Preferred Stock Channel
Two Harbors Investment Corp | 7.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (TWO.PRB)

Prospectus excerpt:  We are offering 10,000,000 shares of our 7.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, with a liquidation preference of $25.00 per share, or the Series B Preferred Stock. Holders of Series B Preferred Stock will be entitled to receive cumulative cash dividends (i) from and including the original issue date to, but excluding, July 27, 2027 at a fixed rate equal to 7.625% per annum of the $25.00 per share liquidation preference (equivalent to $1.90625 per annum per share) and (ii) from and including July 27, 2027, at a floating rate equal to three-month LIBOR plus a spread of 5.352% per annum. Dividends will be payable quarterly in arrears on the 27th day of April, July, October and January of each year, when and as declared, beginning on October 27, 2017 (long first dividend period). Dividends will accumulate and be cumulative from, and including, the date of original issuance of the Series B Preferred Stock.

Full Prospectus PDF », Secondary Prospectus PDF », TWO Page »

Series:B
Alternate symbology:TWO-B, TWO-PB, TWOprB
Redeemable?:Yes
Call Date:7/27/2027
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:10,000,000
Overallotment:1,500,000
Liquidation Preference:$25.00
Recent Market Price:$22.72
Discount to Liquidation Preference:
(More Preferreds Trading at a Discount »)
$-2.28 (-9.12%)
Annualized Dividend:1.90624
Recent Ex-Date:4/11/2024
Current Yield:8.39%
Original Coupon:7.625% Fixed until 7/27/2027, then a floating rate equal to three-month LIBOR plus a spread of 5.352% per annum
Pay Period:Quarterly
Pay Dates:27-Jan, 27-Apr, 27-Jul, 27-Oct
CDx3 Compliance Rating: Learn TWO.PRB's Rating
Two Harbors Investment is a holding company. Through its subsidiaries, Co. operates as a real estate investment trust (REIT) focused on investing in, financing and managing Agency residential mortgage-backed securities (Agency RMBS), mortgage servicing rights (MSR), and other financial assets, which it collectively refers to as its target assets. Co. is externally managed and advised by PRCM Advisers LLC, a wholly-owned subsidiary of Pine River Capital Management L.P. Co.'s portfolio includes assets that are primarily sensitive to changes in interest rates, prepayments and mortgage spreads, including but not limited to Agency RMBS, MSR and related hedging transactions.

Preferreds: TWO.PRD, TWO.PRE, TWO.PRA, TWO.PRB, TWO.PRC


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Name:  Two Harbors Investment Corp
Website:  www.twoharborsinvestment.com
Sector:  REITs
Number of ETFs Holding TWO:  50 (see which ones)
Total Market Value Held by ETFs:  $372,836,476.96
Total Market Capitalization:  $1,239,000,000
% of Market Cap. Held by ETFs:  30.09%

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