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TWO HARBORS INVESTMENT CORP.

TWO

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Financial Statements

Values in Millions ($)
2026-03-31
2025-12-31
2025-09-30
2025-06-30
2025-03-31
2024-12-31
2024-09-30
2024-06-30
2024-03-31
2023-12-31
2023-09-30
2023-06-30
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Assets
Available For Sale Securities Debt Securities
6,5076,5146,3488,3218,6077,3728,5068,0308,1838,3278,8318,963
Servicing Asset At Fair Value Amount
2,3812,4222,6273,0162,9602,9942,8843,0653,0853,0523,2133,274
Loans Receivable Held For Sale Amount
19141310823--0--
Cash And Cash Equivalents At Carrying Value
476842771658574505523624666730644699
Restricted Cash And Cash Equivalents
284220116140124313891637265401323
Interest Receivable
302928373933373635353940
Due From Correspondent Brokers
432379505286920386298372545323315249
Derivative Assets
7188135892810131424852116
Securities Purchased Under Agreements To Resell
171157158229228356359350352284283289
Other Assets
163194165175196232176196199237170157
Liabilities And Stockhold…
Liabilities
Assets Sold Under Agreements To Repurchase Repurch…
7,2457,2567,1058,7839,7417,8058,7638,4358,3628,0209,1139,068
Warehouse Agreement Borrowings
13989823--0--
Senior Notes
111111111111-0------
Medium Term Notes
-----000296295295399
Convertible Notes Payable
0262261261261260260259269269268268
Derivative Liabilities
1148332517143222415
Due To Correspondent Brokers
247216391389289649386352331575312267
Dividends Payable Current And Noncurrent
494949546059595959595656
Commitments And Contingencies
----00000000
Interest Payable Current And Noncurrent
45824580758677868014291121
Loss Contingency Accrual At Carrying Value
---200--------
Other Liabilities
164163171172166176155170166225230146
Stockholders Equity
Preferred Stock Value
601601601601601601601601601613619619
Common Stock Value
111111111111
Additional Paid In Capital
5,9535,9485,9475,9455,9435,9375,9355,9335,9325,9255,8265,825
Accumulated Other Comprehensive Income Loss Net Of…
-44-0-52-113-163-321-54-324-280-176-660-309
Cumulative Earnings Deficit
1,2271,1941,1831,3111,5701,6491,3721,6111,5541,3501,7831,476
Cumulative Dividends
-6,006-5,957-5,909-5,860-5,805-5,745-5,686-5,627-5,569-5,510-5,451-5,395
Stockholders Equity
1,7321,7881,7721,8862,1472,1232,1692,1952,2402,2032,1172,216
Assets Total
-----------10-14
Liabilities Total
-----------12-11
Liabilities And Stockholders Equity
10,53410,85910,86612,95913,68312,20412,88812,85013,16213,13913,91714,010
Variable Interest Entity Primary Beneficiary
119156-20-27171163129--525--
Available For Sale Debt Securities Amortized Cost …
6,5536,5166,4038,4378,7747,6978,5648,3598,4688,5099,4979,279
Debt Securities Available For Sale Allowance For C…
-2-2-2-2-3-3-3-3-4-4-5-5
Preferred Stock Par Or Stated Value Per Share
0.010.010.010.010.010.010.010.010.010.010.010.01
Preferred Stock Shares Authorized
100100100100100100100100100100100100
Preferred Stock Shares Issued
252525252525252525252626
Preferred Stock Shares Outstanding
252525252525252525252626
Preferred Stock Liquidation Preference Value
622622622622622622622622622634639639
Common Stock Par Or Stated Value Per Share
0.010.010.010.010.010.010.010.010.010.010.010.01
Common Stock Shares Authorized
175175175175175175175175175175175175
Common Stock Shares Issued
1051051041041041041041041031039696
Shares Outstanding
1051051041041041041041041031039696
Assets
10,53410,85910,86612,95913,68312,20412,88812,85013,16213,13913,91714,010
Liabilities
8,8029,0719,09511,07311,53710,08210,71810,65410,92210,93511,80011,794

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Earnings Market Reaction

Fiscal Year
Q1 1 Month
Q1 2 Month
Q1 3 Month
Q2 1 Month
Q2 2 Month
Q2 3 Month
Q3 1 Month
Q3 2 Month
Q3 3 Month
Q4 1 Month
Q4 2 Month
Q4 3 Month
20268.13%6.57%7.55%---------
2025-12.64%-15.86%-17.62%-2.68%-1.88%-1.33%-1.02%16.19%48.35%-20.27%0.99%15.01%
2024-0.48%4.67%12.15%2.90%3.49%0.90%-1.92%-0.84%3.64%1.26%-17.93%-9.80%
2023-1.52%5.44%10.30%-3.58%-0.73%-17.50%18.35%21.27%20.13%0.16%-2.58%3.84%

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Performance and Valuation Metrics

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Metrics
2026-03-31
2025-12-31
2025-09-30
2025-06-30
2025-03-31
2024-12-31
2024-09-30
2024-06-30
2024-03-31
2023-12-31
2023-09-30
2023-06-30
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Leverage & Debt
Interest Coverage TTM
-4.07
-4.64
-0.58
-1.37
1.20
1.88
0.19
1.25
1.47
0.87
1.20
1.15
Per Share Metrics
Diluted EPS TTM
-
-
-
-
-
-
-
1.28
2.43
-1.11
0.54
0.26
Free Cash Flow Per Share TTM
0.32
0.85
-0.47
2.66
3.09
1.74
3.00
3.08
2.78
3.31
4.61
7.43
Dividend Per Share TTM
1.52
1.63
1.75
1.81
1.81
1.81
1.78
1.75
1.86
2.07
2.22
2.37
Margin Metrics
Gross Profit Margin TTM
-16.73%
-19.16%
-23.09%
-26.33%
-30.60%
-35.02%
-100.36%
-99.57%
-99.93%
-96.78%
-29.20%
-17.05%
Operating Profit Margin TTM
-84.89%
-108.11%
-36.43%
-62.34%
11.40%
76.59%
-90.73%
34.64%
64.97%
-17.36%
25.66%
17.15%
Net Profit Margin TTM
-88.10%
-110.27%
-44.45%
-67.40%
3.50%
66.24%
-87.84%
27.71%
56.90%
-22.14%
12.38%
6.55%
Growth Metrics
Net Revenue Growth (1Y)
-12.28%
-8.48%
-9.16%
-7.27%
-7.85%
-6.29%
2.52%
12.08%
31.11%
62.54%
99.47%
150.47%
Net Income Growth (1Y)
-2,309.09%
-252.36%
-54.03%
-325.60%
-94.33%
-380.31%
-827.42%
374.26%
-213.31%
-148.30%
-88.43%
-89.91%
EPS Growth (1Y)
-2,287.66%
-250.73%
-54.25%
-324.35%
-94.37%
-358.66%
-774.96%
341.43%
-201.45%
-143.51%
-89.62%
-90.99%
Valuation Metrics
P/E TTM
-3.30
-2.21
-4.79
-3.18
73.51
3.25
-2.67
7.60
3.56
-8.65
14.99
30.79
P/B TTM
0.65
0.56
0.51
0.51
0.53
0.46
0.51
0.46
0.44
0.42
0.40
0.39
P/S TTM
2.91
2.44
2.13
2.15
2.57
2.15
2.35
2.11
2.03
1.91
1.86
2.02
Market Cap
1.13B
1.00B
906.85M
954.30M
1.14B
969.38M
1.10B
1.01B
975.94M
919.59M
848.79M
862.86M
Enterprise Value
766.40M
273.38M
247.18M
407.35M
567.35M
464.77M
577.59M
386.09M
309.70M
189.86M
204.60M
163.78M
Calculated Values
Free Cash Flow TTM
33.58M
88.92M
-49.27M
277.05M
321.59M
180.03M
310.83M
319.28M
286.95M
316.71M
442.95M
716.64M
Net Debt
-365.11M
-731.26M
-659.67M
-546.95M
-573.88M
-504.61M
-522.58M
-624.20M
-666.24M
-729.73M
-644.18M
-699.08M
Per-Share and Margin
EPS TTM
Adjusted EPS TTM
Cash Flow Per Share TTM
Pretax Margin TTM
Stock Comp to Revenue TTM
Turnover Ratios and Averages
Average Assets
Average Equity
Average Inventory
Average Receivables
Average Accounts Payables
Inventory Turnover TTM
Payables Turnover TTM
Days Inventory Outstanding TTM
Days Payables Outstanding TTM
Cash Conversion Cycle TTM
Working Capital to Revenue
Deferred Revenue to Revenue
Growth Rates
Total Assets Growth (1Y)
Total Assets Growth (3Y)
Total Assets Growth (5Y)
Dividends Paid Growth (1Y)
Dividends Paid Growth (3Y)
Dividends Paid Growth (5Y)
EPS Growth (3Y)
EPS Growth (5Y)
Net Income Growth (3Y)
Net Income Growth (5Y)
Net Profit Margin Growth (1Y)
Net Profit Margin Growth (3Y)
Net Profit Margin Growth (5Y)
Net Revenue Growth (3Y)
Net Revenue Growth (5Y)
Deferred Revenue Growth (1Y)
Retained Earnings Growth (1Y)
Credit, Liquidity, Returns, Payout
Cash Ratio
Net Working Capital
Debt to EBITDA TTM
Net Debt to EBITDA TTM
Net Debt to Equity
Altman A
Altman B
Altman C
Altman D
Altman E
Altman Z-Score
ROA TTM
ROE TTM
NOPAT TTM
ROIC TTM
Effective Tax Rate TTM
Payout Ratio TTM
Dilution Ratio
Retained Earnings to Equity
Treasury Stock to Equity
Treasury Stock Change (1Y)
Accrued to Current Liabilities
NCAV
NCAV Per Share TTM
Valuation Ratios
P/CF TTM
PEG Ratio
Dividend Yield TTM
Free Cash Flow Yield TTM
EV EBITDA TTM
EV EBIT TTM
EV Revenue TTM
EV FCF TTM
Stock Compensation TTM
Adjusted Net Income TTM
Billings TTM
Total Debt
Invested Capital

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Insider Transactions

2026-05-15Sale
Owner: Abraham, Spencer
Title: -
Shares: 4,522
Price/Share: $12.58
Value: $56,886.76
Shares Owned: 35,039
Relationship: Director
Ownership: Direct
2026-05-15Sale
Owner: Kasnet, Stephen G
Title: -
Shares: 7,034
Price/Share: $12.57
Value: $88,417.38
Shares Owned: 95,993
Relationship: Director
Ownership: Direct
2026-01-15Sale
Owner: Halm, Jillian
Title: Chief Accounting Officer
Shares: 379
Price/Share: $13.18
Value: $4,995.22
Shares Owned: 18,833
Relationship: Officer
Ownership: Direct
2026-01-12Sale
Owner: Halm, Jillian
Title: Chief Accounting Officer
Shares: 1,744
Price/Share: $12.25
Value: $21,364.00
Shares Owned: 19,212
Relationship: Officer
Ownership: Direct
2026-01-12Sale
Owner: Boucher, Nathan
Title: EVP General Counsel RoundPoint
Shares: 666
Price/Share: $12.25
Value: $8,158.50
Shares Owned: 27,249
Relationship: Officer
Ownership: Direct

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Institutional Ownership

No data available for chart
2026-03-31
74.25%
Inst. Shares: 77,993,497
Shares Outstanding: 105,044,253
2025-12-31
67.23%
Inst. Shares: 70,460,347
Shares Outstanding: 104,806,311
2025-09-30
65.21%
Inst. Shares: 67,916,352
Shares Outstanding: 104,155,818
2025-06-30
67.57%
Inst. Shares: 70,362,046
Shares Outstanding: 104,132,453
2025-03-31
63.92%
Inst. Shares: 66,488,120
Shares Outstanding: 104,025,096

TWO HARBORS INVESTMENT CORP. (TWO) — SEC Financial Statements & Analysis

TWO HARBORS INVESTMENT CORP. (TWO) is a real estate investment trusts company, incorporated in MD. TWO HARBORS INVESTMENT CORP. trades on NYSE as: TWO, TWO-PC, TWO-PB, TWO-PA, TWOD. Based on its latest SEC filing (Form 10-Q, period ending 2026-03-31), TWO HARBORS INVESTMENT CORP. reported a -12.28% year-over-year revenue growth, a Gross Profit Margin of -16.73% (TTM), a Price-to-Sales (P/S) ratio of 2.91x (TTM), a Price-to-Book (P/B) ratio of 0.65x (TTM), at a market cap of $1.13B. Figures below are sourced from SEC EDGAR, as-filed.

Net Revenue TTM Growth 1Y
-12.28%
Gross Profit Margin TTM
-16.73%
P/S TTM
2.91x
P/B TTM
0.65x
Market Cap
$1.13B

Data as of 2026-03-31 · Source: SEC EDGAR

Frequently Asked Questions

What industry is TWO HARBORS INVESTMENT CORP. in?

TWO HARBORS INVESTMENT CORP. (TWO) operates in the Real Estate Investment Trusts industry.

What is TWO's market cap?

TWO HARBORS INVESTMENT CORP. (TWO) has a market capitalization of $1.13B as of 2026-03-31.

What exchange does TWO trade on?

TWO HARBORS INVESTMENT CORP. (TWO) trades on the NYSE.

Where is TWO HARBORS INVESTMENT CORP. incorporated?

TWO HARBORS INVESTMENT CORP. is incorporated in MD.

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Main Street's price.