TWO Reports Third Quarter 2025 Financial Results

About this update from Two Harbors Investment Corp

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For the first nine months of 2025, generated a (15.6)% total economic return on book value. (1) ","length":276,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Incurred a comprehensive loss of $(80.2) million, or $(0.77) per weighted average basic common share.","length":101,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Entered into a settlement agreement, dated as of August 20, 2025, with the company’s former external manager to resolve all claims alleged in previously disclosed lawsuits between the parties, and recorded litigation settlement expense of $175.1 million, or $1.68 per weighted average basic common share, for the third quarter. (2) ","length":330,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Excluding the litigation settlement expense, during the quarter the company:","length":76,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Generated a 7.6% quarterly economic return on book value. For the first nine months of 2025, generated a 9.3% total economic return on book value. 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For the third quarter of 2025, MSR portfolio experienced a 3-month CPR of 6.0%, compared to 5.8% for the second quarter of 2025.","length":298,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Funded $49.8 million UPB in loans and brokered an additional $60.1 million UPB in second lien loans.","length":100,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":1721,"olType":false},{"type":"text","content":""Excluding the litigation settlement expense, we had a strong quarter of performance, generating an adjusted total economic return of 7.6%," said Bill Greenberg, TWO’s President and Chief Executive Officer. "We also significantly increased our subservicing business at RoundPoint, selling a total of $30 billion UPB of MSR on a retained basis to a new subservicing client. We are also encouraged by the robust growth in our direct-to-consumer originations platform and emerging effectiveness of our recapture effort. Looking ahead, we now have a clean slate to capitalize on opportunities in the MSR and RMBS, and to further drive growth in our servicing and originations businesses."","length":704,"tagName":"p"},{"type":"readMore"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"2","rowspan":"1","style":"padding-left:0.0px;","val":[{"type":"text","content":"____________________","length":20,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:top;text-align:left;","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":"vertical-align:top;text-align:left;","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 $175.1 million litigation settlement expense recorded for the third quarter is the difference between the $375.0 million cash payment made to pursuant to the settlement agreement with the company’s former external manager, less the related loss contingency accrual recorded in the second quarter of $199.9 million.","length":318,"tagName":"p","attribs":{}}]}]}],"length":609},{"type":"text","content":""Prospective returns on our core strategy of low rate MSR paired with Agency RMBS remain attractive, despite recent spread tightening," stated Nick Letica, TWO’s Chief Investment Officer. "Looking ahead, in an environment with diminished interest rate and spread volatility and a high likelihood of further interest rate cuts by the Federal Reserve, we are confident that our portfolio construction of MSR paired with Agency RMBS should generate attractive risk-adjusted returns."","length":500,"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 third quarter of 2025 and second 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) 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