TWO HARBORS INVESTMENT CORP. TWO-PC
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -4.88 | 2.41 | -1.60 | 2.15 | 1.72 | -24.94 | 0.93 | -0.53 | 1.85 | 2.03 |
| EPS, diluted | -4.88 | 2.37 | -1.60 | 2.13 | 1.72 | -24.94 | 0.93 | -0.53 | 1.81 | 2.03 |
| Shares, diluted (wtd. avg.) | $104.1M | $113.1M | $95.7M | $96.1M | $74.5M | $68.4M | $267.8M | $206.0M | $188.1M | $174.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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