Two Harbors board OKs repurchase of up to 5 million preferred shares

By Wendy Van Sickle

Columbus, Ohio, June 22 – Two Harbors Investment Corp. said its board of directors has authorized the repurchase of up to 5 million shares of the company’s preferred stock, which includes its 8.125% series A cumulative redeemable preferreds, 7.625% series B cumulative redeemable preferreds and 7.25% series C cumulative redeemable preferreds.

The shares are expected to be repurchased from time to time through open market or privately negotiated transactions, according to a news release. The authorization does not have an expiration date.

Two Harbors, a Maryland corporation with headquarters in Minnetonka, Minn., is a real estate investment trust that invests in residential mortgage-backed securities, mortgage servicing rights and other financial assets.

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