$TWO
TWO HARBORS INVESTMENT CORP.

2011 Q2 Form 10-Q Financial Statement

#000146574011000063 Filed on August 04, 2011

View on sec.gov

Income Statement

Concept 2011 Q2 2010 Q2
Revenue $0.00 $9.100M
YoY Change -100.0%
Cost Of Revenue $6.600M $1.600M
YoY Change 312.5%
Gross Profit $34.20M $7.500M
YoY Change 356.0%
Gross Profit Margin 82.42%
Selling, General & Admin $2.200M $1.100M
YoY Change 100.0% -21.43%
% of Gross Profit 6.43% 14.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $2.155M $1.100M
YoY Change 95.91% -21.43%
Operating Profit $32.05M $6.400M
YoY Change 400.7% -557.14%
Interest Expense $3.863M $863.0K
YoY Change 347.62%
% of Operating Profit 12.05% 13.48%
Other Income/Expense, Net
YoY Change
Pretax Income -$6.065M $3.315M
YoY Change -282.96% -336.79%
Income Tax -$5.081M -$774.0K
% Of Pretax Income -23.35%
Net Earnings -$984.0K $4.089M
YoY Change -124.06% -434.07%
Net Earnings / Revenue 44.93%
Basic Earnings Per Share -$0.01 $0.18
Diluted Earnings Per Share -$0.01 $0.18
COMMON SHARES
Basic Shares Outstanding 77.10M shares 22.47M shares
Diluted Shares Outstanding 77.10M shares 22.47M shares

Balance Sheet

Concept 2011 Q2 2010 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $182.0M $71.00M
YoY Change 156.34% 3450.0%
Cash & Equivalents $181.9M $71.44M
Short-Term Investments
Other Short-Term Assets $1.000M
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $5.705B $93.00M
YoY Change 6034.55% 4550.0%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.523B $978.0M
YoY Change 464.72%
Other Assets $89.00M $20.00M
YoY Change 345.0% -92.28%
Total Long-Term Assets $302.8M $1.034B
YoY Change -70.71% 299.23%
TOTAL ASSETS
Total Short-Term Assets $5.705B $93.00M
Total Long-Term Assets $302.8M $1.034B
Total Assets $6.008B $1.127B
YoY Change 433.09% 331.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $8.000M $3.000M
YoY Change 166.67%
Deferred Revenue
YoY Change
Short-Term Debt $4.827B $866.0M
YoY Change 457.39%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.071B $878.0M
YoY Change 477.56% 87700.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $39.00M $22.00M
YoY Change 77.27% -71.79%
Total Long-Term Liabilities $39.00M $22.00M
YoY Change 77.27% -71.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.071B $878.0M
Total Long-Term Liabilities $39.00M $22.00M
Total Liabilities $5.110B $899.0M
YoY Change 468.45% 1037.97%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $923.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $897.6M $227.4M
YoY Change
Total Liabilities & Shareholders Equity $6.008B $1.127B
YoY Change 433.09% 331.8%

Cashflow Statement

Concept 2011 Q2 2010 Q2
OPERATING ACTIVITIES
Net Income -$984.0K $4.089M
YoY Change -124.06% -434.07%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $29.80M $6.900M
YoY Change 331.88% -1480.0%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$2.580B -$479.2M
YoY Change 438.48% 239500.0%
Cash From Investing Activities -$2.580B -$479.2M
YoY Change 438.48% 239500.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $239.2M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.430B 518.3M
YoY Change 368.9%
NET CHANGE
Cash From Operating Activities 29.80M 6.900M
Cash From Investing Activities -2.580B -479.2M
Cash From Financing Activities 2.430B 518.3M
Net Change In Cash -120.3M 46.00M
YoY Change -361.52% -6671.43%
FREE CASH FLOW
Cash From Operating Activities $29.80M $6.900M
Capital Expenditures
Free Cash Flow
YoY Change

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-right:26px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization and Operations</font></div><div style="line-height:120%;padding-right:26px;padding-top:4px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Two Harbors Investment Corp., or the Company, is a Maryland corporation focused on investing in, financing and managing residential mortgage-backed securities, or RMBS, residential mortgage loans and other financial assets. The Company is externally managed and advised by PRCM Advisers LLC, a subsidiary of Pine River Capital Management L.P., or Pine River, a global multi-strategy asset management firm. The Company's common stock is listed on the NYSE and its warrants are listed on the NYSE Amex under the symbols &#8220;TWO&#8221; and &#8220;TWO.WS,&#8221; respectively.</font></div><div style="line-height:120%;padding-right:26px;padding-top:4px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On May 18, 2011, the Company announced that it had taken the first step toward setting up a securitization issuance program by partnering with Barclays Bank PLC, or Barclays, to close on a $100 million mortgage loan warehouse facility, or Barclays facility, subject to future increase. The Barclays facility will be used to aggregate prime jumbo residential mortgage loans that the Company will acquire from select mortgage loan originators with whom the Company has chosen to build strategic relationships, including those with a nationwide presence. The Company is targeting a $250 million deal size for its initial securitization, with Barclays Capital acting as underwriter. As of June 30, 2011, the Company has neither purchased any mortgage loan assets nor established the securitization program as a distinct operational business segment. As anticipated, the Company's initiatives in the three months ended June 30, 2011 focused on establishing underwriting guidelines and originator relationships, addressing regulatory requirements and building an infrastructure to support a sustainable issuance program.</font></div><div style="line-height:120%;padding-right:26px;padding-top:4px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has elected to be treated as a real estate investment trust, or REIT, for U.S. federal income tax purposes commencing with its initial taxable period ended December&#160;31, 2009. As long as the Company continues to comply with a number of requirements under federal tax law and maintains its qualification as a REIT, the Company generally will not be subject to U.S. federal income tax to the extent that the Company distributes its taxable income to its stockholders on an annual basis and does not engage in prohibited transactions. Certain activities the Company performs may cause us to earn income which will not be qualifying income for REIT purposes. For these activities, the Company utilizes its taxable REIT subsidiaries, which are subject to U.S. federal income tax.</font></div><div style="line-height:120%;padding-right:26px;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"></br></font></div></div>
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two Payments To Acquire Trading Securities
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two Gain On Termination Of Interest Rate Swaps And Swaptions
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two Net Income Loss Before Income Taxes
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two Unrealized Gain On Interest Rate Swaps And Swaptions
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dei Amendment Flag
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false
dei Current Fiscal Year End Date
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dei Document Fiscal Period Focus
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Q2
dei Document Fiscal Year Focus
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2011
dei Document Period End Date
DocumentPeriodEndDate
2011-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
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0001465740
CY2011Q3 dei Entity Common Stock Shares Outstanding
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140583363 shares
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
TWO HARBORS INVESTMENT CORP.

Files In Submission

Name View Source Status
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0001465740-11-000063-index.html Edgar Link pending
0001465740-11-000063.txt Edgar Link pending
0001465740-11-000063-xbrl.zip Edgar Link pending
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Financial_Report.xls Edgar Link pending
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R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
two-20110630.xml Edgar Link completed
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