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Invesco Mortgage Capital Inc. operates as a real estate investment trust (REIT) that invests, finances, and manages mortgage-backed securities and other mortgage-related assets in the United States. The company invests in residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS) that are guaranteed by the United States (U.S.) government agency or federally chartered corporation; RMBS and CMBS that are not issued or guaranteed by the U.S. government agency or federally chartered corporation; the U.S. treasury securities; real estate-related financing arrangements; to-be-announced securities forward contracts to purchase RMBS; and commercial mortgage loans. It has elected to be taxed as a REIT and would be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was incorporated in 2008 and is headquartered in Atlanta, Georgia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $120M | - | $101M | $157M | 12.7% | 50.6% | 69.1% |
| 2024 | $80M | - | $60M | $183M | 8.2% | 1797.7% | - |
| 2023 | $4M | - | $-16M | $238M | -2.0% | - | - |
| 2022 | $-377M | - | $-403M | $196M | -50.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | -377.19 | 4.19 | 79.55 | 119.84 |
| Pretax Income | -402.92 | -15.86 | 59.88 | 101.28 |
| Net Income | -402.92 | -15.86 | 59.88 | 101.28 |
| Net Income Common Stockholders | -416.96 | -37.54 | 34.76 | 88.17 |
| Interest Expense | 51.56 | 228.23 | 249.72 | 219.87 |
| Interest Income | 194.51 | 277.93 | 286.55 | 295.29 |
| Selling General And Administration | 8.42 | 7.44 | 7.15 | 7.27 |
| Normalized Income | -402.92 | -15.86 | 59.88 | 101.28 |
| Basic EPS | -12.21 | -0.85 | 0.65 | 1.32 |
| Diluted EPS | -12.21 | -0.85 | 0.65 | 1.32 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0.21 | 0.21 |
| Total Unusual Items | 0 | 0 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -402.92 | -15.86 | 59.88 | 101.28 |
| Reconciled Depreciation | -19.09 | -9.84 | 0.59 | 0.69 |
| Net Interest Income | 142.95 | 49.70 | 36.83 | 75.42 |
| Net Income From Continuing And Discontinued Operation | -402.92 | -15.86 | 59.88 | 101.28 |
| Diluted Average Shares | 34.15 | 44.17 | 53.48 | 66.88 |
| Basic Average Shares | 34.15 | 44.17 | 53.48 | 66.88 |
| Diluted NI Availto Com Stockholders | -416.96 | -37.54 | 34.76 | 88.17 |
| Otherunder Preferred Stock Dividend | -14.18 | -1.47 | -0.43 | -0.01 |
| Preferred Stock Dividends | 28.22 | 23.15 | 25.55 | 13.12 |
| Net Income Including Noncontrolling Interests | -402.92 | -15.86 | 59.88 | 101.28 |
| Net Income Continuous Operations | -402.92 | -15.86 | 59.88 | 101.28 |
| Special Income Charges | 0 | 0 | 0 | 0 |
| Gain On Sale Of Security | -520.15 | -45.51 | 42.73 | 44.42 |
| General And Administrative Expense | 8.42 | 7.44 | 7.15 | 7.27 |
| Other Gand A | 8.42 | 7.44 | 7.15 | 7.27 |
| Operating Revenue | -377.19 | 4.19 | 79.55 | 119.84 |
| Other Non Interest Expense | 16.91 | 12.29 | 11.87 | 11.29 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Invesco Mortgage Capital Inc.this co. | IVR | $720M | 6.13↓ discount | 0.92 | 12.7% | - |
| Sky Harbour Group Corporation | SKYH | $791M | 115.44 | 2.76 | 10.9% | -34.72 |
| Peakstone Realty Trust | PKST | $780M | - | 1.05 | -39.5% | 24.63 |
| BrightSpire Capital, Inc. | BRSP | $756M | - | 0.79 | -3.4% | 16.79 |
| Postal Realty Trust, Inc. | PSTL |
| $733M |
| 45.11 |
| 2.00 |
| 3.9% |
| 18.86 |
| CTO Realty Growth, Inc. | CTO | $690M | 102.15 | 1.17 | 1.8% | 13.61 |
| Strawberry Fields REIT, Inc. | STRW | $690M | 20.62 | 13.55 | 15.0% | 7.38 |
| TPG RE Finance Trust, Inc. | TRTX | $642M | 12.98 | 0.61 | 5.6% | - |
| AH REALTY TRUST INC | AHRT | $624M | - | 1.06 | 0.7% | 14.90 |
| Peer Median | - | 45.11 | 1.11 | 2.9% | 14.90 | |