Stone Fox Capital
Long/short equity, growth at reasonable price, research analyst, deep value

Two Harbors Provides Unique Residential REIT Opportunity To Pass On For Now

After Two Harbors Investment Corp's (NYSE:TWO) Investor Day back in October, the market for mortgage real estate investment trusts (mREITs) lost some steam, sending the company's stock crashing. The stock has rebounded back to previous highs as the company has several pokers in the fire.

The company acquires, owns, and manages a portfolio of Agency and non-Agency residential mortgage-backed securities and related investments. The investment approach focuses on security selection and the relative value of various sectors within the mortgage market. The company will also own a 47.7% interest in Silver Bay Realty Trust (NYSE:SBY), a newly organized corporation focused on the acquisition, renovation, leasing, and management of single-family properties.

As of September 30th, Two...

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