Business Wire·5 days ago
TWO Stockholders Approve CrossCountry MergerNEW YORK--(BUSINESS WIRE)--TWO Stockholders Approve CrossCountry Merger.
Two Harbors Investment Corp.(TWO)Earnings, Financials & Key Ratios
TWO•NYSE•REIT / Real Estate
$12.08
Price updated Jul 7, 2026
AboutTwo Harbors Investment Corp. operates as a real estate investment trust (REIT) that focuses on investing in, financing, and managing residential mortgage-backed securities (RMBS), non-agency securities, mortgage servicing rights, and other financial assets in the United States. Its target assets include agency RMBS collateralized by fixed rate mortgage loans, adjustable rate mortgage loans, and hybrid adjustable-rate mortgage (ARMs); and other assets, such as financial and mortgage-related assets, including non-agency securities and non-hedging transactions. The company qualifies as a REIT for federal income tax purposes. As a REIT, the company must distribute at least 90% of annual taxable income to its stockholders. Two Harbors Investment Corp. was incorporated in 2009 and is headquartered in Minnetonka, Minnesota.Show more
- Revenue$606M-28.4%
- FFO-$454M-252.4%
- FFO/Share-4.36-265.4%
- FFO Payout-37.61%-159.7%
- FFO per Share-4.36-265.4%
- NOI Margin97.9%-6.4%
- FFO Margin-75.02%-312.8%
- ROE-23.24%-268.6%
- ROA-3.94%-267.4%
TWO Price & Volume
Two Harbors Investment Corp. (TWO) stock price & volume — 10-year historical chart
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Volatile Servicing Margins Obscure Portfolio Solvency Risks
Investment Thesis • Updated 2026Q1
VerdictNegative
Growth:Mixed
Profitability:Negative
Financial:Strained
Cash Flow:Mixed
Primary Risk:MSR valuation and basis risk
Key Thesis Takeaways
- Two Harbors faces significant earnings volatility driven by mark-to-market adjustments on mortgage servicing rights and shifting interest rate environments.
- While the company has pivoted toward a defensive liquidity posture with $7.0B in cash as of 2026Q1, the sustainability of its dividend remains questionable given the erratic FFO performance and historical net income swings.
- Investors should remain cautious as the firm's reliance on subjective Level 3 asset valuations may mask underlying economic risks within its $1.7B equity base.
Verdict Logic
the company's P/B ratio of 0.72 and extreme historical net income volatility, including a $433.2M loss in 2023Q4, suggest that the current 13.2% dividend yield may not be supported by stable, long-term cash flows.
TWO Growth Metrics
Two Harbors Investment Corp. (TWO) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-1.88%
5 Years-
3 Years263.53%
TTM-0.21%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-2309.09%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-648.1%
Return on Capital
10 Years9.42%
5 Years17.8%
3 Years23.13%
Last Year16.93%
TWO Recent Earnings
Two Harbors Investment Corp. (TWO) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 6/12 qtrs (50%)●Beat Revenue 5/12 qtrs (42%)
Q2 2026Latest
Apr 28, 2026Metric
Actual
Est
EPS
$0.34+31.0%
$0.26
Rev
$7M-379.0%
$2M
Q1 2026
Feb 2, 2026Metric
Actual
Est
EPS
$0.26-13.3%
$0.30
Rev
$15M-69.3%
$9M
Q3 2023
Jul 31, 2023Metric
Actual
Est
EPS
$0.04-113.8%
$0.29
Rev
$238M+297373.8%
$80,000
Q2 2023
May 1, 2023Metric
Actual
Est
EPS
$0.09+108.7%
$1.04
Rev
$156M-30717.5%
$510,000
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 28, 2026 | $0.34vs $0.26+31.0% | $7Mvs $2M-379.0% |
| Q1 2026 | Feb 2, 2026 | $0.26vs $0.30-13.3% | $15Mvs $9M-69.3% |
| Q3 2023 | Jul 31, 2023 | $0.04vs $0.29-113.8% | $238Mvs $80,000+297373.8% |
| Q2 2023 | May 1, 2023 | $0.09vs $1.04+108.7% | $156Mvs $510,000-30717.5% |
Based on last 12 quarters of dataView full earnings history →
Latest TWO News
Recent stock market news and headlines for Two Harbors Investment Corp. (TWO)
Newsfile Corp·Jun 30, 2026
T2 Metals Commences 2026 Summer Exploration Program at Shanghai and Aurora Projects, Yukon, CanadaMulti-Disciplinary Field Programs Designed to Test Yukon Project Portfolio Vancouver, British Columbia--(Newsfile Corp. - June 30, 2026) - T2 Metals Corp. (TSXV: TWO) (OTCQB: TWOSF) (FSE: WJ6) ("T2 Metals" or the "Company") is pleased to announce the commencement of a Q3/Q4 2026 field program across its Shanghai and Aurora gold-silver projects in the Yukon's Tombstone Gold Belt (see Figure 1). Field crews have been mobilized to carry out a substantial multi-disciplinary exploration program designed to expand and refine known prospect areas, generate new drill-ready targets and advance both projects toward drilling in the second half of the field season.
Newsfile Corp·Jun 26, 2026
T2 Metals Files NI 43-101 Mineral Resource Estimate Report for the Sherridon Copper-Zinc-Gold-Silver Project, Manitoba, CanadaFour VMS Deposits Defined from Surface with Mineral Resources Open in All Directions Brownfields Project with Established Infrastructure and First Nations Support Vancouver, British Columbia--(Newsfile Corp. - June 26, 2026) - T2 Metals Corp. (TSXV: TWO) (OTCQB: TWOSF) (FSE: WJ6) ("T2 Metals" or the "Company") is pleased to announce filing of an independent National Instrument 43-101 ("NI 43-101") Technical Report describing the Mineral Resource Estimate ("MRE") for its 100%-owned Sherridon Copper-Gold Zinc-Silver- Project ("Sherridon" or the "Project") in west-central Manitoba (Figure 1). The Technical Report supports the MRE announced in the Company's news release dated May 7, 2026 and can be found on the Company's website and SEDAR+.
Business Wire·Jun 23, 2026
TWO Announces Adjournment of Special MeetingNEW YORK--(BUSINESS WIRE)--TWO Announces Adjournment of Special Meeting.
GuruFocus·Jun 22, 2026
UWMC Reminds TWO Stockholders to Vote AGAINST the CCM Transaction to Preserve the Road to Maximum ValueUWM Holdings Corporation (âUWMCâ or the âCompanyâ) (NYSE: UWMC), today reaffirmed its commitment to acquire Two Harbors Investment Corp. (âTwo Harbor
Peers Comparison
Key metrics vs top competitors for Two Harbors Investment Corp. (TWO)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $12.08 | $1.27B | -2.77 | -28.4% | -75.02% | -23.24% | 13.58% | |
| $11.12 | $12.76B | 7.56 | -60.79% | 43.6% | 12.7% | — | |
| $22.69 | $16.63B | 7.77 | 5.35% | 31.96% | 14.34% | — | |
| $13.17 | $2B | 5.33 | 67.76% | 34.75% | 11.05% | — | |
| $9.36 | $955.6M | 5.57 | 213.02% | 20.7% | 7.43% | — | |
| $7.84 | $561.68M | 5.94 | 3.17% | 22% | 7.84% | — |
Compare TWO vs Peers
Two Harbors Investment Corp. (TWO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
TWO SEC Filings & Documents
Two Harbors Investment Corp. (TWO) SEC filings — annual & quarterly reports (10-K, 10-Q)
8-K Announcements
6Material company update
Apr 29, 2026·SEC
Material company update
Apr 28, 2026·SEC
Material company update
Mar 27, 2026·SEC
10-K Annual Reports
310-Q Quarterly Reports
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TWO Frequently Asked Questions
Two Harbors Investment Corp. (TWO) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Two Harbors Investment Corp.'s revenue?
Two Harbors Investment Corp. (TWO) reported $765.1M in revenue for fiscal year 2025. This represents a 51800% increase from $1.5M in 2007.
How fast is Two Harbors Investment Corp. growing?
Two Harbors Investment Corp. (TWO) saw revenue decline by 28.4% over the past year.
Is TWO profitable?
Two Harbors Investment Corp. (TWO) reported a net loss of $343.0M for fiscal year 2025.
Dividend & Returns
Does TWO pay dividends?
Yes, Two Harbors Investment Corp. (TWO) pays a dividend with a yield of 13.58%. This makes it attractive for income-focused investors.
What is TWO's return on equity?
Two Harbors Investment Corp. (TWO) has a return on equity (ROE) of -23.2%. Negative ROE indicates the company is unprofitable.
Industry Metrics
What is Two Harbors Investment Corp.'s FFO?
Two Harbors Investment Corp. (TWO) generated Funds From Operations (FFO) of $149.9M in the trailing twelve months. FFO is the primary profitability metric for REITs.
Is TWO a good dividend stock?
Two Harbors Investment Corp. (TWO) offers a 13.58% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.