Two Harbors Investment Corp. Announces Company Update
March 19 2020 - 6:09PM
Business Wire
Two Harbors Investment Corp. (NYSE: TWO), a leading
hybrid mortgage real estate investment trust, today has provided
the following updates with respect to its business, through the
close of business on March 19, 2020.
- We estimate that our book value is down approximately 16% in
the first quarter, through March 17, 2020.
- We continue to focus on raising excess liquidity and reducing
leverage in our portfolio.
- We are actively managing interest rate risk in our
portfolio.
- The markets are extremely volatile and asset spreads in Agency
RMBS and legacy non-Agency RMBS have experienced material
widening.
- The repo markets are continuing to function, albeit at wider
levels.
- We expect to make an announcement regarding common and
preferred dividends the week of March 23, 2020.
“We are witnessing unprecedented market conditions stemming from
the global COVID-19 pandemic. In light of this, the Board of
Directors and management have determined that it is in the best
interests of stockholders to delay any decision about our first
quarter dividend declarations,” stated Thomas Siering, Two Harbors’
President and Chief Executive Officer. “We believe this is a
prudent step in managing the company through a challenging and
dynamic economic environment and is consistent with our goal of
ensuring that we take steps to preserve long-term stockholder
value.”
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200319005838/en/
Investors: Margaret Karr Investor Relations, Two Harbors
Investment Corp. 212-364-3663
margaret.field@twoharborsinvestment.com
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