Two Harbors Investment Corp.

Two Harbors Investment Corp.

TWO
Two Harbors Investment Corp.US flagNew York Stock Exchange
12.10
USD
+0.01
- -
1.27BMarket 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
1.56
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
- -
2.14
2026
0.45
- -
- -
- -
- -

Company Description

APIChatGPT
CEO
William Ross Greenberg
Full Time Employees
486
Sector
Real Estate
Industry
REIT - Mortgage
Address
601 Carlson Parkway Minnetonka MN United States of America 55305
IPO Date
Oct 30, 2009
Website
twoinv.com
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

APIChatGPT
  • TWO Announces Third Quarter 2026 Stub Period Dividend on Common Stock

  • 9.23% Dividend Yield From Two Harbors Preferred Share; Why Price Matters

  • T2 Metals Provides Exploration Update at Aurora Project, Yukon, Canada

  • All You Need to Know About Two Harbors Investments (TWO) Rating Upgrade to Strong Buy

  • T2 Metals Completes Airborne Aeromagnetic and Radiometric Survey at Shanghai Project, Yukon, Canada

  • TWO Stockholders Approve CrossCountry Merger

  • T2 Metals Commences 2026 Summer Exploration Program at Shanghai and Aurora Projects, Yukon, Canada

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

  • TWO Announces Adjournment of Special Meeting

  • UWMC Reminds TWO Stockholders to Vote AGAINST the CCM Transaction to Preserve the Road to Maximum Value

  • UWMC Reminds TWO Stockholders to Vote AGAINST the CCM Transaction to Preserve the Road to Maximum Value

  • TWO Urges Stockholders to Vote FOR the CCM Transaction Today; Failure to Approve Risks a Significant Decline in TWO's Stock Price

  • TWO Announces Second Quarter 2026 Common and Preferred Stock Dividends

  • UWMC Responds to TWO's Mischaracterization of Discussions

  • UWMC Responds to TWO's Mischaracterization of Discussions

  • TWO Provides Update on UWMC Engagement Following Expiration of Waiver Period

  • TWO Challenges UWMC to Submit All-Cash Offer With No Stock Component

  • TWO Challenges UWMC to Submit All-Cash Offer With No Stock Component

  • UWMC Reaffirms Commitment to Premium Proposal to Acquire Two Harbors for $12.50 Per Share in Cash with Stock Election

  • 9.3% Yield Looking Like A Buy From Two Harbors