Invesco Mortgage Capital

What Invesco Mortgage Capital does

Invesco Mortgage Capital Inc. (NYSE: IVR) is an externally managed mortgage real estate investment trust (REIT) founded in 2009 and headquartered in Atlanta, Georgia. The company's stated mandate is to invest primarily in Agency residential mortgage-backed securities (RMBS), Agency commercial mortgage-backed securities (CMBS), and opportunistic credit investments in residential and commercial mortgage sectors. As an externally managed REIT, IVR has no employees of its own; all portfolio management, finance, administration, legal, compliance, and investor relations functions are provided by Invesco Advisers, Inc., a subsidiary of Invesco Ltd. (NYSE: IVZ), through a dedicated Structured Investments Team of 17 professionals averaging over 20 years of structured securities experience, which manages approximately $45 billion in total assets including roughly $6 billion specifically allocated to IVR.

The company generates revenue primarily through net interest income, earning interest on its portfolio of mortgage-backed securities and paying interest on borrowed funds used to leverage returns. Common stockholders receive regular dividends — recently restructured from a quarterly $0.34 per share cadence in 2025 to a monthly $0.12 per share cadence beginning January 2026 — and three series of preferred stock (Series A 7.75%, Series B and Series C variable rate) are outstanding, with Series A and Series B having been redeemed during 2025-2026. Distribution occurs through the New York Stock Exchange (common ticker IVR and preferred tickers IVR.PRA, IVR.PRB, IVR.PRC) and through a Computershare-sponsored Direct Stock Purchase and Dividend Reinvestment Program. Marketing and investor communications are conducted through an investor relations website, SEC filings (10-K, 10-Q, DEF 14A), quarterly earnings calls, press releases, and an annual stockholders meeting.

The company is led by Kevin M. Collins (CEO since May 2026, previously President since 2017 and Co-Head of Structured Investments for Invesco Fixed Income) and David Lyle (President since May 2026, previously COO since 2017), with Brian P. Norris as CIO and Mark Gregson as CFO. The board was substantially refreshed between mid-2024 and early 2026 with five new directors, and Don H. Liu became Chair in November 2025. As a single-focused, externally managed mortgage REIT with roughly $6 billion of dedicated assets (down from a historical $18.5 billion peak in 2017), IVR sits squarely within Invesco Ltd.'s broader fixed income franchise rather than operating as a standalone growth platform.

Name

Invesco Mortgage Capital

Legal name

Invesco Mortgage Capital Inc.

Website

https://invescomortgagecapital.com

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

1–10 employees

Short description

Invesco Mortgage Capital Inc. (NYSE: IVR) is an externally managed mortgage REIT founded in 2009, investing primarily in Agency MBS and CMBS on behalf of income-oriented retail and institutional shareholders via the Invesco Advisers platform.

Ownership category

akta.pro rank

Product category

Mortgage REIT / Mortgage-Backed Securities Investment

NAICS

Other Financial Vehicles (525990), Other Financial Investment Activities (5239)

SIC

Real Estate Investment Trusts (6798), Asset-Backed Securities (6189)

akta.pro primary industry

Structured Credit & Securitized Products Investing (RMBS/CRT/IO-PO) (FSALAFAG)

akta.pro secondary industries

Real Assets — Real Estate Debt (Whole Loans, Mezzanine, CMBS/CLO) (FSAHAIAB), Real Estate (Commercial Property, REITs) (FSABACAH)

Keywords

• Mortgage-backed securities
• Real estate investment trust
• Agency MBS investing
• Mortgage REIT management
• Commercial mortgage securities

Headquarters

HQ city

Atlanta

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others

Revenue model

1. Net Interest Income: The company generates revenue primarily through net interest income from its portfolio of mortgage-backed securities and other mortgage-related investments. Interest income is earned on the securities held in the investment portfolio, offset by interest expense on borrowed funds used to leverage returns.
2. Dividend Distributions: The company pays regular dividends to shareholders from earnings. The company announced transition from quarterly to monthly common dividends beginning January 2026, with a rate of $0.12 per share per month.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Invesco Mortgage Capital Inc. is a publicly traded Real Estate Investment Trust (REIT) that invests primarily in residential mortgage-backed securities (Agency MBS), commercial mortgage-backed securities (Agency CMBS), and other mortgage-related assets. The company is externally managed by Invesco Advisers, Inc., a subsidiary of Invesco Ltd., and generates revenue primarily through net interest income from its leveraged portfolio of mortgage-backed securities. Shareholders receive dividend distributions derived from the earnings on this portfolio.

Product overview

Invesco Mortgage Capital Inc. is a single-focused mortgage REIT that operates as a unified investment platform. The company primarily invests in Agency Mortgage-Backed Securities (MBS) and Agency Commercial Mortgage-Backed Securities (CMBS), with additional opportunistic credit investments in residential and commercial mortgage sectors. The company is externally managed by Invesco Advisers, Inc., which provides the management team, portfolio management, finance and administration functions. The Structured Investments Team, comprised of 17 dedicated team members, manages over $45 Billion in investments, including nearly $6 Billion in assets for Invesco Mortgage Capital.

Differentiator

Problem solved

Functional benefit

Products and services

• IVR Common Stock Common stock of Invesco Mortgage Capital Inc. traded on the New York Stock Exchange under ticker IVR, providing shareholders with dividend distributions and exposure to a mortgage-backed securities investment portfolio managed by the Invesco Structured Investments Team.
• Series A 7.75% Cumulative Redeemable Preferred Stock (IVR.PRA) 7.75% Cumulative Redeemable Preferred Stock of Invesco Mortgage Capital Inc., listed on the NYSE under IVR.PRA, offering a fixed-rate cumulative dividend to preferred shareholders.
• Series B Variable Rate Cumulative Redeemable Preferred Stock (IVR.PRB) Variable Rate Cumulative Redeemable Preferred Stock of Invesco Mortgage Capital Inc., listed on the NYSE under IVR.PRB, with all 4,247,989 outstanding shares subsequently redeemed.
• Series C Variable Rate Cumulative Redeemable Preferred Stock (IVR.PRC) Variable Rate Cumulative Redeemable Preferred Stock of Invesco Mortgage Capital Inc., listed on the NYSE under IVR.PRC.
• Direct Stock Purchase and Dividend Reinvestment Program (CIP) Program offered through Computershare that allows existing stockholders and new investors to purchase IVR common stock directly and reinvest dividends, providing retail investors an accessible channel into the company's common equity.

Quantifiable outcome

• Deliver continual income for shareholders through dividend distributions

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Invesco Advisers, Inc. (Subsidiary of Invesco Ltd.)coreOthers · 1 January 2009Invesco Mortgage Capital Inc. is externally managed and advised by Invesco Advisers, Inc., a subsidiary of Invesco Ltd. (NYSE: IVZ). The Manager provides portfolio management, finance and administration functions addressing legal, compliance, investor relations and operational matters. The Manager's Structured Investments Team consists of 17 dedicated members averaging over 20 years of experience, managing over $45 Billion in investments including approximately $6 Billion for Invesco Mortgage Capital. The company does not have employees since its Manager provides all management and support personnel.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• MFA Financial, Inc. MFA invests in residential mortgage assets including Agency and non-Agency MBS, residential credit, and MSR-related assets, serving the same listed income-oriented equity investor base as IVR.
• Annaly Capital Management: Annaly is the largest Agency mortgage REIT with a multi-strategy platform including Agency MBS, CMBS, and residential credit — closely overlapping IVR's investment universe and listed-mREIT structure.
• ARMOUR Residential REIT: ARMOUR invests exclusively in Agency MBS and is externally managed (by ARMOUR Capital Management), closely mirroring IVR's Agency-focused, externally-managed mortgage REIT model.
• Dynex Capital, Inc. Dynex is an Agency MBS-focused mREIT with additional CMBS exposure, sharing IVR's leveraged, spread-driven investment model and listed-dividend structure.
• AGNC Investment Corp. AGNC is a leading Agency MBS-focused mortgage REIT investing primarily in Agency RMBS, directly comparable to IVR's core Agency MBS strategy and listed-dividend business model.
• Orchid Island Capital: Orchid Island Capital is an Agency MBS REIT investing in RMBS and CMBS with leverage, externally managed, and listed — a smaller-scale direct comparable to IVR's listed Agency MBS mandate.
• Two Harbors Investment Corp. Two Harbors invests in Agency RMBS, CMBS, and residential credit — a near-mirror of IVR's portfolio strategy with a publicly listed REIT structure targeting dividend-oriented investors.
• New York Mortgage Trust: NYMT is a residential mortgage REIT with exposure to Agency MBS, non-Agency RMBS, and residential credit, operating as a publicly listed dividend-paying peer in IVR's segment.
• Chimera Investment Corporation: Chimera is a mortgage REIT investing across Agency and non-Agency RMBS, residential credit, and securitized products, externally managed — directly comparable in mandate and operating model.

Broad incumbents

• Blackstone Mortgage Trust: BXMT is a commercial mortgage REIT focused on senior loans secured by commercial real estate — overlapping with IVR's CMBS and commercial credit allocations but as a larger, origination-focused peer within Blackstone's broader real estate platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Invesco Mortgage Capital