Invesco Mortgage Capital Inc. (NYSE:IVR) Q1 2024 Earnings Conference Call May 9, 2024 9:00 AM ET

Company Participants

Greg Seals - IR
John Anzalone - CEO
Brian Norris - CIO

Conference Call Participants

Trevor Cranston - Citizens JMP
Eric Hagen - BTIG

Operator

Welcome to Invesco Mortgage Capital Incorporated's First Quarter 2024 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.

Greg Seals

Thanks, operator. 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, invescomortagecapital.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 Anzalone

All right. Well, good morning and welcome to Invesco Mortgage Capital's first quarter earnings call. I'll provide some brief comments before turning the call over to our Chief Investment Officer, Brian Norris, to discuss our portfolio in more detail.

Also joining us on the call this morning are our President, Kevin Collins, our CFO, Lee Phegley, and our COO, Dave Lyle. The first quarter was characterized by sharply higher interest rates across the yield curve as persistent inflation and strong economic data led to a repricing of the market's expectations of future monetary policy.

These expectations, as reflected in the federal funds futures market, adjusted from projecting over six cuts in the Federal Reserve's benchmark rate during the balance of 2024 to less than two cuts today. Despite the sharp increase in interest rates, interest rate volatility fell as market expectations for monetary policy converged with official projections by the FOMC.