Kevin Collins
About Kevin Collins
Kevin M. Collins is President of Invesco Mortgage Capital Inc. (IVR) since 2017; he previously served as EVP, Commercial Mortgage Credit (Mar–Oct 2017) and earlier led Commercial Mortgage Credit (2011–Mar 2017) at Invesco Fixed Income. He holds a B.S. in Accounting from Florida State University and an MBA from Northwestern’s Kellogg; prior roles include structured finance at Credit Suisse First Boston and Ernst & Young’s structured finance advisory practice . Age 45; tenure with IVR-related roles 15 years . Company performance in 2024 included positive economic return of 5.2%, consistent dividends, and capital structure actions (issued 13.2M shares for $116.2M net proceeds; redeemed remaining Series B preferred; reduced preferred to 24% of capital from 37%) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Invesco Mortgage Capital Inc. | President | 2017–present | Leads externally managed mortgage REIT; co-leads structured investments influencing RMBS/CMBS strategy |
| Invesco Mortgage Capital Inc. | EVP, Commercial Mortgage Credit | Mar 2017–Oct 2017 | Elevated oversight of commercial mortgage credit for IVR |
| Invesco Fixed Income | Head of Commercial Mortgage Credit | 2011–Mar 2017 | Led commercial mortgage credit; structured investments across portfolios |
| Invesco Fixed Income | Co-Head of Structured Investments | Current | Senior leadership shaping structured investment strategies |
| Credit Suisse First Boston | Structured finance (capital funding strategies) | Pre-2007 (not disclosed) | Structured bond securitizations and secured lending facilities |
| Ernst & Young | Structured finance advisory | Start of career (not disclosed) | Cash flow modeling and collateral analytics for structured products |
External Roles
No external board or public company directorships disclosed for Mr. Collins .
Fixed Compensation
IVR is externally managed; executive officers (including Mr. Collins) are employees of Invesco Advisers, Inc. and do not receive compensation from IVR, nor does IVR reimburse their compensation .
| Component | Structure | Notes |
|---|---|---|
| Base salary (paid by Invesco) | Cash | Based on role, experience; small portion of total comp; set by Invesco, not IVR |
| Company-paid executive compensation | None | IVR pays no cash or equity to executive officers |
Performance Compensation
Incentives are determined and funded by Invesco’s enterprise-wide incentive pool; executive officers’ aggregate mix for 2024 was 32% fixed and 68% variable (cash bonus and deferred/long-term awards), with time-based vesting on deferral and long-term awards. Metrics considered include investment performance, financial results, qualitative assessments and risk management; specific weightings/targets/payouts for Mr. Collins are not disclosed .
| Metric/Component | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Invesco annual cash bonus | Not disclosed | Not disclosed | Not disclosed | Part of 68% variable aggregate for IVR executive officers in 2024 | N/A |
| Invesco annual deferral award (cash-settled product funds) | Not disclosed | Not disclosed | Not disclosed | Annual incentive component | Time-based vesting |
| Invesco long-term awards (Invesco equity + cash-settled product funds) | Not disclosed | Not disclosed | Not disclosed | Recognizes future contributions | Time-based vesting |
Compensation governance: Invesco’s Compensation Committee funds the global incentive pool based on firm financials and strategic progress; plans are designed to discourage excessive risk-taking . IVR maintains a clawback policy, but it does not impact executive officers because IVR does not pay them incentive compensation .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Shares owned (Kevin Collins) | 3,498 shares as of March 14, 2025 |
| Shares outstanding | 65,273,161 shares as of March 14, 2025 |
| Ownership as % of outstanding | 0.0054% (3,498 ÷ 65,273,161) |
| Shares pledged | None; no shares pledged by management |
| Ownership guidelines | Executive Officer Stock Ownership Policy requires President to hold ≥3,500 shares within 5 years of later of policy effective date or first appointment |
| Compliance status | 3,498 vs 3,500 required; near threshold (timing to compliance not disclosed) |
| Hedging/pledging | Insider trading policy prohibits hedging/monetization and pledging; 10b5-1 plans require pre-approval |
Employment Terms
| Term | Status |
|---|---|
| Employment agreement with IVR | None; IVR has no employment agreements with executive officers |
| Severance & change-of-control (IVR-paid) | None; IVR does not pay severance or change-of-control to executive officers |
| External management agreement | IVR pays Invesco Advisers a 1.5% of stockholders’ equity management fee; annual renewal; manager may be entitled to termination fee under certain circumstances |
| Clawback policy | Adopted; does not impact executive officers due to no IVR-paid incentive comp |
| Non-compete / non-solicit | Not disclosed by IVR; no company employment contracts for executives |
Performance & Track Record Highlights
- 2024 outcomes: positive economic return of 5.2% and maintained consistent dividend despite rate volatility .
- Capital structure: issued 13.2M common shares ($116.2M net), redeemed remaining Series B preferred; preferred reduced to 24% from 37% of capital structure by year-end 2024 .
Compensation Committee & Say-on-Pay
- Compensation framework oversight: IVR’s Compensation Committee reviews alignment and potential conflicts but does not set executive officer pay while externally managed .
- Say-on-pay support: approximately 92% approval at the 2024 Annual Meeting .
- Director peer benchmarking: Committee used Ferguson Partners to benchmark non-executive director compensation .
Investment Implications
- Alignment: Collins is subject to strict insider trading controls (no hedging/pledging; 10b5-1 pre-approval) and ownership guidelines targeting ≥3,500 shares; his 3,498 shares are near the threshold, signaling minimal selling pressure to remain compliant .
- Retention risk: Incentives and long-term awards are set and funded by Invesco with time-based vesting, supporting retention, but lack of IVR-specific equity/severance reduces direct IVR pay-for-performance linkage; oversight via IVR’s Compensation Committee aims to validate alignment .
- Trading signals: Pre-clearance requirements and prohibition of hedging/pledging reduce opportunistic or leveraged transactions; beneficial ownership is small relative to float (≈0.0054%), limiting direct “skin-in-the-game” impact beyond policy compliance .
- Governance sentiment: Strong say-on-pay support and disciplined capital structure moves in 2024 point to stable investor confidence and operational execution under the leadership team, including Collins .