Invesco Mortgage Capital Inc. Announces March 2026 Dividend and Provides Key Financial Update
Invesco Mortgage Capital Inc. Declares March 2026 Dividend and Releases February Financial Highlights
ATLANTA, March 13, 2026 – Invesco Mortgage Capital Inc. (NYSE: IVR) has released a comprehensive financial and portfolio update alongside its March 2026 dividend announcement, providing crucial insights for investors and shareholders.
Key Highlights from the Announcement
- Dividend Declared: The company’s Board of Directors has declared a cash dividend of \$0.12 per share of common stock for March 2026. The dividend will be paid on April 14, 2026 to stockholders of record as of the close of business on March 24, 2026, with an ex-dividend date also on March 24, 2026.
- Book Value: Estimated book value per common share as of February 28, 2026, stands at \$8.54.
- Portfolio Size: Total investment portfolio, including TBAs (To-Be-Announced mortgage-backed securities), was reported at \$7.3 billion.
- Liquidity Position: Unrestricted cash and unencumbered investments totaled \$530.5 million.
- Leverage:
- Total repurchase agreement borrowings: \$5.4 billion
- Debt-to-equity ratio: 6.0x
- Economic debt-to-equity ratio: 7.3x (includes impact of TBAs, a non-GAAP measure)
Detailed Portfolio Composition (as of February 28, 2026)
| Asset Type |
Fair Value (\$ thousands) |
Portfolio % |
Weighted Avg. Yield |
| Agency RMBS (30yr fixed-rate, 4.5% coupon) |
778,000 |
10.7% |
4.89% |
| Agency RMBS (5.0%) |
1,473,937 |
20.1% |
5.20% |
| Agency RMBS (5.5%) |
1,632,596 |
22.3% |
5.50% |
| Agency RMBS (6.0%) |
1,235,997 |
16.9% |
5.93% |
| Total 30yr Fixed RMBS |
5,124,958 |
70.0% |
5.42% |
| Agency CMO |
67,734 |
1.0% |
8.88% |
| Other Agency MBS |
885,908 |
12.1% |
4.61% |
| Total MBS Portfolio |
6,078,600 |
83.1% |
5.34% |
| TBAs (at implied market value) |
1,239,394 |
16.9% |
N/A |
| Total Investment Portfolio |
7,317,994 |
100.0% |
N/A |
Borrowings and Hedging Strategy
- Repurchase Agreements (Agency MBS): \$5,357,460,000 outstanding with a weighted average interest rate of 3.80% and an average maturity of 24 days.
- Interest Rate Swaps: Total notional amount of \$4.1 billion, average fixed pay rate of 1.66%, floating receive rate of 3.68%, and a weighted average maturity of 5.8 years. The swaps are well laddered across different maturities.
- U.S. Treasury Futures: \$480 million in short positions across 10-year, Ultra 10-year, and 30-year U.S. Treasuries, used for hedging interest rate risk.
Important Information for Shareholders
- The dividend declaration and financial update are potentially price sensitive: The dividend level, portfolio composition, leverage, and book value per share are all key metrics that may influence market perception and share price.
- Preliminary and Unaudited Figures: The financial data provided are preliminary, unaudited, and subject to further adjustments as part of the ongoing month- and quarter-end closing processes. Investors should be aware that material revisions may occur.
- Leverage Ratios: The reported economic debt-to-equity ratio of 7.3x is higher than the GAAP ratio, reflecting off-balance sheet leverage from TBAs. This is a critical factor for risk assessment and comparison with peers.
- Book Value Sensitivity: The estimated book value per share, which is a key valuation metric for mortgage REITs, stands at \$8.54. Changes in book value can be highly sensitive to movements in interest rates and credit spreads.
- Risk and Forward-Looking Statements: Management highlights numerous risks and cautions that forward-looking statements are not guarantees. Actual results could differ materially from current estimates due to market, credit, and operational risks.
About Invesco Mortgage Capital Inc.
Invesco Mortgage Capital Inc. is a real estate investment trust (REIT) primarily focused on investing in, financing, and managing mortgage-backed securities (MBS) and other mortgage-related assets. The company is externally managed by Invesco Advisers, Inc., a subsidiary of Invesco Ltd., a leading global investment management firm.
Cautionary Statement
This article contains forward-looking statements based on current management judgment and preliminary financial data. These statements are subject to risks and uncertainties that may cause actual results to differ materially. Investors should not place undue reliance on these estimates, and are encouraged to review Invesco Mortgage Capital’s filings with the Securities and Exchange Commission for a full discussion of risks and risk factors. This article does not constitute investment advice.
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