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IVR Invesco Mortgage Capital Inc. Press Release For immediate release ● Jack Bateman , Investor Relations 404-439-3323 Invesco Mortgage Capital Inc. Reports First Quarter 2021 Financial Results Atlanta - May 5 , 2021 -- Invesco Mortgage Capital Inc. ( NYSE : IVR ) ( the “ Company " ) today announced financial results for the quarter ended March 31 , 2021 . Financial Summary : Net loss per common share of $ 0.09 compared to net income per common share of $ 0.59 in Q4 2020 Core earnings * per common share of $ 0.11 compared to $ 0.10 per common share in Q4 2020 Common stock dividend of $ 0.09 per common share compared to $ 0.08 per common share in Q4 2020 Book value per common share ** of $ 3.65 compared to $ 3.86 per common share at Q4 2020 Economic return *** of ( 3.1 % ) compared to 13.5 % in Q4 2020 Exhibit 99.1 Update from John Anzalone , Chief Executive Officer " We are pleased to announce core earnings of $ 0.11 per common share for the first quarter of 2021. The increase in our core earnings was largely a result of the successful deployment of $ 161.0 million in proceeds from common equity capital raises during the quarter into Agency residential mortgage - backed securities ( " Agency RMBS " ) investments , in addition to an attractive reinvestment environment in the latter half of the quarter . Our higher core earnings covered the increase in our common stock dividend to $ 0.09 per common share . At quarter - end , almost all of our $ 9.1 billion investment portfolio was invested in Agency RMBS , and we maintained a sizeable balance of unrestricted cash and unencumbered investments totaling $ 692.9 million . " Despite continued strong demand from the Federal Reserve and banks , lower coupon Agency RMBS underperformed during the quarter as volatility increased and hedge adjusted returns became less attractive . The higher interest rate environment and expectations for slowing prepayment speeds led to a repricing of premiums on specified pool Agency RMBS . These developments resulted in a 5.4 % decrease in book value per common share and a ( 3.1 % ) economic return for the quarter . As we move into the second quarter , slowing prepayment speeds and persistent demand from the Federal Reserve are expected to provide support for Agency RMBS valuations . " * Core earnings ( and by calculation , core earnings per common share ) are non - Generally Accepted Accounting Principles ( " GAAP " ) financial measures . Refer to the section entitled " Non - GAAP Financial Measures " for important disclosures and a reconciliation to the most comparable U.S. GAAP measures . 1 ** Book value per common share is calculated as total stockholders ' equity less the liquidation preference of the Company's Series A Preferred Stock ( $ 140.0 million ) , Series B Preferred Stock ( $ 155.0 million ) and Series C Preferred Stock ( $ 287.5 million ) ; divided by total common shares outstanding . *** Economic return for the quarter ended March 31 , 2021 is defined as the change in book value per common share from December 31 , 2020 to March 31 , 2021 of ( $ 0.21 ) ; plus dividends declared of $ 0.09 per common share ; divided by the December 31 , 2020 book value per common share of $ 3.86 . Economic return for quarter ended December 31 , 2020 is defined as the change in book value per common share from September 30 , 2020 to December 31 , 2020 of $ 0.39 ; plus dividends declared of $ 0.08 per common share ; divided by the September 30 , 2020 book value per common share of $ 3.47 .