Invesco Mortgage Capital Inc.IVR

Invesco Mortgage Capital Inc. Debt Disclosure

10-KFiled Feb 23, 20261 min read
Borrowings
We finance the majority of our investment portfolio through repurchase agreements. Our repurchase agreements bear interest at a contractually agreed upon rate and generally have maturities ranging from one to six months. We account for our repurchase agreements as secured borrowings since we maintain effective control of the financed assets. Our repurchase agreements are subject to certain financial covenants. We were in compliance with all of these covenants as of December 31, 2025 and 2024.
The following table summarizes certain characteristics of our borrowings as of December 31, 2025 and 2024. Refer to Note 5 - “Collateral Positions” for collateral pledged and held under our repurchase agreements.
As of
December 31, 2025December 31, 2024
$ in thousandsAmount
Outstanding		Weighted
Average
Interest
Rate		Weighted
Average
Remaining
Maturity
(days)		Amount
Outstanding		Weighted
Average
Interest
Rate		Weighted
Average
Remaining
Maturity
(days)
Repurchase agreements - Agency RMBS4,758,568 4.04 %244,112,219 4.80 %29
Repurchase agreements - Agency CMBS860,687 4.04 %20781,739 4.77 %32
Total borrowings5,619,255 4.04 %234,893,958 4.80 %29

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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