Invesco Mortgage Capital Inc. July 2026 Dividend Announcement and June Financial Update
Rhea-AI Summary
Invesco Mortgage Capital (NYSE: IVR) declared a $0.12 cash dividend per common share for July 2026, payable on August 14, 2026 to stockholders of record and with an ex-dividend date of July 27, 2026.
As of June 30, 2026, the Company reported a total investment portfolio including TBAs of $8.2 billion, unrestricted cash and unencumbered investments of $548.3 million, and total repurchase agreement borrowings of $6.2 billion. Estimated book value per common share was $8.03, based on stockholders’ equity net of $168.6 million preferred liquidation preference and 102.4 million common shares outstanding. The GAAP debt-to-equity ratio was 6.3x and economic debt-to-equity ratio 7.5x, incorporating $1.2 billion of TBAs at implied cost basis.
The investment portfolio was 85.3% Agency MBS with a period-end weighted average yield of 5.29%, including 73.4% in 30-year fixed-rate pass-throughs. Hedging instruments included $4.8 billion notional interest rate swaps and $1.28 billion notional short U.S. Treasury futures. All figures are preliminary, unaudited and subject to change.
Positive
- $0.12 July 2026 cash dividend declared for common shareholders
- Total investment portfolio including TBAs of approximately $8.2 billion at June 30, 2026
- Unrestricted cash and unencumbered investments totaling $548.3 million as of June 30, 2026
Negative
- GAAP debt-to-equity ratio of 6.3x and economic ratio of 7.5x
- Repurchase agreement borrowings of approximately $6.2 billion with 25-day average maturity
- All June 30, 2026 figures are preliminary, unaudited and may be materially revised
News Market Reaction – IVR
In the Jul 16 session, IVR gained 0.61%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Financial Highlights as of June 30, 2026
- Total investment portfolio including TBAs of
$8.2 billion - Unrestricted cash and unencumbered investments of
$548.3 million - Total repurchase agreement borrowings of
$6.2 billion - Estimated book value per common share of
$8.03 - Debt-to-equity ratio of 6.3x and economic debt-to-equity ratio of 7.5x(2)
(1) Estimated book value per common share as of June 30, 2026 is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ( |
(2) Debt-to-equity ratio is calculated in accordance with |
The Company is providing certain preliminary, unaudited month-end financial data as of June 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
Portfolio Composition
The following table summarizes certain characteristics of the Company's investment portfolio including TBAs as of June 30, 2026.
As of June 30, 2026 | ||||||
$ in thousands | Fair Value | Percentage | Period-end | |||
Agency RMBS: | ||||||
30 year fixed-rate pass-through coupon: | ||||||
4.5 % | 1,257,214 | 15.4 % | 4.87 % | |||
5.0 % | 1,590,480 | 19.5 % | 5.18 % | |||
5.5 % | 1,901,626 | 23.4 % | 5.47 % | |||
6.0 % | 1,234,309 | 15.1 % | 5.91 % | |||
Total 30 year fixed-rate pass-through | 5,983,629 | 73.4 % | 5.36 % | |||
Agency CMO | 64,386 | 0.8 % | 8.83 % | |||
Agency CMBS | 901,894 | 11.1 % | 4.62 % | |||
Total MBS portfolio | 6,949,909 | 85.3 % | 5.29 % | |||
TBAs, at implied market value (2) | 1,201,022 | 14.7 % | ||||
Total investment portfolio including TBAs | 8,150,931 | 100.0 % | ||||
(1) Period-end weighted average yield is based on amortized cost as of June 30, 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 |
The following table summarizes certain characteristics of the Company's borrowings as of June 30, 2026.
As of June 30, 2026 | ||||||
$ in thousands | Amount | Weighted Average | Weighted Average | |||
Repurchase agreements - Agency MBS | 6,210,403 | 3.76 % | 25 | |||
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 June 30, 2026.
$ in thousands | As of June 30, 2026 | |||||||
Maturities | Notional Amount | Weighted | Weighted | Weighted | ||||
Less than 3 years | 1,925,000 | 1.28 % | 3.68 % | 1.7 | ||||
3 to 5 years | 1,150,000 | 1.14 % | 3.68 % | 4.2 | ||||
5 to 7 years | 545,000 | 3.66 % | 3.68 % | 6.6 | ||||
7 to 10 years | 595,000 | 3.98 % | 3.68 % | 9.2 | ||||
Greater than 10 years | 550,000 | 2.44 % | 3.68 % | 20.5 | ||||
Total | 4,765,000 | 1.99 % | 3.68 % | 6.0 | ||||
The following table summarizes certain characteristics of the Company's
As of June 30, 2026 | ||
$ in thousands | Notional Amount - Short | |
10 year | 600,000 | |
Ultra 10 year | 375,000 | |
30 year | 305,000 | |
Total | 1,280,000 |
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
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, and 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.