Invesco Mortgage Capital Inc (IVR)

Invesco Mortgage Capital Inc. May 2026 Dividend Announcement and April Financial UpdateMay 14, 2026 4:15 PM
PR Newswire (US) ATLANTA, May 14, 2026 /PRNewswire/ -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the "Company") today announced that the Company declared a cash dividend of $0.12 per share of common stock for the month of May 2026. The dividend will be paid on June 12, 2026 to stockholders of record at the close of business on May 26, 2026, with an ex-dividend date of May 26, 2026. Financial Highlights as of April 30, 2026Total investment portfolio including TBAs of $7.5 billionUnrestricted cash and unencumbered investments of $563.0 millionTotal repurchase agreement borrowings of $5.5 billionEstimated book value per common share of $8.21(1)Debt-to-equity ratio of 5.9x and economic debt-to-equity ratio of 7.3x(2)(1) Estimated book value per common share as of April 30, 2026 is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($169.4 million), divided by total common shares outstanding of 92.8 million.
(2) Debt-to-equity ratio is calculated in accordance with U.S. GAAP as the ratio of total repurchase agreement borrowings to total stockholders' equity. Economic debt-to-equity ratio is a non-GAAP financial measure and is calculated as the ratio of total repurchase agreement borrowings and TBAs at implied cost basis ($1.3 billion as of April 30, 2026) to total stockholders' equity. Refer to the section titled "Economic Debt-to-Equity Ratio" below for additional information.The Company is providing certain preliminary, unaudited month-end financial data as of April 30, 2026, including updates on the Company's book value, investment portfolio, leverage and liquidity. The information in this press release has been prepared by, and is the responsibility of, the Company's management. The Company's independent auditors have not audited, reviewed, examined, compiled nor applied agreed-upon procedures with respect to this information and, accordingly, they do not express an opinion or provide any form of assurance on the figures presented.The preliminary metrics and estimates included in this press release are based on information that the Company believes to be reliable as of today's date and reflect management's judgment at this stage of the month-end closing process. This month-end update should not be viewed as a substitute for financial statements prepared in accordance with U.S. GAAP and is not necessarily indicative of results to be achieved in any future period. Additional items may be identified as part of the ongoing month-end and quarter-end closing processes, and such items could result in material revisions to the data presented in this press release. Accordingly, readers should not place undue reliance on the preliminary figures contained in this press release. The Company undertakes no obligation to update or revise the information contained herein, whether as a result of new information, subsequent events or otherwise.Portfolio CompositionThe following table summarizes certain characteristics of the Company's investment portfolio including TBAs as of April 30, 2026.

As of April 30, 2026$ in thousands
Fair Value
Percentage
Period-end
Weighted Average
YieldAgency RMBS:





30 year fixed-rate pass-through coupon:





?          4.5 %
750,087
9.9 %
4.89 %?          5.0 %
1,421,517
18.9 %
5.20 %?          5.5 %
1,944,517
25.8 %
5.47 %?          6.0 %
1,165,731
15.5 %
5.93 %Total 30 year fixed-rate pass-through
5,281,852
70.1 %
5.41 %Agency CMO
66,241
0.9 %
8.83 %Agency CMBS
861,227
11.4 %
4.61 %Total MBS portfolio
6,209,320
82.4 %
5.33 %TBAs, at implied market value(1)
1,325,119
17.6 %

Total investment portfolio including TBAs
7,534,439
100.0 %

(1) The presentation of TBAs in the table above represents management's view of the investment portfolio and does not reflect how the Company records TBAs on its balance sheet under U.S. GAAP. Under U.S. GAAP, the Company records TBAs that it does not intend to settle on the contractual settlement date as derivative financial instruments. The Company values TBAs on its balance sheet at net carrying value, which represents the difference between the implied market value and the implied cost basis of the TBAs.The following table summarizes certain characteristics of the Company's borrowings as of April 30, 2026.

As of April 30, 2026$ in thousands
Amount
Outstanding
Weighted Average
Interest Rate
Weighted Average
Remaining
Maturity (days)Repurchase agreements - Agency MBS
5,477,656
3.79 %
26The following table summarizes certain characteristics of the Company's interest rate swaps whereby the Company pays fixed interest rates and receives floating interest rates based upon the secured overnight financing rate as of April 30, 2026.$ in thousands
As of April 30, 2026Maturities
Notional Amount
Weighted
Average Fixed
Pay Rate
Weighted
Average Floating
Receive Rate
Weighted
Average Years to
Maturity Less than 3 years
1,675,000
0.86 %
3.66 %
1.63 to 5 years
950,000
0.54 %
3.66 %
4.25 to 7 years
545,000
3.66 %
3.66 %
6.77 to 10 years
595,000
3.98 %
3.66 %
9.4Greater than 10 years
450,000
2.04 %
3.66 %
18.6Total
4,215,000
1.72 %
3.66 %
5.8The following table summarizes certain characteristics of the Company's U.S. Treasury futures contracts as of April 30, 2026.

As of April 30, 2026$ in thousands
Notional Amount - Short10 year U.S. Treasury futures
310,000Ultra 10 year U.S. Treasury futures
375,00030 year U.S. Treasury futures
305,000Total
990,000Economic Debt-to-Equity RatioThe Company presents an economic debt-to-equity ratio, a non-GAAP financial measure of leverage that considers the impact of the off-balance sheet financing of its investments in TBAs that are accounted for as derivative instruments under U.S. GAAP. The Company includes these types of TBAs at implied cost basis in its measure of leverage because a forward contract to acquire Agency RMBS in the TBA market carries similar risks to Agency RMBS purchased in the cash market and funded with on-balance sheet liabilities. Similarly, a contract for the forward sale of Agency RMBS has substantially the same effect as selling the underlying Agency RMBS and reducing the Company's on-balance sheet funding commitments. The Company believes that presenting its economic debt-to-equity ratio, when considered together with its U.S. GAAP financial measure of debt-to-equity ratio, provides information that is useful to investors in understanding how management evaluates at-risk leverage and gives investors a comparable statistic to those of other mortgage real estate investment trusts who also invest in TBAs and present a similar non-GAAP measure of leverage.About Invesco Mortgage Capital Inc.The Company is a real estate investment trust that primarily focuses on investing in, financing and managing mortgage-backed securities and other mortgage-related assets. The Company is externally managed and advised by Invesco Advisers, Inc., a registered investment adviser and an indirect wholly-owned subsidiary of Invesco Ltd., an independent global investment management firm.Cautionary Notice Regarding Forward-Looking StatementsThis press release may include statements and information that constitute "forward-looking statements" within the meaning of the U.S. securities laws as defined in the Private Securities Litigation Reform Act of 1995, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements include our views on the risk positioning of our portfolio, domestic and global market conditions (including the Agency RMBS, Agency CMBS and residential and commercial real estate markets), the market for our target assets, our financial performance, including our earnings available for distribution, economic return, comprehensive income and changes in our book value, our intention and ability to pay dividends, our ability to continue performance trends, the stability of portfolio yields, interest rates, spreads, prepayment trends, financing sources, cost of funds, our leverage, liquidity, capital structure and equity allocation. In addition, words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as "will," "may," "could," "should," and "would" as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements.Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. There can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks identified under the captions "Risk Factors," "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K and quarterly reports on Form 10-Q, which are available on the Securities and Exchange Commission's website at www.sec.gov. All written or oral forward-looking statements that we make, or that are attributable to us, are expressly qualified by this cautionary notice. We expressly disclaim any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate.Greg Seals,
Investor Relations
404-439-3323 View original content to download multimedia:https://www.prnewswire.com/news-releases/invesco-mortgage-capital-inc-may-2026-dividend-announcement-and-april-financial-update-302772724.htmlSOURCE Invesco Mortgage Capital Inc. Original: Invesco Mortgage Capital Inc. May 2026 Dividend Announcement and April Financial Update

Invesco Mortgage Capital Inc. Reports First Quarter 2026 Financial ResultsApril 30, 2026 4:15 PM
PR Newswire (US)

ATLANTA, April 30, 2026 /PRNewswire/ -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the "Company") today announced financial results for the quarter ended March 31, 2026.







Net loss per common share of $0.28 compared to net income of $0.68 in Q4 2025Earnings available for distribution per common share(1) of $0.55 compared to $0.56 in Q4 2025Monthly common stock dividends totaling $0.36 per share compared to quarterly dividend of $0.36 in Q4 2025Book value per common share(2) of $8.08 compared to $8.72 as of December 31, 2025Economic return(3) of (3.2)% compared to 8.0% in Q4 2025Debt-to-equity ratio of 6.1x compared to 7.0x as of December 31, 2025Economic debt-to-equity ratio(1) of 7.5x compared to 7.0x as of December 31, 2025Update from Kevin Collins, Incoming Chief Executive Officer"During the first quarter of 2026, we operated in a more challenging market environment following the strong recovery in Agency MBS valuations experienced in the second half of 2025. Financial conditions deteriorated as rising geopolitical tensions, higher energy prices and renewed inflation concerns drove increased interest rate volatility and pushed U.S. Treasury yields higher across the curve. These dynamics weighed on risk assets broadly and resulted in higher coupon Agency RMBS underperformance relative to Treasuries. Although our Agency CMBS investments performed well during the quarter, the benefit was outweighed by increased Agency RMBS risk premiums and notable swap spread tightening. Book value declined by 7.3% to $8.08 at quarter end, and when combined with our monthly dividends, resulted in an economic return of (3.2)% for the quarter."Our economic debt-to-equity ratio increased to 7.5x as of quarter end, up from 7.0x as of December 31, 2025, reflecting the decline in our book value per common share and a more constructive outlook on Agency RMBS as we enter the second quarter. At quarter end, our $7.3 billion investment portfolio consisted of $5.2 billion Agency RMBS, $1.2 billion Agency TBA, and $0.9 billion Agency CMBS, and we maintained a sizable balance of unrestricted cash and unencumbered investments totaling $493.1 million."Risk sentiment has improved entering the second quarter, supported by a decline in interest rate volatility. A further de-escalation of the Middle East conflict would likely provide additional support for risk assets. From a supply-and-demand perspective, Agency RMBS net issuance is expected to remain manageable, the GSEs continue to provide steady demand and bank participation is likely to increase, supported in part by recent Basel capital framework proposals that improve the relative capital efficiency of high-quality mortgage assets. Together, these macro and technical factors create a more constructive backdrop for our Agency RMBS holdings, particularly as wider spread levels relative to the prior quarter offer more attractive entry points. In addition, despite elevated supply, our Agency CMBS continues to offer attractive risk-adjusted yields and diversification benefits, given its stable cash flow profile and lower sensitivity to interest rate fluctuations."(1) Earnings available for distribution (and by calculation, earnings available for distribution per common share) and economic debt-to-equity ratio are non-Generally Accepted Accounting Principles ("GAAP") financial measures. Refer to the section entitled "Non-GAAP Financial Measures" for important disclosures and a reconciliation to the most comparable U.S. GAAP measures.(2) Book value per common share as of March 31, 2026 and December 31, 2025 is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($169.7 million as of March 31, 2026 and $171.4 million as of December 31, 2025), divided by total common shares outstanding.(3) Economic return for the quarter ended March 31, 2026 is defined as the change in book value per common share from December 31, 2025 to March 31, 2026 of ($0.64); plus dividends declared of $0.36 per common share; divided by the December 31, 2025 book value per common share of $8.72. Economic return for the quarter ended December 31, 2025 is defined as the change in book value per common share from September 30, 2025 to December 31, 2025 of $0.31; plus dividends declared of $0.36 per common share; divided by the September 30, 2025 book value per common share of $8.41.Key performance indicators for the quarters ended March 31, 2026 and December 31, 2025 are summarized in the table below.$ in millions, except share amountsQ1 2026Q4 2025VarianceAverage Balances (1)(unaudited)(unaudited)
Average earning assets (at amortized cost)$5,946.5$5,868.9$77.6Average borrowings$5,367.5$5,393.7($26.2)Average total stockholders' equity$887.5$793.0$94.5



U.S. GAAP Financial Measures


Total interest income$79.6$77.9$1.7Total interest expense$52.6$56.6($4.0)Net interest income$27.0$21.3$5.7Total expenses$4.9$4.6$0.3Net income (loss) attributable to common stockholders($23.1)$48.2($71.3)



Average earning asset yields5.36 %5.31 %0.05 %Average cost of funds3.92 %4.20 %(0.28) %Average net interest rate margin1.44 %1.11 %0.33 %



Period-end weighted average asset yields (2)5.34 %5.37 %(0.03) %Period-end weighted average cost of funds3.80 %4.04 %(0.24) %Period-end weighted average net interest rate margin1.54 %1.33 %0.21 %



Book value per common share (3)$8.08$8.72($0.64)Earnings (loss) per common share (basic)($0.28)$0.68($0.96)Earnings (loss) per common share (diluted)($0.28)$0.68($0.96)Debt-to-equity ratio          6.1x            7.0x           (0.9x) 



Non-GAAP Financial Measures (4)


Earnings available for distribution$44.7$39.9$4.8Effective interest expense$31.0$30.2$0.8Effective net interest income$48.6$47.7$0.9



Effective cost of funds2.31 %2.24 %0.07 %Effective interest rate margin3.05 %3.07 %(0.02) %



Earnings available for distribution per common share$0.55$0.56($0.01)Economic debt-to-equity ratio          7.5x            7.0x            0.5x  (1) Average earning assets, average borrowings and average total stockholders' equity are calculated based on the weighted month-end balances of mortgage-backed securities at amortized cost, repurchase agreement borrowings and total U.S. GAAP stockholders' equity, respectively.(2) Period-end weighted average asset yields are based on amortized cost as of period-end and incorporate future prepayment assumptions when appropriate.(3) Book value per common share is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($169.7 million as of March 31, 2026 and $171.4 million as of December 31, 2025), divided by total common shares outstanding.(4) Earnings available for distribution (and by calculation, earnings available for distribution per common share), effective interest expense (and by calculation, effective cost of funds), effective net interest income (and by calculation, effective interest rate margin), and economic debt-to-equity ratio are non-GAAP financial measures. Refer to the section entitled "Non-GAAP Financial Measures" for important disclosures and a reconciliation to the most comparable U.S. GAAP measures of net income (loss) attributable to common stockholders (and by calculation, basic earnings (loss) per common share), total interest expense (and by calculation, cost of funds), net interest income (and by calculation, net interest rate margin) and debt-to-equity ratio.Portfolio CompositionThe following table summarizes certain characteristics of the Company's investment portfolio including TBAs as of March 31, 2026 and December 31, 2025.

As of

March 31, 2026
December 31, 2025$ in thousands
Fair Value
Percentage
of Portfolio
Period-end
Weighted
Average
Yield
Fair Value
Percentage of
Portfolio
Period-end
Weighted
Average
YieldAgency RMBS:











30 year fixed-rate pass-through coupon:











4.5 %
757,581
10.4 %
4.89 %
785,584
12.5 %
4.89 %5.0 %
1,434,765
19.8 %
5.20 %
1,486,801
23.7 %
5.20 %5.5 %
1,704,437
23.5 %
5.49 %
1,534,654
24.5 %
5.51 %6.0 %
1,198,042
16.5 %
5.93 %
1,283,242
20.4 %
5.93 %6.5 %
—
— %
— %
218,879
3.5 %
6.14 %Total 30 year fixed-rate pass-through
5,094,825
70.2 %
5.42 %
5,309,160
84.6 %
5.46 %Agency CMO
67,113
1.0 %
8.89 %
69,320
1.1 %
9.18 %Agency CMBS
864,270
11.9 %
4.61 %
898,129
14.3 %
4.62 %Total MBS portfolio
6,026,208
83.1 %
5.34 %
6,276,609
100.0 %
5.37 %TBAs, at implied market value (1)
1,226,450
16.9 %


—
— %

Total investment portfolio including TBAs
7,252,658
100.0 %


6,276,609
100.0 %

(1) The presentation of TBAs in the table above represents management's view of the investment portfolio and does not reflect how the Company records TBAs on its condensed consolidated balance sheets under U.S. GAAP. Under U.S. GAAP, the Company records TBAs that it does not intend to settle on the contractual settlement date as derivative financial instruments. The Company values TBAs on its condensed consolidated balance sheets at net carrying value, which represents the difference between implied market value and implied cost basis of the TBAs.The following table summarizes certain characteristics of the Company's borrowings as of March 31, 2026 and December 31, 2025.

As of$ in thousands
March 31, 2026
December 31, 2025
Amount
Outstanding
Weighted
Average
Interest Rate
Weighted
Average
Remaining
Maturity (days)
Amount
Outstanding
Weighted
Average
Interest Rate
Weighted
 Average
Remaining
Maturity (days)Repurchase agreements -
Agency RMBS
4,510,019
3.80 %
31
4,758,568
4.04 %
24Repurchase agreements -
Agency CMBS
829,354
3.80 %
25
860,687
4.04 %
20Total borrowings
5,339,373
3.80 %
30
5,619,255
4.04 %
23The following tables summarize certain characteristics of the Company's interest rate swaps whereby the Company pays fixed interest rates and receives floating interest rates based on the secured overnight financing rate as of March 31, 2026 and December 31, 2025.$ in thousands
As of March 31, 2026Maturities
NotionalAmount
Weighted
Average Fixed
Pay Rate
Weighted
Average Floating
Receive Rate
Weighted
Average Years to
Maturity Less than 3 years
1,675,000
0.86 %
3.68 %
1.73 to 5 years
950,000
0.54 %
3.68 %
4.35 to 7 years
545,000
3.66 %
3.68 %
6.87 to 10 years
495,000
3.99 %
3.68 %
9.3Greater than 10 years
450,000
2.04 %
3.68 %
18.7Total
4,115,000
1.66 %
3.68 %
5.8 $ in thousands
As of December 31, 2025Maturities
NotionalAmount
Weighted
Average Fixed
Pay Rate
Weighted
Average Floating
Receive Rate
Weighted
Average Years to
Maturity Less than 3 years
2,155,000
1.21 %
3.87 %
1.43 to 5 years
950,000
0.54 %
3.87 %
4.67 to 10 years
305,000
4.12 %
3.87 %
9.1Greater than 10 years
410,000
1.83 %
3.87 %
17.9Total
3,820,000
1.34 %
3.87 %
4.6The following table summarizes certain characteristics of the Company's U.S. Treasury futures contracts as of March 31, 2026 and December 31, 2025.

As of

March 31, 2026
December 31, 2025$ in thousands
Notional Amount - Short
Notional Amount - Short10 year U.S. Treasury futures
310,000
420,000Ultra 10 year U.S. Treasury futures
375,000
455,00030 year U.S. Treasury futures
305,000
215,000Total
990,000
1,090,000Capital ActivitiesDividendsDuring the three months ended March 31, 2026, the Company declared monthly common stock dividends totaling $0.36 per share and a Series C Preferred Stock dividend of $0.46875 per share.Issuances of Common StockDuring the three months ended March 31, 2026, the Company issued 15,694,589 shares of common stock for net cash proceeds of $133.6 million through its at-the-market program.Repurchases of Preferred StockDuring the three months ended March 31, 2026, the Company repurchased and retired 64,688 shares of Series C Preferred Stock with a carrying value of $1.6 million.About Invesco Mortgage Capital Inc. The Company is a real estate investment trust that primarily focuses on investing in, financing and managing mortgage-backed securities and other mortgage-related assets. The Company is externally managed and advised by Invesco Advisers, Inc., a registered investment adviser and an indirect wholly-owned subsidiary of Invesco Ltd., an independent global investment management firm.Earnings CallMembers of the investment community and the general public are invited to listen to the Company's earnings conference call on Friday, May 1, 2026, at 9:00 a.m. ET, by calling one of the following numbers:North America Toll Free:888-982-7409International:1-212-287-1625Passcode:InvescoAn audio replay will be available until 5:00 pm ET on May 15, 2026 by calling:866-363-1806 (North America) or 1-203-369-0194 (International)The presentation slides that will be reviewed during the call will be available on the Company's website at www.invescomortgagecapital.com.Cautionary Notice Regarding Forward-Looking StatementsThis press release, the related presentation and comments made in the associated conference call, may include statements and information that constitute "forward-looking statements" within the meaning of the U.S. securities laws as defined in the Private Securities Litigation Reform Act of 1995, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements include our views on the risk positioning of our portfolio, domestic and global market conditions (including the Agency RMBS, Agency CMBS and residential and commercial real estate markets), the market for our target assets, our financial performance, including our earnings available for distribution, economic return, comprehensive income and changes in our book value, our intention and ability to pay dividends, our ability to continue performance trends, the stability of portfolio yields, interest rates, spreads, prepayment trends, financing sources, cost of funds, our leverage, liquidity, capital structure and equity allocation. In addition, words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as "will," "may," "could," "should," and "would" as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements.Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. There can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks identified under the captions "Risk Factors," "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K and quarterly reports on Form 10-Q, which are available on the Securities and Exchange Commission's website at www.sec.gov.All written or oral forward-looking statements that we make, or that are attributable to us, are expressly qualified by this cautionary notice. We expressly disclaim any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate.INVESCO MORTGAGE CAPITAL INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)(Unaudited)

Three Months Ended$ in thousands, except share dataMarch 31,
2026
December 31,
2025
March 31,
2025Interest income79,641
77,901
73,846Interest expense52,593
56,643
55,025Net interest income27,048
21,258
18,821Other income (loss)




Gain (loss) on investments, net(54,940)
22,914
82,158Gain (loss) on derivative instruments, net12,879
11,887
(76,679)Total other income (loss)(42,061)
34,801
5,479Expenses




Management fee – related party2,974
2,806
2,996General and administrative1,917
1,759
1,663Total expenses4,891
4,565
4,659Net income (loss)(19,904)
51,494
19,641Dividends to preferred stockholders(3,190)
(3,221)
(3,341)Gain (loss) on repurchase and retirement of preferred stock(27)
(30)
(11)Net income (loss) attributable to common stockholders(23,121)
48,243
16,289





Other comprehensive income (loss)




Unrealized gain (loss) on mortgage-backed securities, net—
—
500Reclassification of unrealized (gain) loss on sale of mortgage-backed securities to gain (loss)
on investments, net—
—
116Total other comprehensive income (loss)—
—
616Comprehensive income (loss) attributable to common stockholders(23,121)
48,243
16,905





Earnings (loss) per share




Net income (loss) attributable to common stockholders




Basic(0.28)
0.68
0.26Diluted(0.28)
0.68
0.26 INVESCO MORTGAGE CAPITAL INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)

As of$ in thousands, except share amountsMarch 31, 2026
December 31, 2025ASSETS


Mortgage-backed securities, at fair value (including pledged securities of $5,585,665 and
$5,879,318, respectively)6,026,208
6,276,609Cash and cash equivalents52,598
56,040Restricted cash138,323
110,391Due from counterparties25,749
—Investment related receivable26,804
27,848Derivative assets, at fair value1,119
4,412Other assets399
594Total assets6,271,200
6,475,894LIABILITIES AND STOCKHOLDERS' EQUITY


Liabilities:


Repurchase agreements5,339,373
5,619,255Derivative liabilities, at fair value28,730
—Dividends payable10,490
25,845Investment related payable6
—Accrued interest payable10,738
28,664Collateral held payable14
—Accounts payable and accrued expenses1,789
1,580Due to affiliate3,706
3,006Total liabilities5,394,846
5,678,350Stockholders' equity:


Preferred Stock, par value $0.01 per share; 50,000,000 shares authorized:


7.50% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock: 6,789,443 and
6,854,131 shares issued and outstanding, respectively ($169,736 and $171,353 aggregate
liquidation preference, respectively)164,191
165,756Common Stock, par value $0.01 per share; 134,000,000 shares authorized; 87,485,972 and
71,790,532 shares issued and outstanding, respectively875
718Additional paid in capital 4,343,365
4,209,977Retained earnings (distributions in excess of earnings)(3,632,077)
(3,578,907)Total stockholders' equity876,354
797,544Total liabilities and stockholders' equity6,271,200
6,475,894Non-GAAP Financial MeasuresThe table below shows the non-GAAP financial measures the Company uses to analyze its operating results and the most directly comparable U.S. GAAP measures. The Company believes these non-GAAP measures are useful to investors in assessing its performance as discussed further below.Non-GAAP Financial Measure
Most Directly Comparable U.S. GAAP MeasureEarnings available for distribution (and by calculation,
earnings available for distribution per common share)
Net income (loss) attributable to common stockholders (and
by calculation, basic earnings (loss) per common share)Effective interest expense (and by calculation, effective cost
of funds)
Total interest expense (and by calculation, cost of funds)Effective net interest income (and by calculation, effective
interest rate margin)
Net interest income (and by calculation, net interest rate
margin)Economic debt-to-equity ratio
Debt-to-equity ratioThe non-GAAP financial measures used by the Company's management should be analyzed in conjunction with U.S. GAAP financial measures and should not be considered substitutes for U.S. GAAP financial measures. In addition, the non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of its peer companies.Earnings Available for Distribution The Company's business objective is to provide attractive risk-adjusted returns to its stockholders, primarily through dividends and secondarily through capital appreciation. The Company uses earnings available for distribution as a measure of its investment portfolio's ability to generate income for distribution to common stockholders and to evaluate its progress toward meeting this objective. The Company calculates earnings available for distribution as U.S. GAAP net income (loss) attributable to common stockholders adjusted for (gain) loss on investments, net; realized (gain) loss on derivative instruments, net; unrealized (gain) loss on derivative instruments, net; TBA dollar roll income and (gain) loss on repurchase and retirement of preferred stock. The Company may add and has added additional reconciling items to its earnings available for distribution calculation as appropriate.By excluding the gains and losses discussed above, the Company believes the presentation of earnings available for distribution provides a consistent measure of operating performance that investors can use to evaluate its results over multiple reporting periods and, to a certain extent, compare to its peer companies. However, because not all of the Company's peer companies use identical operating performance measures, the Company's presentation of earnings available for distribution may not be comparable to other similarly titled measures used by its peer companies. The Company excludes the impact of gains and losses when calculating earnings available for distribution because when analyzed in conjunction with its U.S. GAAP results, earnings available for distribution provides additional detail of its investment portfolio's earnings capacity. In addition, certain gains and losses represent one-time events.Furthermore, gains and losses have not been accounted for consistently under U.S. GAAP. Under U.S. GAAP, certain gains and losses may be reflected in net income whereas other gains and losses may be reflected in other comprehensive income. For example, a portion of the Company's mortgage-backed securities were historically classified as available-for-sale securities, and changes in the valuation of these securities were recorded in other comprehensive income on its condensed consolidated balance sheets. The Company elected the fair value option for its mortgage-backed securities purchased on or after September 1, 2016, and changes in the valuation of these securities are recorded in other income (loss) in the condensed consolidated statements of comprehensive income (loss).To maintain qualification as a REIT, U.S. federal income tax law generally requires that the Company distribute at least 90% of its REIT taxable income annually. Because the Company views earnings available for distribution as a consistent measure of its investment portfolio's ability to generate income for distribution to common stockholders, earnings available for distribution is one metric, but not the exclusive metric, that is used to determine the amount, if any, of dividends on common stock. However, earnings available for distribution should not be considered as an indication of the Company's taxable income, a guaranty of its ability to pay dividends or as a proxy for the amount of dividends it may pay, as earnings available for distribution excludes certain items that impact its cash needs.Earnings available for distribution is an incomplete measure of the Company's financial performance and there are other factors that impact the achievement of the Company's business objective. The Company cautions that earnings available for distribution should not be considered as an alternative to net income (determined in accordance with U.S. GAAP), or as an indication of the Company's cash flow from operating activities (determined in accordance with U.S. GAAP), a measure of the Company's liquidity, or as an indication of amounts available to fund its cash needs.The table below provides a reconciliation of U.S. GAAP net income (loss) attributable to common stockholders to earnings available for distribution for the following periods.
Three Months Ended$ in thousands, except per share dataMarch 31,
2026
December 31,
2025
March 31,
2025Net income (loss) attributable to common stockholders(23,121)
48,243
16,289Adjustments:




(Gain) loss on investments, net54,940
(22,914)
(82,158)Realized (gain) loss on derivative instruments, net (1)(23,324)
18,863
101,516Unrealized (gain) loss on derivative instruments, net (1)32,023
(4,354)
3,242TBA dollar roll income (2)4,166
—
1,147(Gain) loss on repurchase and retirement of preferred stock27
30
11Subtotal67,832
(8,375)
23,758Earnings available for distribution44,711
39,868
40,047Basic income (loss) per common share(0.28)
0.68
0.26Earnings available for distribution per common share (3)0.55
0.56
0.64(1)U.S. GAAP gain (loss) on derivative instruments, net on the condensed consolidated statements of comprehensive income (loss) includes the following components. 
Three Months Ended$ in thousandsMarch 31,
2026
December 31,
2025
March 31,
2025Realized gain (loss) on derivative instruments, net23,324
(18,863)
(101,516)Unrealized gain (loss) on derivative instruments, net(32,023)
4,354
(3,242)Contractual net interest income (expense) on interest rate swaps21,578
26,396
28,079Gain (loss) on derivative instruments, net12,879
11,887
(76,679)(2)A TBA dollar roll is a series of derivative transactions where TBAs with the same specified issuer, term and coupon but different settlement dates are simultaneously bought and sold. The TBA settling in the later month typically prices at a discount to the TBA settling in the earlier month. TBA dollar roll income represents the price differential between the TBA price for current month settlement compared to the TBA price for forward month settlement. The Company includes TBA dollar roll income in earnings available for distribution because it is the economic equivalent of interest income on the underlying Agency RMBS, less an implied financing cost, over the forward settlement period. TBA dollar roll income is a component of gain (loss) on derivative instruments, net on the Company's condensed consolidated statements of comprehensive income (loss).(3)Earnings available for distribution per common share is equal to earnings available for distribution divided by the basic weighted average number of common shares outstanding.The table below presents the components of earnings available for distribution for the following periods.
Three Months Ended$ in thousandsMarch 31,
2026
December 31,
2025
March 31,
2025Effective net interest income (1)48,626
47,654
46,900TBA dollar roll income4,166
—
1,147Total expenses(4,891)
(4,565)
(4,659)Subtotal47,901
43,089
43,388Dividends to preferred stockholders(3,190)
(3,221)
(3,341)Earnings available for distribution44,711
39,868
40,047(1)See below for a reconciliation of net interest income to effective net interest income, a non-GAAP measure.Effective Interest Expense/Effective Cost of Funds/Effective Net Interest Income/Effective Interest Rate MarginThe Company calculates effective interest expense (and by calculation, effective cost of funds) as U.S. GAAP total interest expense adjusted for contractual net interest income (expense) on its interest rate swaps that is recorded as gain (loss) on derivative instruments, net. The Company views its interest rate swaps as an economic hedge against increases in future market interest rates on its borrowings. The Company adds back the net payments or receipts on its interest rate swap agreements to its total U.S. GAAP interest expense because the Company uses interest rate swaps to add stability to interest expense.The Company calculates effective net interest income (and by calculation, effective interest rate margin) as U.S. GAAP net interest income adjusted for contractual net interest income (expense) on its interest rate swaps that is recorded as gain (loss) on derivative instruments, net.The Company believes the presentation of effective interest expense, effective cost of funds, effective net interest income and effective interest rate margin measures, when considered together with U.S. GAAP financial measures, provides information that is useful to investors in understanding the Company's borrowing costs and operating performance.The following table reconciles total interest expense to effective interest expense and cost of funds to effective cost of funds for the following periods.
Three Months Ended
March 31, 2026
December 31, 2025
March 31, 2025$ in thousandsReconciliation
Cost of Funds
/ Effective
Cost of Funds
Reconciliation
Cost of Funds
/ Effective
Cost of Funds
Reconciliation
Cost of Funds
/ Effective
Cost of FundsTotal interest expense52,593
3.92 %
56,643
4.20 %
55,025
4.46 %Less: Contractual net interest expense
(income) on interest rate swaps
  recorded as gain (loss) on
  derivative instruments, net(21,578)
(1.61) %
(26,396)
(1.96) %
(28,079)
(2.28) %Effective interest expense31,015
2.31 %
30,247
2.24 %
26,946
2.18 %The following table reconciles net interest income to effective net interest income and net interest rate margin to effective interest rate margin for the following periods.
Three Months Ended
March 31, 2026
December 31, 2025
March 31, 2025$ in thousandsReconciliation
Net Interest
Rate Margin /
Effective
Interest Rate
Margin
Reconciliation
Net Interest
Rate Margin /
Effective
Interest Rate
Margin
Reconciliation
Net Interest
Rate Margin /
Effective
Interest Rate
MarginNet interest income27,048
1.44 %
21,258
1.11 %
18,821
0.99 %Add: Contractual net interest income
  (expense) on interest rate swaps
  recorded as gain (loss) on
derivative instruments, net21,578
1.61 %
26,396
1.96 %
28,079
2.28 %Effective net interest income48,626
3.05 %
47,654
3.07 %
46,900
3.27 %Economic Debt-to-Equity RatioThe following table shows the Company's debt-to-equity ratio and the Company's economic debt-to-equity ratio as of March 31, 2026 and December 31, 2025. The Company's debt-to-equity ratio is calculated in accordance with U.S. GAAP and is the ratio of total debt to total stockholders' equity.The Company presents an economic debt-to-equity ratio, a non-GAAP financial measure of leverage that considers the impact of the off-balance sheet financing of its investments in TBAs that are accounted for as derivative instruments under U.S. GAAP. The Company includes these types of TBAs at implied cost basis in its measure of leverage because a forward contract to acquire Agency RMBS in the TBA market carries similar risks to Agency RMBS purchased in the cash market and funded with on-balance sheet liabilities. Similarly, a contract for the forward sale of Agency RMBS has substantially the same effect as selling the underlying Agency RMBS and reducing the Company's on-balance sheet funding commitments. The Company believes that presenting its economic debt-to-equity ratio, when considered together with its U.S. GAAP financial measure of debt-to-equity ratio, provides information that is useful to investors in understanding how management evaluates at-risk leverage and gives investors a comparable statistic to those of other mortgage REITs who also invest in TBAs and present a similar non-GAAP measure of leverage.
As of$ in thousandsMarch 31,
2026
December 31,
2025Repurchase agreements5,339,373
5,619,255Total stockholders' equity876,354
797,544



Debt-to-equity ratio (1)6.1
7.0Economic debt-to-equity ratio (2)7.5
7.0(1)Debt-to-equity ratio is calculated as the ratio of total repurchase agreements to total stockholders' equity.(2)Economic debt-to-equity ratio is calculated as the ratio of total repurchase agreements and TBAs at implied cost basis ($1.2 billion as of March 31, 2026; none as of December 31, 2025) to total stockholders' equity.Average BalancesThe table below presents information related to the Company's average earning assets, average earning asset yields, average borrowings and average cost of funds for the following periods.
Three Months Ended$ in thousandsMarch 31,
2026
December 31,
2025
March 31,
2025Average earning assets (1)5,946,466
5,868,897
5,422,552Average earning asset yields (2)5.36 %
5.31 %
5.45 %





Average borrowings (3)5,367,463
5,393,719
4,930,237Average cost of funds (4)3.92 %
4.20 %
4.46 %(1)Average balances for each period are based on weighted month-end balances. Average earning assets do not include TBAs that are treated as derivative instruments under U.S. GAAP.(2)Average earning asset yields for each period are calculated by dividing interest income, including amortization of premiums and discounts, by average earning assets based on the amortized cost of the investments. All yields are annualized.(3)Average borrowings for each period are based on weighted month-end balances. Average borrowings do not include the off-balance sheet financing component of TBAs that are treated as derivative instruments under U.S. GAAP.(4)Average cost of funds is calculated by dividing annualized interest expense by average borrowings. Greg Seals,
Investor Relations
404-439-3323



View original content to download multimedia:https://www.prnewswire.com/news-releases/invesco-mortgage-capital-inc-reports-first-quarter-2026-financial-results-302759347.htmlSOURCE Invesco Mortgage Capital Inc.

Original: Invesco Mortgage Capital Inc. Reports First Quarter 2026 Financial Results

Invesco Mortgage Capital Inc. To Announce First Quarter 2026 ResultsApril 21, 2026 4:15 PM
PR Newswire (US)

ATLANTA, April 21, 2026 /PRNewswire/ -- Invesco Mortgage Capital Inc. (NYSE: IVR) will announce its first quarter 2026 results Thursday, April 30, 2026, after market close. A conference call and audio webcast to review first quarter 2026 results will be held on Friday, May 1, 2026, at 9:00 a.m. ET. Scheduled to speak are Kevin Collins, current President and incoming Chief Executive Officer; David Lyle, current COO and incoming President, Brian Norris, Chief Investment Officer; and Mark Gregson, Chief Financial Officer.







A presentation will be available on the Company's Web site at www.invescomortgagecapital.com prior to the call.Those wishing to participate should call:North America Toll Free:  888-982-7409
International Toll:              1-212-287-1625
Passcode:                         Invesco
Please visit the following site to join the call: Event Calendar - Invesco Mortgage Capital Inc.An audio replay will be available until May 15, 2026, by calling:866-363-1806 (North America) or 1-203-369-0194 (International).About Invesco Mortgage Capital Inc.
Invesco Mortgage Capital Inc. is a real estate investment trust that primarily focuses on investing in, financing and managing agency mortgage-backed securities. Invesco Mortgage Capital Inc. is externally managed and advised by Invesco Advisers, Inc., a registered investment adviser and an indirect, wholly-owned subsidiary of Invesco Ltd., a leading independent global investment management firm. Additional information is available at www.invescomortgagecapital.com.Investor Relations Contact: Greg Seals, 404-439-3323 



View original content to download multimedia:https://www.prnewswire.com/news-releases/invesco-mortgage-capital-inc-to-announce-first-quarter-2026-results-302749084.htmlSOURCE Invesco Mortgage Capital Inc.

Original: Invesco Mortgage Capital Inc. To Announce First Quarter 2026 Results

Invesco Mortgage Capital Inc. April 2026 Dividend Announcement and March 31, 2026 Financial UpdateApril 15, 2026 4:15 PM
PR Newswire (US)

ATLANTA, April 15, 2026 /PRNewswire/ -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the "Company") today announced that the Company declared a cash dividend of $0.12 per share of common stock for the month of April 2026. The dividend will be paid on May 14, 2026 to stockholders of record at the close of business on April 27, 2026, with an ex-dividend date of April 27, 2026.







Financial Highlights as of March 31, 2026Total investment portfolio including TBAs of $7.3 billionUnrestricted cash and unencumbered investments of $493.1 millionTotal repurchase agreement borrowings of $5.3 billionEstimated book value per common share of $8.08(1)Debt-to-equity ratio of 6.1x and economic debt-to-equity ratio of 7.5x(2)(1) Estimated book value per common share as of March 31, 2026 is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($169.7 million), divided by total common shares outstanding of 87.5 million.(2) Debt-to-equity ratio is calculated in accordance with U.S. GAAP as the ratio of total repurchase agreement borrowings to total stockholders' equity. Economic debt-to-equity ratio is a non-GAAP financial measure and is calculated as the ratio of total repurchase agreement borrowings and TBAs at implied cost basis ($1.2 billion as of March 31, 2026) to total stockholders' equity. Refer to the section titled "Economic Debt-to-Equity Ratio" below for additional information.The Company is providing certain preliminary, unaudited month-end financial data as of March 31, 2026, including updates on the Company's book value, investment portfolio, leverage and liquidity. The information in this press release has been prepared by, and is the responsibility of, the Company's management. The Company's independent auditors have not audited, reviewed, examined, compiled nor applied agreed-upon procedures with respect to this information and, accordingly, they do not express an opinion or provide any form of assurance on the figures presented.The preliminary metrics and estimates included in this press release are based on information that the Company believes to be reliable as of today's date and reflect management's judgment at this stage of the month-end closing process. This month-end update should not be viewed as a substitute for financial statements prepared in accordance with U.S. GAAP and is not necessarily indicative of results to be achieved in any future period. Additional items may be identified as part of the ongoing month-end and quarter-end closing processes, and such items could result in material revisions to the data presented in this press release. Accordingly, readers should not place undue reliance on the preliminary figures contained in this press release. The Company undertakes no obligation to update or revise the information contained herein, whether as a result of new information, subsequent events or otherwise.Portfolio CompositionThe following table summarizes certain characteristics of the Company's investment portfolio including TBAs as of March 31, 2026.

As of March 31, 2026$ in thousands
Fair Value
Percentage
Period-end
Weighted Average
YieldAgency RMBS:





30 year fixed-rate pass-through coupon:





4.5 %
757,581
10.4 %
4.89 %5.0 %
1,434,765
19.8 %
5.20 %5.5 %
1,704,437
23.5 %
5.49 %6.0 %
1,198,042
16.5 %
5.93 %Total 30 year fixed-rate pass-through
5,094,825
70.2 %
5.42 %Agency CMO
67,113
1.0 %
8.89 %Agency CMBS
864,270
11.9 %
4.61 %Total MBS portfolio
6,026,208
83.1 %
5.34 %TBAs, at implied market value(1)
1,226,450
16.9 %

Total investment portfolio including TBAs
7,252,658
100.0 %

 (1) The presentation of TBAs in the table above represents management's view of the investment portfolio and does not reflect how the Company records TBAs on its balance sheet under U.S. GAAP. Under U.S. GAAP, the Company records TBAs that it does not intend to physically settle on the contractual settlement date as derivative financial instruments. The Company values TBAs on its balance sheet at net carrying value, which represents the difference between implied market value and implied cost basis of the TBAs.The following table summarizes certain characteristics of the Company's borrowings as of March 31, 2026.

As of March 31, 2026$ in thousands
Amount Outstanding
Weighted Average Interest Rate
Weighted Average Remaining Maturity (days)Repurchase agreements - Agency MBS
5,339,373
3.80 %
30The following table summarizes certain characteristics of the Company's interest rate swaps whereby the Company pays fixed interest rates and receives floating interest rates based upon the secured overnight financing rate as of March 31, 2026.$ in thousands
As of March 31, 2026Maturities
Notional Amount
Weighted Average Fixed Pay Rate
Weighted Average Floating Receive Rate
Weighted Average Years to Maturity Less than 3 years
1,675,000
0.86 %
3.68 %
1.73 to 5 years
950,000
0.54 %
3.68 %
4.35 to 7 years
545,000
3.66 %
3.68 %
6.87 to 10 years
495,000
3.99 %
3.68 %
9.3Greater than 10 years
450,000
2.04 %
3.68 %
18.7Total
4,115,000
1.66 %
3.68 %
5.8The following table summarizes certain characteristics of the Company's U.S. Treasury futures contracts as of March 31, 2026.

As of March 31, 2026$ in thousands
Notional Amount - Short10 year U.S. Treasury futures
310,000Ultra 10 year U.S. Treasury futures
375,00030 year U.S. Treasury futures
305,000Total
990,000Economic Debt-to-Equity RatioThe Company presents an economic debt-to-equity ratio, a non-GAAP financial measure of leverage that considers the impact of the off-balance sheet financing of its investments in TBAs that are accounted for as derivative instruments under U.S. GAAP. The Company includes these types of TBAs at implied cost basis in its measure of leverage because a forward contract to acquire Agency RMBS in the TBA market carries similar risks to Agency RMBS purchased in the cash market and funded with on-balance sheet liabilities. Similarly, a contract for the forward sale of Agency RMBS has substantially the same effect as selling the underlying Agency RMBS and reducing the Company's on-balance sheet funding commitments. The Company believes that presenting its economic debt-to-equity ratio, when considered together with its U.S. GAAP financial measure of debt-to-equity ratio, provides information that is useful to investors in understanding how management evaluates at-risk leverage and gives investors a comparable statistic to those of other mortgage real estate investment trusts who also invest in TBAs and present a similar non-GAAP measure of leverage.About Invesco Mortgage Capital Inc.The Company is a real estate investment trust that primarily focuses on investing in, financing and managing mortgage-backed securities and other mortgage-related assets. The Company is externally managed and advised by Invesco Advisers, Inc., a registered investment adviser and an indirect wholly-owned subsidiary of Invesco Ltd., an independent global investment management firm.Cautionary Notice Regarding Forward-Looking StatementsThis press release may include statements and information that constitute "forward-looking statements" within the meaning of the U.S. securities laws as defined in the Private Securities Litigation Reform Act of 1995, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements include our views on the risk positioning of our portfolio, domestic and global market conditions (including the Agency RMBS, Agency CMBS and residential and commercial real estate markets), the market for our target assets, our financial performance, including our earnings available for distribution, economic return, comprehensive income and changes in our book value, our intention and ability to pay dividends, our ability to continue performance trends, the stability of portfolio yields, interest rates, spreads, prepayment trends, financing sources, cost of funds, our leverage, liquidity, capital structure and equity allocation. In addition, words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as "will," "may," "could," "should," and "would" as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements.Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. There can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks identified under the captions "Risk Factors," "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K and quarterly reports on Form 10-Q, which are available on the Securities and Exchange Commission's website at www.sec.gov.All written or oral forward-looking statements that we make, or that are attributable to us, are expressly qualified by this cautionary notice. We expressly disclaim any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate.Greg Seals,
Investor Relations
404-439-3323



View original content to download multimedia:https://www.prnewswire.com/news-releases/invesco-mortgage-capital-inc-april-2026-dividend-announcement-and-march-31-2026-financial-update-302743645.htmlSOURCE Invesco Mortgage Capital Inc.

Original: Invesco Mortgage Capital Inc. April 2026 Dividend Announcement and March 31, 2026 Financial Update

Invesco Mortgage Capital Names Kevin Collins Chief Executive Officer and David Lyle PresidentApril 14, 2026 4:15 PM
PR Newswire (US)

ATLANTA, April 14, 2026 /PRNewswire/ -- Invesco Mortgage Capital Inc. (the "Company") (NYSE: IVR) today announced that President Kevin Collins will assume the role of Chief Executive Officer, effective May 1, 2026. Mr. Collins will succeed John Anzalone, who is retiring from the Company effective April 30 after an impactful nine-year tenure as CEO. To assist in the transition, Mr. Anzalone is expected to remain in an advisory role to the Company through October 1. Mr. Collins is a seasoned veteran of the mortgage securitization markets and has served in several capacities with the Company, dating back to his key role in its formation in 2009. He has served as President since 2017 and worked alongside Mr. Anzalone and the management team for the entirety of his tenure. He is also the Co-Head of Structured Investments for Invesco Fixed Income.







David Lyle will assume the role of President, also effective May 1. Mr. Lyle has served as Chief Operating Officer since 2017 and has been involved in the management of the Company since 2009. He is also the Co-Head of Structured Investments for Invesco Fixed Income with over 20 years of experience in securitized markets."I'm pleased to assume the role of CEO and look forward to building on the foundation that John and the management team have established," said Mr. Collins. "John successfully guided Invesco Mortgage Capital through multiple market cycles and our transition to an agency-focused strategy. David and I look forward to continuing this momentum, alongside Brian Norris, our Chief Investment Officer and Mark Gregson, our Chief Financial Officer, with a commitment to disciplined investment management, consistent performance, and strengthened investor engagement."Invesco Mortgage Capital has recently taken steps to further promote alignment with investors, including transitioning this year from quarterly to monthly dividend distributions. In addition to better meeting the cash-flow needs of income investors, this new approach affords the Company an opportunity to provide stockholders with monthly touchpoints, including portfolio, book value, and leverage updates. "We are excited for Kevin and the management team to lead the Company through its next phase of growth. Their deep understanding of the mortgage REIT industry and extensive investment expertise, together with longstanding relationships with key counterparties and investors, uniquely qualify them to provide strategic leadership to the Company and foster meaningful engagement with stockholders," said Don Liu, Chair of the Invesco Mortgage Capital Board of Directors. "As we welcome a new CEO, we sincerely thank John for his leadership and his valuable contributions to Invesco Mortgage Capital." About Invesco Mortgage Capital Inc.Invesco Mortgage Capital Inc. is a real estate investment trust that primarily focuses on investing in, financing and managing mortgage-backed securities and other mortgage-related assets. Invesco Mortgage Capital Inc. is externally managed and advised by Invesco Advisers, Inc., a registered investment adviser and an indirect, wholly-owned subsidiary of Invesco Ltd., a leading independent global investment management firm. Additional information is available at www.invescomortgagecapital.com.Cautionary Notice Regarding Forward-Looking StatementsThis press release may include statements and information that constitute "forward-looking statements" within the meaning of the U.S. securities laws as defined in the Private Securities Litigation Reform Act of 1995, and such statements are intended to be covered by the safe harbor provided by the same. Words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as "will," "may," "could," "should," and "would" as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements.Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. There can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks identified under the captions "Risk Factors," "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K and quarterly reports on Form 10-Q, which are available on the Securities and Exchange Commission's website at www.sec.gov.All written or oral forward-looking statements that we make, or that are attributable to us, are expressly qualified by this cautionary notice. We expressly disclaim any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate.Investor Relations Contact: Gregory Seals, 404-439-3323



View original content to download multimedia:https://www.prnewswire.com/news-releases/invesco-mortgage-capital-names-kevin-collins-chief-executive-officer-and-david-lyle-president-302742183.htmlSOURCE Invesco Mortgage Capital Inc.

Original: Invesco Mortgage Capital Names Kevin Collins Chief Executive Officer and David Lyle President

Invesco Mortgage Capital Inc. March 2026 Dividend Announcement and February 28, 2026 Financial UpdateMarch 13, 2026 5:35 PM
PR Newswire (US)

ATLANTA, March 13, 2026 /PRNewswire/ -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the "Company") today announced that the Company declared a cash dividend of $0.12 per share of common stock for the month of March 2026. The dividend will be paid on April 14, 2026 to stockholders of record at the close of business on March 24, 2026, with an ex-dividend date of March 24, 2026.







Financial Highlights as of February 28, 2026Total investment portfolio including TBAs of $7.3 billionUnrestricted cash and unencumbered investments of $530.5 millionTotal repurchase agreement borrowings of $5.4 billionEstimated book value per common share(1) of $8.54Debt-to-equity ratio of 6.0x and economic debt-to-equity ratio(2) of 7.3x(1) Estimated book value per common share as of February 28, 2026 is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($170.3 million), divided by total common shares outstanding of 85.1 million.(2) Economic debt-to-equity ratio is a non-GAAP financial measure and is calculated as the ratio of total repurchase agreements and TBAs at implied cost basis ($1.2 billion as of February 28, 2026) to total stockholders' equity. Refer to the section titled 'Economic Debt-to-Equity Ratio' below for additional information.The Company is providing certain preliminary, unaudited month-end financial data as of February 28, 2026, including updates on the Company's book value, portfolio activity, leverage and liquidity. The information in this press release has been prepared by, and is the responsibility of, the Company's management. The Company's independent auditors have not audited, reviewed, examined, compiled nor applied agreed-upon procedures with respect to this information and, accordingly, they do not express an opinion or provide any form of assurance on the figures presented.The preliminary metrics and estimates included in this press release are based on information that the Company believes to be reliable as of today's date and reflect management's judgment at this stage of the month-end closing process. This month-end update should not be viewed as a substitute for financial statements prepared in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") and is not necessarily indicative of results to be achieved in any future period. Additional items may be identified as part of the ongoing month-end and quarter-end closing processes, and such items could result in material revisions to the data presented in this press release. Accordingly, readers should not place undue reliance on the preliminary figures contained in this press release. The Company undertakes no obligation to update or revise the information contained herein, whether as a result of new information, subsequent events or otherwise.Portfolio CompositionThe following table summarizes certain characteristics of the Company's investment portfolio as of February 28, 2026.

As of February 28, 2026$ in thousands
Fair Value
Percentage
Period-end Weighted Average YieldAgency RMBS:





30 year fixed-rate pass-through coupon:





4.5 %
782,428
10.7 %
4.89 %5.0 %
1,473,937
20.1 %
5.20 %5.5 %
1,632,596
22.3 %
5.50 %6.0 %
1,235,997
16.9 %
5.93 %Total 30 year fixed-rate pass-through
5,124,958
70.0 %
5.42 %Agency CMO
67,734
1.0 %
8.88 %Agency CMBS
885,908
12.1 %
4.61 %Total MBS portfolio
6,078,600
83.1 %
5.34 %TBAs, at implied market value(1)
1,239,394
16.9 %

Total investment portfolio including TBAs
7,317,994
100.0 %

 (1) The presentation of TBAs in the table above represents management's view of the investment portfolio and does not reflect how the Company records TBAs on its balance sheet under U.S. GAAP. Under U.S. GAAP, the Company records TBAs that it does not intend to physically settle on the contractual settlement date as derivative financial instruments. The Company values TBAs on its balance sheet at net carrying value, which represents the difference between implied fair market value and implied cost basis of the TBAs.The following table summarizes certain characteristics of the Company's borrowings as of February 28, 2026.

As of February 28, 2026$ in thousands
Amount Outstanding
Weighted Average Interest Rate
Weighted Average Remaining Maturity (days)Repurchase agreements - Agency MBS
5,357,425
3.80 %
24The following table summarizes certain characteristics of the Company's interest rate swaps whereby the Company pays fixed interest rates and receives floating interest rates based upon the secured overnight financing rate as of February 28, 2026.$ in thousands
As of February 28, 2026Maturities
Notional Amount
Weighted Average Fixed Pay Rate
Weighted Average Floating Receive Rate
Weighted Average Years to Maturity Less than 3 years
1,675,000
0.86 %
3.68 %
1.83 to 5 years
950,000
0.54 %
3.68 %
4.45 to 7 years
545,000
3.66 %
3.68 %
6.97 to 10 years
495,000
3.99 %
3.68 %
9.4Greater than 10 years
450,000
2.04 %
3.68 %
18.8Total
4,115,000
1.66 %
3.68 %
5.8The following table summarizes certain characteristics of the Company's U.S. Treasury futures contracts as of February 28, 2026.

As of February 28, 2026$ in thousands
Notional Amount - Short10 year U.S. Treasury futures
70,000Ultra 10 year U.S. Treasury futures
105,00030 year U.S. Treasury futures
305,000Total
480,000Economic Debt-to-Equity RatioThe Company presents an economic debt-to-equity ratio, a non-GAAP financial measure of leverage that considers the impact of the off-balance sheet financing of its investments in TBAs that are accounted for as derivative instruments under U.S. GAAP. The Company includes these types of TBAs at implied cost basis in its measure of leverage because a forward contract to acquire Agency RMBS in the TBA market carries similar risks to Agency RMBS purchased in the cash market and funded with on-balance sheet liabilities. Similarly, a contract for the forward sale of Agency RMBS has substantially the same effect as selling the underlying Agency RMBS and reducing the Company's on-balance sheet funding commitments. The Company believes that presenting its economic debt-to-equity ratio, when considered together with its U.S. GAAP financial measure of debt-to-equity ratio, provides information that is useful to investors in understanding how management evaluates at-risk leverage and gives investors a comparable statistic to those of other mortgage real estate investment trusts who also invest in TBAs and present a similar non-GAAP measure of leverage.About Invesco Mortgage Capital Inc.The Company is a real estate investment trust that primarily focuses on investing in, financing and managing mortgage-backed securities and other mortgage-related assets. The Company is externally managed and advised by Invesco Advisers, Inc., a registered investment adviser and an indirect wholly-owned subsidiary of Invesco Ltd., an independent global investment management firm.Cautionary Notice Regarding Forward-Looking StatementsThis press release may include statements and information that constitute "forward-looking statements" within the meaning of the U.S. securities laws as defined in the Private Securities Litigation Reform Act of 1995, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements include our views on the risk positioning of our portfolio, domestic and global market conditions (including the Agency RMBS, Agency CMBS and residential and commercial real estate markets), the market for our target assets, our financial performance, including our earnings available for distribution, economic return, comprehensive income and changes in our book value, our intention and ability to pay dividends, our ability to continue performance trends, the stability of portfolio yields, interest rates, spreads, prepayment trends, financing sources, cost of funds, our leverage, liquidity, capital structure and equity allocation. In addition, words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as "will," "may," "could," "should," and "would" as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements.Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. There can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks identified under the captions "Risk Factors," "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K and quarterly reports on Form 10-Q, which are available on the Securities and Exchange Commission's website at www.sec.gov.All written or oral forward-looking statements that we make, or that are attributable to us, are expressly qualified by this cautionary notice. We expressly disclaim any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate.Greg Seals,
Investor Relations
404-439-3323



View original content to download multimedia:https://www.prnewswire.com/news-releases/invesco-mortgage-capital-inc-march-2026-dividend-announcement-and-february-28-2026-financial-update-302713778.htmlSOURCE Invesco Mortgage Capital Inc.

Original: Invesco Mortgage Capital Inc. March 2026 Dividend Announcement and February 28, 2026 Financial Update

Invesco Mortgage Capital Appoints Veteran Fixed Income and Business Development Strategist Stephanie J. Larosiliere to Board of Directors to Strengthen Stockholder Engagement and AlignmentMarch 10, 2026 4:15 PM
PR Newswire (US)

ATLANTA, March 10, 2026 /PRNewswire/ -- Invesco Mortgage Capital Inc. (the "Company") (NYSE: IVR) is pleased to announce that Stephanie J. Larosiliere, a veteran fixed income expert with more than two decades of industry experience, has joined its Board of Directors as an executive director, effective March 6, 2026.







As Head of Business Strategy and Development for Invesco Ltd. Fixed Income in North America & APAC, Ms. Larosiliere leads a team of client portfolio professionals responsible for strategic business development, including the strategic commercialization of fixed-income products."We are pleased to welcome Stephanie to our Board," said Don Liu, Chair of the Company's Board of Directors. "Stephanie's deep experience in fixed income markets and institutional investor engagement uniquely positions her to make an immediate and meaningful impact at Invesco Mortgage Capital.""Stephanie's expertise in this space and ability to identify emerging trends and developments will help ensure we remain aligned with our investors as we move forward," continued Mr. Liu, adding that "this appointment highlights the Company's commitment to foster investor engagement and communications."About Invesco Mortgage Capital Inc.Invesco Mortgage Capital Inc. is a real estate investment trust that primarily focuses on investing in, financing and managing mortgage-backed securities and other mortgage-related assets. Invesco Mortgage Capital Inc. is externally managed and advised by Invesco Advisers, Inc., a registered investment adviser and an indirect, wholly-owned subsidiary of Invesco Ltd., a leading independent global investment management firm. Additional information is available at www.invescomortgagecapital.com.Cautionary Notice Regarding Forward-Looking StatementsThis press release may include statements and information that constitute "forward-looking statements" within the meaning of the U.S. securities laws as defined in the Private Securities Litigation Reform Act of 1995, and such statements are intended to be covered by the safe harbor provided by the same. Words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as "will," "may," "could," "should," and "would" as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements.Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. There can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks identified under the captions "Risk Factors," "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K and quarterly reports on Form 10-Q, which are available on the Securities and Exchange Commission's website at www.sec.gov.All written or oral forward-looking statements that we make, or that are attributable to us, are expressly qualified by this cautionary notice. We expressly disclaim any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate.Investor Relations Contact: Gregory Seals, 404-439-3323



View original content to download multimedia:https://www.prnewswire.com/news-releases/invesco-mortgage-capital-appoints-veteran-fixed-income-and-business-development-strategist-stephanie-j-larosiliere-to-board-of-directors-to-strengthen-stockholder-engagement-and-alignment-302709813.htmlSOURCE Invesco Mortgage Capital Inc.

Original: Invesco Mortgage Capital Appoints Veteran Fixed Income and Business Development Strategist Stephanie J. Larosiliere to Board of Directors to Strengthen Stockholder Engagement and Alignment

Invesco Mortgage Capital Inc. February 2026 Dividend Announcement and January 31, 2026 Financial UpdateFebruary 13, 2026 4:15 PM
PR Newswire (US)

ATLANTA, Feb. 13, 2026 /PRNewswire/ -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the "Company") today announced that the Company declared a cash dividend of $0.12 per share of common stock for the month of February 2026. The dividend will be paid on March 13, 2026 to stockholders of record at the close of business on February 24, 2026, with an ex-dividend date of February 24, 2026.







Financial Highlights as of January 31, 2026Total investment portfolio including TBAs of $7.1 billionUnrestricted cash and unencumbered investments of $510.7 millionTotal repurchase agreement borrowings of $5.4 billionEstimated book value per common share(1) of $8.91Debt-to-equity ratio of 6.1x and economic debt-to-equity ratio(2) of 7.1x(1) Estimated book value per common share as of January 31, 2026 is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($170.5 million), divided by total common shares outstanding of 80.7 million.
(2) Economic debt-to-equity ratio is a non-GAAP financial measure and is calculated as the ratio of total repurchase agreements and TBAs at implied cost basis ($963.7 million as of January 31, 2026) to total stockholders' equity. Refer to the section titled 'Economic Debt-to-Equity Ratio' below for additional information.The Company is providing certain preliminary, unaudited month-end financial data as of January 31, 2026 including updates on the Company's book value, portfolio activity, leverage and liquidity. The information in this press release has been prepared by, and is the responsibility of, the Company's management. The Company's independent auditors have not audited, reviewed, examined, compiled nor applied agreed-upon procedures with respect to this information and, accordingly, they do not express an opinion or provide any form of assurance on the figures presented.The preliminary metrics and estimates included in this press release are based on information that the Company believes to be reliable as of today's date and reflect management's judgment at this stage of the month-end closing process. This month-end update should not be viewed as a substitute for financial statements prepared in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") and is not necessarily indicative of results to be achieved in any future period. Additional items may be identified as part of the ongoing month-end and quarter-end closing processes, and such items could result in material revisions to the data presented in this press release. Accordingly, readers should not place undue reliance on the preliminary figures contained in this press release. The Company undertakes no obligation to update or revise the information contained herein, whether as a result of new information, subsequent events, or otherwise.Portfolio CompositionThe following table summarizes certain characteristics of the Company's investment portfolio as of January 31, 2026.

As of January 31, 2026$ in thousands
Fair Value
Percentage
Period-end
Weighted Average
YieldAgency RMBS:





30 year fixed-rate pass-through coupon:






4.5 %
781,889
11.0 %
4.89 %
5.0 %
1,477,148
20.8 %
5.20 %
5.5 %
1,640,590
23.2 %
5.50 %
6.0 %
1,256,630
17.7 %
5.93 %Total 30 year fixed-rate pass-through
5,156,257
72.7 %
5.43 %Agency CMO
68,548
1.0 %
8.88 %Agency CMBS
900,253
12.7 %
4.62 %Total MBS portfolio
6,125,058
86.4 %
5.34 %TBAs, at implied market value(1)
963,739
13.6 %

Total investment portfolio including TBAs
7,088,797
100.0 %

(1) The presentation of TBAs in the table above represents management's view of the investment portfolio and does not reflect how the Company records TBAs on its balance sheet under U.S. GAAP. Under U.S. GAAP, the Company records TBAs that it does not intend to physically settle on the contractual settlement date as derivative financial instruments. The Company values TBAs on its balance sheet at net carrying value, which represents the difference between implied fair market value and implied cost basis of the TBAs.The following table summarizes certain characteristics of the Company's borrowings as of January 31, 2026.$ in thousands
As of January 31, 2026
Amount
Outstanding
Weighted Average
Interest Rate
Weighted Average
Remaining
Maturity (days)Repurchase agreements - Agency MBS
5,404,619
3.83 %
23The following table summarizes certain characteristics of the Company's interest rate swaps whereby the Company pays fixed interest rates and receives floating interest rates based upon the secured overnight financing rate as of January 31, 2026.$ in thousands
As of January 31, 2026Maturities
NotionalAmount
Weighted
Average Fixed
Pay Rate
Weighted
Average Floating
Receive Rate
Weighted
Average Years to
Maturity Less than 3 years
1,575,000
0.70 %
3.68 %
1.63 to 5 years
1,150,000
1.05 %
3.68 %
4.25 to 7 years
335,000
3.63 %
3.68 %
7.07 to 10 years
755,000
3.92 %
3.68 %
8.8Greater than 10 years
410,000
1.83 %
3.68 %
17.8Total
4,225,000
1.71 %
3.68 %
5.6The following table summarizes certain characteristics of the Company's U.S. Treasury futures contracts as of January 31, 2026.

As of January 31, 2026$ in thousands
Notional Amount - Short10 year U.S. Treasury futures
420,000Ultra 10 year U.S. Treasury futures
205,00030 year U.S. Treasury futures
375,000Total
1,000,000Economic Debt-to-Equity RatioThe Company presents an economic debt-to-equity ratio, a non-GAAP financial measure of leverage that considers the impact of the off-balance sheet financing of its investments in TBAs that are accounted for as derivative instruments under U.S. GAAP. The Company includes these types of TBAs at implied cost basis in its measure of leverage because a forward contract to acquire Agency RMBS in the TBA market carries similar risks to Agency RMBS purchased in the cash market and funded with on-balance sheet liabilities. Similarly, a contract for the forward sale of Agency RMBS has substantially the same effect as selling the underlying Agency RMBS and reducing the Company's on-balance sheet funding commitments. The Company believes that presenting its economic debt-to-equity ratio, when considered together with its U.S. GAAP financial measure of debt-to-equity ratio, provides information that is useful to investors in understanding how management evaluates at-risk leverage and gives investors a comparable statistic to those of other mortgage real estate investment trusts who also invest in TBAs and present a similar non-GAAP measure of leverage.About Invesco Mortgage Capital Inc.The Company is a real estate investment trust that primarily focuses on investing in, financing and managing mortgage-backed securities and other mortgage-related assets. The Company is externally managed and advised by Invesco Advisers, Inc., a registered investment adviser and an indirect wholly-owned subsidiary of Invesco Ltd., a leading independent global investment management firm.Cautionary Notice Regarding Forward-Looking StatementsThis press release may include statements and information that constitute "forward-looking statements" within the meaning of the U.S. securities laws as defined in the Private Securities Litigation Reform Act of 1995, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements include our views on the risk positioning of our portfolio, domestic and global market conditions (including the Agency RMBS, Agency CMBS and residential and commercial real estate markets), the market for our target assets, our financial performance, including our earnings available for distribution, economic return, comprehensive income and changes in our book value, our intention and ability to pay dividends, our ability to continue performance trends, the stability of portfolio yields, interest rates, spreads, prepayment trends, financing sources, cost of funds, our leverage, liquidity, capital structure and equity allocation. In addition, words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as "will," "may," "could," "should," and "would" as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements.Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. There can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks identified under the captions "Risk Factors," "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K and quarterly reports on Form 10-Q, which are available on the Securities and Exchange Commission's website at www.sec.gov.All written or oral forward-looking statements that we make, or that are attributable to us, are expressly qualified by this cautionary notice. We expressly disclaim any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate.Greg Seals,
Investor Relations
404-439-3323



View original content to download multimedia:https://www.prnewswire.com/news-releases/invesco-mortgage-capital-inc-february-2026-dividend-announcement-and-january-31-2026-financial-update-302687976.htmlSOURCE Invesco Mortgage Capital Inc.

Original: Invesco Mortgage Capital Inc. February 2026 Dividend Announcement and January 31, 2026 Financial Update

Invesco Mortgage Capital Inc. Reports Fourth Quarter 2025 Financial ResultsJanuary 29, 2026 4:15 PM
PR Newswire (US)

ATLANTA, Jan. 29, 2026 /PRNewswire/ -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the "Company") today announced financial results for the quarter ended December 31, 2025.







Net income per common share of $0.68 compared to $0.74 in Q3 2025Earnings available for distribution per common share(1) of $0.56 compared to $0.58 in Q3 2025Common stock dividend of $0.36 per common share compared to $0.34 in Q3 2025Book value per common share(2) of $8.72 compared to $8.41 as of September 30, 2025Economic return(3) of 8.0% compared to 8.7% in Q3 2025Update from John Anzalone, Chief Executive Officer"During the fourth quarter, financial conditions improved, underpinned by two interest rate cuts from the Federal Reserve, robust corporate earnings and strong economic growth. This supportive backdrop, along with lower interest rate volatility and broadening investor demand, drove notable outperformance in Agency RMBS relative to Treasuries across the coupon stack. Additionally, swap spreads continued their widening trend, providing an additional positive contribution to performance. These factors led to a 3.7% increase in book value per common share to $8.72 at quarter end, and when combined with our increased dividend of $0.36, resulted in a positive economic return of 8.0% for the quarter."We modestly increased our debt-to-equity ratio to 7.0x as of quarter end, up from 6.7x as of September 30, 2025, reflecting the improved investment environment and enabling the Company to further benefit from positive Agency RMBS performance. At quarter end, our $6.3 billion investment portfolio consisted of $5.4 billion Agency RMBS and $0.9 billion Agency CMBS, and we maintained a sizable balance of unrestricted cash and unencumbered investments totaling $453.3 million."Given the meaningful decline in interest rate volatility, we remain constructive on Agency RMBS, though we view near-term risks as balanced following the sector's strong performance, reinforced by the recent announcements that Fannie Mae and Freddie Mac will purchase $200 billion in Agency RMBS. In addition, Agency CMBS continues to offer attractive risk-adjusted yields and diversification benefits, given its stable cash flow profile and lower sensitivity to interest rate fluctuations. Longer term, the environment for Agency MBS investments is likely to remain favorable given reduced interest rate volatility and expectations for broadening investor demand and a steeper yield curve."(1) Earnings available for distribution (and by calculation, earnings available for distribution per common share) is a non-Generally Accepted Accounting Principles ("GAAP") financial measure. Refer to the section entitled "Non-GAAP Financial Measures" for important disclosures and a reconciliation to the most comparable U.S. GAAP measure.(2) Book value per common share as of December 31, 2025 and September 30, 2025 is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($171.4 million as of December 31, 2025 and $173.3 million as of September 30, 2025), divided by total common shares outstanding.(3) Economic return for the quarter ended December 31, 2025 is defined as the change in book value per common share from September 30, 2025 to December 31, 2025 of $0.31; plus dividends declared of $0.36 per common share; divided by the September 30, 2025 book value per common share of $8.41. Economic return for the quarter ended September 30, 2025 is defined as the change in book value per common share from June 30, 2025 to September 30, 2025 of $0.36; plus dividends declared of $0.34 per common share; divided by the June 30, 2025 book value per common share of $8.05.Key performance indicators for the quarters ended December 31, 2025 and September 30, 2025 are summarized in the table below.$ in millions, except share amountsQ4 2025Q3 2025VarianceAverage Balances (1)(unaudited)(unaudited)
Average earning assets (at amortized cost)$5,868.9$5,382.2$486.7Average borrowings$5,393.7$4,889.8$503.9Average total stockholders' equity$793.0$748.0$45.0



U.S. GAAP Financial Measures


Total interest income$77.9$72.9$5.0Total interest expense$56.6$55.3$1.3Net interest income$21.3$17.6$3.7Total expenses$4.6$4.5$0.1Net income (loss) attributable to common stockholders$48.2$50.2($2.0)



Average earning asset yields5.31 %5.42 %(0.11) %Average cost of funds4.20 %4.52 %(0.32) %Average net interest rate margin1.11 %0.90 %0.21 %



Period-end weighted average asset yields (2)5.37 %5.42 %(0.05) %Period-end weighted average cost of funds4.04 %4.35 %(0.31) %Period-end weighted average net interest rate margin1.33 %1.07 %0.26 %



Book value per common share (3)$8.72$8.41$0.31Earnings (loss) per common share (basic)$0.68$0.74($0.06)Earnings (loss) per common share (diluted)$0.68$0.74($0.06)Debt-to-equity ratio               7.0x                  6.7x                  0.3x  



Non-GAAP Financial Measures (4)


Earnings available for distribution$39.9$39.0$0.9Effective interest expense$30.2$26.2$4.0Effective net interest income$47.7$46.8$0.9



Effective cost of funds2.24 %2.14 %0.10 %Effective interest rate margin3.07 %3.28 %(0.21) %



Earnings available for distribution per common share$0.56$0.58($0.02)Economic debt-to-equity ratio               7.0x                  6.7x                  0.3x   (1) Average earning assets, average borrowings and average total stockholders' equity are calculated based on the weighted month-end balances of mortgage-backed securities at amortized cost, repurchase agreement borrowings and total U.S. GAAP stockholders' equity, respectively.(2) Period-end weighted average asset yields are based on amortized cost as of period-end and incorporate future prepayment and loss assumptions when appropriate.(3) Book value per common share is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($171.4 million as of December 31, 2025 and $173.3 million as of September 30, 2025), divided by total common shares outstanding.(4) Earnings available for distribution (and by calculation, earnings available for distribution per common share), effective interest expense (and by calculation, effective cost of funds), effective net interest income (and by calculation, effective interest rate margin), and economic debt-to-equity ratio are non-GAAP financial measures. Refer to the section entitled "Non-GAAP Financial Measures" for important disclosures and a reconciliation to the most comparable U.S. GAAP measures of net income (loss) attributable to common stockholders (and by calculation, basic earnings (loss) per common share), total interest expense (and by calculation, cost of funds), net interest income (and by calculation, net interest rate margin) and debt-to-equity ratio.Portfolio CompositionThe following table summarizes certain characteristics of the Company's MBS portfolio as of December 31, 2025 and September 30, 2025.

As of

December 31, 2025
September 30, 2025$ in thousands
Fair Value
Percentage of
Portfolio
Period-end
Weighted
Average
Yield
Fair Value
Percentage of
Portfolio
Period-end
Weighted
Average
YieldAgency RMBS:











30 year fixed-rate pass-through coupon:












4.5 %
785,584
12.5 %
4.89 %
745,869
13.0 %
4.91 %
5.0 %
1,486,801
23.7 %
5.20 %
1,238,419
21.5 %
5.24 %
5.5 %
1,534,654
24.5 %
5.51 %
1,224,244
21.3 %
5.56 %
6.0 %
1,283,242
20.4 %
5.93 %
1,340,686
23.3 %
5.93 %
6.5 %
218,879
3.5 %
6.14 %
229,541
4.0 %
6.14 %Total 30 year fixed-rate pass-through
5,309,160
84.6 %
5.46 %
4,778,759
83.1 %
5.51 %Agency CMO
69,320
1.1 %
9.18 %
70,960
1.2 %
10.18 %Agency CMBS
898,129
14.3 %
4.62 %
899,519
15.7 %
4.62 %Total MBS portfolio
6,276,609
100.0 %
5.37 %
5,749,238
100.0 %
5.42 %The following table summarizes certain characteristics of the Company's borrowings as of December 31, 2025 and September 30, 2025.

As of$ in thousands
December 31, 2025
September 30, 2025
Amount
Outstanding
Weighted
Average
Interest Rate
Weighted
Average
Remaining
Maturity (days)
Amount
Outstanding
Weighted
Average
Interest Rate
Weighted
Average
Remaining
Maturity (days)Repurchase agreements -
Agency RMBS
4,758,568
4.04 %
24
4,292,146
4.35 %
20Repurchase agreements -
Agency CMBS
860,687
4.04 %
20
857,935
4.35 %
24Total borrowings
5,619,255
4.04 %
23
5,150,081
4.35 %
21The following tables summarize certain characteristics of the Company's interest rate swaps whereby the Company pays fixed interest rates and receives floating interest rates based on the secured overnight financing rate as of December 31, 2025 and September 30, 2025.$ in thousands
As of December 31, 2025Maturities
NotionalAmount
Weighted
Average Fixed
Pay Rate
Weighted
Average Floating
Receive Rate
Weighted
Average Years to
Maturity Less than 3 years
2,155,000
1.21 %
3.87 %
1.43 to 5 years
950,000
0.54 %
3.87 %
4.67 to 10 years
305,000
4.12 %
3.87 %
9.1Greater than 10 years
410,000
1.83 %
3.87 %
17.9Total
3,820,000
1.34 %
3.87 %
4.6 $ in thousands
As of September 30, 2025Maturities
NotionalAmount
Weighted
Average Fixed
Pay Rate
Weighted
Average Floating
Receive Rate
Weighted
Average Years to
Maturity Less than 3 years
1,555,000
0.31 %
4.24 %
1.93 to 5 years
450,000
0.47 %
4.24 %
4.55 to 7 years
500,000
0.61 %
4.24 %
5.17 to 10 years
430,000
4.13 %
4.24 %
9.3Greater than 10 years
445,000
1.99 %
4.24 %
19.0Total
3,380,000
1.08 %
4.24 %
5.9The following table summarizes certain characteristics of the Company's U.S. Treasury futures contracts as of December 31, 2025 and September 30, 2025.

As of

December 31, 2025
September 30, 2025$ in thousands
Notional Amount - Short
Notional Amount - Short10 year U.S. Treasury futures
420,000
520,000Ultra 10 year U.S. Treasury futures
455,000
290,00030 year U.S. Treasury futures
215,000
190,000Total
1,090,000
1,000,000Capital ActivitiesDividendsAs previously announced on December 18, 2025, the Company declared a common stock dividend of $0.36 per share paid on January 23, 2026 to its stockholders of record as of the close of business on December 29, 2025. Additionally, the Company announced that it changed its common dividend declaration and payment frequency from quarterly to monthly, with the first monthly dividend of $0.12 per share declared on January 15, 2026.Issuances of Common StockDuring the three months ended December 31, 2025, the Company issued 849,987 shares of common stock for net cash proceeds of $7.2 million through its at-the-market program.Repurchases of Preferred StockDuring the three months ended December 31, 2025, the Company repurchased and retired 76,356 shares of Series C Preferred Stock with a carrying value of $1.8 million.About Invesco Mortgage Capital Inc. The Company is a real estate investment trust that primarily focuses on investing in, financing and managing mortgage-backed securities and other mortgage-related assets. The Company is externally managed and advised by Invesco Advisers, Inc., a registered investment adviser and an indirect wholly-owned subsidiary of Invesco Ltd., a leading independent global investment management firm.Earnings CallMembers of the investment community and the general public are invited to listen to the Company's earnings conference call on Friday, January 30, 2026, at 9:00 a.m. ET, by calling one of the following numbers:North America Toll Free:888-982-7409International:1-212-287-1625Passcode:InvescoAn audio replay will be available until 5:00 pm ET on February 13, 2026 by calling:866-363-1806 (North America) or 1-203-369-0194 (International)The presentation slides that will be reviewed during the call will be available on the Company's website at www.invescomortgagecapital.com.Cautionary Notice Regarding Forward-Looking StatementsThis press release, the related presentation and comments made in the associated conference call, may include statements and information that constitute "forward-looking statements" within the meaning of the U.S. securities laws as defined in the Private Securities Litigation Reform Act of 1995, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements include our views on the risk positioning of our portfolio, domestic and global market conditions (including the Agency RMBS, Agency CMBS and residential and commercial real estate markets), the market for our target assets, our financial performance, including our earnings available for distribution, economic return, comprehensive income and changes in our book value, our intention and ability to pay dividends, our ability to continue performance trends, the stability of portfolio yields, interest rates, spreads, prepayment trends, financing sources, cost of funds, our leverage, liquidity, capital structure and equity allocation. In addition, words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as "will," "may," "could," "should," and "would" as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements.Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. There can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks identified under the captions "Risk Factors," "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K and quarterly reports on Form 10-Q, which are available on the Securities and Exchange Commission's website at www.sec.gov.All written or oral forward-looking statements that we make, or that are attributable to us, are expressly qualified by this cautionary notice. We expressly disclaim any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate.INVESCO MORTGAGE CAPITAL INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)

Three Months Ended
Years Ended$ in thousands, except share dataDecember 31,
2025
September 30,
2025
December 31,
2024
December 31,
2025
December 31,
2024









Interest income77,901
72,916
76,110
295,287
286,546Interest expense56,643
55,302
62,431
219,865
249,719Net interest income21,258
17,614
13,679
75,422
36,827









Other income (loss)








Gain (loss) on investments, net22,914
49,540
(187,714)
149,344
(133,911)(Increase) decrease in provision for credit losses—
—
(236)
—
(458)Equity in earnings (losses) of unconsolidated ventures—
—
—
—
(193)Gain (loss) on derivative instruments, net11,887
(9,218)
182,556
(104,926)
176,634Other investment income (loss), net—
—
2
—
2Total other income (loss)34,801
40,322
(5,392)
44,418
42,074Expenses








Management fee – related party2,806
2,662
3,172
11,295
11,866General and administrative1,759
1,803
1,609
7,266
7,153Total expenses4,565
4,465
4,781
18,561
19,019Net income (loss) 51,494
53,471
3,506
101,279
59,882Dividends to preferred stockholders(3,221)
(3,261)
(5,444)
(13,120)
(22,011)Gain (loss) on repurchase and retirement of preferred stock(30)
(2)
1
14
427Issuance and redemption costs of redeemed preferred stock—
—
(3,535)
—
(3,535)Net income (loss) attributable to common stockholders48,243
50,208
(5,472)
88,173
34,763Earnings (loss) per share:








Net income (loss) attributable to common stockholders








Basic0.68
0.74
(0.09)
1.32
0.65Diluted0.68
0.74
(0.09)
1.32
0.65 INVESCO MORTGAGE CAPITAL INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)(Unaudited)

Three Months Ended
Years Ended$ in thousandsDecember 31, 2025
September 30, 2025
December 31, 2024
December 31, 2025
December 31, 2024Net income (loss)51,494
53,471
3,506
101,279
59,882Other comprehensive income (loss):








Unrealized gain (loss) on mortgage-backed securities,
net—
—
(412)
229
(1,051)Reclassification of unrealized (gain) loss on sale of
mortgage-backed securities to gain (loss) on
investments, net—
—
—
(402)
—Reclassification of unrealized loss on available-for-sale
securities to (increase) decrease in provision for credit
losses—
—
224
—
526Total other comprehensive income (loss)—
—
(188)
(173)
(525)Comprehensive income (loss)51,494
53,471
3,318
101,106
59,357Dividends to preferred stockholders(3,221)
(3,261)
(5,444)
(13,120)
(22,011)Gain (loss) on repurchase and retirement of preferred
stock(30)
(2)
1
14
427Issuance and redemption costs of redeemed preferred
stock—
—
(3,535)
—
(3,535)Comprehensive income (loss) attributable to common
stockholders48,243
50,208
(5,660)
88,000
34,238 INVESCO MORTGAGE CAPITAL INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)

As of$ in thousands, except share amountsDecember 31, 2025
December 31, 2024ASSETS


Mortgage-backed securities, at fair value (including pledged securities of $5,879,318 and $5,129,486,
     respectively; net of allowance for credit losses of $0 and $654, respectively)6,276,609
5,445,508Cash and cash equivalents56,040
73,403Restricted cash110,391
137,478Due from counterparties—
580Investment related receivable27,848
24,870Derivative assets, at fair value4,412
5,033Other assets 594
1,162Total assets6,475,894
5,688,034LIABILITIES AND STOCKHOLDERS' EQUITY


Liabilities:


Repurchase agreements5,619,255
4,893,958Derivative liabilities, at fair value—
627Dividends payable25,845
24,692Accrued interest payable28,664
32,711Accounts payable and accrued expenses1,580
1,619Due to affiliate3,006
3,698Total liabilities5,678,350
4,957,305Stockholders' equity:


Preferred Stock, par value $0.01 per share; 50,000,000 shares authorized:


7.50% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock: 6,854,131 and
     7,206,659 shares issued and outstanding, respectively ($171,353 and $180,166 aggregate
     liquidation preference, respectively)165,756
174,281Common Stock, par value $0.01 per share; 134,000,000 shares authorized; 71,790,532 and 61,729,693
     shares issued and outstanding, respectively718
617Additional paid in capital4,209,977
4,127,807Accumulated other comprehensive income—
173Retained earnings (distributions in excess of earnings)(3,578,907)
(3,572,149)Total stockholders' equity797,544
730,729Total liabilities and stockholders' equity6,475,894
5,688,034Non-GAAP Financial MeasuresThe table below shows the non-GAAP financial measures the Company uses to analyze its operating results and the most directly comparable U.S. GAAP measures. The Company believes these non-GAAP measures are useful to investors in assessing its performance as discussed further below.Non-GAAP Financial Measure
Most Directly Comparable U.S. GAAP MeasureEarnings available for distribution (and by calculation,
earnings available for distribution per common share)
Net income (loss) attributable to common stockholders (and
by calculation, basic earnings (loss) per common share)Effective interest expense (and by calculation, effective cost
of funds)
Total interest expense (and by calculation, cost of funds)Effective net interest income (and by calculation, effective
interest rate margin)
Net interest income (and by calculation, net interest rate
margin)Economic debt-to-equity ratio
Debt-to-equity ratioThe non-GAAP financial measures used by the Company's management should be analyzed in conjunction with U.S. GAAP financial measures and should not be considered substitutes for U.S. GAAP financial measures. In addition, the non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of its peer companies.Earnings Available for Distribution The Company's business objective is to provide attractive risk-adjusted returns to its stockholders, primarily through dividends and secondarily through capital appreciation. The Company uses earnings available for distribution as a measure of its investment portfolio's ability to generate income for distribution to common stockholders and to evaluate its progress toward meeting this objective. The Company calculates earnings available for distribution as U.S. GAAP net income (loss) attributable to common stockholders adjusted for (gain) loss on investments, net; realized (gain) loss on derivative instruments, net; unrealized (gain) loss on derivative instruments, net; TBA dollar roll income; (gain) loss on repurchase and retirement of preferred stock and foreign currency (gains) losses, net. The Company may add and has added additional reconciling items to its earnings available for distribution calculation as appropriate.By excluding the gains and losses discussed above, the Company believes the presentation of earnings available for distribution provides a consistent measure of operating performance that investors can use to evaluate its results over multiple reporting periods and, to a certain extent, compare to its peer companies. However, because not all of the Company's peer companies use identical operating performance measures, the Company's presentation of earnings available for distribution may not be comparable to other similarly titled measures used by its peer companies. The Company excludes the impact of gains and losses when calculating earnings available for distribution because, when analyzed in conjunction with its U.S. GAAP results, earnings available for distribution provides additional detail of its investment portfolio's earnings capacity. In addition, certain gains and losses represent one-time events.Furthermore, gains and losses have not been accounted for consistently under U.S. GAAP. Under U.S. GAAP, certain gains and losses may be reflected in net income whereas other gains and losses may be reflected in other comprehensive income. For example, a portion of the Company's mortgage-backed securities were historically classified as available-for-sale securities, and changes in the valuation of these securities were recorded in other comprehensive income on its condensed consolidated balance sheets. The Company elected the fair value option for its mortgage-backed securities purchased on or after September 1, 2016, and changes in the valuation of these securities are recorded in other income (loss) in the condensed consolidated statements of operations.To maintain qualification as a REIT, U.S. federal income tax law generally requires that the Company distribute at least 90% of its REIT taxable income annually. Because the Company views earnings available for distribution as a consistent measure of its investment portfolio's ability to generate income for distribution to common stockholders, earnings available for distribution is one metric, but not the exclusive metric, that is used to determine the amount, if any, of dividends on common stock. However, earnings available for distribution should not be considered as an indication of the Company's taxable income, a guaranty of its ability to pay dividends or as a proxy for the amount of dividends it may pay, as earnings available for distribution excludes certain items that impact its cash needs.Earnings available for distribution is an incomplete measure of the Company's financial performance and there are other factors that impact the achievement of the Company's business objective. The Company cautions that earnings available for distribution should not be considered as an alternative to net income (determined in accordance with U.S. GAAP), or as an indication of the Company's cash flow from operating activities (determined in accordance with U.S. GAAP), a measure of the Company's liquidity, or as an indication of amounts available to fund its cash needs. The table below provides a reconciliation of U.S. GAAP net income (loss) attributable to common stockholders to earnings available for distribution for the following periods.
Three Months Ended
Years Ended
December 31,
2025
September 30,
2025
December 31,
2024
December 31,
2025
December 31,
2024$ in thousands, except per share data



Net income (loss) attributable to common
stockholders48,243
50,208
(5,472)
88,173
34,763Adjustments:








(Gain) loss on investments, net(22,914)
(49,540)
187,714
(149,344)
133,911Realized (gain) loss on derivative instruments,
net(1)18,863
49,189
(157,864)
217,176
(11,405)Unrealized (gain) loss on derivative instruments,
net(1)(4,354)
(10,833)
7,629
(6)
(3,467)TBA dollar roll income(2)—
—
249
1,147
1,366(Gain) loss on repurchase and retirement of
preferred stock30
2
(1)
(14)
(427)Foreign currency (gains) losses, net(3)—
—
(2)
—
(2)Subtotal(8,375)
(11,182)
37,725
68,959
119,976Earnings available for distribution39,868
39,026
32,253
157,132
154,739Basic income (loss) per common share0.68
0.74
(0.09)
1.32
0.65Earnings available for distribution per common
share(4)0.56
0.58
0.53
2.35
2.88

(1)U.S. GAAP gain (loss) on derivative instruments, net on the condensed consolidated statements of operations includes the following components.


Three Months Ended
Years Ended
December 31,
2025
September 30,
2025
December 31,
2024
December 31,
2025
December 31,
2024$ in thousands



Realized gain (loss) on derivative instruments, net(18,863)
(49,189)
157,864
(217,176)
11,405Unrealized gain (loss) on derivative instruments, net4,354
10,833
(7,629)
6
3,467Contractual net interest income (expense) on interest
rate swaps26,396
29,138
32,321
112,244
161,762Gain (loss) on derivative instruments, net11,887
(9,218)
182,556
(104,926)
176,634

(2)A TBA dollar roll is a series of derivative transactions where TBAs with the same specified issuer, term and coupon but different settlement dates are simultaneously bought and sold. The TBA settling in the later month typically prices at a discount to the TBA settling in the earlier month. TBA dollar roll income represents the price differential between the TBA price for current month settlement compared to the TBA price for forward month settlement. The Company includes TBA dollar roll income in earnings available for distribution because it is the economic equivalent of interest income on the underlying Agency RMBS, less an implied financing cost, over the forward settlement period. TBA dollar roll income is a component of gain (loss) on derivative instruments, net on the Company's condensed consolidated statements of operations.

(3)Foreign currency gains (losses), net represents foreign currency transaction gains and losses and is included in other investment income (loss), net on the condensed consolidated statements of operations.

(4)Earnings available for distribution per common share is equal to earnings available for distribution divided by the basic weighted average number of common shares outstanding.The table below presents the components of earnings available for distribution for the following periods.
Three Months Ended
Years Ended$ in thousandsDecember 31,
2025
September 30,
2025
December 31,
2024
December 31,
2025
December 31,
2024Effective net interest income (1)47,654
46,752
46,000
187,666
198,589TBA dollar roll income—
—
249
1,147
1,366Equity in earnings (losses) of unconsolidated ventures—
—
—
—
(193)(Increase) decrease in provision for credit losses—
—
(236)
—
(458)Total expenses(4,565)
(4,465)
(4,781)
(18,561)
(19,019)Subtotal43,089
42,287
41,232
170,252
180,285Dividends to preferred stockholders(3,221)
(3,261)
(5,444)
(13,120)
(22,011)Issuance and redemption costs of redeemed preferred
stock—
—
(3,535)
—
(3,535)Earnings available for distribution39,868
39,026
32,253
157,132
154,739

(1)See below for a reconciliation of net interest income to effective net interest income, a non-GAAP measure.Effective Interest Expense/Effective Cost of Funds/Effective Net Interest Income/Effective Interest Rate MarginThe Company calculates effective interest expense (and by calculation, effective cost of funds) as U.S. GAAP total interest expense adjusted for contractual net interest income (expense) on its interest rate swaps that is recorded as gain (loss) on derivative instruments, net. The Company views its interest rate swaps as an economic hedge against increases in future market interest rates on its borrowings. The Company adds back the net payments or receipts on its interest rate swap agreements to its total U.S. GAAP interest expense because the Company uses interest rate swaps to add stability to interest expense.The Company calculates effective net interest income (and by calculation, effective interest rate margin) as U.S. GAAP net interest income adjusted for contractual net interest income (expense) on its interest rate swaps that is recorded as gain (loss) on derivative instruments, net.The Company believes the presentation of effective interest expense, effective cost of funds, effective net interest income and effective interest rate margin measures, when considered together with U.S. GAAP financial measures, provides information that is useful to investors in understanding the Company's borrowing costs and operating performance.The following tables reconcile total interest expense to effective interest expense and cost of funds to effective cost of funds for the following periods.
Three Months Ended
December 31,
2025
September 30,
2025
December 31,
2024$ in thousandsReconciliation
Cost of Funds
/ Effective
Cost of Funds
Reconciliation
Cost of Funds
/ Effective
Cost of Funds
Reconciliation
Cost of Funds
/ Effective
Cost of FundsTotal interest expense56,643
4.20 %
55,302
4.52 %
62,431
5.13 %Less: Contractual net interest
          expense (income) on interest
          rate swaps recorded as gain
          (loss) on derivative
          instruments, net(26,396)
(1.96) %
(29,138)
(2.38) %
(32,321)
(2.66) %Effective interest expense30,247
2.24 %
26,164
2.14 %
30,110
2.47 %











 
Years Ended December 31,
2025
2024$ in thousandsReconciliation
Cost of Funds
/ Effective
Cost of Funds
Reconciliation
Cost of Funds
/ Effective
Cost of FundsTotal interest expense219,865
4.44 %
249,719
5.39 %Less: Contractual net interest expense (income) on interest rate
          swaps recorded as gain (loss) on derivative instruments, net(112,244)
(2.27) %
(161,762)
(3.49) %Effective interest expense107,621
2.17 %
87,957
1.90 %The following tables reconcile net interest income to effective net interest income and net interest rate margin to effective interest rate margin for the following periods.
Three Months Ended
December 31,
2025
September 30,
2025
December 31,
2024$ in thousandsReconciliation
Net Interest
Rate Margin
/ Effective
Interest Rate
Margin
Reconciliation
Net Interest
Rate Margin
/ Effective
Interest Rate
Margin
Reconciliation
Net Interest
Rate Margin
/ Effective
Interest Rate
MarginNet interest income21,258
1.11 %
17,614
0.90 %
13,679
0.47 %Add: Contractual net interest income
        (expense) on interest rate swaps
        recorded as gain (loss) on
        derivative instruments, net26,396
1.96 %
29,138
2.38 %
32,321
2.66 %Effective net interest income47,654
3.07 %
46,752
3.28 %
46,000
3.13 % 
Years Ended December 31,
2025
2024$ in thousandsReconciliation
Net Interest
Rate Margin
/ Effective
Interest Rate
Margin
Reconciliation
Net Interest
Rate Margin
/ Effective
Interest Rate
MarginNet interest income75,422
0.99 %
36,827
0.11 %Add: Contractual net interest income (expense) on interest rate
        swaps recorded as gain (loss) on derivative instruments, net112,244
2.27 %
161,762
3.49 %Effective net interest income187,666
3.26 %
198,589
3.60 %Economic Debt-to-Equity RatioThe following table shows the Company's debt-to-equity ratio and the Company's economic debt-to-equity ratio as of December 31, 2025 and September 30, 2025. The Company's debt-to-equity ratio is calculated in accordance with U.S. GAAP and is the ratio of total debt to total stockholders' equity.The Company presents an economic debt-to-equity ratio, a non-GAAP financial measure of leverage that considers the impact of the off-balance sheet financing of its investments in TBAs that are accounted for as derivative instruments under U.S. GAAP. The Company includes these types of TBAs at implied cost basis in its measure of leverage because a forward contract to acquire Agency RMBS in the TBA market carries similar risks to Agency RMBS purchased in the cash market and funded with on-balance sheet liabilities. Similarly, a contract for the forward sale of Agency RMBS has substantially the same effect as selling the underlying Agency RMBS and reducing the Company's on-balance sheet funding commitments. The Company believes that presenting its economic debt-to-equity ratio, when considered together with its U.S. GAAP financial measure of debt-to-equity ratio, provides information that is useful to investors in understanding how management evaluates at-risk leverage and gives investors a comparable statistic to those of other mortgage REITs who also invest in TBAs and present a similar non-GAAP measure of leverage.
As of$ in thousandsDecember 31,
2025
September 30,
2025Repurchase agreements5,619,255
5,150,081Total stockholders' equity797,544
769,581



Debt-to-equity ratio (1)7.0
6.7Economic debt-to-equity ratio (2)7.0
6.7

(1)Debt-to-equity ratio is calculated as the ratio of total repurchase agreements to total stockholders' equity.(2)Economic debt-to-equity ratio is calculated as the ratio of total repurchase agreements and TBAs at implied cost basis (none as of December 31, 2025 or September 30, 2025) to total stockholders' equity.Average BalancesThe table below presents information related to the Company's average earning assets, average earning asset yields, average borrowings and average cost of funds for the following periods.
Three Months Ended
Years Ended$ in thousandsDecember 31,
2025
September 30,
2025
December 31,
2024
December 31,
2025
December 31,
2024Average earning assets (1)5,868,897
5,382,189
5,440,662
5,439,209
5,208,204Average earning asset yields (2)5.31 %
5.42 %
5.60 %
5.43 %
5.50 %









Average borrowings (3)5,393,719
4,889,782
4,865,582
4,948,937
4,637,086Average cost of funds (4)4.20 %
4.52 %
5.13 %
4.44 %
5.39 %

(1)Average balances for each period are based on weighted month-end balances.(2)Average earning asset yields for each period are calculated by dividing interest income, including amortization of premiums and discounts, by average earning assets based on the amortized cost of the investments. All yields are annualized.(3)Average borrowings for each period are based on weighted month-end balances.(4)Average cost of funds is calculated by dividing annualized interest expense by average borrowings. Greg Seals,
Investor Relations
404-439-3323



View original content to download multimedia:https://www.prnewswire.com/news-releases/invesco-mortgage-capital-inc-reports-fourth-quarter-2025-financial-results-302674496.htmlSOURCE Invesco Mortgage Capital Inc.

Original: Invesco Mortgage Capital Inc. Reports Fourth Quarter 2025 Financial Results

ZACKS :
Invesco Mortgage Capital (IVR) Q2 Earnings Beat Estimates.

https://www.nasdaq.com/articles/invesco-mortgage-capital-ivr-q2-earnings-beat-estimates

You do know that post you responded to was last March? I've been out long ago

Total scam company here. Rs then dilution.

Exactly

Plus they do a 1-10 RS on 6/6/22. I got out

Yes they did. PPS has steadily been declining - but dividend was increased over last 5/6 quarters while stock price declined.

As far as dividend goes - it’s been high last year and a half- but the risk here imo is will stock price hold in a certain range it’s at - or eventually continue weakening? Because a position taken, the dividends earned may not cover difference between more declines in PPS.

If it does steady- and if the divs continue at .09 - it’s a pretty good bargain. However- if PPS declines and div gets cut/ not so good.

Invesco Mortgage Capital declares $0.09 dividend

I've only been here for a short while, but I can see a little light at the end of the tunnel for IVR.

I think they learned a hard lesson in only investing in Commercial real Estate with the COVID pandemic. But with a relatively small Float and lots of institutional investors, I can see this going back up to at least 1/2 pre-pandemic levels in the coming months. May be longer than we want, but I can see it getting there eventually.

Good News is that they should make a big gain over last quarter, and they never cut the dividends.

Right now I am only at 1000 shares, but plan to buy more at EOY when I sell for Tax losses on a couple other tickers.

Best of Luck!

$10?

Omg it's up 8 cents this is historic lol

It will get there… at a snails pace but should go eventually

Holy crap, is that green I see?

This thing surely is a shit stain lol

Lol, thinking the same thing. Unfortunately I bought at a high so I have to stare at red.

Can’t get myself to average down, this thing looks stuck.

Nothing moves this turd and I mean nothing

This thing moves like a snail

Greeeeeeeen

Friday 6/18: $818B Options Expire today which is 2nd highest in History !
Should see some intense IVR volume, but only 9 hours will tell !
GLTA
...
...
....

IVR setting up for QUADRUPLE Witching-Day this Friday 6/18...
This week 6/15 to 6/18 has so many Expirations per Calendar below...

"Quadruple Witching day is actually an investment term that was coined as the name for the specific day that stock options, index options, stock futures, and index futures all expire simultaneously. This occurs only four times a year on the third Friday in the months of March, June, September, and December. The increase in trading volume on Witching days might lead to above average volatility."

Quadruple Witching Dates 2021
March 19, 2021
June 18, 2021
September 17, 2021
December 17, 2021

Pick up a position, looking for a big bounce here.

Agree, loading and holding .

* * $IVR Video Chart 06-10-2021 * *

Link to Video - click here to watch the technical chart video

SQUEEZE of the SUMMER. Mark my words. Accumulate and wait for the pop. Have a nice day ya’ll don’t say I didn’t tell you!

I'm in this to but its bloated all this volume and it barely moves

I’m there also. IVR huge volume

Mitt had better er and tiny s/s

Look at IVR 3year chart-never below $13...
We are on our way back UP...'It's "REITweek"!!!
GLTA

* * $IVR Video Chart 06-09-2021 * *

Link to Video - click here to watch the technical chart video

IVR nice move on on REIT week !
GLTA

IVR - 5/5: Borrowing up 21%...

"Invesco Mortgage Capital (NYSE:IVR) reported quarterly earnings of $0.11 per share which beat the analyst consensus estimate of $0.09 by 22.22 percent. The company reported quarterly sales of $41.67 million which beat the analyst consensus estimate of $34.79 million by 19.78 percent. This is a 58.75 percent decrease over sales of $101.01 million the same period last year."

"We are pleased to announce core earnings of $0.11 per common share for the first quarter of 2021. The increase in our core earnings was largely a result of the successful deployment of $161.0 million in proceeds from common equity capital raises during the quarter into Agency residential mortgage-backed securities ("Agency RMBS") investments, in addition to an attractive reinvestment environment in the latter half of the quarter. Our higher core earnings covered the increase in our common stock dividend to $0.09 per common share. At quarter-end, almost all of our $9.1 billion investment portfolio was invested in Agency RMBS, and we maintained a sizeable balance of unrestricted cash and unencumbered investments totaling $692.9 million."
-"Total average assets increased to $9.3 billion from $7.7 billion in the fourth quarter of 2020, and total average borrowings increased to $8.3 billion from $6.9 billion in the fourth quarter of 2020. To capitalize on the sharp increase in interest rates and lower valuations on investment opportunities during the quarter, the Company sold $5.5 billion of lower yielding Agency RMBS and purchased $7.0 billion of higher yielding Agency RMBS. Purchases were funded with proceeds from the sales, paydowns of securities and by leveraging proceeds from the issuance of common stock. During the first quarter of 2021, the Company generated $25.2 million in core earnings, an increase of $6.6 million (35.1%) over the fourth quarter of 2020. Higher core earnings were driven by a $2.8 million increase in effective net interest income and a $2.2 million increase in to-be-announced securities forward contract ("TBA") dollar roll income.

Average net interest rate margin decreased 20 basis points to 1.80% in the first quarter of 2021 primarily due to lower average earning asset yields. Average earning asset yields decreased 14 basis points to 1.72% in the first quarter of 2021 primarily due to a change in asset mix to a higher portfolio concentration in Agency securities. The Company's Agency RMBS portfolio consists of 2.0% to 3.0% coupon 30 year fixed-rate securities as of March 31, 2021. Average cost of funds was (0.08%) in the first quarter of 2021 compared to (0.14%) during the fourth quarter of 2020. The increase in average cost of funds during the first quarter was due to higher average borrowings and lower amortization of net deferred gains on de-designated interest rate swaps."

(They don't look quite as good as AG Mort, but all on the Up & UP)...
GLTA

I think he's right but the question is how soon will the stock price return to the levels it was previously. Maybe just focus on the dividend for now?

IVR, could use some good information.

I have a friend who is big on IVR so I've begun to look into this. He seems to be quite positive on the outlook to possibly reclaim a value not seen since it tanked in 2018.

For any opinions, good or bad, please support it. I'm simply not finding a ton (at the moment as I've just started) to support his conclusion but will consider jumping in with both feet if there is good info to support it.

Thanks.

Nope

Probably gone be a big sell off tomorrow

Probably gone be a big sell off tomorrow.

* * $IVR Video Chart 03-12-2021 * *

Link to Video - click here to watch the technical chart video

I like invesco

Glad this running today.

I would hate to see how trashed this would have been on a bad earnings report although, I think it recovers ok. Big boys need a little better discount before this can go up. IMHO..

IVR - financials came out today
MFA — financials also out
MITT- Financials just came out

All three performing much better than estimates !!

Buy buy buy before they ?? to the ??!!!

Let’s bring these bad boys back to pre pandemic levels ... daddy needs a new lambo

Crazy. Report is good!!!