Real estate investment trust Invesco Mortgage Capital Inc. (IVZ) posted a profit of $84.1 million, or 72 cents a share, for the first quarter as the company continued to improve its book value, reduced its credit leverage and increased its earning assets.

That is up from a profit of $76.5 million, or 66 cents a share, in the fourth quarter of 2011 and compares to earnings of $52.2 million, or $1.01 per share, a year ago.

Invesco, advised by a subsidiary of Invesco Ltd., ended the quarter with a portfolio of mortgage-backed securities valued at $15.6 billion, up $1.4 billion from December of 2011.

The company's average earning assets also hit $15.3 billion, representing an increase of $1.3 billion from the end of the fourth quarter.

The investment trust also had average borrowings of $13 billion, compared to $12.1 billion for the fourth quarter of 2011.

"The increase in average borrowed funds was primarily the result of our portfolio realignment in the fourth quarter which placed a higher concentration of assets in agency residential mortgage–backed securities," Invesco said in its earnings statement.  "Our average cost of funds was 1.70% and 1.81% for the first quarter of 2012 and the fourth quarter of 2011, respectively."