Invesco Mortgage Capital Inc.

Listed Company

IVRCIK 0001437071NYSEAcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$101.28M

Total Assets

$6.48B

Equity

$797.54M

Shares Out

83.27M

Op. Cash Flow

$157.09M

Business

Invesco Mortgage Capital Inc. invests in, finances and manages mortgage-backed securities and other mortgage-related assets as a REIT. It primarily offers exposure to residential and commercial mortgage-backed securities (Agency and non‑Agency RMBS and CMBS), TBAs, commercial mortgage loans, unconsolidated real estate ventures and U.S. Treasury securities. The company operates through an externally managed structure, with investment decisions and portfolio management provided by its Manager and overseen by an investment committee and Board. Its products are distributed and financed through institutional channels, repurchase agreements and capital markets.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest income	295	287	278	195	169
Interest expense	220	250	228	52	—
Net interest income	75	37	50	143	180
Gain (loss) on investments, net	149	−134	−107	−1,079	−367
(Increase) decrease in provision for credit losses	0	−458,000	−320,000	0	—
Equity in earnings (losses) of unconsolidated ventures	0	−193,000	−1,000	−407,000	870,000
Gain (loss) on derivative instruments, net	−105	177	62	559	123
Other investment income (loss), net	0	2,000	−66,000	186,000	1,000
Total other income (loss)	44	42	−46	−521	−241
Management fee related party	11	12	12	17	21
General and administrative	7	7	7	8	8
Total expenses	19	19	20	25	29
Net income (loss)	101	60	−16	−403	−90
Dividends to preferred stockholders	−13	−22	−23	−28	−38
Gain (loss) on repurchase and retirement of preferred stock	14,000	427,000	1	—	—
Issuance and redemption costs of redeemed preferred stock	0	−4	0	0	5
Net income (loss) attributable to common stockholders	88	35	−38	—	—
Net income (loss) attributable to common stockholders	88	35	−38	−417	−132
Basic (in usd per share)	1.32	0.65	−0.85	−12.21	−4.82
Diluted (in usd per share)	1.32	0.65	−0.85	−12.21	−4.82
Basic (in shares)	67	54	44	34	28
Diluted (in shares)	67	54	44	34	28

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Mortgage-backed securities, at fair value (including pledged securities of $5,879,318 and $5,129,486, respectively, net of allowance for credit losses of $0 and $654, respectively)	6,277	5,446	5,045	4,792	7,804
Cash and cash equivalents	56	73	77	176	357
Restricted cash	110	137	122	103	220
Due from counterparties	0	580,000	0	2	8
Investment related receivable	28	25	27	23	17
Derivative assets, at fair value	4	5	939,000	662,000	270,000
Other assets	594,000	1	2	2	38
Total assets	6,476	5,688	5,284	5,097	8,444
Repurchase agreements	5,619	4,894	4,459	4,235	6,988
Derivative liabilities, at fair value	0	627,000	0	2	14
Dividends payable	26	25	19	25	30
Accrued interest payable	29	33	16	21	1
Accounts payable and accrued expenses	2	2	—	1	2
Due to affiliate	3	4	—	—	—
Total liabilities	5,678	4,957	4,502	4,293	7,042
Commitments and contingencies (See Note 13)	—	—	—	—	—
7.50% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock: 6,854,131 shares and 7,206,659 shares issued and outstanding, respectively ($171,353 and $180,166 aggregate liquidation preference, respectively)	166	174	—	—	—
Common Stock, par value $0.01 per share; 134,000,000 shares authorized; 71,790,532 and 61,729,693 shares issued and outstanding, respectively	718,000	617,000	484,000	387,000	330,000
Additional paid in capital	4,210	4,128	4,011	3,902	3,819
Accumulated other comprehensive income	0	173,000	698,000	11	37
Retained earnings (distributions in excess of earnings)	−3,579	−3,572	−3,518	−3,407	−2,883
Total stockholders equity	798	731	783	804	1,402
Total liabilities and stockholders' equity	6,476	5,688	5,284	5,097	8,444

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income (loss)	101	60	−16	−403	−90
Amortization of premiums and (discounts), net	−6	−13	−14	—	—
Realized and unrealized (gain) loss on derivative instruments, net	217	−15	177	−472	−138
Increase (decrease) in provision for credit losses	0	458,000	320,000	—	—
(Gain) loss from investments in unconsolidated ventures in excess of distributions received	0	193,000	1,000	45,000	9,000
Other amortization	688,000	587,000	−10	−19	−21
Loss on foreign currency translation	0	0	123,000	0	0
(Increase) decrease in operating assets	−2	−613,000	−2	−5	−1
Increase (decrease) in operating liabilities	−5	17	−5	17	1
Net cash provided by (used in) operating activities	157	183	238	196	152
Purchase of mortgage-backed securities	−2,666	−2,222	−5,934	−25,724	−17,133
Purchase of U.S. Treasury securities	0	0	−60	−502	0
Distributions from investments in unconsolidated ventures, net	0	307,000	41,000	11	4
Principal payments from mortgage-backed securities	532	389	349	403	825
Proceeds from sale of mortgage-backed securities	1,458	1,313	5,237	27,281	16,274
Proceeds from sale of U.S. Treasury securities	0	11	49	468	0
Settlement (termination) of swaps, TBAs, futures and forwards, net	−217	11	−180	—	—
Net change in due from counterparties and collateral held payable on derivative instruments	580,000	−580,000	2	3	−5
Net cash provided by (used in) investing activities	−893	−497	−537	2,424	121
Proceeds from issuance of common stock	82	116	109	82	430
Redemption of preferred stock	0	−106	0	0	−140
Repurchase of preferred stock	−9	−11	−9	−115	0
Proceeds from repurchase agreements	48,362	38,472	41,085	66,872	82,347
Principal repayments of repurchase agreements	−47,637	−38,036	−40,861	−69,625	−82,588
Net change in due from counterparties and collateral held payable on repurchase agreements	0	−2	−2	8	−5
Payments of deferred costs	−180,000	−366,000	−329,000	−351,000	−354,000
Payments of dividends	−107	−105	−102	−140	−133
Net cash provided by (used in) financing activities	691	327	219	−2,918	−89
Net change in cash, cash equivalents and restricted cash	−44	12	−80	−298	184
Interest paid	224	233	243	52	10

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