Real estate investment trust Two Harbors Investment Corp. (TWO) recorded a core earnings for the fourth quarter of $76.4 million, or 21 cents per share, compared to $67.7 million, or 19 cents per share, the previous quarter.

However it's the mortgage servicing rights land grab that REALLY hits you between the eyes.

"I would like to point out that our MSR assets increased from approximately $16 million as of September 30 to $514 million at year end," said Brad Farrell, Chief Financial Officer. "It is important to note we have chosen to account for this asset at fair value."

Well, I should hope so. That a 32X increase in MSRs.

Farrell said that going forward the real estate investment trust will break out MSRs separately on the balance sheet as well as provide additional detail around servicing income and the assets collateral attributes.

Read more about it here.