Q1 Book Value Per Share Declines to $8.08
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 30 2026
0mins
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."
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy IVR?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on IVR
Wall Street analysts forecast IVR stock price to rise
2 Analyst Rating
1 Buy
0 Hold
1 Sell
Hold
Current: 8.050
Low
9.00
Averages
9.00
High
9.00
Current: 8.050
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.
Broadway Financial Appoints New Chief Legal Officer
- Executive Appointment: Broadway Financial Corporation has appointed Tina Carew, a financial services veteran with 29 years of experience, as Executive Vice President, Chief Legal Officer, and Corporate Secretary, aiming to enhance corporate governance and compliance capabilities to support long-term growth strategies.
- Regulatory Compliance Expertise: Carew previously served as Vice President and General Counsel at Invesco Mortgage Capital, where she was responsible for governance, capital markets, and SEC matters, and her expertise is expected to help Broadway Financial navigate evolving regulatory demands.
- Support for Strategic Growth: Carew will report directly to City First Bank CEO Brian Argrett, emphasizing the company's strategic priorities in driving mission-driven business banking solutions and growth initiatives.
- Community Development Financial Institution: As a Community Development Financial Institution, City First Bank focuses on supporting investments in affordable housing and small businesses, and Carew's legal background will further strengthen its leadership in community investment.
See More
Invesco Declares $0.12 Cash Dividend Per Share
- Dividend Declaration: Invesco Mortgage Capital Inc. announced a cash dividend of $0.12 per share for June 2026, payable on July 15, 2026, which underscores the company's commitment to shareholder returns and enhances investor confidence.
- Financial Data Update: As of May 31, 2026, the estimated book value per common share is approximately $1.72 after accounting for $169.0 million in preferred stock, reflecting the company's solid balance sheet and potentially attracting more investor interest.
- Leverage Ratio Analysis: As of May 31, 2026, the economic debt-to-equity ratio indicates a cautious approach to leveraging with $1.1 billion in repurchase agreement borrowings relative to total stockholders' equity, which may influence future financing strategies.
- Portfolio Overview: As of May 31, 2026, the total investment portfolio value stands at $7.97 billion, with 86.8% in mortgage-backed securities, indicating the company's strong investment capability in the real estate market, potentially laying the groundwork for future revenue growth.
See More
Invesco Declares $0.12 Cash Dividend Per Share for June 2026
- Dividend Declaration: Invesco Mortgage Capital Inc. announced a cash dividend of $0.12 per share for June 2026, payable on July 15, 2026, reflecting the company's ongoing commitment to shareholder returns.
- Financial Highlights: As of May 31, 2026, the total investment portfolio reached $8.0 billion, with unrestricted cash and unencumbered investments amounting to $532.5 million, indicating robust liquidity management that enhances the company's ability to navigate market fluctuations.
- Leverage Ratio Analysis: The company's debt-to-equity ratio stands at 6.2x, while the economic debt-to-equity ratio is 7.3x, reflecting a cautious approach to leveraging investments, which helps maintain financial stability.
- Portfolio Composition: As of May 31, 2026, 30-year fixed-rate mortgage-backed securities accounted for 74.7% of the investment portfolio, demonstrating the company's strategic focus on stable income-generating assets aimed at enhancing long-term profitability.
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, demonstrating the company's ongoing ability to maintain stable cash flows, which is likely to attract income-seeking investors.
- Yield Analysis: The declared dividend corresponds to a forward yield of 17.82%, indicating that the company offers a relatively high return in the current market environment, potentially boosting investor confidence and stabilizing the stock price.
- Shareholder Record Date: The dividend will be payable on June 12, with a record date of May 26 and an ex-dividend date also on May 26, providing investors with a clear timeline for their investment decisions.
- Asset Value Signal: Invesco Mortgage Capital has indicated a book value increase of approximately 2% since the end of the quarter while maintaining a leverage ratio of 7.5 turns, reflecting the company's robustness in risk management and capital allocation, which may enhance market confidence in its long-term growth potential.
See More
Invesco Declares $0.12 Cash Dividend Per Share
- Dividend Declaration: Invesco Mortgage Capital Inc. announced a cash dividend of $0.12 per share for May 2026, to be paid on June 12, 2026, reflecting the company's commitment to shareholder returns amidst current market conditions.
- Financial Data Update: As of April 30, 2026, the estimated book value per share is calculated by subtracting $169.4 million in liquidation preference from total stockholders' equity of 92.8 million shares, indicating robust asset management performance.
- Leverage Ratio Analysis: The economic debt-to-equity ratio as of April 30, 2026, reflects a cautious approach to leveraging with $1.3 billion in repurchase agreement borrowings relative to total stockholders' equity, which helps mitigate financial risk during investment activities.
- Portfolio Overview: As of April 30, 2026, the total investment portfolio value stands at $753.44 million, with 30-year fixed-rate mortgage-backed securities comprising 70.1%, showcasing the company's strong positioning and revenue potential in the mortgage market.
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
Broadway Financial Appoints New Chief Legal Officer
- Executive Appointment: Broadway Financial Corporation has appointed Tina Carew, a financial services veteran with 29 years of experience, as Executive Vice President, Chief Legal Officer, and Corporate Secretary, aiming to enhance corporate governance and compliance capabilities to support long-term growth strategies.
- Regulatory Compliance Expertise: Carew previously served as Vice President and General Counsel at Invesco Mortgage Capital, where she was responsible for governance, capital markets, and SEC matters, and her expertise is expected to help Broadway Financial navigate evolving regulatory demands.
- Support for Strategic Growth: Carew will report directly to City First Bank CEO Brian Argrett, emphasizing the company's strategic priorities in driving mission-driven business banking solutions and growth initiatives.
- Community Development Financial Institution: As a Community Development Financial Institution, City First Bank focuses on supporting investments in affordable housing and small businesses, and Carew's legal background will further strengthen its leadership in community investment.
See More
Invesco Declares $0.12 Cash Dividend Per Share
- Dividend Declaration: Invesco Mortgage Capital Inc. announced a cash dividend of $0.12 per share for June 2026, payable on July 15, 2026, which underscores the company's commitment to shareholder returns and enhances investor confidence.
- Financial Data Update: As of May 31, 2026, the estimated book value per common share is approximately $1.72 after accounting for $169.0 million in preferred stock, reflecting the company's solid balance sheet and potentially attracting more investor interest.
- Leverage Ratio Analysis: As of May 31, 2026, the economic debt-to-equity ratio indicates a cautious approach to leveraging with $1.1 billion in repurchase agreement borrowings relative to total stockholders' equity, which may influence future financing strategies.
- Portfolio Overview: As of May 31, 2026, the total investment portfolio value stands at $7.97 billion, with 86.8% in mortgage-backed securities, indicating the company's strong investment capability in the real estate market, potentially laying the groundwork for future revenue growth.
See More
Invesco Declares $0.12 Cash Dividend Per Share for June 2026
- Dividend Declaration: Invesco Mortgage Capital Inc. announced a cash dividend of $0.12 per share for June 2026, payable on July 15, 2026, reflecting the company's ongoing commitment to shareholder returns.
- Financial Highlights: As of May 31, 2026, the total investment portfolio reached $8.0 billion, with unrestricted cash and unencumbered investments amounting to $532.5 million, indicating robust liquidity management that enhances the company's ability to navigate market fluctuations.
- Leverage Ratio Analysis: The company's debt-to-equity ratio stands at 6.2x, while the economic debt-to-equity ratio is 7.3x, reflecting a cautious approach to leveraging investments, which helps maintain financial stability.
- Portfolio Composition: As of May 31, 2026, 30-year fixed-rate mortgage-backed securities accounted for 74.7% of the investment portfolio, demonstrating the company's strategic focus on stable income-generating assets aimed at enhancing long-term profitability.
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, demonstrating the company's ongoing ability to maintain stable cash flows, which is likely to attract income-seeking investors.
- Yield Analysis: The declared dividend corresponds to a forward yield of 17.82%, indicating that the company offers a relatively high return in the current market environment, potentially boosting investor confidence and stabilizing the stock price.
- Shareholder Record Date: The dividend will be payable on June 12, with a record date of May 26 and an ex-dividend date also on May 26, providing investors with a clear timeline for their investment decisions.
- Asset Value Signal: Invesco Mortgage Capital has indicated a book value increase of approximately 2% since the end of the quarter while maintaining a leverage ratio of 7.5 turns, reflecting the company's robustness in risk management and capital allocation, which may enhance market confidence in its long-term growth potential.
See More
Invesco Declares $0.12 Cash Dividend Per Share
- Dividend Declaration: Invesco Mortgage Capital Inc. announced a cash dividend of $0.12 per share for May 2026, to be paid on June 12, 2026, reflecting the company's commitment to shareholder returns amidst current market conditions.
- Financial Data Update: As of April 30, 2026, the estimated book value per share is calculated by subtracting $169.4 million in liquidation preference from total stockholders' equity of 92.8 million shares, indicating robust asset management performance.
- Leverage Ratio Analysis: The economic debt-to-equity ratio as of April 30, 2026, reflects a cautious approach to leveraging with $1.3 billion in repurchase agreement borrowings relative to total stockholders' equity, which helps mitigate financial risk during investment activities.
- Portfolio Overview: As of April 30, 2026, the total investment portfolio value stands at $753.44 million, with 30-year fixed-rate mortgage-backed securities comprising 70.1%, showcasing the company's strong positioning and revenue potential in the mortgage market.
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
