Two Harbors (TWO) is a mortgage real estate investment trust that expects to pay an annual dividend of $1.5 next year. After that, dividends are expected to grow at a 9.6% rate for the next three years (years 2-4) and then grow at a constant rate of 2.6% thereafter (starting in year 5). The applicable discount rate is 9%. What is the per-share intrinsic value of TWO? Enter your answer out to two decimals (do not use a leading $ sign).