$IVR-PC

Invesco Mortgage Capital Inc.

CIK:0001437071|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Interest income	$ 85,408	$ 70,624	$ 165,049	$ 144,470
Interest expense	55,308	52,895	107,901	107,920
Net interest income	30,100	17,729	57,148	36,550
Other income (loss)
Gain (loss) on investments, net	(21,226)	(5,268)	(76,166)	76,890
Gain (loss) on derivative instruments, net	31,584	(30,916)	44,463	(107,595)
Total other income (loss)	10,358	(36,184)	(31,703)	(30,705)
Expenses
Management fee – related party	3,329	2,831	6,303	5,827
General and administrative	2,125	2,041	4,042	3,704
Total expenses	5,454	4,872	10,345	9,531
Net income (loss)	35,004	(23,327)	15,100	(3,686)
Dividends to preferred stockholders	(3,165)	(3,297)	(6,355)	(6,638)
Gain (loss) on repurchase and retirement of preferred stock	3	57	(24)	46
Net income (loss) attributable to common stockholders	31,842	(26,567)	8,721	(10,278)
Net income (loss) attributable to common stockholders	31,842	(26,567)	8,721	(10,278)
Other comprehensive income (loss)
Unrealized gain (loss) on mortgage-backed securities, net	0	(271)	0	229
Reclassification of unrealized (gain) loss on sale of mortgage-backed securities to gain (loss) on investments, net	0	(518)	0	(402)
Total other comprehensive income (loss)	0	(789)	0	(173)
Comprehensive income (loss) attributable to common stockholders	$ 31,842	$ (27,356)	$ 8,721	$ (10,451)
Earnings (loss) per share: Net income (loss) attributable to common stockholders
Basic (in USD per share)	$ 0.34	$ (0.40)	$ 0.10	$ (0.16)
Diluted (in USD per share)	$ 0.34	$ (0.40)	$ 0.10	$ (0.16)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Net income (loss)	$ 15,100	$ (3,686)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of premiums and (discounts), net	(2,072)	(3,392)
Realized and unrealized (gain) loss on derivative instruments, net	(2,128)	164,305
(Gain) loss on investments, net	76,166	(76,890)
Other amortization	283	349
Changes in operating assets and liabilities:
(Increase) decrease in operating assets	(3,053)	1,769
Increase (decrease) in operating liabilities	(15,380)	(22,475)
Net cash provided by (used in) operating activities	68,916	59,980
Cash Flows from Investing Activities
Purchase of mortgage-backed securities	(1,379,170)	(1,073,240)
Principal payments from mortgage-backed securities	420,135	233,995
Proceeds from sale of mortgage-backed securities	211,544	1,179,303
Net settlement (termination) of derivative instruments	(9,088)	(149,124)
Net change in due from counterparties and collateral held payable on derivative instruments	4,097	580
Net cash provided by (used in) investing activities	(752,482)	191,514
Cash Flows from Financing Activities
Net proceeds from issuance of common stock	251,602	38,231
Repurchase of preferred stock	(2,731)	(4,475)
Proceeds from repurchase agreements	29,072,580	24,111,314
Principal repayments of repurchase agreements	(28,481,432)	(24,369,391)
Net change in due from counterparties and collateral held payable on repurchase agreements	2,606	6,238
Payments of dividends	(84,954)	(53,750)
Net cash provided by (used in) financing activities	757,671	(271,833)
Net change in cash, cash equivalents and restricted cash	74,105	(20,339)
Cash, cash equivalents and restricted cash, beginning of period	166,431	210,881
Cash, cash equivalents and restricted cash, end of period	240,536	190,542
Supplement Disclosure of Cash Flow Information
Interest paid	124,053	130,082
Non-cash Investing and Financing Activities Information
Dividends declared not paid	12,008	22,545
Unsettled receivables recorded within investment related receivable	$ 97	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Mortgage-backed securities, at fair value (including pledged securities of $6,474,978 and $5,879,318, respectively)	$ 6,949,909	$ 6,276,609
Cash and cash equivalents	73,381	56,040
Restricted cash	167,155	110,391
Investment related receivable	30,650	27,848
Derivative assets, at fair value	16,510	4,412
Other assets	1,014	594
Total assets	7,238,619	6,475,894
Liabilities:
Repurchase agreements	6,210,403	5,619,255
Derivative liabilities, at fair value	882	0
Dividends payable	12,008	25,845
Accrued interest payable	12,512	28,664
Collateral held payable	6,703	0
Accounts payable and accrued expenses	2,289	1,580
Due to affiliate	3,501	3,006
Total liabilities	6,248,298	5,678,350
Commitments and contingencies (See Note 12):
Stockholders' equity:
Preferred Stock, par value $0.01 per share; 50,000,000 shares authorized: 7.50% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock: 6,742,221 and 6,854,131 shares issued and outstanding, respectively ($168,556 and $171,353 aggregate liquidation preference, respectively)	163,049	165,756
Common Stock, par value $0.01 per share; 134,000,000 shares authorized; 102,386,106 and 71,790,532 shares issued and outstanding, respectively	1,024	718
Additional paid in capital	4,461,196	4,209,977
Retained earnings (distributions in excess of earnings)	(3,634,948)	(3,578,907)
Total stockholders’ equity	990,321	797,544
Total liabilities and stockholders' equity	$ 7,238,619	$ 6,475,894