The company maintains a vulnerable capital structure with a debt-to-equity ratio of 6.09 and a thin cash position of only $52.6M against $5.3B in total debt.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Total Assets | 6.27B | 6.48B | 5.69B | 5.28B | 5.1B | 8.44B | 8.63B | 22.35B | 17.81B | 18.66B | 15.71B | 16.77B | 21.23B | 20.35B | 18.91B | 14.77B | 5.86B | 853.4M |
| Asset Growth % | 20.27% | 13.85% | 7.64% | 3.66% | -39.63% | -2.19% | -61.37% | 25.45% | -4.52% | 18.79% | -6.33% | -21.02% | 4.32% | 7.59% | 28.04% | 151.98% | 586.95% | - |
| Real Estate & Other Assets | -6.03B | -3.82M | 5.16B | 4.7B | 4.44B | 7.33B | 0 | 21.21B | -17.42B | -18.22B | -15.02B | -16.1B | -17.19B | -17.35B | 1.55M | -14.28B | -5.63B | -806.72M |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 52.6M | 198.69M | 210.88M | 237.39M | 303.77M | 627.11M | 0 | 273.05M | 215.72M | 161.6M | 518.84M | 686.53M | 230.19M | 278.86M | 390.88M | 251.39M | 86.06M | 27.56M |
| Cash & Equivalents | 52.6M | 56.04M | 73.4M | 76.97M | 175.53M | 357.13M | 392.58M | 172.51M | 135.62M | 88.38M | 161.79M | 53.2M | 164.14M | 210.61M | 0 | 197.22M | 63.55M | 24.04M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | -52.55M | 114.8M | 112.03M | 133.82M | 103.25M | 246.19M | -409.5M | 0 | 0 | 0 | 178.53M | 316.67M | 0 | 0 | -390.88M | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 5.39B | 5.68B | 4.96B | 4.5B | 4.29B | 7.04B | 7.27B | 19.41B | 15.53B | 16B | 13.44B | 14.5B | 18.59B | 17.95B | 16.33B | 12.85B | 4.81B | 643.09M |
| Total Debt | 5.34B | 5.62B | 4.89B | 4.46B | 4.24B | 7B | 7.23B | 1.65B | 1.65B | 1.79B | 2.05B | 2.04B | 4.58B | 2.04B | 15.72B | 0 | 0 | 80.38M |
| Net Debt | 5.29B | 5.56B | 4.82B | 4.38B | 4.06B | 6.65B | 6.84B | 1.48B | 1.51B | 1.7B | 1.89B | 1.99B | 4.42B | 1.83B | 15.72B | -197.22M | -63.55M | 56.34M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.65B | 1.65B | 1.79B | 2.05B | 2.04B | 4.58B | 2.04B | 0 | 0 | 0 | 80.38M |
| Short-Term Borrowings | 5.34B | 5.62B | 4.89B | 4.46B | 4.24B | 7B | 7.23B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.72B | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 5.34B | 5.62B | 4.95B | 4.5B | 4.29B | 7.04B | 7.26B | 287.85M | 300.42M | 93.58M | 94.12M | 91.63M | 135.64M | 189.12M | 15.72B | 205.49M | 429.08M | 598K |
| Accounts Payable | 12.53M | 1.58M | 34.33M | 17.08M | 1.36M | 1.89M | 0 | 45.56M | 39.31M | 20.05M | 22.6M | 23.98M | 32.11M | 30.8M | 0 | 12.93M | 2.58M | 598K |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 55.47M | 59.09M | 3.7M | 3.91M | 4.45M | 6.49M | 0 | 0 | 0 | 0 | 0 | 4.9M | 0 | 0 | 604.78M | 0 | 0 | 0 |
| Total Equity | 876.35M | 797.54M | 730.73M | 782.66M | 804.08M | 1.4B | 1.37B | 2.93B | 2.29B | 2.66B | 2.27B | 2.27B | 2.64B | 2.4B | 2.59B | 1.92B | 1.05B | 210.31M |
| Equity Growth % | 7.81% | 9.14% | -6.64% | -2.66% | -42.65% | 2.56% | -53.37% | 28.22% | -13.93% | 17.03% | 0.14% | -14.09% | 9.8% | -7.19% | 35.05% | 82.47% | 399.65% | - |
| Shareholders Equity | 876.35M | 797.54M | 730.73M | 782.66M | 804.08M | 1.4B | 1.37B | 2.93B | 2.29B | 2.63B | 2.24B | 2.24B | 2.61B | 2.38B | 2.56B | 1.89B | 1.02B | 180.51M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26.39M | 28.62M | 25.87M | 28.54M | 27.12M | 31.42M | 25.07M | 31.66M | 29.8M |
| Common Stock | 875K | 718K | 617K | 484K | 387K | 330K | 2.03M | 1.44M | 1.11M | 1.12M | 1.12M | 1.14M | 1.23M | 1.25M | 1.16M | 1.15M | 499K | 89K |
| Additional Paid-in Capital | 4.34B | 4.21B | 4.13B | 4.01B | 3.9B | 3.82B | 3.39B | 2.89B | 2.38B | 2.38B | 2.38B | 2.41B | 2.53B | 2.55B | 2.32B | 2.3B | 1B | 172.38M |
| Retained Earnings | -3.63B | -3.58B | -3.57B | -3.52B | -3.41B | -2.88B | -2.64B | -814.48M | -882.09M | -579.33M | -718.3M | -771.31M | -632.85M | -155.96M | 18.85M | -15.07M | -8.17M | 320K |
| Preferred Stock | 164.19M | 165.76M | 174.28M | 288.49M | 298.71M | 427.97M | 563.32M | 563.32M | 563.32M | 563.32M | 285.22M | 285.22M | 285.22M | 135.36M | 135.36M | 0 | 0 | 0 |
| Return on Assets (ROA) | 1.02% | 1.67% | 1.09% | -0.31% | -5.95% | -1.05% | -10.81% | 1.81% | -0.39% | 2.03% | 1.57% | 0.59% | -1.03% | 0.81% | 1.98% | 2.73% | 2.93% | 1.77% |
| Return on Equity (ROE) | 7.84% | 13.26% | 7.91% | -2% | -36.53% | -6.5% | -77.89% | 13.95% | -2.86% | 14.15% | 11.21% | 4.59% | -8.53% | 6.34% | 14.79% | 19% | 15.6% | 7.18% |
| Debt / Assets | 85.14% | 86.77% | 86.05% | 84.38% | 83.12% | 82.93% | 83.73% | 7.38% | 9.26% | 9.61% | 13.03% | 12.19% | 21.57% | 10.04% | 83.11% | - | - | 9.42% |
| Debt / Equity | 6.09x | 7.05x | 6.70x | 5.70x | 5.27x | 4.99x | 5.29x | 0.56x | 0.72x | 0.67x | 0.90x | 0.90x | 1.74x | 0.85x | 6.07x | - | - | 0.38x |
| Net Debt / EBITDA | 30.80x | 54.56x | 15.53x | 20.57x | - | - | - | - | - | 5.07x | 7.16x | 17.46x | - | 11.47x | 46.67x | -0.70x | -0.66x | 3.23x |
| Book Value per Share | 10.02 | 12.03 | 13.66 | 17.76 | 23.54 | 50.96 | 78.69 | 221.58 | 204.42 | 215.93 | 174.29 | 184.54 | 211.90 | 179.11 | 221.30 | 218.37 | 382.56 | 404.60 |
High Leverage Interest Sensitivity
According to the provided quarterly data, IVR maintains a debt-to-equity ratio that peaked at 7.05 in 2025Q4, illustrating a reliance on significant leverage that leaves the balance sheet highly susceptible to margin calls and forced asset liquidations during periods of interest rate volatility.
The company's reliance on repurchase agreements to finance its mortgage-backed securities portfolio creates a structural vulnerability where small fluctuations in asset values can lead to significant equity erosion. Investors should monitor the consistency of repo funding costs, as any tightening in credit availability may force the company to deleverage at inopportune times.
As reported in financial statements, IVR's cash position has remained consistently low, with a 2026Q1 balance of $52.6M against $5.3B in total debt, suggesting that the company lacks a meaningful liquidity cushion to navigate sudden market dislocations or unexpected margin calls on its collateralized borrowings.
The minimal cash-to-debt ratio indicates that the company operates with almost no margin for error, relying entirely on the liquidity of its underlying MBS portfolio to meet obligations. This lack of cash reserves may force management to prioritize asset sales over long-term value preservation during periods of market stress.
Based on reported figures, IVR's total equity has experienced significant contraction, falling from $876.4M in 2026Q1 to $709.4M in 2025Q2, which highlights the persistent risk of book value dilution and the difficulty of maintaining a stable capital base in a high-leverage operating environment.
The volatility in equity levels appears to be driven by both realized losses and the impact of fair value accounting on the securities portfolio. This trend suggests that shareholders are exposed to significant capital risk, as the company's ability to maintain book value is inextricably linked to the performance of its interest rate hedging strategy.
Data from the last ten quarters indicates that IVR's reliance on derivative instruments to hedge interest rate risk creates a complex balance sheet profile where the timing of gains and losses often fails to align with the underlying mortgage assets, potentially masking true economic exposure.
The divergence between derivative performance and physical asset values may lead to periods where the company appears hedged on paper while remaining exposed to basis risk in practice. Investors should remain cautious, as the effectiveness of these hedges is highly dependent on market conditions that may shift rapidly, rendering historical protection levels obsolete.
Quick answers to the most common questions about buying IVR stock.
As of 2025, Invesco Mortgage Capital Inc. (IVR) had total assets of $6.48B including $198.7M in current assets.
Invesco Mortgage Capital Inc. (IVR) carries total debt of $5.62B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Invesco Mortgage Capital Inc. (IVR) has total shareholders' equity (book value) of $797.5M ($12.03 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Invesco Mortgage Capital Inc. (IVR) reported a current ratio of 0.04x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.