Invesco Mortgage Capital Inc.
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Range $7.75 – $7.75
Price Chart
About the company
Invesco Mortgage Capital Inc. functions as a real estate investment trust (REIT), concentrating on acquiring, funding, and overseeing a diverse portfolio of mortgage-backed securities and other assets linked to real estate. Its holdings include both residential and commercial mortgage-backed securities, encompassing those guaranteed by U.
- CEO
- Kevin Collins
- IPO
- 2009
- HQ
- Atlanta, GA, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $700.82M
- P/E
- 4.72
- Fwd P/E
- 3.88
- PEG
- 0.02
- P/S
- 2.26
- P/B
- 0.78
- EV/EBITDA
- 24.01
- Div Yield
- 20.40%
- Gross Margin
- 79.25%
- Op Margin
- 91.67%
- Net Margin
- 38.68%
- ROE
- 13.99%
- ROIC
- 3.93%
Latest fiscal year · YoY change
- Revenue
- $339.70M+3.2%
- Gross Profit
- $119.84M+51.5%
- Op Income
- $101.28M
- Net Income
- $101.29M+69.2%
- EPS
- $1.32+103.1%
- OCF Growth
- -14.2%
- FCF Growth
- -14.2%
- 52W High
- $9.50
- 52W Low
- $7.10
- 50D MA
- $7.75
- 200D MA
- $8.14
- Beta
- 1.57
- RSI (14)
- 48
- Avg Volume
- 2.61M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Invesco Mortgage Capital said second-quarter economic return was 3.8% as higher-coupon agency mortgages and agency CMBS held up, while the company kept leverage, hedges, and liquidity elevated amid more uncertain rate and geopolitical conditions.· July 31, 2026
- Economic return was 3.8%, supported by $0.12 per-share monthly dividends and only a 0.6% decline in book value per share.
- Earnings available for distribution fell to $0.50 from $0.55 in Q1, but management said the dividend is currently well covered and tied to expected earnings each quarter.
- The portfolio grew 12.4% quarter over quarter to $8.2 billion, with heavy emphasis on specified pools and nearly 85% of the portfolio in assets with some prepayment protection.
- Quarter-end liquidity remained strong at $548.3 million, and the company hedged 97% of borrowing costs with swaps and Treasury futures.
- Management remains constructive on agency RMBS and agency CMBS, but is cautious given front-end volatility, policy uncertainty, and renewed Middle East risks.
Reported second-quarter economic return was 3.8%, made up of monthly dividends of $0.12 per share and a 0.6% decline in book value per share. Earnings available for distribution declined to $0.50 from $0.55 in the first quarter. The investment portfolio ended the quarter at $8.2 billion, including $6.0 billion of Agency RMBS, $1.2 billion of Agency TBA, and $0.9 billion of Agency CMBS. Liquidity was $548.3 million of unrestricted cash and unencumbered investments, and hedges covered 97% of borrowing costs. Forward-looking, management did not give formal quarter or full-year financial guidance, but said the dividend is reviewed each quarter against EAD and that they expect to keep using ATM issuance and deploy capital mainly into 30-year 5% to 6% specified pools if conditions remain similar.
Kevin Collins emphasized disciplined investment management, prudent risk taking, and attractive risk-adjusted returns. He said the firm’s agency RMBS and agency CMBS focus, combined with Invesco’s scale and counterparty relationships, positions it to navigate uncertain markets and capitalize on opportunities. His tone was constructive but measured, repeatedly noting supportive valuations and favorable technicals while acknowledging policy, inflation, and geopolitical uncertainty.
No separate CFO prepared remarks were included beyond Q&A participation, so the financial commentary came mainly from Kevin Collins and Brian Norris. They highlighted that EAD declined from $0.55 to $0.50, book value fell 0.6%, and hedges remained at 97% of borrowing costs. Management also said unrestricted cash and unencumbered investments totaled $548.3 million, leverage was about 9x debt to common equity, and swap hedges remained the preferred tool, with 79% of hedges in interest rate swaps on a notional basis and 65% on a dollar-duration basis.
Analysts focused on the book value decline, ATM issuance, dollar-roll financing, the yield-curve outlook under Chair Warsh, and how the company would position hedges and specified pools if rates stay volatile. Management said the book value dip reflected a modestly positive duration gap, some yield-curve flattening, and a small ATM impact since shares were issued close to book. On financing, they said the 6-coupon squeeze was temporary and mostly technical. On the curve and hedging, they said their base case is that the Fed stays on hold, which could support steepening, but they kept the hedge ratio at 97% because of policy uncertainty and rising front-end volatility.
The company sees its agency RMBS and agency CMBS holdings as attractive on a risk-adjusted basis, with broad investor demand, constrained net supply, and moderating volatility supporting valuations. Management also sees opportunity in specified pools, saying softer pay-ups created a better entry point and that the portfolio’s prepayment-protected mix should help mitigate convexity risk.
Management acknowledged a more uncertain rate outlook, including the possibility of a hike later in 2026, plus renewed geopolitical risks and higher front-end volatility that could pressure mortgage valuations. They also flagged that EAD has declined to $0.50 and that further swap roll-off could affect future earnings power, while specified pool pay-ups could soften if rates move higher.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 113.4%
- Shares Outstanding
- 92.82M
- Float Shares
- 105.29M
of shares held by institutions
180 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 8.81M | ▲ 1.60M |
| Vanguard Capital Management LLC | 3.99M | ▲ 619.90K |
| Vanguard Group Inc | 3.90M | ▲ 168.80K |
| Mirae Asset Global Etfs Holdings Ltd. | 3.31M | ▲ 927.53K |
| Invesco Ltd. | 2.42M | ▲ 266.13K |
| Geode Capital Management, LLC | 2.38M | ▲ 587.17K |
| State Street Corp | 1.85M | ▲ 443.88K |
| Two Sigma Investments, LP | 1.30M | ▼ 917.34K |
| Org Wealth Partners, LLC | 1.30M | ▲ 1.30M |
| Northern Trust Corp | 1.11M | ▲ 516.44K |
| Van Eck Associates Corp | 1.07M | ▲ 102.77K |
| D. E. Shaw & Co., Inc. | 1.01M | ▼ 55.23K |
Held by 118 ETFs
Biggest fund positions in IVR by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 15, 26 | Graham Peter M | other | 10,653 |
| Aug 3, 26 | Graham Peter M | other | 0 |
| May 15, 26 | Day John | sell | 5,026 |
| May 15, 26 | McMullan Wes | other | 13,157 |
| May 15, 26 | LIU DON H | other | 13,157 |
| May 15, 26 | Kelley Katharine | other | 13,157 |
| May 15, 26 | Fleshman Robert L | other | 13,157 |
| May 5, 26 | Gregson Mark William | buy | 1,750 |
| Mar 6, 26 | Larosiliere Stephanie | other | 0 |
| Feb 27, 26 | Waldner Robert | buy | 1,000 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our IVR coverage
Recent articles, reports, and earnings notes.
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