Two Harbors Investment Corp.

Two Harbors Investment Corp.

TWO
Two Harbors Investment Corp.US flagNew York Stock Exchange
12.18
USD
+0.13
- -
1.28BMarket 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
3.48
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
-0.7
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
1.08
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
1.91
Book Value per Share
84.51
88.82
80.85
78.26
65.76
52.84
58.52
30.86
23.74
17.96
15.41
14.67
11.32
10.88
Tangible Book Value per Share
73.22
78.95
69.69
62.3
40.85
20.7
30.53
7.53
-1.75
-16.57
-14.16
-14.21
-11.79
-11.35
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
367
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
-22
Effective Tax Rate (%)
12.8
- -
- -
3.73
- -
- -
- -
- -
2.19
32.12
- -
13.51
- -
52.16
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
-5.91
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
1,745
Return on Invested Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Return on Capital (%)
14.58
- -
- -
3.56
- -
- -
- -
- -
4.66
5.53
- -
7.95
- -
-25.92
Return on Common Equity (%)
15.85
4.22
12.88
10.13
10.32
-3.57
6.83
-55.89
6.2
9.27
-9.86
16.14
-37.46
-6.07

Capital Structure

FRC

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
929
930
867
LT Borrowings
373
111
111
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
601
601
601
Shares Outstanding
105
105
105
Market Capitalization
1,100
1,200
1,305

Working Capital

FRC

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
- -
- -
- -
Cash, Cash Equivalents & STI
842
476
643
Accounts Receivable, Net
29
30
23
Inventories
- -
- -
- -
Total Current Liabilities
- -
- -
- -
Payables & Accruals
347
341
289
ST Debt
929
930
867
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
120
- -
- -
- -

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
0.47
- -
- -
- -

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
0.47
- -
- -
- -

Company Description

CEO
William Ross Greenberg
Full Time Employees
486
Sector
Real Estate
Industry
REIT - Mortgage
Address
1601 Utica Avenue South Saint Louis Park MN United States of America 55416
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

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  • T2 Metals Discovers High-Grade Gold and Defines New Targets at Aurora Gold Project, Yukon, Canada

  • TWO Announces Redemption of Series A, Series B and Series C Cumulative Redeemable Preferred Stock

  • BlackRock Inc. Buys New Holdings in Two Harbors Investments Corp $TWO

  • TWO Completes Merger with CrossCountry Mortgage

  • TWO Announces Receipt of Final Regulatory Approval for Merger with CrossCountry Mortgage

  • 3 High Yield Mortgage REITs Running Very Different Playbooks

  • California State Teachers Retirement System Raises Position in Two Harbors Investments Corp $TWO

  • TWO Responds to Baseless Claims by UWMC

  • T2 Metals Commences Drilling at Aurora Gold-Silver Project, Yukon, Canada

  • Brokerages Set Two Harbors Investments Corp (NYSE:TWO) PT at $12.75

  • Five9 Set to Join S&P SmallCap 600

  • TWO Reports Second Quarter 2026 Financial Results

  • Caxton Associates LLP Reduces Stock Position in Two Harbors Investments Corp $TWO

  • 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