Two Harbors Investment Corp. reports developments for an MSR-focused real estate investment trust that invests in mortgage servicing rights, residential mortgage-backed securities and other financial assets. Company news centers on operating and financial results, earnings releases and portfolio-related activity tied to servicing fee income, interest income and residential mortgage exposure.
Recurring updates also cover material agreements, shareholder voting matters, capital-structure disclosures and governance actions. These categories reflect the company’s role as a public REIT managing mortgage-related assets that are sensitive to interest rate, basis and prepayment risk.
Two Harbors Investment Corp (NYSE: TWO) has successfully closed its public offering of $287.5 million in 6.25% convertible senior notes due 2026. The offering includes $37.5 million sold to underwriters via an option to purchase additional notes. The notes are unsecured and convertible into the company's common stock at an initial price of $7.38 per share, maturing in January 2026. Approximately $279.9 million will be net proceeds, mainly used to repurchase existing convertible senior notes and for general corporate purposes.
Two Harbors Investment Corp. (NYSE: TWO) announced the tax treatment of its 2020 common and preferred stock dividends. No portion of the 2020 dividends is classified as excess inclusion income, which could affect certain tax-exempt investors. The company's fourth-quarter common stock distribution of $0.170, payable on January 29, 2021, will be reported for tax purposes in 2021 due to insufficient earnings. Stockholders are advised to consult their tax advisors regarding their individual tax situations and to review 2020 tax statements from their brokerages.
Two Harbors Investment Corp (NYSE: TWO) has priced a public offering of $250 million in 6.25% convertible senior notes due 2026. The offering includes a 13-day option for underwriters to purchase an additional $37.5 million in notes for over-allotments. The unsecured notes will pay semiannual interest and are convertible into shares at an initial conversion rate of 135.5014 shares per $1,000. Proceeds will partially fund repurchases of existing notes due 2022 and for general corporate purposes. The offering is expected to close by February 1, 2021.
Two Harbors Investment Corp (NYSE: TWO) announced plans to offer up to $250 million in convertible senior notes due 2026, with an option for underwriters to purchase an additional $37.5 million. The unsecured notes will pay interest semiannually and are convertible into common stock. The company aims to use proceeds primarily to repurchase existing convertible notes and for general corporate purposes, including asset purchases. J.P. Morgan, Barclays, and RBC Capital Markets are managing the offering.
Two Harbors Investment Corp (NYSE: TWO) will release its financial results for Q4 2020 on February 9, 2021, following market close. A conference call to discuss these results is scheduled for February 10, 2021, at 9:00 a.m. EST. Interested parties can join the call by dialing (888) 394-8218 with the Conference Code 1666797, or listen online via twoharborsinvestment.com. A playback option will be available from February 10 to March 12, 2021.
Two Harbors Investment Corp (NYSE: TWO) has appointed Paulina Sims as the head of its Investor Relations Department as part of its transition to a self-managed company. President William Greenberg expressed enthusiasm about Sims' extensive experience in investor relations, which he believes will enhance communication with investors. Sims previously worked at JPMorgan Chase and CIT Group, holds a CFA charter, and has degrees from Columbia University and Binghamton University.
Two Harbors Investment Corp (NYSE: TWO) declared a fourth-quarter dividend of $0.17 per share, a 21% increase from Q3 2020. This dividend is payable on January 29, 2021, for stockholders on record by December 30, 2020. Additionally, preferred stock dividends were announced for various series ranging from $0.45313 to $0.50781 per share, payable on different dates in January 2021. The company continues its focus on investing in residential mortgage-backed securities and mortgage servicing rights.
Two Harbors Investment Corp. (NYSE: TWO) reported a book value of $7.37 per share for Q3 2020, reflecting a 12.1% quarterly return. Excluding a management agreement fee reversal, the return was 4.5%. The company generated a comprehensive income of $219.2 million, marking a 45.6% annualized return on average common equity. Core earnings stood at $75.6 million, or $0.28 per share. A dividend of $0.14 was declared for the quarter. The firm maintains a strong position in mortgage servicing rights, settling $14.5 billion in transactions this quarter.
Two Harbors Investment Corp (NYSE: TWO) will release its financial results for Q3 2020 on November 4, 2020, post-market. A conference call is scheduled for November 5, 2020, at 9:00 a.m. EST to discuss these results. Investors can join the call at (800) 289-0438 using Conference Code 2438642. The call will be available live online and can be replayed until December 5, 2020. Two Harbors Investment Corp, headquartered in Minnetonka, MN, focuses on investing in residential mortgage-backed securities and other financial assets.