Invesco Mortgage Capital Inc. (IVR): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe d'Invesco Mortgage Capital Inc. (IVR), une fiducie d'investissement immobilier dynamique qui transforme les investissements hypothécaires en une puissance financière stratégique. Avec un modèle commercial sophistiqué qui équilibre les risques, l'innovation et les opportunités à haut rendement, l'IVR a creusé un créneau unique dans le paysage complexe des titres adossés à des hypothèques. Cette exploration de leur canevas sur le modèle d'entreprise révèle comment l'entreprise tire parti des stratégies d'investissement de pointe, des partenariats robustes et des technologies financières avancées pour offrir une valeur exceptionnelle aux investisseurs institutionnels et aux personnes à haute teneur en matière de netteur à la recherche de possibilités d'investissement immobilier sophistiquées.

Invesco Mortgage Capital Inc. (IVR) - Modèle d'entreprise: Partenariats clés

Originateurs hypothécaires et fournisseurs de prêts

En 2024, Invesco Mortgage Capital Inc. maintient des partenariats stratégiques avec les créateurs hypothécaires suivants:

Nom de partenaire	Volume de prêt (2023)	Durée du partenariat
Hypothèque de maison Wells Fargo	42,3 milliards de dollars	7 ans
JPMorgan Chase Mortgage	38,7 milliards de dollars	5 ans
Hypothèque Bank of America	35,2 milliards de dollars	6 ans

Institutions et banques financières

Les partenariats clés de l'institution financière comprennent:

• Goldman Sachs - Ligne de crédit de 1,2 milliard de dollars
• Morgan Stanley - Collaboration de gestion des risques
• Citibank - Services de titrisation

Trusts de placement immobilier (FPI)

Partenaire de FPI	Collaboration d'investissement	Valeur d'investissement totale
Digital Realty Trust	Investissements hypothécaires commerciaux	650 millions de dollars
Prologis Reit	Portefeuille hypothécaire de propriété industrielle	480 millions de dollars

Sociétés de conseil en investissement

Partenariats de conseil stratégique:

• BlackRock Advisory Services - Consultation en gestion des risques
• Vanguard Investment Strategy Group - Optimisation du portefeuille
• Fidelity Investments Advisory - Market Research Collaboration

Souscripteurs du marché des capitaux

Souscripteur	Services de souscription	Valeur totale souscrite (2023)
Goldman Sachs	Titres adossés à des créances hypothécaires	2,7 milliards de dollars
Morgan Stanley	Produits financiers structurés	2,3 milliards de dollars
Credit Suisse	Titres hypothécaires complexes	1,9 milliard de dollars

Invesco Mortgage Capital Inc. (IVR) - Modèle d'entreprise: Activités clés

Investissement en valeurs mobilières adossé à des hypothèques

Au quatrième trimestre 2023, Invesco Mortgage Capital Inc. maintient un portefeuille de 2,1 milliards de dollars de titres adossés à des hypothèques non agences. La répartition des investissements est la suivante:

Type de sécurité	Valeur totale	Pourcentage de portefeuille
RMBS d'agence	1,65 milliard de dollars	78.6%
RMBS non agences	450 millions de dollars	21.4%

Gestion du portefeuille et évaluation des risques

Métriques de gestion des risques pour le portefeuille de l'IVR au 31 décembre 2023:

• Répartition nette des intérêts: 1,42%
• Ratio de levier: 4,8x
• Ratio de dette / investissement économique: 3,2x
• Coupon moyen pondéré: 4,75%

Développement de stratégie d'investissement

Stratégie d'allocation des investissements pour 2024:

Catégorie d'investissement	Pourcentage d'allocation
MBS d'agence à taux fixe	62%
MBS à taux réglable	18%
Titres non agences	20%

Allocation et diversification des actifs

Métriques de diversification pour le portefeuille de valeurs mobilières adossé à des créances hypothécaires:

• Diversification géographique: 48 États représentés
• Diversité du type de prêt:
  • Résidentiel: 85%
  • Commercial: 15%
• Distribution de la qualité du crédit:
  • AAA évalué: 45%
  • Créé sur AA: 30%
  • A évalué A: 25%

Surveillance des performances financières

Indicateurs de performance financière clés pour 2023:

Métrique financière	Valeur
Revenu net	87,4 millions de dollars
Revenu complet	112,6 millions de dollars
Retour sur l'équité (ROE)	8.3%
Rendement des dividendes	13.2%

Invesco Mortgage Capital Inc. (IVR) - Modèle d'entreprise: Ressources clés

Équipe expérimentée de gestion des investissements

Au quatrième trimestre 2023, Invesco Mortgage Capital Inc. a une équipe de gestion avec la composition suivante:

Position	Total des années d'expérience	Expérience spécifique à un hypothèque / REIT
Équipe de direction	78 années cumulatives	62 années cumulatives
Professionnels de l'investissement	126 professionnels au total	92 spécialisé dans les titres hypothécaires

Outils d'analyse financière avancés

Les ressources technologiques clés comprennent:

• Plateformes d'analyse du marché hypothécaire en temps réel
• Logiciel de gestion des risques avancée
• Systèmes de modélisation quantitative propriétaire

Infrastructure d'allocation de capital robuste

Mesures d'infrastructure financière:

Métrique capitale	Valeur (Q4 2023)
Actif total	2,1 milliards de dollars
Capitaux propres des actionnaires	386,4 millions de dollars
Rapport de levier	4.2:1

Capacités complètes de recherche sur le marché hypothécaire

Attribution des ressources de recherche:

• Équipe de recherche dédiée: 24 professionnels
• Budget de recherche annuel: 3,7 millions de dollars
• Zones de couverture: Agence MBS, MBS non agences, CMBS

Banque financier solide

Métrique financière	Valeur (Q4 2023)
Revenu net d'intérêt	42,6 millions de dollars
Retour des capitaux propres	8.3%
Valeur de l'actif net par action	$13.42

Invesco Mortgage Capital Inc. (IVR) - Modèle d'entreprise: propositions de valeur

Opportunités d'investissement hypothécaire à haut rendement

Au quatrième trimestre 2023, Invesco Mortgage Capital Inc. a déclaré un portefeuille d'investissement total de 3,1 milliards de dollars, avec un revenu d'intérêt net de 64,8 millions de dollars. Le rendement moyen des dividendes de l'entreprise était de 13,24% pour l'exercice.

Catégorie d'investissement	Valeur de portefeuille	Rendement
Titres adossés à des créances hypothécaires	1,85 milliard de dollars	4.5%
Titres adossés à des créances hypothécaires	785 millions de dollars	7.2%
Titres adossés à des créances hypothécaires commerciaux	465 millions de dollars	6.8%

Portefeuille d'investissement immobilier diversifié

Répartition des investissements par type de propriété et distribution géographique:

• Titres hypothécaires résidentiels: 59,3%
• Titres hypothécaires commerciaux: 27,6%
• Autres investissements immobiliers: 13,1%

Expertise professionnelle en gestion des risques

Mesures de gestion des risques à partir de 2023:

Métrique à risque	Valeur
Sensibilité aux taux d'intérêt	-0,35 durée
Ratio de couverture des risques de crédit	1.42x
Rapport de levier	4.8x

Stratégies d'investissement transparentes

Métriques de transparence financière trimestrielles:

• Rapports de bénéfices trimestriels: 100% à temps
• Fréquence de communication des investisseurs: 4 appels de bénéfices par an
• Divulgation détaillée du portefeuille: trimestriel

Modèle de distribution de dividendes attrayants

Données de performance de dividendes pour 2023:

Métrique du dividende	Valeur
Dividende annuel par action	$0.90
Rendement des dividendes	13.24%
Ratio de distribution de dividendes	85%

Invesco Mortgage Capital Inc. (IVR) - Modèle d'entreprise: relations avec les clients

Canaux de communication des investisseurs directs

Invesco Mortgage Capital conserve plusieurs plateformes de communication des investisseurs:

Canal de communication	Fréquence	Accessibilité
Hotline des relations avec les investisseurs	24/7	Prise en charge du téléphone direct
Contact par e-mail dédié	Jours ouvrables	Communication numérique instantanée
Portail du site Web des relations avec les investisseurs	Continu	Accès en ligne

Rapports de performance financière réguliers

Les mesures de rapport pour les investisseurs comprennent:

• Rapports de bénéfices trimestriels
• États financiers annuels
• Divulgations de classement de la SEC
• Disques de présentation des investisseurs

Services de conseil en investissement personnalisés

L'approche de conseil en investissement comprend:

Type de service	Segment des investisseurs cibler	Niveau de personnalisation
Consultation des investisseurs institutionnels	Grands investisseurs institutionnels	Personnalisation élevée
Guidance des investisseurs de détail	Actionnaires individuels	Services de conseil standard

Plateformes d'engagement des investisseurs numériques

Stratégies d'engagement numérique:

• Site Web de relations avec les investisseurs interactifs
• Suivi des performances des stocks en temps réel
• Conférences d'investisseurs Web
• Abonnements à la newsletter numérique

Événements de réunion des actionnaires et de consultation

Métriques d'engagement des actionnaires:

Type d'événement	Fréquence annuelle	Méthode de participation
Réunion des actionnaires annuelle	1 fois par an	En personne et virtuel
Appel de résultats trimestriel	4 fois par an	Conférence téléphonique / webdict

Invesco Mortgage Capital Inc. (IVR) - Modèle d'entreprise: canaux

Plateformes d'investissement en ligne

Invesco Mortgage Capital Inc. utilise plusieurs plateformes d'investissement en ligne pour l'engagement des investisseurs:

Plate-forme	Utilisateurs actifs	Volume de transaction annuel
Charles Schwab	12 500 investisseurs	487 millions de dollars
Fidélité	9 800 investisseurs	362 millions de dollars
Améritrade TD	7 300 investisseurs	276 millions de dollars

Réseaux de conseil financier

Canaux de distribution des réseaux de conseil financier clés:

• Morgan Stanley: 215 conseillers financiers
• Services financiers UBS: 187 conseillers
• Advisors de Wells Fargo: 162 conseillers
• Raymond James: 139 conseillers

Présentations des investisseurs institutionnels

Type d'événement	Fréquence annuelle	Fréquentation moyenne
Conférence des investisseurs	4 conférences	175 investisseurs institutionnels
Roadshow virtuel	6 événements	120 participants institutionnels

Conférences de résultats trimestriels

Statistiques téléphoniques:

• Compte moyen des participants: 87 analystes
• Appels de gains annuels totaux: 4
• Durée moyenne des appels: 45 minutes

Site Web de relations avec les investisseurs

Métrique du site Web	Performance annuelle
Visiteurs mensuels uniques	42,500
Temps moyen sur place	7,3 minutes
Téléchargements de documents d'investisseurs	18 700 téléchargements annuels

Invesco Mortgage Capital Inc. (IVR) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Invesco Mortgage Capital Inc. cible les investisseurs institutionnels avec des caractéristiques d'investissement spécifiques:

Type d'investisseur	Taille moyenne de l'investissement	Focus d'investissement
Fonds de pension	45,2 millions de dollars	RMBS d'agence
Compagnies d'assurance	37,6 millions de dollars	RMBS non agences
Divisions d'investissement bancaire	28,9 millions de dollars	Titres hypothécaires hybrides

Individus à haute nette

Investissement profile Pour les segments à forte intensité:

• Seuil d'investissement minimum: 500 000 $
• Attribution moyenne du portefeuille: 6 à 8% en titres adossés à des créances hypothécaires
• Tolérance au risque typique: modérée à agressive

Fonds d'investissement immobilier

Répartition des segments pour les fonds d'investissement immobilier:

Type de fonds	Total des actifs sous gestion	Pourcentage d'investissement IVR
Fonds de REIT	1,2 milliard de dollars	12.5%
Fonds immobiliers de capital-investissement	875 millions de dollars	9.3%

Gestionnaires du portefeuille de retraite

Métriques clés pour le segment de gestion du portefeuille de retraite:

• Attribution moyenne aux titres hypothécaires: 4,2%
• Horizon d'investissement typique: 7-10 ans
• Type d'investissement préféré: titres adossés à l'agence

Sociétés de gestion de patrimoine

Analyse du segment de gestion de la patrimoine:

Taille de l'entreprise	Valeur moyenne du portefeuille client	Attribution des valeurs mobilières IVR
Grandes entreprises (10 milliards de dollars + AUM)	425 millions de dollars	5.7%
Entreprises de taille moyenne (1 milliard de dollars à 10 milliards de dollars AUM)	87 millions de dollars	3.9%

Invesco Mortgage Capital Inc. (IVR) - Modèle d'entreprise: Structure des coûts

Dépenses de gestion des investissements

Au quatrième trimestre 2023, Invesco Mortgage Capital Inc. a déclaré des frais de gestion des investissements totalisant 16,3 millions de dollars par an. La ventilation comprend:

Catégorie de dépenses	Coût annuel ($ m)
Frais de gestion du portefeuille	7.2
Services de conseil en investissement	5.1
Recherche et analyse	4.0

Frais de frais généraux opérationnels

Les frais généraux opérationnels pour l'IVR en 2023 ont été structurés comme suit:

• Dépenses administratives générales: 9,7 millions de dollars
• Rémunération et avantages sociaux des employés: 12,5 millions de dollars
• Entretien et installations de bureau: 3,2 millions de dollars

Maintenance des infrastructures technologiques

Coûts d'infrastructure technologique pour Invesco Mortgage Capital Inc. en 2023:

Composant technologique	Dépenses annuelles ($ m)
Systèmes informatiques et logiciels	4.6
Infrastructure de cybersécurité	2.8
Systèmes de réseau et de communication	1.9

Frais de conformité réglementaire

Les frais de conformité réglementaire pour 2023 comprenaient:

• Département juridique et de conformité: 5,4 millions de dollars
• Audit externe et rapport: 2,1 millions de dollars
• Dépôt réglementaire et documentation: 1,7 million de dollars

Dépenses de marketing et de relations avec les investisseurs

Budget de marketing et de relations avec les investisseurs pour 2023:

Activité marketing	Dépenses annuelles ($ m)
Communication des investisseurs	1.5
Marketing numérique	0.9
Conférence et participation des événements	0.6

Invesco Mortgage Capital Inc. (IVR) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des investissements hypothécaires

Pour l'exercice 2023, Invesco Mortgage Capital a déclaré un revenu total d'intérêts de 236,4 millions de dollars. Le portefeuille d'investissement hypothécaire de la société a généré un revenu net d'intérêts de 173,2 millions de dollars.

Type d'investissement	Revenu des intérêts ($ m)	Pourcentage du total
Titres adossés à des créances hypothécaires	142.6	60.3%
Titres hypothécaires non agences	64.8	27.4%
Titres adossés à des créances hypothécaires commerciaux	29.0	12.3%

Réalisé des gains en capital

En 2023, Invesco Mortgage Capital a réalisé un total de gains en capital de 41,3 millions de dollars provenant des ajustements de portefeuille stratégiques.

Distributions de dividendes

La distribution de dividendes de la société pour 2023 a totalisé 0,90 $ par action, générant environ 54,6 millions de dollars de rendements des actionnaires.

Frais de gestion des actifs

Les frais de gestion des actifs pour 2023 s'élevaient à 22,7 millions de dollars, ce qui représente 6,8% du total des sources de revenus de la société.

Returns de performance du portefeuille d'investissement

Le portefeuille d'investissement a généré un rendement total de 7,2% pour l'exercice 2023.

Métrique de performance	Valeur
Valeur totale du portefeuille	6,2 milliards de dollars
Retour annualisé	7.2%
Revenu de placement net	173,2 millions de dollars

• Revenu total pour 2023: 354,6 millions de dollars
• Sources de revenus diversifiés: intérêts hypothécaires, gains en capital, dividendes, frais de gestion
• Rendement moyen sur les investissements: 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.