Q1 Book Value Per Share Declines to $8.08
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 30 2026
0mins
Should l Buy IVR?
Reports Q1 Book value per common share of $8.08 compared to $8.72 as of December 31, 2025. "During the Q1 of 2026, we operated in a more challenging market environment following the strong recovery in Agency MBS valuations experienced in the second half of 2025. Financial conditions deteriorated as rising geopolitical tensions, higher energy prices and renewed inflation concerns drove increased interest rate volatility and pushed U.S. Treasury yields higher across the curve. These dynamics weighed on risk assets broadly and resulted in higher coupon Agency RMBS underperformance relative to Treasuries. Although our Agency CMBS investments performed well during the quarter, the benefit was outweighed by increased Agency RMBS risk premiums and notable swap spread tightening. Book value declined by 7.3% to $8.08 at quarter end, and when combined with our monthly dividends, resulted in an economic return of (3.2%) for the quarter."
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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: 8.030
Low
9.00
Averages
9.00
High
9.00
Current: 8.030
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 Mortgage Capital Q1 2026 Earnings Call Insights
- Leadership Transition: Kevin Collins has taken over as CEO of Invesco Mortgage Capital from John Anzalone, who served for 17 years, indicating a potential shift in strategic direction and market confidence.
- Balance Sheet Performance: As of the end of Q1, the company's book value declined by 7.9% to $8.08 per share, and combined with a monthly dividend of $0.12, resulted in an economic return of negative 3.2%, reflecting the pressure of market volatility on financial health.
- Portfolio Dynamics: The total investment portfolio stands at $7.3 billion, including $5.2 billion in Agency RMBS and $1.2 billion in Agency TBA, with a 19% quarter-over-quarter increase, showcasing the effectiveness of raising funds through ATM issuances.
- Market Outlook: Management noted that a reduction in geopolitical tensions could support risk assets, although the current market environment still faces pressures from interest rate volatility and inflation expectations, emphasizing the importance of liquidity and risk management.
See More
Invesco Mortgage (IVR) Q1 2026 Earnings Transcript
See More
Invesco Mortgage Capital Reports $19.9 Million Loss in Q1
- Financial Performance: Invesco Mortgage Capital reported a loss of $19.9 million in Q1, translating to a loss of 28 cents per share, indicating significant financial pressure in the current market environment, which may undermine investor confidence.
- Adjusted Earnings: Despite the reported loss, the adjusted earnings per share stood at 55 cents, suggesting that the company retains some profitability after accounting for non-recurring costs, potentially attracting investor interest in its recovery prospects.
- Revenue Overview: The company posted total revenue of $79.6 million with adjusted revenue of $27 million, reflecting revenue fluctuations in the real estate investment trust sector, which may impact future capital allocation strategies.
- Market Reaction: Following the earnings report, market reactions to Invesco may be influenced by its financial performance, prompting investors to closely monitor subsequent market dynamics and the company's strategic responses.
See More
Analysis of IVR Dividend Expectations and Market Performance
- Dividend Yield Expectation: IVR's current annualized dividend yield stands at 17.39%, and while dividends are not always predictable, historical data suggests this yield may remain reasonable going forward, potentially attracting investor interest.
- Price Volatility Analysis: IVR's 52-week low is $7.02 and high is $9.50, with the latest trade at $8.32, indicating stability within its price range, which could influence investor buying decisions.
- ETF Holdings Insight: IVR comprises 6.15% of the Kingsbarn Dividend Opportunity ETF (Symbol: DVDN), which is down about 0.4% on the day, suggesting that the overall performance of this ETF may impact IVR's stock price trajectory.
- Preferred Stock Structure: According to Preferred Stock Channel, there are three series of preferred stock senior to IVR, which may affect its dividend payment capacity and investor risk assessment, highlighting the need for investors to monitor these preferred shares' performance.
See More
Invesco Mortgage Capital to Announce Q1 2026 Results
- Earnings Announcement: Invesco Mortgage Capital is set to release its Q1 2026 financial results on April 30, 2026, after market close, providing investors with crucial insights into its financial performance and market positioning.
- Conference Call Details: A conference call is scheduled for May 1, 2026, at 9:00 a.m. ET, featuring key executives including current President Kevin Collins and CFO Mark Gregson, who will discuss the earnings report and address investor inquiries.
- Participation Instructions: Investors can join the call by dialing North America Toll-Free 888-982-7409 or International Toll 1-212-287-1625, using the passcode “Invesco” for verification, ensuring smooth access to the discussion.
- Audio Replay Availability: An audio replay of the conference call will be accessible until May 15, 2026, allowing investors who cannot attend live to listen in by calling 866-363-1806 (North America) or 1-203-369-0194 (International) for updates.
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 Mortgage Capital Q1 2026 Earnings Call Insights
- Leadership Transition: Kevin Collins has taken over as CEO of Invesco Mortgage Capital from John Anzalone, who served for 17 years, indicating a potential shift in strategic direction and market confidence.
- Balance Sheet Performance: As of the end of Q1, the company's book value declined by 7.9% to $8.08 per share, and combined with a monthly dividend of $0.12, resulted in an economic return of negative 3.2%, reflecting the pressure of market volatility on financial health.
- Portfolio Dynamics: The total investment portfolio stands at $7.3 billion, including $5.2 billion in Agency RMBS and $1.2 billion in Agency TBA, with a 19% quarter-over-quarter increase, showcasing the effectiveness of raising funds through ATM issuances.
- Market Outlook: Management noted that a reduction in geopolitical tensions could support risk assets, although the current market environment still faces pressures from interest rate volatility and inflation expectations, emphasizing the importance of liquidity and risk management.
See More
Invesco Mortgage (IVR) Q1 2026 Earnings Transcript
See More
Invesco Mortgage Capital Reports $19.9 Million Loss in Q1
- Financial Performance: Invesco Mortgage Capital reported a loss of $19.9 million in Q1, translating to a loss of 28 cents per share, indicating significant financial pressure in the current market environment, which may undermine investor confidence.
- Adjusted Earnings: Despite the reported loss, the adjusted earnings per share stood at 55 cents, suggesting that the company retains some profitability after accounting for non-recurring costs, potentially attracting investor interest in its recovery prospects.
- Revenue Overview: The company posted total revenue of $79.6 million with adjusted revenue of $27 million, reflecting revenue fluctuations in the real estate investment trust sector, which may impact future capital allocation strategies.
- Market Reaction: Following the earnings report, market reactions to Invesco may be influenced by its financial performance, prompting investors to closely monitor subsequent market dynamics and the company's strategic responses.
See More
Analysis of IVR Dividend Expectations and Market Performance
- Dividend Yield Expectation: IVR's current annualized dividend yield stands at 17.39%, and while dividends are not always predictable, historical data suggests this yield may remain reasonable going forward, potentially attracting investor interest.
- Price Volatility Analysis: IVR's 52-week low is $7.02 and high is $9.50, with the latest trade at $8.32, indicating stability within its price range, which could influence investor buying decisions.
- ETF Holdings Insight: IVR comprises 6.15% of the Kingsbarn Dividend Opportunity ETF (Symbol: DVDN), which is down about 0.4% on the day, suggesting that the overall performance of this ETF may impact IVR's stock price trajectory.
- Preferred Stock Structure: According to Preferred Stock Channel, there are three series of preferred stock senior to IVR, which may affect its dividend payment capacity and investor risk assessment, highlighting the need for investors to monitor these preferred shares' performance.
See More
Invesco Mortgage Capital to Announce Q1 2026 Results
- Earnings Announcement: Invesco Mortgage Capital is set to release its Q1 2026 financial results on April 30, 2026, after market close, providing investors with crucial insights into its financial performance and market positioning.
- Conference Call Details: A conference call is scheduled for May 1, 2026, at 9:00 a.m. ET, featuring key executives including current President Kevin Collins and CFO Mark Gregson, who will discuss the earnings report and address investor inquiries.
- Participation Instructions: Investors can join the call by dialing North America Toll-Free 888-982-7409 or International Toll 1-212-287-1625, using the passcode “Invesco” for verification, ensuring smooth access to the discussion.
- Audio Replay Availability: An audio replay of the conference call will be accessible until May 15, 2026, allowing investors who cannot attend live to listen in by calling 866-363-1806 (North America) or 1-203-369-0194 (International) for updates.
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
