Invesco Mortgage Capital (IVR - Free Report) closed the most recent trading day at $6.80, moving -1.59% from the previous trading session. The stock fell short of the S&P 500, which registered a gain of 0.86% for the day. Elsewhere, the Dow gained 0.98%, while the tech-heavy Nasdaq added 0.96%.
Shares of the real estate investment trust have depreciated by 7.62% over the course of the past month, underperforming the Finance sector's loss of 1.79%, and the S&P 500's loss of 1.96%.
Analysts and investors alike will be keeping a close eye on the performance of Invesco Mortgage Capital in its upcoming earnings disclosure. The company is expected to report EPS of $0.46, down 20.69% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates project earnings of $1.97 per share and a revenue of $0 million, demonstrating changes of -16.17% and 0%, respectively, from the preceding year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Invesco Mortgage Capital. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Currently, Invesco Mortgage Capital is carrying a Zacks Rank of #5 (Strong Sell).
From a valuation perspective, Invesco Mortgage Capital is currently exchanging hands at a Forward P/E ratio of 3.51. This expresses a discount compared to the average Forward P/E of 7.83 of its industry.
The REIT and Equity Trust industry is part of the Finance sector. At present, this industry carries a Zacks Industry Rank of 235, placing it within the bottom 5% of over 250 industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
In the latest close session, Invesco Mortgage Capital (IVR - Free Report) was down 2.54% at $6.91. This change lagged the S&P 500's 0.59% loss on the day. On the other hand, the Dow registered a loss of 0.6%, and the technology-centric Nasdaq decreased by 0.65%.
Prior to today's trading, shares of the real estate investment trust had lost 4.83% lagged the Finance sector's loss of 1.37% and the S&P 500's loss of 1.37%.
Market participants will be closely following the financial results of Invesco Mortgage Capital in its upcoming release. In that report, analysts expect Invesco Mortgage Capital to post earnings of $0.46 per share. This would mark a year-over-year decline of 20.69%.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $1.97 per share and revenue of $0 million. These totals would mark changes of -16.17% and 0%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Invesco Mortgage Capital. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Currently, Invesco Mortgage Capital is carrying a Zacks Rank of #4 (Sell).
With respect to valuation, Invesco Mortgage Capital is currently being traded at a Forward P/E ratio of 3.6. This represents a discount compared to its industry average Forward P/E of 7.97.
The REIT and Equity Trust industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 235, which puts it in the bottom 5% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Mortgage REITs are flashing double-digit yields right now, but for some of the biggest names in the sector, those payouts have been quietly funded by eroding the very principal they promised to protect.
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The 10-year Treasury yield sits at 4.80%, the high of the trailing year and a punishing benchmark for anything that borrows short to lend long. That is exactly the business model of a mortgage REIT. Headline yields in this corner of the market run into the mid-teens and higher, but total return has been a very different story than the distribution stream.
A mortgage REIT owns mortgages and mortgage-backed securities, financed with short-term repo, rather than physical property. Agency mREITs hold government-backed paper and carry primarily interest rate and prepayment risk. Non-agency and commercial mREITs carry real credit risk. The right coverage metric for both is distributable earnings (sometimes called earnings available for distribution) measured against the dividend, alongside the trajectory of book value per share. When book value slides while the payout holds, the yield is being funded partly from principal.
AGNC Investment at a Stretched Coverage Line AGNC Investment (NASDAQ:AGNC | AGNC Price Prediction) is the bellwether agency mREIT, paying a $0.12 monthly dividend for an annualized $1.44 and a headline yield around 13.5%. Shares trade near $10.36.
Q2 2026 distributable-style EPS came in at $0.40 versus the $0.36 quarterly dividend, thin but positive. Tangible book value per share was $8.58, and AGNC issued 16.2 million common shares via its ATM program for $167 million in net proceeds, which dilutes book even as the payout holds. Repo funding has a weighted average remaining maturity of just 13 days. AGNC has trimmed the dividend multiple times over its history. Coverage would need to widen further for the payout to look comfortable.
Orchid Island Capital Is Already Paying Less Orchid Island Capital (NYSE:ORC) yields roughly 21.1% with the stock at $6.44. That yield exists because the price has traveled the wrong way: down 32.99% over five years and down 29.28% over ten.
The distribution stepped down from $0.12 to $0.10 monthly earlier in 2026, and the trailing twelve-month total of $1.34 sits above the $1.20 annualized forward. Economic leverage is 7.3-to-1, portfolio effective duration climbed to 3.180 from 2.513, and the company issued 18.56 million shares via ATM in H1 2026 for about $135.5 million. The payout has been reduced repeatedly across cycles, a recurring pattern.
ARMOUR Residential REIT Sits Right at Breakeven ARMOUR Residential REIT (NYSE:ARR) yields about 17.7% on a $0.24 monthly, $2.88 annualized payout. The problem is the coverage line: Q2 2026 distributable earnings were $0.72 per share against $0.72 in monthly dividends, exactly at breakeven and missing the $0.72 estimate by a penny.
Debt-to-equity is 7.54:1, and ARMOUR raised $218.7 million via common stock ATM in Q2 plus $88.3 million after quarter-end. Long-term shareholders have absorbed a 1-for-5 reverse split in 2023 and a 1-for-8 reverse split in 2015. The share price is down 30.41% over five years and 41.98% over ten. For the dividend to hold, spreads have to widen from here.
Invesco Mortgage Capital and a Shrinking Book Invesco Mortgage Capital (NYSE:IVR) carries a yield near 19.8%. Q2 2026 earnings available for distribution came in at $0.50 per share, missing the $0.52 estimate, while book value per share slipped to $8.03 from $8.08 and the effective interest rate margin compressed to 2.82% from 3.05%.
The stock is down 41.73% over five years and 75.75% over ten. The dividend history is a case study in resets: from $0.40 quarterly in 2023 and 2024 to $0.34 in 2025, then to $0.12 monthly. Coverage is positive today, but a shrinking book and further ATM dilution of 14.85 million shares for $118 million are pointing the wrong way.
New York Mortgage Trust Raised Into Stress New York Mortgage Trust (NASDAQ:NYMT) trades near $7.11 after raising its quarterly common dividend 17.4% to $0.27, described by the company as an 11.5% annualized yield. Q2 2026 EAD was $0.30 versus that $0.27 dividend, covered by a slim margin.
The hybrid portfolio mixes agency exposure with $2.3 billion of business purpose loan rental UPB, and company recourse leverage is 5.5x. NYMT booked $8.5 million of unrealized losses and $13.0 million of realized losses in Q2, and the payout has been cut repeatedly through prior cycles. Raising a dividend when leverage is elevated and losses are showing up in the credit book is a signal to watch closely.
Granite Point Mortgage Trust Is the Severe Case Granite Point Mortgage Trust (NYSE:GPMT) is a commercial mREIT with real credit risk, and the coverage math has broken. Distributable earnings before realized gains and losses were negative $0.10 per share in Q2 2026, GAAP net loss was $1.29 per share against a $0.39 estimated loss, and book value collapsed to $5.70 from $7.05 at the start of the quarter.
Office is 48.6% of the loan portfolio, five loans are risk-rated 5 with $252.9 million UPB and roughly 47.4% specific CECL reserves, and net interest spread has gone negative at -1.2%. The quarterly dividend has already been reset from $0.20 to $0.15 to the current $0.05. The stock is down 55.26% year to date, 86.93% over five years and 87.46% over the past decade. Recovery would require office recoveries, credit stabilization, and cash preservation, with unrestricted cash already down to $35.7 million from $58.5 million at quarter-end.
What to Watch A double-digit yield only helps if the underlying share price and book value hold. For agency names like AGNC, ARMOUR and Orchid, the swing factor is the shape of the yield curve and mortgage spread stability. For hybrid and commercial names like NYMT, Invesco and Granite Point, credit performance dominates. When a payout gets cut, the price usually follows on the way down (we cataloged the seven warning signs a big yield is about to be cut in a free dividend trap guide). Yield alone is never a thesis.
Contact [email protected] for any questions or corrections.
Invesco Mortgage Capital (IVR - Free Report) ended the recent trading session at $7.20, demonstrating a +1.41% change from the preceding day's closing price. The stock outpaced the S&P 500's daily loss of 0.38%. At the same time, the Dow lost 0.51%, and the tech-heavy Nasdaq lost 0.29%.
The stock of real estate investment trust has fallen by 4.05% in the past month, lagging the Finance sector's gain of 1.52% and the S&P 500's gain of 2.08%.
The investment community will be paying close attention to the earnings performance of Invesco Mortgage Capital in its upcoming release. The company is predicted to post an EPS of $0.46, indicating a 20.69% decline compared to the equivalent quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.97 per share and a revenue of $0 million, indicating changes of -16.17% and 0%, respectively, from the former year.
Any recent changes to analyst estimates for Invesco Mortgage Capital should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.99% lower. As of now, Invesco Mortgage Capital holds a Zacks Rank of #5 (Strong Sell).
From a valuation perspective, Invesco Mortgage Capital is currently exchanging hands at a Forward P/E ratio of 3.6. Its industry sports an average Forward P/E of 8.13, so one might conclude that Invesco Mortgage Capital is trading at a discount comparatively.
The REIT and Equity Trust industry is part of the Finance sector. With its current Zacks Industry Rank of 233, this industry ranks in the bottom 6% of all industries, numbering over 250.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
BlackRock Inc. bought a new position in shares of Invesco Mortgage Capital Inc (NYSE:IVR – Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 8,805,376 shares of the real estate investment trust’s stock, valued at approximately $69,562,000. BlackRock Inc. owned approximately 9.49% of Invesco Mortgage Capital at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of IVR. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Invesco Mortgage Capital by 3,282.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,044 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 2,954 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in Invesco Mortgage Capital during the fourth quarter worth $33,000. Comerica Bank grew its position in Invesco Mortgage Capital by 1,722.1% in the third quarter. Comerica Bank now owns 5,120 shares of the real estate investment trust’s stock valued at $39,000 after purchasing an additional 4,839 shares in the last quarter. Caption Management LLC bought a new position in Invesco Mortgage Capital in the fourth quarter valued at $43,000. Finally, BNP Paribas Financial Markets increased its stake in Invesco Mortgage Capital by 83.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,599 shares of the real estate investment trust’s stock valued at $44,000 after buying an additional 2,548 shares during the last quarter. Institutional investors and hedge funds own 40.54% of the company’s stock.
Analyst Upgrades and Downgrades IVR has been the subject of several recent research reports. UBS Group set a $7.75 price target on Invesco Mortgage Capital and gave the company a “neutral” rating in a research report on Wednesday, August 19th. Zacks Research lowered Invesco Mortgage Capital from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 26th. Wall Street Zen cut Invesco Mortgage Capital from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Finally, Weiss Ratings raised Invesco Mortgage Capital from a “sell (d+)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Invesco Mortgage Capital currently has a consensus rating of “Hold” and a consensus target price of $8.38.
Read Our Latest Stock Report on IVR Invesco Mortgage Capital Stock Performance NYSE:IVR opened at $7.35 on Monday. The company has a market cap of $791.15 million, a price-to-earnings ratio of 4.97 and a beta of 1.60. Invesco Mortgage Capital Inc has a fifty-two week low of $7.10 and a fifty-two week high of $9.50. The stock has a fifty day moving average price of $7.67 and a 200-day moving average price of $7.99.
Invesco Mortgage Capital (NYSE:IVR – Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The real estate investment trust reported $0.50 EPS for the quarter, meeting the consensus estimate of $0.50. Invesco Mortgage Capital had a net margin of 38.01% and a return on equity of 26.48%. The business had revenue of $30.10 million during the quarter, compared to the consensus estimate of $46.48 million. Research analysts predict that Invesco Mortgage Capital Inc will post 1.97 EPS for the current fiscal year.
Invesco Mortgage Capital Announces Dividend The firm also recently declared a monthly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, August 25th will be given a $0.12 dividend. This represents a c) annualized dividend and a yield of 19.6%. The ex-dividend date is Tuesday, August 25th. Invesco Mortgage Capital’s dividend payout ratio is 97.30%.
Invesco Mortgage Capital Company Profile (Free Report)
Invesco Mortgage Capital Inc (NYSE: IVR) is a real estate investment trust that specializes in investing in U.S. residential mortgage-backed securities. The company’s portfolio is weighted toward agency-guaranteed RMBS issued or guaranteed by U.S. government-sponsored enterprises such as Fannie Mae, Freddie Mac and Ginnie Mae. By focusing on collateral backed by federal agencies, Invesco Mortgage Capital seeks to generate attractive returns while managing credit risk through securities that carry explicit or implicit government guarantees.
To enhance its portfolio yield, the company employs leverage through repurchase agreements, warehouse facilities and debt financing.
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The proposed acquisition is expected to provide the last step in power delivery to the core to complete Navitas’ grid-to-xPU high-power portfolio, accelerating its AI infrastructure strategy under Navitas 2.0 transformation
Anticipated benefits include:
Enabling of all steps of power conversion to be addressed from ultra-high voltage grid down to core/xPUDoubling of Navitas’ 2030 serviceable addressable market (SAM) to over $8 billionExpansion of IP, engineering and technology capabilities across digital control, passive integration, leading-edge mixed signal, and advanced 2D/3D packagingStrengthening of mid- to long-term financial model through revenue acceleration and margin expansion, while maintaining its path to profitability TORRANCE, Calif., Aug. 24, 2026 (GLOBE NEWSWIRE) -- Navitas Semiconductor Corporation (Nasdaq: NVTS) (Navitas or the Company), the industry leader in next-generation GaNFast™ gallium nitride (GaN) and GeneSiC™ silicon carbide (SiC) power semiconductors, today announced the signing of a definitive agreement to acquire Claros, Inc. (Claros) a power management solutions company developing vertical power delivery (VPD) and integrated voltage regulator (IVR) technology for next-generation AI data centers, in a transaction valued at up to approximately $232.8 million, based on the per share closing price of Navitas’ stock on August 21, 2026.
Navitas’ potential acquisition of Claros would extend the Company’s AI infrastructure portfolio from the grid all the way to the xPU by bringing industry-leading VPD and IVR capabilities that can directly power the high-current, high-speed processors at the heart of modern AI systems.
Today’s most advanced AI xPUs, GPUs, CPUs, TPUs, NPUs, and other accelerators - are running into a fundamental limit. Compute itself is not the bottleneck; it is the power delivery.
The new 800V high-voltage direct current (HVDC) architecture, paving the way for accelerated replacement of silicon by GaN and SiC high-power technologies, the core focus of Navitas 2.0, has started to address this problem, enabling higher-density power architecture and racks. However, on the last step, traditional voltage regulator modules (VRMs) push power sideways across the board, and as xPUs demand thousands of amps and near-instant response times, this lateral approach hits what Navitas refers to as a “power wall”. Bandwidth and compute performance are constrained by the limitations of existing power delivery systems.
Through the combination of Navitas and Claros, the Company expects to break through that wall all the way from grid-to-xPU. Claros’ VPD and IVR technologies stack power conversion, drive, control, and passives into a single, compact package. By placing this solution directly beneath or inside the chip package or printed circuit board, power travels only millimeters instead of inches. The result is ultra-fast transient response, dramatically lower impedance, higher efficiency at sub-volt levels, and the power density required for the next generation of AI compute.
This technology solution will be highly complementary to the GaN and high-voltage and ultra-high voltage SiC portfolio of Navitas, which enables the new 800V HVDC architecture, extending the high-density AI rack architecture in the first steps of the power conversion all the way to the core.
"The future of AI depends on delivering thousands of amps to increasingly power-hungry processors with unprecedented speed and precision,” said Chris Allexandre, President and CEO of Navitas. “The ‘power wall’ currently restricts next-gen xPUs in megawatt-scale server racks from achieving the next wave of AI performance. Combining Claros’ VPD and IVR technologies with Navitas' GaN and high-voltage and ultra-high voltage SiC portfolio, we break the AI infrastructure power wall, advancing the entire power chain from grid-to-xPU. This acquisition follows our Navitas 2.0 transformation and significantly expands our addressable market, deepens our engagement with hyperscalers and AI power platform providers, as well as strengthens our leadership in AI infrastructure in terms of both capabilities and product solutions offering. As AI power demand accelerates, we are uniquely positioned to deliver greater value for our customers, while driving sustainable long-term growth.”
Dan Kultran, Co-founder & CEO of Claros, commented, “Since we launched Claros in 2024, we’ve moved to rapidly redefine the AI data center power system. Navitas is an ideal partner to enable a complete grid-to-xPU power portfolio, deepen and expand our engagement with leading xPU and power customers, and accelerate our next phase of growth. Our companies share a fast-paced, highly innovative culture and a commitment to advancing breakthrough power technologies for years to come. I am very excited for the opportunity to join Chris and the Navitas leadership team.
“Our integrated voltage regulator technology brings power conversion millimeters from the xPU, reducing board-level distribution losses, lowering heat generation, and improving the efficiency of processor-level power delivery. For AI accelerators and high-performance processors, this close-to-chip approach, with Claros’ IP in VPD array architecture, can enable higher compute density, lower operating costs, and more efficient deployment of next-generation AI infrastructure.”
Together, Claros’ VPD and IVR technologies also broaden Navitas’ technology, engineering and IP capabilities with deep expertise in digital control, passive integration, advanced 2D/3D packaging, and leading-edge power and analog mixed-signal technologies, while also adding standalone digital and controller solutions that complement the Company’s GaN portfolio.
The acquisition, when completed, is expected to more than double Navitas’ identified 2030 SAM to over $8 billion, adding at least $3.5 billion from the rapidly growing VPD and IVR markets. Combined with Navitas’ existing $3.5 billion SAM for GaN and HV/UHV SiC and approximately $1 billion from new junction field-effect transistor technology, the acquisition is expected to significantly expand Navitas’ opportunity across the complete grid-to-xPU power chain.
Navitas’ current short-to mid-term financial model and strategy, under its Navitas 2.0 transformation, remain unchanged. Claros’ VPD and IVR technologies provide an additional growth accelerator from 2028/2029 onward alongside Navitas’ strong organic 800V HVDC GaN and SiC growth in AI infrastructure. The Company remains committed to its path toward profitability and does not expect a material change from its previous timeline.
Transaction Structure
Under the terms of the definitive merger agreement, Navitas will acquire Claros in a transaction valued up to approximately $232.8 million, comprised of approximately $216.0 million to be paid at closing in a combination of cash and shares of the Company’s Class A common stock, par value $0.0001 per share (Common Stock), and the remainder of which will be paid in shares of Common Stock on the achievement of certain business milestones during the two years following the closing date. The value of shares of Common Stock that comprise the merger consideration was determined based on the closing share price of a share of Common Stock on August 21, 2026, which was $12.97 (the Reference Price).
In addition, certain continuing Claros employees will be eligible to receive performance based compensation under the Company’s equity incentive plan, payable in shares of Common Stock, having a value of approximately $28.9 million based on the Reference Price, and based on the achievement of these same business milestones. The transaction has been unanimously approved by the boards of directors of both companies and is expected to close before year-end, subject to customary closing conditions, including applicable regulatory approvals.
About Navitas
Navitas Semiconductor (Nasdaq: NVTS) is a next-generation power semiconductor leader in gallium nitride (GaN), and IC integrated devices, and high-voltage silicon carbide (SiC) technology, driving innovation across AI data centers, performance computing, energy and grid infrastructure, and industrial electrification. With more than 30 years of combined expertise in wide-bandgap technologies, GaNFast™ power ICs integrate GaN power, drive, control, sensing, and protection, delivering faster power delivery, higher system density, and greater efficiency. GeneSiC™ high-voltage SiC devices leverage patented ‘trench-assisted planar technology’ to provide industry-leading voltage capability, efficiency, and reliability for medium-voltage grid and infrastructure applications. Navitas has over 300 patents issued or pending and is the world’s first semiconductor company to be CarbonNeutral®-certified.
Navitas Semiconductor, GaNFast, GaNSense, GeneSiC, and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor Limited and affiliates. All other brands, product names, and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.
About Claros
Claros is a power management solutions company that’s leveraging innovative hardware and software to make AI infrastructure more efficient, more resilient, and more sustainable. By driving down the cost and complexity of power delivery and leveraging innovative hardware and software, the company seeks to decrease energy consumption, optimize power delivery, increase compute performance, and maximize the efficiency of AI operations. Founded in 2024, Claros is backed by Red Cell Partners, General Catalyst, Systemiq Capital, VIPC, and other investors.
Advisors
Connected Vision Advisors (CVA) and Needham & Company served as financial advisors to Navitas. Cozen O’Connor served as legal advisor to Navitas, and DLA Piper served as legal advisor to Claros.
No Offer or Solicitation
This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
Forward-Looking Statements
Any forward-looking statements contained in this release are included pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. From time to time, oral or written forward-looking statements may also be included in other information released to the public. These forward-looking statements are intended to provide The Company’s and Claros’ respective management’s current expectations or plans for the Company’s future operating and financial performance, based on assumptions currently believed to be valid. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “may,” “will,” “would,” “could,” “should,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. These statements, including statements regarding the merger (the Mergers) contemplated by that certain Agreement and Plan of Merger (the Merger Agreement), by and among the Company, Claros, Compass Merger Sub 1 Inc., Compass Merger Sub 2 LLC, and Shareholder Representative Services LLC, the expected timing of the closing of the Mergers, and the anticipated benefits and prospects of the combined company, are based on management’s current expectations and are subject to risks and uncertainties that could cause actual results to differ materially, including, among others: the risk that the Mergers may not be completed in a timely manner or at all; the failure to satisfy the other conditions to the closing of the Mergers; the effect of the announcement, pendency or completion of the transaction on the market price of the Common Stock; the effects of business disruption resulting from the announcement or pendency of the Mergers; the diversion of management’s attention and resources from ongoing business operations; the effect of the transaction on the parties’ ability to retain and hire key personnel and to maintain relationships with customers, suppliers and other business partners; restrictions during the pendency of the transaction that may limit the parties’ ability to pursue business opportunities or strategic transactions; the risk that the anticipated benefits, synergies and cost savings may not be realized within the expected timeframe or at all; the difficulties and costs of integrating the two businesses; significant transaction costs and/or unknown or inestimable liabilities; the occurrence of any event that could give rise to termination of the Merger Agreement; the risk of stockholder litigation in connection with the transaction; the impact of macroeconomic and market conditions, including economic downturns, international conflict, trade disputes and tariffs; and the other risks identified in the Company’s filings with the SEC. There can be no assurance that the Mergers will in fact be consummated in the manner described or at all. These forward-looking statements speak only as of the date of this report and neither the Company nor Claros undertakes any obligation to update any forward-looking statement, except as required by applicable law.
Contact Information
Navitas Semiconductor
Vipin Bothra [email protected]
Mortgage REITs get lumped into a single bucket by income investors chasing double-digit yields, but the three names below run entirely different books. One is winding down into a cash deal. One is being absorbed at a premium. One is still operating as a pure-play Agency MBS shop, raising capital and paying monthly. If you already own one of these thinking it behaves like the others, the risk profile probably surprises you.
The backdrop matters. The 10-year Treasury yield sits at 4.72% as of Aug. 18, in the 92.7th percentile of its trailing 12-month range. That level, combined with 30-year mortgage rates near 6.67%, dictates prepayment speeds, MSR valuations and Agency spread carry. Each REIT sits in a different spot on that map.
1. Two Harbors Investment (NYSE: TWO) Two Harbors Investment (NYSE:TWO) is a merger arbitrage situation now, no longer an operating story. Stockholders approved the acquisition by CrossCountry Mortgage at $12 per share on July 2, with an expected close of Aug. 3. Shares traded around $12.02 on Aug. 18, essentially pinned to the deal price after a 26.74% YTD run.
Q2 2026 was transitional. Book value ticked up to $10.68 from $10.57, non-GAAP EPS was 28 cents, and the investment portfolio was deliberately contracted to $7.48 billion from $8.95 billion as leverage was cut to 3.8:1 from 4.8:1. The dividend tells the real story. After holding at 45 cents per quarter through 2024, it stepped down to 39 cents, then 34 cents, and the pending Q3 2026 stub payment is just 12 cents, contingent on the merger closing. CEO Bill Greenberg framed the combination as pairing “the country’s leading retail originator with RoundPoint’s best-in-class servicing platform”. For income holders, that yield is over.
2. Cherry Hill Mortgage Investment (NYSE: CHMI) Cherry Hill Mortgage Investment (NYSE:CHMI) is the smallest name at a $109 million market cap, and it too is being absorbed. TPG Mortgage Investment Trust (NYSE:MITT) announced a definitive agreement on Aug. 9, offering 0.3063 MITT shares plus 93 cents cash per CHMI share, an implied $3.10 value and 29% premium. The stock jumped 21.16% in the week ending Aug. 14 to $2.93.
The hybrid book matters here. CHMI runs both RMBS and MSR: $15.2 billion UPB in MSRs generating $7.37 million in net servicing income, with an RMBS net interest spread of 3.45%. Q2 2026 adjusted EPS came in at 15 cents versus a 13-cent estimate, and GAAP swung back to 4 cents per diluted share from a Q1 2026 loss of 5 cents. The dividend was already cut from 15 cents to 10 cents quarterly starting Q4 2025, foreshadowing the deal. The headline 16.6% annualized yield is real, but investors are effectively voting on MITT stock now, not CHMI’s operating cash flows.
3. Invesco Mortgage Capital (NYSE: IVR) Invesco Mortgage Capital (NYSE:IVR) is the only one of the three still running a standalone growth playbook. The portfolio, $8.2 billion including TBAs, grew 12.4% quarter-over-quarter, is funded by roughly $118 million raised via ATM in Q2 and more than $250 million year-to-date, all near book value. Book value ended Q2 at $8.03 per share, and shares trade at $7.51, or 0.97x book.
The book is concentrated in Agency RMBS ($6 billion) and Agency CMBS ($0.9 billion), with 97% of borrowing costs hedged and debt-to-common equity at 9 times. Q2 EPS was 50 cents, missing 51-cent forecast, and economic return came in at 3.8%. The differentiator is the payout cadence. IVR now pays 12 cents monthly, totaling 36 cents per quarter with a $1.44 annualized forward rate, translating to a 19% dividend yield (if that monthly cadence is the whole reason you own it, we rounded up seven other monthly payers in a free report here).
CEO Kevin Collins told investors, “We remain committed to providing our investors with monthly financial summaries and paying monthly dividends to enhance transparency, deliver more consistent cash flows to income-oriented investors, and to strengthen investor engagement.”
IVR’s biggest risk is prepayment sensitivity. With nearly 85% of the portfolio in prepayment-protected specified pools and Agency CMBS, and mortgage spreads that widened to roughly 150 basis points in July, the setup depends on volatility staying contained.
The Takeaway Three tickers, one industry label, three completely different risk profiles. TWO is a cash-out at $12. CHMI is a stock swap into MITT. Only IVR is still writing checks off an operating portfolio, and its monthly dividend is the one an income investor actually underwrites on cash flow rather than deal terms. Anyone holding all three thinking they diversify mortgage REIT exposure is mostly holding merger arbitrage.
Contact [email protected] for any questions or corrections.
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, /PRNewswire/ -- Invesco Mortgage Capital Inc. (the "Company") (NYSE: IVR) announced today that Peter Graham has joined its Board of Directors (the "Board"), effective August 3, 2026. Mr. Graham is Co-President and Chief Financial Officer of Sallie Mae (formally, SLM Corporation). In this capacity, Mr. Graham is responsible for finance, treasury and capital markets activities at Sallie Mae, as well as equity and fixed-income investor relations. Mr. Graham has more than 30 years of experience in financial services and corporate finance positions, previously serving as Chief Financial Officer for PRA Group. Prior to this, he spent more than a decade at General Electric in various executive finance roles of increasing responsibility. Mr. Graham will also join the Board's Audit, Compensation, and Nomination and Corporate Governance committees.
"We are thrilled to have Pete join our Board," said Don Liu, Chair of the Company's Board of Directors. "His extensive expertise in financial services and corporate finance will provide an immediate and positive contribution to the Board. Additionally, Pete's corporate leadership experience and strategic acumen will offer insight and perspective that is deeply valued by the Board and the Company."
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.
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. 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 for the year ended December 31, 2025, which may be updated by subsequently filed quarterly reports on Form 10-Q or current reports on Form 8-K, 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.
Invesco Mortgage Capital Inc. (IVR) Q2 2026 Earnings Call July 31, 2026 9:00 AM EDT
Company Participants
Greg Seals - Investor Relations
Kevin Collins - Chief Executive Officer
Brian Norris - Chief Investment Officer
Conference Call Participants
Ameeta Lobo Nelson - UBS Investment Bank, Research Division
Trevor Cranston - Citizens JMP Securities, LLC, Research Division
Douglas Harter - BTIG, LLC, Research Division
Jason Weaver - JonesTrading Institutional Services, LLC, Research Division
Jason Stewart - Compass Point Research & Trading, LLC, Research Division
Presentation
Operator
Welcome to the Invesco Mortgage Capital Second Quarter 2026 Earnings Call. [Operator Instructions] As a reminder, this call is being recorded. I would like to turn the call over to Greg Seals in Investor Relations. Mr. Seals, you may begin the call.
Greg Seals
Investor Relations
Thanks, operator, and to all of you joining us on Invesco Mortgage Capital's Second Quarter 2026 Earnings Call. In addition to today's press release, we have provided a presentation that covers the topics we plan to address today.
The press release and presentation are available on our website, invescomortgagecapital.com. This information can be found by going to the Investor Relations section of the website. Our presentation today will include forward-looking statements and certain non-GAAP financial measures. Please review the disclosures on Slide 2 of the presentation regarding these statements and measures as well as the appendix for the appropriate reconciliations to GAAP.
Finally, Invesco Mortgage Capital is not responsible for and does not edit nor guarantee the accuracy of our earnings. Teleconference transcripts provided by third parties. The only authorized webcasts are located on our website.
Again, welcome, and thank you for joining us today. I'll now turn the call over to IVR's CEO, Kevin Collins, for his comments.
Kevin Collins
Chief Executive Officer
Good morning, and welcome to Invesco Mortgage Capital's Second Quarter Earnings
In the latest close session, Invesco Mortgage Capital (IVR - Free Report) was down 2.68% at $7.64. The stock's performance was behind the S&P 500's daily loss of 1.21%. Elsewhere, the Dow saw a downswing of 0.97%, while the tech-heavy Nasdaq depreciated by 2.15%.
Prior to today's trading, shares of the real estate investment trust had gained 0.38% lagged the Finance sector's gain of 2.12% and the S&P 500's gain of 0.42%.
The upcoming earnings release of Invesco Mortgage Capital will be of great interest to investors. The company's earnings report is expected on July 30, 2026. The company is expected to report EPS of $0.47, down 18.97% from the prior-year quarter.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.01 per share and a revenue of $0 million, indicating changes of -14.47% and 0%, respectively, from the former year.
Investors should also take note of any recent adjustments to analyst estimates for Invesco Mortgage Capital. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Invesco Mortgage Capital is holding a Zacks Rank of #5 (Strong Sell) right now.
Valuation is also important, so investors should note that Invesco Mortgage Capital has a Forward P/E ratio of 3.91 right now. This signifies a discount in comparison to the average Forward P/E of 8.49 for its industry.
The REIT and Equity Trust industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 190, positioning it in the bottom 23% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Invesco Mortgage Capital (IVR - Free Report) closed the most recent trading day at $8.10, moving -1.1% from the previous trading session. This change lagged the S&P 500's 1.01% loss on the day. Elsewhere, the Dow saw a downswing of 0.77%, while the tech-heavy Nasdaq depreciated by 1.4%.
The real estate investment trust's stock has climbed by 2.38% in the past month, falling short of the Finance sector's gain of 2.6% and outpacing the S&P 500's gain of 0.32%.
Analysts and investors alike will be keeping a close eye on the performance of Invesco Mortgage Capital in its upcoming earnings disclosure. The company is expected to report EPS of $0.47, down 18.97% from the prior-year quarter.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.01 per share and a revenue of $0 million, signifying shifts of -14.47% and 0%, respectively, from the last year.
Investors might also notice recent changes to analyst estimates for Invesco Mortgage Capital. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Invesco Mortgage Capital currently has a Zacks Rank of #5 (Strong Sell).
Looking at valuation, Invesco Mortgage Capital is presently trading at a Forward P/E ratio of 4.07. For comparison, its industry has an average Forward P/E of 8.78, which means Invesco Mortgage Capital is trading at a discount to the group.
The REIT and Equity Trust industry is part of the Finance sector. This group has a Zacks Industry Rank of 201, putting it in the bottom 19% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Mortgage REITs sit at the sharp end of the rate cycle. They borrow short, lend long, hedge in between, and pass what is left to shareholders. When spreads compress or book value erodes, the dividend is often the first thing to give. That is why a headline yield in the mid teens on an mREIT demands scrutiny.
A dividend looks unsustainable when the correct earnings base fails to cover it, when book value is shrinking, or when leverage is climbing to fund the payout. For mortgage REITs, the correct earnings base is earnings available for distribution (EAD), also called distributable earnings, because mark-to-market swings on RMBS and derivatives can whipsaw GAAP net income without touching the cash that funds the dividend. Here are three high-yield mREITs where the coverage picture looks stretched.
Cherry Hill Mortgage Investment (CHMI) Cherry Hill Mortgage Investment (NYSE:CHMI) is a residential mortgage REIT with a market cap of roughly $85.7 million and a dividend yield reported at 19.8%. That yield is doing a lot of the heavy lifting for the bull case. The stock trades at $2.36, and shares are down 43.82% over five years and 35.99% over ten. Much of the headline yield reflects price collapse rather than payout growth.
The dividend track record is the loudest warning sign. Cherry Hill has stair-stepped its quarterly distribution down from $0.49 during 2017, to $0.27 across 2020 through 2023, to $0.15 through 2024 and 2025, and most recently to $0.10 per quarter in 2025, with the Q2 2026 payment declared June 11, 2026 still at that reduced level. On the coverage side, Q1 2026 EAD came in at $0.14 per diluted share against a $0.10 quarterly common dividend, but book value per diluted share slipped to $3.23 from $3.44 in a single quarter, and aggregate portfolio leverage sits at 5.5x. A $12.44 million net unrealized loss on RMBS tied to geopolitical volatility drove a GAAP net loss of $0.05 per diluted share.
Distributable earnings currently cover the payout, so a further cut is not a foregone conclusion. Book value stabilization and calmer rate volatility would help, but the history says the burden of proof sits with management.
Invesco Mortgage Capital (IVR) Invesco Mortgage Capital (NYSE:IVR) is an agency-heavy mREIT with a market cap around $799.3 million and a stated yield of 17.3%. The stock trades at $8.10, and while it has climbed 29.37% over the past year, the ten-year chart tells the real story: shares are down 70.2%. That is the trail of repeated dividend resets and one reverse split.
Invesco moved the common dividend to a monthly cadence in January 2026, paying $0.12 per month. Q1 2026 EAD held relatively firm at $0.55 per share, which covers the monthly cadence on paper, but the balance sheet is where the warning flashes: book value fell to $8.08 from $8.72 in one quarter, a 7.3% decline, and economic debt-to-equity climbed to 7.5x from 7.0x. The company posted a negative economic return of 3.2% after dividends in the quarter and a $55 million net loss on investments.
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Monthly dividends can be a shareholder-friendly choice or a smoother way to walk a payout lower. With leverage rising and book value under pressure, the payout is only as durable as the next few quarters of spread and rate behavior.
Seven Hills Realty Trust (SEVN) Seven Hills Realty Trust (NASDAQ:SEVN) is a commercial mortgage REIT that originates first mortgage loans on middle-market transitional CRE, externally managed by an RMR Group affiliate. Market cap is roughly $191.2 million, and the shares trade at $8.58, off 12.97% over the past year. The reported dividend yield is 13.3%. The stock also trades at a steep discount to book: price-to-book sits at 0.581 against a book value per share of $14.47.
The current quarterly dividend is $0.28, with the shares going ex-dividend on July 20, 2026 and a payment date of August 13, 2026. That $0.28 is already a reduced level: SEVN cut its quarterly payout from $0.35, held from Q1 2023 through Q1 2025, breaking an eight-quarter stretch of stability. Coverage looks tight. Q1 2026 EAD came in at $0.24, missing estimates by 10.68% and running below the current distribution.
The counterweight: SEVN’s discount to book leaves room if distributable earnings recover as transitional CRE loans season and refinance. For income investors relying on this yield, the coverage math still deserves careful watching. Retirees weighing high-yield income names may also want to see how these compare with steadier payers in our dividend traps briefing.
The Takeaway High yields on mortgage REITs almost always price in the risk of a reset, and a cut typically drags the share price down with it. Coverage against the right metric, EAD or distributable earnings rather than GAAP EPS, matters more than the trailing headline number. Book value trend, leverage direction, and the dividend’s own history round out the picture. Yield alone has never been a buy thesis, and on this trio the safety flags deserve a hard look before the next check clears.
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Discover why agency mortgage REITs act as the ultimate portfolio hedge, designed to aggressively outperform when the broader economy collapses. A clear look at how mREITs leverage low-cost repo market borrowings against government-guaranteed 5% coupon assets to generate massive net interest spreads. Understand the structural advantage of holding agency MBS, where credit risk is fully offloaded onto Fannie Mae and Freddie Mac.
Invesco Mortgage Capital (IVR - Free Report) ended the recent trading session at $7.97, demonstrating a +2.44% change from the preceding day's closing price. This change outpaced the S&P 500's 0.81% gain on the day. Elsewhere, the Dow gained 0.27%, while the tech-heavy Nasdaq added 1.3%.
The real estate investment trust's stock has dropped by 1.52% in the past month, falling short of the Finance sector's gain of 4.07% and the S&P 500's gain of 1.13%.
Analysts and investors alike will be keeping a close eye on the performance of Invesco Mortgage Capital in its upcoming earnings disclosure. The company is expected to report EPS of $0.47, down 18.97% from the prior-year quarter.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.01 per share and a revenue of $0 million, indicating changes of -14.47% and 0%, respectively, from the former year.
Investors should also pay attention to any latest changes in analyst estimates for Invesco Mortgage Capital. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Invesco Mortgage Capital is currently a Zacks Rank #5 (Strong Sell).
With respect to valuation, Invesco Mortgage Capital is currently being traded at a Forward P/E ratio of 3.87. This represents a discount compared to its industry average Forward P/E of 8.76.
The REIT and Equity Trust industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 210, which puts it in the bottom 15% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Invesco Mortgage Capital (IVR - Free Report) closed the most recent trading day at $7.91, moving -1.13% from the previous trading session. The stock's performance was behind the S&P 500's daily loss of 0.37%. On the other hand, the Dow registered a gain of 0.29%, and the technology-centric Nasdaq decreased by 1.33%.
Prior to today's trading, shares of the real estate investment trust had gained 1.65% lagged the Finance sector's gain of 4.79% and the S&P 500's gain of 2.02%.
The investment community will be closely monitoring the performance of Invesco Mortgage Capital in its forthcoming earnings report. On that day, Invesco Mortgage Capital is projected to report earnings of $0.47 per share, which would represent a year-over-year decline of 18.97%.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.01 per share and a revenue of $0 million, signifying shifts of -14.47% and 0%, respectively, from the last year.
Investors should also pay attention to any latest changes in analyst estimates for Invesco Mortgage Capital. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 10.67% lower. Invesco Mortgage Capital presently features a Zacks Rank of #5 (Strong Sell).
With respect to valuation, Invesco Mortgage Capital is currently being traded at a Forward P/E ratio of 3.98. Its industry sports an average Forward P/E of 8.48, so one might conclude that Invesco Mortgage Capital is trading at a discount comparatively.
The REIT and Equity Trust industry is part of the Finance sector. With its current Zacks Industry Rank of 212, this industry ranks in the bottom 14% of all industries, numbering over 250.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
MCLEAN, Va.--(BUSINESS WIRE)--Claros today announced that it is collaborating with Samsung Foundry on process technology and semiconductor manufacturing to launch high-volume production of Claros’s integrated voltage regulator (IVR). The company’s IVRs are designed to deliver power directly to processing units in data centers, representing a novel approach to managing energy at the chip level inside AI infrastructure.
“Every conversation we have with data center operators hits the same wall: they want to move to integrated voltage regulation, but they need to know it'll be there at volume. This commitment removes that wall,” said Claros Co-Founder and CEO Daniel Kultran
Share The collaboration comes as AI-driven workloads generate unprecedented power demand across hyperscale data centers, stressing utility grids and raising operating costs. While 800 VDC improves rack-level efficiency, without voltage regulation at the processor, much of that benefit is lost. Claros’s IVR completes the 800 VDC chain by regulating power millimeters from the processor, reducing energy loss by up to 30 percent.
“Processor-level power delivery is one of the most critical challenges facing AI infrastructure, and Claros is tackling it with a truly forward-looking approach,” said Margaret Han, Executive Vice President and Head of US Foundry at Samsung Electronics. “We see opportunities for this technology to extend beyond data centers into industrial and automotive applications. We’re pleased to be working with Claros to enable their state-of-the-art IVR solutions on our FinFET technology.”
Samsung Foundry brings a global footprint of high-volume, advanced-node wafer manufacturing capabilities. Claros’s IVR designs will incorporate Samsung Foundry’s US-based 14nm silicon manufacturing, along with other elements of Samsung Foundry’s offerings.
“Every conversation we have with data center operators hits the same wall: they want to move to integrated voltage regulation, but they need to know it'll be there at volume. This commitment removes that wall,” said Claros Co-Founder and CEO Daniel Kultran. “Samsung's FinFET process is the manufacturing foundation our IVR needs, and now our customers have a production timeline they can plan around.”
Claros’s strategic collaboration with Samsung Foundry represents its first manufacturing agreement and follows the company’s recent $30M seed round to redefine data center energy delivery from the chip to the grid.
About Claros
Claros is a power management solutions company that’s leveraging innovative hardware and software to make AI infrastructure more efficient, more resilient, and more sustainable. By driving down the cost and complexity of power delivery and leveraging innovative hardware and software, the company seeks to decrease energy consumption, optimize power delivery, increase compute performance, and maximize the efficiency of AI operations. Founded in 2024, Claros is backed by Red Cell Partners, General Catalyst, VIPC, and others. Visit us at claros.tech and follow us on LinkedIn.
Invesco Mortgage Capital (IVR - Free Report) ended the recent trading session at $8.06, demonstrating a +1.51% change from the preceding day's closing price. The stock fell short of the S&P 500, which registered a gain of 1.65% for the day. Meanwhile, the Dow gained 0.92%, and the Nasdaq, a tech-heavy index, added 3.07%.
Coming into today, shares of the real estate investment trust had lost 0.5% in the past month. In that same time, the Finance sector gained 2.86%, while the S&P 500 gained 0.48%.
The upcoming earnings release of Invesco Mortgage Capital will be of great interest to investors. The company's upcoming EPS is projected at $0.47, signifying a 18.97% drop compared to the same quarter of the previous year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.01 per share and a revenue of $0 million, signifying shifts of -14.47% and 0%, respectively, from the last year.
Any recent changes to analyst estimates for Invesco Mortgage Capital should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 10.67% lower. Right now, Invesco Mortgage Capital possesses a Zacks Rank of #4 (Sell).
Looking at valuation, Invesco Mortgage Capital is presently trading at a Forward P/E ratio of 3.95. Its industry sports an average Forward P/E of 8.87, so one might conclude that Invesco Mortgage Capital is trading at a discount comparatively.
The REIT and Equity Trust industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 211, finds itself in the bottom 14% echelons of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
In the latest close session, Invesco Mortgage Capital (IVR - Free Report) was up +1.25% at $8.13. The stock lagged the S&P 500's daily gain of 2.51%. Elsewhere, the Dow saw an upswing of 2.85%, while the tech-heavy Nasdaq appreciated by 2.8%.
Shares of the real estate investment trust witnessed a loss of 4.18% over the previous month, trailing the performance of the Finance sector with its loss of 1.87%, and the S&P 500's loss of 1.66%.
The investment community will be paying close attention to the earnings performance of Invesco Mortgage Capital in its upcoming release. The company is predicted to post an EPS of $0.55, indicating a 14.06% decline compared to the equivalent quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.25 per share and a revenue of $0 million, signifying shifts of -4.26% and 0%, respectively, from the last year.
Investors should also note any recent changes to analyst estimates for Invesco Mortgage Capital. Recent revisions tend to reflect the latest near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 2.27% higher. Right now, Invesco Mortgage Capital possesses a Zacks Rank of #2 (Buy).
Digging into valuation, Invesco Mortgage Capital currently has a Forward P/E ratio of 3.57. This indicates a discount in contrast to its industry's Forward P/E of 7.67.
The REIT and Equity Trust industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 161, which puts it in the bottom 35% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
Orchid Island Capital (NYSE:ORC – Get Free Report) and Invesco Mortgage Capital (NYSE:IVR – Get Free Report) are both small-cap finance companies, but which is the superior investment? We will contrast the two companies based on the strength of their earnings, dividends, valuation, profitability, risk, analyst recommendations and institutional ownership.
Analyst Recommendations This is a breakdown of recent ratings and price targets for Orchid Island Capital and Invesco Mortgage Capital, as provided by MarketBeat.com.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Orchid Island Capital 1 2 0 0 1.67 Invesco Mortgage Capital 0 3 1 0 2.25 Orchid Island Capital currently has a consensus price target of $7.50, suggesting a potential upside of 4.09%. Invesco Mortgage Capital has a consensus price target of $8.25, suggesting a potential downside of 1.84%. Given Orchid Island Capital’s higher probable upside, equities research analysts clearly believe Orchid Island Capital is more favorable than Invesco Mortgage Capital.
Dividends Orchid Island Capital pays an annual dividend of $1.44 per share and has a dividend yield of 20.0%. Invesco Mortgage Capital pays an annual dividend of $1.44 per share and has a dividend yield of 17.1%. Orchid Island Capital pays out 138.5% of its earnings in the form of a dividend, suggesting it may not have sufficient earnings to cover its dividend payment in the future. Invesco Mortgage Capital pays out 112.5% of its earnings in the form of a dividend, suggesting it may not have sufficient earnings to cover its dividend payment in the future. Orchid Island Capital has increased its dividend for 1 consecutive years. Orchid Island Capital is clearly the better dividend stock, given its higher yield and longer track record of dividend growth.
Profitability This table compares Orchid Island Capital and Invesco Mortgage Capital’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Orchid Island Capital N/A 8.31% 0.98% Invesco Mortgage Capital 34.30% 28.85% 2.84% Valuation and Earnings This table compares Orchid Island Capital and Invesco Mortgage Capital”s revenue, earnings per share (EPS) and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Orchid Island Capital $414.00 million 3.40 $159.03 million $1.04 6.93 Invesco Mortgage Capital $119.84 million 6.10 $101.28 million $1.28 6.57 Orchid Island Capital has higher revenue and earnings than Invesco Mortgage Capital. Invesco Mortgage Capital is trading at a lower price-to-earnings ratio than Orchid Island Capital, indicating that it is currently the more affordable of the two stocks.
Insider & Institutional Ownership 32.7% of Orchid Island Capital shares are held by institutional investors. Comparatively, 40.5% of Invesco Mortgage Capital shares are held by institutional investors. 0.4% of Orchid Island Capital shares are held by insiders. Comparatively, 0.2% of Invesco Mortgage Capital shares are held by insiders. Strong institutional ownership is an indication that endowments, hedge funds and large money managers believe a company is poised for long-term growth.
Volatility and Risk Orchid Island Capital has a beta of 1.63, indicating that its stock price is 63% more volatile than the S&P 500. Comparatively, Invesco Mortgage Capital has a beta of 1.72, indicating that its stock price is 72% more volatile than the S&P 500.
Summary Invesco Mortgage Capital beats Orchid Island Capital on 10 of the 17 factors compared between the two stocks.
About Orchid Island Capital (Get Free Report)
Orchid Island Capital, Inc., a specialty finance company, invests in residential mortgage-backed securities (RMBS) in the United States. The company’s RMBS is backed by single-family residential mortgage loans, referred as Agency RMBS. Its portfolio includes traditional pass-through Agency RMBS, such as mortgage pass through certificates and collateralized mortgage obligations; and structured Agency RMBS comprising interest only securities, inverse interest only securities, and principal only securities. The company has elected to be taxed as a real estate investment trust (REIT) for the United States federal income tax purposes. As a result, it would not be subject to corporate income tax on that portion of its net income that is distributed to stockholders, if it annually distributes dividends equal to at least 90% of its REIT taxable income to its stockholders. Orchid Island Capital, Inc. was incorporated in 2010 and is headquartered in Vero Beach, Florida.
About Invesco Mortgage Capital (Get Free Report)
Invesco Mortgage Capital Inc. operates as a real estate investment trust (REIT) that invests, finances, and manages mortgage-backed securities and other mortgage-related assets in the United States. It invests in residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS) that are guaranteed by a U.S. government agency or federally chartered corporation; RMBS and CMBS that are not issued or guaranteed by the United States government agency or federally chartered corporation; the United States treasury securities; real estate-related financing arrangements; to-be-announced securities forward contracts to purchase RMBS; and commercial mortgage loans. It has elected to be taxed as a REIT and would be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was incorporated in 2008 and is headquartered in Atlanta, Georgia.
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ATLANTA, April 14, 2026 /PRNewswire/ -- Invesco Mortgage Capital Inc. (the "Company") (NYSE: IVR) today announced that President Kevin Collins will assume the role of Chief Executive Officer, effective May 1, 2026. Mr. Collins will succeed John Anzalone, who is retiring from the Company effective April 30 after an impactful nine-year tenure as CEO.
ATLANTA, April 15, 2026 /PRNewswire/ -- 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 April 2026. The dividend will be paid on May 14, 2026 to stockholders of record at the close of business on April 27, 2026, with an ex-dividend date of April 27, 2026.
The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.
Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.
Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.
One company to watch right now is Invesco Mortgage Capital (IVR - Free Report) . IVR is currently sporting a Zacks Rank #2 (Buy), as well as a Value grade of A. The stock holds a P/E ratio of 3.7, while its industry has an average P/E of 7.97. Over the last 12 months, IVR's Forward P/E has been as high as 4.12 and as low as 2.63, with a median of 3.41.
We should also highlight that IVR has a P/B ratio of 0.9. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. IVR's current P/B looks attractive when compared to its industry's average P/B of 0.96. Over the past year, IVR's P/B has been as high as 0.99 and as low as 0.70, with a median of 0.88.
Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. IVR has a P/S ratio of 2.47. This compares to its industry's average P/S of 2.49.
TPG Mortgage Investment Trust Inc. (MITT - Free Report) may be another strong REIT and Equity Trust stock to add to your shortlist. MITT is a Zacks Rank of #2 (Buy) stock with a Value grade of A.
TPG Mortgage Investment Trust Inc. also has a P/B ratio of 0.73 compared to its industry's price-to-book ratio of 0.96. Over the past year, its P/B ratio has been as high as 0.74, as low as 0.53, with a median of 0.67.
These are just a handful of the figures considered in Invesco Mortgage Capital and TPG Mortgage Investment Trust Inc.'s great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that IVR and MITT is an impressive value stock right now.
Invesco Mortgage Capital (IVR - Free Report) ended the recent trading session at $8.25, demonstrating a -1.79% change from the preceding day's closing price. The stock's performance was behind the S&P 500's daily gain of 0.26%. On the other hand, the Dow registered a gain of 0.24%, and the technology-centric Nasdaq increased by 0.36%.
The real estate investment trust's stock has climbed by 3.7% in the past month, falling short of the Finance sector's gain of 6.09% and the S&P 500's gain of 5.98%.
Analysts and investors alike will be keeping a close eye on the performance of Invesco Mortgage Capital in its upcoming earnings disclosure. On that day, Invesco Mortgage Capital is projected to report earnings of $0.55 per share, which would represent a year-over-year decline of 14.06%.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.25 per share and a revenue of $0 million, signifying shifts of -4.26% and 0%, respectively, from the last year.
Investors should also pay attention to any latest changes in analyst estimates for Invesco Mortgage Capital. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 2.27% increase. Invesco Mortgage Capital is currently a Zacks Rank #2 (Buy).
From a valuation perspective, Invesco Mortgage Capital is currently exchanging hands at a Forward P/E ratio of 3.73. This expresses a discount compared to the average Forward P/E of 8.02 of its industry.
The REIT and Equity Trust industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 191, which puts it in the bottom 22% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
Invesco Mortgage Capital (IVR - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, IVR broke through the 50-day moving average, which suggests a short-term bullish trend.
The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it's the first marker of an up or down trend.
Shares of IVR have been moving higher over the past four weeks, up 9.4%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that IVR could be poised for a continued surge.
The bullish case only gets stronger once investors take into account IVR's positive earnings estimate revisions. There have been 1 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on IVR for more gains in the near future.
, /PRNewswire/ -- Invesco Mortgage Capital Inc. (NYSE: IVR) will announce its first quarter 2026 results Thursday, April 30, 2026, after market close. A conference call and audio webcast to review first quarter 2026 results will be held on Friday, May 1, 2026, at 9:00 a.m. ET. Scheduled to speak are Kevin Collins, current President and incoming Chief Executive Officer; David Lyle, current COO and incoming President, Brian Norris, Chief Investment Officer; and Mark Gregson, Chief Financial Officer.
A presentation will be available on the Company's Web site at www.invescomortgagecapital.com prior to the call.
Those wishing to participate should call:
North America Toll Free: 888-982-7409
International Toll: 1-212-287-1625
Passcode: Invesco
Please visit the following site to join the call: Event Calendar - Invesco Mortgage Capital Inc.
An audio replay will be available until May 15, 2026, by calling:
866-363-1806 (North America) or 1-203-369-0194 (International).
About Invesco Mortgage Capital Inc.
Invesco Mortgage Capital Inc. is a real estate investment trust that primarily focuses on investing in, financing and managing agency mortgage-backed securities. Invesco Mortgage Capital Inc. 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. Additional information is available at www.invescomortgagecapital.com.
, /PRNewswire/ -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the "Company") today announced financial results for the quarter ended March 31, 2026.
Net loss per common share of $0.28 compared to net income of $0.68 in Q4 2025 Earnings available for distribution per common share(1) of $0.55 compared to $0.56 in Q4 2025 Monthly common stock dividends totaling $0.36 per share compared to quarterly dividend of $0.36 in Q4 2025 Book value per common share(2) of $8.08 compared to $8.72 as of December 31, 2025 Economic return(3) of (3.2)% compared to 8.0% in Q4 2025 Debt-to-equity ratio of 6.1x compared to 7.0x as of December 31, 2025 Economic debt-to-equity ratio(1) of 7.5x compared to 7.0x as of December 31, 2025 Update from Kevin Collins, Incoming Chief Executive Officer
"During the first quarter of 2026, we operated in a more challenging market environment following the strong recovery in Agency MBS valuations experienced in the second half of 2025. Financial conditions deteriorated as rising geopolitical tensions, higher energy prices and renewed inflation concerns drove increased interest rate volatility and pushed U.S. Treasury yields higher across the curve. These dynamics weighed on risk assets broadly and resulted in higher coupon Agency RMBS underperformance relative to Treasuries. Although our Agency CMBS investments performed well during the quarter, the benefit was outweighed by increased Agency RMBS risk premiums and notable swap spread tightening. Book value declined by 7.3% to $8.08 at quarter end, and when combined with our monthly dividends, resulted in an economic return of (3.2)% for the quarter.
"Our economic debt-to-equity ratio increased to 7.5x as of quarter end, up from 7.0x as of December 31, 2025, reflecting the decline in our book value per common share and a more constructive outlook on Agency RMBS as we enter the second quarter. At quarter end, our $7.3 billion investment portfolio consisted of $5.2 billion Agency RMBS, $1.2 billion Agency TBA, and $0.9 billion Agency CMBS, and we maintained a sizable balance of unrestricted cash and unencumbered investments totaling $493.1 million.
"Risk sentiment has improved entering the second quarter, supported by a decline in interest rate volatility. A further de‑escalation of the Middle East conflict would likely provide additional support for risk assets. From a supply‑and‑demand perspective, Agency RMBS net issuance is expected to remain manageable, the GSEs continue to provide steady demand and bank participation is likely to increase, supported in part by recent Basel capital framework proposals that improve the relative capital efficiency of high-quality mortgage assets. Together, these macro and technical factors create a more constructive backdrop for our Agency RMBS holdings, particularly as wider spread levels relative to the prior quarter offer more attractive entry points. In addition, despite elevated supply, our Agency CMBS continues to offer attractive risk‑adjusted yields and diversification benefits, given its stable cash flow profile and lower sensitivity to interest rate fluctuations."
(1) Earnings available for distribution (and by calculation, earnings available for distribution per common share) and economic debt-to-equity ratio are non-Generally Accepted Accounting Principles ("GAAP") financial measures. Refer to the section entitled "Non-GAAP Financial Measures" for important disclosures and a reconciliation to the most comparable U.S. GAAP measures.
(2) Book value per common share as of March 31, 2026 and December 31, 2025 is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($169.7 million as of March 31, 2026 and $171.4 million as of December 31, 2025), divided by total common shares outstanding.
(3) Economic return for the quarter ended March 31, 2026 is defined as the change in book value per common share from December 31, 2025 to March 31, 2026 of ($0.64); plus dividends declared of $0.36 per common share; divided by the December 31, 2025 book value per common share of $8.72. Economic return for the quarter ended December 31, 2025 is defined as the change in book value per common share from September 30, 2025 to December 31, 2025 of $0.31; plus dividends declared of $0.36 per common share; divided by the September 30, 2025 book value per common share of $8.41.
Key performance indicators for the quarters ended March 31, 2026 and December 31, 2025 are summarized in the table below.
$ in millions, except share amounts
Q1 2026
Q4 2025
Variance
Average Balances (1)
(unaudited)
(unaudited)
Average earning assets (at amortized cost)
$5,946.5
$5,868.9
$77.6
Average borrowings
$5,367.5
$5,393.7
($26.2)
Average total stockholders' equity
$887.5
$793.0
$94.5
U.S. GAAP Financial Measures
Total interest income
$79.6
$77.9
$1.7
Total interest expense
$52.6
$56.6
($4.0)
Net interest income
$27.0
$21.3
$5.7
Total expenses
$4.9
$4.6
$0.3
Net income (loss) attributable to common stockholders
($23.1)
$48.2
($71.3)
Average earning asset yields
5.36 %
5.31 %
0.05 %
Average cost of funds
3.92 %
4.20 %
(0.28) %
Average net interest rate margin
1.44 %
1.11 %
0.33 %
Period-end weighted average asset yields (2)
5.34 %
5.37 %
(0.03) %
Period-end weighted average cost of funds
3.80 %
4.04 %
(0.24) %
Period-end weighted average net interest rate margin
1.54 %
1.33 %
0.21 %
Book value per common share (3)
$8.08
$8.72
($0.64)
Earnings (loss) per common share (basic)
($0.28)
$0.68
($0.96)
Earnings (loss) per common share (diluted)
($0.28)
$0.68
($0.96)
Debt-to-equity ratio
6.1x
7.0x
(0.9x)
Non-GAAP Financial Measures (4)
Earnings available for distribution
$44.7
$39.9
$4.8
Effective interest expense
$31.0
$30.2
$0.8
Effective net interest income
$48.6
$47.7
$0.9
Effective cost of funds
2.31 %
2.24 %
0.07 %
Effective interest rate margin
3.05 %
3.07 %
(0.02) %
Earnings available for distribution per common share
$0.55
$0.56
($0.01)
Economic debt-to-equity ratio
7.5x
7.0x
0.5x
(1) Average earning assets, average borrowings and average total stockholders' equity are calculated based on the weighted month-end balances of mortgage-backed securities at amortized cost, repurchase agreement borrowings and total U.S. GAAP stockholders' equity, respectively.
(2) Period-end weighted average asset yields are based on amortized cost as of period-end and incorporate future prepayment assumptions when appropriate.
(3) Book value per common share is calculated as total stockholders' equity less the liquidation preference of the Company's Series C Preferred Stock ($169.7 million as of March 31, 2026 and $171.4 million as of December 31, 2025), divided by total common shares outstanding.
(4) Earnings available for distribution (and by calculation, earnings available for distribution per common share), effective interest expense (and by calculation, effective cost of funds), effective net interest income (and by calculation, effective interest rate margin), and economic debt-to-equity ratio are non-GAAP financial measures. Refer to the section entitled "Non-GAAP Financial Measures" for important disclosures and a reconciliation to the most comparable U.S. GAAP measures of net income (loss) attributable to common stockholders (and by calculation, basic earnings (loss) per common share), total interest expense (and by calculation, cost of funds), net interest income (and by calculation, net interest rate margin) and debt-to-equity ratio.
Portfolio Composition
The following table summarizes certain characteristics of the Company's investment portfolio including TBAs as of March 31, 2026 and December 31, 2025.
As of
March 31, 2026
December 31, 2025
$ in thousands
Fair Value
Percentage
of Portfolio
Period-end
Weighted
Average
Yield
Fair Value
Percentage of
Portfolio
Period-end
Weighted
Average
Yield
Agency RMBS:
30 year fixed-rate pass-through coupon:
4.5 %
757,581
10.4 %
4.89 %
785,584
12.5 %
4.89 %
5.0 %
1,434,765
19.8 %
5.20 %
1,486,801
23.7 %
5.20 %
5.5 %
1,704,437
23.5 %
5.49 %
1,534,654
24.5 %
5.51 %
6.0 %
1,198,042
16.5 %
5.93 %
1,283,242
20.4 %
5.93 %
6.5 %
—
— %
— %
218,879
3.5 %
6.14 %
Total 30 year fixed-rate pass-through
5,094,825
70.2 %
5.42 %
5,309,160
84.6 %
5.46 %
Agency CMO
67,113
1.0 %
8.89 %
69,320
1.1 %
9.18 %
Agency CMBS
864,270
11.9 %
4.61 %
898,129
14.3 %
4.62 %
Total MBS portfolio
6,026,208
83.1 %
5.34 %
6,276,609
100.0 %
5.37 %
TBAs, at implied market value (1)
1,226,450
16.9 %
—
— %
Total investment portfolio including TBAs
7,252,658
100.0 %
6,276,609
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 condensed consolidated balance sheets 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 condensed consolidated balance sheets at net carrying value, which represents the difference between implied market value and implied cost basis of the TBAs.
The following table summarizes certain characteristics of the Company's borrowings as of March 31, 2026 and December 31, 2025.
As of
$ in thousands
March 31, 2026
December 31, 2025
Amount
Outstanding
Weighted
Average
Interest Rate
Weighted
Average
Remaining
Maturity (days)
Amount
Outstanding
Weighted
Average
Interest Rate
Weighted
Average
Remaining
Maturity (days)
Repurchase agreements -
Agency RMBS
4,510,019
3.80 %
31
4,758,568
4.04 %
24
Repurchase agreements -
Agency CMBS
829,354
3.80 %
25
860,687
4.04 %
20
Total borrowings
5,339,373
3.80 %
30
5,619,255
4.04 %
23
The following tables summarize certain characteristics of the Company's interest rate swaps whereby the Company pays fixed interest rates and receives floating interest rates based on the secured overnight financing rate as of March 31, 2026 and December 31, 2025.
$ in thousands
As of March 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 %
3.68 %
1.7
3 to 5 years
950,000
0.54 %
3.68 %
4.3
5 to 7 years
545,000
3.66 %
3.68 %
6.8
7 to 10 years
495,000
3.99 %
3.68 %
9.3
Greater than 10 years
450,000
2.04 %
3.68 %
18.7
Total
4,115,000
1.66 %
3.68 %
5.8
$ in thousands
As of December 31, 2025
Maturities
Notional
Amount
Weighted
Average Fixed
Pay Rate
Weighted
Average Floating
Receive Rate
Weighted
Average Years to
Maturity
Less than 3 years
2,155,000
1.21 %
3.87 %
1.4
3 to 5 years
950,000
0.54 %
3.87 %
4.6
7 to 10 years
305,000
4.12 %
3.87 %
9.1
Greater than 10 years
410,000
1.83 %
3.87 %
17.9
Total
3,820,000
1.34 %
3.87 %
4.6
The following table summarizes certain characteristics of the Company's U.S. Treasury futures contracts as of March 31, 2026 and December 31, 2025.
As of
March 31, 2026
December 31, 2025
$ in thousands
Notional Amount - Short
Notional Amount - Short
10 year U.S. Treasury futures
310,000
420,000
Ultra 10 year U.S. Treasury futures
375,000
455,000
30 year U.S. Treasury futures
305,000
215,000
Total
990,000
1,090,000
Capital Activities
Dividends
During the three months ended March 31, 2026, the Company declared monthly common stock dividends totaling $0.36 per share and a Series C Preferred Stock dividend of $0.46875 per share.
Issuances of Common Stock
During the three months ended March 31, 2026, the Company issued 15,694,589 shares of common stock for net cash proceeds of $133.6 million through its at-the-market program.
Repurchases of Preferred Stock
During the three months ended March 31, 2026, the Company repurchased and retired 64,688 shares of Series C Preferred Stock with a carrying value of $1.6 million.
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.
Earnings Call
Members of the investment community and the general public are invited to listen to the Company's earnings conference call on Friday, May 1, 2026, at 9:00 a.m. ET, by calling one of the following numbers:
North America Toll Free:
888-982-7409
International:
1-212-287-1625
Passcode:
Invesco
An audio replay will be available until 5:00 pm ET on May 15, 2026 by calling:
866-363-1806 (North America) or 1-203-369-0194 (International)
The presentation slides that will be reviewed during the call will be available on the Company's website at www.invescomortgagecapital.com.
This press release, the related presentation and comments made in the associated conference call, 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.
INVESCO MORTGAGE CAPITAL INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three Months Ended
$ in thousands, except share data
March 31,
2026
December 31,
2025
March 31,
2025
Interest income
79,641
77,901
73,846
Interest expense
52,593
56,643
55,025
Net interest income
27,048
21,258
18,821
Other income (loss)
Gain (loss) on investments, net
(54,940)
22,914
82,158
Gain (loss) on derivative instruments, net
12,879
11,887
(76,679)
Total other income (loss)
(42,061)
34,801
5,479
Expenses
Management fee – related party
2,974
2,806
2,996
General and administrative
1,917
1,759
1,663
Total expenses
4,891
4,565
4,659
Net income (loss)
(19,904)
51,494
19,641
Dividends to preferred stockholders
(3,190)
(3,221)
(3,341)
Gain (loss) on repurchase and retirement of preferred stock
(27)
(30)
(11)
Net income (loss) attributable to common stockholders
(23,121)
48,243
16,289
Other comprehensive income (loss)
Unrealized gain (loss) on mortgage-backed securities, net
—
—
500
Reclassification of unrealized (gain) loss on sale of mortgage-backed securities to gain (loss)
on investments, net
—
—
116
Total other comprehensive income (loss)
—
—
616
Comprehensive income (loss) attributable to common stockholders
(23,121)
48,243
16,905
Earnings (loss) per share
Net income (loss) attributable to common stockholders
Basic
(0.28)
0.68
0.26
Diluted
(0.28)
0.68
0.26
INVESCO MORTGAGE CAPITAL INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
As of
$ in thousands, except share amounts
March 31, 2026
December 31, 2025
ASSETS
Mortgage-backed securities, at fair value (including pledged securities of $5,585,665 and
$5,879,318, respectively)
6,026,208
6,276,609
Cash and cash equivalents
52,598
56,040
Restricted cash
138,323
110,391
Due from counterparties
25,749
—
Investment related receivable
26,804
27,848
Derivative assets, at fair value
1,119
4,412
Other assets
399
594
Total assets
6,271,200
6,475,894
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Repurchase agreements
5,339,373
5,619,255
Derivative liabilities, at fair value
28,730
—
Dividends payable
10,490
25,845
Investment related payable
6
—
Accrued interest payable
10,738
28,664
Collateral held payable
14
—
Accounts payable and accrued expenses
1,789
1,580
Due to affiliate
3,706
3,006
Total liabilities
5,394,846
5,678,350
Stockholders' equity:
Preferred Stock, par value $0.01 per share; 50,000,000 shares authorized:
7.50% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock: 6,789,443 and
6,854,131 shares issued and outstanding, respectively ($169,736 and $171,353 aggregate
liquidation preference, respectively)
164,191
165,756
Common Stock, par value $0.01 per share; 134,000,000 shares authorized; 87,485,972 and
71,790,532 shares issued and outstanding, respectively
875
718
Additional paid in capital
4,343,365
4,209,977
Retained earnings (distributions in excess of earnings)
(3,632,077)
(3,578,907)
Total stockholders' equity
876,354
797,544
Total liabilities and stockholders' equity
6,271,200
6,475,894
Non-GAAP Financial Measures
The table below shows the non-GAAP financial measures the Company uses to analyze its operating results and the most directly comparable U.S. GAAP measures. The Company believes these non-GAAP measures are useful to investors in assessing its performance as discussed further below.
Non-GAAP Financial Measure
Most Directly Comparable U.S. GAAP Measure
Earnings available for distribution (and by calculation,
earnings available for distribution per common share)
Net income (loss) attributable to common stockholders (and
by calculation, basic earnings (loss) per common share)
Effective interest expense (and by calculation, effective cost
of funds)
Total interest expense (and by calculation, cost of funds)
Effective net interest income (and by calculation, effective
interest rate margin)
Net interest income (and by calculation, net interest rate
margin)
Economic debt-to-equity ratio
Debt-to-equity ratio
The non-GAAP financial measures used by the Company's management should be analyzed in conjunction with U.S. GAAP financial measures and should not be considered substitutes for U.S. GAAP financial measures. In addition, the non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of its peer companies.
Earnings Available for Distribution
The Company's business objective is to provide attractive risk-adjusted returns to its stockholders, primarily through dividends and secondarily through capital appreciation. The Company uses earnings available for distribution as a measure of its investment portfolio's ability to generate income for distribution to common stockholders and to evaluate its progress toward meeting this objective. The Company calculates earnings available for distribution as U.S. GAAP net income (loss) attributable to common stockholders adjusted for (gain) loss on investments, net; realized (gain) loss on derivative instruments, net; unrealized (gain) loss on derivative instruments, net; TBA dollar roll income and (gain) loss on repurchase and retirement of preferred stock. The Company may add and has added additional reconciling items to its earnings available for distribution calculation as appropriate.
By excluding the gains and losses discussed above, the Company believes the presentation of earnings available for distribution provides a consistent measure of operating performance that investors can use to evaluate its results over multiple reporting periods and, to a certain extent, compare to its peer companies. However, because not all of the Company's peer companies use identical operating performance measures, the Company's presentation of earnings available for distribution may not be comparable to other similarly titled measures used by its peer companies. The Company excludes the impact of gains and losses when calculating earnings available for distribution because when analyzed in conjunction with its U.S. GAAP results, earnings available for distribution provides additional detail of its investment portfolio's earnings capacity. In addition, certain gains and losses represent one-time events.
Furthermore, gains and losses have not been accounted for consistently under U.S. GAAP. Under U.S. GAAP, certain gains and losses may be reflected in net income whereas other gains and losses may be reflected in other comprehensive income. For example, a portion of the Company's mortgage-backed securities were historically classified as available-for-sale securities, and changes in the valuation of these securities were recorded in other comprehensive income on its condensed consolidated balance sheets. The Company elected the fair value option for its mortgage-backed securities purchased on or after September 1, 2016, and changes in the valuation of these securities are recorded in other income (loss) in the condensed consolidated statements of comprehensive income (loss).
To maintain qualification as a REIT, U.S. federal income tax law generally requires that the Company distribute at least 90% of its REIT taxable income annually. Because the Company views earnings available for distribution as a consistent measure of its investment portfolio's ability to generate income for distribution to common stockholders, earnings available for distribution is one metric, but not the exclusive metric, that is used to determine the amount, if any, of dividends on common stock. However, earnings available for distribution should not be considered as an indication of the Company's taxable income, a guaranty of its ability to pay dividends or as a proxy for the amount of dividends it may pay, as earnings available for distribution excludes certain items that impact its cash needs.
Earnings available for distribution is an incomplete measure of the Company's financial performance and there are other factors that impact the achievement of the Company's business objective. The Company cautions that earnings available for distribution should not be considered as an alternative to net income (determined in accordance with U.S. GAAP), or as an indication of the Company's cash flow from operating activities (determined in accordance with U.S. GAAP), a measure of the Company's liquidity, or as an indication of amounts available to fund its cash needs.
The table below provides a reconciliation of U.S. GAAP net income (loss) attributable to common stockholders to earnings available for distribution for the following periods.
Three Months Ended
$ in thousands, except per share data
March 31,
2026
December 31,
2025
March 31,
2025
Net income (loss) attributable to common stockholders
(23,121)
48,243
16,289
Adjustments:
(Gain) loss on investments, net
54,940
(22,914)
(82,158)
Realized (gain) loss on derivative instruments, net (1)
(23,324)
18,863
101,516
Unrealized (gain) loss on derivative instruments, net (1)
32,023
(4,354)
3,242
TBA dollar roll income (2)
4,166
—
1,147
(Gain) loss on repurchase and retirement of preferred stock
27
30
11
Subtotal
67,832
(8,375)
23,758
Earnings available for distribution
44,711
39,868
40,047
Basic income (loss) per common share
(0.28)
0.68
0.26
Earnings available for distribution per common share (3)
0.55
0.56
0.64
(1)
U.S. GAAP gain (loss) on derivative instruments, net on the condensed consolidated statements of comprehensive income (loss) includes the following components.
Three Months Ended
$ in thousands
March 31,
2026
December 31,
2025
March 31,
2025
Realized gain (loss) on derivative instruments, net
23,324
(18,863)
(101,516)
Unrealized gain (loss) on derivative instruments, net
(32,023)
4,354
(3,242)
Contractual net interest income (expense) on interest rate swaps
21,578
26,396
28,079
Gain (loss) on derivative instruments, net
12,879
11,887
(76,679)
(2)
A TBA dollar roll is a series of derivative transactions where TBAs with the same specified issuer, term and coupon but different settlement dates are simultaneously bought and sold. The TBA settling in the later month typically prices at a discount to the TBA settling in the earlier month. TBA dollar roll income represents the price differential between the TBA price for current month settlement compared to the TBA price for forward month settlement. The Company includes TBA dollar roll income in earnings available for distribution because it is the economic equivalent of interest income on the underlying Agency RMBS, less an implied financing cost, over the forward settlement period. TBA dollar roll income is a component of gain (loss) on derivative instruments, net on the Company's condensed consolidated statements of comprehensive income (loss).
(3)
Earnings available for distribution per common share is equal to earnings available for distribution divided by the basic weighted average number of common shares outstanding.
The table below presents the components of earnings available for distribution for the following periods.
Three Months Ended
$ in thousands
March 31,
2026
December 31,
2025
March 31,
2025
Effective net interest income (1)
48,626
47,654
46,900
TBA dollar roll income
4,166
—
1,147
Total expenses
(4,891)
(4,565)
(4,659)
Subtotal
47,901
43,089
43,388
Dividends to preferred stockholders
(3,190)
(3,221)
(3,341)
Earnings available for distribution
44,711
39,868
40,047
(1)
See below for a reconciliation of net interest income to effective net interest income, a non-GAAP measure.
Effective Interest Expense/Effective Cost of Funds/Effective Net Interest Income/Effective Interest Rate Margin
The Company calculates effective interest expense (and by calculation, effective cost of funds) as U.S. GAAP total interest expense adjusted for contractual net interest income (expense) on its interest rate swaps that is recorded as gain (loss) on derivative instruments, net. The Company views its interest rate swaps as an economic hedge against increases in future market interest rates on its borrowings. The Company adds back the net payments or receipts on its interest rate swap agreements to its total U.S. GAAP interest expense because the Company uses interest rate swaps to add stability to interest expense.
The Company calculates effective net interest income (and by calculation, effective interest rate margin) as U.S. GAAP net interest income adjusted for contractual net interest income (expense) on its interest rate swaps that is recorded as gain (loss) on derivative instruments, net.
The Company believes the presentation of effective interest expense, effective cost of funds, effective net interest income and effective interest rate margin measures, when considered together with U.S. GAAP financial measures, provides information that is useful to investors in understanding the Company's borrowing costs and operating performance.
The following table reconciles total interest expense to effective interest expense and cost of funds to effective cost of funds for the following periods.
Three Months Ended
March 31, 2026
December 31, 2025
March 31, 2025
$ in thousands
Reconciliation
Cost of Funds
/ Effective
Cost of Funds
Reconciliation
Cost of Funds
/ Effective
Cost of Funds
Reconciliation
Cost of Funds
/ Effective
Cost of Funds
Total interest expense
52,593
3.92 %
56,643
4.20 %
55,025
4.46 %
Less: Contractual net interest expense
(income) on interest rate swaps
recorded as gain (loss) on
derivative instruments, net
(21,578)
(1.61) %
(26,396)
(1.96) %
(28,079)
(2.28) %
Effective interest expense
31,015
2.31 %
30,247
2.24 %
26,946
2.18 %
The following table reconciles net interest income to effective net interest income and net interest rate margin to effective interest rate margin for the following periods.
Three Months Ended
March 31, 2026
December 31, 2025
March 31, 2025
$ in thousands
Reconciliation
Net Interest
Rate Margin /
Effective
Interest Rate
Margin
Reconciliation
Net Interest
Rate Margin /
Effective
Interest Rate
Margin
Reconciliation
Net Interest
Rate Margin /
Effective
Interest Rate
Margin
Net interest income
27,048
1.44 %
21,258
1.11 %
18,821
0.99 %
Add: Contractual net interest income
(expense) on interest rate swaps
recorded as gain (loss) on
derivative instruments, net
21,578
1.61 %
26,396
1.96 %
28,079
2.28 %
Effective net interest income
48,626
3.05 %
47,654
3.07 %
46,900
3.27 %
Economic Debt-to-Equity Ratio
The following table shows the Company's debt-to-equity ratio and the Company's economic debt-to-equity ratio as of March 31, 2026 and December 31, 2025. The Company's debt-to-equity ratio is calculated in accordance with U.S. GAAP and is the ratio of total debt to total stockholders' equity.
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 REITs who also invest in TBAs and present a similar non-GAAP measure of leverage.
As of
$ in thousands
March 31,
2026
December 31,
2025
Repurchase agreements
5,339,373
5,619,255
Total stockholders' equity
876,354
797,544
Debt-to-equity ratio (1)
6.1
7.0
Economic debt-to-equity ratio (2)
7.5
7.0
(1)
Debt-to-equity ratio is calculated as the ratio of total repurchase agreements to total stockholders' equity.
(2)
Economic debt-to-equity ratio is calculated as the ratio of total repurchase agreements and TBAs at implied cost basis ($1.2 billion as of March 31, 2026; none as of December 31, 2025) to total stockholders' equity.
Average Balances
The table below presents information related to the Company's average earning assets, average earning asset yields, average borrowings and average cost of funds for the following periods.
Three Months Ended
$ in thousands
March 31,
2026
December 31,
2025
March 31,
2025
Average earning assets (1)
5,946,466
5,868,897
5,422,552
Average earning asset yields (2)
5.36 %
5.31 %
5.45 %
Average borrowings (3)
5,367,463
5,393,719
4,930,237
Average cost of funds (4)
3.92 %
4.20 %
4.46 %
(1)
Average balances for each period are based on weighted month-end balances. Average earning assets do not include TBAs that are treated as derivative instruments under U.S. GAAP.
(2)
Average earning asset yields for each period are calculated by dividing interest income, including amortization of premiums and discounts, by average earning assets based on the amortized cost of the investments. All yields are annualized.
(3)
Average borrowings for each period are based on weighted month-end balances. Average borrowings do not include the off-balance sheet financing component of TBAs that are treated as derivative instruments under U.S. GAAP.
(4)
Average cost of funds is calculated by dividing annualized interest expense by average borrowings.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.
On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.
One company value investors might notice is Invesco Mortgage Capital (IVR - Free Report) . IVR is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock has a Forward P/E ratio of 3.7. This compares to its industry's average Forward P/E of 8.05. Over the last 12 months, IVR's Forward P/E has been as high as 4.12 and as low as 2.63, with a median of 3.41.
We should also highlight that IVR has a P/B ratio of 0.9. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 0.98. Within the past 52 weeks, IVR's P/B has been as high as 0.99 and as low as 0.70, with a median of 0.88.
Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. IVR has a P/S ratio of 2.41. This compares to its industry's average P/S of 2.44.
Value investors will likely look at more than just these metrics, but the above data helps show that Invesco Mortgage Capital is likely undervalued currently. And when considering the strength of its earnings outlook, IVR sticks out as one of the market's strongest value stocks.
The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.
Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.
In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.
One company value investors might notice is Invesco Mortgage Capital (IVR - Free Report) . IVR is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value. The stock is trading with a P/E ratio of 3.7, which compares to its industry's average of 7.80. Over the past year, IVR's Forward P/E has been as high as 4.12 and as low as 2.63, with a median of 3.41.
Another valuation metric that we should highlight is IVR's P/B ratio of 0.9. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 0.93. Over the past year, IVR's P/B has been as high as 0.99 and as low as 0.70, with a median of 0.88.
Value investors will likely look at more than just these metrics, but the above data helps show that Invesco Mortgage Capital is likely undervalued currently. And when considering the strength of its earnings outlook, IVR sticks out as one of the market's strongest value stocks.
In the latest trading session, Invesco Mortgage Capital (IVR - Free Report) closed at $7.96, marking a +2.18% move from the previous day. The stock outpaced the S&P 500's daily loss of 0.26%. Elsewhere, the Dow saw an upswing of 0.17%, while the tech-heavy Nasdaq depreciated by 0.97%.
Shares of the real estate investment trust have depreciated by 4.88% over the course of the past month, underperforming the Finance sector's gain of 0.29%, and the S&P 500's gain of 0.23%.
Investors will be eagerly watching for the performance of Invesco Mortgage Capital in its upcoming earnings disclosure. The company is predicted to post an EPS of $0.47, indicating a 18.97% decline compared to the equivalent quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $2.01 per share and a revenue of $0 million, representing changes of -14.47% and 0%, respectively, from the prior year.
Any recent changes to analyst estimates for Invesco Mortgage Capital should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 10.67% lower. Right now, Invesco Mortgage Capital possesses a Zacks Rank of #4 (Sell).
In the context of valuation, Invesco Mortgage Capital is at present trading with a Forward P/E ratio of 3.88. This signifies a discount in comparison to the average Forward P/E of 8.49 for its industry.
The REIT and Equity Trust industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 214, positioning it in the bottom 13% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
ATLANTA, June 12, 2026 /PRNewswire/ -- 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.
