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LONDON, UK / ACCESSWIRE / May 26, 2017 / Active Wall St. blog coverage looks at the headline from New York based Two Harbors Investment Corp. (NYSE: TWO) as the Company announced on May 24, 2017, that it intends to transfer its Commercial Real Estate Assets to Granite Point Mortgage Trust Inc. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.
One of Two Harbors Investment's competitors within the REIT - Residential space, Camden Property Trust (NYSE: CPT), announced on May 04, 2017, its operating results for Q1 2017 which ended on March 31, 2017. AWS will be initiating a research report on Camden Property in the coming days.
Today, AWS is promoting its blog coverage on TWO; touching on CPT. Get all of our free blog coverage and more by clicking on the link below:
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Two Harbors Investment is a leading hybrid mortgage real estate investment trust (REIT), and a Maryland Corporation. It focuses on investing, financing, and managing residential mortgage-backed securities (RMBS) and related investments. Two Harbors Investment is externally managed and advised by PRCM Advisers LLC, a wholly owned subsidiary of Pine River Capital Management L.P.
The Plan
Two Harbors Investment had started Granite Point, a Maryland corporation, with the intention of expanding the commercial real estate lending business.
With the formation of Granite Point, Two Harbors Investment expected it to concentrate on directly originating, investing in, and managing a portfolio of commercial real estate loans and other debt and debt-like instruments. These loans, debt and debt-like instruments would be secured by institutional quality commercial properties which would be managed by experienced owners at lucrative markets across the US. The Pine River Capital Management L.P., which is the parent Company of Two Harbors Investment's external manager, will also externally manage Granit e Point.
The transfer of assets will need to be approved by the special committee and 2 members of Two Harbors Investment's Board of Directors. The finalization of the requisite documentation with regards to the transfer will be done on the terms that are acceptable to Two Harbors Investment and the special committee. This will also be done in accordance to the closing conditions of the transaction including clearance from SEC and other market factors.
Reasons for the transfer of assets and its result
Granite Point has recently filed for an IPO of over $100 million. The Company plans to list its shares at the New York Stock Exchange (NYSE) under the ticker "GMPT". Once the IPO closes, the commercial real estate assets will be immediately transferred to Granite Point. Two Harbors Investment expects to receive shares in Granite Point in exchange for the commercial real estate assets transferred. The amount of capital raised via the IPO as well as the value of the commercial real estate assets transferred to Granite Point will determine the number of shares to be allocated to Two Harbors Investment. This is again subject to the approval of Board of Directors and applicable SEC (US Securities Exchange Commission) laws.
Once the shares of Granite Point are allocated to Two Harbors Investment after the IPO, Two Harbors Investment plans to distribute its portion of shares to its shareholders via a special dividend. This will be possible once the lock-up period on the Granite Point shares expires after the completion of the IPO.
Way forward
A committee has been formed by Two Harbors Investment's Board of Directors, which consists of independent directors. This committee has been tasked with the review, negotiation, and approval of the proposed transaction. The committee has also retained the services of Freshfields Bruckhaus Deringer LLP as its legal counsel and Credit Suisse as its financial adviser to assist in the transfer of assets and represent the interests of Two Harbors Investment and its shareholders in the matter.
Stock Performance
On Thursday, May 25, 2017, the stock closed the trading session at $10.09, slightly slipping 0.10% from its previous closing price of $10.10. A total volume of 2.24 million shares have exchanged hands. Two Harbors Investment's stock price surged 18.71% in the past six months and 18.71% in the previous twelve months. Furthermore, on a year to date basis, the stock rallied 15.71%. The stock is trading at a PE ratio of 6.82 and has a dividend yield of 9.91%. The stock currently has a market cap of $3.53 billion.
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SOURCE: Active Wall Street