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TWO logoTwo Harbors Investment Corp.(TWO)Earnings, Financials & Key Ratios

TWO•NYSE•REIT / Real Estate
$12.26
$1.29B mkt cap·Price updated May 6, 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%
  • Debt/Assets78.8%+5.8%
  • Net Debt/EBITDA169.50+1781.2%
  • Book Value/Share17.16-8.5%
Technical→

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.

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
EPS
$0.34
Est $0.21
+61.9%
Revenue
$7M
Est $2M
-379.0%
Q1 2026
Feb 2, 2026
EPS
$0.26
Est $0.30
-13.3%
Revenue
$15M
Est $9M
-69.3%
Q3 2023
Jul 31, 2023
EPS
$0.04
Est $0.29
-113.8%
Revenue
$238M
Est $80,000
+297373.8%
Q2 2023
May 1, 2023
EPS
$0.09
Est $1.04
+108.7%
Revenue
$156M
Est $510,000
-30717.5%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 28, 2026
$0.34vs $0.21+61.9%
$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
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
AGNC logoAGNCAGNC Investment Corp.Direct Competitor9.62B10.7211.53384.69%24.23%7.32%0.89%0.01
NLY logoNLYAnnaly Capital Management, Inc.Direct Competitor16.08B22.387.665.35%30.28%14.05%6.92
DX logoDXDynex Capital, Inc.Direct Competitor2.66B13.345.40179.55%75.8%12.96%5.65
MFA logoMFAMFA Financial, Inc.Direct Competitor975M9.555.68213.02%39.14%7.42%7.82%6.01
IVR logoIVRInvesco Mortgage Capital Inc.Direct Competitor576.83M8.035.25-24.6%30.19%13.34%27.23%7.05
ARR logoARRARMOUR Residential REIT, Inc.Direct Competitor2.15B17.305.24444.08%24.22%11.47%5.79%7.94
ORC logoORCOrchid Island Capital, Inc.Direct Competitor1.05B6.935.59229.95%78.54%15.05%11.46%7.47
PMT logoPMTPennyMac Mortgage Investment TrustProduct Competitor1.06B12.1312.25245.81%12.44%7.06%13.48%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 NLY

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
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue838.62M708.13M1.9B-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 Expenses76.73M91.41M134.71M126M86.25M94.12M74.13M-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 Expenses113.16M4.11M724.83M390.3M-509.75M-664.36M6.52M-66.78M177.07M234.88M
G&A Expenses00000000066.56M
EBITDA649.7M517.2M1.02B-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 & Amortization969K000000005.18M
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 Expense350.19M519.67M714.33M281.25M89.17M258.39M643.23M607.81M490.94M4M
Interest Coverage1.85x1.00x1.43x-4.92x3.15x2.26x0.87x1.57x0.09x-
Non-Operating Income789K95.41M14.31M5.71M000-1.48M370.3M373.44M
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 Share7.43-0.864.84-23.832.512.29-1.112.64-4.361.38
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 Outstanding47.03M51.51M66.96M68.4M74.51M96.08M95.67M113.09M104.16M108.21M

TWO Balance Sheet

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

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets24.79B30.13B35.92B19.52B12.11B13.47B13.14B12.2B10.86B10.53B
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 Securities1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Total Current Assets22.55B26.2B32.38B16.23B9.28B8.94B9.16B8.22B1.09B7.01B
Cash & Equivalents419.16M409.76M558.14M1.38B1.15B683.48M729.73M504.61M842.32M476.31M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets0000934.81M443.03M65.1M313.03M219.63M0
Intangible Assets1.09B1.99B1.91B1.6B2.19B2.98B3.05B2.99B2.42B2.38B
Total Liabilities21.22B25.88B30.95B16.43B9.37B11.28B10.94B10.08B9.07B8.8B
Total Debt1.52B1.46B1.19B965.62M8.9B10.4B9.91B9.09B8.56B8.29B
Net Debt1.1B1.05B631.32M-419.14M7.74B9.72B9.18B8.58B7.71B7.81B
Long-Term Debt1.5B1.15B889.46M681.79M821.6M680.51M563.85M260.23M372.87M1.04B
Short-Term Borrowings20M310M300M283.83M8.08B9.72B9.35B8.83B8.18B7.25B
Capital Lease Obligations0000000000
Total Current Liabilities107.7M470M449.63M305.5M8.36B10.42B10.12B9.62B8.53B7.25B
Accounts Payable87.7M160M149.63M21.67M18.38M94.03M141.77M85.99M81.91M0
Deferred Revenue0000000000
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 Equity3.57B4.25B4.97B3.09B2.74B2.18B2.2B2.12B1.79B1.73B
Minority Interest0000000000
Common Stock1.75M2.48M2.73M2.74M860K864K1.03M1.04M1.05M1.05M
Additional Paid-in Capital3.67B4.81B5.15B5.16B5.63B5.65B5.93B5.94B5.95B5.95B
Retained Earnings-1.14B-1.65B-1.85B-3.7B-3.77B-3.82B-4.16B-4.1B-4.76B-4.78B
Preferred Stock702.54M977.5M977.5M977.5M702.55M631M613.21M601.47M601.47M601.47M
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 / Assets6.12%4.84%3.31%4.95%73.46%77.25%75.45%74.46%78.8%78.66%
Debt / Equity0.42x0.34x0.24x0.31x3.24x4.76x4.50x4.28x4.79x4.79x
Net Debt / EBITDA1.69x2.03x0.62x-27.60x16.67x16.40x9.01x169.50x169.50x
Book Value per Share75.9382.6074.2345.1636.8322.7323.0318.7717.1616.00

TWO Cash Flow Statement

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

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations606.78M702.87M1.06B631.6M423.51M623.4M343.51M201M88.92M88.92M
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 Income308.24M-44.29M323.96M-1.63B187.23M220.24M-106.37M298.17M-454.3M-342.96M
Depreciation & Amortization969K000000005.18M
Stock-Based Compensation11.33M12.99M9.16M9.73M11.48M11.63M10.98M10.95M01.25M
Other Non-Cash Items262.35M643.1M744.69M2.4B191.58M240.26M381.43M-29.99M512.57M-78.49M
Working Capital Changes23.89M91.07M-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 Investments10.35B17.99B18.73B23.64B9.51B9.02B3.34B3.12B0-194.76M
Other Investing-1.47B493.81M-75.37M-442.5M-704.75M-1.04B879.96M48.56M911.61M1.83B
Cash from Financing9.12B-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 Repurchases0-36K-19K-1.06M-274.95M-51.4M-21.87M-11.1M-1.75M0
Other Financing11.73B-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 Effect0000000000
Cash at Beginning815.2M1.05B1.1B1.62B2.65B2.09B1.13B794.83M817.64M0
Cash at End1.05B1.1B1.62B2.65B2.09B1.13B794.83M817.64M1.06B0
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 Share7.43-0.864.84-23.832.512.29-1.112.64-4.361.38
FFO Payout Ratio120.98%-611.03%142.96%-12.24%103.34%106.87%-185.8%62.95%-37.61%82.66%
NOI Margin90.85%87.09%92.9%114.61%160.35%-646.62%88.43%104.55%97.9%87.97%
Net Debt / EBITDA1.69x2.03x0.62x-27.60x16.67x16.40x9.01x169.50x169.50x
Debt / Assets6.12%4.84%3.31%4.95%73.46%77.25%75.45%74.46%78.8%78.66%
Interest Coverage1.85x1.00x1.43x-4.92x3.15x2.26x0.87x1.57x0.09x-
Book Value / Share75.9382.674.2345.1636.8322.7323.0318.7717.1616
Revenue Growth68.14%-15.56%168.11%-145.43%83.43%108.82%4980.79%32.06%-28.4%-0.21%

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 13.38%. 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.

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 13.38% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More TWO

Two Harbors Investment Corp. (TWO) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→
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