Invesco Mortgage Capital reports $8 billion portfolio in preliminary update

Invesco Mortgage Capital reported an investment portfolio of about $8.0 billion, including forward mortgage-security positions, in an October 14 financial update. The company’s figures describe September 30 and are preliminary and unaudited.

For mortgage capital-markets professionals, the update offers a concrete look at one mortgage investor’s assets, funding and available liquidity. It does not establish conditions across the entire mortgage-backed securities market or predict what a lender will quote a borrower.

The balance-sheet snapshot

The company reported $6.8 billion of repurchase-agreement borrowing and $401.3 million of unrestricted cash and unencumbered investments. Repurchase agreements, often called repo, are a form of borrowing secured by securities. Unencumbered investments are assets not pledged as collateral.

Estimated book value was $6.74 per common share. Book value is an accounting measure of net assets, not a stock-market price or a promise about what shareholders would receive in a sale.

The $8.0 billion portfolio figure includes to-be-announced mortgage securities, or TBAs. Those contracts provide exposure to mortgage securities for future settlement. Including them matters when assessing the company’s economic exposure rather than looking only at assets already on its balance sheet.

Why the two leverage figures differ

Invesco reported debt equal to 7.6 times equity under generally accepted accounting principles, and economic debt equal to 8.3 times equity using its non-GAAP measure. The latter includes the implied borrowing associated with its TBA positions.

Those measures should be labeled separately, not presented as contradictory estimates of the same thing. Nor should either figure be described as a change from an earlier period without comparing a verified prior figure on the same basis.

The company also declared an October common-stock dividend of $0.12 a share, payable November 16 to shareholders of record October 26. The dividend announcement is separate from the preliminary September balance-sheet estimates.

What mortgage professionals can take from it

The useful reading is about funding exposure and liquidity. An investor holding mortgage securities has to manage both the assets and how they are financed. A single portfolio total cannot show the full effect of hedges, financing terms or subsequent market movements.

Readers using this update should retain its September 30 measurement date and its preliminary status, then consult the company’s subsequent financial reporting for finalized detail. It would be a leap to translate this issuer-specific snapshot into a borrower rate forecast or an investment recommendation. Neither conclusion is established by the release.

Watch: Invesco Mortgage Capital's Sept. 30 snapshot in 15 seconds

Transcript (on-screen text, no narration; original instrumental music): MORTGAGE REIT · PRELIMINARY SEPT. 30 SNAPSHOT. Invesco Mortgage Capital at Sept. 30, 2026. Released Oct. 14, 2026 · Preliminary, unaudited. BALANCE SHEET · AS OF SEPT. 30, 2026. $8.0B , Investment portfolio, including TBAs. $6.8B , Repurchase agreement borrowings. LIQUIDITY. $401.3M , Unrestricted cash and unencumbered investments. BOOK VALUE. $6.74 , Estimated book value per common share. LEVERAGE. 7.6x , Debt-to-equity (GAAP). 8.3x , Economic debt-to-equity (non-GAAP). OCTOBER DIVIDEND. $0.12 per share · Payable Nov. 16. Company-reported. Not investment advice. These are preliminary, unaudited Sept. 30 figures, not quarterly results.

Cover: Invesco Ltd. global headquarters building in Atlanta, photographed April 26, 2026 by Logg Tandy, via Wikimedia Commons, CC BY 4.0; cropped by mortgage.news. Invesco Mortgage Capital is externally managed and advised by Invesco Advisers, Inc.; the photo shows the Invesco building, not an Invesco Mortgage Capital office or an October event.