TWO

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Two Harbors Investment Corp

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Key Metrics

Previous Close: $12.01
52-Week Range: $8.78 – $14.17
Market Cap: $1.27B
P/E (TTM): —
EPS (TTM): -0.72
Dividend Yield: 11.32%

Advanced Metrics

Price/Book: 1.11
PEG Ratio: 2.76
Return on Equity: -1.19%
Return on Assets: -0.20%
Gross Margin: 98.09%
Operating Margin: 48.13%
Profit Margin: -3.39%
Current Ratio: 0.22
Debt/Equity: 3.79
Total Debt: $6.62B
Free Cash Flow: —
Revenue Growth: 620.20%
Earnings Growth: —
Enterprise Value: $7.64B

TWO Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$407.18M	$31.79M	$510.75M	$115.06M
Selling, General & Admin	$40.72M	$52.87M	$89.75M	$95.33M
Pretax Income	$324.45M	-$83.39M	$344.75M	-$445.43M
Income Tax	$104.21M	$22.98M	$46.59M	$8.87M
Net Income	$220.24M	-$106.37M	$298.17M	-$454.30M
Diluted EPS	2.13	-1.60	2.37	-4.88
Diluted Shares	96.08M	95.67M	106.19M	103.91M

TWO Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$683.48M	$729.73M	$504.61M	$842.32M
Receivables	$289.39M	$358.56M	$419.80M	$408.49M
Total Assets	$13.47B	$13.14B	$12.20B	$10.86B
Long-Term Debt	$680.51M	$563.85M	$260.23M	$372.87M
Total Debt	$1.80B	$1.89B	$1.28B	$1.30B
Total Liabilities	$11.28B	$10.94B	$10.08B	$9.07B
Retained Earnings	-$3.82B	-$4.16B	-$4.10B	-$4.76B
Shareholders' Equity	$2.18B	$2.20B	$2.12B	$1.79B
Net Debt	$1.12B	$1.16B	$777.82M	$459.32M

TWO Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$623.40M	$343.51M	$201.00M	$88.92M
Capital Expenditure	-$629.81M	-$312.64M	-$114.12M	—
Free Cash Flow	-$6.41M	$30.87M	$86.88M	-$15.07M
Stock-Based Compensation	$11.63M	$10.98M	$10.95M	$13.35M
Investing Cash Flow	-$2.75B	-$195.78M	$895.28M	$911.61M
Financing Cash Flow	$1.17B	-$479.40M	-$1.07B	-$756.22M
Dividends Paid	-$290.36M	-$246.60M	-$235.05M	-$222.39M
Share Repurchases	-$51.40M	-$21.87M	-$11.10M	$0.00
Net Change in Cash	-$962.16M	-$331.67M	$22.81M	$244.31M

TWO Income statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	-$14.67M	$92.71M	$68.55M	$85.80M	$119.59M
Selling, General & Admin	$21.47M	$21.31M	$25.96M	$26.70M	$20.66M
Pretax Income	-$257.38M	-$126.72M	$17.29M	$36.35M	$68.20M
Income Tax	$1.66M	$1.20M	$5.58M	$4.07M	$5.95M
Net Income	-$259.04M	-$127.92M	$11.72M	$32.28M	$62.24M
Diluted EPS	-2.62	-1.36	-0.02	0.18	0.46
Diluted Shares	103.35M	103.86M	104.81M	105.32M	105.43M

TWO Balance Sheet statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$657.82M	$770.53M	$842.32M	$476.31M	$642.69M
Receivables	$322.34M	$533.68M	$408.49M	$462.07M	$178.39M
Total Assets	$12.96B	$10.87B	$10.86B	$10.53B	$8.83B
Long-Term Debt	$371.81M	$372.24M	$372.87M	$111.20M	$111.35M
Total Debt	$1.39B	$1.33B	$1.30B	$1.04B	$978.45M
Total Liabilities	$11.07B	$9.09B	$9.07B	$8.80B	$7.09B
Retained Earnings	-$4.55B	-$4.73B	-$4.76B	-$4.78B	-$4.77B
Shareholders' Equity	$1.89B	$1.77B	$1.79B	$1.73B	$1.74B
Net Debt	$735.14M	$555.53M	$459.32M	$564.46M	$335.76M

TWO Cash Flow statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$99.11M	-$239.24M	$117.13M	$56.58M	$192.74M
Capital Expenditure	-$91.41M	-$8.65M	-$2.42M	-$985.00K	-$1.76M
Free Cash Flow	$7.71M	-$247.89M	$114.71M	$55.59M	$190.98M
Stock-Based Compensation	$1.93M	$1.54M	$3.35M	$4.42M	$1.44M
Investing Cash Flow	$829.22M	$2.13B	-$17.23M	-$38.14M	$1.63B
Financing Cash Flow	-$827.76M	-$1.80B	$75.13M	-$320.24M	-$1.72B
Dividends Paid	-$60.40M	-$54.20M	—	-$48.93M	-$48.90M
Share Repurchases	$0.00	$0.00	$0.00	—	—
Net Change in Cash	$100.57M	$88.62M	$175.03M	-$301.80M	$104.92M

Market Snapshot

About

Two Harbors Investment Corp. is a real estate investment trust that invests in residential mortgage-backed securities, mortgage servicing rights, and other financial assets. The company focuses on agency and non-agency mortgage investments and related hedging strategies.