TWO HARBORS INVESTMENT CORP. TWO-PC

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

Two Harbors Investment Corp. is a Maryland corporation founded in 2009 that invests in, finances and manages mortgage servicing rights ("MSR") and Agency residential mortgage-backed securities ("RMBS") and, through its operational platform, RoundPoint Mortgage Servicing LLC ("RoundPoint"), is one of the largest servicers of conventional loans in the country. Agency refers to a U.S. government sponsored enterprise ("GSE"), such as the Federal National Mortgage Association ("Fannie Mae"), or the Federal Home Loan Mortgage Corporation ("Freddie Mac"), or a U.S. government agency such as the Government National Mortgage Association ("Ginnie Mae"). We are structured as an internally-managed real estate investment trust ("REIT") and our common stock is listed on the New York Stock Exchange ("NYSE") under the symbol "TWO." The terms "Two Harbors," "we," "our," "us" and the "Company" refer to Two Harbors Investment Corp. and its subsidiaries as a consolidated entity.

Last close —
Market cap —
52-week range — - —

Valuation FY2025 figures against the last close

P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-4.88

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $412.0M$450.2M$480.4M$295.5M$168.6M$525.0M$994.7M$870.0M$745.1M$575.1M
Total operating expenses $560.5M$166.0M$115.2M$82.7M$63.8M$198.1M$191.8M$249.3M$129.9M$137.1M
Interest expense $78.9M$157.7M$162.9M$258.4M$89.2M$281.2M$714.3M$519.7M$350.2M$213.3M
Pre-tax income -$445.4M$344.8M-$83.4M$324.5M$191.4M-$1.67B$310.4M-$2.5M$297.8M$330.2M
Income tax $8.9M$46.6M$23.0M$104.2M$4.2M$35.7M$13.6M$41.8M$10.5M$12.3M
Net income -$454.3M$298.2M-$106.4M$220.2M$187.2M-$1.63B$324.0M-$44.3M$348.6M$353.3M
EPS, basic -4.882.41-1.602.151.72-24.940.93-0.531.852.03
EPS, diluted -4.882.37-1.602.131.72-24.940.93-0.531.812.03
Shares, diluted (wtd. avg.) 104.1M113.1M95.7M96.1M74.5M68.4M267.8M206.0M188.1M174.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $842.3M$504.6M$729.7M$683.5M$1.15B$1.38B$558.1M$409.8M$1.05B$758.9M
Property, plant and equipment ————————$1.2M$1.9M
Goodwill ——$27.7M———————
Total assets $10.86B$12.20B$13.14B$13.47B$12.11B$19.52B$35.92B$30.13B$24.79B$20.11B
Long-term debt $8.56B—————————
Total liabilities $9.07B$10.08B$10.94B$11.28B$9.37B$16.43B$30.95B$25.88B$21.22B$16.71B
Total equity $1.79B$2.12B$2.20B$2.18B$2.74B$3.09B$4.97B$4.25B$3.57B$3.40B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $88.9M$201.0M$343.5M$623.4M$423.5M$631.6M$1.06B$702.9M$606.8M$239.7M
Depreciation and amortisation ————————$969.0K$1.3M
Stock-based compensation $13.4M$10.9M$11.0M$11.6M$11.5M$9.7M$9.2M$13.0M$11.3M$15.2M
Investing cash flow $911.6M$895.3M-$195.8M-$2.75B$6.31B$14.90B-$6.08B$4.79B-$9.48B-$5.67B
Financing cash flow -$756.2M-$1.07B-$479.4M$1.17B-$7.30B-$14.51B$5.54B-$5.45B$9.12B$5.25B
Dividends paid $170.9M$187.7M$197.6M$235.4M$193.5M$199.5M$463.1M$270.6M$422.9M$331.9M
Buybacks $0$0$7.1M$0$0$1.1M$19.0K$0$0$61.3M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001465740-26-000022.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B -1B 0 1B Revenue, FY2016: 575.1M Net income, FY2016: 353.3M Revenue, FY2017: 745.1M Net income, FY2017: 348.6M Revenue, FY2018: 870M Net income, FY2018: -44.3M Revenue, FY2019: 994.7M Net income, FY2019: 324M Revenue, FY2020: 525M Net income, FY2020: -1.6B Revenue, FY2021: 168.6M Net income, FY2021: 187.2M Revenue, FY2022: 295.5M Net income, FY2022: 220.2M Revenue, FY2023: 480.4M Net income, FY2023: -106.4M Revenue, FY2024: 450.2M Net income, FY2024: 298.2M Revenue, FY2025: 412M Net income, FY2025: -454.3M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $575.1M $745.1M $870.0M $994.7M $525.0M $168.6M $295.5M $480.4M $450.2M $412.0M
Gross profit — — — — — — — — — —
Net income $353.3M $348.6M -$44.3M $324.0M -$1.63B $187.2M $220.2M -$106.4M $298.2M -$454.3M

Recent filings and events

  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
  • Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
  • Change of control Control of the company has changed hands. Item 5.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event Item 8.01
  • Other event Item 8.01
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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