TWO-PC
Company Description
Two Harbors Investment Corp. actively acquires, funds, and oversees a portfolio of financial assets in the United States, operating through its RoundPoint platform. Its primary holdings include mortgage servicing rights (MSRs) and agency-guaranteed residential mortgage-backed securities (RMBS). The firm's target investments consist of agency RMBS collateralized by fixed-rate, adjustable-rate, or hybrid mortgage loans, as well as derivatives. It further diversifies into other financial and mortgage-linked assets, such as non-agency securities and non-hedging transactions. Functioning as a Real Estate Investment Trust (REIT) for federal income tax purposes, the company is required by law to disburse at least 90% of its annual taxable profits to its stockholders. Two Harbors Investment Corp. was founded in 2009 and maintains its corporate headquarters in St. Louis Park, Minnesota.
Track Record
| 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 |