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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 | 16.0% | 50.6% | 69.1% |
| 2024 | $80M | - | $60M | $183M | 10.8% | 1797.7% | -477.6% |
| 2023 | $4M | - | $-16M | $238M | -3.2% | -101.1% | -96.1% |
| 2022 | $-377M | - | $-403M | $196M | -79.7% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | -377.19 | 4.19 | 79.55 | 119.84 |
| Operating Revenue | - | -377.19 | 4.19 | 79.55 | 119.84 |
| Selling General And Administration | - | 8.42 | 7.44 | 7.15 | 7.27 |
| Interest Income | - | 194.51 | 277.93 | 286.55 | 295.29 |
| Interest Expense | - | 51.56 | 228.23 | 249.72 | 219.86 |
| Net Interest Income | - | 142.95 | 49.70 | 36.83 | 75.42 |
| Pretax Income | - | -402.92 | -15.86 | 59.88 | 101.28 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -402.92 | -15.86 | 59.88 | 101.28 |
| Net Income From Continuing And Discontinued Operation | - | -402.92 | -15.86 | 59.88 | 101.28 |
| Net Income From Continuing Operation Net Minority Interest | - | -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 |
| Net Income Including Noncontrolling Interests | - | -402.92 | -15.86 | 59.88 | 101.28 |
| Normalized Income | - | -402.92 | -15.86 | 59.88 | 101.28 |
| Diluted NI Availto Com Stockholders | - | -416.96 | -37.54 | 34.76 | 88.17 |
| Basic Average Shares | - | 34.15 | 44.17 | 53.48 | 66.80 |
| Diluted Average Shares | - | 34.15 | 44.17 | 53.48 | 66.80 |
| Reconciled Depreciation | - | -19.10 | -9.84 | 0.59 | 0.69 |
| Total Unusual Items | 0 | 0 | - | - | - |
| Total Unusual Items Excluding Goodwill | 0 | 0 | - | - | - |
| Preferred Stock Dividends | - | 28.22 | 23.15 | 25.55 | 13.12 |
| Special Income Charges | 0 | 0 | - | - | - |
| Gain On Sale Of Security | - | -520.15 | -45.51 | 42.72 | 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 |
| Otherunder Preferred Stock Dividend | - | -14.18 | -1.47 | -0.43 | -0.01 |
| Other Non Interest Expense | - | 16.91 | 12.29 | 11.87 | 11.30 |
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 | $731M | 7.21↓ discount | 1.16 | 16.0% | - |
| Postal Realty Trust, Inc. | PSTL | $795M | 56.15 | 2.79 | 5.0% | 20.12 |
| Peakstone Realty Trust | PKST | $781M | -2.54 | 1.05 | -41.3% | 22.93 |
| Sky Harbour Group Corporation | SKYH | $733M | 38.96 | 5.74 | 14.7% | 73.86 |
| BrightSpire Capital, Inc. | BRSP |
| - |
| - |
| - |
| - |
| - |
| - |
| $726M |
| -23.30 |
| 0.77 |
| -3.3% |
| -13935.72 |
| CTO Realty Growth, Inc. | CTO | $678M | 67.19 | 1.20 | 1.8% | 13.39 |
| Redwood Trust, Inc. | RWT | $667M | -9.53 | 0.73 | -7.6% | - |
| AH REALTY TRUST INC | AHRT | $660M | 117.68 | 1.44 | 1.2% | 12.87 |
| Franklin BSP Realty Trust, Inc. | FBRT | $658M | 8.00 | 0.56 | 7.0% | 50.11 |
| Peer Median | - | 23.48 | 1.12 | 1.5% | 20.12 | |