Invesco Mortgage Capital Inc. August 2026 Dividend Announcement and July Financial Update

Rhea-AI Summary

Invesco Mortgage Capital (NYSE: IVR) declared a cash dividend of $0.12 per common share for August 2026, payable September 15, 2026 to shareholders of record and ex-dividend on August 25, 2026.

According to Invesco Mortgage Capital, preliminary unaudited data as of July 31, 2026 show a total investment portfolio including TBAs of $8.1 billion, unrestricted cash and unencumbered investments of $549.3 million, and total repurchase agreement borrowings of $6.5 billion. Estimated book value per common share was $7.75, based on common equity after preferred liquidation preference and 107.6 million common shares outstanding. The reported debt-to-equity ratio was 6.5x, with an economic debt-to-equity ratio of 7.4x, which incorporates TBAs at implied cost basis and unsettled trade balances.

The investment portfolio was primarily Agency RMBS, with 30-year fixed-rate pass-throughs representing 78.1% of fair value and total Agency securities (including CMOs and CMBS) at 90.0%. Hedging positions included $4.8 billion notional in interest rate swaps and $1.6 billion notional in short U.S. Treasury futures.

Positive

• $0.12 per-share common dividend declared for August 2026
• Total investment portfolio including TBAs of $8.1 billion at July 31, 2026
• Unrestricted cash and unencumbered investments totaling $549.3 million
• Agency securities made up 90.0% of the investment portfolio fair value
• Interest rate swap hedges with $4.8 billion notional and 6.3-year average maturity
• Short U.S. Treasury futures totaling $1.6 billion notional for rate risk management

Negative

• Reported GAAP debt-to-equity ratio of 6.5x as of July 31, 2026
• Economic debt-to-equity ratio, including TBAs and unsettled trades, at 7.4x

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ATLANTA, Aug. 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 August 2026. The dividend will be paid on September 15, 2026 to stockholders of record at the close of business on August 25, 2026, with an ex-dividend date of August 25, 2026.

Financial Highlights as of July 31, 2026

• Total investment portfolio including TBAs of $8.1 billion
• Unrestricted cash and unencumbered investments of $549.3 million
• Total repurchase agreement borrowings of $6.5 billion
• Estimated book value per common share of $7.75⁽¹⁾
• Debt-to-equity ratio of 6.5x and economic debt-to-equity ratio of 7.4x⁽²⁾

(1) Estimated book value per common share as of July 31, 2026 is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($168.2 million), divided by total common shares outstanding of 107.6 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 (i) the sum of total repurchase agreement borrowings, TBAs at implied cost basis ($824.9 million) and payables for unsettled trades ($89.5 million) to (ii) 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 July 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 Composition

The following table summarizes certain characteristics of the Company's investment portfolio including TBAs as of July 31, 2026.

			As of July 31, 2026
$ in thousands			Fair Value		Percentage		Period-end Weighted Average Yield (1)
Agency RMBS:
30 year fixed-rate pass-through coupon:
4.5 %			1,220,702		15.0 %		4.87 %
5.0 %			1,950,234		24.0 %		5.19 %
5.5 %			1,953,877		24.1 %		5.48 %
6.0 %			1,217,882		15.0 %		5.91 %
Total 30 year fixed-rate pass-through			6,342,695		78.1 %		5.35 %
Agency CMO			64,012		0.8 %		8.86 %
Agency CMBS			901,821		11.1 %		4.63 %
Subtotal			7,308,528		90.0 %		5.29 %
TBAs, at implied market value: (2)
Agency TBA coupon:
5.0 %			123,837		1.5 %
5.5 %			287,930		3.5 %
6.0 %			404,405		5.0 %
Total Agency TBA			816,172		10.0 %
Total investment portfolio including TBAs			8,124,700		100.0 %

(1) Period-end weighted average yield is based on amortized cost as of July 31, 2026 and incorporates future prepayment assumptions when appropriate.

(2) 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 July 31, 2026.

		As of July 31, 2026
$ in thousands		Amount Outstanding		Weighted Average Interest Rate		Weighted Average Remaining Maturity (days)
Repurchase agreements - Agency MBS		6,501,505		3.80 %		19

The 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 July 31, 2026.

$ in thousands		As of July 31, 2026
Maturities		Notional Amount		Weighted Average Fixed Pay Rate		Weighted Average Floating Receive Rate		Weighted Average Years to Maturity
Less than 3 years		1,825,000		1.34 %		3.66 %		1.6
3 to 5 years		1,240,000		1.35 %		3.66 %		4.2
5 to 7 years		545,000		3.66 %		3.66 %		6.5
7 to 10 years		595,000		3.98 %		3.66 %		9.1
Greater than 10 years		610,000		2.63 %		3.66 %		21.4
Total		4,815,000		2.09 %		3.66 %		6.3

The following table summarizes certain characteristics of the Company's U.S. Treasury futures contracts as of July 31, 2026.

		As of July 31, 2026
$ in thousands		Notional Amount - Short
10 year U.S. Treasury futures		740,000
Ultra 10 year U.S. Treasury futures		525,000
30 year U.S. Treasury futures		340,000
Total		1,605,000

Economic Debt-to-Equity Ratio

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 and the impact of receivables and payables for unsettled trades (if any). 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 adjusts leverage for receivables and payables for unsettled trades (if any) because sales or purchases of MBS are recorded on the balance sheet on the trade date, while any corresponding changes to repurchase agreement borrowings are not recorded until the settlement date. 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 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 Statements

This 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 expected 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 anticipated 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 for the year ended December 31, 2025, which may be updated by subsequently filed quarterly reports on Form 10-Q or current reports on Form 8-K, 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

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SOURCE Invesco Mortgage Capital Inc.

FAQ

What dividend did Invesco Mortgage Capital (NYSE: IVR) declare for August 2026?

Invesco Mortgage Capital declared a $0.12 per share common dividend for August 2026. According to Invesco Mortgage Capital, it will be paid on September 15, 2026 to shareholders of record on August 25, 2026, which is also the ex-dividend date.

When is the record date and payment date for IVR's August 2026 dividend?

The record and ex-dividend date for IVR’s August 2026 dividend is August 25, 2026. According to Invesco Mortgage Capital, the $0.12 per share cash dividend will be paid on September 15, 2026 to common shareholders of record at the close of business.

What was Invesco Mortgage Capital's estimated book value per common share on July 31, 2026 (IVR)?

Invesco Mortgage Capital reported an estimated book value of $7.75 per common share as of July 31, 2026. According to Invesco Mortgage Capital, this is calculated as common equity after the Series C preferred liquidation preference, divided by 107.6 million common shares outstanding.

How large was IVR's investment portfolio and leverage as of July 31, 2026?

Invesco Mortgage Capital reported a total investment portfolio, including TBAs, of $8.1 billion and repurchase agreement borrowings of $6.5 billion. According to Invesco Mortgage Capital, these figures correspond to a GAAP debt-to-equity ratio of 6.5x and an economic debt-to-equity ratio of 7.4x.

What is Invesco Mortgage Capital's economic debt-to-equity ratio and how is it defined?

Invesco Mortgage Capital reported an economic debt-to-equity ratio of 7.4x as of July 31, 2026. According to Invesco Mortgage Capital, this non-GAAP metric includes repurchase borrowings, TBAs at implied cost basis, and unsettled trade payables, divided by total stockholders’ equity to reflect at-risk leverage.

What is the portfolio composition of Invesco Mortgage Capital (IVR) as of July 31, 2026?

Invesco Mortgage Capital’s portfolio was 90.0% Agency securities and 10.0% TBAs by fair value. According to Invesco Mortgage Capital, 30-year fixed-rate Agency RMBS pass-throughs comprised 78.1% of fair value, with coupons mainly between 4.5% and 6.0%.

How is IVR managing interest rate risk with swaps and futures as of July 31, 2026?

Invesco Mortgage Capital used interest rate swaps with $4.815 billion notional and U.S. Treasury futures totaling $1.605 billion short notional. According to Invesco Mortgage Capital, swap fixed pay rates averaged 2.09% with about 6.3 years weighted average maturity, helping manage financing and duration risk.