Invesco Mortgage Capital Inc. (NYSE:IVR) Q4 2023 Earnings Conference Call February 23, 2024 9:00 AM ET
Company Participants
Greg Seals - IR
John Anzalone - CEO
Brian Norris - CIO
Conference Call Participants
Trevor Cranston - JMP Securities
Jason Weaver - Jones Trading
Doug Harter - UBS
Eric Hagen - BTIG
Operator
Welcome to Invesco Mortgage Capital Inc. Fourth 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, an Investor Relations. Mr. Seals you may begin the call.
Greg Seals
Thank you, 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 the 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 or guarantee the accuracy of our earnings teleconference transcripts provided by third-parties. The only authorized webcast 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
Good morning and welcome to Invesco Mortgage Capital's fourth quarter earnings call. I will give some brief comments before turning the call over to our Chief Investment Officer, Brian Norris, to discuss the portfolio in more detail. Also joining us on the call are President, Kevin Collins; and our COO, Dave Lyle.
As we enter the fourth quarter, interest rate volatility accelerated as changes in investor expectations for the supply of U.S. treasuries and the path of monetary policy led to substantial adjustments to both the level of interest rates and the shape of the yield curve.
The heightened volatility drove notable underperformance in agency mortgages as investors reduced exposure to the asset class. During this period, we sought to maintain appropriate levels of cash number assets, reducing risk by decreasing leverage as volatility increased.