CEO Anzalone: Q4 Book Value Per Share Increases to $8.72
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 29 2026
0mins
Should l Buy IVR?
CEO John Anzalone said, "During Q4, financial conditions improved, underpinned by two interest rate cuts from the Federal Reserve, robust corporate earnings and strong economic growth. This supportive backdrop, along with lower interest rate volatility and broadening investor demand, drove notable outperformance in Agency RMBS relative to Treasuries across the coupon stack. Additionally, swap spreads continued their widening trend, providing an additional positive contribution to performance. These factors led to a 3.7% increase in book value per common share to $8.72 at quarter end, and when combined with our increased dividend of 36c, resulted in a positive economic return of 8.0% for the quarter. We modestly increased our debt-to-equity ratio to 7.0x as of quarter end, up from 6.7x as of September 30, 2025, reflecting the improved investment environment and enabling the company to further benefit from positive Agency RMBS performance...Given the meaningful decline in interest rate volatility, we remain constructive on Agency RMBS, though we view near-term risks as balanced following the sector's strong performance, reinforced by the recent announcements that Fannie Mae and Freddie Mac will purchase $200B in Agency RMBS. In addition, 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. Longer term, the environment for Agency MBS investments is likely to remain favorable given reduced interest rate volatility and expectations for broadening investor demand and a steeper yield curve."
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Analyst Views on IVR
Wall Street analysts forecast IVR stock price to rise
2 Analyst Rating
1 Buy
0 Hold
1 Sell
Hold
Current: 8.360
Low
9.00
Averages
9.00
High
9.00
Current: 8.360
Low
9.00
Averages
9.00
High
9.00
About IVR
Invesco Mortgage Capital Inc. is a real estate investment trust that focuses on investing in, financing and managing mortgage-backed securities and other mortgage-related assets. Its objective is to provide attractive risk-adjusted returns to its stockholders, primarily through dividends and secondarily through capital appreciation. It invests in residential mortgage-backed securities (RMBS) that are guaranteed by a United States government agency, such as the Government National Mortgage Association (Ginnie Mae), or a federally chartered corporation, such as the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) (Agency RMBS). It also invests in commercial mortgage-backed securities and RMBS that are not guaranteed by a U.S. government agency or a federally chartered corporation. It conducts its business through its subsidiary, IAS Operating Partnership L.P., and is externally managed and advised by Invesco Advisers, Inc.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Invesco Declares Cash Dividend of $0.12 per Share
- Dividend Declaration: Invesco Mortgage Capital Inc. announced a cash dividend of $0.12 per share for April 2026, to be paid on May 14, 2026, reflecting the company's ongoing commitment to stable cash flow and shareholder returns.
- Financial Highlights: As of March 31, 2026, the estimated book value per share is calculated by subtracting $169.7 million in liquidation preference from total stockholders' equity of 87.5 million shares, indicating the company's robust asset management capabilities.
- Leverage Ratio Analysis: As of March 31, 2026, the economic debt-to-equity ratio reflects a cautious strategy in leveraging financing, calculated as $1.2 billion in repurchase agreement borrowings relative to total stockholders' equity, aimed at optimizing capital structure.
- Portfolio Overview: As of March 31, 2026, the total value of the investment portfolio is $7.25 billion, with 83.1% in mortgage-backed securities, showcasing the company's strategic focus on diversified investments and risk management.
See More
Invesco Appoints New CEO and President
- Executive Changes: Invesco Mortgage Capital announced that Kevin Collins will succeed John Anzalone as CEO on May 1, 2026, reflecting a strategic leadership shift to adapt to market dynamics after Anzalone's nine-year tenure.
- Experienced Leadership: Collins has extensive experience since the company's inception in 2009, serving as President since 2017 and Co-Head of structured investments at Invesco Fixed Income, which is expected to drive further growth in the mortgage securitization market.
- New President Appointment: David Lyle will assume the role of President on May 1, 2026, bringing over 20 years of experience in securitized markets and having served as COO since 2017, likely to continue enhancing alignment with investors.
- Dividend Policy Adjustment: The company has shifted from quarterly to monthly dividend distributions this year, aiming to strengthen alignment with investors, which may boost investor confidence and attract more capital inflows.
See More
Invesco Appoints New CEO to Drive Company Growth
- Executive Transition: Invesco Mortgage Capital announced that Kevin Collins will assume the role of CEO on May 1, 2026, succeeding retiring John Anzalone, who has successfully guided the company through multiple market cycles during his nine-year tenure, facilitating a shift towards an agency-focused strategy.
- Management Continuity: Anzalone will remain in an advisory role until October 1 after his retirement on April 30, ensuring a smooth transition as Collins and newly appointed President David Lyle work together to drive the company's next phase of growth.
- Enhanced Investor Relations: The company has recently transitioned from quarterly to monthly dividend distributions, a move that not only better meets the cash flow needs of income investors but also provides shareholders with monthly updates on portfolio, book value, and leverage, thereby strengthening investor engagement.
- Rich Industry Experience: Both Collins and Lyle bring over 20 years of experience in the mortgage securitization markets, with Collins serving as President since 2017 and Lyle as COO since 2017, and their deep industry understanding and investment expertise uniquely position them to provide strategic leadership for the company.
See More
Invesco Mortgage Capital Preferred Stock Rises
- Preferred Stock Performance: Invesco Mortgage Capital Inc's 7.50% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock (Symbol: IVR.PRC) rose approximately 1.7% in Thursday trading, indicating a positive market response and reflecting investor confidence in its stable income.
- Common Stock Movement: Concurrently, Invesco's common shares (Symbol: IVR) increased by about 1.1%, suggesting an overall favorable market sentiment likely driven by optimistic investor expectations regarding the real estate market outlook.
- Dividend History: The historical dividend payment record of this preferred stock demonstrates its consistent income-generating capability, attracting investors seeking stable cash flows and further solidifying its position in the preferred stock market.
- Market Analysis: Despite increased market volatility, the upward trend in preferred stocks may indicate a growing demand for fixed-income assets, particularly in the current economic environment, where preferred stocks are becoming increasingly attractive as defensive investments.
See More
Multiple Companies Announce Cash Dividends for 2026
- Lineage Dividend Announcement: Lineage has declared a cash dividend of $0.5325 per share for Q1 2026, with an annualized rate of $2.13, marking a 1% increase from $2.11 in Q4 2025, demonstrating the company's ongoing profitability and commitment to shareholder returns.
- Starwood Property Trust Dividend: Starwood Property Trust announced a dividend of $0.48 per share for the quarter ending March 31, 2026, payable on April 15, reflecting the company's continued efforts in maintaining stable cash flow and shareholder returns.
- Invesco Mortgage Capital Dividend: Invesco declared a cash dividend of $0.12 per share for March 2026, to be paid on April 14, showcasing the company's determination to sustain shareholder returns in the current market environment.
- Caleres Dividend History: Caleres announced a quarterly cash dividend of $0.07 per share, payable on April 10, 2026, marking over a century of consecutive dividends, which underscores the company's core commitment to shareholders and its financial strength.
See More
Invesco Mortgage Capital Declares Monthly Dividend of $0.12
- Dividend Declaration: Invesco Mortgage Capital has declared a monthly dividend of $0.12 per share, consistent with previous distributions, indicating the company's ongoing ability to maintain stable cash flows and bolstering investor confidence.
- Yield Performance: The forward yield stands at 17.82%, a high rate that attracts income-seeking investors, potentially enhancing the stock's market appeal and driving demand.
- Payment Schedule: The dividend is payable on April 14, with a record date of March 24 and an ex-dividend date also on March 24, ensuring shareholders receive timely returns and reinforcing their loyalty to the company.
- Financial Health: The company reported a 4.5% increase in book value amid strong agency MBS performance, indicating continued leverage stability and enhancing market confidence in its future profitability.
See More
Invesco Declares Cash Dividend of $0.12 per Share
- Dividend Declaration: Invesco Mortgage Capital Inc. announced a cash dividend of $0.12 per share for April 2026, to be paid on May 14, 2026, reflecting the company's ongoing commitment to stable cash flow and shareholder returns.
- Financial Highlights: As of March 31, 2026, the estimated book value per share is calculated by subtracting $169.7 million in liquidation preference from total stockholders' equity of 87.5 million shares, indicating the company's robust asset management capabilities.
- Leverage Ratio Analysis: As of March 31, 2026, the economic debt-to-equity ratio reflects a cautious strategy in leveraging financing, calculated as $1.2 billion in repurchase agreement borrowings relative to total stockholders' equity, aimed at optimizing capital structure.
- Portfolio Overview: As of March 31, 2026, the total value of the investment portfolio is $7.25 billion, with 83.1% in mortgage-backed securities, showcasing the company's strategic focus on diversified investments and risk management.
See More
Invesco Appoints New CEO and President
- Executive Changes: Invesco Mortgage Capital announced that Kevin Collins will succeed John Anzalone as CEO on May 1, 2026, reflecting a strategic leadership shift to adapt to market dynamics after Anzalone's nine-year tenure.
- Experienced Leadership: Collins has extensive experience since the company's inception in 2009, serving as President since 2017 and Co-Head of structured investments at Invesco Fixed Income, which is expected to drive further growth in the mortgage securitization market.
- New President Appointment: David Lyle will assume the role of President on May 1, 2026, bringing over 20 years of experience in securitized markets and having served as COO since 2017, likely to continue enhancing alignment with investors.
- Dividend Policy Adjustment: The company has shifted from quarterly to monthly dividend distributions this year, aiming to strengthen alignment with investors, which may boost investor confidence and attract more capital inflows.
See More
Invesco Appoints New CEO to Drive Company Growth
- Executive Transition: Invesco Mortgage Capital announced that Kevin Collins will assume the role of CEO on May 1, 2026, succeeding retiring John Anzalone, who has successfully guided the company through multiple market cycles during his nine-year tenure, facilitating a shift towards an agency-focused strategy.
- Management Continuity: Anzalone will remain in an advisory role until October 1 after his retirement on April 30, ensuring a smooth transition as Collins and newly appointed President David Lyle work together to drive the company's next phase of growth.
- Enhanced Investor Relations: The company has recently transitioned from quarterly to monthly dividend distributions, a move that not only better meets the cash flow needs of income investors but also provides shareholders with monthly updates on portfolio, book value, and leverage, thereby strengthening investor engagement.
- Rich Industry Experience: Both Collins and Lyle bring over 20 years of experience in the mortgage securitization markets, with Collins serving as President since 2017 and Lyle as COO since 2017, and their deep industry understanding and investment expertise uniquely position them to provide strategic leadership for the company.
See More
Invesco Mortgage Capital Preferred Stock Rises
- Preferred Stock Performance: Invesco Mortgage Capital Inc's 7.50% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock (Symbol: IVR.PRC) rose approximately 1.7% in Thursday trading, indicating a positive market response and reflecting investor confidence in its stable income.
- Common Stock Movement: Concurrently, Invesco's common shares (Symbol: IVR) increased by about 1.1%, suggesting an overall favorable market sentiment likely driven by optimistic investor expectations regarding the real estate market outlook.
- Dividend History: The historical dividend payment record of this preferred stock demonstrates its consistent income-generating capability, attracting investors seeking stable cash flows and further solidifying its position in the preferred stock market.
- Market Analysis: Despite increased market volatility, the upward trend in preferred stocks may indicate a growing demand for fixed-income assets, particularly in the current economic environment, where preferred stocks are becoming increasingly attractive as defensive investments.
See More
Multiple Companies Announce Cash Dividends for 2026
- Lineage Dividend Announcement: Lineage has declared a cash dividend of $0.5325 per share for Q1 2026, with an annualized rate of $2.13, marking a 1% increase from $2.11 in Q4 2025, demonstrating the company's ongoing profitability and commitment to shareholder returns.
- Starwood Property Trust Dividend: Starwood Property Trust announced a dividend of $0.48 per share for the quarter ending March 31, 2026, payable on April 15, reflecting the company's continued efforts in maintaining stable cash flow and shareholder returns.
- Invesco Mortgage Capital Dividend: Invesco declared a cash dividend of $0.12 per share for March 2026, to be paid on April 14, showcasing the company's determination to sustain shareholder returns in the current market environment.
- Caleres Dividend History: Caleres announced a quarterly cash dividend of $0.07 per share, payable on April 10, 2026, marking over a century of consecutive dividends, which underscores the company's core commitment to shareholders and its financial strength.
See More
Invesco Mortgage Capital Declares Monthly Dividend of $0.12
- Dividend Declaration: Invesco Mortgage Capital has declared a monthly dividend of $0.12 per share, consistent with previous distributions, indicating the company's ongoing ability to maintain stable cash flows and bolstering investor confidence.
- Yield Performance: The forward yield stands at 17.82%, a high rate that attracts income-seeking investors, potentially enhancing the stock's market appeal and driving demand.
- Payment Schedule: The dividend is payable on April 14, with a record date of March 24 and an ex-dividend date also on March 24, ensuring shareholders receive timely returns and reinforcing their loyalty to the company.
- Financial Health: The company reported a 4.5% increase in book value amid strong agency MBS performance, indicating continued leverage stability and enhancing market confidence in its future profitability.
See More
