Two Harbors Investment Corp 9.375% Senior Notes due 2030

TWOD

Market cap $118M

Two Harbors Investment shareholders approved the merger with CrossCountry Mortgage, ending a prolonged takeover battle. TWO.PR.C preferred shares will be redeemed at $25.00 per share plus accrued dividends after the merger closes, expected by September 2026. With the arbitrage gap closed and shares trading above par, we revise our rating on TWO.PR.C to 'Hold.'

Two Harbors' baby bond TWOD offers a 9.375% coupon and trades just above par, presenting an attractive yield-to-maturity opportunity. I expect a likely CrossCountry acquisition to trigger a repurchase at $25.25 plus accrued interest, enhancing short-term returns to about 9.4% annualized. TWOD boasts a robust 11.14x common equity-to-baby bond coverage ratio, among the strongest in the mortgage REIT sector.

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LOS ANGELES, May 11, 2026 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Two Harbors Investment Corp. (“Two Harbors” or “the Company”) (NYSE: TWO) for violations of the securities laws. The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors.

Two Harbors Investment Corp. (TWO) Q1 2026 Earnings Call Transcript

CrossCountry Mortgage is set to purchase Two Harbors Investment Corp. after shareholder approvals and regulatory approvals. The estimated timeline projects a Q3 2026 completion of the merger. CrossCountry Mortgage is a private entity, hence it triggers change of control provisions.

Two Harbors Investment Corp. (TWO) Q4 2025 Earnings Call Transcript

Two Harbors is now set to be acquired by UWM Holdings. The article explores the terms of the transaction and the timing. The article goes through the TWOD debenture from Two Harbors and its terms and conditions.

Two Harbors Investment Corp. (NYSE:TWO ) Q3 2025 Earnings Call October 28, 2025 9:00 AM EDT Company Participants Margaret Field - Head of Investor Relations William Greenberg - President & CEO William Dellal - VP & Chief Financial Officer Nicholas Letica - VP & Chief Investment Officer Conference Call Participants Bose George - Keefe, Bruyette, & Woods, Inc., Research Division Douglas Harter - UBS Investment Bank, Research Division Richard Shane - JPMorgan Chase & Co, Research Division Trevor Cranston - Citizens JMP Securities, LLC, Research Division Merrill Ross - Compass Point Research & Trading, LLC, Research Division Eric Hagen - BTIG, LLC, Research Division Presentation Operator Good morning. My name is Taryn, and I will be your conference facilitator.

Two Harbors Investment baby bond offers an attractive yield of 8.88% with lower risk than common and preferred shares. TWO's strong capital buffer, high cash flow coverage, and 64% Agency MBS portfolio provide robust protection for TWOD investors. TWOD stands out in the mortgage REIT sector with one of the best equity-to-debt ratios and a stable dividend history.