Mortgage and Mining: The Current Status of Congressman Michael McCaul's $1 Million Bets from a Decade Ago

Republican Representative Michael McCaul belatedly disclosed in February 2026 that he executed sizable investments—each exceeding $1 million—in unlisted and private-equity stakes in January 2016, including a mortgage REIT and a resource development company. His filing indicates that the top investments were in U.S.-based Invesco Mortgage Capital and Australia’s Brimstone Minerals, totaling at least $2 million.

McCaul, a Texan who has chaired both the House Homeland Security and Foreign Affairs Committees and now serves as honorary chair of both, is a prominent security hawk who has led efforts on export controls to China and restrictions on U.S. capital outflows under measures such as the FIGHT China Act. While he pushes to curb American investment in strategic competitors like China, his private holdings in assets that are highly sensitive to macroeconomic policy and regulation—such as mortgage securities and overseas mining projects—present potential conflicts of interest. Moreover, the fact that his January 4 and 7, 2016 transactions were only reported nearly a decade later undermines the STOCK Act’s requirement that lawmakers disclose stock trades within 45 days.

Invesco Mortgage Capital Inc. (IVR) is a publicly traded REIT investing in U.S. mortgage-backed securities (MBS). Driven by expectations of Federal Reserve rate cuts and tighter MBS spreads, its share price has risen by over 20 percent in the past year, trading in the high-$8 range near its 52-week peak of $9.50. The company increased its common dividend to $0.36 per share for Q4 2025 and plans to shift from quarterly to monthly dividends in 2026, further strengthening its high-yield profile. McCaul’s 2016 investment of over $1 million per transaction underscores the volatility of this security, which is heavily influenced by Fed policy, housing finance regulations, and default risks in economic slowdowns—all areas where Congress wields significant influence through budgetary, regulatory, and debt-ceiling decisions—blurring regulatory risk and potential conflicts.

Brimstone Minerals Ltd. is a small, unlisted resource developer exploring gold and other minerals in Western Australia, with high-grade prospects near its Brimstone and Pennis Fine projects. While detailed share data and performance reports are limited for such non-major miners, the sector’s investment sentiment has been shaped by robust gold prices, rising demand for battery and critical minerals amid the energy transition, and stricter ESG and environmental regulations. As Congress emphasizes supply-chain decoupling from China and critical minerals security, a senior lawmaker responsible for foreign and security policy holding at least $1 million in overseas mineral projects could be perceived as a stakeholder in future sanctions, trade, and environmental rulemaking—likely reigniting debate over a full prohibition on congressional stock trading.