Two Harbors Investment Corp. Reports Fourth Quarter 2012 Financial Results

  Two Harbors Investment Corp. Reports Fourth Quarter 2012 Financial Results

               Delivered Comprehensive Income of $185.4 Million

Business Wire

NEW YORK -- February 6, 2013

Two Harbors Investment Corp. (NYSE: TWO; NYSE MKT: TWO.WS), a real estate
investment trust that invests in residential mortgage-backed securities
(RMBS), residential mortgage loans and other financial assets, today announced
its financial results for the quarter ended December31, 2012.

Highlights

  *Delivered Comprehensive Income of $185.4 million, or $0.63 per diluted
    weighted average common share.
  *Increased Book Value to $11.54 per diluted common share at December 31,
    2012.
  *Contributed portfolio of single-family residential homes to Silver Bay
    Realty Trust Corp. ("Silver Bay") in conjunction with its initial public
    offering in December 2012. In exchange, Two Harbors received approximately
    17.8 million shares of Silver Bay common stock.
  *Declared a dividend of $0.55 per common share. The quarterly dividend
    reflects the performance of Two Harbors' residential mortgage-backed
    securities (RMBS) portfolio, realized gains and taxable income derived
    from the company's contribution of its single-family residential portfolio
    to Silver Bay.
  *Generated an aggregate yield of 4.0% in the RMBS portfolio, which was
    driven by non-Agency portfolio performance of 9.5% as well as a
    three-month average Constant Prepayment Rate (CPR) of 6.6% in the Agency
    portfolio.

“We are pleased to have achieved a strong finish to a remarkable year for our
investment portfolio. For the year, Two Harbors delivered a return on book
value of 47% as measured by dividends declared and book value appreciation,”
said Thomas Siering, Two Harbors' President and Chief Executive Officer.

Operating Performance

The following table summarizes the company's GAAP and non-GAAP earnings
measurements and key metrics for the respective periods in 2012:

Two Harbors Operating Performance
(dollars in
thousands,     Q4-2012                             Full Year 2012                   
except per
share data)
                              Per        Annualized                  Per        Annualized
Earnings        Earnings     diluted   return on   Earnings      diluted   return on
                              weighted   average                     weighted   average
                              share      equity                      share      equity
Core            $ 83,974      $  0.28    9.8    %     $ 311,085      $  1.28    12.1   %
Earnings^1
GAAP Net        $ 189,300     $  0.64    22.1   %     $ 291,906      $  1.20    11.3   %
Income
Comprehensive   $ 185,362     $  0.63    21.6   %     $ 1,047,080    $  4.32    40.7   %
Income
                
Operating       Q4-2012
Metrics
Dividend per    $ 0.55
common share
Book value
per diluted     $ 11.54
share at
period end
Other
operating
expenses as a   0.7       %
percentage of
average
equity
                                                                                
(1) Core Earnings is a non-GAAP measure that the company defines as GAAP net income,
excluding impairment losses, gains or losses on sales of securities and termination of
interest rate swaps, unrealized gains or losses on trading securities, interest rate
swaps and swaptions, certain gains or losses on derivative instruments, and certain
non-recurring gains and losses related to discontinued operations. As defined, Core
Earnings includes interest income associated with the company's inverse interest-only
securities ("Agency Derivatives") and premium income or loss on credit default swaps.

Earnings Summary

Two Harbors reported Core Earnings for the quarter ended December31, 2012 of
$84.0 million, or $0.28 per diluted weighted average common share outstanding,
as compared to Core Earnings for the quarter ended September30, 2012 of $87.1
million, or $0.32 per diluted weighted average common share outstanding.

During the quarter, the company sold residential mortgage-backed securities
for $3.2 billion with an amortized cost of $3.1 billion, for a net realized
gain of $103.1 million, net of tax; recognized a change in unrealized fair
value losses on U.S. Treasury trading securities of $0.5 million, net of tax;
and recognized other-than-temporary credit impairment losses on its RMBS
securities of $1.6 million, net of tax. The company also recognized a change
in unrealized fair value gains on Silver Bay equity securities of $5.9
million, net of tax. The fair value of the Silver Bay common stock at December
31, 2012 was $335.6 million, which included these unrealized fair value gains.
The single-family real estate operations of the company are reflected as
discontinued operations in the company's financial statements. Included in the
income for discontinued operations were realized gains of $10.6 million
resulting from the contribution of the company's portfolio to Silver Bay. The
realized gain amount is subject to additional installment gains, fee
reductions and working capital adjustments, which are currently estimated to
increase the net income by $8.3 million and will be recognized in the
company's 2013 financial statements.

During the quarter, the company had a net loss of $2.3 million, net of tax,
related to the termination and expiration of swaps and swaptions. In addition,
the company recognized in earnings an unrealized gain, net of tax, of $12.2
million associated with its interest rate swaps and swaptions economically
hedging its repurchase agreements and available-for-sale securities; an
unrealized gain, net of tax, of $0.6 million associated with its interest rate
swaps economically hedging its trading securities; and net losses on other
derivative instruments of approximately $20.4 million, net of tax.

The company reported GAAP Net Income of $189.3 million, or $0.64 per diluted
weighted average common share outstanding, for the quarter ended December31,
2012, as compared to $26.8 million, or $0.10 per diluted weighted average
common share outstanding, for the quarter ended September30, 2012. On a GAAP
basis, the company earned an annualized return on average equity of 22.1% and
3.6% for the quarters ended December31, 2012 and September30, 2012,
respectively.

The company reported Comprehensive Income of $185.4 million, or $0.63 per
diluted weighted average common share outstanding, for the quarter ended
December31, 2012, as compared to $524.4 million, or $1.94 per diluted
weighted average common share outstanding, for the quarter ended September30,
2012. The company records unrealized fair value gains and losses for RMBS
securities, classified as available-for-sale, as Other Comprehensive Income in
the Statement of Stockholders' Equity. On a Comprehensive Income basis, the
company recognized an annualized return on average equity of 21.6% and 70.2%
for the quarters ended December31, 2012 and September30, 2012, respectively.

Other Key Metrics

Two Harbors declared a quarterly dividend of $0.55 per common share for the
quarter ended December31, 2012. The dividend was intended to distribute the
remaining REIT taxable income earned during 2012, which included taxable
income derived from Two Harbors' contribution of its single-family residential
portfolio to Silver Bay and realized gains on the company's RMBS portfolio.
The total dividends declared for the year ended December 31, 2012 were $1.71
per common share.

The company's book value per diluted share, after taking into account the
fourth quarter 2012 dividend of $0.55, was $11.54 as of December31, 2012,
compared to $11.44 as of September30, 2012.

Other operating expenses for the fourth quarter 2012 were approximately $6.3
million, or 0.7% of average equity, compared to approximately $4.0 million, or
0.5% of average equity, for the third quarter 2012. Other operating expenses
exclude real estate related expenses associated with the company's portfolio
of single-family residential properties. The single-family real estate
operations of the company are reflected as discontinued operations in the
company's financial statements.

Portfolio Summary

For the quarter ended December31, 2012, the annualized yield on average RMBS
securities and Agency Derivatives was 4.0% and the annualized cost of funds on
the average borrowings, which includes net interest rate spread expense on
interest rate swaps, was 1.1%. This resulted in a net interest rate spread of
2.9%, which compares to 3.1% in the prior quarter.

The company reported debt-to-equity, defined as total borrowings to fund RMBS
securities, residential mortgage loans and Agency Derivatives divided by total
equity, of 3.4:1.0 and 3.8:1.0 at December31, 2012 and September30, 2012,
respectively.

The company's portfolio is principally comprised of RMBS available-for-sale
securities and Agency Derivatives. As of December31, 2012, the total value of
the portfolio was $14.0 billion, of which approximately $11.3 billion was
Agency RMBS and Agency Derivatives and $2.7 billion was non-Agency RMBS. As of
December31, 2012, fixed-rate securities composed 79.8% of the company's
portfolio and adjustable-rate securities composed 20.2% of the company's
portfolio. In addition, the company held $1.0 billion of U.S. Treasuries
classified on its balance sheet as trading securities as of December31, 2012.

Two Harbors was a party to interest rate swaps and swaptions as of
December31, 2012 with an aggregate notional amount of $19.0 billion, of which
$17.5 billion was utilized to economically hedge interest rate risk associated
with the company's short-term LIBOR-based repurchase agreements.

The following table summarizes the company's investment portfolio:

Two Harbors Portfolio
(dollars in thousands, except per share data)
                              
RMBS and Agency Derivatives        As of December 31, 2012         
Portfolio Composition
Agency Bonds
Fixed Rate Bonds                   $         10,823,674             77.5   %
Hybrid ARMs                        188,429                         1.3    %
Total Agency                       11,012,103                       78.8   %
Agency Derivatives                 301,264                          2.2    %
Non-Agency Bonds
Senior Bonds                       2,132,272                        15.3   %
Mezzanine Bonds                    518,466                          3.7    %
Non-Agency Other                   4,113                           —      
Total Non-Agency                   2,654,851                        19.0   %
                                                              
Aggregate Portfolio                $         13,968,218        
                                                                    
Fixed-rate investment
securities as a percentage of      79.8                        %
aggregate portfolio
Adjustable-rate investment
securities as a percentage of      20.2                        %
aggregate portfolio
                                                                    
Portfolio Metrics                  For the Quarter Ended           
                                   December 31, 2012
Annualized yield on average
RMBS and Agency Derivatives
during the quarter
Agency                             2.9                         %
Non-Agency                         9.5                         %
Aggregate Portfolio                4.0                         %
Annualized cost of funds on
average repurchase balance         1.1                         %
during the quarter^1
Annualized interest rate
spread for aggregate               2.9                         %
portfolio during the quarter
Weighted average cost basis
of principal and interest
securities
Agency                             $         108.18
Non-Agency^2                       $         52.17
Weighted average three month
CPR for its RMBS and Agency
Derivative portfolio
Agency                             6.6                         %
Non-Agency                         3.2                         %
Debt-to-equity ratio at            3.4 to 1.0
period-end^3
                                                                    
(1) Cost of funds includes interest spread expense associated with the
portfolio's interest rate swaps.
(2) Average purchase price utilized carrying value for weighting purposes. If
current face were utilized for weighting purposes, total non-Agency RMBS
excluding the company's non-Agency interest-only portfolio would be $47.88 at
December 31, 3012.
(3) Defined as total borrowings to fund RMBS, residential mortgage loans and
Agency Derivatives divided by total equity.

“The flexibility of Two Harbors' hybrid approach greatly benefited our
stockholders in 2012,” said Bill Roth, Two Harbors' Chief Investment Officer.
“The shifting investment landscape during the year provided us the opportunity
to raise and deploy capital into non-Agency securities early in 2012, as well
as to take advantage of an attractive opportunity in Agencies in the summer.
We believe that our strong fourth quarter and full year performance is
attributed to our nimble stance and opportunistic approach.”

The company experienced a three-month average CPR of 6.6% for Agency RMBS
securities and Agency Derivatives held as of December31, 2012, as compared to
6.0% for securities held as of September 30, 2012. The weighted average cost
basis of the Agency portfolio was 108.2% of par as of December31, 2012,
comparable to the prior quarter. The net premium amortization was $43.9
million and $39.7 million for the quarters ended December31, 2012 and
September30, 2012, respectively.

The company experienced a three-month average CPR of 3.2% for non-Agency RMBS
securities held as of December31, 2012, as compared to 3.0% for securities
held as of September30, 2012. The weighted average cost basis of the
non-Agency portfolio was 52.2% of par as of December31, 2012 and 52.4% of par
as of September30, 2012. The discount accretion was $37.3 million and $36.2
million for the quarters ended December31, 2012 and September30, 2012,
respectively. The total net discount remaining was $2.3 billion as of
December31, 2012 and September30, 2012, with $1.3 billion designated as
credit reserve as of December31, 2012.

Business Diversification

Single-Family Residential Properties

On December 19, 2012, the company completed its contribution of single-family
homes to Silver Bay in exchange for approximately 17.8 million shares of
Silver Bay common stock. The company had previously announced its intention,
subject to the discretion and approval of its Board of Directors and in
compliance with applicable securities laws, to distribute these Silver Bay
shares to Two Harbors' stockholders by means of a special dividend following
the expiration of a 90-day lockup period. As of the date of this release, the
company has not issued an announcement nor has the Board of Directors made a
final determination concerning any such distribution.

Securitization

As of December 31, 2012, the company had acquired mortgage loans held-for-sale
with a carrying value of $58.6 million and had outstanding purchase
commitments to acquire an additional $56.9 million. It is the company's
intention in the future to securitize these loans and/or exit through a whole
loan sale.

Warrants

During the fourth quarter 2012, warrant holders exercised warrants to purchase
approximately 3.5 million shares of the company's common stock at an exercise
price of $11.00 per share. This resulted in proceeds to the company totaling
approximately $38 million. As of December 31, 2012, approximately 13.5 million
warrants remained outstanding. The warrants expire on November 7, 2013.

Dividends and Taxable Earnings

The company declared dividends to stockholders totaling $443.4 million, or
$1.71 per share, for the 2012 taxable year. As a REIT, the company is required
to distribute at least 90% of its taxable income to stockholders, subject to
certain distribution requirements. The company distributed approximately 98%
of its 2012 taxable earnings to stockholders.

Conference Call

Two Harbors Investment Corp. will host a conference call on February7, 2013
at 9:00 am EST to discuss fourth quarter 2012 financial results and related
information. To participate in the teleconference, please call toll-free (877)
868-1835, Conference Code 85675161, (or (914) 495-8581 for international
callers) approximately 10 minutes prior to the above start time. You may also
listen to the teleconference live via the Internet on the company's website at
www.twoharborsinvestment.com in the Investor Relations section under the
Events and Presentations link. For those unable to attend, a telephone
playback will be available beginning at 12 p.m. EST on February7, 2013
through 9 p.m. EST on February25, 2013. The playback can be accessed by
calling (855) 859-2056 (or (404) 537-3406 for international callers) and
providing Confirmation Code 85675161. The call will also be archived on the
company's website in the Investor Relations section under the Events and
Presentations link.

Two Harbors Investment Corp.

Two Harbors Investment Corp., a Maryland corporation, is a real estate
investment trust that invests in residential mortgage-backed securities,
residential mortgage loans and other financial assets. Two Harbors is
headquartered in Minnetonka, Minnesota, 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.

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. Factors that could cause actual
results to differ include, but are not limited to, higher than expected
operating costs, changes in prepayment speeds of mortgages underlying our
RMBS, the rates of default or decreased recovery on the mortgages underlying
our non-Agency securities, failure to recover certain losses that are expected
to be temporary, changes in interest rates or the availability of financing,
the impact of new legislation or regulatory changes on our operations, the
impact of any deficiencies in the servicing or foreclosure practices of third
parties and related delays in the foreclosure process, the inability to
acquire mortgage loans or securitize the mortgage loans we acquire, the impact
of new or modified government mortgage refinance or principal reduction
programs, and unanticipated changes in overall market and economic conditions.

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 acting on its behalf are expressly qualified in their
entirety by the cautionary statements above.

Non-GAAP Financial Measures

In addition to disclosing financial results calculated in accordance with
United States generally accepted accounting principles (GAAP), this press
release and the accompanying investor presentation present non-GAAP financial
measures that exclude certain items. Two Harbors' management believes that
these non-GAAP measures enable it to perform meaningful comparisons of past,
present and future results of the company's core business operations, and uses
these measures to gain a comparative understanding of the company's operating
performance and business trends. The non-GAAP financial measures presented by
the company represent supplemental information to assist investors in
analyzing the results of Two Harbors' operations; however, as these measures
are not in accordance with GAAP, they should not be considered a substitute
for, or superior to, the financial measures calculated in accordance with
GAAP. Our GAAP financial results and the reconciliations from these results
should be carefully evaluated. See the GAAP to Non-GAAP reconciliation table
on page 10 of this release.

Additional Information

Stockholders and warrant holders of Two Harbors, and other interested persons,
may find additional information regarding the company at the SEC's Internet
site at www.sec.gov or by directing requests to: Two Harbors Investment Corp.,
Attn: Investor Relations, 601 Carlson Parkway, Suite 1400, Minnetonka, MN
55305, telephone 612-629-2500.

TWO HARBORS INVESTMENT CORP.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)
                                                          
                                         December 31, 2012   December 31, 2011
                                         (unaudited)
ASSETS
Available-for-sale securities, at fair   $  13,666,954       $   6,249,252
value
Trading securities, at fair value        1,002,062           1,003,301
Equity securities, at fair value         335,638             —
Mortgage loans held-for-sale, at fair    58,607              5,782
value
Cash and cash equivalents                821,108             360,016
Restricted cash                          302,322             166,587
Accrued interest receivable              42,613              23,437
Due from counterparties                  39,974              32,587
Derivative assets, at fair value         462,080             251,856
Other assets                             82,586             7,566          
Total Assets                             $  16,813,944      $   8,100,384  
                                                             
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Repurchase agreements                    $  12,624,510       $   6,660,148
Derivative liabilities, at fair value    129,294             49,080
Accrued interest payable                 19,060              6,456
Due to counterparties                    412,861             45,565
Accrued expenses                         13,295              8,912
Dividends payable                        164,347             56,239
Income taxes payable                     —                  3,898          
Total liabilities                        $  13,363,367       $   6,830,298
                                                             
Stockholders’ Equity
Preferred stock, par value $0.01 per
share; 50,000,000 shares                 —                   —
authorized; no shares issued and
outstanding
Common stock, par value $0.01 per
share; 900,000,000 shares
authorized and 298,813,258 and           2,988               1,406
140,596,708 shares issued and
outstanding, respectively
Additional paid-in capital               2,948,345           1,373,099
Accumulated other comprehensive income   696,458             (58,716        )
(loss)
Cumulative earnings                      449,358             157,452
Cumulative distributions to              (646,572       )    (203,155       )
stockholders
Total stockholders’ equity               3,450,577          1,270,086      
Total Liabilities and Stockholders’      $  16,813,944      $   8,100,384  
Equity


TWO HARBORS INVESTMENT CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(dollars in thousands, except per share data)
Certain prior period amounts have been reclassified to conform to the current period
presentation
                                                                 
                       Three Months Ended             Year Ended
                       December 31,                    December 31,
                       2012           2011            2012             2011
                       (unaudited)                     (unaudited)
Interest income:
Available-for-sale     $  135,466      $   71,713      $ 448,620         $  197,126
securities
Trading securities     1,295           1,376           4,873             4,159
Mortgage loans         247             2               609               2
held-for-sale
Cash and cash          324            106            944              347        
equivalents
Total interest         137,332         73,197          455,046           201,634
income
Interest expense       24,369         9,129          72,106           22,709     
Net interest income    112,963         64,068          382,940           178,925
Other-than-temporary   (1,642      )   (1,437      )   (10,952     )     (5,102     )
impairment losses
Other income:
Gain on investment     108,219         360             122,466           36,520
securities, net
(Loss) gain on
interest rate swap     (6,096      )   1,411           (159,775    )     (86,769    )
and swaption
agreements
(Loss) gain on other
derivative             (27,276     )   (10,719     )   (40,906     )     26,755
instruments
Gain on mortgage       1,679          —              2,270            —          
loans
Total other income     76,526          (8,948      )   (75,945     )     (23,494    )
(loss)
Expenses:
Management fees        9,886           5,178           33,168            14,241
Other operating        6,255          3,156          17,678           9,673      
expenses
Total expenses         16,141         8,334          50,846           23,914     
Income from
continuing             171,706         45,349          245,197           126,415
operations before
income taxes
Benefit from income    (10,203     )   (6,170      )   (42,219     )     (1,106     )
taxes
Net income from
continuing             $  181,909     $   51,519     $ 287,416        $  127,521 
operations
Income (loss) from
discontinued           $  7,391       $   (89     )   $ 4,490          $  (89     )
operations
Net income
attributable to        $  189,300     $   51,430     $ 291,906        $  127,432 
common stockholders
                                                                         
Basic earnings
(loss) per weighted
average common share
Continuing             $  0.62         $   0.37        $ 1.19            $  1.29
operations
Discontinued           0.02           —              0.02             —          
operations
Net income             $  0.64        $   0.37       $ 1.21           $  1.29    
                                                                         
Diluted earnings
(loss) per weighted
average common share
Continuing             $  0.61         $   0.37        $ 1.18            $  1.29
operations
Discontinued           0.03           —              0.02             —          
operations
Net income             $  0.64        $   0.37       $ 1.20           $  1.29    
Dividends declared     $  0.55        $   0.40       $ 1.71           $  1.60    
per common share
                                                                         
Weighted average
shares outstanding -   295,492,372     140,592,941     242,014,751       98,826,868
Basic
Weighted average
shares outstanding -   296,229,245     140,592,941     242,432,156       98,826,868
Diluted
                                                                         
Comprehensive
income:
Net income             $  189,300      $   51,430      $ 291,906         $  127,432
Other comprehensive
(loss) income:
Unrealized (loss)
gain on                (3,938      )   (32,391     )   755,174          (81,335    )
available-for-sale
securities, net
Other comprehensive    (3,938      )   (32,391     )   755,174          (81,335    )
(loss) income
Comprehensive income   $  185,362     $   19,039     $ 1,047,080      $  46,097  

TWO HARBORS INVESTMENT CORP.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(UNAUDITED)
(dollars in thousands, except per share data)
Certain prior period amounts have been reclassified to conform to the current
period presentation
                                                                  
                       Three Months Ended              Year Ended
                       December 31,                    December 31,               
                       2012            2011            2012            2011
                                                                       
Reconciliation of
net income
attributable to
common stockholders
to
Core Earnings:
                                                                       
Net income
attributable to        $  189,300      $   51,430      $  291,906      $  127,432
common stockholders
                                                                       
Adjustments for
non-core earnings:
(Gain) loss on sale
of securities and      (104,452    )   (2,035      )   (115,338    )   (31,619    )
mortgage loans, net
of tax
Other-than-temporary
impairment loss        1,642           1,437           10,952          5,102
(gain), net of tax
Unrealized (gain)
loss on trading
securities, equity     (5,128      )   1,624           (7,372      )   (2,329     )
securities
and mortgage loans,
net of tax
Unrealized (loss)
gain, net of tax, on
interest rate swap
and
swaptions              (12,180     )   (6,046      )   73,830          43,141
economically hedging
repurchase
agreements and
available-for-sale
securities
Unrealized (gain)
loss, net of tax, on
interest rate swap     (552        )   (669        )   9,959           (4,099     )
economically hedging
trading securities
Realized loss (gain)
on termination or
expiration of swaps    2,307           (728        )   21,931          19,255
and swaptions, net
of tax
Loss (gain) on other
derivative             20,428          10,546          29,707          (3,345     )
instruments, net of
tax
(Income) loss from
discontinued           (7,391      )   89              (4,490      )   89
operations
                                                                    
Core Earnings          $  83,974      $   55,648     $  311,085     $  153,627 
                                                                       
Weighted average
shares outstanding -   295,492,372     140,592,941     242,014,751     98,826,868
Basic
Weighted average
shares outstanding -   296,229,245     140,592,941     242,432,156     98,826,868
Diluted
                                                                       
Core Earnings per
weighted average       $  0.28         $   0.40        $  1.28         $  1.55
share outstanding -
diluted

Contact:

Two Harbors Investment Corp.
July Hugen, Investor Relations
612-629-2514
July.Hugen@twoharborsinvestment.com