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The 10% Dividend Yield On Two Harbors Is Getting Bigger And Riskier

When I looked through the Two Harbors (TWO) presentation for the fourth fiscal quarter, I found there were quite a few surprises. I'm assuming readers are up to date on the stock, so I'm going to dive straight into providing analysis rather than reciting earnings metrics. If you're looking for the little news pitch comparing earnings and estimates, look here, then return for the analysis.

The area I want to focus on is book value. Specifically, I'm digging into movements in book value relative to the expected movements in book value. Before I get into those points, I'd like to point out that I appreciate the presentations management provides during the earnings call. The link says it is the third quarter call, but it is the fourth quarter call.

Book value was hit harder than I expected

TWO traded down after the release as the company announced core… Read More …