Two Harbors Investment Corp.
2H2.F
Frankfurt Stock Exchange10.59
EUR
+0.01
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Two Harbors Investment Corp.
2H2.F
(Frankfurt Stock Exchange)
Recent
price
10.59
P/E
ratio
- -
div
yld
- -
ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- Two Harbors Investment Corp. (NYSE: TWO; FWB: 2H2) is a real estate investment trust that invests in, finances, and manages mortgage servicing rights (MSR), agency residential mortgage-backed securities (RMBS), non-agency RMBS, residential mortgage loans, and other financial assets including credit risk transfer securities. Through its operational platform, RoundPoint Mortgage Servicing LLC, one of the largest servicers of conventional loans in the United States, and subsidiary Matrix Financial Services Corporation, the company holds approvals from Fannie Mae and Freddie Mac to own and manage MSR; it provides MSR acquisition programs including co-issue and flow-sale executions, third-party subservicing for approximately $40 billion in unpaid principal balance (UPB) from true third-party clients, and direct-to-consumer originations. Founded in 2009 and headquartered in St. Louis Park, Minnesota, Two Harbors focuses on residential mortgage assets backed by fixed-rate, adjustable-rate, and hybrid loans; it primarily serves investors seeking risk-adjusted returns through dividends and capital appreciation, leveraging expertise in interest rate and prepayment risk management across U.S. markets. Recent developments include the completion of a $115 million public offering of 9.375% senior notes due 2030 in May 2025 to fund general corporate purposes such as debt refinancing and asset purchases; portfolio adjustments in third quarter 2025 entailing sales of agency RMBS reducing the portfolio to $10.9 billion and $29.1 billion UPB of MSR to align with a lower capital base; post-second quarter 2025 MSR bulk acquisitions totaling $2.6 billion UPB alongside commitments for further purchases; expansion of the at-the-market common stock offering program to 15 million shares; a new sub-servicing client agreement boosting third-party UPB; and plans to redeem $262 million in convertible notes maturing January 2026 to normalize structural leverage. The company derives most revenue from interest income on available-for-sale securities and securitized loans, maintains a high dividend yield exceeding 13%, and emphasizes MSR paired with agency RMBS for low duration and spread volatility in its investment strategy.