Invesco Mortgage (NYSE: IVR) posts Feb. 28 book value and leverage update

Rhea-AI Filing Summary

Invesco Mortgage Capital Inc. declared a monthly cash dividend of $0.12 per common share for March 2026, payable on April 14, 2026 to stockholders of record on March 24, 2026, with an ex-dividend date of March 24, 2026.

As of February 28, 2026, the company reported a total investment portfolio including TBAs of $7.3 billion, unrestricted cash and unencumbered investments of $530.5 million, and repurchase agreement borrowings of $5.4 billion. Estimated book value per common share was $8.54, based on 85.1 million common shares. The debt-to-equity ratio was 6.0x and the non-GAAP economic debt-to-equity ratio was 7.3x. These figures are preliminary, unaudited month-end data prepared by management and may be revised.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 13, 2026

 

Invesco Mortgage Capital Inc.

(Exact name of registrant as specified in its charter)

Maryland

001-34385

26-2749336

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

1331 Spring Street, N.W., Suite 2500,
Atlanta,			Georgia						30309
(Address of principal executive offices)									(Zip Code)

Registrant’s telephone number, including area code: (404) 892-0896

n/a

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):  

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Common Stock, par value $0.01 per share

IVR

New York Stock Exchange

7.50% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock

IVR PrC

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure.

On March 13, 2026, Invesco Mortgage Capital Inc. (the “Company” or “registrant”) issued a press release which provides certain preliminary financial data as of February 28, 2026. A copy of that press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information furnished pursuant to this Item 7.01 shall not be deemed “filed” for any purpose, including for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 8.01 Other Events

On March 13, 2026, the Company issued a press release announcing its monthly dividend for the Company's common stock and providing updates on the Company's book value, total investment portfolio, liquidity, repurchase agreements, and leverage as of February 28, 2026. A copy of that press release is attached hereto as Exhibit 99.1 and, solely with respect to the dividend information and such preliminary financial data provided (and any corresponding non-GAAP reconciliation), is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.						Description
99.1						Press Release, dated March 13, 2026, issued by Invesco Mortgage Capital Inc.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Invesco Mortgage Capital Inc.

By: /s/ Mark Gregson

Mark Gregson

Chief Financial Officer

Date: March 13, 2026

Exhibit 99.1

Press Release For immediate release Greg Seals, Investor Relations 404-439-3323

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

Atlanta - March 13, 2026 -- 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, 2026

•Total investment portfolio including TBAs of $7.3 billion

•Unrestricted cash and unencumbered investments of $530.5 million

•Total repurchase agreement borrowings of $5.4 billion

•Estimated book value per common share(1) of $8.54

•Debt-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.

1

Portfolio Composition

The 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 Yield
Agency 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		%				24

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 February 28, 2026.

$ in thousands						As of February 28, 2026
Maturities						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		%				1.8
3 to 5 years						950,000						0.54		%				3.68		%				4.4
5 to 7 years						545,000						3.66		%				3.68		%				6.9
7 to 10 years						495,000						3.99		%				3.68		%				9.4
Greater than 10 years						450,000						2.04		%				3.68		%				18.8
Total						4,115,000						1.66		%				3.68		%				5.8

The 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 - Short
10 year U.S. Treasury futures						70,000
Ultra 10 year U.S. Treasury futures						105,000
30 year U.S. Treasury futures						305,000
Total						480,000

2

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. 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 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 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.

3

FAQ

What dividend did Invesco Mortgage Capital (IVR) declare for March 2026?

Invesco Mortgage Capital declared a cash dividend of $0.12 per common share for March 2026. It will be paid on April 14, 2026 to stockholders of record on March 24, 2026, which is also the ex-dividend date.

What was Invesco Mortgage Capital’s book value per share on February 28, 2026?

Estimated book value per common share was $8.54 as of February 28, 2026. This figure is calculated as stockholders’ equity less $170.3 million preferred liquidation preference, divided by 85.1 million common shares, and is preliminary and unaudited.

How large was Invesco Mortgage Capital’s investment portfolio as of February 28, 2026?

The total investment portfolio, including TBA positions, was $7.3 billion as of February 28, 2026. Most assets were Agency mortgage-backed securities, with 30-year fixed-rate Agency RMBS making up 70% of the portfolio by fair value.

What were Invesco Mortgage Capital’s leverage ratios at February 28, 2026?

The company reported a debt-to-equity ratio of 6.0x and an economic debt-to-equity ratio of 7.3x as of February 28, 2026. The economic measure includes TBA positions at implied cost basis to reflect off-balance sheet financing exposure.

How much liquidity did Invesco Mortgage Capital report on February 28, 2026?

Unrestricted cash and unencumbered investments totaled $530.5 million as of February 28, 2026. This represents the company’s available liquidity alongside $5.4 billion of repurchase agreement borrowings used to finance its largely Agency MBS-focused portfolio.

What hedging instruments does Invesco Mortgage Capital use based on this update?

As of February 28, 2026, the company used interest rate swaps with $4.115 billion notional and U.S. Treasury futures totaling $480 million notional short. These derivatives are intended to manage interest rate risk on its repurchase-funded Agency MBS portfolio.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EX-99.1 64.1 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2.6 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT 15.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 27.1 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 15.7 KB