8-K Announcements
6Apr 29, 2026·SEC
Apr 28, 2026·SEC
Mar 27, 2026·SEC
Two Harbors Investment Corp. (TWO) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Two Harbors Investment Corp. (TWO) stock price & volume — 10-year historical chart
Two Harbors Investment Corp. (TWO) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Two Harbors Investment Corp. (TWO) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 28, 2026 | $0.34vs $0.21+61.9% | $7Mvs $2M-379.0% |
| Q1 2026 | Feb 2, 2026 | $0.26vs $0.30-13.3% | $15Mvs $9M-69.3% |
| Q3 2023 | Jul 31, 2023 | $0.04vs $0.29-113.8% | $238Mvs $80,000+297373.8% |
| Q2 2023 | May 1, 2023 | $0.09vs $1.04+108.7% | $156Mvs $510,000-30717.5% |
Two Harbors Investment Corp. (TWO) competitors in Mortgage servicing rights focused REITs — business model, growth, and fundamentals comparison
Two Harbors Investment Corp. (TWO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Two Harbors Investment Corp. (TWO) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 838.62M | 708.13M | 1.9B | -862.56M | -142.91M | 12.61M | 640.49M | 845.84M | 605.61M | 765.12M |
| Revenue Growth % | 68.14% | -15.56% | 168.11% | -145.43% | 83.43% | 108.82% | 4980.79% | 32.06% | -28.4% | -0.21% |
| Property Operating Expenses | 76.73M | 91.41M | 134.71M | 126M | 86.25M | 94.12M | 74.13M | -38.46M | 12.73M | 92.03M |
| Net Operating Income (NOI) | 761.89M▲ 0% | 616.72M▼ 19.1% | 1.76B▲ 186.0% | -988.57M▼ 156.0% | -229.16M▲ 76.8% | -81.51M▲ 64.4% | 566.36M▲ 794.8% | 884.29M▲ 56.1% | 592.88M▼ 33.0% | 673.09M▲ 0% |
| NOI Margin % | 90.85% | 87.09% | 92.9% | 114.61% | 160.35% | -646.62% | 88.43% | 104.55% | 97.9% | 87.97% |
| Operating Expenses | 113.16M | 4.11M | 724.83M | 390.3M | -509.75M | -664.36M | 6.52M | -66.78M | 177.07M | 234.88M |
| G&A Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 66.56M |
| EBITDA | 649.7M | 517.2M | 1.02B | -1.38B | 280.59M | 582.85M | 559.83M | 952.56M | 45.52M | 69.94M |
| EBITDA Margin % | 77.47% | 73.04% | 53.97% | 160.52% | -196.34% | 4623.57% | 87.41% | 112.62% | 7.52% | 9.14% |
| Depreciation & Amortization | 969K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.18M |
| D&A / Revenue % | 0.12% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.68% |
| Operating Income | 648.73M▲ 0% | 612.62M▼ 5.6% | 1.04B▲ 69.6% | -1.38B▼ 232.7% | 280.59M▲ 120.3% | 582.85M▲ 107.7% | 559.83M▼ 3.9% | 951.08M▲ 69.9% | 415.81M▼ 56.3% | 438.2M▲ 0% |
| Operating Margin % | 77.36% | 86.51% | 54.73% | 159.86% | -196.34% | 4623.57% | 87.41% | 112.44% | 68.66% | 57.27% |
| Interest Expense | 350.19M | 519.67M | 714.33M | 281.25M | 89.17M | 258.39M | 643.23M | 607.81M | 490.94M | 4M |
| Interest Coverage | 1.85x | 1.00x | 1.43x | -4.92x | 3.15x | 2.26x | 0.87x | 1.57x | 0.09x | - |
| Non-Operating Income | 789K | 95.41M | 14.31M | 5.71M | 0 | 0 | 0 | -1.48M | 370.3M | 373.44M |
| Pretax Income | 297.76M▲ 0% | -2.47M▼ 100.8% | 310.4M▲ 12682.2% | -1.67B▼ 636.7% | 191.42M▲ 111.5% | 324.45M▲ 69.5% | -83.39M▼ 125.7% | 344.75M▲ 513.4% | -445.43M▼ 229.2% | -330.45M▲ 0% |
| Pretax Margin % | 35.51% | -0.35% | 16.35% | 193.12% | -133.94% | 2573.79% | -13.02% | 40.76% | -73.55% | -43.19% |
| Income Tax | -10.48M | 41.82M | -13.56M | -35.69M | 4.19M | 104.21M | 22.98M | 46.59M | 8.87M | 12.51M |
| Effective Tax Rate % | -3.52% | -1695.3% | -4.37% | 2.14% | 2.19% | 32.12% | -27.55% | 13.51% | -1.99% | -3.79% |
| Net Income | 348.57M▲ 0% | -44.29M▼ 112.7% | 323.96M▲ 831.5% | -1.63B▼ 603.2% | 187.23M▲ 111.5% | 220.24M▲ 17.6% | -106.37M▼ 148.3% | 298.17M▲ 380.3% | -454.3M▼ 252.4% | -342.96M▲ 0% |
| Net Margin % | 41.56% | -6.25% | 17.06% | 188.99% | -131.01% | 1747.1% | -16.61% | 35.25% | -75.02% | -44.82% |
| Net Income Growth % | -1.33% | -112.71% | 831.46% | -603.19% | 111.49% | 17.63% | -148.3% | 380.31% | -252.36% | -2309.09% |
| Funds From Operations (FFO) | 349.54M▲ 0% | -44.29M▼ 112.7% | 323.96M▲ 831.5% | -1.63B▼ 603.2% | 187.23M▲ 111.5% | 220.24M▲ 17.6% | -106.37M▼ 148.3% | 298.17M▲ 380.3% | -454.3M▼ 252.4% | 149.86M▲ 0% |
| FFO Margin % | 41.68% | -6.25% | 17.06% | 188.99% | -131.01% | 1747.1% | -16.61% | 35.25% | -75.02% | 19.59% |
| FFO Growth % | -1.42% | - | - | - | - | - | - | - | - | 0% |
| FFO per Share | 7.43 | -0.86 | 4.84 | -23.83 | 2.51 | 2.29 | -1.11 | 2.64 | -4.36 | 1.38 |
| FFO Payout Ratio % | 120.98% | -611.03% | 142.96% | -12.24% | 103.34% | 106.87% | -185.8% | 62.95% | -37.61% | 82.66% |
| EPS (Diluted) | 7.24▲ 0% | -0.86▼ 111.9% | 3.72▲ 532.6% | -23.83▼ 740.6% | 1.72▲ 107.2% | 2.13▲ 23.8% | -1.60▼ 175.1% | 2.37▲ 248.1% | -4.36▼ 284.0% | -3.17▲ 0% |
| EPS Growth % | -10.4% | -111.88% | 532.56% | -740.59% | 107.22% | 23.84% | -175.12% | 248.13% | -283.97% | -648.1% |
| EPS (Basic) | 7.40 | -0.86 | 3.72 | -23.83 | 1.72 | 2.15 | -1.60 | 2.41 | -4.36 | - |
| Diluted Shares Outstanding | 47.03M | 51.51M | 66.96M | 68.4M | 74.51M | 96.08M | 95.67M | 113.09M | 104.16M | 108.21M |
Two Harbors Investment Corp. (TWO) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | 24.79B | 30.13B | 35.92B | 19.52B | 12.11B | 13.47B | 13.14B | 12.2B | 10.86B | 10.53B |
| Asset Growth % | 23.26% | 21.55% | 19.21% | -45.67% | -37.93% | 11.16% | -2.43% | -7.11% | -11.02% | -48.87% |
| Real Estate & Other Assets | -22.31B | -27.55B | -33.32B | 0 | 565.95M | 1.51B | 843.84M | 974.92M | 730.48M | -9.13B |
| PP&E (Net) | 1.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 22.55B | 26.2B | 32.38B | 16.23B | 9.28B | 8.94B | 9.16B | 8.22B | 1.09B | 7.01B |
| Cash & Equivalents | 419.16M | 409.76M | 558.14M | 1.38B | 1.15B | 683.48M | 729.73M | 504.61M | 842.32M | 476.31M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 0 | 0 | 0 | 934.81M | 443.03M | 65.1M | 313.03M | 219.63M | 0 |
| Intangible Assets | 1.09B | 1.99B | 1.91B | 1.6B | 2.19B | 2.98B | 3.05B | 2.99B | 2.42B | 2.38B |
| Total Liabilities | 21.22B | 25.88B | 30.95B | 16.43B | 9.37B | 11.28B | 10.94B | 10.08B | 9.07B | 8.8B |
| Total Debt | 1.52B | 1.46B | 1.19B | 965.62M | 8.9B | 10.4B | 9.91B | 9.09B | 8.56B | 8.29B |
| Net Debt | 1.1B | 1.05B | 631.32M | -419.14M | 7.74B | 9.72B | 9.18B | 8.58B | 7.71B | 7.81B |
| Long-Term Debt | 1.5B | 1.15B | 889.46M | 681.79M | 821.6M | 680.51M | 563.85M | 260.23M | 372.87M | 1.04B |
| Short-Term Borrowings | 20M | 310M | 300M | 283.83M | 8.08B | 9.72B | 9.35B | 8.83B | 8.18B | 7.25B |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 107.7M | 470M | 449.63M | 305.5M | 8.36B | 10.42B | 10.12B | 9.62B | 8.53B | 7.25B |
| Accounts Payable | 87.7M | 160M | 149.63M | 21.67M | 18.38M | 94.03M | 141.77M | 85.99M | 81.91M | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | -1.5B | -1.15B | -889.46M | 0 | 184.12M | 180.04M | 246.94M | 200.96M | 167.45M | 8.8B |
| Total Equity | 3.57B▲ 0% | 4.25B▲ 19.1% | 4.97B▲ 16.8% | 3.09B▼ 37.9% | 2.74B▼ 11.2% | 2.18B▼ 20.4% | 2.2B▲ 0.9% | 2.12B▼ 3.7% | 1.79B▼ 15.8% | 1.73B▲ 0% |
| Equity Growth % | 5.01% | 19.13% | 16.83% | -37.85% | -11.17% | -20.42% | 0.91% | -3.67% | -15.76% | -67.52% |
| Shareholders Equity | 3.57B | 4.25B | 4.97B | 3.09B | 2.74B | 2.18B | 2.2B | 2.12B | 1.79B | 1.73B |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 1.75M | 2.48M | 2.73M | 2.74M | 860K | 864K | 1.03M | 1.04M | 1.05M | 1.05M |
| Additional Paid-in Capital | 3.67B | 4.81B | 5.15B | 5.16B | 5.63B | 5.65B | 5.93B | 5.94B | 5.95B | 5.95B |
| Retained Earnings | -1.14B | -1.65B | -1.85B | -3.7B | -3.77B | -3.82B | -4.16B | -4.1B | -4.76B | -4.78B |
| Preferred Stock | 702.54M | 977.5M | 977.5M | 977.5M | 702.55M | 631M | 613.21M | 601.47M | 601.47M | 601.47M |
| Return on Assets (ROA) | 1.55% | -0.16% | 0.98% | -5.88% | 1.18% | 1.72% | -0.8% | 2.35% | -3.94% | -3.03% |
| Return on Equity (ROE) | 10% | -1.13% | 7.02% | -40.45% | 6.42% | 8.94% | -4.85% | 13.79% | -23.24% | -19.11% |
| Debt / Assets | 6.12% | 4.84% | 3.31% | 4.95% | 73.46% | 77.25% | 75.45% | 74.46% | 78.8% | 78.66% |
| Debt / Equity | 0.42x | 0.34x | 0.24x | 0.31x | 3.24x | 4.76x | 4.50x | 4.28x | 4.79x | 4.79x |
| Net Debt / EBITDA | 1.69x | 2.03x | 0.62x | - | 27.60x | 16.67x | 16.40x | 9.01x | 169.50x | 169.50x |
| Book Value per Share | 75.93 | 82.60 | 74.23 | 45.16 | 36.83 | 22.73 | 23.03 | 18.77 | 17.16 | 16.00 |
Two Harbors Investment Corp. (TWO) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 606.78M | 702.87M | 1.06B | 631.6M | 423.51M | 623.4M | 343.51M | 201M | 88.92M | 88.92M |
| Operating CF Growth % | 153.16% | 15.84% | 50.33% | -40.23% | -32.95% | 47.2% | -44.9% | -41.49% | -55.76% | 201.02% |
| Operating CF / Revenue % | 72.35% | 99.26% | 55.65% | -73.22% | -296.35% | 4945.28% | 53.63% | 23.76% | 14.68% | 11.62% |
| Net Income | 308.24M | -44.29M | 323.96M | -1.63B | 187.23M | 220.24M | -106.37M | 298.17M | -454.3M | -342.96M |
| Depreciation & Amortization | 969K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.18M |
| Stock-Based Compensation | 11.33M | 12.99M | 9.16M | 9.73M | 11.48M | 11.63M | 10.98M | 10.95M | 0 | 1.25M |
| Other Non-Cash Items | 262.35M | 643.1M | 744.69M | 2.4B | 191.58M | 240.26M | 381.43M | -29.99M | 512.57M | -78.49M |
| Working Capital Changes | 23.89M | 91.07M | -21.18M | -143.82M | 33.22M | 151.27M | 57.47M | -78.12M | 30.65M | -17.41M |
| Cash from Investing | -9.48B | 4.79B | -6.08B | 14.9B | 6.31B | -2.75B | -195.78M | 895.28M | 911.61M | 2.9B |
| Acquisitions (Net) | 0 | -13.55M | 613.66M | 622.41M | 742.15M | 629.81M | 26.8M | -20.98M | 0 | 0 |
| Purchase of Investments | -18.37B | -12.71B | -24.73B | -8.3B | -2.49B | -10.73B | -4.13B | -2.14B | 0 | 1.26B |
| Sale of Investments | 10.35B | 17.99B | 18.73B | 23.64B | 9.51B | 9.02B | 3.34B | 3.12B | 0 | -194.76M |
| Other Investing | -1.47B | 493.81M | -75.37M | -442.5M | -704.75M | -1.04B | 879.96M | 48.56M | 911.61M | 1.83B |
| Cash from Financing | 9.12B | -5.45B | 5.54B | -14.51B | -7.3B | 1.17B | -479.4M | -1.07B | -756.22M | -2.55B |
| Dividends Paid | -436.06M | -329.02M | -538.95M | -275.29M | -257.15M | -290.36M | -246.6M | -235.05M | -222.39M | -163.63M |
| Common Dividends | -422.88M | -270.63M | -463.15M | -199.49M | -193.49M | -235.37M | -197.64M | -187.68M | -170.86M | -123.88M |
| Debt Issuance (Net) | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K |
| Share Repurchases | 0 | -36K | -19K | -1.06M | -274.95M | -51.4M | -21.87M | -11.1M | -1.75M | 0 |
| Other Financing | 11.73B | -5.06B | 6.01B | -14B | -7.49B | 946.57M | -582.8M | -215.15M | -1.75M | -959.96M |
| Net Change in Cash | 239.8M▲ 0% | 42.77M▼ 82.2% | 519.06M▲ 1113.6% | 1.03B▲ 98.4% | -557.76M▼ 154.2% | -962.16M▼ 72.5% | -331.67M▲ 65.5% | 22.81M▲ 106.9% | 244.31M▲ 971.2% | 364.23M▲ 0% |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 815.2M | 1.05B | 1.1B | 1.62B | 2.65B | 2.09B | 1.13B | 794.83M | 817.64M | 0 |
| Cash at End | 1.05B | 1.1B | 1.62B | 2.65B | 2.09B | 1.13B | 794.83M | 817.64M | 1.06B | 0 |
| Free Cash Flow | 122.52M▲ 0% | -273.52M▼ 323.2% | 442.97M▲ 262.0% | 9.2M▼ 97.9% | -318.64M▼ 3564.6% | -6.41M▲ 98.0% | 30.87M▲ 581.8% | 86.88M▲ 181.4% | 88.92M▲ 2.3% | -66.47M▲ 0% |
| FCF Growth % | 257.02% | -323.25% | 261.95% | -97.92% | -3564.64% | 97.99% | 581.77% | 181.42% | 2.34% | -127.02% |
| FCF / Revenue % | 14.61% | -38.63% | 23.33% | -1.07% | 222.97% | -50.83% | 4.82% | 10.27% | 14.68% | -8.69% |
Two Harbors Investment Corp. (TWO) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| FFO per Share | 7.43 | -0.86 | 4.84 | -23.83 | 2.51 | 2.29 | -1.11 | 2.64 | -4.36 | 1.38 |
| FFO Payout Ratio | 120.98% | -611.03% | 142.96% | -12.24% | 103.34% | 106.87% | -185.8% | 62.95% | -37.61% | 82.66% |
| NOI Margin | 90.85% | 87.09% | 92.9% | 114.61% | 160.35% | -646.62% | 88.43% | 104.55% | 97.9% | 87.97% |
| Net Debt / EBITDA | 1.69x | 2.03x | 0.62x | - | 27.60x | 16.67x | 16.40x | 9.01x | 169.50x | 169.50x |
| Debt / Assets | 6.12% | 4.84% | 3.31% | 4.95% | 73.46% | 77.25% | 75.45% | 74.46% | 78.8% | 78.66% |
| Interest Coverage | 1.85x | 1.00x | 1.43x | -4.92x | 3.15x | 2.26x | 0.87x | 1.57x | 0.09x | - |
| Book Value / Share | 75.93 | 82.6 | 74.23 | 45.16 | 36.83 | 22.73 | 23.03 | 18.77 | 17.16 | 16 |
| Revenue Growth | 68.14% | -15.56% | 168.11% | -145.43% | 83.43% | 108.82% | 4980.79% | 32.06% | -28.4% | -0.21% |
Two Harbors Investment Corp. (TWO) SEC filings — annual & quarterly reports (10-K, 10-Q)
Apr 29, 2026·SEC
Apr 28, 2026·SEC
Mar 27, 2026·SEC
Two Harbors Investment Corp. (TWO) stock FAQ — growth, dividends, profitability & financials explained
Two Harbors Investment Corp. (TWO) reported $765.1M in revenue for fiscal year 2025. This represents a 51800% increase from $1.5M in 2007.
Two Harbors Investment Corp. (TWO) saw revenue decline by 28.4% over the past year.
Two Harbors Investment Corp. (TWO) reported a net loss of $343.0M for fiscal year 2025.
Yes, Two Harbors Investment Corp. (TWO) pays a dividend with a yield of 13.38%. This makes it attractive for income-focused investors.
Two Harbors Investment Corp. (TWO) has a return on equity (ROE) of -23.2%. Negative ROE indicates the company is unprofitable.
Two Harbors Investment Corp. (TWO) generated Funds From Operations (FFO) of $149.9M in the trailing twelve months. FFO is the primary profitability metric for REITs.
Two Harbors Investment Corp. (TWO) offers a 13.38% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.
Two Harbors Investment Corp. (TWO) financial analysis — history, returns, DCA and operating performance tools
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates