Impressive jump in income particularly comprehensive income:
5/2/2012 8:10 PM ET (RTTNews) - Two Harbors Investment Corp. (TWO: News ), a real estate investment trust, Wednesday reported first-quarter net income attributable to shareholders of $51.8 million or $0.28 per share, compared to $22.4 million or $0.49 per share last year.
Core earnings for the quarter was $63.7 million or $0.34 per share, compared to $14.8 million or $0.32 per share last year.
For the quarter, the company reported comprehensive income of $195.7 million or $1.05 per share. In the prior year quarter, comprehensive income was $31.5 million.
Net interest income surged to $74.0 million from $17.4 million last year. ++++++++++++++++++++++++++++++++
With its huge net interest margin, profits should continue to improve.
TWO is a hybrid mREIT, approximately 80% of their assets is Agency paper with an additional 20% being non-agency; a mix that's allowed management to generate a sizable net interest margin of 3.9%. Typical mREITS have a 2% spread.