Two Harbors Investment Corp.

Two Harbors Investment Corp.

TWO
Two Harbors Investment Corp.US flagNew York Stock Exchange
12.41
USD
+0.05
- -
1.30BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
16.96
4.44
12.93
10
9
3.61
6.39
-22.84
3.43
4.72
0.33
4.89
1.11
2.21
Basic EPS, GAAP
13.22
3.65
10.78
8.12
7.42
-2.13
3.71
-24.94
1.73
1.93
-1.62
2.4
-4.88
-3.76
Free Cash Flow per Basic Share
-21.81
-15.89
-45.13
-1.79
2.81
-5.31
6.62
0.13
-4.28
-0.07
0.32
0.83
-0.15
-0.67
Dividend per Share
13.5
6.24
8.36
7.63
10
6.39
8.05
4.02
3.45
3.37
2.58
2.25
2.14
2.02
Book Value per Share
-8.79
-13.09
-10.69
-10.57
-26.09
-31.91
-27.65
-54.01
-50.68
-44.27
-43.47
-39.21
-45.83
-45.49
Tangible Book Value per Share
76.27
79.04
67.52
62.22
40.87
24.92
31.12
7.53
-2.02
-16.62
-15.28
-14.11
-11.89
-11.91
Basic Weighted Avg Shares
44
46
46
44
44
52
67
68
74
86
96
104
104
105
Sales/Revenue/Turnover
743
203
590
435
392
186
428
-1,562
255
407
32
511
115
232
Operating Margin (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
2
2
1
1
1
- -
- -
- -
- -
- -
- -
- -
- -
- -
Net Income, GAAP
579
167
492
353
349
-44
324
-1,630
187
220
-106
298
-454
-343
Effective Tax Rate (%)
12.8
- -
- -
3.73
- -
- -
- -
- -
2.19
32.12
- -
13.51
- -
43.43
Profit Margin (%)
77.98
82.3
83.37
81.17
88.83
-23.85
75.77
104.36
73.36
54.09
-334.66
58.38
-394.84
-147.58
Working Capital
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
LT Debt
640
3,710
5,785
7,037
1,498
1,149
889
682
822
681
564
260
373
111
Total Equity
3,855
4,068
3,577
3,401
3,571
4,254
4,970
3,089
2,744
2,184
2,203
2,123
1,788
1,732
Return on Invested Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Return on Capital (%)
1,917.57
- -
- -
5.92
- -
- -
- -
- -
-10.46
-13.71
- -
-15.43
- -
30.24
Return on Common Equity (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -

Capital Structure

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
954
929
930
LT Borrowings
372
373
111
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
601
601
601
Shares Outstanding
104
105
105
Market Capitalization
1,024
1,091
1,200

Working Capital

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
- -
- -
- -
Cash, Cash Equivalents & STI
771
842
476
Accounts Receivable, Net
28
29
30
Inventories
- -
- -
- -
Total Current Liabilities
- -
- -
- -
Payables & Accruals
485
347
341
ST Debt
954
929
930
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-5.19%
-10.02%
-15.76%
Free Cash Flow
-521.67%
-836.06%
-117.34%
Net Income, GAAP
-245.18%
-174.97%
-252.36%
Sales/Revenue/Turnover
85.65%
256.08%
-77.47%
Total Cash Common Dividend
-1.87%
-2.49%
-9.74%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
263
109
-210
348
511
2025
-32
-15
93
69
115
2026
86
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1.85
0.43
-2.42
2.54
2.4
2025
-0.89
-2.63
-1.36
-0.01
-4.88
2026
0.18
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.57
0.57
0.57
0.56
2.25
2025
0.57
0.58
0.52
0.47
2.14
2026
0.45
- -
- -
- -
- -

Company Description

APIChat
CEO
William Ross Greenberg
Full Time Employees
477
Sector
Real Estate
Industry
REIT - Mortgage
Address
601 Carlson Parkway Minnetonka MN United States of America 55305
IPO Date
Oct 30, 2009
Business
Two Harbors Investment Corp. Two Harbors Investment Corp. (NYSE: TWO) operates as a real estate investment trust focused on investing in, financing, and managing residential mortgage-backed securities, mortgage servicing rights, and related financial assets; its primary portfolio consists of agency residential mortgage-backed securities guaranteed by government-sponsored enterprises including Fannie Mae, Freddie Mac, and Ginnie Mae, non-agency securities, mortgage servicing rights on conventional loans, and to-be-announced securities positions used for hedging; through its wholly-owned subsidiary RoundPoint Mortgage Servicing LLC, one of the largest servicers of conventional loans in the United States, it provides mortgage servicing, direct-to-consumer recapture originations, and ancillary products such as home equity and second lien loans. The company, founded in 2009 and headquartered in St. Louis Park, Minnesota, serves institutional and retail investors primarily in the United States with a portfolio emphasizing interest rate and prepayment risk management to generate risk-adjusted returns through dividends and capital appreciation. In recent developments, Two Harbors completed the acquisition of RoundPoint Mortgage Servicing LLC in 2023 via its subsidiary Matrix Financial Services Corporation, enabling vertical integration of servicing operations and projected incremental pre-tax earnings; it launched a direct-to-consumer recapture originations platform and expanded ancillary offerings in 2024; the company actively managed its MSR portfolio in 2024-2025 through bulk purchases exceeding $6 billion in unpaid principal balance, flow-sale acquisitions, and opportunistic sales including a $6.4 billion UPB commitment; additionally, it repurchased convertible senior notes, increased its at-the-market common stock offering program authorization, and reported stable book value with quarterly dividends through third quarter 2025.

Company News

APIChat
  • 9.3% Yield Looking Like A Buy From Two Harbors

  • UWMC Issues Statement Regarding Second Failure of Two Harbors to Obtain Approval for CCM Transaction

  • TWO Announces Adjournment of Special Meeting

  • UWMC Urges TWO Stockholders to Stand Firm and Vote AGAINST the CCM Transaction at May 28 Special Meeting

  • UWMC Urges TWO Stockholders to Stand Firm and Vote AGAINST the CCM Transaction at May 28 Special Meeting

  • TWO Announces Adjournment of Special Meeting

  • UWMC Reminds Two Harbors Stockholders to Vote the Blue Proxy Card Against the Inferior CrossCountry Transaction Today

  • UWMC Reminds Two Harbors Stockholders to Vote the Blue Proxy Card Against the Inferior CrossCountry Transaction Today

  • Private Equity Is Buying REITs Hand Over Fist

  • Earnings High Fliers And Busts

  • UWMC Provides Clarity on Latest Disingenuous Announcement by Two Harbors

  • UWMC Calls Out Egregious Corporate Governance of TWO Board and Repeated Failure to Act in Best Interest of Stockholders

  • TWO Board Unanimously Rejects UWMC's Latest Illusory, Predatory and Unactionable Proposal

  • Leading Independent Proxy Advisory Firm ISS Recommends That Two Harbors Stockholders Vote Against CrossCountry Mortgage Merger

  • TWO Investors Have Opportunity to Join Two Harbors Investment Corp. Fraud Investigation with the Schall Law Firm

  • UWMC Increases Two Harbors Acquisition Proposal to $12.50 Per Share for Stockholders that Elect to Receive Cash

  • T2 Metals Announces NI 43-101 Mineral Resource Estimate at the Sherridon Copper-Zinc-Gold-Silver Project, Manitoba, Canada

  • UWMC Responds to TWO Board's Latest Failing for TWO Stockholders

  • REITs Excel, Earnings Swell, Fed Rebels

  • UWMC Issues Open Letter to Two Harbors Stockholders Detailing New $12 Per Share Offer