Invesco Mortgage Capital (IVR)
Market Price (10/5/2026): $5.84 | Market Cap: $554.2 MilSector: Financials | Industry: Mortgage REITs
Invesco Mortgage Capital (IVR)
Market Price (10/5/2026): $5.84Market Cap: $554.2 MilSector: FinancialsIndustry: Mortgage REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 48%, Dividend Yield is 25%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 44%, FCF Yield is 31% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 134% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 119%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 119% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -53% Low stock price volatilityVol 12M is 23% Megatrend and thematic driversMegatrends include Financial Markets & Real Estate. Themes include Mortgage-Backed Securities Investment, Interest Rate & Duration Risk Management, and Real Estate Debt Capital Markets. | Weak multi-year price returns2Y Excs Rtn is -42%, 3Y Excs Rtn is -76% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Key risksIVR key risks include [1] heightened vulnerability to margin calls due to its elevated leverage, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 48%, Dividend Yield is 25%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 44%, FCF Yield is 31% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 134% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 119%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 119% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -53% |
| Low stock price volatilityVol 12M is 23% |
| Megatrend and thematic driversMegatrends include Financial Markets & Real Estate. Themes include Mortgage-Backed Securities Investment, Interest Rate & Duration Risk Management, and Real Estate Debt Capital Markets. |
| Weak multi-year price returns2Y Excs Rtn is -42%, 3Y Excs Rtn is -76% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Key risksIVR key risks include [1] heightened vulnerability to margin calls due to its elevated leverage, Show more. |
Qualitative Assessment
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Invesco Mortgage Capital (IVR) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Macroeconomic headwinds from rising interest rates significantly impacted the mortgage REIT (mREIT) sector. Public equity REITs, which include mREITs like Invesco Mortgage Capital, experienced a total return decline of 6.06% in fiscal Q3 2026, a reversal from the previous quarter, largely due to investor concerns over rising interest rates. Yields on Treasury bonds and climbing mortgage rates exerted pressure on these stocks, affecting debt refinancing costs and capitalization rates in the real estate sector. Mortgage REITs are particularly sensitive to interest rate risk, and a sustained "higher-for-longer" yield environment diminishes their value.
2. Invesco Mortgage Capital reported a significant revenue miss for fiscal Q2 2026 and faces a negative earnings outlook for fiscal Q3 2026. The company announced its fiscal Q2 2026 financial results on July 30, 2026, reporting quarterly revenue of $30.10 million, which fell below analyst estimates of $46.48 million. Looking ahead, analysts expect a decline in earnings, with the consensus EPS estimate for fiscal Q3 2026 projected at $0.46, a decrease of 20.69% from the prior-year quarter.
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Invesco Mortgage Capital (IVR) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Macroeconomic headwinds from rising interest rates significantly impacted the mortgage REIT (mREIT) sector. Public equity REITs, which include mREITs like Invesco Mortgage Capital, experienced a total return decline of 6.06% in fiscal Q3 2026, a reversal from the previous quarter, largely due to investor concerns over rising interest rates. Yields on Treasury bonds and climbing mortgage rates exerted pressure on these stocks, affecting debt refinancing costs and capitalization rates in the real estate sector. Mortgage REITs are particularly sensitive to interest rate risk, and a sustained "higher-for-longer" yield environment diminishes their value.
2. Invesco Mortgage Capital reported a significant revenue miss for fiscal Q2 2026 and faces a negative earnings outlook for fiscal Q3 2026. The company announced its fiscal Q2 2026 financial results on July 30, 2026, reporting quarterly revenue of $30.10 million, which fell below analyst estimates of $46.48 million. Looking ahead, analysts expect a decline in earnings, with the consensus EPS estimate for fiscal Q3 2026 projected at $0.46, a decrease of 20.69% from the prior-year quarter.
3. The company experienced a deterioration in its book value per common share during the period. Invesco Mortgage Capital's book value per common share, a key metric for mREITs, was $8.03 as of June 30, 2026. This figure further declined to an estimated $7.75 per common share by July 31, 2026, indicating a sequential decrease in the underlying value of the company's assets.
4. Negative analyst sentiment and ratings contributed to the downward trend. Invesco Mortgage Capital currently holds a Zacks Rank of #5 (Strong Sell). This rating, combined with consistent analyst estimates for declining earnings in the upcoming fiscal Q3 2026, reflects a bearish sentiment from the investment community regarding the company's short-term business trends and profitability.
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Stock Movement Drivers
Fundamental Drivers
The -23.9% change in IVR stock from 6/30/2026 to 10/4/2026 was primarily driven by a -54.7% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.51 | 5.71 | -23.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 81 | 139 | 73.2% |
| Net Income Margin (%) | 76.7% | 86.1% | 12.3% |
| P/E Multiple | 10.0 | 4.5 | -54.7% |
| Shares Outstanding (Mil) | 82 | 95 | -13.7% |
| Cumulative Contribution | -23.9% |
Market Drivers
6/30/2026 to 10/4/2026| Return | Correlation | |
|---|---|---|
| IVR | -23.9% | |
| Market (SPY) | 3.1% | 38.9% |
| Sector (XLF) | -0.2% | 14.9% |
Fundamental Drivers
The -22.2% change in IVR stock from 3/31/2026 to 10/4/2026 was primarily driven by a -25.1% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 3312026 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.34 | 5.71 | -22.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 120 | 139 | 16.4% |
| Net Income Margin (%) | 84.5% | 86.1% | 1.9% |
| P/E Multiple | 5.1 | 4.5 | -12.3% |
| Shares Outstanding (Mil) | 71 | 95 | -25.1% |
| Cumulative Contribution | -22.2% |
Market Drivers
3/31/2026 to 10/4/2026| Return | Correlation | |
|---|---|---|
| IVR | -22.2% | |
| Market (SPY) | 18.6% | 36.4% |
| Sector (XLF) | 8.7% | 20.9% |
Fundamental Drivers
The -5.3% change in IVR stock from 9/30/2025 to 10/4/2026 was primarily driven by a -54.0% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.03 | 5.71 | -5.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 60 | 139 | 133.6% |
| Net Income Margin (%) | 67.9% | 86.1% | 26.8% |
| P/E Multiple | 9.8 | 4.5 | -54.0% |
| Shares Outstanding (Mil) | 66 | 95 | -30.4% |
| Cumulative Contribution | -5.3% |
Market Drivers
9/30/2025 to 10/4/2026| Return | Correlation | |
|---|---|---|
| IVR | -5.3% | |
| Market (SPY) | 16.5% | 39.4% |
| Sector (XLF) | 0.5% | 25.4% |
Fundamental Drivers
The 2.7% change in IVR stock from 9/30/2023 to 10/4/2026 was primarily driven by a -55.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302023 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.56 | 5.71 | 2.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | -18 | 139 | -872.7% |
| P/S Multiple | -13.1 | 3.9 | -129.7% |
| Shares Outstanding (Mil) | 42 | 95 | -55.3% |
| Cumulative Contribution | 2.7% |
Market Drivers
9/30/2023 to 10/4/2026| Return | Correlation | |
|---|---|---|
| IVR | 2.7% | |
| Market (SPY) | 86.2% | 47.0% |
| Sector (XLF) | 68.3% | 41.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IVR Return | -9% | -45% | -14% | 9% | 25% | -14% | -50% |
| Peers Return | 9% | -22% | 8% | 9% | 24% | -10% | 12% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| IVR Win Rate | 42% | 42% | 42% | 67% | 75% | 44% | |
| Peers Win Rate | 53% | 48% | 48% | 65% | 63% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| IVR Max Drawdown | -34% | -65% | -53% | -15% | -26% | -24% | |
| Peers Max Drawdown | -17% | -40% | -35% | -11% | -20% | -18% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NLY, AGNC, STWD, ARR, DX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/2/2026 (YTD)
How Low Can It Go
| Event | IVR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.4% | -18.8% |
| % Gain to Breakeven | 34.0% | 23.1% |
| Time to Breakeven | 215 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -44.5% | -9.5% |
| % Gain to Breakeven | 80.2% | 10.5% |
| Time to Breakeven | 763 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.3% | -6.7% |
| % Gain to Breakeven | 37.6% | 7.1% |
| Time to Breakeven | 961 days | 31 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -25.3% | -12.2% |
| % Gain to Breakeven | 33.8% | 13.9% |
| Time to Breakeven | 76 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -33.6% | -6.8% |
| % Gain to Breakeven | 50.6% | 7.3% |
| Time to Breakeven | 105 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -29.0% | -0.2% |
| % Gain to Breakeven | 40.8% | 0.2% |
| Time to Breakeven | 1019 days | 1 days |
In The Past
Invesco Mortgage Capital's stock fell -25.4% during the 2025 US Tariff Shock. Such a loss loss requires a 34.0% gain to breakeven.
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Asset Allocation
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| Event | IVR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.4% | -18.8% |
| % Gain to Breakeven | 34.0% | 23.1% |
| Time to Breakeven | 215 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -44.5% | -9.5% |
| % Gain to Breakeven | 80.2% | 10.5% |
| Time to Breakeven | 763 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.3% | -6.7% |
| % Gain to Breakeven | 37.6% | 7.1% |
| Time to Breakeven | 961 days | 31 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -25.3% | -12.2% |
| % Gain to Breakeven | 33.8% | 13.9% |
| Time to Breakeven | 76 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -33.6% | -6.8% |
| % Gain to Breakeven | 50.6% | 7.3% |
| Time to Breakeven | 105 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -29.0% | -0.2% |
| % Gain to Breakeven | 40.8% | 0.2% |
| Time to Breakeven | 1019 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -34.1% | -17.9% |
| % Gain to Breakeven | 51.7% | 21.8% |
| Time to Breakeven | 218 days | 123 days |
In The Past
Invesco Mortgage Capital's stock fell -25.4% during the 2025 US Tariff Shock. Such a loss loss requires a 34.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Invesco Mortgage Capital (IVR)
Invesco Mortgage Capital Inc. (IVR) operates as a real estate investment trust (REIT) that specializes in the mortgage market. The company's core business involves investing in, financing, and actively managing a portfolio of mortgage-backed securities and other assets related to mortgages. As a REIT, IVR is structured to distribute at least 90% of its taxable income to its shareholders, a requirement that allows it to avoid federal corporate income tax at the company level, thereby passing the majority of its earnings directly to investors.
The company's primary products and services are essentially the various mortgage-related assets it invests in. These include both residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS), which can be either guaranteed by U.S. government agencies or federally chartered corporations, or be non-agency securities. IVR also invests in credit risk transfer securities issued by government-sponsored enterprises, as well as directly in residential and commercial mortgage loans and other real estate-related financing arrangements. Ultimately, Invesco Mortgage Capital serves its shareholders by generating income from these diversified mortgage investments, acting as a key player in the broader mortgage finance market.
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Here are 1-3 brief analogies for Invesco Mortgage Capital (IVR):
- It's like a Fidelity or Vanguard mutual fund that exclusively invests in mortgage-backed securities, rather than a broad portfolio of stocks or bonds.
- It's a Real Estate Investment Trust (REIT), but instead of owning physical buildings like Simon Property Group (malls) or Prologis (warehouses), it owns the mortgage debt on those buildings.
- Think of it as a specialized finance arm of a big bank like JPMorgan Chase, but entirely focused on buying and managing large pools of mortgage loans rather than originating them or offering consumer banking services.
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- Agency Mortgage-Backed Securities (MBS): Investments in residential and commercial mortgage-backed securities guaranteed by a U.S. government agency or federally chartered corporation.
- Non-Agency Mortgage-Backed Securities (MBS): Investments in residential and commercial mortgage-backed securities that are not guaranteed by a U.S. government agency or federally chartered corporation.
- Credit Risk Transfer Securities (CRT Securities): Investments in unsecured obligations issued by government-sponsored enterprises.
- Mortgage Loans: Investments in both residential and commercial mortgage loans.
- Real Estate-Related Financing Arrangements: Engagement in other financing activities tied to real estate.
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Invesco Mortgage Capital (IVR) operates as a real estate investment trust (REIT) that primarily focuses on investing in, financing, and managing mortgage-backed securities and other mortgage-related assets. Based on the company's description, its business model involves generating income from the interest and returns on its portfolio. While IVR is an investor in mortgage-backed securities, it also explicitly engages in the financing of residential and commercial mortgage loans, as well as other real estate-related financing arrangements.
Therefore, the major customers of Invesco Mortgage Capital are the entities that receive these financing arrangements. Since specific names of customer companies or individuals are not provided in the description, these customers can be categorized as follows:
- Individuals: These customers are typically homeowners who receive or are the underlying borrowers of residential mortgage loans financed or held by Invesco Mortgage Capital.
- Commercial Entities: This category includes businesses, real estate developers, and other organizations that receive commercial mortgage loans and other real estate-related financing arrangements from Invesco Mortgage Capital for various property acquisition, development, or refinancing needs.
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- Fannie Mae (FNMA)
- Freddie Mac (FMCC)
- JPMorgan Chase & Co. (JPM)
- Bank of America Corporation (BAC)
- Citigroup Inc. (C)
- Goldman Sachs Group, Inc. (GS)
- Wells Fargo & Company (WFC)
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John Anzalone, Chief Executive Officer
Mr. Anzalone has served as Chief Executive Officer of Invesco Mortgage Capital Inc. since March 2017. Prior to this, he was the Chief Investment Officer since the company's inception in June 2009. He joined Invesco's Fixed Income Division in 2002, where he serves as a Senior Portfolio Manager and Head of Structured Securities Management. His investment career began in 1992 at Union Trust, and he subsequently worked at AgriBank, FCB, and Advantus Capital Management as a Senior Trader.
Mark Gregson, Chief Financial Officer
Mr. Gregson was appointed Interim Chief Financial Officer, effective October 7 or 8, 2024. He has been with Invesco since 1995 and has served as the Global Controller for Invesco Ltd. since 2018. In this role, he oversees the company's corporate public financial reporting, Sarbanes-Oxley compliance and related controls, and accounting policy teams. He also acts as the Chief Financial Officer for Invesco's broker-dealers.
Kevin Collins, President
Mr. Collins has served as President of Invesco Mortgage Capital Inc. since October 2017. He joined Invesco in 2007 as a senior analyst on the structured securities team. Before his tenure at Invesco, he structured various capital funding strategies, including bond securitizations and secured lending facilities, for banks, Real Estate Investment Trusts (REITs), and other specialty finance companies during his time at Credit Suisse First Boston. He began his career in the structured finance advisory services practice at Ernst & Young.
Brian P. Norris, Chief Investment Officer
Mr. Norris has served as Chief Investment Officer since September 2018. He has been a member of the investment team since Invesco Mortgage Capital Inc.'s inception in 2009 and was appointed Director of Portfolio Management in February 2013. Mr. Norris joined Invesco Advisors Inc. in 2001, and his investment management career began in 1999 as a securities trader with Todd Investment Advisors.
David Lyle, Chief Operating Officer
Mr. Lyle has served as Chief Operating Officer since October 2017. Previously, he held positions as Executive Vice President of Residential Credit from March 2017 to October 2017 and Managing Director and Head of Residential Mortgage Credit from March 2011 to March 2017. Before joining Invesco in 2006, he was a Vice President in the Investment Banking ABS group at Friedman Billings Ramsey for three years.
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Here are the key risks to Invesco Mortgage Capital (symbol: IVR):
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Interest Rate Volatility: Invesco Mortgage Capital, as a mortgage REIT, is highly susceptible to fluctuations in interest rates. Changes in interest rates directly impact the cost of borrowing for the company, which can reduce the spread between the interest earned on its mortgage assets and the interest paid on its liabilities, thereby diminishing earnings and potentially dividend payouts. Rising rates can also decrease the value of existing mortgage-backed assets.
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Credit Risk: The company faces credit risk, which is the possibility that borrowers may default on their mortgage loans. This risk is particularly pronounced for non-agency mortgage-backed securities and commercial mortgage-backed securities, which are not guaranteed by a U.S. government agency. Economic downturns or poor asset selection can exacerbate credit risk, directly affecting the income generated by the REIT.
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Leverage and Liquidity Risk: Invesco Mortgage Capital utilizes significant leverage by borrowing capital, often at lower short-term rates, to invest in higher-yielding, longer-term mortgage assets. While leverage can amplify returns, it also magnifies risks. Market volatility, especially unexpected increases in interest rates, can lead to margin calls from lenders, which can strain the company's liquidity and potentially force it to sell assets at unfavorable times.
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Strategic Focus on Agency RMBS and CMBS and Broadening Investor Demand: Invesco Mortgage Capital is maintaining a constructive stance on Agency Residential Mortgage-Backed Securities (RMBS) and Commercial Mortgage-Backed Securities (CMBS). This is attributed to favorable supply and demand technicals, reduced interest rate volatility, and attractive valuations within these markets. This strategic focus, combined with broadening investor demand and anticipated supportive regulatory changes, is expected to fuel the growth of the company's investment portfolio and enhance its net interest margin.
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Favorable Interest Rate Environment and Steeper Yield Curve: A significant decline in interest rate volatility, alongside a steepening yield curve, is creating a more normalized and beneficial investment landscape. This environment is projected to generate attractive levered returns for the company's longer-term investments, particularly in Agency RMBS and CMBS. The Federal Reserve's rate cuts in late 2025 and the conclusion of its quantitative tightening program have further contributed to improved financial conditions, which are expected to lead to wider net interest margins and increased profitability.
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Optimized Capital Structure and Increased Strategic Leverage: The company is strategically increasing its leverage, with its debt-to-equity ratio rising, to capitalize on the improved investment environment. Invesco Mortgage Capital is also actively managing its capital structure, including raising capital through common stock issuance via an At-The-Market (ATM) program. This approach allows for the expansion of its investment portfolio and positions the company to further benefit from positive Agency RMBS performance, thereby driving future revenue growth.
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Capital Allocation Decisions for Invesco Mortgage Capital (IVR)
Share Repurchases
- In May 2022, Invesco Mortgage Capital's Board of Directors authorized a preferred stock repurchase program to repurchase up to three million shares of its Series B and five million shares of its Series C Cumulative Redeemable Preferred Stock.
- As of December 29, 2024, the company redeemed all outstanding shares of its 7.75% Fixed-to-Floating Series B Cumulative Redeemable Preferred Stock at $25.00 per share plus accrued dividends, funded through available company funds.
- During the fourth quarter of 2025, Invesco Mortgage Capital repurchased and retired 76,356 shares of Series C Preferred Stock, with a carrying value of $1.8 million.
Share Issuance
- On February 23, 2026, Invesco Mortgage Capital Inc. established a new equity distribution agreement to sell up to 40,000,000 shares of its common stock over time through various placement agents.
- During the fourth quarter of 2025, the company issued 849,987 shares of common stock, generating net cash proceeds of $7.2 million through its at-the-market (ATM) program.
- A shelf registration was filed on February 23, 2026, enabling the company to offer common stock, preferred stock, depositary shares, warrants, stockholder rights, debt securities, and units from time to time.
Inbound Investments
- On December 31, 2024, BlackRock, Inc. acquired an additional 280,556 shares of Invesco Mortgage Capital Inc. at a price of $8.05 per share, increasing its total holdings to 5,563,736 shares.
Outbound Investments
- Invesco Mortgage Capital primarily invests in, finances, and manages mortgage-backed securities (MBS) and other mortgage-related assets, including Agency Residential Mortgage-Backed Securities (RMBS) and Agency Commercial Mortgage-Backed Securities (CMBS).
- As of December 31, 2025, the company's total investment portfolio amounted to $6.3 billion, comprising $5.4 billion in Agency RMBS and $0.9 billion in Agency CMBS.
- The total investment portfolio, including TBAs (To-Be-Announced securities), was reported at $7.1 billion as of January 31, 2026, and $7.3 billion as of February 28, 2026.
Capital Expenditures
- As a mortgage real estate investment trust (REIT), Invesco Mortgage Capital's primary investments are in mortgage-backed securities and other financial assets, rather than traditional capital expenditures on physical property, plant, and equipment.
Peer Outperformance in Mortgage REITs
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 15.9% | 64.6% | 115.6% | SPNT 160% · RNR 142% · RGA 135% |
| Investment Banking & Brokerage | 13 | -3.8% | 100.8% | 100.0% | IBKR 441% · SNEX 231% · HOOD 168% |
| Diversified Banks | 12 | 28.5% | 131.2% | 96.2% | CM 145% · RY 131% · JPM 122% |
| Life & Health Insurance | 20 | 6.1% | 51.5% | 90.5% | JXN 532% · UNM 286% · FG 191% |
| Multi-Sector Holdings | 4 | 3.8% | 52.4% | 74.5% | JONE 361% · BRK-B 81% · VOYA 68% |
| Property & Casualty Insurance | 42 | 3.1% | 71.0% | 60.8% | ASIC 2616900% · HRTG 408% · UVE 305% |
| Multi-line Insurance | 9 | 4.5% | 70.2% | 53.8% | GNW 135% · L 92% · AIZ 82% |
| Regional Banks | 264 | 26.4% | 92.0% | 52.2% | GCBC 319% · ESQ 310% · PBAM 251% |
| Financial Exchanges & Data | 15 | -2.9% | 15.3% | 30.0% | VIRT 182% · CBOE 140% · CME 64% |
| Diversified Financial Services | 4 | -8.4% | 23.4% | 19.4% | FRHC 175% · EQH 95% · TMS -56% |
| Consumer Finance | 30 | -0.7% | 86.0% | 17.9% | ENVA 388% · EZPW 296% · FCFS 159% |
| Insurance Brokers | 16 | -25.2% | -10.1% | 11.7% | LIFE 300% · ARX 88% · CRD-A 62% |
| Asset Management & Custody Banks | 83 | -8.0% | 20.3% | 11.4% | WT 356% · VCTR 285% · AAMI 265% |
| Commercial & Residential Mortgage Finance | 14 | -53.1% | 25.2% | 1.0% | FNMA 460% · FMCC 422% · ACT 172% |
| Specialized Finance | 3 | 8.6% | 37.5% | -13.7% | EFC 16% · HASI -14% · CACC -14% |
| Mortgage REITs ← | 33 | -18.7% | 4.8% | -29.8% | NREF 54% · RITM 33% · DX 22% |
| Transaction & Payment Processing Services | 17 | -4.3% | -7.1% | -45.0% | V 67% · MA 66% · CPAY 51% |
| Diversified Capital Markets | 20 | -36.2% | 14.6% | -58.2% | OPY 180% · LPLA 100% · GOLD 59% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 12.06 |
| Mkt Cap | 3.6 |
| Rev LTM | 657 |
| Op Inc LTM | - |
| FCF LTM | 278 |
| FCF 3Y Avg | 343 |
| CFO LTM | 603 |
| CFO 3Y Avg | 343 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 302.2% |
| Rev Chg 3Y Avg | 241.7% |
| Rev Chg Q | 512.4% |
| QoQ Delta Rev Chg LTM | 57.4% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 59.7% |
| CFO/Rev 3Y Avg | 50.9% |
| FCF/Rev LTM | 53.2% |
| FCF/Rev 3Y Avg | 50.9% |
Price Behavior
| Market Price | $5.71 | |
| Market Cap ($ Bil) | 0.5 | |
| First Trading Date | 06/26/2009 | |
| Distance from 52W High | -30.3% | |
| 50 Days | 200 Days | |
| DMA Price | $6.88 | $7.33 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -17.0% | -22.1% |
| 3M | 1YR | |
| Volatility | 20.8% | 22.9% |
| Downside Capture | 183.25 | 91.78 |
| Upside Capture | 13.75 | 66.57 |
| Correlation (SPY) | 40.5% | 40.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.92 | 0.69 | 0.79 | 0.60 | 0.71 | 0.83 |
| Up Beta | 1.25 | 0.07 | 0.02 | 0.27 | 0.37 | 0.54 |
| Down Beta | 2.02 | 1.28 | 0.94 | 0.37 | 0.64 | 0.96 |
| Up Capture | -4% | 24% | 45% | 39% | 73% | 65% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 6 | 15 | 22 | 50 | 115 | 376 |
| Down Capture | 253% | 188% | 173% | 125% | 95% | 102% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 16 | 25 | 38 | 70 | 128 | 352 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IVR | |
|---|---|---|---|---|
| IVR | -8.0% | 22.8% | -0.44 | - |
| Sector ETF (XLF) | 1.4% | 14.8% | -0.13 | 26.4% |
| Equity (SPY) | 16.2% | 13.0% | 0.88 | 39.5% |
| Gold (GLD) | 6.8% | 29.6% | 0.22 | 21.4% |
| Commodities (DBC) | 44.9% | 20.8% | 1.67 | -18.0% |
| Real Estate (VNQ) | 1.5% | 13.6% | -0.15 | 32.6% |
| Bitcoin (BTCUSD) | -28.9% | 44.3% | -0.64 | 15.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IVR | |
|---|---|---|---|---|
| IVR | -14.3% | 34.9% | -0.38 | - |
| Sector ETF (XLF) | 8.7% | 18.3% | 0.34 | 48.5% |
| Equity (SPY) | 13.1% | 17.2% | 0.58 | 51.8% |
| Gold (GLD) | 18.4% | 18.9% | 0.79 | 12.0% |
| Commodities (DBC) | 10.3% | 19.6% | 0.41 | 7.5% |
| Real Estate (VNQ) | 0.7% | 18.8% | -0.07 | 56.7% |
| Bitcoin (BTCUSD) | 14.6% | 52.2% | 0.45 | 23.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IVR | |
|---|---|---|---|---|
| IVR | -14.7% | 56.2% | -0.06 | - |
| Sector ETF (XLF) | 12.6% | 22.1% | 0.52 | 35.9% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 33.8% |
| Gold (GLD) | 11.5% | 16.4% | 0.57 | 3.9% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 10.7% |
| Real Estate (VNQ) | 4.2% | 20.7% | 0.16 | 43.3% |
| Bitcoin (BTCUSD) | 64.1% | 66.2% | 1.04 | 10.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 0.0% | -0.1% | 0.9% |
| 4/30/2026 | 2.5% | -1.2% | -1.7% |
| 1/29/2026 | -3.5% | -1.3% | -4.7% |
| 10/30/2025 | 5.0% | 7.5% | 13.5% |
| 7/24/2025 | 0.9% | -1.0% | 2.2% |
| 5/7/2025 | 1.4% | 3.1% | 3.0% |
| 2/20/2025 | -0.9% | -1.6% | -3.1% |
| 11/5/2024 | -1.8% | 1.6% | 2.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 10 | 12 |
| # Negative | 10 | 14 | 12 |
| Median Positive | 1.3% | 4.7% | 3.3% |
| Median Negative | -2.3% | -1.5% | -5.6% |
| Max Positive | 8.7% | 11.8% | 19.2% |
| Max Negative | -9.1% | -12.3% | -17.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 0.0% | -0.1% | 0.9% |
| 4/30/2026 | 2.5% | -1.2% | -1.7% |
| 1/29/2026 | -3.5% | -1.3% | -4.7% |
| 10/30/2025 | 5.0% | 7.5% | 13.5% |
| 7/24/2025 | 0.9% | -1.0% | 2.2% |
| 5/7/2025 | 1.4% | 3.1% | 3.0% |
| 2/20/2025 | -0.9% | -1.6% | -3.1% |
| 11/5/2024 | -1.8% | 1.6% | 2.8% |
| 8/8/2024 | 0.9% | -0.7% | -0.8% |
| 5/8/2024 | 1.2% | 2.2% | 0.2% |
| 2/22/2024 | 0.0% | 4.8% | 9.3% |
| 11/6/2023 | -2.7% | -4.2% | 3.7% |
| 8/3/2023 | 1.1% | -0.4% | -0.2% |
| 5/9/2023 | 8.7% | 5.7% | 5.8% |
| 2/21/2023 | -0.2% | -4.5% | -17.8% |
| 11/2/2022 | 1.7% | 6.2% | 18.8% |
| 8/4/2022 | 6.3% | 4.7% | -4.0% |
| 5/4/2022 | -9.1% | -12.3% | -6.4% |
| 2/17/2022 | -1.6% | -9.9% | -11.1% |
| 11/3/2021 | 0.6% | -0.9% | -8.9% |
| 8/4/2021 | -5.6% | -6.8% | -7.1% |
| 5/5/2021 | -4.5% | -11.3% | -11.6% |
| 2/22/2021 | -1.8% | 0.8% | 0.8% |
| 11/9/2020 | 8.0% | 11.8% | 19.2% |
| SUMMARY STATS | |||
| # Positive | 14 | 10 | 12 |
| # Negative | 10 | 14 | 12 |
| Median Positive | 1.3% | 4.7% | 3.3% |
| Median Negative | -2.3% | -1.5% | -5.6% |
| Max Positive | 8.7% | 11.8% | 19.2% |
| Max Negative | -9.1% | -12.3% | -17.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/17/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/22/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 06/22/2020 | 10-Q |
| 12/31/2019 | 02/19/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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