Invesco Mortgage Capital Inc. reported a net loss per common share of $0.72, with earnings available for distribution per common share of $0.12. The book value per common share was $2.08, and the economic return was (25.4%). The company's investment portfolio was substantially invested in Agency RMBS, with a sizeable balance of unrestricted cash and unencumbered investments.
Net loss per common share was $0.72, compared to $0.23 in Q4 2021.
Earnings available for distribution per common share were $0.12, compared to $0.10 in Q4 2021.
Common stock dividend remained unchanged at $0.09 per common share.
Book value per common share decreased to $2.08, compared to $2.91 at Q4 2021.
Invesco Mortgage Capital anticipates that increased expectations for accelerated interest rate hikes and balance sheet reduction by the Federal Reserve will continue to weigh on Agency RMBS valuations in the near term. The outlook remains cautious, with a strategy to maintain relatively low leverage. The environment for Agency RMBS is expected to improve later in the year due to attractive spreads, slow prepayment rates, and a decline in net supply. The company continues to evaluate additional investment opportunities to complement its Agency RMBS strategy.
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