Two Harbors Investment Corp. (NYSE:TWO) Files An 8-K Results of Operations and Financial ConditionItem 2.02. Results of Operations and Financial Condition.
Recent Developments
On June28, 2017, Two Harbors Investment Corp. (“Two Harbors,” “we,” “our” or “us”) acquired 76.5% of the outstanding common stock of Granite Point Mortgage Trust Inc. (“Granite Point”) concurrently with the closing of the initial public offering of Granite Point common stock. Granite Point was formed to continue and expand the commercial real estate lending business established by Two Harbors in 2015 and will focus primarily on directly originating, investing in and managing senior commercial mortgage loans and other debt and debt-like commercial real estate investments.
Our GAAP book value per diluted common share was $9.91 at March31, 2017. Adjusting for the common and preferred stock dividends we announced on June15, 2017, we estimate that there will be no meaningful change in our book value as of June30, 2017. Due to our controlling ownership interest in Granite Point, we will consolidate Granite Point on our GAAP financial statements until such time as the shares we received are distributed to our stockholders. During the consolidation period, we will reflect a noncontrolling interest on our financial statements for the portion of equity and net income not attributable to us.
