IVR
Invesco Mortgage Capital Inc.8.16
-0.01-0.12%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Leverage drift, coupon shift eyed
Q&A largely reaffirms prepared remarks' balanced agency MBS view after spread tightening, with management comfortable at 7x leverage but ready to let it drift lower as book value climbs. New buys target belly coupons (3.5-5.5%) for attractive TBA rolls amid housing affordability pushes impacting higher coupons. No prepay surprises in specified pools. Selective ATM issuance hinges on price-to-book and accretive mid-teens ROEs; GSE cap hikes could drive 10-15bps more tightening. Spreads tightened; upside needs policy push. Tone stays constructive, eyes on GSE purchases.
Key Stats
Market Cap
578.92MP/E (TTM)
17.00Basic EPS (TTM)
0.48Dividend Yield
0.17%Recent Filings
8-K
Dividend declared, portfolio update
Invesco Mortgage Capital declared a $0.12 per share monthly dividend for March 2026, payable April 14 to holders of record March 24. As of February 28, its $7.3 billion portfolio showed $530.5 million in unrestricted cash, $5.4 billion in repo borrowings, $8.54 estimated book value per share, 6.0x debt-to-equity, and 7.3x economic ratio. Data is preliminary; revisions possible.
8-K
Appoints fixed income strategist to board
Invesco Mortgage Capital expanded its board from seven to eight directors on March 6, 2026, appointing Stephanie J. Larosiliere, Head of Business Strategy for Invesco Fixed Income in North America and APAC. She brings fixed income expertise to boost stockholder engagement. Carolyn Gibbs retires March 31, shrinking the board back to seven. Larosiliere serves uncompensated as an executive director.
8-K
New 40M-share ATM program
Invesco Mortgage Capital terminated its prior equity distribution agreement—after selling ~18M shares—and inked a fresh one on February 23, 2026, authorizing up to 40M common shares via BTIG, Citizens JMP, and JonesTrading. Placement agents earn up to 2% commissions on at-the-market sales. No sales obligation exists. New deal doubles capacity, yet execution hinges on market timing.
10-K
FY2025 results
Invesco Mortgage Capital grew its portfolio to $6.3B by year-end FY2025 ended December 31, 2025, with Agency RMBS at 85% driving net interest income up to $75M from $37M y/y as repo costs fell with FOMC rate cuts. Q4 saw portfolio expansion to $5.6B in repo debt (leverage steady ~7x), fueled by $532M principal paydowns (derived) and $1.5B MBS sales rotating into higher coupons amid tightening spreads. Book value dipped to $8.72/share, yet earnings available for distribution held firm at $2.35/share. Repurchased 353K Series C preferred shares. Interest rate volatility threatens spreads.
8-K
IVR dividend, January update
Invesco Mortgage Capital declared a $0.12 per share monthly dividend for February 2026, payable March 13 to holders of record February 24. As of January 31, its $7.1B portfolio showed $8.91 estimated book value per share, $510.7M unrestricted cash, and 6.1x debt-to-equity. Leverage stays tight. Preliminary figures may revise.
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