Dividend and leverage update for Invesco Mortgage Capital (NYSE: IVR)

Rhea-AI Filing Summary

Invesco Mortgage Capital Inc. declared a cash dividend of $0.12 per common share for February 2026. The dividend will be paid on March 13, 2026 to stockholders of record on February 24, 2026, which is also the ex-dividend date.

As of January 31, 2026, the company reported a total investment portfolio including TBAs of $7.1 billion and unrestricted cash and unencumbered investments of $510.7 million. Total repurchase agreement borrowings were $5.4 billion.

The company’s estimated book value per common share was $8.91, based on stockholders’ equity less the $170.5 million Series C preferred liquidation preference, divided by 80.7 million common shares. The reported debt-to-equity ratio was 6.1x and economic debt-to-equity ratio 7.1x, reflecting on- and off-balance sheet leverage.

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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): February 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 February 13, 2026, Invesco Mortgage Capital Inc. (the “Company” or “registrant”) issued a press release which provides certain preliminary financial data as of January 31, 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 February 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 January 31, 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 February 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: February 13, 2026

Exhibit 99.1

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

Invesco Mortgage Capital Inc. February 2026 Dividend Announcement and January 31, 2026 Financial Update

Atlanta - February 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 February 2026. The dividend will be paid on March 13, 2026 to stockholders of record at the close of business on February 24, 2026, with an ex-dividend date of February 24, 2026.

Financial Highlights as of January 31, 2026

•Total investment portfolio including TBAs of $7.1 billion

•Unrestricted cash and unencumbered investments of $510.7 million

•Total repurchase agreement borrowings of $5.4 billion

•Estimated book value per common share(1) of $8.91

•Debt-to-equity ratio of 6.1x and economic debt-to-equity ratio(2) of 7.1x

(1) Estimated book value per common share as of January 31, 2026 is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($170.5 million), divided by total common shares outstanding of 80.7 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 ($963.7 million as of January 31, 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 January 31, 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 January 31, 2026.

						As of January 31, 2026
$ in thousands						Fair Value						Percentage						Period-end Weighted Average Yield
Agency RMBS:
30 year fixed-rate pass-through coupon:
4.5%						781,889						11.0		%				4.89		%
5.0%						1,477,148						20.8		%				5.20		%
5.5%						1,640,590						23.2		%				5.50		%
6.0%						1,256,630						17.7		%				5.93		%
Total 30 year fixed-rate pass-through						5,156,257						72.7		%				5.43		%
Agency CMO						68,548						1.0		%				8.88		%
Agency CMBS						900,253						12.7		%				4.62		%
Total MBS portfolio						6,125,058						86.4		%				5.34		%
TBAs, at implied market value(1)						963,739						13.6		%
Total investment portfolio including TBAs						7,088,797						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 January 31, 2026.

$ in thousands						As of January 31, 2026
						Amount Outstanding						Weighted Average Interest Rate						Weighted Average Remaining Maturity (days)
Repurchase agreements - Agency MBS						5,404,619						3.83		%				23

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 January 31, 2026.

$ in thousands						As of January 31, 2026
Maturities						Notional Amount						Weighted Average Fixed Pay Rate						Weighted Average Floating Receive Rate						Weighted Average Years to Maturity
Less than 3 years						1,575,000						0.70		%				3.68		%				1.6
3 to 5 years						1,150,000						1.05		%				3.68		%				4.2
5 to 7 years						335,000						3.63		%				3.68		%				7.0
7 to 10 years						755,000						3.92		%				3.68		%				8.8
Greater than 10 years						410,000						1.83		%				3.68		%				17.8
Total						4,225,000						1.71		%				3.68		%				5.6

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

						As of January 31, 2026
$ in thousands						Notional Amount - Short
10 year U.S. Treasury futures						420,000
Ultra 10 year U.S. Treasury futures						205,000
30 year U.S. Treasury futures						375,000
Total						1,000,000

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., a leading 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 Inc. (IVR) declare for February 2026?

Invesco Mortgage Capital declared a $0.12 per share cash dividend for February 2026. It will be paid on March 13, 2026 to stockholders of record at the close of business on February 24, 2026, which is also the ex-dividend date.

What was Invesco Mortgage Capital’s estimated book value per share as of January 31, 2026?

The company reported an estimated book value of $8.91 per common share as of January 31, 2026. This is calculated as total stockholders’ equity minus the $170.5 million Series C preferred liquidation preference, divided by 80.7 million common shares outstanding.

How large was Invesco Mortgage Capital’s investment portfolio at January 31, 2026?

As of January 31, 2026, Invesco Mortgage Capital’s total investment portfolio including TBAs was $7.1 billion. The MBS portfolio represented $6.1 billion of fair value, with the remainder in TBAs at implied market value, reflecting a primarily Agency mortgage-backed strategy.

What were Invesco Mortgage Capital’s leverage ratios as of January 31, 2026?

The company reported a debt-to-equity ratio of 6.1x and an economic debt-to-equity ratio of 7.1x as of January 31, 2026. The economic measure includes off-balance sheet TBA exposure at implied cost basis, giving a broader view of at-risk leverage.

How much liquidity did Invesco Mortgage Capital report as of January 31, 2026?

Invesco Mortgage Capital reported $510.7 million of unrestricted cash and unencumbered investments as of January 31, 2026. This liquidity sits alongside total repurchase agreement borrowings of $5.4 billion, supporting the company’s mortgage-backed securities investment strategy.

What portion of Invesco Mortgage Capital’s portfolio is in Agency MBS and TBAs?

As of January 31, 2026, the total MBS portfolio was $6.1 billion, or 86.4% of the investment portfolio, with TBAs at implied market value of $963.7 million, or 13.6%. Together, they formed the $7.1 billion total investment portfolio including TBAs.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EX-99.1 64.2 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