2013 Q4 Form 10-Q Financial Statement

#000146574013000076 Filed on November 06, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $137.5M $138.0M $126.3M
YoY Change 0.09% 9.24%
Cost Of Revenue $41.80M $40.00M $29.70M
YoY Change 21.87% 34.68% 147.5%
Gross Profit $257.7M -$160.7M $96.60M
YoY Change 149.95% -266.36% 73.43%
Gross Profit Margin 187.48% -116.47% 76.48%
Selling, General & Admin $9.200M
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.300M $169.0K $54.00K
YoY Change 212.96%
% of Gross Profit 0.5% 0.06%
Operating Expenses $12.40M $10.02M $3.954M
YoY Change 100.0% 153.34% 38.74%
Operating Profit $245.3M -$170.7M $92.65M
YoY Change 153.15% -284.27% 75.3%
Interest Expense $26.92M $24.93M $20.74M
YoY Change 10.48% 20.17% 187.38%
% of Operating Profit 10.98% 22.39%
Other Income/Expense, Net
YoY Change
Pretax Income $245.3M -$169.9M $21.64M
YoY Change 42.86% -884.92% -66.18%
Income Tax $6.602M $23.73M -$7.834M
% Of Pretax Income 2.69% -36.2%
Net Earnings $239.4M -$192.7M $26.80M
YoY Change 26.47% -819.03% -50.92%
Net Earnings / Revenue 174.16% -139.66% 21.22%
Basic Earnings Per Share $0.66 -$0.53 $0.10
Diluted Earnings Per Share $0.66 -$0.53 $0.10
COMMON SHARES
Basic Shares Outstanding 364.4M shares 365.1M shares 270.0M shares
Diluted Shares Outstanding 365.2M shares 270.9M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.025B $723.0M $834.0M
YoY Change 24.85% -13.31% 103.41%
Cash & Equivalents $1.025B $723.2M $833.6M
Short-Term Investments
Other Short-Term Assets $2.000M $1.000M $1.000M
YoY Change 100.0% 0.0%
Inventory
Prepaid Expenses
Receivables $50.00M
Other Receivables $28.00M
Total Short-Term Assets $1.105B $821.0M $869.0M
YoY Change 23.05% -5.52% -89.59%
LONG-TERM ASSETS
Property, Plant & Equipment $1.427M $1.398M $569.0K
YoY Change 82.25% 145.69%
Goodwill
YoY Change
Intangibles $533.0K $1.600M
YoY Change
Long-Term Investments $15.11B $15.04B $16.18B
YoY Change 0.3% -7.05% 103.78%
Other Assets $402.0M $678.0M $274.0M
YoY Change 15.85% 147.45% 67.07%
Total Long-Term Assets $16.07B $16.33B $17.00B
YoY Change 0.96% -3.9% 3518.9%
TOTAL ASSETS
Total Short-Term Assets $1.105B $821.0M $869.0M
Total Long-Term Assets $16.07B $16.33B $17.00B
Total Assets $17.17B $17.15B $17.86B
YoY Change 2.14% -3.98% 102.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $20.03M $17.33M $30.00M
YoY Change 50.62% -42.23% 130.77%
Deferred Revenue
YoY Change
Short-Term Debt $12.25B $12.15B $14.03B
YoY Change -2.97% -13.41% 92.22%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.61B $12.62B $14.34B
YoY Change -4.72% -11.98% 92.07%
LONG-TERM LIABILITIES
Long-Term Debt $640.0M $649.0M $0.00
YoY Change
Other Long-Term Liabilities $29.00M $79.00M $132.0M
YoY Change -77.52% -40.15% 186.96%
Total Long-Term Liabilities $669.0M $728.0M $132.0M
YoY Change 418.6% 451.52% 186.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.61B $12.62B $14.34B
Total Long-Term Liabilities $669.0M $728.0M $132.0M
Total Liabilities $13.32B $13.38B $14.47B
YoY Change -0.33% -7.55% 92.68%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $3.649M $3.644M $2.954M
YoY Change 22.12% 23.36% 110.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.855B $3.773B $3.391B
YoY Change
Total Liabilities & Shareholders Equity $17.17B $17.15B $17.86B
YoY Change 2.14% -3.98% 102.57%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $239.4M -$192.7M $26.80M
YoY Change 26.47% -819.03% -50.92%
Depreciation, Depletion And Amortization $1.300M $169.0K $54.00K
YoY Change 212.96%
Cash From Operating Activities $48.40M $179.8M $77.80M
YoY Change 48300.0% 131.11% 70.61%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $358.9M $2.622B -$4.041B
YoY Change -75.51% -164.9% 47.58%
Cash From Investing Activities $358.9M $2.622B -$4.041B
YoY Change -75.51% -164.9% 47.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $774.0M $600.3M
YoY Change 28.94% 22.46%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -105.0M -2.996B 4.300B
YoY Change -92.9% -169.68% 47.24%
NET CHANGE
Cash From Operating Activities 48.40M 179.8M 77.80M
Cash From Investing Activities 358.9M 2.622B -4.041B
Cash From Financing Activities -105.0M -2.996B 4.300B
Net Change In Cash 302.3M -194.1M 336.9M
YoY Change -2518.4% -157.61% 47.76%
FREE CASH FLOW
Cash From Operating Activities $48.40M $179.8M $77.80M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;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-top:4px;text-align:left;text-indent:18px;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, or PRCM Advisers, which is a subsidiary of Pine River Capital Management L.P., or Pine River, a global multi-strategy asset management firm. The Company&#8217;s common stock is listed on the NYSE and its warrants are listed on the NYSE MKT under the symbols &#8220;TWO&#8221; and &#8220;TWO.WS,&#8221; respectively.</font></div><div style="line-height:120%;padding-top:4px;text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company was incorporated on May 21, 2009 and commenced operations as a publicly traded company on October 28, 2009, upon completion of a merger with Capitol Acquisition Corp., or Capitol, which became a wholly owned indirect subsidiary as a result of the merger.</font></div><div style="line-height:120%;padding-top:4px;text-align:left;text-indent:18px;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, as defined under the Internal Revenue Code of 1986, as amended, or the Code, for U.S. federal income tax purposes commencing with its initial taxable period ended December 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 taxes to the extent that the Company distributes its taxable income to its stockholders on an annual basis and does not engage in prohibited transactions. However, certain activities that the Company may perform may cause it to earn income which will not be qualifying income for REIT purposes. The Company has designated certain of its subsidiaries as taxable REIT subsidiaries, or TRSs, as defined in the Code, to engage in such activities, and the Company may in the future form additional TRSs.</font></div><div style="line-height:120%;padding-top:4px;text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On December 19, 2012, the Company completed the contribution of its portfolio of single-family rental properties to Silver Bay Realty Trust Corp., or Silver Bay, a newly organized Maryland corporation intended to qualify as a REIT and focused on the acquisition, renovation, leasing and management of single-family residential properties for rental income and long-term capital appreciation. The Company contributed its equity interests in its wholly owned subsidiary, Two Harbors Property Investment LLC, to Silver Bay, and in exchange for its contribution, received shares of common stock of Silver Bay. Silver Bay completed its initial public offering, or IPO, of its common stock on December 19, 2012. Because the Company will not have any significant continuing involvement in Two Harbors Property Investment LLC, all of the associated operating results were removed from continuing operations and are presented separately as discontinued operations for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three and nine months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;font-weight:normal;text-decoration:none;">September&#160;30, 2013</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2012</font><font style="font-family:inherit;font-size:10pt;">. See Note 4 - </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Discontinued Operations</font><font style="font-family:inherit;font-size:10pt;"> for additional information.</font></div><div style="line-height:120%;padding-top:4px;text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On April 30, 2013, one of the Company&#8217;s wholly owned subsidiaries acquired a company that has seller-servicer approvals from the Federal National Mortgage Association, or Fannie Mae, the Federal Home Loan Mortgage Corporation, or Freddie Mac, and the Government National Mortgage Association, or Ginnie Mae, to hold and manage mortgage servicing rights, or MSRs. The MSRs acquired in conjunction with the acquisition of this entity and those subsequently purchased represent the right to service mortgage loans. The Company and its subsidiaries do not originate or directly service mortgage loans, and instead contract with fully licensed subservicers to handle all servicing functions for the loans underlying the Company&#8217;s MSRs. See Note 13 - </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Other Assets </font><font style="font-family:inherit;font-size:10pt;">for additional information.</font></div></div>
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StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
175725000 USD
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
102276000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1362555000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
763384000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
474000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
462000 USD
CY2011Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
10000000 shares
CY2013Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
25000000 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
2450700 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
-23894000 USD
CY2012Q4 us-gaap Stockholders Equity
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3450577000 USD
CY2013Q3 us-gaap Stockholders Equity
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3773053000 USD
CY2012Q3 us-gaap Stockholders Equity
StockholdersEquity
3391476000 USD
CY2011Q4 us-gaap Stockholders Equity
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1270086000 USD
CY2012Q4 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
0 USD
CY2013Q3 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
2356000 USD
CY2013Q3 us-gaap Trading Activity Gains And Losses Net
TradingActivityGainsAndLossesNet
-34976000 USD
CY2012Q3 us-gaap Trading Activity Gains And Losses Net
TradingActivityGainsAndLossesNet
-73018000 USD
us-gaap Trading Activity Gains And Losses Net
TradingActivityGainsAndLossesNet
-166732000 USD
us-gaap Trading Activity Gains And Losses Net
TradingActivityGainsAndLossesNet
269428000 USD
CY2012Q4 us-gaap Trading Securities
TradingSecurities
1002062000 USD
CY2013Q3 us-gaap Trading Securities
TradingSecurities
1000625000 USD
CY2013Q3 us-gaap Trading Securities Cost
TradingSecuritiesCost
995755000 USD
us-gaap Trading Securities Realized Gain Loss
TradingSecuritiesRealizedGainLoss
3100000 USD
us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
-179000 USD
CY2013Q3 us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
1380000 USD
us-gaap Transfer Of Loans Held For Sale To Portfolio Loans1
TransferOfLoansHeldForSaleToPortfolioLoans1
413848000 USD
us-gaap Transfer Of Loans Held For Sale To Portfolio Loans1
TransferOfLoansHeldForSaleToPortfolioLoans1
0 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-79553000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
5889000 USD
CY2013Q3 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
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808647000 USD
CY2012Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
0 USD
CY2013Q3 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
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652227000 USD
CY2012Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
0 USD
CY2012Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
932748 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
840747 shares
CY2013Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
109225 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
310916 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
224369678 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
365166992 shares
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
270937960 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
346370358 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
270005212 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
345529611 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
365057767 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
224058762 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
43344 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
32709 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
1024979 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
483599 shares
CY2013Q3 two Agency To Be Announced Securities Categoized As Level1 Assets Liabilities
AgencyToBeAnnouncedSecuritiesCategoizedAsLevel1AssetsLiabilities
1.00
CY2013Q3 two Assets Reported At Fair Value Available For Sale Securities
AssetsReportedAtFairValueAvailableForSaleSecurities
0.812
CY2013Q3 two Assets Reported At Fair Value Trading Securities
AssetsReportedAtFairValueTradingSecurities
0.064
CY2012Q4 two Assets Sold Under Agreements To Repurchase Weighted Average Borrowing Rate Excluding Us Treasuries And Interest Rate Swaps
AssetsSoldUnderAgreementsToRepurchaseWeightedAverageBorrowingRateExcludingUSTreasuriesAndInterestRateSwaps
0.0076
CY2013Q3 two Assets Sold Under Agreements To Repurchase Weighted Average Borrowing Rate Excluding Us Treasuries And Interest Rate Swaps
AssetsSoldUnderAgreementsToRepurchaseWeightedAverageBorrowingRateExcludingUSTreasuriesAndInterestRateSwaps
0.0071
CY2013Q3 two Assets Sold Under Agreements To Repurchase Weighted Average Remaining Maturity Excluding Us Treasuries And Interest Rate Swaps
AssetsSoldUnderAgreementsToRepurchaseWeightedAverageRemainingMaturityExcludingUSTreasuriesAndInterestRateSwaps
76
CY2012Q4 two Assets Sold Under Agreements To Repurchase Weighted Average Remaining Maturity Excluding Us Treasuries And Interest Rate Swaps
AssetsSoldUnderAgreementsToRepurchaseWeightedAverageRemainingMaturityExcludingUSTreasuriesAndInterestRateSwaps
85
CY2013Q3 two At Market Offering Number Of Shares Authorized To Be Sold
AtMarketOfferingNumberOfSharesAuthorizedToBeSold
20000000 shares
CY2013Q3 two Avaialble For Sale Securities Categorized As Level2 Assets
AvaialbleForSaleSecuritiesCategorizedAsLevel2Assets
1.00
CY2012Q4 two Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Unrealized Losses
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerUnrealizedLosses
-9628000 USD
CY2013Q3 two Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Unrealized Losses
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerUnrealizedLosses
-29009000 USD
CY2012Q4 two Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Unrealized Losses
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsUnrealizedLosses
-18610000 USD
CY2013Q3 two Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Unrealized Losses
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsUnrealizedLosses
-151442000 USD
CY2012Q4 two Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Number Of Positions
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsNumberOfPositions
250
CY2013Q3 two Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Number Of Positions
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsNumberOfPositions
493
CY2013Q3 two Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Number Of Positions
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerNumberOfPositions
64
CY2012Q4 two Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Number Of Positions
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerNumberOfPositions
47
CY2012Q4 two Available For Sale Securities Continuous Unrealized Loss Position Unrealized Losses
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionUnrealizedLosses
-28238000 USD
CY2013Q3 two Available For Sale Securities Continuous Unrealized Loss Position Unrealized Losses
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionUnrealizedLosses
-180451000 USD
CY2013Q3 two Available For Sale Securities Gross Realized Gains Losses Amortized Cost Sold
AvailableForSaleSecuritiesGrossRealizedGainsLossesAmortizedCostSold
3304872000 USD
two Available For Sale Securities Gross Realized Gains Losses Amortized Cost Sold
AvailableForSaleSecuritiesGrossRealizedGainsLossesAmortizedCostSold
4219860000 USD
CY2013Q3 two Available For Sale Securities Interest Only
AvailableForSaleSecuritiesInterestOnly
89080000 USD
CY2012Q4 two Available For Sale Securities Interest Only
AvailableForSaleSecuritiesInterestOnly
77342000 USD
CY2012Q4 two Available For Sale Securities Number Of Positions
AvailableForSaleSecuritiesNumberOfPositions
1493
CY2013Q3 two Available For Sale Securities Number Of Positions
AvailableForSaleSecuritiesNumberOfPositions
1453
CY2013Q3 two Available For Sale Securities Weighted Average Cumulative Losses
AvailableForSaleSecuritiesWeightedAverageCumulativeLosses
0.078
CY2013Q3 two Available For Sale Securities Weighted Average Fico Score
AvailableForSaleSecuritiesWeightedAverageFicoScore
629
CY2013Q3 two Available For Sale Securities Weighted Average Three Month Prepayment Speed
AvailableForSaleSecuritiesWeightedAverageThreeMonthPrepaymentSpeed
0.043
CY2013Q3 two Availableforsale Securities Continuous Unrealized Loss Position Lessthan Twelve Months Percent Agency
AvailableforsaleSecuritiesContinuousUnrealizedLossPositionLessthanTwelveMonthsPercentAgency
0.945
CY2012Q4 two Availableforsale Securities Continuous Unrealized Loss Position Lessthan Twelve Months Percent Agency
AvailableforsaleSecuritiesContinuousUnrealizedLossPositionLessthanTwelveMonthsPercentAgency
0.958
two Cashless Warrants Exercised During Period
CashlessWarrantsExercisedDuringPeriod
100000 shares
CY2013Q3 two Collateralized Borrowings In Securitization Trust Categorized As Level2 Liabilities
CollateralizedBorrowingsInSecuritizationTrustCategorizedAsLevel2Liabilities
1.00
CY2013Q1 two Common Stock Shares Issued Pursuant To Underwriters Over Allotments
CommonStockSharesIssuedPursuantToUnderwritersOverAllotments
7500000 shares
two Directors And Officers Insurance Expense
DirectorsAndOfficersInsuranceExpense
493000 USD
CY2012Q3 two Directors And Officers Insurance Expense
DirectorsAndOfficersInsuranceExpense
204000 USD
two Directors And Officers Insurance Expense
DirectorsAndOfficersInsuranceExpense
603000 USD
CY2013Q3 two Directors And Officers Insurance Expense
DirectorsAndOfficersInsuranceExpense
201000 USD
CY2012Q4 two Discontinued Operation Future Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationFutureGainLossOnDisposalOfDiscontinuedOperationNetOfTax
4000000 USD
CY2013Q3 two Disposal Group Including Discontinued Operation Management Fees
DisposalGroupIncludingDiscontinuedOperationManagementFees
0 USD
CY2012Q3 two Disposal Group Including Discontinued Operation Management Fees
DisposalGroupIncludingDiscontinuedOperationManagementFees
804000 USD
two Disposal Group Including Discontinued Operation Management Fees
DisposalGroupIncludingDiscontinuedOperationManagementFees
804000 USD
two Disposal Group Including Discontinued Operation Management Fees
DisposalGroupIncludingDiscontinuedOperationManagementFees
0 USD
CY2012Q3 two Disposal Group Including Discontinued Operation Real Estate Related Expenses
DisposalGroupIncludingDiscontinuedOperationRealEstateRelatedExpenses
1786000 USD
two Disposal Group Including Discontinued Operation Real Estate Related Expenses
DisposalGroupIncludingDiscontinuedOperationRealEstateRelatedExpenses
0 USD
two Disposal Group Including Discontinued Operation Real Estate Related Expenses
DisposalGroupIncludingDiscontinuedOperationRealEstateRelatedExpenses
1984000 USD
CY2013Q3 two Disposal Group Including Discontinued Operation Real Estate Related Expenses
DisposalGroupIncludingDiscontinuedOperationRealEstateRelatedExpenses
0 USD
two Disposal Group Including Discontinued Operation Total Expenses
DisposalGroupIncludingDiscontinuedOperationTotalExpenses
3709000 USD
CY2013Q3 two Disposal Group Including Discontinued Operation Total Expenses
DisposalGroupIncludingDiscontinuedOperationTotalExpenses
0 USD
CY2012Q3 two Disposal Group Including Discontinued Operation Total Expenses
DisposalGroupIncludingDiscontinuedOperationTotalExpenses
3395000 USD
two Disposal Group Including Discontinued Operation Total Expenses
DisposalGroupIncludingDiscontinuedOperationTotalExpenses
-138000 USD
two Distribution Of Special Dividend
DistributionOfSpecialDividend
343481000 USD
two Distribution Of Special Dividend
DistributionOfSpecialDividend
0 USD
CY2013Q3 two Distribution Ratio Of Special Dividend Declared
DistributionRatioOfSpecialDividendDeclared
0.048825853
CY2012Q4 two Equity Securities
EquitySecurities
335638000 USD
CY2013Q3 two Equity Securities
EquitySecurities
0 USD
CY2012Q4 two Equity Securities Cost Basis
EquitySecuritiesCostBasis
329756000 USD
CY2012Q4 two Equity Securities Gross Unrealized Gain Loss
EquitySecuritiesGrossUnrealizedGainLoss
5882000 USD
CY2012Q4 two Equity Securities Shares
EquitySecuritiesShares
17824647 shares
two Equity Securities Unrealized Gain Loss
EquitySecuritiesUnrealizedGainLoss
-5882000 USD
two Fair Value Option Total Included In Net Income
FairValueOptionTotalIncludedInNetIncome
376000 USD
two Fair Value Option Total Included In Net Income
FairValueOptionTotalIncludedInNetIncome
40186000 USD
CY2013Q3 two Fair Value Option Total Included In Net Income
FairValueOptionTotalIncludedInNetIncome
16152000 USD
CY2012Q3 two Fair Value Option Total Included In Net Income
FairValueOptionTotalIncludedInNetIncome
178000 USD
two Gain Loss On Interest Rate Swap And Swaption Agreements
GainLossOnInterestRateSwapAndSwaptionAgreements
223388000 USD
CY2012Q3 two Gain Loss On Interest Rate Swap And Swaption Agreements
GainLossOnInterestRateSwapAndSwaptionAgreements
-76472000 USD
CY2013Q3 two Gain Loss On Interest Rate Swap And Swaption Agreements
GainLossOnInterestRateSwapAndSwaptionAgreements
-55410000 USD
two Gain Loss On Interest Rate Swap And Swaption Agreements
GainLossOnInterestRateSwapAndSwaptionAgreements
-153679000 USD
two Gain Loss On Mortgage Loans
GainLossOnMortgageLoans
592000 USD
CY2012Q3 two Gain Loss On Mortgage Loans
GainLossOnMortgageLoans
613000 USD
two Gain Loss On Mortgage Loans
GainLossOnMortgageLoans
-25262000 USD
CY2013Q3 two Gain Loss On Mortgage Loans
GainLossOnMortgageLoans
-4443000 USD
two Gain On Termination Of Interest Rate Swaps And Swaptions
GainOnTerminationOfInterestRateSwapsAndSwaptions
-26084000 USD
two Gain On Termination Of Interest Rate Swaps And Swaptions
GainOnTerminationOfInterestRateSwapsAndSwaptions
-21904000 USD
CY2013Q3 two Gain On Termination Of Interest Rate Swaps And Swaptions
GainOnTerminationOfInterestRateSwapsAndSwaptions
40770000 USD
two Gross Asset Management Costs Before Reduction
GrossAssetManagementCostsBeforeReduction
33727000 USD
CY2013Q3 two Gross Asset Management Costs Before Reduction
GrossAssetManagementCostsBeforeReduction
12036000 USD
two Increase Decreasein Servicing Advances
IncreaseDecreaseinServicingAdvances
5368000 USD
two Increase Decreasein Servicing Advances
IncreaseDecreaseinServicingAdvances
0 USD
CY2012Q4 two Initial Public Offering Of Silver Bay Common Stock Price Per Share
InitialPublicOfferingOfSilverBayCommonStockPricePerShare
18.50
two Interest Expense On Interest Rate Swap And Swaption Agreements
InterestExpenseOnInterestRateSwapAndSwaptionAgreements
-48490000 USD
CY2013Q3 two Interest Expense On Interest Rate Swap And Swaption Agreements
InterestExpenseOnInterestRateSwapAndSwaptionAgreements
-15079000 USD
CY2013Q3 two Interest Rate Swaps Swaptions And Credit Default Swaps Categorized As Level2 Assets Liabilities
InterestRateSwapsSwaptionsAndCreditDefaultSwapsCategorizedAsLevel2AssetsLiabilities
1.00
CY2013Q3 two Inverse Interest Only Securities Accrued Interest
InverseInterestOnlySecuritiesAccruedInterest
3069000 USD
CY2013Q3 two Inverse Interest Only Securities Categorized As Level2 Assets
InverseInterestOnlySecuritiesCategorizedAsLevel2Assets
1.00
CY2012Q4 two Investment In Common Stock Of Silver Bay Ownership Percentage
InvestmentInCommonStockOfSilverBayOwnershipPercentage
0.477
CY2012Q4 two Loans Held For Sale Mortgages Fair Value Adjustment
LoansHeldForSaleMortgagesFairValueAdjustment
1631000 USD
CY2013Q3 two Loans Held For Sale Mortgages Fair Value Adjustment
LoansHeldForSaleMortgagesFairValueAdjustment
-128883000 USD
CY2012Q4 two Loans Held For Sale Mortgages Unpaid Principal
LoansHeldForSaleMortgagesUnpaidPrincipal
56976000 USD
CY2013Q3 two Loans Held For Sale Mortgages Unpaid Principal
LoansHeldForSaleMortgagesUnpaidPrincipal
688620000 USD
two Loans Receivable Heldforsale Reconciliationto Cash Flow Sales
LoansReceivableHeldforsaleReconciliationtoCashFlowSales
-25404000 USD
two Loans Receivable Heldforsale Reconciliationto Cash Flow Sales
LoansReceivableHeldforsaleReconciliationtoCashFlowSales
0 USD
two Loans Receivable Heldforsale Reconciliationto Cash Flow Transfersto Heldforinvestment
LoansReceivableHeldforsaleReconciliationtoCashFlowTransferstoHeldforinvestment
0 USD
two Loans Receivable Heldforsale Reconciliationto Cash Flow Transfersto Heldforinvestment
LoansReceivableHeldforsaleReconciliationtoCashFlowTransferstoHeldforinvestment
-413848000 USD
two Loss On Termination Of Credit Default Swaps
LossOnTerminationOfCreditDefaultSwaps
-22290000 USD
CY2013Q3 two Loss On Termination Of Credit Default Swaps
LossOnTerminationOfCreditDefaultSwaps
-9937000 USD
two Management Fee Percent
ManagementFeePercent
0.015
CY2012Q4 two Mortgage Loans Held For Invesment Unpaid Principal
MortgageLoansHeldForInvesmentUnpaidPrincipal
0 USD
CY2013Q3 two Mortgage Loans Held For Invesment Unpaid Principal
MortgageLoansHeldForInvesmentUnpaidPrincipal
825285000 USD
CY2013Q3 two Mortgage Loans Held For Investment Categorized As Level2 Assets
MortgageLoansHeldForInvestmentCategorizedAsLevel2Assets
1.00
CY2012Q4 two Mortgage Loans Held For Investment Fair Value Adjustment
MortgageLoansHeldForInvestmentFairValueAdjustment
0 USD
CY2013Q3 two Mortgage Loans Held For Investment Fair Value Adjustment
MortgageLoansHeldForInvestmentFairValueAdjustment
-20297000 USD
CY2013Q3 two Mortgage Loans Held For Sale Categorized As Level2 Assets
MortgageLoansHeldForSaleCategorizedAsLevel2Assets
0.214
CY2013Q3 two Mortgage Loans Held For Sale Categorized As Level3 Assets
MortgageLoansHeldForSaleCategorizedAsLevel3Assets
0.786
CY2013Q3 two Termination Of Interest Rate Swaps And Swaptions Notional Amount
TerminationOfInterestRateSwapsAndSwaptionsNotionalAmount
8058000000 USD
CY2013Q3 two Mortgage Servicing Rights Categorized As Level3 Assets
MortgageServicingRightsCategorizedAsLevel3Assets
1.00
CY2013Q3 two Mortgage Servicing Rights Numberof Loans
MortgageServicingRightsNumberofLoans
14000 unit
CY2013Q3 two Mortgage Servicing Rights Unpaid Principal
MortgageServicingRightsUnpaidPrincipal
1700000000 USD
two Other Than Temporary Impairment Losses Investments Number Available For Sale Securities
OtherThanTemporaryImpairmentLossesInvestmentsNumberAvailableForSaleSecurities
4
two Other Than Temporary Impairment Losses Investments Number Available For Sale Securities
OtherThanTemporaryImpairmentLossesInvestmentsNumberAvailableForSaleSecurities
31
two Payments To Acquire Trading Securities
PaymentsToAcquireTradingSecurities
-995625000 USD
two Payments To Acquire Trading Securities
PaymentsToAcquireTradingSecurities
-996016000 USD
two Proceeds From Issuance Of Common Stock Net
ProceedsFromIssuanceOfCommonStockNet
762900000 USD
two Proceeds From Sales Of Trading Securities
ProceedsFromSalesOfTradingSecurities
1000946000 USD
two Proceeds From Sales Of Trading Securities
ProceedsFromSalesOfTradingSecurities
1001904000 USD
CY2012Q4 two Reduction Of Future Management Fees
ReductionOfFutureManagementFees
4300000 USD
two Reduction Of Mangement Fees
ReductionOfMangementFees
-4340000 USD
CY2012Q4 two Restricted Cash And Cash Equivalents Held By Broker And Repurchase Counterparties
RestrictedCashAndCashEquivalentsHeldByBrokerAndRepurchaseCounterparties
301976000 USD
CY2013Q3 two Restricted Cash And Cash Equivalents Held By Broker And Repurchase Counterparties
RestrictedCashAndCashEquivalentsHeldByBrokerAndRepurchaseCounterparties
677982000 USD
CY2013Q3 two Restricted Cash And Cash Equivalents Held By Broker Counterparties For Derivatives Trading Activity
RestrictedCashAndCashEquivalentsHeldByBrokerCounterpartiesForDerivativesTradingActivity
409340000 USD
CY2012Q4 two Restricted Cash And Cash Equivalents Held By Broker Counterparties For Derivatives Trading Activity
RestrictedCashAndCashEquivalentsHeldByBrokerCounterpartiesForDerivativesTradingActivity
208669000 USD
CY2012Q4 two Restricted Cash And Cash Equivalents Held By Broker Counterparties For Securities Trading Activity
RestrictedCashAndCashEquivalentsHeldByBrokerCounterpartiesForSecuritiesTradingActivity
9000000 USD
CY2013Q3 two Restricted Cash And Cash Equivalents Held By Broker Counterparties For Securities Trading Activity
RestrictedCashAndCashEquivalentsHeldByBrokerCounterpartiesForSecuritiesTradingActivity
9000000 USD
CY2012Q4 two Restricted Cash And Cash Equivalents Held By Repurchase Counterparties As Restricted Collateral
RestrictedCashAndCashEquivalentsHeldByRepurchaseCounterpartiesAsRestrictedCollateral
84307000 USD
CY2013Q3 two Restricted Cash And Cash Equivalents Held By Repurchase Counterparties As Restricted Collateral
RestrictedCashAndCashEquivalentsHeldByRepurchaseCounterpartiesAsRestrictedCollateral
259642000 USD
CY2013Q3 two Retained Earnings
RetainedEarnings
788983000 USD
CY2012Q4 two Retained Earnings
RetainedEarnings
449358000 USD
two Termination Of Interest Rate Swaps And Swaptions Interest Spread Settlement
TerminationOfInterestRateSwapsAndSwaptionsInterestSpreadSettlement
-27421000 USD
CY2013Q3 two Securities Sold Under Agreements To Repuchase Long Term
SecuritiesSoldUnderAgreementsToRepuchaseLongTerm
200000000 USD
CY2012Q4 two Securities Sold Under Agreements To Repuchase Long Term
SecuritiesSoldUnderAgreementsToRepuchaseLongTerm
200000000 USD
CY2013Q3 two Securities Sold Under Agreements To Repurchase Short Term
SecuritiesSoldUnderAgreementsToRepurchaseShortTerm
11952065000 USD
CY2012Q4 two Securities Sold Under Agreements To Repurchase Short Term
SecuritiesSoldUnderAgreementsToRepurchaseShortTerm
12424510000 USD
CY2012Q3 two Securitization Deal Costs
SecuritizationDealCosts
0 USD
two Securitization Deal Costs
SecuritizationDealCosts
0 USD
CY2013Q3 two Securitization Deal Costs
SecuritizationDealCosts
2125000 USD
two Securitization Deal Costs
SecuritizationDealCosts
4153000 USD
CY2013Q3 two Stock Issued And Outstanding Shares At Market Offering
StockIssuedAndOutstandingSharesAtMarketOffering
7585869 shares
CY2013Q3 two Stock Issued And Outstanding Shares Dividend Reinvestment Plan
StockIssuedAndOutstandingSharesDividendReinvestmentPlan
138036 shares
CY2013Q3 two Stock Issued And Outstanding Value At Market Offering
StockIssuedAndOutstandingValueAtMarketOffering
77603000 USD
CY2013Q3 two Stock Issued And Outstanding Value Dividend Reinvestment Plan
StockIssuedAndOutstandingValueDividendReinvestmentPlan
1508000 USD
two Stock Issued During Period Shares Cashless Exercise Of Warrant
StockIssuedDuringPeriodSharesCashlessExerciseOfWarrant
6351 shares
two Stock Issued During Period Shares Cashless Exercise Of Warrants Forfeited
StockIssuedDuringPeriodSharesCashlessExerciseOfWarrantsForfeited
93649 shares
CY2012 two Stock Repurchase Program Number Of Additional Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfAdditionalSharesAuthorizedToBeRepurchased
15000000 shares
CY2012Q3 two Subservicing Expense
SubservicingExpense
0 USD
CY2013Q3 two Subservicing Expense
SubservicingExpense
862000 USD
two Subservicing Expense
SubservicingExpense
1169000 USD
two Subservicing Expense
SubservicingExpense
0 USD
two Termination Of Credit Default Swaps Interest Spread Settlement
TerminationOfCreditDefaultSwapsInterestSpreadSettlement
-504000 USD
two Termination Of Credit Default Swaps Notional Amount
TerminationOfCreditDefaultSwapsNotionalAmount
985000000 USD
CY2013Q3 two Termination Of Credit Default Swaps Notional Amount
TerminationOfCreditDefaultSwapsNotionalAmount
870000000 USD
CY2013Q3 two Termination Of Credit Default Swaps Number Of Positions
TerminationOfCreditDefaultSwapsNumberOfPositions
8
two Termination Of Credit Default Swaps Number Of Positions
TerminationOfCreditDefaultSwapsNumberOfPositions
13
CY2013Q3 two Termination Of Interest Rate Swaps And Swaptions Interest Spread Settlement
TerminationOfInterestRateSwapsAndSwaptionsInterestSpreadSettlement
-10256000 USD
two Termination Of Interest Rate Swaps And Swaptions Notional Amount
TerminationOfInterestRateSwapsAndSwaptionsNotionalAmount
16518000000 USD
two Termination Of Interest Rate Swaps And Swaptions Number Of Positions
TerminationOfInterestRateSwapsAndSwaptionsNumberOfPositions
107
CY2013Q3 two Termination Of Interest Rate Swaps And Swaptions Number Of Positions
TerminationOfInterestRateSwapsAndSwaptionsNumberOfPositions
35
two Trading Securities Amortized Cost Sold
TradingSecuritiesAmortizedCostSold
997900000 USD
CY2013Q3 two Trading Securities Categorized As Level1 Assets
TradingSecuritiesCategorizedAsLevel1Assets
1.00
CY2012Q4 two Trading Securities Gross Unrealized Gain Loss
TradingSecuritiesGrossUnrealizedGainLoss
5066000 USD
CY2013Q3 two Trading Securities Gross Unrealized Gain Loss
TradingSecuritiesGrossUnrealizedGainLoss
4870000 USD
two Unrealized Gain Losson Mortgage Servicing Rights
UnrealizedGainLossonMortgageServicingRights
816000 USD
two Unrealized Gain Losson Mortgage Servicing Rights
UnrealizedGainLossonMortgageServicingRights
0 USD
two Unrealized Gain On Interest Rate Swaps And Swaptions
UnrealizedGainOnInterestRateSwapsAndSwaptions
-104506000 USD
two Unrealized Gain On Interest Rate Swaps And Swaptions
UnrealizedGainOnInterestRateSwapsAndSwaptions
293783000 USD
CY2013Q2 two Warrants Exercised During Period
WarrantsExercisedDuringPeriod
8720690 shares
CY2013Q3 two Warrants Exercised During Period
WarrantsExercisedDuringPeriod
619370 shares
two Weighted Average Number Of Shares Outstanding
WeightedAverageNumberOfSharesOutstanding
345046012 shares
CY2013Q3 two Weighted Average Number Of Shares Outstanding
WeightedAverageNumberOfSharesOutstanding
364032788 shares
two Weighted Average Number Of Shares Outstanding
WeightedAverageNumberOfSharesOutstanding
224015418 shares
CY2012Q3 two Weighted Average Number Of Shares Outstanding
WeightedAverageNumberOfSharesOutstanding
269972503 shares
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001465740
CY2013Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
364375976 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
TWO HARBORS INVESTMENT CORP.

Files In Submission

Name View Source Status
0001465740-13-000076-index-headers.html Edgar Link pending
0001465740-13-000076-index.html Edgar Link pending
0001465740-13-000076.txt Edgar Link pending
0001465740-13-000076-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
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report.css Edgar Link pending
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two-20130930.xml Edgar Link completed
two-20130930.xsd Edgar Link pending
two-20130930_cal.xml Edgar Link unprocessable
two-20130930_def.xml Edgar Link unprocessable
two-20130930_lab.xml Edgar Link unprocessable
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two930201310qdocument.htm Edgar Link pending
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