Invesco Mortgage Capital
Invests in agency mortgage assets through Invesco Advisers' external-management platform.
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Profile
Owns and finances mortgage-backed securities, with the current portfolio centered on agency RMBS, agency CMBS, TBAs, and agency CMO. Operates as an externally managed mortgage REIT, using Invesco Advisers' personnel while net income depends on mortgage spreads, financing access, and REIT compliance.
Invests in mortgage-backed securities and other mortgage-related assets, with current exposures concentrated in agency RMBS, agency CMBS, TBAs, and agency CMO. The portfolio is centered in the U.S. mortgage market rather than an operating customer footprint.
Runs through IAS Operating Partnership and an external manager, Invesco Advisers. The manager supplies the officers and support personnel, so execution depends on asset selection, financing, hedging, and portfolio rotation rather than direct employee scale.
Earns net income from spreads between mortgage assets and borrowing costs. The model depends on financing access, agency MBS market liquidity, REIT tax compliance, and maintaining an Investment Company Act exemption.
Company facts
Categories
Key statistics
Year to date −13.2% · Average volume (30d) 2.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 19, 2026 | UBS | Reiterate | Neutral | $8 | $7.75 |
| Dec 15, 2025 | Compass Point | Target | $9 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.50 | $0.50 | −0.4% | $46.5M | $30.1M | −35.2% | 0.00% |
| Apr 30, 2026Q1 FY26 | $0.55 | $0.55 | 0.0% | $39.8M | $27.0M | −32.0% | +2.46% |
| Jan 29, 2026Q4 FY25 | $0.58 | $0.56 | −3.4% | $36.4M | $21.3M | −41.6% | −3.48% |
| Oct 30, 2025Q3 FY25 | $0.56 | $0.58 | +3.9% | $48.0M | $54.1M | +12.7% | +5.02% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $79.3M | $34.4M | $113.2M | $108.3M | $24.7M | $64.2M | |
| Gross profit | $24.3M | −$18.5M | $57.9M | $105.5M | $21.7M | $60.9M | |
| Operating income | $19.6M | −$23.3M | $53.5M | $108.1M | $32.7M | $90.3M | |
| Net income | $19.6M | −$23.3M | $53.5M | $51.5M | −$19.9M | $35.0M | |
| Diluted EPS | $0.26 | −$0.40 | $0.74 | $0.78 | −$0.26 | $0.34 | |
| Gross margin | 30.6% | -53.6% | 51.2% | 97.4% | 88.0% | 94.8% | |
| Operating margin | 24.8% | -67.7% | 47.2% | 99.8% | 132.3% | 140.7% |
Fiscal years (4-quarter sums)FY21 −$63.4M · FY22 −$377.2M · FY23 $4.2M · FY24 $333.0M · FY25 $335.4M
Balance sheet, Jun 30, 2026Cash & short-term investments $73.4M · Total debt $6.21B · Total assets $7.24B · Shareholders' equity $990.3M
Dividends
Last cut to $0.12 from $0.36 in Jan 2026.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 25, 2026 | Aug 25 | Sep 15 | $0.12 | |
| Jul 27, 2026 | Jul 27 | Aug 14 | $0.12 | |
| Jun 23, 2026 | Jun 23 | Jul 15 | $0.12 | |
| May 26, 2026 | May 26 | Jun 12 | $0.12 | |
| Apr 27, 2026 | Apr 27 | May 14 | $0.12 | |
| Mar 24, 2026 | Mar 24 | Apr 14 | $0.12 | |
| Feb 24, 2026 | Feb 24 | Mar 13 | $0.12 | |
| Jan 26, 2026 | Jan 26 | Feb 13 | $0.12 | cut from $0.36 |
Ownership
Shares outstanding 92.82M · Float —
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 8.81M | 9.49% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 3.99M | 4.30% | 13F | Aug 13, 2026 |
| Mirae Asset Global Etfs Holdings Ltd. | 3.31M | 3.57% | 13F | Aug 14, 2026 |
| Invesco Ltd. | 2.42M | 2.61% | 13F | Aug 14, 2026 |
| Geode Capital Management, LLC | 2.38M | 2.56% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 5, 2026 | Mark William Gregson | officer: Chief Financial Officer | +1,750 | $8.03 |
| Feb 27, 2026 | Robert Waldner | director | +1,000 | $8.45 |
| Nov 10, 2025 | Robert L. Fleshman | director | −2,000 | $24.72 |
Peers
- AGNC
Pure-play Agency MBS peer with large repo-funded scale
- Annaly Capital Management
Scaled mortgage-finance peer across Agency MBS, credit, and MSR
- ARMOUR Residential REIT
Agency securities peer using leveraged RMBS and TBA exposure
- Dynex Capital
Agency RMBS and CMBS peer with active TBA and hedge exposure
- Orchid Island Capital
Leveraged Agency RMBS specialist with pass-through and structured books
- TWO
MSR-focused mortgage REIT with large Agency RMBS and TBA books
- Cherry Hill Mortgage Investment
Small residential mortgage REIT with Agency RMBS and MSR overlap
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Invesco Mortgage Capital | $7.39 | +0.41% | $683.2M | 4.6 | 4.1 | 2.2 | −43.7% |
| AGNC | $10.95 | +0.41% | $12.51B | 5.6 | 7.2 | 4.1 | — |
| Annaly Capital Management | $23.11 | +0.26% | $17.37B | 5.8 | 7.4 | 2.4 | −50.1% |
| ARMOUR Residential REIT | $16.33 | +0.11% | $1.90B | 4.4 | 5.6 | 1.9 | −41.6% |
| Dynex Capital | $12.95 | +0.47% | $3.19B | 4.9 | 8.2 | 3.6 | — |
| Orchid Island Capital | $6.75 | +0.90% | $1.16B | 4.5 | 6.2 | 2.2 | −28.9% |
| TWO | $12.18 | +1.08% | $1.28B | — | 10.9 | 1.5 | — |
| Cherry Hill Mortgage Investment | $2.92 | 0.00% | $107.3M | 16.5 | 5.3 | 1.0 | −79.6% |
| Median | 5.2 | 7.2 | 2.2 | −45.8% |