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 Stock Two 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.