TWO HARBORS INVESTMENT CORP.
For the period ended Apr 28, 2026. Filed Apr 28, 2026.
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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
Apr 28, 2026 · Filed Apr 28, 2026
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Contents
EX-99.1 · Operating Performance
Operating Performance
The following table summarizes the company’s GAAP and non-GAAP earnings measurements and key metrics for the first quarter of 2026 and fourth quarter of 2025:
| Operating Performance (unaudited) | |||||||
|---|---|---|---|---|---|---|---|
| (dollars in thousands, except per common share data) | |||||||
| Three Months Ended March 31, 2026 · Three Months Ended December 31, 2025 | |||||||
| Earnings Attributable to Common Stockholders · Earnings · Per weighted average basic common share · Annualized return on average common equity · Earnings · Per weighted average basic common share · Annualized return on average common equity | |||||||
| Comprehensive (Loss) Income | $(24,714) | $(0.24) | (8.4)% | $50,429 | $0.48 | 17.2% | |
| GAAP Net Income (Loss) | $19,477 | $0.18 | 6.6% | $(1,325) | $(0.02) | (0.5)% | |
| Earnings Available for Distribution(1) | $35,756 | $0.34 | 12.2% | $27,435 | $0.26 | 9.4% | |
| Operating Metrics | |||||||
| Dividend per common share | $0.34 | $0.34 | |||||
| Annualized dividend yield(2) | 11.9% | 13.0% | |||||
| Book value per common share at period end | $10.57 | $11.13 | |||||
| Economic return on book value(3) | (2.0)% | 3.9% | |||||
| Operating expenses, excluding non-cash LTIP amortization and merger-related costs(4) | $39,391 | $43,699 | |||||
| Operating expenses, excluding non-cash LTIP amortization and merger-related costs, as a percentage of average equity(4) | 8.8% | 9.7% | |||||
(1)Earnings Available for Distribution, or EAD, is a non-GAAP measure. Please see page 11 for a definition of EAD and a reconciliation of GAAP to non-GAAP financial information.
(2)Dividend yield is calculated based on annualizing the dividends declared in the given period, divided by the closing share price as of the end of the period.
(3)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 the common book value as of the beginning of the period.
(4)Excludes non-cash equity compensation expense of $4.4 million for the first quarter of 2026 and $3.4 million for the fourth quarter of 2025 and merger-related costs of $5.6 million for the first quarter of 2026 and $4.2 million for the fourth quarter of 2025. Merger-related costs consist of expenses incurred in connection with the company’s proposed merger with CCM, as well as its terminated merger with UWM Holdings Corporation.
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