Two Harbors underearns dividend again

• Q4 core earnings of $72.1M or $0.20 per share vs. $79.4M and $0.22 in Q3. Dividend is $0.26.
• Book value per share of $10.11 slips from $10.30 three months earlier. Today's close of $7.84 is a 22.5% discount to book.
• The dividend less the decline in book value yields a positive return of $0.07 per share for the quarter.
• 12.3M shares bought back at average price of $8.37 each, which added $0.06 to book value per share. 1.4M shares were bought back the previous quarter, and the company this week launched a 50M share buyback program.
• Conference call tomorrow at 9 ET
• Previously: Two Harbors Investment reports Q4 results (Feb. 3)
• TWO flat after hours