NYSE : TWO
Two Harbors Investment Corp. — Financial statements
Real Estate · REIT - Mortgage · United States
Last price 12.18 USD (At close: Aug 24, 2026) · Market cap 1.28B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest and Dividend Income | 355.72M | 412.00M | 450.15M | 480.36M | 295.54M | 168.60M |
| Total Interest Expense | 226.24M | 490.94M | 607.81M | 643.23M | 242.31M | 63.68M |
| Net Interest Income | 129.49M | -78.94M | -157.65M | -162.86M | 53.23M | 104.91M |
| Mortgage Banking | 570.72M | 626.72M | 681.65M | 685.78M | 603.91M | 468.41M |
| Gain (Loss) on Sale of Loans & Receivables | 5.91M | 4.71M | 1.48M | 9.00K | ||
| Gain (Loss) on Sale of Investments | -43.73M | -96.18M | -40.04M | -69.97M | -603.94M | 121.62M |
| Other Revenue | -22.18M | -86.29M | 107.81M | -216.25M | 22.71M | -238.53M |
| Revenue Before Loan Losses | 640.21M | 370.01M | 593.25M | 236.69M | 75.92M | 456.41M |
| Revenue | 640.21M | 370.01M | 593.25M | 236.69M | 75.92M | 456.41M |
| Salaries & Employee Benefits | 93.60M | 95.33M | 89.75M | 52.87M | 40.72M | 35.04M |
| Cost of Services Provided | 12.20M | 12.73M | 20.07M | 95.49M | 94.12M | 86.25M |
| Other Operating Expenses | 336.66M | 321.25M | 138.16M | 172.63M | -384.17M | 143.70M |
| Total Operating Expenses | 442.47M | 429.31M | 247.98M | 320.99M | -249.33M | 264.99M |
| Operating Income | 197.75M | -59.29M | 345.27M | -84.29M | 325.25M | 191.42M |
| EBT Excluding Unusual Items | 197.75M | -59.29M | 345.27M | -84.29M | 325.25M | 191.42M |
| Other Unusual Items | 200.00K | 2.20M | ||||
| Pretax Income | -4.88M | -445.43M | 344.75M | -83.39M | 324.45M | 191.42M |
| Income Tax Expense | 16.80M | 8.87M | 46.59M | 22.98M | 104.21M | 4.19M |
| Earnings From Continuing Ops. | -21.68M | -454.30M | 298.17M | -106.37M | 220.24M | 187.23M |
| Net Income | -21.68M | -454.30M | 298.17M | -106.37M | 220.24M | 187.23M |
| Preferred Dividends & Other Adjustments | 53.43M | 54.10M | 48.19M | 46.85M | 34.66M | 59.19M |
| Net Income to Common | -75.11M | -508.40M | 249.98M | -153.22M | 185.58M | 128.04M |
| Shares Outstanding (Basic) | 104.55M | 104.11M | 103.56M | 95.67M | 86.18M | 74.44M |
| Shares Outstanding (Diluted) | 104.55M | 104.11M | 113.09M | 95.67M | 96.08M | 74.51M |
| EPS (Basic) | -0.72 | -4.88 | 2.41 | -1.60 | 2.15 | 1.72 |
| EPS (Diluted) | -0.72 | -4.88 | 2.37 | -1.60 | 2.13 | 1.72 |
| Dividend Per Share | 1.36 | 1.52 | 1.80 | 1.95 | 2.64 | 2.72 |
| Operating Margin | 30.89% | -16.02% | 58.20% | -35.61% | 428.40% | 41.94% |
| Profit Margin | -11.73% | -137.40% | 42.14% | -64.74% | 244.43% | 28.05% |
| Effective Tax Rate | 13.51% | 32.12% | 2.19% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 642.69M | 842.32M | 504.61M | 729.73M | 683.48M | 1.15B |
| Long-Term Investments | 7.22M | 9.10M | 274.15M | 201.12M | 351.78M | 152.25M |
| Trading Asset Securities | 69.37M | 87.55M | 10.11M | 85.29M | 26.44M | 80.13M |
| Loans & Lease Receivables | 12.74M | 13.63M | 2.33M | 332.00K | ||
| Other Receivables | 178.39M | 408.49M | 419.80M | 358.62M | 289.80M | 195.67M |
| Other Intangible Assets | 2.34B | 2.42B | 2.99B | 3.05B | 2.98B | 2.19B |
| Restricted Cash | 222.38M | 219.63M | 313.03M | 65.10M | 443.03M | 934.81M |
| Other Current Assets | 66.80M | 103.50M | 141.60M | 143.20M | 119.00M | 130.60M |
| Long-Term Deferred Tax Assets | 5.28M | 4.75M | 20.08M | 33.43M | 58.06M | |
| Other Long-Term Assets | 5.16B | 6.59B | 7.18B | 8.20B | 7.47B | 7.08B |
| Total Assets | 8.83B | 10.86B | 12.20B | 13.14B | 13.47B | 12.11B |
| Accrued Expenses | 43.97M | 82.70M | 86.77M | 142.51M | 94.03M | 18.38M |
| Short-Term Debt | 6.22M | 13.66M | 26.93M | 21.51M | 34.05M | 53.66M |
| Current Portion of Long-Term Debt | 5.70B | 7.59B | 7.13B | 8.64B | 8.80B | 8.07B |
| Long-Term Debt | 909.22M | 958.93M | 1.96B | 1.27B | 1.60B | 824.05M |
| Current Income Taxes Payable | 2.46M | 3.44M | ||||
| Other Current Liabilities | 167.35M | 48.93M | 58.73M | 344.83M | 254.00M | 72.41M |
| Long-Term Deferred Tax Liabilities | 92.47M | 100.23M | 81.77M | |||
| Other Long-Term Liabilities | 255.09M | 283.30M | 720.26M | 431.57M | 498.20M | 327.09M |
| Total Liabilities | 7.09B | 9.07B | 10.08B | 10.94B | 11.28B | 9.37B |
| Common Stock | 1.05M | 1.05M | 1.04M | 1.03M | 864.00K | 860.00K |
| Additional Paid-In Capital | 5.95B | 5.95B | 5.94B | 5.93B | 5.65B | 5.63B |
| Retained Earnings | -4.77B | -4.76B | -4.10B | -4.16B | -3.82B | -3.77B |
| Comprehensive Income & Other | -45.74M | -87.00K | -320.52M | -176.43M | -278.71M | 186.35M |
| Total Common Equity | 1.14B | 1.19B | 1.52B | 1.59B | 1.55B | 2.04B |
| Shareholders' Equity | 1.74B | 1.79B | 2.12B | 2.20B | 2.18B | 2.74B |
| Total Liabilities & Equity | 8.83B | 10.86B | 12.20B | 13.14B | 13.47B | 12.11B |
| Total Debt | 6.62B | 8.56B | 9.11B | 9.93B | 10.44B | 8.95B |
| Net Cash (Debt) | -5.77B | -7.47B | -8.24B | -8.84B | -8.66B | -7.58B |
| Net Cash Per Share | -55.20 | -71.79 | -72.88 | -92.35 | -90.13 | -101.78 |
| Filing Date Shares Outstanding | 105.13M | 105.04M | 104.02M | 103.43M | 96.62M | 85.98M |
| Total Common Shares Outstanding | 105.13M | 104.81M | 103.68M | 103.21M | 86.43M | 85.98M |
| Working Capital | -4.59B | -5.90B | -5.55B | -7.48B | -6.56B | -5.59B |
| Book Value Per Share | 10.88 | 11.32 | 14.67 | 15.41 | 17.96 | 23.74 |
| Tangible Book Value | 1.14B | 1.19B | 1.52B | 1.59B | 1.55B | 2.04B |
| Tangible Book Value Per Share | 10.88 | 11.32 | 14.67 | 15.41 | 17.96 | 23.74 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -21.68M | -454.30M | 298.17M | -106.37M | 220.24M | 187.23M |
| Other Amortization | 1.61M | 2.05M | 2.05M | 2.59M | 2.68M | 3.00M |
| Gain on Sale of Loans & Receivables | -5.94M | -5.13M | -1.49M | -9.00K | -1.81M | |
| Loss (Gain) From Sale of Investments | 69.09M | 276.75M | -91.60M | 272.37M | 663.20M | 73.68M |
| Stock-Based Compensation | 10.75M | 13.35M | 10.95M | 10.98M | 11.63M | 11.48M |
| Net Decrease (Increase) in Loans Originated / Sold - Operating | 553.00K | -8.39M | -1.40M | -49.00K | -234.00K | 1.77M |
| Change in Accounts Payable | -36.20M | -4.08M | -55.78M | 47.74M | 75.65M | -3.28M |
| Change in Other Net Operating Assets | 30.76M | 30.63M | -58.15M | -5.45M | -19.87M | 9.63M |
| Other Operating Activities | 59.94M | 242.23M | 62.45M | 106.52M | -425.38M | 114.94M |
| Operating Cash Flow | 127.22M | 88.92M | 201.00M | 343.51M | 623.40M | 423.51M |
| Cash Acquisitions | -20.98M | 26.80M | ||||
| Sale (Purchase) of Intangibles | 425.27M | 335.09M | -4.35M | -178.70M | -367.98M | -710.37M |
| Investment in Securities | 3.23B | 1.06B | 755.53M | -541.51M | -1.77B | 6.93B |
| Other Investing Activities | 43.28M | -486.72M | 165.07M | 497.63M | -617.48M | 97.07M |
| Investing Cash Flow | 3.70B | 911.61M | 895.28M | -195.78M | -2.75B | 6.31B |
| Short-Term Debt Issued | 174.82M | 49.70M | ||||
| Long-Term Debt Issued | 40.27B | 46.59B | 37.45B | 36.65B | 30.51B | |
| Total Debt Issued | 27.74B | 40.44B | 46.64B | 37.45B | 36.65B | 30.51B |
| Short-Term Debt Repaid | -167.45M | -47.67M | ||||
| Long-Term Debt Repaid | -40.81B | -47.42B | -37.94B | -35.15B | -37.72B | |
| Total Debt Repaid | -31.30B | -40.97B | -47.47B | -37.94B | -35.15B | -37.72B |
| Net Debt Issued (Repaid) | -3.56B | -532.36M | -827.57M | -486.60M | 1.50B | -7.21B |
| Preferred Share Repurchases | -11.10M | -14.81M | -51.40M | -274.95M | ||
| Issuance of Common Stock | 208.00K | 279.00K | 244.00K | 275.67M | 6.61M | 450.60M |
| Repurchase of Common Stock | -1.75M | -1.75M | -7.06M | |||
| Common Dividends Paid | -148.65M | -170.86M | -187.68M | -197.64M | -235.37M | -193.49M |
| Preferred Dividends Paid | -52.41M | -51.53M | -47.36M | -48.96M | -54.99M | -63.66M |
| Total Dividends Paid | -201.06M | -222.39M | -235.05M | -246.60M | -290.36M | -257.15M |
| Financing Cash Flow | -3.76B | -756.22M | -1.07B | -479.40M | 1.17B | -7.30B |
| Net Cash Flow | 66.77M | 244.31M | 22.81M | -331.67M | -962.16M | -557.76M |
| Cash Interest Paid | 469.08M | 487.75M | 618.66M | 565.83M | 153.18M | 81.25M |
| Cash Income Tax Paid | 14.69M | 24.62M | 9.26M | 7.38M | -1.57M | -23.32M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.28B | 1.09B | 1.23B | 1.34B | 1.36B | 1.98B |
| PE Ratio | 4.91 | 7.34 | 15.50 | |||
| PS Ratio | 2.00 | 2.96 | 2.07 | 5.66 | 17.94 | 4.35 |
| PB Ratio | 1.12 | 0.61 | 0.58 | 0.61 | 0.62 | 0.72 |
| P/OCF Ratio | 10.07 | 12.30 | 6.10 | 3.90 | 2.19 | 4.68 |
| Debt / Equity Ratio | 3.79 | 4.79 | 4.29 | 4.51 | 4.78 | 3.26 |
| Net Debt / Equity Ratio | 3.31 | 4.18 | 3.88 | 4.01 | 3.97 | 2.76 |
| Quick Ratio | 0.18 | 0.20 | 0.18 | 0.16 | 0.23 | 0.19 |
| Current Ratio | 0.22 | 0.24 | 0.24 | 0.18 | 0.29 | 0.32 |
| Asset Turnover | 0.06 | 0.03 | 0.05 | 0.02 | 0.01 | 0.03 |
| Return on Equity (ROE) | -1.19% | -23.23% | 13.79% | -4.85% | 8.94% | 6.42% |
| Return on Assets (ROA) | -0.20% | -3.94% | 2.35% | -0.80% | 1.72% | 1.18% |
| Return on Invested Capital (ROIC) | 2.15% | -0.55% | 2.56% | -0.68% | 1.82% | 1.21% |
| Earnings Yield | -5.87% | -41.54% | 24.32% | -7.94% | 16.17% | 9.44% |
| Dividend Yield | 11.17% | 15.86% | 19.25% | 20.29% | 28.10% | 22.22% |
| Payout Ratio | 78.83% | 131.84% | 137.35% | |||
| Buyback Yield / Dilution | -0.69% | 7.94% | -18.20% | 0.42% | -28.94% | -8.93% |
| Total Shareholder Return | 10.48% | 23.79% | 1.05% | 20.71% | -0.84% | 13.29% |