MINNETONKA, Minn. (AP) _ Two Harbors Investments Corp. (TWO) on Wednesday reported first-quarter net income of $240.2 million, after reporting a loss in the same period a year earlier.

The Minnetonka, Minnesota-based company said it had net income of 74 cents per share. Earnings, adjusted for non-recurring gains, were 17 cents per share.

The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 21 cents per share.

The real estate investment trust that invests in mortgage-backed securities posted revenue of $56.1 million in the period. Its adjusted revenue was $33.4 million.

Two Harbors Investments shares have increased 23% since the beginning of the year. The stock has…

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