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TWOTwo Harbors Investment Corp.
$12.32$1.3B
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TWO logoTwo Harbors Investment Corp.(TWO)Earnings, Financials & Key Ratios

TWO•NYSE•REIT / Real Estate
Price updated Jun 19, 2026
SectorReal EstateIndustryMortgage REITsSub-IndustryMortgage servicing rights focused REITs
AboutTwo Harbors Investment Corp. operates as a real estate investment trust (REIT) that focuses on investing in, financing, and managing residential mortgage-backed securities (RMBS), non-agency securities, mortgage servicing rights, and other financial assets in the United States. Its target assets include agency RMBS collateralized by fixed rate mortgage loans, adjustable rate mortgage loans, and hybrid adjustable-rate mortgage (ARMs); and other assets, such as financial and mortgage-related assets, including non-agency securities and non-hedging transactions. The company qualifies as a REIT for federal income tax purposes. As a REIT, the company must distribute at least 90% of annual taxable income to its stockholders. Two Harbors Investment Corp. was incorporated in 2009 and is headquartered in Minnetonka, Minnesota.Show more
  • Revenue$606M-28.4%
  • FFO-$454M-252.4%
  • FFO/Share-4.36-265.4%
  • FFO Payout-37.61%-159.7%
  • FFO per Share-4.36-265.4%
  • NOI Margin97.9%-6.4%
  • FFO Margin-75.02%-312.8%
  • ROE-23.24%-268.6%
  • ROA-3.94%-267.4%

TWO Key Insights

Two Harbors Investment Corp. (TWO) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 22.5%
  • ✓High NOI margin of 97.9%
  • ✓Share count reduced 7.9% through buybacks
  • ✓Trading at only 0.7x book value

✗Weaknesses

  • ✗High debt to equity ratio of 4.8x
  • ✗Weak Piotroski F-Score: 3/9

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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TWO Price & Volume

Two Harbors Investment Corp. (TWO) stock price & volume — 10-year historical chart

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TWO Growth Metrics

Two Harbors Investment Corp. (TWO) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-1.88%
5 Years-
3 Years263.53%
TTM-0.21%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-2309.09%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-648.1%

Return on Capital

10 Years9.42%
5 Years17.8%
3 Years23.13%
Last Year16.93%

TWO Recent Earnings

Two Harbors Investment Corp. (TWO) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 6/12 qtrs (50%)●Beat Revenue 5/12 qtrs (42%)
Q2 2026Latest
Apr 28, 2026
Metric
Actual
Est
EPS
$0.34+31.0%
$0.26
Rev
$7M-379.0%
$2M
Q1 2026
Feb 2, 2026
Metric
Actual
Est
EPS
$0.26-13.3%
$0.30
Rev
$15M-69.3%
$9M
Q3 2023
Jul 31, 2023
Metric
Actual
Est
EPS
$0.04-113.8%
$0.29
Rev
$238M+297373.8%
$80,000
Q2 2023
May 1, 2023
Metric
Actual
Est
EPS
$0.09+108.7%
$1.04
Rev
$156M-30717.5%
$510,000
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 28, 2026
$0.34vs $0.26+31.0%
$7Mvs $2M-379.0%
Q1 2026Feb 2, 2026
$0.26vs $0.30-13.3%
$15Mvs $9M-69.3%
Q3 2023Jul 31, 2023
$0.04vs $0.29-113.8%
$238Mvs $80,000+297373.8%
Q2 2023May 1, 2023
$0.09vs $1.04+108.7%
$156Mvs $510,000-30717.5%
Based on last 12 quarters of dataView full earnings history →

TWO Peer Comparison

Two Harbors Investment Corp. (TWO) competitors in Mortgage servicing rights focused REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
AGNC logoAGNCAGNC Investment Corp.Direct Competitor11.66B10.387.06-60.79%87.02%15.1%0.01
NLY logoNLYAnnaly Capital Management, Inc.Direct Competitor15.96B22.217.615.35%30.28%14.05%6.92
DX logoDXDynex Capital, Inc.Direct Competitor1.98B13.065.2967.76%59.8%17.19%5.65
MFA logoMFAMFA Financial, Inc.Direct Competitor972.95M9.535.67213.02%20.7%7.43%6.01
IVR logoIVRInvesco Mortgage Capital Inc.Direct Competitor574.68M8.005.23-24.6%30.19%13.34%7.05
ARR logoARRARMOUR Residential REIT, Inc.Direct Competitor2.08B16.765.08444.08%24.22%11.47%7.94
ORC logoORCOrchid Island Capital, Inc.Direct Competitor1.02B6.705.40229.95%78.54%15.05%7.47
PMT logoPMTPennyMac Mortgage Investment TrustProduct Competitor891.92M10.2510.35103.82%13.83%7.06%10.12

Compare TWO vs Peers

Two Harbors Investment Corp. (TWO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs AGNC

Most directly comparable listed peer for TWO.

Scale Benchmark

vs RKT

Larger-name benchmark to compare TWO against a more recognizable public peer.

Peer Set

Compare Top 5

vs AGNC, NLY, DX, MFA

TWO Income Statement

Two Harbors Investment Corp. (TWO) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
838.62M708.13M1.9B-862.56M-142.91M12.61M640.49M845.84M605.61M765.12M
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
76.73M91.41M134.71M126M86.25M94.12M74.13M-38.46M12.73M92.03M
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
113.16M4.11M724.83M390.3M-509.75M-664.36M6.52M-66.78M177.07M234.88M
G&A Expenses
00000000066.56M
EBITDA
649.7M517.2M1.02B-1.38B280.59M582.85M559.83M952.56M45.52M69.94M
EBITDA Margin %
77.47%73.04%53.97%160.52%-196.34%4623.57%87.41%112.62%7.52%9.14%
Depreciation & Amortization
969K000000005.18M
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
350.19M519.67M714.33M281.25M89.17M258.39M643.23M607.81M490.94M4M
Interest Coverage
1.85x1.00x1.43x-4.92x3.15x2.26x0.87x1.57x0.09x-
Non-Operating Income
789K95.41M14.31M5.71M000-1.48M370.3M373.44M
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
-10.48M41.82M-13.56M-35.69M4.19M104.21M22.98M46.59M8.87M12.51M
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
7.43-0.864.84-23.832.512.29-1.112.64-4.361.38
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)
7.40-0.863.72-23.831.722.15-1.602.41-4.36-
Diluted Shares Outstanding
47.03M51.51M66.96M68.4M74.51M96.08M95.67M113.09M104.16M108.21M

TWO Balance Sheet

Two Harbors Investment Corp. (TWO) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
24.79B30.13B35.92B19.52B12.11B13.47B13.14B12.2B10.86B10.53B
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-33.32B0565.95M1.51B843.84M974.92M730.48M-9.13B
PP&E (Net)
1.23M000000000
Investment Securities
1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Total Current Assets
22.55B26.2B32.38B16.23B9.28B8.94B9.16B8.22B1.09B7.01B
Cash & Equivalents
419.16M409.76M558.14M1.38B1.15B683.48M729.73M504.61M842.32M476.31M
Receivables
1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets
0000934.81M443.03M65.1M313.03M219.63M0
Intangible Assets
1.09B1.99B1.91B1.6B2.19B2.98B3.05B2.99B2.42B2.38B
Total Liabilities
21.22B25.88B30.95B16.43B9.37B11.28B10.94B10.08B9.07B8.8B
Total Debt
1.52B1.46B1.19B965.62M8.9B10.4B9.91B9.09B8.56B8.29B
Net Debt
1.1B1.05B631.32M-419.14M7.74B9.72B9.18B8.58B7.71B7.81B
Long-Term Debt
1.5B1.15B889.46M681.79M821.6M680.51M563.85M260.23M372.87M1.04B
Short-Term Borrowings
20M310M300M283.83M8.08B9.72B9.35B8.83B8.18B7.25B
Capital Lease Obligations
0000000000
Total Current Liabilities
107.7M470M449.63M305.5M8.36B10.42B10.12B9.62B8.53B7.25B
Accounts Payable
87.7M160M149.63M21.67M18.38M94.03M141.77M85.99M81.91M0
Deferred Revenue
0000000000
Other Liabilities
-1.5B-1.15B-889.46M0184.12M180.04M246.94M200.96M167.45M8.8B
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
3.57B4.25B4.97B3.09B2.74B2.18B2.2B2.12B1.79B1.73B
Minority Interest
0000000000
Common Stock
1.75M2.48M2.73M2.74M860K864K1.03M1.04M1.05M1.05M
Additional Paid-in Capital
3.67B4.81B5.15B5.16B5.63B5.65B5.93B5.94B5.95B5.95B
Retained Earnings
-1.14B-1.65B-1.85B-3.7B-3.77B-3.82B-4.16B-4.1B-4.76B-4.78B
Preferred Stock
702.54M977.5M977.5M977.5M702.55M631M613.21M601.47M601.47M601.47M
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
0.42x0.34x0.24x0.31x3.24x4.76x4.50x4.28x4.79x4.79x
Net Debt / EBITDA
1.69x2.03x0.62x-27.60x16.67x16.40x9.01x169.50x111.66x
Book Value per Share
75.9382.6074.2345.1636.8322.7323.0318.7717.1616.00

TWO Cash Flow Statement

Two Harbors Investment Corp. (TWO) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
606.78M702.87M1.06B631.6M423.51M623.4M343.51M201M88.92M33.58M
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%4.39%
Net Income
308.24M-44.29M323.96M-1.63B187.23M220.24M-106.37M298.17M-454.3M-342.96M
Depreciation & Amortization
969K000000005.18M
Stock-Based Compensation
11.33M12.99M9.16M9.73M11.48M11.63M10.98M10.95M01.25M
Other Non-Cash Items
262.35M643.1M744.69M2.4B191.58M240.26M381.43M-29.99M512.57M-78.49M
Working Capital Changes
23.89M91.07M-21.18M-143.82M33.22M151.27M57.47M-78.12M30.65M-17.41M
Cash from Investing
-9.48B4.79B-6.08B14.9B6.31B-2.75B-195.78M895.28M911.61M2.9B
Acquisitions (Net)
0-13.55M613.66M622.41M742.15M629.81M26.8M-20.98M00
Purchase of Investments
-18.37B-12.71B-24.73B-8.3B-2.49B-10.73B-4.13B-2.14B01.26B
Sale of Investments
10.35B17.99B18.73B23.64B9.51B9.02B3.34B3.12B0-194.76M
Other Investing
-1.47B493.81M-75.37M-442.5M-704.75M-1.04B879.96M48.56M911.61M1.83B
Cash from Financing
9.12B-5.45B5.54B-14.51B-7.3B1.17B-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-1000K1000K1000K1000K-1000K-1000K1000K
Share Repurchases
0-36K-19K-1.06M-274.95M-51.4M-21.87M-11.1M-1.75M0
Other Financing
11.73B-5.06B6.01B-14B-7.49B946.57M-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
0000000000
Cash at Beginning
815.2M1.05B1.1B1.62B2.65B2.09B1.13B794.83M817.64M0
Cash at End
1.05B1.1B1.62B2.65B2.09B1.13B794.83M817.64M1.06B0
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 Key Ratios

Two Harbors Investment Corp. (TWO) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share
7.43-0.864.84-23.832.512.29-1.112.64-4.361.38
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
1.69x2.03x0.62x-27.60x16.67x16.40x9.01x169.50x111.66x
Debt / Assets
6.12%4.84%3.31%4.95%73.46%77.25%75.45%74.46%78.8%78.66%
Interest Coverage
1.85x1.00x1.43x-4.92x3.15x2.26x0.87x1.57x0.09x-
Book Value / Share
75.9382.674.2345.1636.8322.7323.0318.7717.1616
Revenue Growth
68.14%-15.56%168.11%-145.43%83.43%108.82%4980.79%32.06%-28.4%-0.21%
Related:TWO Dividend History·TWO Revenue History·TWO Price History·TWO P/E History·TWO Financial Ratios·TWO Institutional Holders

TWO SEC Filings & Documents

Two Harbors Investment Corp. (TWO) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 29, 2026·SEC

Material company update

Apr 28, 2026·SEC

Material company update

Mar 27, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 17, 2026·SEC

FY 2025

Feb 18, 2025·SEC

FY 2024

Feb 20, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 29, 2026·SEC

FY 2025

Oct 28, 2025·SEC

FY 2025

Jul 29, 2025·SEC

TWO Frequently Asked Questions

Two Harbors Investment Corp. (TWO) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

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.

Dividend & Returns

Yes, Two Harbors Investment Corp. (TWO) pays a dividend with a yield of 13.31%. 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.

Industry Metrics

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 13.31% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in TWO back in 2007?

Total return calculator · dividends reinvested · 19+ years of data

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How much would $100/month in TWO be worth today?

Dollar cost averaging calculator · DCA vs lump sum

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