Two Harbors Expands Equity Offering With New Agreements

The move allows the REIT to access capital more efficiently through revised and expanded partnerships.

September 22, 2025

Expanded Equity Program in Focus

Two Harbors Investment Corp. has expanded its at-the-market equity program by adding a new sales agent and revising its existing agreement with another. The move gives the company more flexibility to raise capital through common stock sales.

The REIT now has agreements with Citizens JMP Securities and BTIG. Together, they can sell up to 15 million shares of Two Harbors stock on the New York Stock Exchange or through other trading channels. Sales may happen in negotiated deals or in real-time market activity, depending on conditions.

Compensation for the agents is capped at 2 percent of gross proceeds. Two Harbors also agreed to standard indemnification terms. Both Citizens and BTIG—or their affiliates—have worked with the company before on banking and advisory services and may do so again.

Why It Matters

The new structure puts Two Harbors in a stronger position to tap equity markets as needed. The company invests in mortgage-backed securities and mortgage servicing rights, and equity issuance is a key part of how it funds those strategies.

Supporting documents include the amended Citizens agreement, the new BTIG agreement, and legal opinions from Ballard Spahr LLP. While the disclosure lays out the framework, it does not itself constitute an offer to sell shares.

By broadening its sales network, Two Harbors ensures it can access capital efficiently. That flexibility allows the firm to respond quickly to portfolio opportunities and manage its balance sheet as market conditions shift.