Invesco Mortgage Capital Business Summary

Invesco Mortgage Capital Inc. (IVR) operates as a mortgage real estate investment trust (mREIT) that generates revenue primarily through net interest income, capturing the spread between interest earned on its mortgage-backed securities (MBS) and the cost of short-term financing, such as repurchase agreements. The company’s investment portfolio is strategically diversified across three primary segments: Agency RMBS, which are guaranteed by U.S. government agencies; Non-Agency RMBS; and Commercial Mortgage-Backed Securities (CMBS). Externally managed by Invesco Advisers, Inc., a subsidiary of Invesco Ltd., the firm maintains a high-yield profile by utilizing strategic leverage to capitalize on interest rate spreads. In the competitive landscape, IVR operates alongside larger peers such as AGNC Investment Corp., ARMOUR Residential REIT, and Chimera Investment Corporation, positioning itself as a specialized, yield-focused player that emphasizes liquidity and capital structure stability within the Agency MBS market. Founded in 2009 by global asset manager Invesco Ltd. to leverage post-crisis mortgage market opportunities, the company is led by a veteran executive team with extensive pedigrees in fixed-income management. Chief Executive Officer John Anzalone, who has been with the firm since its inception and previously served as CIO, brings over three decades of experience from Invesco’s Fixed Income division and firms like Advantus Capital. He is supported by President Kevin Collins, formerly of Credit Suisse, and Chief Investment Officer Brian Norris, a long-term Invesco senior portfolio manager. Mark Gregson serves as Chief Financial Officer, having transitioned from his role as Global Controller for Invesco Ltd. in late 2024. The board is currently chaired by Don Liu, with major institutional backing from Tier-1 investors including BlackRock, Vanguard, and Invesco Ltd., ensuring strong alignment with global investment standards.