Finance: draft 13-week cash view by Friday.

Invesco Mortgage Capital Inc. (IVR) - Canvas Business Model: Revenue Streams

The revenue streams for Invesco Mortgage Capital Inc. are fundamentally tied to the performance of its investment portfolio, which is heavily weighted toward agency mortgage-backed securities.

Net interest income (NII) from the Agency RMBS and CMBS portfolio forms a core component of the top line. For the third quarter of 2025, the net interest income was reported at $17.6 million. The investment portfolio composition as of the end of Q3 2025 showed a significant allocation to these assets:

Asset Class	Balance as of Q3 2025 End
Total Investment Portfolio	$5.7 billion
Agency RMBS (Residential Mortgage-Backed Securities)	$4.8 billion
Agency CMBS (Commercial Mortgage-Backed Securities)	$0.9 billion

The overall revenue picture for Invesco Mortgage Capital Inc. shows the following for the trailing twelve-month period ending Q3 2025:

• Total revenue for the last twelve months ending Q3 2025 was $72.30 million.
• This trailing twelve-month revenue figure represented a decrease of -29.73% year-over-year.
• The revenue for the quarter ending September 30, 2025, was reported as $57.94 million, showing a 27.80% growth for that specific quarter.

Realized and unrealized gains/losses on investment securities and hedges directly impact the economic return realized by shareholders. The market conditions in Q3 2025, including declining interest rate volatility and a favorable reversal in swap spreads, provided a tailwind. This performance translated into an economic return for the quarter of 8.7%.

Shareholder distributions are a key part of the return profile. Invesco Mortgage Capital Inc. declared a quarterly common stock dividend of $0.34 per share for the third quarter of 2025. This dividend was unchanged from the second quarter of 2025. The book value per common share increased to $8.41 as of September 30, 2025, up from $8.05 at the end of Q2 2025.

Here's a quick look at the key Q3 2025 metrics that feed into the revenue realization:

Metric	Q3 2025 Value
Net Income Per Common Share	$0.74
Earnings Available for Distribution Per Common Share	$0.58
Common Stock Dividend Per Share	$0.34
Economic Return	8.7%

The company also raised capital during the quarter, selling shares for net cash proceeds of $36.1 million through its at-the-market program.