June dividend and May portfolio metrics at Invesco Mortgage Capital (NYSE: IVR)
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Invesco Mortgage Capital Inc. declared a cash dividend of $0.12 per common share for June 2026, payable on July 15, 2026 to stockholders of record on June 23, 2026, with an ex-dividend date of June 23, 2026.
As of May 31, 2026, the Company reported a total investment portfolio including TBAs of $8.0 billion, with Agency MBS making up most holdings. Unrestricted cash and unencumbered investments totaled $532.5 million, and repurchase agreement borrowings were $6.1 billion.
The Company estimated book value per common share at $8.25, based on total stockholders’ equity after deducting the Series C preferred liquidation preference and dividing by 98.2 million common shares outstanding. The reported debt-to-equity ratio was 6.2x, and the non-GAAP economic debt-to-equity ratio, which includes TBAs at implied cost basis, was 7.3x.
Positive
- None.
Negative
- None.
8-K Event Classification
3 items: 7.01, 8.01, 9.01
3 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
June 2026 monthly dividend: $0.12 per common share
Total investment portfolio including TBAs: $8.0 billion
Unrestricted cash and unencumbered investments: $532.5 million
+5 more
8 metrics
June 2026 monthly dividend
$0.12 per common share
Declared for June 2026, payable July 15, 2026
Total investment portfolio including TBAs
$8.0 billion
Fair value as of May 31, 2026
Unrestricted cash and unencumbered investments
$532.5 million
Liquidity as of May 31, 2026
Total repurchase agreement borrowings
$6.1 billion
Outstanding as of May 31, 2026
Estimated book value per common share
$8.25
Based on 98.2 million common shares as of May 31, 2026
Debt-to-equity ratio
6.2x
GAAP leverage as of May 31, 2026
Economic debt-to-equity ratio
7.3x
Non-GAAP leverage including TBAs at implied cost basis
Interest rate swaps notional
$4.615 billion
Weighted average fixed pay rate 1.92% as of May 31, 2026
Key Terms
economic debt-to-equity ratio, TBAs, Agency RMBS, secured overnight financing rate, +1 more
5 terms
economic debt-to-equity ratio financial
"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"
TBAs financial
"Total investment portfolio including TBAs of $8.0 billion"
To-Be-Announced (TBA) securities are mortgage-backed bonds that trade before the specific loans backing them are identified; buyers agree on price, settlement date and general loan characteristics, while the exact mortgages are assigned later. TBAs matter to investors because they provide a liquid, low-cost way to gain exposure to mortgage credit and interest-rate risk—similar to preordering a batch of fruit by type and delivery date without knowing which farms it will come from—so pricing and supply dynamics in the TBA market can influence mortgage rates and bond returns.
Agency RMBS financial
"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"
A pool of home loans packaged into a bond whose principal and interest payments are backed or guaranteed by a government-sponsored mortgage agency. Think of it as many mortgages bundled together with an insurance-like promise that reduces the chance of borrower default; investors buy them for steady income but must watch interest-rate moves and homeowners paying off or refinancing early, which can change returns.
secured overnight financing rate financial
"interest rate swaps whereby the Company pays fixed interest rates and receives floating interest rates based upon the secured overnight financing rate"
A secured overnight financing rate (SOFR) is a daily benchmark interest rate that reflects the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Think of it as the market price to “rent” cash for a day with a very safe pledge, similar to paying a short-term rental fee for money backed by government bonds. Investors track SOFR because it underpins pricing for loans, bonds and derivatives, so movements change borrowing costs, interest income and the valuation of interest-rate–linked positions.
U.S. Treasury futures financial
"The following table summarizes certain characteristics of the Company's U.S. Treasury futures contracts as of May 31, 2026."
U.S. Treasury futures are standardized contracts traded on exchanges that promise the delivery or cash settlement of U.S. government bonds or notes at a set price on a future date. They let investors lock in or bet on future interest rates and bond prices—similar to reserving a product today at a fixed price—so they are widely used to protect portfolios from interest-rate swings, speculate on rate moves, and gauge market expectations for U.S. borrowing costs.
FAQ
What dividend did Invesco Mortgage Capital (IVR) declare for June 2026?
Invesco Mortgage Capital declared a June 2026 cash dividend of $0.12 per common share. It will be paid on July 15, 2026 to stockholders of record on June 23, 2026, with an ex-dividend date also on June 23, 2026.
How large is Invesco Mortgage Capital’s investment portfolio as of May 31, 2026?
The total investment portfolio including TBAs was $8.0 billion as of May 31, 2026. Most of this consisted of Agency mortgage-backed securities, with the total MBS portfolio reported at approximately $6.9 billion in fair value, or 86.8% of the portfolio.
What leverage ratios did Invesco Mortgage Capital report as of May 31, 2026?
The Company reported a debt-to-equity ratio of 6.2x and a non-GAAP economic debt-to-equity ratio of 7.3x. The economic measure includes TBAs at implied cost basis to reflect off-balance sheet financing used for Agency RMBS exposure.
What liquidity did Invesco Mortgage Capital report at May 31, 2026?
Unrestricted cash and unencumbered investments totaled $532.5 million as of May 31, 2026. This figure reflects available liquidity outside of pledged collateral, supporting the Company’s ability to fund its mortgage-backed securities strategy and manage repurchase agreement obligations.
How is Invesco Mortgage Capital using derivatives and hedges as of May 31, 2026?
The Company held interest rate swaps with $4.615 billion notional and a weighted average fixed pay rate of 1.92%, plus short U.S. Treasury futures totaling $1.14 billion notional. These instruments are used to manage interest rate risk on the leveraged Agency MBS portfolio.
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): June 12, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (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 | ||||||||||||
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 June 12, 2026, Invesco Mortgage Capital Inc. (the “Company” or “registrant”) issued a press release which provides certain preliminary financial data as of May 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 June 12, 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, investment portfolio, liquidity, repurchase agreements, and leverage as of May 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 June 12, 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: June 12, 2026
Exhibit 99.1
 | Press Release For immediate release Greg Seals, Investor Relations 404-439-3323 | ||||
Invesco Mortgage Capital Inc. June 2026 Dividend Announcement and May Financial Update
Atlanta - June 12, 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 June 2026. The dividend will be paid on July 15, 2026 to stockholders of record at the close of business on June 23, 2026, with an ex-dividend date of June 23, 2026.
Financial Highlights as of May 31, 2026
•Total investment portfolio including TBAs of $8.0 billion
•Unrestricted cash and unencumbered investments of $532.5 million
•Total repurchase agreement borrowings of $6.1 billion
•Estimated book value per common share of $8.25(1)
•Debt-to-equity ratio of 6.2x and economic debt-to-equity ratio of 7.3x(2)
(1) Estimated book value per common share as of May 31, 2026 is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($169.0 million), divided by total common shares outstanding of 98.2 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 total repurchase agreement borrowings and TBAs at implied cost basis ($1.1 billion as of May 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 May 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.
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Portfolio Composition
The following table summarizes certain characteristics of the Company's investment portfolio including TBAs as of May 31, 2026.
| As of May 31, 2026 | ||||||||||||||||||||
| $ in thousands | Fair Value | Percentage | Period-end Weighted Average Yield | |||||||||||||||||
| Agency RMBS: | ||||||||||||||||||||
| 30 year fixed-rate pass-through coupon: | ||||||||||||||||||||
| 4.5% | 1,174,565 | 14.7 | % | 4.88 | % | |||||||||||||||
| 5.0% | 1,602,604 | 20.1 | % | 5.18 | % | |||||||||||||||
| 5.5% | 1,923,995 | 24.2 | % | 5.47 | % | |||||||||||||||
| 6.0% | 1,250,510 | 15.7 | % | 5.91 | % | |||||||||||||||
| Total 30 year fixed-rate pass-through | 5,951,674 | 74.7 | % | 5.37 | % | |||||||||||||||
| Agency CMO | 65,365 | 0.8 | % | 8.83 | % | |||||||||||||||
| Agency CMBS | 902,509 | 11.3 | % | 4.62 | % | |||||||||||||||
| Total MBS portfolio | 6,919,548 | 86.8 | % | 5.30 | % | |||||||||||||||
TBAs, at implied market value(1) | 1,050,635 | 13.2 | % | |||||||||||||||||
| Total investment portfolio including TBAs | 7,970,183 | 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 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 May 31, 2026.
| As of May 31, 2026 | ||||||||||||||||||||
| $ in thousands | Amount Outstanding | Weighted Average Interest Rate | Weighted Average Remaining Maturity (days) | |||||||||||||||||
| Repurchase agreements - Agency MBS | 6,089,717 | 3.75 | % | 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 May 31, 2026.
| $ in thousands | As of May 31, 2026 | |||||||||||||||||||||||||
| Maturities | Notional Amount | Weighted Average Fixed Pay Rate | Weighted Average Floating Receive Rate | Weighted Average Years to Maturity | ||||||||||||||||||||||
| Less than 3 years | 1,675,000 | 0.86 | % | 3.63 | % | 1.5 | ||||||||||||||||||||
| 3 to 5 years | 1,150,000 | 1.14 | % | 3.63 | % | 4.3 | ||||||||||||||||||||
| 5 to 7 years | 545,000 | 3.66 | % | 3.63 | % | 6.6 | ||||||||||||||||||||
| 7 to 10 years | 695,000 | 4.01 | % | 3.63 | % | 9.4 | ||||||||||||||||||||
| Greater than 10 years | 550,000 | 2.44 | % | 3.63 | % | 20.6 | ||||||||||||||||||||
| Total | 4,615,000 | 1.92 | % | 3.63 | % | 6.3 | ||||||||||||||||||||
The following table summarizes certain characteristics of the Company's U.S. Treasury futures contracts as of May 31, 2026.
| As of May 31, 2026 | ||||||||
| $ in thousands | Notional Amount - Short | |||||||
| 10 year U.S. Treasury futures | 460,000 | |||||||
| Ultra 10 year U.S. Treasury futures | 375,000 | |||||||
| 30 year U.S. Treasury futures | 305,000 | |||||||
| Total | 1,140,000 | |||||||
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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.
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