TWO Reports Fourth Quarter 2025 Financial Results

About this update from Two Harbors Investment Corp

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This represents an $11.94 per share value based on UWMC’s closing price as of December 16, 2025, and a premium of 21% the volume weighted average price of TWO’s common stock for the 30 days ending December 16, 2025.","length":350,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"The all-stock transaction is intended to be tax-free to TWO’s stockholders.","length":75,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Prior to the closing of the merger, TWO intends to pay regular quarterly dividends in the ordinary course consistent with past practice for all completed quarterly periods. TWO does not intend to pay a partial dividend for the quarter in which the closing occurs in the event the closing does not occur as of quarter-end.","length":321,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"TWO preferred stock will be converted into equivalent shares of UWMC preferred stock.","length":85,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"The transaction is expected to close in the second quarter of 2026, subject to approval of TWO’s stockholders and the satisfaction of other closing conditions, including customary regulatory approvals.","length":201,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":1032,"olType":false}]},{"val":[{"type":"text","content":"Reported book value of $11.13 per common share, and declared a fourth quarter common stock dividend of $0.34 per share, representing a 3.9% quarterly economic return on book value. (1) ","length":183,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Generated comprehensive income of $50.4 million, or $0.48 per weighted average basic common share.","length":98,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Added $399.1 million in unpaid principal balance (UPB) of MSR through flow-sale acquisitions and recapture, and sold $9.6 billion MSR UPB on a subservicing-retained basis.","length":171,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"As of December 31, 2025, MSR portfolio had a weighted average gross coupon rate of 3.55% and a 60+ day delinquency rate of 0.87%, and had experienced a 3-month CPR of 6.4%.","length":172,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Funded $93.8 million UPB in loans and brokered an additional $58.5 million UPB in second lien loans.","length":100,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":1877,"olType":false},{"type":"text","content":" Annual Summary ","length":14,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Declared dividends of $1.52 per common share.","length":45,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Generated a (12.6)% economic return on book value. (1) ","length":53,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Excluding the $375 million settlement expense to resolve litigation with the company’s former external manager, generated a 12.1% economic return on book value. (1) ","length":163,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":163,"olType":false}]},{"val":[{"type":"text","content":"Total stockholder return of 2.8%. (2) ","length":36,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Added $7.9 billion in UPB of MSR through bulk and flow-sale acquisitions and recapture, and sold $28.7 billion MSR UPB on a subservicing-retained basis.","length":152,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Funded $221.1 million UPB in loans and brokered an additional $198.7 million UPB in second lien loans.","length":102,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":551,"olType":false},{"type":"readMore"},{"type":"text","content":" Post Quarter-End Update ","length":23,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Convertible senior notes of $261.9 million in UPB were repaid in full on their January 15, 2026 maturity date.","length":110,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":110,"olType":false},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"2","rowspan":"1","style":"vertical-align:top;padding-left:0.0px;","val":[{"type":"text","content":"________________________","length":24,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;padding-right:0.0px;padding-bottom:4.0px;vertical-align:top;width:2%;","val":[{"type":"text","content":"(1)","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;width:98%;padding-left:5.0px;","val":[{"type":"text","content":"Economic return on book value is defined as the increase (decrease) in common book value from the beginning to the end of the given period, plus dividends declared to common stockholders in the period, divided by common book value as of the beginning of the period.","length":265,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;padding-right:0.0px;padding-bottom:4.0px;vertical-align:top;width:2%;","val":[{"type":"text","content":"(2)","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;width:98%;padding-left:5.0px;","val":[{"type":"text","content":"Total stockholder return is calculated for the period December 31, 2024 through December 31, 2025. Total stockholder return is defined as stock price appreciation including reinvestment of dividends. Source: Bloomberg.","length":218,"tagName":"p","attribs":{}}]}]}],"length":513},{"type":"text","content":""The acquisition of TWO by UWMC joins us with the country’s number one mortgage originator and doubles the size of the MSR portfolio to a pro-forma $400 billion," said Bill Greenberg, TWO’s President and Chief Executive Officer. "This transaction creates, I believe, a very powerful strategic alignment of two high-quality organizations, and positions the combined company for accelerated growth and meaningful upside for shareholders. "","length":457,"tagName":"p"},{"type":"text","content":""Our portfolio performed well in the fourth quarter, as RMBS returns benefited from lower realized and implied volatility as well the re-emergence of the GSE’s as a source of demand. Our MSR portfolio performed as it was designed to do and earned its carry," stated Nick Letica, TWO’s Chief Investment Officer. "With the significant mortgage spread tightening realized in the fourth quarter and continuing into this quarter, spreads and volatility are back to pre-COVID levels, which makes the risk of owning RMBS more two-sided going forward and highlights the benefits of owning a portfolio of hedged MSR which is less sensitive to those spread movements."","length":678,"tagName":"p"},{"type":"text","content":" Operating Performance ","length":21,"tagName":"p"},{"type":"text","content":"The following table summarizes the company’s GAAP and non-GAAP earnings measurements and key metrics for the fourth quarter of 2025 and third quarter of 2025:","length":158,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"23","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;","val":[{"type":"text","content":" Operating Performance (unaudited) 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