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.”


Latest Articles

MoxiWorks acquires marketing automation services company Imprev

Real estate technology firm MoxiWorks announced this week that it has acquired Imprev, a provider of real estate marketing automation services.

Nov 14, 2019 By