TWO Reports Second Quarter 2025 Financial Results

About this update from Two Harbors Investment Corp

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For the first six months of 2025, generated a (10.3)% total economic return on book value. (1) ","length":277,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":277,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Incurred a Comprehensive Loss of $(221.8) million, or $(2.13) per weighted average basic common share.","length":102,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":102,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Recorded a contingency liability and related expense of $199.9 million, or $1.92 per weighted average basic common share, related to the company’s ongoing litigation with PRCM Advisers LLC. (2) ","length":192,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":192,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Excluding the loss contingency accrual recognized during the quarter:","length":69,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":69,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Generated a (1.4)% quarterly economic return on book value. For the first six months of 2025, generated a 2.9% total economic return on book value. 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For the second quarter of 2025, MSR portfolio experienced a 3-month CPR of 5.8%, compared to 5.3% for the second quarter of 2024.","length":295,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":295,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Funded $48.6 million UPB in first lien loans and brokered $44.0 million UPB in second lien loans.","length":97,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":97,"olType":false},{"type":"text","content":""The combination of our investment portfolio and operating company allows us to be dynamic and responsive as opportunities emerge across the mortgage finance space," said Bill Greenberg, TWO’s President and Chief Executive Officer. "Given the strength of our platform and the depth of expertise across our team, we are confident in our ability to navigate through changing market cycles, creating long-term value for our stockholders, customers, and business partners."","length":489,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"2","rowspan":"1","style":"padding-left:0.0px;","val":[{"type":"text","content":"________________","length":16,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;padding-right:0.0px;padding-bottom:4.0px;text-align:left;vertical-align:top;","val":[{"type":"text","content":"(1)","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;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;text-align:left;vertical-align:top;","val":[{"type":"text","content":"(2)","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:5.0px;","val":[{"type":"text","content":"The contingency liability is reflective of the $139.8 million termination fee that the Company believes would have been payable to PRCM Advisers for termination on the basis of unfair compensation pursuant to Section 13(a)(ii) of the Management Agreement, plus applicable pre-judgment interest on such amount accrued at the statutory rate of 9% through June 30, 2025. Estimated loss contingencies are required to be recorded under ASC 450, Contingencies , when a company determines a contingency liability is both probable and estimable.","length":536,"tagName":"p","attribs":{}}]}]}],"length":823},{"type":"text","content":""Fixed-income and equity markets proved resilient in the second quarter," stated Nick Letica, TWO’s Chief Investment Officer. "While we will continue to be mindful of the many sources of volatility that can impact our portfolio, we believe there is also opportunity in this environment. Spreads for Agency RMBS remain historically wide, and offer good relative value to other high quality spread assets. Our core strategy of low coupon MSR paired with Agency RMBS is well positioned to benefit from both stable prepayments and wide Agency RMBS spreads."","length":573,"tagName":"p"},{"type":"readMore"},{"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 second quarter of 2025 and first quarter of 2025:","length":158,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"22","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;","val":[{"type":"text","content":" Operating Performance (unaudited) ","length":33,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"22","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;","val":[{"type":"text","content":"(dollars in thousands, except per common share 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