Invesco Mortgage Capital Inc. (NYSE:IVR) Q2 2023 Earnings Conference Call August 4, 2023 9:00 AM ET

Company Participants

Greg Seals - Investor Relations

John Anzalone - Chief Executive Officer

Kevin Collins - President

Richard Lee Phegley - Chief Financial Officer

David Lyle - Chief Operating Officer

Brian Norris - Chief Investment Officer

Conference Call Participants

Douglas Harter - Credit Suisse

Trevor Cranston - JMP Securities

Operator

Welcome to Invesco Mortgage Capital Inc.'s Second Quarter 2023 Investor Conference Call. All participants will be in a listen-only mode until the question-and-answer session. [Operator Instructions] As a reminder, this call is being recorded.

Now, I would like to turn the call over to Greg Seals in Investor Relations. Mr. Seals, you may begin.

Greg Seals

Thanks, operator, and to all of you joining us on Invesco Mortgage Capital's quarterly earnings call. In addition to today's press release, we have provided a presentation that covers the topics we plan to address today. The press release and presentation are available on our website, invescomortgagecapital.com. This information can be found by going to the Investor Relations section of the website.

Our presentation today will include forward-looking statements and certain non-GAAP financial measures. Please review the disclosures on Slide 2 of the presentation regarding these statements and measures as well as the appendix for the appropriate reconciliations to GAAP.

Finally, Invesco Mortgage Capital is not responsible for and does not edit nor guarantee the accuracy of our earnings teleconference transcripts provided by third parties. The only authorized webcasts are located on our website. Again, welcome, and thank you for joining us today.

I'll now turn the call over to John Anzalone. John?

John Anzalone

All right. Well, good morning and welcome to Invesco Mortgage Capital's second quarter earnings call. I'll give some brief comments before turning the call over to our Chief Investment Officer, Brian Norris, to discuss the current portfolio in more detail. Also joining us on the call are our President, Kevin Collins; our CFO, Lee Phegley; and our COO, Dave Lyle.

Our financial conditions improved throughout the second quarter as equity markets rallied and credit spreads tightened given the swift resolution of the U.S. debt ceiling negotiations increased market expectations of a soft landing for the U.S. economy. The positive environment across most risk assets was further spurred by continued moderation in most inflationary measures, led by the decrease in the headline consumer price index to 3%.