Two Harbors Investment Corp. Announces Interim Common Stock Dividend and Payment of First Quarter 2020 Preferred Stock Dividends

Two Harbors Investment Corp. (NYSE: TWO, the "Company"), a leading residential mortgage real estate investment trust, today announced that its Board of Directors declared an interim common stock dividend of $0.05 per share. The interim dividend is payable on April 29, 2020, for stockholders of record as of April 16, 2020. The Board of Directors will evaluate the second quarter dividend and other future quarterly dividends based on market conditions and the Company’s expected ongoing earnings power.

"The declaration of this interim dividend reflects our commitment to stockholders and our ability to be flexible and make real-time decisions, informed by current and expected market conditions," stated Thomas Siering, Two Harbors’ President and Chief Executive Officer. "Our liquidity position is strong with $1.2 billion in unrestricted cash as of March 31, 2020. We have also substantially de-risked our portfolio and are optimistic for the future of our company. As the global health pandemic continues to play out, we will be in a better position to evaluate the future earnings power of our portfolio and determine an appropriate level for a sustainable dividend."

Preferred Stock Dividends

Two Harbors’ Board of Directors also declared today the following preferred stock dividends:

  • a dividend of $0.50781 per share of the 8.125% Series A Cumulative Redeemable Preferred Stock;
  • a dividend of $0.47656 per share of the 7.625% Series B Cumulative Redeemable Preferred Stock;
  • a dividend of $0.45313 per share of the 7.25% Series C Cumulative Redeemable Preferred Stock;
  • a dividend of $0.484375 per share of the 7.75% Series D Cumulative Redeemable Preferred Stock; and
  • a dividend of $0.46875 per share of the 7.50% Series E Cumulative Redeemable Preferred Stock.

The Series A, Series B, Series C, Series D and Series E preferred dividends are payable on April 29, 2020 to the applicable preferred stockholders of record at the close of business on April 16, 2020.

Forward Looking Statements

This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "target," "assume," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believe," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results.

Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Two Harbors does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Additional information concerning these and other risk factors is contained in Two Harbors’ most recent filings with the Securities and Exchange Commission. All subsequent written and oral forward looking statements concerning Two Harbors or matters attributable to Two Harbors or any person.

Two Harbors Investment Corp.

Two Harbors Investment Corp., a Maryland corporation, is a real estate investment trust that invests in residential mortgage-backed securities, mortgage servicing rights and other financial assets. Two Harbors is headquartered in New York, New York, and is externally managed and advised by PRCM Advisers LLC, a wholly owned subsidiary of Pine River Capital Management L.P. Additional information is available at www.twoharborsinvestment.com.

Additional Information

Stockholders of Two Harbors and other interested persons may find additional information regarding the company at the Securities and Exchange Commission’s Internet site at www.sec.gov or by directing requests to: Two Harbors Investment Corp., 575 Lexington Avenue, Suite 2930, New York, NY 10022, telephone 612-629-2500.

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Contacts

Investors: Margaret F. Karr, Investor Relations, Two Harbors Investment Corp., 212-364-3663, margaret.field@twoharborsinvestment.com