Real estate investment trust (REIT) Invesco Mortgage Capital (IVR) posted a $22m net Q210 income, up from $13.2m in the previous quarter. Net income soared 67% over the last quarter, primarily due to an increase in average earning assets and portfolio yield as the REIT deployed capital raised in a common stock offering in May. Average earning assets rose to more than $2bn, up from $1.2bn in the previous quarter. "The second quarter completes our first year as a public company and we are very pleased with the results," said CEO Richard King. "During the second quarter we completed a follow-on common stock offering, increased net income by 67%, improved earnings per share by 18% and reduced our expense ratio 41 basis points. This performance is in line with the strategy we outlined for our shareholders and further demonstrates our portfolio management capabilities." In May, the company completed a follow-on offering of 9.1m shares of common stock and raised net proceeds of approximately $179.5m. The growth in equity from the capital raise drove Invesco's increasing net income. the company used the proceeds to grow its portfolio of mortgage-backed securities (MBS) to $2.3bn, up 64% from the end of the previous quarter. Write to Diana Golobay.