Two Harbors Investment Corp. (TWO)

NEW YORK--(BUSINESS WIRE)--TWO Provides Business Update: Announces Resolution of Litigation and Third Quarter 2025 Common and Preferred Stock Dividends.

Two Harbors suffered a major legal loss in May, which created a near-term uncertainty due to a $199 million liability from its manager dispute. Dividend coverage remains weak, with recurring earnings unable to fully support payouts; further cuts are possible unless earnings rebound or funding costs drop. Core portfolio performance is stable, with MSR and Agency MBS hedging working, but high operating costs and expensive new debt weigh on returns.

TWO reported a severe 17.2% BV decrease, underperforming my expectations, mainly due to a negative legal ruling and hedging decisions. Core earnings/EAD modestly outperformed, driven by lower net interest expense, higher servicing income, and effective hedging income. Despite the BV drop, I maintain a 4.5 risk/performance rating, as most negative impacts were anticipated and already reflected in my prior downgrade.

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Two Harbors Investment Corp. (NYSE:TWO ) Q2 2025 Earnings Conference Call July 29, 2025 9:00 AM ET Company Participants Margaret Field Karr - Head of Investor Relations Nicholas Letica - VP & Chief Investment Officer William Dellal - VP & Chief Financial Officer William Ross Greenberg - President & CEO Conference Call Participants Bose Thomas George - Keefe, Bruyette, & Woods, Inc., Research Division Douglas Michael Harter - UBS Investment Bank, Research Division Harsh Hemnani - Green Street Advisors, LLC, Research Division Jason Michael Stewart - Janney Montgomery Scott LLC, Research Division Jason Price Weaver - JonesTrading Institutional Services, LLC, Research Division Kenneth S. Lee - RBC Capital Markets, Research Division Richard Barry Shane - JPMorgan Chase & Co, Research Division Trevor John Cranston - Citizens JMP Securities, LLC, Research Division Operator Good morning.

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NEW YORK--(BUSINESS WIRE)---- $TWO #Earnings--TWO Reports Second Quarter 2025 Financial Results.

NEW YORK--(BUSINESS WIRE)---- $TWO #TWO--TWO Announces Earnings Release and Conference Call for Second Quarter 2025 Financial Results.

Two Harbors Investment said it was lowering its quarterly dividend to 39 cents a share from 45 cents.

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Two Harbors Investment is a mREIT focused on agency mortgage-backed securities and mortgage servicing rights. The company's preferred dividends remain well-covered by both recurring income and common shareholders' equity. The Series A and B preferred shares are a Buy thanks to more attractive yields by July 2027 and a significant par value discount.

Vancouver, British Columbia--(Newsfile Corp. - June 4, 2025) - T2 Metals Corp. (TSXV: TWO) (OTCQB: TWOSF) (WKN: A2DR6E) ("T2" or the "Company") is pleased to announce results from the Q1 2025 drill program at the Sherridon Volcanogenic Massive Sulphide ("VMS") project in central western Manitoba. Sherridon is a well-known VMS camp in the Flin Flon - Snow Lake Greenstone Belt, with both a significant mining history and five near surface copper-rich historical resources (see Table 3, 4 and 5 and Press Release dated November 1 2024).

Vancouver, British Columbia--(Newsfile Corp. - May 29, 2025) - T2 Metals Corp. (TSXV: TWO) (OTCQB: TWOSF) (WKN: A2DR6E) ("T2" or the "Company") provides an update regarding the wildfire situation in the vicinity of its Sherridon copper-gold-zinc Project located near Flin Flon, Manitoba. The Company is actively monitoring the evolving wildfire situation in the region.