Two Harbors Investment Corp . (NYSE: TWO; NYSE MKT: TWO.WS) today announced that its board of directors has declared a quarterly dividend of $0.32 per share of common stock for the first quarter of 2013 as well as a special dividend to distribute the company’s shares of Silver Bay Realty Trust Corp. (“Silver Bay”) common stock. The company also announced certain adjustments to the terms of its outstanding warrants as a result of the special dividend of Silver Bay common stock.
First Quarter 2013 Dividend
The company’s board of directors declared a quarterly dividend of $0.32 per share of common stock for the first quarter of 2013 (the “Quarterly Dividend”). The Quarterly Dividend is payable on April 24, 2013 to common stockholders of record at the close of business on April 2, 2013. Two Harbors distributes dividends based on a number of considerations, including its current estimate of taxable earnings per common share, not GAAP earnings. Taxable and GAAP earnings are expected to differ principally because of differences in discount accretion and premium amortization, certain non-taxable unrealized and realized gains and losses on derivatives, and non-deductible general and administrative expenses.
Special Dividend of Silver Bay Common StockTwo Harbors previously announced it received 17,824,647 shares of Silver Bay common stock, par value $0.01 per share (the “Silver Bay Common Stock”), in exchange for contributing its portfolio of over 2,200 single family homes to Silver Bay concurrent with the closing of Silver Bay’s initial public offering in December of 2012. Silver Bay’s common stock is listed on the New York Stock Exchange under the symbol “SBY.” The special committee of the company’s board of directors has declared a special dividend (the “Stock Dividend”) pursuant to which the Silver Bay Common Stock will be distributed, on a pro rata basis, to Two Harbors stockholders of record at the close of business on April 2, 2013 (the “Record Date”). As of March 17, 2013, there were 300,722,420 shares of company common stock issued and outstanding.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV