10-K · February 23, 2026
Invesco Mortgage Capital (IVR) positions itself as an externally managed, REIT-focused investor concentrated in mortgage-backed securities, primarily Agency RMBS and Agency CMBS as of December 31, 2025. The company…
Earnings analysis · 10-Q
IVR earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Invesco Mortgage Capital Inc. reported a net loss in Q1 2026, with a diluted EPS of -0.28, a deterioration from 0.26 in Q1 2025. Revenue totaled $48.6 million, falling short of estimates of $52.2 million, reflecting…
Read full summary
Invesco Mortgage Capital Inc. reported a net loss in Q1 2026, with a diluted EPS of -0.28, a deterioration from 0.26 in Q1 2025. Revenue totaled $48.6 million, falling short of estimates of $52.2 million, reflecting current market volatility and investment challenges. Notably, net interest income increased to $27.1 million from $18.8 million a year ago.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.28
What stood out
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EPS Matches Estimates but Reports Loss
In Q1 2026, EPS was $0.55, matching estimates, yet the company recorded a net loss of $23.1 million compared to a profit of $16.3 million the prior year.
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Revenue Decline
Total revenue fell to $48.6 million vs $78.0 million last year, missing expectations of $52.2 million.
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Increase in Interest Income
Interest income rose to $79.6 million from $73.8 million in the prior year, driven by higher average earning assets.
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Higher Average Borrowings
Average borrowings increased by $437.2 million to $5.37 billion, with a decrease in cost of funds to 3.92% from 4.46%.
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Increased Cash Holdings
Cash, cash equivalents, and restricted cash increased to $190.9 million from $181.5 million year-over-year.
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Decrease in Book Value
Book value per share decreased to $8.08, down from $8.72 at the end of 2025.
What to watch
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Geopolitical and Economic Volatility
Market conditions have deteriorated due to geopolitical tensions and rising inflation, impacting valuations.
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Decline in Investment Performance
Investment losses totaled $54.9 million in Q1 2026 compared to gains of $82.2 million in Q1 2025.
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Interest Rate Sensitivity
Rising interest rates could further compress margins and trigger margin calls on repurchase agreements.
Management's outlook
Management remains cautious, awaiting improved macroeconomic conditions without providing specific numeric guidance.
Earlier filings 4
10-Q · November 5, 2025
Invesco Mortgage Capital reported a stronger quarter vs. the year-ago quarter with net income of $53,471 (3Q25) up from $40,720 (3Q24) and diluted EPS of $0.74 vs. $0.63. Net interest income widened to $17,614 from…
10-Q · May 7, 2025
Q1 2025 results show improved net interest income and large realized/unrealized investment gains but were offset by substantial derivative losses, resulting in lower net income and EPS versus prior year. Balance sheet…
10-Q · November 5, 2024
Invesco Mortgage Capital recorded a swing to profitability in Q3 2024 driven by large net investment gains. Net income was $40.72 million (common shareholders $35.27 million) for the quarter versus a net loss of $68.60…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.