Invesco Mortgage Capital Inc.
- Open
- 8.14
- Day high
- 8.15
- Day low
- 7.85
- Prev close
- 8.10
- Volume
- 3.4M
- Mkt cap
- $524M
- P/E (TTM)
- 9.2
- EPS (TTM)
- $0.86
- P/B
- 0.6
- P/S
- 1.9
- Yield
- 17.97%
- Per share
- $1.42
- ▲Insiders net buying $14K over the last 3 months (1 open-market buy, 0 sales)
- 🏛Institutions accumulating (13F)
Invesco Mortgage Capital Inc. (IVR) is a Real Estate company listed on NYSE. The stock is up 9% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 0 sales (SEC Form 4).
Invesco Mortgage Capital Inc. (IVR) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
IVR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 1, 2026 | $0.55 | $0.55 | +0.0% | $27M | -32.0% |
| Jan 29, 2026 | $0.58 | $0.56 | -3.4% | $108M | +119.6% |
| Oct 30, 2025 | $0.56 | $0.58 | +3.9% | $54M | +12.7% |
| Jul 24, 2025 | $0.56 | $0.58 | +3.6% | $53M | +18.3% |
| Feb 20, 2025 | $0.74 | $0.53 | -28.4% | $9M | -83.0% |
| Feb 22, 2024 | $1.03 | $0.95 | -7.8% | $32M | -49.0% |
| Aug 3, 2023 | $1.07 | $1.45 | +35.5% | $9M | -86.9% |
| Feb 21, 2023 | $0.90 | $1.46 | +62.2% | $42M | -23.5% |
| Nov 2, 2022 | $0.96 | $1.39 | +44.8% | $-96M | -301.8% |
| Aug 4, 2022 | $0.87 | $1.40 | +60.9% | $-102M | -345.9% |
| May 4, 2022 | $0.90 | $1.20 | +33.3% | $-221M | -567.7% |
| Feb 17, 2022 | $1.00 | $1.00 | +0.0% | $-58M | -221.1% |
IVR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 19, 2026 | Kelley Katharinedirector | Grant | 13,157 | — |
| May 19, 2026 | McMullan Wesdirector | Grant | 13,157 | — |
| May 19, 2026 | LIU DON Hdirector | Grant | 13,157 | — |
| May 19, 2026 | Fleshman Robert Ldirector | Grant | 13,157 | — |
| May 7, 2026 | Gregson Mark Williamofficer: Chief Financial Officer | Buy | 1,750 | $8.03 |
| Nov 12, 2025 | Fleshman Robert Ldirector | Sell | 2,000 | $24.72 |
| May 19, 2025 | LIU DON Hdirector | Grant | 13,689 | — |
| May 19, 2025 | Day Johndirector | Grant | 13,689 | — |
| May 19, 2025 | Handlon Carolyn Bdirector | Grant | 13,689 | — |
| May 19, 2025 | McMullan Wesdirector | Grant | 13,689 | — |
| May 19, 2025 | Kelley Katharinedirector | Grant | 13,689 | — |
| May 19, 2025 | Fleshman Robert Ldirector | Grant | 13,689 | — |
| Jul 17, 2024 | McMullan Wesdirector | Grant | 8,545 | $9.62 |
| May 17, 2024 | Handlon Carolyn Bdirector | Grant | 10,171 | — |
| May 17, 2024 | LOCKHART DENNIS Pdirector | Grant | 10,171 | — |
Source: IVR SEC Form 4 filings, latest May 19, 2026. For informational purposes only — not investment advice.
See the full IVR insider & 13F page →Invesco Mortgage Capital Inc. company profile
Overview
Invesco Mortgage Capital Inc. (NYSE:IVR) is a real estate investment trust (REIT) that was incorporated in 2008 and went public in July 2009. Headquartered in Atlanta, Georgia, the company operates as a specialty finance firm that invests in mortgage-backed securities and other mortgage-related assets. As a REIT, Invesco Mortgage Capital is required to distribute at least 90% of its taxable income to shareholders to maintain its tax-advantaged status, making it an income-focused investment vehicle for shareholders seeking regular dividend payments from the mortgage securities market.
Business
Invesco Mortgage Capital operates in the mortgage REIT sector, which is a specialized segment of the real estate investment trust industry focused on mortgage securities rather than physical real estate properties. The company's core business involves investing in and managing a portfolio of mortgage-backed securities (MBS), which are investment products created when banks and other lenders bundle individual mortgages together and sell them as securities to investors. The company's investment portfolio is primarily concentrated in two main categories of mortgage-backed securities. Agency residential mortgage-backed securities (Agency RMBS) represent approximately 85% of the company's $5.4 billion investment portfolio. These are securities backed by residential mortgages that carry the implicit or explicit guarantee of U.S. government-sponsored enterprises like Fannie Mae, Freddie Mac, or Ginnie Mae, which significantly reduces credit risk. The remaining 15% of the portfolio consists of Agency commercial mortgage-backed securities (Agency CMBS), which are backed by commercial real estate mortgages and also carry government agency guarantees. To understand how these securities work, consider that when a homeowner takes out a mortgage from a bank, that bank may sell the mortgage to a government-sponsored enterprise, which then packages it with thousands of other similar mortgages into a security that pays investors monthly payments derived from the underlying mortgage payments. Invesco Mortgage Capital purchases these securities and earns income from the monthly payments, while also being exposed to changes in the securities' market values based on interest rate movements and other factors. The company also maintains small allocations to Agency Interest-Only (IO) Securities worth approximately $71 million and minimal credit securities worth $17 million, representing non-agency mortgage investments that do not carry government guarantees and therefore involve higher credit risk but potentially higher returns.
Competitive moat
Invesco Mortgage Capital operates in a highly competitive sector with limited sustainable competitive advantages or moats. The mortgage REIT industry is characterized by relatively standardized products (agency mortgage-backed securities) that are widely available to all market participants, making differentiation challenging. The company's primary competitive factors are its management expertise in timing market cycles, access to financing at competitive rates, and operational efficiency in managing a leveraged portfolio. The company benefits from some scale advantages in accessing wholesale funding markets and maintaining relationships with major Wall Street dealers who provide repurchase agreement financing. Additionally, the management team's experience in navigating interest rate cycles and mortgage market volatility provides some value, as evidenced by their tactical decisions to reduce leverage during volatile periods and rotate between different types of mortgage securities based on market conditions. However, these advantages are relatively modest and not insurmountable barriers to competition. The mortgage REIT sector faces significant competitive pressure from commercial banks that have natural advantages in funding costs and regulatory capital treatment for agency mortgage securities. Insurance companies and pension funds also compete for similar assets with longer investment horizons and less leverage constraints. Additionally, exchange-traded funds and other passive investment vehicles now provide investors with exposure to mortgage securities without the management fees and leverage risks associated with mortgage REITs. The sector is also vulnerable to regulatory changes affecting government-sponsored enterprises, Federal Reserve policy that could alter the supply and demand dynamics for mortgage securities, and technological disruption in mortgage origination and securitization that could change the fundamental structure of the mortgage market. Overall, Invesco Mortgage Capital operates in a commoditized business with weak competitive moats and significant external dependencies.
Risks & safety
The margin of safety appears moderate with some concerning leverage-related risks but adequate liquidity buffers. **Solvency and Liquidity:** - Cash position of $43 million with total liquidity including unencumbered investments of approximately $389 million - Debt-to-equity ratio of 6-7x represents significant leverage typical for mortgage REITs but creates vulnerability to market volatility - No traditional corporate debt; financing primarily through repurchase agreements that require daily margin maintenance - Strong free cash flow generation of $183 million in 2024, though highly variable based on market conditions **Valuation Metrics:** - Price-to-book ratio of 0.65 suggests trading below stated book value, though book values are mark-to-market and volatile - Price-to-earnings ratio of 6.3 based on recent quarters, though earnings are highly cyclical - Current yield of approximately 5-6% based on $0.40 quarterly dividend **Other Considerations:** - High sensitivity to interest rate movements and volatility creates significant mark-to-market risk - REIT structure requires 90% income distribution, limiting capital retention for growth or buffer building - Portfolio concentrated in interest rate-sensitive securities with limited diversification
Recent development
Over the past few years, Invesco Mortgage Capital has implemented several strategic adjustments in response to changing market conditions and interest rate environments. The company has significantly increased its focus on higher coupon agency RMBS, particularly 30-year securities with coupons ranging from 5% to 6.5%, which offer better yields in the current higher interest rate environment compared to the low-coupon securities that dominated the portfolio during the ultra-low rate period following the financial crisis. The company has also expanded its allocation to Agency CMBS, growing this segment from minimal levels to approximately 15% of the total investment portfolio. This diversification provides some portfolio benefits and different risk-return characteristics compared to residential mortgage securities. Management has indicated interest in potentially increasing this allocation further if market conditions become more favorable. A significant operational development has been the company's proactive leverage management during volatile periods. The debt-to-equity ratio has been actively managed between approximately 6-7 times, with reductions during periods of high market volatility and gradual increases when conditions stabilize. This represents a more dynamic approach compared to maintaining static leverage levels. The company has also improved its capital structure by systematically redeeming preferred shares when market conditions allow, reducing the preferred equity component from higher historical levels to a target range of 20-25% of total equity. This includes the redemption of Series B and Series E preferred shares, which reduces ongoing dividend obligations and simplifies the capital structure. In terms of hedging strategy evolution, the company has diversified its interest rate hedges by increasing the allocation to Treasury futures alongside traditional interest rate swaps, providing more flexibility in managing duration and yield curve exposure. The hedge ratio has been maintained in the 80-90% range of borrowings, with adjustments based on market volatility and policy uncertainty.
IVR company profile · for informational purposes only — not investment advice.
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