TWO
Two Harbors Investment Corp.
$12.18
+0.13
(+1.08%)
Mkt Cap
1.28B
Volume
19,379,294
52W Range
8.78-14.17
Sector
Real Estate
Beta
1.05
EPS (TTM)
-0.74 USD
P/E Ratio
-2.41
Revenue (TTM)
645.74M USD
Rev Growth (5Y)
+2.2%
EPS Growth (5Y)
N/A
AlphaVal · Fair Value
What we estimate one share is worth
$14.38
Fair Value
moderate signal
15.3% below fair value
Modeled from cash flows & growth.
AlphaQuality · Grade · Gated
How strong & durable the business is
F
Real Estate Investment Trust
15.3 / 100 pillar composite (overridden)
A real-estate investment trust — graded A–F vs. similar companies.
Company Description
Two Harbors Investment Corp. (TWO) operates as a Real Estate Investment Trust (REIT) with a strategic focus on the U.S. mortgage market. The firm is actively involved in acquiring, funding, and overseeing a diverse portfolio of financial instruments, primarily residential mortgage-backed securities (RMBS). This portfolio encompasses both agency RMBS – which are often backed by fixed-rate, adjustable-rate, and hybrid adjustable-rate mortgage loans – as well as non-agency securities, mortgage servicing rights (MSRs), and other related financial assets. Being structured as a REIT grants the company specific federal income tax advantages, contingent on distributing a minimum of 90% of its annual taxable earnings to its shareholders. Established in 2009, Two Harbors Investment Corp. maintains its corporate headquarters in Minnetonka, Minnesota.
Track Record
Showing latest 4 periods • Swipe for more
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 605.61M | 845.84M | 640.49M | 12.61M | (142.91M) | (862.56M) | 1.90B | 708.13M | 838.62M | 498.75M | 732.02M | 591.62M |
| Net Income | (454.30M) | 298.17M | (106.37M) | 220.24M | 187.23M | (1.63B) | 323.96M | (44.29M) | 348.57M | 353.28M | 492.21M | 167.14M |
| EPS | -4.36 | 2.41 | -1.60 | 2.15 | 1.72 | -23.83 | 3.72 | -0.86 | 7.40 | 8.08 | 10.80 | 3.68 |
| Free Cash Flow | (15.07M) | 86.88M | 30.87M | (6.41M) | (318.64M) | 9.20M | 442.97M | (273.52M) | 122.52M | (78.03M) | (2.06B) | (829.85M) |
| FCF / Share | -0.14 | 0.84 | 0.32 | -0.07 | -4.28 | 0.13 | 6.62 | -5.31 | 2.81 | -1.79 | -45.13 | -18.14 |
| Operating CF | 88.92M | 201.00M | 343.51M | 623.40M | 423.51M | 631.60M | 1.06B | 702.87M | 606.78M | 239.68M | (1.94B) | (764.15M) |
| Total Assets | 10.86B | 12.20B | 13.14B | 13.47B | 12.11B | 19.52B | 35.92B | 30.13B | 24.79B | 20.11B | 14.58B | 21.02B |
| Total Debt | 8.56B | 9.09B | 9.91B | 10.40B | 8.90B | 965.62M | 1.19B | 1.46B | 1.52B | 7.11B | 5.79B | 3.71B |
| Cash & Equiv | 842.32M | 504.61M | 729.73M | 683.48M | 1.15B | 1.38B | 558.14M | 409.76M | 419.16M | 406.88M | 737.83M | 1.01B |
| Book Value | 1.79B | 2.12B | 2.20B | 2.18B | 2.74B | 3.09B | 4.97B | 4.25B | 3.57B | 3.40B | 3.58B | 4.07B |
| Return on Equity | -0.25 | 0.14 | -0.05 | 0.10 | 0.07 | -0.53 | 0.07 | -0.01 | 0.10 | 0.10 | 0.14 | 0.04 |
| Metric | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 218.79M | 179.37M | 247.57M | 119.38M | 211.99M | 219.45M | 126.48M | 208.81M | 292.02M | 24.56M | 342.45M |
| Net Income | 49.38M | 32.28M | 11.72M | (127.92M) | (259.04M) | (79.06M) | 276.73M | (238.49M) | 56.34M | 203.59M | (433.20M) | 306.19M |
| EPS | 0.46 | 0.18 | -0.02 | -1.36 | -2.62 | -0.89 | 2.54 | -2.42 | 0.43 | 1.86 | -4.56 | 3.04 |
| Free Cash Flow | 190.98M | 55.59M | 114.71M | (247.89M) | 7.71M | 110.40M | (48.56M) | 43.89M | 140.30M | (48.74M) | 98.70M | 118.01M |
| FCF / Share | 1.77 | 0.51 | 1.10 | -2.38 | 0.07 | 1.06 | -0.47 | 0.42 | 1.35 | -0.47 | 1.01 | 1.12 |
| Operating CF | 192.74M | 56.58M | 117.13M | (239.24M) | 99.11M | 111.91M | (21.06M) | 87.08M | 143.65M | (8.67M) | 109.74M | 122.33M |
| Total Assets | 8.83B | 10.53B | 10.86B | 10.87B | 12.96B | 13.68B | 12.20B | 12.89B | 12.85B | 13.16B | 13.14B | 13.92B |
| Total Debt | 6.62B | 8.29B | 8.56B | 8.43B | 10.18B | 10.94B | 9.09B | 10.03B | 1.54B | 1.92B | 1.89B | 11.11B |
| Cash & Equiv | 642.69M | 476.31M | 842.32M | 770.53M | 657.82M | 573.88M | 504.61M | 522.58M | 624.20M | 666.24M | 729.73M | 644.18M |
| Book Value | 1.74B | 1.73B | 1.79B | 1.77B | 1.89B | 2.15B | 2.12B | 2.17B | 2.20B | 2.24B | 2.20B | 2.12B |
| Return on Equity | 0.03 | 0.02 | 0.01 | -0.07 | -0.14 | -0.04 | 0.13 | -0.11 | 0.03 | 0.09 | -0.20 | 0.14 |
TWO News
T2 Metals Advances Its Sherridon Copper-Zinc-Gold-Silver Project in Manitoba, Canada, with Robust Historical Metallurgical Test Results
T2 Metals Commences First-Ever Surface Diamond Drill Program at the Shanghai Project, Yukon, Canada
TWO Announces Intention to Voluntarily Delist and Deregister 9.375% Senior Notes due 2030 from the New York Stock Exchange
TWO Announces Offer to Repurchase 9.375% Senior Notes due 2030 and Satisfaction and Discharge of the Related Indenture
Geomorphic AI Engaged by T2 Metals to Advance Drill Targeting at the Cora Copper Project in Arizona
T2 Metals Engages Geomorphic AI to Advance Drill Targeting at the Cora Copper Project, Arizona, USA
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