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Invesco Mortgage Capital (IVR) investor relations material
Invesco Mortgage Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net income per common share was $0.74 in Q3 2025, reversing a net loss of $0.40 in Q2 2025, with earnings available for distribution per share steady at $0.58.
Book value per common share increased 4.5% to $8.41, and economic return was 8.7% for the quarter.
Strong financial market momentum continued, driven by expectations for easing monetary policy, robust corporate earnings, and improved economic growth, resulting in strong equity and agency mortgage performance.
The portfolio was concentrated in 30-year fixed-rate Agency RMBS (83%) and Agency CMBS (16%) as of September 30, 2025.
Held $423 million in unrestricted cash and unencumbered investments at quarter end.
Financial highlights
Net income attributable to common stockholders was $50.2 million for Q3 2025 ($0.74 per share), up from a loss of $26.6 million in Q2 2025.
Book value per common share increased to $8.41 from $8.05 sequentially.
Earnings available for distribution per common share remained steady at $0.58 quarter-over-quarter.
Quarterly common stock dividend per share was $0.34, unchanged from Q2 2025.
Debt-to-equity ratio was 6.7x, up from 6.5x in the prior quarter.
Outlook and guidance
Management remains constructive on Agency RMBS and CMBS, expecting continued investor demand due to lower interest rate volatility, attractive valuations, and anticipated regulatory changes.
Agency CMBS is expected to continue offering attractive risk-adjusted yields and diversification benefits.
Anticipated changes to bank regulatory capital rules are expected to further support demand for Agency RMBS and CMBS.
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