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Two Harbors Investment Corp | 7.25% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (TWO.PRC)

Prospectus excerpt:  We are offering 11,000,000 shares of our 7.25% Series C 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 C Preferred Stock. Holders of Series C Preferred Stock will be entitled to receive cumulative cash dividends (i) from and including the original issue date to, but excluding, January 27, 2025 at a fixed rate equal to 7.25% per annum of the $25.00 per share liquidation preference (equivalent to $1.8125 per annum per share) and (ii) from and including January 27, 2025, at a floating rate equal to three-month LIBOR plus a spread of 5.011% 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 January 27, 2018 (short first dividend period). Dividends will accumulate and be cumulative from, and including, the date of original issuance of the Series C Preferred Stock.

Full Prospectus PDF », TWO Page »

Series:C
Alternate symbology:TWO-C, TWO-PC, TWOprC
Redeemable?:Yes
Call Date:1/27/2025
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:11,000,000
Overallotment:1650000
Liquidation Preference:$25
Recent Market Price:$24.11
Discount to Liquidation Preference:
(More Preferreds Trading at a Discount »)
$-0.89 (-3.56%)
Annualized Dividend:1.81252
Recent Ex-Date:10/11/2018
Current Yield:7.52%
Original Coupon:7.25%
Pay Period:Quarterly
Pay Dates:27-Jan, 27-Apr, 27-Jul, 27-Oct
Two Harbors Investment is a holding company. Through its subsidiaries, Co. operates as a real estate investment trust focused on investing in, financing and managing Agency residential mortgage-backed securities (Agency RMBS), non-Agency securities, mortgage servicing rights (MSR), and other financial assets, which it refers to as its target assets. Co.'s target assets include Agency RMBS, whose principal and interest payments are guaranteed by the Government National Mortgage Association, the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation; Non-Agency securities; MSR; and other financial assets.

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


Open the TWO Information Page »
Name:  Two Harbors Investment Corp
Website:  www.twoharborsinvestment.com
Sector:  REITs
Number of ETFs Holding TWO:  38 (see which ones)
Total Market Value Held by ETFs:  $162,807,583
Total Market Capitalization:  $3,535,000,000
% of Market Cap. Held by ETFs:  4.61%

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