Invesco Mortgage Capital Inc. (IVR): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da Invesco Mortgage Capital Inc. (IVR), uma confiança dinâmica de investimento imobiliário que transforma os investimentos em hipotecas em uma potência financeira estratégica. Com um modelo de negócios sofisticado que equilibra riscos, inovação e oportunidades de alto rendimento, a IVR criou um nicho único no cenário complexo de valores mobiliários apoiados por hipotecas. Essa exploração de seu modelo de negócios Canvas revela como a empresa aproveita estratégias de investimento de ponta, parcerias robustas e tecnologias financeiras avançadas para oferecer valor excepcional a investidores institucionais e indivíduos de alta rede que buscam oportunidades sofisticadas de investimento imobiliário.

Invesco Mortgage Capital Inc. (IVR) - Modelo de negócios: Parcerias -chave

Originadores de hipotecas e provedores de empréstimos

A partir de 2024, a Invesco Mortgage Capital Inc. mantém parcerias estratégicas com os seguintes criadores de hipotecas:

Nome do parceiro	Volume de empréstimo (2023)	Duração da parceria
Wells Fargo Home Hipoteca	US $ 42,3 bilhões	7 anos
JPMorgan Chase Mortgage	US $ 38,7 bilhões	5 anos
Hipoteca do Bank of America	US $ 35,2 bilhões	6 anos

Instituições financeiras e bancos

As principais parcerias da instituição financeira incluem:

• Goldman Sachs - linha de crédito de US $ 1,2 bilhão
• Morgan Stanley - Colaboração de Gerenciamento de Riscos
• Citibank - Serviços de securitização

Funcionários de investimento imobiliário (REITs)

REIT Partner	Colaboração de investimentos	Valor total de investimento
Digital Realty Trust	Investimentos de hipotecas comerciais	US $ 650 milhões
Prologis reit	Portfólio de hipoteca de propriedade industrial	US $ 480 milhões

Empresas de consultoria de investimentos

Parcerias consultivas estratégicas:

• BlackRock Advisory Services - Consulta de gerenciamento de riscos
• Grupo de Estratégia de Investimento de Vanguard - Otimização do portfólio
• Advisor

Subscritores do mercado de capitais

Segurador	Serviços de subscrição	Valor total subscrito (2023)
Goldman Sachs	Valores mobiliários apoiados por hipotecas	US $ 2,7 bilhões
Morgan Stanley	Produtos financeiros estruturados	US $ 2,3 bilhões
Crédito Suisse	Valores mobiliários complexos	US $ 1,9 bilhão

Invesco Mortgage Capital Inc. (IVR) - Modelo de negócios: Atividades -chave

Investimento de valores mobiliários lastreados em hipotecas

A partir do quarto trimestre 2023, a Invesco Mortgage Capital Inc. mantém um portfólio de US $ 2,1 bilhões em valores mobiliários com agência e não-agência. O colapso do investimento é o seguinte:

Tipo de segurança	Valor total	Porcentagem de portfólio
Agency RMBS	US $ 1,65 bilhão	78.6%
RMBs não agrence	US $ 450 milhões	21.4%

Gerenciamento de portfólio e avaliação de risco

Métricas de gerenciamento de riscos para o portfólio da URI em 31 de dezembro de 2023:

• Spread de juros líquidos: 1,42%
• Razão de alavancagem: 4,8x
• Índice de dívida / patrimônio econômico: 3,2x
• Cupom médio ponderado: 4,75%

Desenvolvimento da estratégia de investimento

Estratégia de alocação de investimentos para 2024:

Categoria de investimento	Porcentagem de alocação
Agência de taxa fixa MBS	62%
MBS de taxa ajustável	18%
Valores mobiliários não agência	20%

Alocação de ativos e diversificação

Métricas de diversificação para portfólio de valores mobiliários apoiados por hipotecas:

• Diversificação geográfica: 48 estados representados
• Diversidade do tipo de empréstimo:
  • Residencial: 85%
  • Comercial: 15%
• Distribuição da qualidade de crédito:
  • AAA com classificação: 45%
  • AA com classificação: 30%
  • Avaliação A: 25%

Monitoramento de desempenho financeiro

Principais indicadores de desempenho financeiro para 2023:

Métrica financeira	Valor
Resultado líquido	US $ 87,4 milhões
Renda abrangente	US $ 112,6 milhões
Retorno sobre o patrimônio (ROE)	8.3%
Rendimento de dividendos	13.2%

Invesco Mortgage Capital Inc. (IVR) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

A partir do quarto trimestre 2023, a Invesco Mortgage Capital Inc. possui uma equipe de gerenciamento com a seguinte composição:

Posição	Anos totais de experiência	Experiência específica de hipoteca/REIT
Equipe de gerenciamento sênior	78 anos cumulativos	62 anos cumulativos
Profissionais de investimento	126 Profissionais totais	92 especializado em títulos hipotecários

Ferramentas de análise financeira avançada

Os principais recursos tecnológicos incluem:

• Plataformas de análise de mercado de hipotecas em tempo real
• Software avançado de gerenciamento de risco
• Sistemas de modelagem quantitativa proprietária

Infraestrutura robusta de alocação de capital

Métricas de infraestrutura financeira:

Métrica de capital	Valor (Q4 2023)
Total de ativos	US $ 2,1 bilhões
Equidade dos acionistas	US $ 386,4 milhões
Razão de alavancagem	4.2:1

Capacidades abrangentes de pesquisa de mercado hipotecário

Alocação de recursos de pesquisa:

• Equipe de pesquisa dedicada: 24 profissionais
• Orçamento de pesquisa anual: US $ 3,7 milhões
• Áreas de cobertura: MBS da agência, MBS não agência, CMBS

Balanço Financeiro Forte

Métrica financeira	Valor (Q4 2023)
Receita de juros líquidos	US $ 42,6 milhões
Retorno sobre o patrimônio	8.3%
Valor líquido do ativo por ação	$13.42

Invesco Mortgage Capital Inc. (IVR) - Modelo de negócios: proposições de valor

Oportunidades de investimento hipotecário de alto rendimento

A partir do quarto trimestre de 2023, a Invesco Mortgage Capital Inc. registrou um portfólio total de investimentos de US $ 3,1 bilhões, com uma receita de juros líquidos de US $ 64,8 milhões. O rendimento médio de dividendos da empresa foi de 13,24% no ano fiscal.

Categoria de investimento	Valor do portfólio	Colheita
Valores mobiliários apoiados por hipotecas da agência	US $ 1,85 bilhão	4.5%
Valores mobiliários lastreados em hipotecas	US $ 785 milhões	7.2%
Valores mobiliários lastreados em hipotecas comerciais	US $ 465 milhões	6.8%

Portfólio de investimento imobiliário diversificado

Redução de investimentos por tipo de propriedade e distribuição geográfica:

• Títulos de hipoteca residencial: 59,3%
• Títulos de hipotecas comerciais: 27,6%
• Outros investimentos imobiliários: 13,1%

Experiência profissional em gerenciamento de riscos

Métricas de gerenciamento de riscos a partir de 2023:

Métrica de risco	Valor
Sensibilidade à taxa de juros	-0,35 Duração
Taxa de cobertura de risco de crédito	1.42x
Razão de alavancagem	4.8x

Estratégias de investimento transparentes

Métricas trimestrais de transparência financeira:

• Relatórios de ganhos trimestrais: 100% dentro do prazo
• Frequência de comunicação do investidor: 4 chamadas de ganhos por ano
• Divulgação detalhada do portfólio: trimestral

Modelo de distribuição de dividendos atraente

Dados de desempenho de dividendos para 2023:

Métrica de dividendos	Valor
Dividendo anual por ação	$0.90
Rendimento de dividendos	13.24%
Taxa de pagamento de dividendos	85%

Invesco Mortgage Capital Inc. (IVR) - Modelo de negócios: Relacionamentos do cliente

Canais de comunicação de investidores diretos

O capital hipotecário da Invesco mantém várias plataformas de comunicação de investidores:

Canal de comunicação	Freqüência	Acessibilidade
Linha direta de relações com investidores	24/7	Suporte ao telefone direto
Contato de e -mail dedicado	Dias úteis	Comunicação digital instantânea
Portal de site de relações com investidores	Contínuo	Acesso às informações on -line

Relatório de desempenho financeiro regular

As métricas de relatórios para investidores incluem:

• Relatórios de ganhos trimestrais
• Demonstrações financeiras anuais
• Sec Divulgações de arquivamento
• Decks de apresentação do investidor

Serviços de consultoria de investimento personalizados

A abordagem de consultoria de investimento inclui:

Tipo de serviço	Segmento de investidores alvo	Nível de personalização
Consulta de investidores institucionais	Grandes investidores institucionais	Alta personalização
Orientação para investidores de varejo	Acionistas individuais	Serviços de consultoria padrão

Plataformas de engajamento de investidores digitais

Estratégias de engajamento digital:

• Site interativo de relações com investidores
• Rastreamento de desempenho de ações em tempo real
• Conferências de investidores do webcast
• Assinaturas de newsletter digital

Eventos de assembléia e consulta dos acionistas

Métricas de engajamento dos acionistas:

Tipo de evento	Frequência anual	Método de participação
Reunião Anual dos Acionistas	1 tempo por ano	Pessoalmente e virtual
Ligados trimestrais	4 vezes por ano	Chamada de conferência/webcast

Invesco Mortgage Capital Inc. (IVR) - Modelo de Negócios: Canais

Plataformas de investimento on -line

A Invesco Mortgage Capital Inc. utiliza várias plataformas de investimento on -line para o envolvimento dos investidores:

Plataforma	Usuários ativos	Volume anual de transações
Charles Schwab	12.500 investidores	US $ 487 milhões
Fidelidade	9.800 investidores	US $ 362 milhões
TD Ameritrade	7.300 investidores	US $ 276 milhões

Redes de consultoria financeira

Principais canais de distribuição de rede consultiva financeira:

• Morgan Stanley: 215 consultores financeiros
• Serviços financeiros do UBS: 187 consultores
• Wells Fargo Advisors: 162 consultores
• Raymond James: 139 consultores

Apresentações de investidores institucionais

Tipo de evento	Frequência anual	Participação média
Conferência de Investidores	4 conferências	175 investidores institucionais
Roadshow virtual	6 eventos	120 participantes institucionais

Chamadas de conferência de ganhos trimestrais

Estatísticas de teleconferência da conferência:

• Contagem média dos participantes: 87 analistas
• Chamadas de ganhos anuais totais: 4
• Duração média da chamada: 45 minutos

Site de Relações com Investidores

Métrica do site	Desempenho anual
Visitantes mensais únicos	42,500
Tempo médio no local	7,3 minutos
Downloads de documentos do investidor	18.700 downloads anuais

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

Investidores institucionais

A partir do quarto trimestre 2023, a Invesco Mortgage Capital Inc. tem como alvo investidores institucionais com características específicas de investimento:

Tipo de investidor	Tamanho médio de investimento	Foco de investimento
Fundos de pensão	US $ 45,2 milhões	Agency RMBS
Companhias de seguros	US $ 37,6 milhões	RMBs não agrence
Divisões de investimento bancário	US $ 28,9 milhões	Títulos hipotecários híbridos

Indivíduos de alta rede

Investimento profile Para segmentos de alta rede:

• Limite mínimo de investimento: US $ 500.000
• Alocação média de portfólio: 6-8% em títulos lastreados em hipotecas
• Tolerância de risco típica: moderada a agressiva

Fundos de investimento imobiliário

Redução do segmento para fundos de investimento imobiliário:

Tipo de fundo	Total de ativos sob gestão	Porcentagem de investimento em IVR
Fundos reit	US $ 1,2 bilhão	12.5%
Fundos imobiliários de private equity	US $ 875 milhões	9.3%

Gerentes de portfólio de aposentadoria

Métricas -chave para o segmento de gerenciamento de portfólio de aposentadoria:

• Alocação média para títulos hipotecários: 4,2%
• Horizonte de investimento típico: 7-10 anos
• Tipo de investimento preferido: títulos apoiados pela agência

Empresas de gerenciamento de patrimônio

Análise do segmento de gerenciamento de patrimônio:

Tamanho da empresa	Valor médio do portfólio de clientes	Alocação de valores mobiliários de IVR
Grandes empresas (US $ 10b+ aum)	US $ 425 milhões	5.7%
Empresas de médio porte (US $ 1 bilhão a US $ 10b)	US $ 87 milhões	3.9%

Invesco Mortgage Capital Inc. (IVR) - Modelo de negócios: estrutura de custos

Despesas de gerenciamento de investimentos

A partir do quarto trimestre 2023, a Invesco Mortgage Capital Inc. relatou despesas de gerenciamento de investimentos totalizando US $ 16,3 milhões anualmente. O colapso inclui:

Categoria de despesa	Custo anual ($ m)
Taxas de gerenciamento de portfólio	7.2
Serviços de consultoria de investimentos	5.1
Pesquisa e análise	4.0

Custos indiretos operacionais

Os custos indiretos operacionais da URI em 2023 foram estruturados da seguinte forma:

• Despesas administrativas gerais: US $ 9,7 milhões
• Compensação e benefícios dos funcionários: US $ 12,5 milhões
• Manutenção e instalações do escritório: US $ 3,2 milhões

Manutenção de infraestrutura de tecnologia

Custos de infraestrutura de tecnologia para a Invesco Mortgage Capital Inc. em 2023:

Componente de tecnologia	Despesas anuais ($ m)
Sistemas de TI e software	4.6
Infraestrutura de segurança cibernética	2.8
Sistemas de rede e comunicação	1.9

Despesas de conformidade regulatória

Os custos de conformidade regulatórios para 2023 incluídos:

• Departamento Legal e de Conformidade: US $ 5,4 milhões
• Auditoria e relatórios externos: US $ 2,1 milhões
• Arquivamento regulatório e documentação: US $ 1,7 milhão

Despesas de marketing e relações de investidores

Orçamento de marketing e relações com investidores para 2023:

Atividade de marketing	Gastos anuais ($ m)
Comunicação do investidor	1.5
Marketing digital	0.9
Participação de conferência e evento	0.6

Invesco Mortgage Capital Inc. (IVR) - Modelo de negócios: fluxos de receita

Receita de juros de investimentos hipotecários

Para o ano fiscal de 2023, a Invesco Mortgage Capital reportou receita total de juros de US $ 236,4 milhões. O portfólio de investimentos hipotecários da empresa gerou receita de juros líquidos de US $ 173,2 milhões.

Tipo de investimento	Receita de juros ($ m)	Porcentagem de total
Valores mobiliários apoiados por hipotecas da agência	142.6	60.3%
Valores mobiliários de hipoteca não agência	64.8	27.4%
Valores mobiliários lastreados em hipotecas comerciais	29.0	12.3%

Ganhos de capital realizados

Em 2023, a Invesco Mortgage Capital obteve ganhos totais de capital de US $ 41,3 milhões em ajustes estratégicos de portfólio.

Distribuições de dividendos

A distribuição de dividendos da empresa para 2023 totalizou US $ 0,90 por ação, gerando aproximadamente US $ 54,6 milhões em retornos dos acionistas.

Taxas de gerenciamento de ativos

As taxas de gerenciamento de ativos para 2023 totalizaram US $ 22,7 milhões, representando 6,8% dos fluxos totais de receita da empresa.

Retornos de desempenho do portfólio de investimentos

A carteira de investimentos gerou um retorno total de 7,2% para o ano fiscal de 2023.

Métrica de desempenho	Valor
Valor total do portfólio	US $ 6,2 bilhões
Retorno anualizado	7.2%
Receita de investimento líquido	US $ 173,2 milhões

• Receita total para 2023: US $ 354,6 milhões
• Fontes de receita diversificadas: juros hipotecários, ganhos de capital, dividendos, taxas de gerenciamento
• Rendimento médio de investimentos: 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.