TWO is no longer listed. Its last trade on record was Aug 24, 2026. The price and figures on this page are from its last trading day and final filings, and are no longer updated.
Revenue has been volatile, swinging from $292.0M in 2024Q1 to $212.6M in 2026Q2, while NOI margins have exceeded 100% in most quarters, peaking at 110.4% in 2024Q3, reflecting accounting distortions typical of mREITs.
Two Harbors Investment Corp. (TWO) annual income statement — 19-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Revenue | 858.34M | 605.61M | 845.84M | 640.49M | 12.61M | -142.91M | -862.56M | 1.9B | 708.13M | 838.62M | 498.75M | 732.02M | 591.62M | 500.38M | 538.88M | 264.91M | 53.4M | 3.2M | 4.44M | 1.47M |
| Revenue Growth % | 26.73% | -28.4% | 32.06% | 4980.79% | 108.82% | 83.43% | -145.43% | 168.11% | -15.56% | 68.14% | -31.87% | 23.73% | 18.24% | -7.14% | 103.42% | 396.05% | 1567.82% | -27.92% | 201.33% | - |
| Property Operating Expenses | 188.79M | 12.73M | -38.46M | 74.13M | 94.12M | 86.25M | 126M | 134.71M | 91.41M | 76.73M | 73.95M | 81.12M | 76.34M | 48.82M | 3.46M | 14.24M | 2.99M | 325.65K | 0 | 0 |
| Net Operating Income (NOI) | 669.55M | 592.88M | 884.29M | 566.36M | -81.51M | -229.16M | -988.57M | 1.76B | 616.72M | 761.89M | 424.8M | 650.9M | 515.28M | 451.56M | 535.41M | 250.67M | 50.41M | 2.88M | 4.44M | 1.47M |
| NOI Margin % | 78% | 97.9% | 104.55% | 88.43% | -646.62% | 160.35% | 114.61% | 92.9% | 87.09% | 90.85% | 85.17% | 88.92% | 87.1% | 90.24% | 99.36% | 94.62% | 94.4% | 89.83% | 100% | 100% |
| Operating Expenses | 242.16M | 177.07M | -66.78M | 6.52M | -664.36M | -509.75M | 390.3M | 724.83M | 4.11M | 113.16M | 89.75M | 174.65M | 421.48M | -209.55M | 279.26M | 119.24M | 15.34M | 11.94M | 1.06M | 141K |
| G&A Expenses | 117.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBITDA | 259.06M | 45.52M | 952.56M | 559.83M | 582.85M | 280.59M | -1.38B | 1.02B | 517.2M | 649.7M | 336.33M | 477.62M | 95.41M | 662.79M | 257.88M | 131.47M | 39.49M | -8.53M | 3.15M | 1.33M |
| EBITDA Margin % | 30.18% | 7.52% | 112.62% | 87.41% | 4623.57% | -196.34% | 160.52% | 53.97% | 73.04% | 77.47% | 67.43% | 65.25% | 16.13% | 132.46% | 47.86% | 49.63% | 73.95% | -266.53% | 70.84% | 90.44% |
| Depreciation & Amortization | 5.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 969K | 1.28M | 1.36M | 1.62M | 1.67M | 1.73M | 39K | 0 | 528.48K | 0 | 0 |
| D&A / Revenue % | 0.6% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.12% | 0.26% | 0.19% | 0.27% | 0.33% | 0.32% | 0.01% | 0% | 16.5% | 0% | 0% |
| Operating Income | 427.39M | 415.81M | 951.08M | 559.83M | 582.85M | 280.59M | -1.38B | 1.04B | 612.62M | 648.73M | 335.05M | 476.25M | 93.79M | 661.11M | 256.15M | 131.43M | 35.07M | -9.06M | 3.38M | 1.33M |
| Operating Margin % | 49.79% | 68.66% | 112.44% | 87.41% | 4623.57% | -196.34% | 159.86% | 54.73% | 86.51% | 77.36% | 67.18% | 65.06% | 15.85% | 132.12% | 47.53% | 49.61% | 65.67% | -283.03% | 76.15% | 90.44% |
| Interest Expense | 4M | 490.94M | 607.81M | 643.23M | 258.39M | 89.17M | 281.25M | 714.33M | 519.67M | 350.19M | 221.9M | 142.19M | 107.45M | 100.41M | 72.11M | 22.71M | 4.42M | 131K | 0 | 0 |
| Interest Coverage | - | 0.09x | 1.57x | 0.87x | 2.26x | 3.15x | -4.92x | 1.43x | 1.00x | 1.85x | 2.45x | 4.35x | 1.87x | 7.57x | 4.40x | 6.56x | 8.93x | -68.89x | - | - |
| Non-Operating Income | 114.33M | 370.3M | -1.48M | 0 | 0 | 0 | 5.71M | 14.31M | 95.41M | 789K | -208.47M | -141.65M | -107.06M | -98.75M | -61.15M | -17.61M | -4.42M | -38.64K | 235.71K | 0 |
| Pretax Income | -4.88M | -445.43M | 344.75M | -83.39M | 324.45M | 191.42M | -1.67B | 310.4M | -2.47M | 297.76M | 330.24M | 475.72M | 93.4M | 659.45M | 245.2M | 126.33M | 35.07M | -9.06M | 3.38M | 1.33M |
| Pretax Margin % | -0.57% | -73.55% | 40.76% | -13.02% | 2573.79% | -133.94% | 193.12% | 16.35% | -0.35% | 35.51% | 66.21% | 64.99% | 15.79% | 131.79% | 45.5% | 47.69% | 65.67% | -283.01% | 76.16% | 90.42% |
| Income Tax | 16.8M | 8.87M | 46.59M | 22.98M | 104.21M | 4.19M | -35.69M | -13.56M | 41.82M | -10.48M | 12.3M | -16.49M | -73.74M | 84.41M | -42.22M | -1.11M | -683K | -318K | 1.09M | 618.65K |
| Effective Tax Rate % | -344.52% | -1.99% | 13.51% | -27.55% | 32.12% | 2.19% | 2.14% | -4.37% | -1695.3% | -3.52% | 3.73% | -3.47% | -78.95% | 12.8% | -17.22% | -0.88% | -1.95% | 3.51% | 32.16% | 46.41% |
| Net Income | -21.68M | -454.3M | 298.17M | -106.37M | 220.24M | 187.23M | -1.63B | 323.96M | -44.29M | 348.57M | 353.28M | 492.21M | 167.14M | 579.04M | 291.91M | 127.43M | 35.76M | -8.84M | 2.06M | 714.57K |
| Net Margin % | -2.53% | -75.02% | 35.25% | -16.61% | 1747.1% | -131.01% | 188.99% | 17.06% | -6.25% | 41.56% | 70.83% | 67.24% | 28.25% | 115.72% | 54.17% | 48.1% | 66.95% | -275.99% | 46.35% | 48.47% |
| Net Income Growth % | 92.77% | -252.36% | 380.31% | -148.3% | 17.63% | 111.49% | -603.19% | 831.46% | -112.71% | -1.33% | -28.23% | 194.49% | -71.14% | 98.36% | 129.07% | 256.4% | 504.59% | -529.24% | 188.12% | - |
| Funds From Operations (FFO) | 189.06M | -454.3M | 298.17M | -106.37M | 220.24M | 190.23M | -1.63B | 323.96M | -44.29M | 349.54M | 354.56M | 493.57M | 168.75M | 580.71M | 293.64M | 127.47M | 35.76M | -8.31M | 2.06M | 714.57K |
| FFO Margin % | 22.03% | -75.02% | 35.25% | -16.61% | 1747.1% | -133.11% | 188.99% | 17.06% | -6.25% | 41.68% | 71.09% | 67.43% | 28.52% | 116.06% | 54.49% | 48.12% | 66.95% | -259.49% | 46.35% | 48.47% |
| FFO Growth % | 0% | - | - | - | - | - | - | - | - | -1.42% | -28.16% | 192.48% | -70.94% | 97.76% | 130.36% | - | - | - | - | - |
| FFO per Share | 1.76 | -4.36 | 2.64 | -1.11 | 2.29 | 2.55 | -23.83 | 4.84 | -0.86 | 7.43 | 8.15 | 10.81 | 3.69 | 13.24 | 9.69 | 10.32 | 12.78 | -2.67 | 0.66 | 0.49 |
| FFO Payout Ratio % | 78.63% | -37.61% | 62.95% | -185.8% | 106.87% | 135.18% | -12.24% | 142.96% | -611.03% | 120.98% | 93.6% | 77.31% | 169.21% | 101.85% | 114.19% | 93.98% | 75.85% | 0% | 0% | 0% |
| EPS (Diluted) | -0.20 | -4.36 | 2.37 | -1.60 | 2.13 | 1.72 | -23.83 | 3.72 | -0.86 | 7.24 | 8.08 | 10.80 | 3.68 | 13.20 | 9.60 | 10.32 | 12.80 | -2.81 | 0.64 | 0.48 |
| EPS Growth % | 79.35% | -283.97% | 248.13% | -175.12% | 23.84% | 107.22% | -740.59% | 532.56% | -111.88% | -10.4% | -25.19% | 193.48% | -72.12% | 37.5% | -6.98% | -19.38% | 555.52% | -539.06% | 33.33% | - |
| EPS (Basic) | - | -4.36 | 2.41 | -1.60 | 2.15 | 1.72 | -23.83 | 3.72 | -0.86 | 7.40 | 8.08 | 10.80 | 3.68 | 13.20 | 9.68 | 10.32 | 12.80 | -3.05 | 0.64 | 0.48 |
| Diluted Shares Outstanding | 107.35M | 104.16M | 113.09M | 95.67M | 96.08M | 74.51M | 68.4M | 66.96M | 51.51M | 47.03M | 43.51M | 45.66M | 45.75M | 43.87M | 30.3M | 12.35M | 2.8M | 3.12M | 3.12M | 1.45M |
Quick answers to the most common questions about buying TWO stock.
For fiscal year 2025, Two Harbors Investment Corp. (TWO) reported total revenue of $605.6M. This represents a 40980.0% increase compared to $1.5M in 2007.
Two Harbors Investment Corp. (TWO) reported a net loss of $454.3M for the fiscal year ending 2025.
Two Harbors Investment Corp. (TWO) reported an operating income of $415.8M, resulting in an operating profit margin of 68.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Two Harbors Investment Corp. (TWO) generated $592.9M in gross profit for the year, representing a gross profit margin of 97.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Dividend sustainability concerns
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Underlying Shift
Two Harbors' revenue swung from $292.0M in 2024Q1 to $212.6M in 2026Q2, a -27% decline, reflecting portfolio repositioning and market volatility, as reported in quarterly filings.
The revenue trajectory is highly erratic, with quarters like 2025Q3 showing a 95.7% surge followed by a -42.8% plunge in 2025Q2. This volatility suggests the company is actively managing its portfolio, possibly rotating between RMBS and MSR assets, but the overall trend is downward. The recent stabilization around $212-219M in 2026 may indicate a new equilibrium, but the lack of consistent growth raises questions about the sustainability of the current asset mix.
NOI Margin Distortions Reflect Accounting
NOI margins exceeded 100% in most quarters, peaking at 110.4% in 2024Q3, indicating that revenue is understated relative to property-level income, a common mREIT reporting artifact.
The NOI margin consistently above 100% is a clear sign that the reported revenue line does not capture all income streams, likely due to the netting of interest expenses. This makes traditional margin analysis meaningless. The sharp drop to 56.4% in 2026Q2 suggests a fundamental change in revenue composition, possibly a shift toward more interest income and less servicing income, which warrants close monitoring.
FFO Recovery Signals Earnings Power
FFO per share improved from $0.35 in 2026Q1 to $0.53 in 2026Q2, a 51% sequential increase, suggesting a rebound in core earnings, as per the latest financial statements.
The FFO data is only available for the first two quarters of 2026, but the improvement is notable. The 2026Q2 FFO of $57.1M translates to a coverage ratio of approximately 1.2x the current dividend, which is thin but positive. However, the absence of FFO data for prior quarters limits trend analysis. Investors should monitor whether this FFO growth is sustainable or a one-off gain from hedging activities.
Depreciation Distortions Minimal in mREIT
Depreciation charges are not a significant factor for Two Harbors, as its assets are primarily financial instruments, but the mark-to-market volatility on MSRs and RMBS creates earnings swings, as seen in net income fluctuations.
Unlike traditional REITs, Two Harbors does not have large physical asset depreciation. Instead, the earnings distortion comes from unrealized gains/losses on its investment portfolio. The net income swings from -$259.0M in 2025Q2 to +$276.7M in 2024Q4 highlight the impact of fair value adjustments. Analysts should focus on FFO and AFFO, which exclude these non-cash items, to gauge underlying profitability.
Organic Growth Hard to Isolate
Same-store metrics are not disclosed, but the revenue volatility suggests that organic growth is overshadowed by portfolio repositioning, with revenue growth ranging from -63.1% to +95.7% over the past two years.
The absence of same-store data is typical for mREITs, as their 'stores' are financial assets. The extreme revenue swings indicate that the company is actively buying and selling assets, making organic performance difficult to assess. The recent quarters show a more stable revenue base, which may indicate a pause in portfolio churn, but the underlying drivers remain opaque.
Earnings Quality Questioned by Losses
Despite a positive EPS of $0.46 in 2026Q2, trailing net margins are deeply negative at -75.0%, suggesting the quarter's earnings may be driven by non-recurring items, as per financial data.
The disconnect between the quarterly EPS beat and the persistent negative net margin raises red flags. The -75% net margin over the trailing twelve months indicates that the company is not generating sustainable profits. The 2026Q2 net income of $62.2M may include mark-to-market gains that could reverse. Investors should scrutinize the components of earnings, particularly the contribution from MSR valuation changes and hedging gains, to assess the true earnings power.