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History Timeline

Two Harbors' Company
History Timeline

TWO
HARBORS
INVESTMENT
CORP.
2009
Founded on October 29, 2009 with initial market capitalization ("market cap") of $124 million
Differentiated hybrid approach of investing in both Agency and non-Agency securities, as well as sophisticated hedging and risk management
2010
Steadily grew equity market cap; raised $235 million through two common stock offerings
2011
Moved common stock listing to the New York Stock Exchange ("NYSE") from the NYSE Amex
Announced plan to establish a mortgage loan securitization program
Identified an opportunity to begin investing in single family residential properties, holding the properties for investment and renting them for income
2012
Formed a new publicly traded REIT, Silver Bay Realty Trust Corp. ("Silver Bay"); contributed portfolio of singlefamily residential homes to Silver Bay in conjunction with its initial public offering in December 2012
Acquired mortgage loans held-for-sale with a carrying value of $58.6 million, with future intention to securitize these loans and/or exit through a whole loan sale
2013
Distributed 17.8 million shares of Silver Bay common stock to Two Harbors' stockholders; worth approximately $1.88 per share
Closed on the purchase of Matrix Financial Services Corporation, a servicer with approvals to hold and manage mortgage servicing rights (MSR)
Completed first bulk acquisition of MSR and initiated first MSR flow-sale arrangement
Announced membership in the Federal Home Loan Bank ("FHLB") of Des Moines, providing a diversified funding source
2014
5th Anniversary
of Two Harbors
  • $16 billion portfolio
  • $4.1 billion total stockholders' equity
  • 125% total stockholder return since inception
Expanded operational businesses; completed three securitizations and continued to build MSR flow seller network
Launched commercial real estate ("CRE") initiative with initial capital commitment of $500 million of equity capital
2015
Sponsored seven securitizations backed by prime jumbo residential mortgage loans
Advanced commercial strategy, adding senior and mezzanine CRE assets
Added six flow-sale MSR relationships and completed four bulk MSR acquisitions
2016
Completed strategic review of company; discontinued mortgage loan conduit to reduce costs and complexity
Continued to increase capital allocated to CRE strategy; aggregate portfolio carrying value at December 31, 2016 of $1.4 billion
Added $32.0 billion in unpaid principal balance (UPB) of MSR through bulk and flowsale acquisitions; portfolio fair market value of $693.8 million at December 31, 2016
2017
Formed new publicly traded REIT, Granite Point Mortgage Trust, Inc. (NYSE: GPMT) ("Granite Point") to continue and expand on our CRE business
Distributed approximately 33.1 million shares of Granite Point common stock to Two Harbors common stockholders; worth approximately $3.67 per common share
Enhanced balance sheet and capital stricture through one convertible debt and three preferred stock offerings
2018
Acquired CYS Investments, Inc. (NYSE: CYS), growing our market cap and equity base, increasing the liquidity of our stock and driving expenses lower
Added $75.9 billion UPB of MSR through bulk and flow-sale acquisitions, growing portfolio by 60% yearover-year
2019
10th Anniversary
of Two Harbors
  • $41.0 billion portfolio
  • $5.0 billion total stockholders' equity
  • 256% total stockholders' return since inception
  • 10.4% book value growth since inception, compared to peer average of (28.1%)
Grew MSR investments through both bulk and flow-sale acquisition; portfolio fair market value of $1.9 billion as of December 31, 2019
Enhanced financing for MSR through $400 million securitization of 5-year term notes