Invesco Mortgage Capital Inc. (NYSE:IVR) Q2 2024 Earnings Conference Call August 9, 2024 9:00 AM ET
Company Participants
John Anzalone - Chief Executive Officer
Lee Phegley - Chief Financial Officer
Brian Norris - Chief Investment Officer
Greg Seals - Investor Relations
Conference Call Participants
Jason Weaver - JonesTrading
Jason Stewart - Janney Montgomery
Operator
Good morning and thank you for standing by. Welcome to the Invesco Mortgage Capital second quarter 2024 earnings call. All participants will be a in a listen-only mode until the question and answer session. At that time, to ask a question, press star followed by the one on your telephone. As a reminder, today’s call is being recorded.
Now I would like to turn the call over to Greg Seals, Investor Relations. Mr. Seals, you may begin.
Greg Seals
Thank you Operator, and thanks 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, 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 IVR’s CEO, John Anzalone. John?
John Anzalone
All right, good morning and welcome to Invesco Mortgage Capital’s second 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, and our CFO, Lee Phegley.
The second quarter was characterized by elevated interest rate volatility as uncertainty regarding near term monetary policy persisted. After initially rising by 50 basis points in April, the yields on the 10-year treasury reversed course and rallied during May and June to end the quarter only 14 basis points higher. The sharp reversal was driven by data showing slowing inflation and increased confidence in a soft economic landing.