Invesco Mortgage Capital
Mortgage REIT investing in agency mortgage-backed securities and mortgage loans, externally managed by Invesco Advisers.
Founded
2008Mortgage REIT investing in agency mortgage-backed securities and mortgage loans, externally managed by Invesco Advisers.
Invesco Mortgage Capital Inc. is an agency-focused mortgage real estate investment trust that invests primarily in residential mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae, alongside Agency commercial mortgage-backed securities and other mortgage-related assets.
The trust finances its holdings mainly through repurchase agreements and pursues risk-adjusted returns through net interest income and capital appreciation, distributing earnings as dividends. It is externally managed and advised by Invesco Advisers, Inc., an indirect wholly-owned subsidiary of Invesco Ltd.
For the first quarter of 2026, Invesco Mortgage Capital reported a book value of $8.08 per share after a 7.3% decline, with the period's monthly dividends producing an economic return of negative 3.2%.
Management pointed to rising interest-rate volatility, higher Treasury yields, and wider agency RMBS risk premiums as the main drags, while noting a more constructive agency RMBS backdrop, steady GSE demand, and improving bank participation entering the second quarter.
As part of the broader Invesco franchise, Invesco Mortgage Capital benefits from the investment-management infrastructure, risk analytics, and capital-markets expertise of its external manager, Invesco Advisers, Inc., a subsidiary of Invesco Ltd.
A portfolio concentrated in agency mortgage-backed securities carries principal and interest guarantees from Fannie Mae, Freddie Mac, or Ginnie Mae, which supports the trust's access to repurchase-agreement financing at competitive rates as it pursues net interest income.
Invesco Mortgage Capital's results are highly sensitive to interest-rate movements and mortgage spreads, and its reliance on repurchase-agreement financing introduces leverage that can amplify losses during periods of market stress.
When rates rise or funding conditions tighten, the market value of its mortgage assets can fall faster than its liabilities, pressuring book value, as reflected in the 7.3% first-quarter 2026 decline tied to wider agency RMBS risk premiums.