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Quarterly Highlights

Quarterly Summary

  • Generated Comprehensive Income of $65.7 million, or $0.38 per weighted average basic common share.
  • Reported book value of $16.31 per common share, representing a 1.6% total quarterly return on book value.(1)
  • Closed a 2-year, $300 million financing facility with a large banking counterparty to finance Fannie Mae MSR collateral.
  • Issued 11,800,000 shares of 7.25% Series C fixed-to-floating rate cumulative redeemable preferred stock for proceeds, net of offering costs, of $285.6 million.

2017 Summary

  • Generated Comprehensive Income of $459.0 million, or $2.63 per weighted average basic common share, representing a return on average common equity of 13.6%.
  • Enhanced balance sheet and capital structure through one convertible debt and three preferred stock offerings.
  • Formed Granite Point Mortgage Trust Inc. (“Granite Point”) (NYSE: GPMT) to continue and expand the company’s commercial real estate business. On November 1, 2017 distributed approximately 33.1 million shares of common stock of Granite Point to Two Harbors’ common stockholders and concurrently effected a one-for-two reverse stock split.

“2017 was a transformative year for Two Harbors, as we implemented our plan to maximize returns for our stockholders through running a more efficient and focused business model,” stated Thomas Siering, Two Harbors’ President and Chief Executive Officer. “The execution on our plan resulted in Core Earnings growth and three dividend increases, reflecting our stronger earnings power. Importantly, we achieved these results while maintaining an acute focus on book value protection and risk management. Our stock price reacted favorably to this and we are pleased to have delivered an annual total stockholder return of 26%.(2)

(1) Return on book value for the quarter ended December 31, 2017 is defined as the decrease in book value per common share from September 30, 2017 to December 31, 2017 of $3.81, plus the dividend declared of $0.47 per common share and the special dividend of Granite Point common stock of $3.67 per common share, divided by September 30, 2017 book value of $20.12 per common share. Average common equity for the quarter ended December 31, 2017 excludes the company's controlling interest in Granite Point equity.
(2) Two Harbors’ total stockholder return is calculated for the period December 31, 2016 through December 31, 2017. Total stockholder return is defined as stock price appreciation including dividends. Source: Bloomberg.
 

Common Stock Dividend

Declaredsort icon Ex-date Record Payable Total Distribution
3/20/18
3/29/18
4/2/18
4/27/18
0.47 USD

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