Two Harbors Investment (TWO) Financials

$10.86 -0.42 (-3.68%)

Closing price 05/23/2025 03:59 PM Eastern

Extended Trading

$10.97 +0.12 (+1.10%)

As of 05/23/2025 07:56 PM Eastern

Annual Income Statements for Two Harbors Investment

This table shows Two Harbors Investment's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Net Income / (Loss) Attributable to Common Shareholders	252	-152	187	129	-1,706	248	-110	323	353	492	167
Consolidated Net Income / (Loss)	298	-106	220	187	-1,630	324	-44	352	353	492	167
Net Income / (Loss) Continuing Operations	298	-106	220	187	-1,630	324	-44	308	318	492	167
Total Pre-Tax Income	345	-83	324	191	-1,666	310	-2.47	298	330	476	93
Total Revenue	530	122	501	345	-1,469	502	244	398	457	640	210
Net Interest Income / (Expense)	-158	-163	37	79	244	280	350	395	362	451	470
Total Interest Income	450	480	296	169	525	995	870	745	575	593	577
Total Interest Expense	608	643	258	89	281	714	520	350	213	142	107
Long-Term Debt Interest Expense	608	643	258	-	36	41	39	55	26	12	4.51
Total Non-Interest Income	687	285	464	266	-1,713	221	-107	2.64	96	189	-259
Other Service Charges	682	686	604	468	443	502	343	209	144	127	128
Net Realized & Unrealized Capital Gains on Investments	5.62	-401	-140	-203	-2,156	-280	-450	-206	-48	62	-387
Total Non-Interest Expense	186	211	177	150	198	192	249	130	137	143	136
Salaries and Employee Benefits	90	53	41	35	38	33	36	-	-	-	-
Other Operating Expenses	96	158	136	115	155	159	119	130	134	143	136
Nonoperating Income / (Expense), net	1.20	5.10	-0.01	-3.85	1.42	0.34	3.04	30	9.96	-22	19
Income Tax Expense	47	23	104	4.19	-36	-14	42	-10	12	-17	-74
Preferred Stock Dividends Declared	46	46	33	58	76	76	65	25	0.00	0.00	-
Basic Earnings per Share	$2.41	($1.60)	$2.15	$1.72	($24.94)	$0.93	($0.53)	$1.85	$2.03	$2.70	$0.46
Weighted Average Basic Shares Outstanding	104.02M	206.85M	193.23M	74.44M	68.40M	267.83M	206.02M	174.43M	174.04M	182.62M	366.01M
Diluted Earnings per Share	$2.37	($1.60)	$2.13	$1.72	($24.94)	$0.93	($0.53)	$1.81	$2.03	$2.70	$0.46
Weighted Average Diluted Shares Outstanding	104.02M	206.85M	193.23M	74.51M	68.40M	267.83M	206.02M	188.13M	174.04M	182.62M	366.01M
Weighted Average Basic & Diluted Shares Outstanding	104.02M	206.85M	193.23M	687.84M	547.42M	273.63M	251.08M	174.80M	348.07M	365.25M	366.01M
Cash Dividends to Common per Share	$1.80	$1.95	$2.64	-	-	-	-	-	$0.93	$1.04	$0.00

This table shows Two Harbors Investment's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	-92	265	-250	45	192	-445	294	188	-189	-262	264
Consolidated Net Income / (Loss)	-79	277	-238	56	204	-433	306	197	-177	-270	278
Net Income / (Loss) Continuing Operations	-79	277	-238	56	204	-433	306	197	-177	-270	278
Total Pre-Tax Income	-79	308	-249	71	216	-462	343	217	-181	-262	299
Total Revenue	-29	352	-207	114	270	-405	394	261	-128	-214	341
Net Interest Income / (Expense)	-20	-35	-42	-38	-42	-46	-49	-42	-26	-16	11
Total Interest Income	111	104	113	116	118	122	124	118	117	99	94
Total Interest Expense	132	139	155	154	160	168	173	160	142	116	83
Long-Term Debt Interest Expense	132	-	155	-	-	-	173	-	-	231	10
Total Non-Interest Income	-8.76	387	-164	152	312	-359	444	303	-102	-197	330
Other Service Charges	157	168	172	176	166	179	179	175	153	161	149
Net Realized & Unrealized Capital Gains on Investments	-166	220	-336	-24	146	-538	265	128	-255	-358	181
Total Non-Interest Expense	50	45	42	43	55	57	55	46	53	48	42
Salaries and Employee Benefits	27	22	20	21	27	21	8.62	8.87	14	7.41	10
Other Operating Expenses	24	24	22	22	28	36	46	37	39	41	32
Nonoperating Income / (Expense), net	0.76	0.85	0.12	0.23	-0.00	-	2.90	2.20	0.00	0.10	0.00
Income Tax Expense	0.43	31	-10	14	12	-29	36	20	-3.91	8.48	21
Preferred Stock Dividends Declared	13	12	12	12	11	11	12	9.66	12	-7.78	14
Basic Earnings per Share	($0.89)	$2.55	($2.42)	$0.43	$1.85	($2.15)	$3.04	$1.94	($2.05)	($1.36)	$3.04
Weighted Average Basic Shares Outstanding	104.03M	104.02M	103.65M	103.56M	103.40M	206.85M	192.38M	96.39M	92.58M	193.23M	86.25M
Diluted Earnings per Share	($0.89)	$2.55	($2.42)	$0.43	$1.73	($2.15)	$2.81	$1.80	($2.05)	($1.36)	$2.78
Weighted Average Diluted Shares Outstanding	104.03M	104.02M	103.65M	103.91M	112.97M	206.85M	192.38M	106.06M	92.58M	193.23M	96.13M
Weighted Average Basic & Diluted Shares Outstanding	104.03M	104.02M	103.65M	207.25M	206.99M	206.85M	192.38M	192.33M	193.33M	193.23M	172.75M
Cash Dividends to Common per Share	$0.45	$0.56	$0.45	-	-	$0.27	$0.45	$0.45	-	$0.38	$0.68

This table details how cash moves in and out of Two Harbors Investment's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Net Change in Cash & Equivalents	23	-332	-962	-558	1,030	519	-667	240	-185	-342	-20
Net Cash From Operating Activities	201	344	623	424	632	1,057	703	607	240	-1,937	-667
Net Cash From Continuing Operating Activities	201	344	623	424	632	1,057	703	575	220	-1,932	-667
Net Income / (Loss) Continuing Operations	298	-106	220	187	-1,630	324	-44	308	318	492	167
Consolidated Net Income / (Loss)	298	-106	220	187	-1,630	324	-44	308	318	492	167
Provision For Loan Losses	0.26	-0.55	2.73	9.76	58	0.00	-	-	-	-	-
Amortization Expense	18	28	82	231	241	169	95	68	43	39	13
Non-Cash Adjustments to Reconcile Net Income	-37	365	167	-38	2,115	603	561	167	116	-2,472	-736
Changes in Operating Assets and Liabilities, net	-78	57	151	33	-152	-40	91	31	-257	7.74	-113
Net Cash From Investing Activities	895	-196	-2,751	6,314	14,904	-6,078	4,790	-9,484	-5,670	7,914	-2,795
Net Cash From Continuing Investing Activities	895	-196	-2,751	6,314	14,904	-6,078	4,080	-8,671	-4,917	8,574	-2,795
Purchase of Investment Securities	-5,715	-6,896	-14,408	-4,362	-11,123	-28,119	-17,781	-18,820	-21,658	-2,059	-8,509
Sale and/or Maturity of Investments	6,578	6,741	11,468	10,585	25,978	22,076	22,121	10,764	16,706	10,704	5,854
Other Investing Activities, net	32	-41	189	90	49	-35	449	-615	35	-71	-140
Net Cash From Financing Activities	-1,073	-479	1,166	-7,295	-14,506	5,540	-5,450	9,117	5,245	-6,319	3,443
Net Cash From Continuing Financing Activities	-1,073	-479	1,166	-7,295	-14,506	5,540	-5,450	7,971	4,854	-6,378	3,443
Issuance of Debt	179	404	720	576	737	1,004	397	139,964	113,668	49,856	5,525
Issuance of Common Equity	0.24	276	6.61	451	0.37	336	0.22	0.45	0.50	0.54	0.59
Repayment of Debt	-47,467	-37,936	-35,147	-37,725	-98,447	-231,333	-157,407	-132,260	-108,422	-55,738	-214,889
Repurchase of Preferred Equity	-11	-15	-51	-275	0.00	0.00	-0.04	-	-	-	-
Repurchase of Common Equity	0.00	-7.06	0.00	0.00	-1.06	-0.02	0.00	0.00	-61	-115	0.00
Payment of Dividends	-235	-247	-290	-257	-275	-539	-329	-436	-332	-382	-286
Other Financing Activities, Net	46,460	37,046	35,927	29,934	83,481	236,072	151,888	-	-	-	213,092
Cash Interest Paid	619	566	153	81	404	720	420	228	116	92	79
Cash Income Taxes Paid	9.26	7.38	-1.58	-23	9.57	28	0.40	-0.86	-5.15	2.74	5.91

This table details how cash moves in and out of Two Harbors Investment's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-120	206	-175	48	-56	-250	23	196	-301	-449	435
Net Cash From Operating Activities	112	-21	87	144	-8.67	110	122	111	0.12	236	369
Net Cash From Continuing Operating Activities	112	-21	87	144	-8.67	110	122	111	0.12	236	369
Net Income / (Loss) Continuing Operations	-79	277	-238	56	204	-433	306	197	-177	-270	278
Consolidated Net Income / (Loss)	-79	277	-238	56	204	-433	306	197	-177	-270	278
Provision For Loan Losses	0.09	0.28	-0.28	0.17	0.08	-0.33	-0.10	0.02	-0.14	-0.32	1.40
Amortization Expense	4.49	4.79	5.05	3.81	4.18	4.37	6.49	8.50	8.64	10	16
Non-Cash Adjustments to Reconcile Net Income	176	-280	326	71	-154	556	-205	-162	177	479	20
Changes in Operating Assets and Liabilities, net	9.98	-23	-4.82	12	-63	-17	15	67	-8.30	17	55
Net Cash From Investing Activities	-2,028	1,224	-255	274	-348	777	57	40	-1,070	882	-2,248
Net Cash From Continuing Investing Activities	-2,028	1,224	-255	274	-348	777	57	40	-1,070	882	-2,248
Purchase of Investment Securities	-4,208	-1,143	-1,636	-1,531	-1,405	-1,274	-881	-1,103	-3,638	-2,283	-3,315
Sale and/or Maturity of Investments	3,073	2,192	1,252	1,633	1,501	1,797	963	1,154	2,827	3,081	2,249
Other Investing Activities, net	-893	174	130	173	-444	255	-25	-11	-259	84	-1,182
Net Cash From Financing Activities	1,796	-997	-7.26	-369	300	-1,137	-156	45	769	-1,567	2,314
Net Cash From Continuing Financing Activities	1,796	-997	-7.26	-369	300	-1,137	-156	45	769	-1,567	2,314
Issuance of Debt	99	113	7.73	-	59	55	-	175	174	-	310
Issuance of Common Equity	0.08	0.08	0.06	0.05	0.05	98	0.05	0.15	178	0.85	5.36
Repayment of Debt	-11,214	-11,540	-11,398	-12,565	-11,965	-7,504	-11,102	-8,491	-10,839	-8,133	-9,556
Repurchase of Preferred Equity	0.00	-	-	-	-11	-4.85	-	-9.97	0.00	-51	-
Payment of Dividends	-59	-59	-59	-59	-59	-56	-56	-71	-65	-73	-73
Other Financing Activities, Net	12,970	10,488	11,441	12,254	12,277	6,275	11,001	8,448	11,321	6,689	11,627
Cash Interest Paid	126	112	149	142	215	110	196	106	153	61	49
Cash Income Taxes Paid	3.70	5.61	0.04	3.50	0.10	1.55	3.09	2.69	0.04	-1.11	-0.46

This table presents Two Harbors Investment's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Total Assets	12,204	13,139	13,466	12,114	19,516	35,922	30,132	24,789	20,112	14,576	21,084
Cash and Due from Banks	505	730	683	1,154	1,385	558	410	419	351	738	1,006
Restricted Cash	313	65	443	935	1,262	1,059	688	636	408	263	337
Trading Account Securities	7,738	8,697	8,872	7,377	14,838	31,814	26,634	21,531	13,480	8,637	16,874
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Loans Held for Sale	2.33	0.33	-	-	-	-	-	-	-	-	0.00
Customer and Other Receivables	386	323	253	168	146	319	155	842	60	17	36
Other Assets	3,260	3,324	3,214	2,481	1,885	2,171	2,246	1,361	5,813	4,921	2,832
Total Liabilities & Shareholders' Equity	12,204	13,139	13,466	12,114	19,516	35,922	30,132	24,789	20,112	14,576	21,084
Total Liabilities	10,082	10,935	11,283	9,370	16,427	30,951	25,878	21,218	16,711	10,999	17,016
Short-Term Debt	25	22	34	54	11	6.74	821	-	13	-	12,932
Accrued Interest Payable	86	142	94	18	22	150	160	88	-	-	-
Other Short-Term Payables	59	59	65	72	65	128	136	-	83	92	-
Long-Term Debt	9,085	9,913	10,402	8,899	16,110	30,337	24,592	20,969	15,972	10,793	3,710
Other Long-Term Liabilities	825	800	688	327	219	330	169	161	643	114	374
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	-	-	-	-	-	-
Total Equity & Noncontrolling Interests	2,123	2,203	2,184	2,744	3,089	4,970	4,254	3,571	3,401	3,577	4,068
Total Preferred & Common Equity	2,123	2,203	2,184	2,744	3,089	4,970	4,254	3,571	3,401	3,577	4,068
Preferred Stock	601	613	631	703	978	978	978	703	-	0.00	0.00
Total Common Equity	1,521	1,590	1,553	2,041	2,111	3,993	3,277	2,869	3,401	3,577	4,068
Common Stock	5,938	5,926	5,647	5,629	5,167	5,157	4,812	3,674	3,663	3,709	3,815
Retained Earnings	-4,096	-4,160	-3,816	-3,774	-3,697	-1,854	-1,646	-1,140	-462	-492	-602
Accumulated Other Comprehensive Income / (Loss)	-321	-176	-279	186	642	689	111	335	199	359	856

This table presents Two Harbors Investment's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	13,683	12,888	12,850	13,162	13,917	14,010	13,940	14,696
Cash and Due from Banks	574	523	624	666	644	699	708	732
Restricted Cash	124	89	163	72	401	323	117	843
Trading Account Securities	8,862	8,878	8,393	8,559	9,134	9,269	9,511	9,699
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Loans Held for Sale	8.41	3.34	-	-	-	-	-	-
Customer and Other Receivables	920	298	372	545	315	249	318	215
Other Assets	3,195	3,097	3,298	3,319	3,422	3,471	3,286	3,206
Total Liabilities & Shareholders' Equity	13,683	12,888	12,850	13,162	13,917	14,010	13,940	14,696
Total Liabilities	11,537	10,718	10,654	10,922	11,800	11,794	11,695	12,551
Short-Term Debt	3.10	17	14	3.03	24	15	1.69	107
Accrued Interest Payable	75	77	86	80	91	121	75	49
Other Short-Term Payables	60	59	59	59	56	56	71	73
Long-Term Debt	10,935	10,022	9,974	10,284	11,087	11,190	11,059	11,845
Other Long-Term Liabilities	455	541	522	496	542	413	489	477
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,147	2,169	2,195	2,240	2,117	2,216	2,246	2,144
Total Preferred & Common Equity	2,147	2,169	2,195	2,240	2,117	2,216	2,246	2,144
Preferred Stock	601	601	601	601	619	619	631	703
Total Common Equity	1,545	1,568	1,594	1,639	1,499	1,597	1,615	1,442
Common Stock	5,944	5,936	5,934	5,933	5,827	5,825	5,831	5,644
Retained Earnings	-4,236	-4,314	-4,017	-4,014	-3,668	-3,919	-4,063	-3,501
Accumulated Other Comprehensive Income / (Loss)	-163	-54	-324	-280	-660	-309	-153	-701

This table displays calculated financial ratios and metrics derived from Two Harbors Investment's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	333.51%	-75.63%	45.18%	123.50%	-392.77%	105.81%	-38.67%	-13.09%	-28.57%	204.27%	-71.24%
EBITDA Growth	697.31%	-114.87%	-4.61%	129.91%	-397.82%	435.89%	-73.40%	-7.49%	-32.46%	507.70%	-86.68%
EBIT Growth	488.22%	-127.27%	66.17%	111.71%	-637.71%	5,733.45%	-102.06%	-16.45%	-35.62%	564.53%	-88.39%
NOPAT Growth	579.65%	-128.13%	15.32%	116.36%	-460.64%	8,499.35%	-101.39%	-10.15%	-40.11%	284.29%	-76.18%
Net Income Growth	380.31%	-148.30%	17.63%	111.49%	-603.19%	831.46%	-112.57%	-0.25%	-28.23%	194.49%	-71.14%
EPS Growth	248.13%	-175.12%	23.84%	111.49%	-603.19%	275.47%	-129.28%	-10.84%	-28.23%	194.49%	-72.12%
Operating Cash Flow Growth	-41.49%	-44.90%	47.20%	-32.95%	-40.23%	50.33%	15.84%	153.16%	112.38%	-190.24%	-46.32%
Free Cash Flow Firm Growth	186.39%	159.70%	-109.13%	-48.42%	380.62%	-3.75%	-5.19%	-3.61%	-168.68%	278.93%	-3,453.94%
Invested Capital Growth	-7.46%	-3.82%	7.90%	-39.11%	-45.60%	19.03%	20.89%	26.59%	34.91%	-30.61%	23.68%
Revenue Q/Q Growth	332.53%	-61.06%	-33.03%	-39.27%	4.71%	372.85%	-74.05%	-28.96%	28.71%	83.61%	-58.39%
EBITDA Q/Q Growth	188.52%	-141.44%	-41.92%	-36.41%	6.89%	308.66%	-88.87%	-32.40%	45.93%	120.62%	-76.95%
EBIT Q/Q Growth	180.71%	-178.94%	-44.56%	-52.47%	4.70%	183.70%	-100.78%	-38.85%	51.30%	142.34%	-79.92%
NOPAT Q/Q Growth	199.72%	-214.53%	-54.84%	-52.82%	4.70%	224.79%	-100.58%	-34.27%	34.23%	110.52%	-69.74%
Net Income Q/Q Growth	172.41%	-287.91%	-54.98%	-53.16%	4.48%	188.68%	-106.54%	-33.11%	58.72%	101.28%	-62.32%
EPS Q/Q Growth	153.62%	-1,100.00%	-57.65%	-53.16%	4.48%	157.41%	-119.27%	-38.23%	58.72%	101.28%	-61.98%
Operating Cash Flow Q/Q Growth	-39.42%	-26.87%	44.68%	-33.12%	8.16%	2.33%	-0.92%	-54.53%	124.62%	3.82%	-172.98%
Free Cash Flow Firm Q/Q Growth	66.67%	-54.51%	71.01%	-19.56%	48.60%	-361.51%	-102.75%	12.96%	-22.74%	323.26%	-111.13%
Invested Capital Q/Q Growth	-7.99%	-8.24%	-10.48%	4.59%	-5.63%	11.64%	-3.49%	-10.91%	-9.92%	-17.68%	9.98%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	68.23%	-49.52%	81.17%	123.54%	0.00%	95.42%	36.65%	84.52%	79.40%	83.98%	42.05%
EBIT Margin	64.87%	-72.44%	64.72%	56.55%	0.00%	61.79%	-2.26%	67.32%	70.02%	77.69%	35.57%
Profit (Net Income) Margin	56.30%	-87.07%	43.93%	54.22%	0.00%	64.56%	-18.16%	88.64%	77.23%	76.86%	79.42%
Tax Burden Percent	86.49%	127.55%	67.88%	97.81%	97.86%	104.37%	1,795.30%	118.35%	106.98%	103.51%	178.95%
Interest Burden Percent	100.35%	94.23%	100.00%	98.03%	99.91%	100.11%	44.82%	111.26%	103.10%	95.58%	124.76%
Effective Tax Rate	13.51%	0.00%	32.12%	2.19%	0.00%	-4.37%	0.00%	-3.52%	3.73%	-3.48%	-78.95%
Return on Invested Capital (ROIC)	2.54%	-0.50%	1.81%	1.24%	0.00%	1.00%	-0.01%	1.26%	1.83%	2.94%	0.72%
ROIC Less NNEP Spread (ROIC-NNEP)	2.55%	-0.94%	1.81%	1.21%	0.00%	1.00%	-0.19%	1.67%	2.16%	2.77%	0.94%
Return on Net Nonoperating Assets (RNNOA)	11.24%	-4.35%	7.13%	5.18%	0.00%	6.03%	-1.12%	8.85%	8.30%	9.94%	3.50%
Return on Equity (ROE)	13.79%	-4.85%	8.94%	6.42%	-40.45%	7.02%	-1.13%	10.11%	10.13%	12.88%	4.22%
Cash Return on Invested Capital (CROIC)	10.29%	3.39%	-5.78%	49.86%	54.79%	-16.38%	-18.93%	-22.21%	-27.89%	39.08%	-20.46%
Operating Return on Assets (OROA)	2.71%	-0.67%	2.54%	1.23%	0.00%	0.94%	-0.02%	1.19%	1.85%	2.79%	0.39%
Return on Assets (ROA)	2.35%	-0.80%	1.72%	1.18%	0.00%	0.98%	-0.16%	1.57%	2.04%	2.76%	0.87%
Return on Common Equity (ROCE)	9.91%	-3.47%	6.52%	4.57%	-30.64%	5.54%	-0.89%	9.09%	10.13%	12.88%	4.22%
Return on Equity Simple (ROE_SIMPLE)	14.05%	-4.83%	10.09%	6.82%	-52.77%	6.52%	-1.04%	9.87%	10.39%	13.76%	4.11%
Net Operating Profit after Tax (NOPAT)	297	-62	220	191	-1,167	324	-3.85	277	308	515	134
NOPAT Margin	56.10%	-50.71%	43.93%	55.31%	0.00%	64.49%	-1.58%	69.69%	67.41%	80.39%	63.65%
Net Nonoperating Expense Percent (NNEP)	-0.01%	0.44%	0.00%	0.03%	1.99%	0.00%	0.17%	-0.41%	-0.34%	0.16%	-0.22%
SG&A Expenses to Revenue	16.95%	43.27%	8.12%	10.15%	0.00%	6.62%	14.56%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	35.13%	172.44%	35.28%	43.45%	0.00%	38.21%	102.26%	32.68%	29.98%	22.31%	64.43%
Earnings before Interest and Taxes (EBIT)	344	-88	324	195	-1,667	310	-5.50	268	320	497	75
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	361	-61	407	427	-1,426	479	89	336	363	538	88
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.78	0.71	0.64	0.67	0.52	0.57	0.49	0.44	0.29	0.24	0.24
Price to Tangible Book Value (P/TBV)	0.78	0.71	0.64	0.67	0.52	0.57	0.49	0.44	0.29	0.24	0.24
Price to Revenue (P/Rev)	2.23	9.22	1.97	3.99	0.00	4.55	6.61	3.18	2.18	1.36	4.61
Price to Earnings (P/E)	4.69	0.00	5.29	10.69	0.00	9.20	0.00	3.91	2.82	1.77	5.81
Dividend Yield	19.76%	17.94%	0.00%	16.99%	12.50%	19.96%	28.92%	27.73%	32.41%	43.56%	39.24%
Earnings Yield	21.33%	0.00%	18.90%	9.36%	0.00%	10.87%	0.00%	25.57%	35.41%	56.63%	17.23%
Enterprise Value to Invested Capital (EV/IC)	0.90	0.90	0.87	0.76	0.81	0.91	0.91	0.89	0.84	0.74	0.79
Enterprise Value to Revenue (EV/Rev)	19.02	89.05	21.80	25.90	0.00	63.74	110.35	55.04	35.47	16.65	77.31
Enterprise Value to EBITDA (EV/EBITDA)	27.88	0.00	26.86	20.96	0.00	66.80	301.11	65.13	44.67	19.83	183.86
Enterprise Value to EBIT (EV/EBIT)	29.32	0.00	33.68	45.80	0.00	103.17	0.00	81.76	50.65	21.43	217.33
Enterprise Value to NOPAT (EV/NOPAT)	33.91	0.00	49.62	46.82	0.00	98.85	0.00	78.98	52.62	20.71	121.45
Enterprise Value to Operating Cash Flow (EV/OCF)	50.12	31.67	17.53	21.12	24.61	30.27	38.28	36.06	67.69	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	8.38	25.91	0.00	1.16	1.04	0.00	0.00	0.00	0.00	1.56	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.29	4.51	4.78	3.26	5.22	6.10	5.97	5.87	4.70	3.02	4.09
Long-Term Debt to Equity	4.28	4.50	4.76	3.24	5.22	6.10	5.78	5.87	4.70	3.02	0.91
Financial Leverage	4.40	4.64	3.93	4.30	5.77	6.04	5.93	5.30	3.84	3.59	3.73
Leverage Ratio	5.86	6.06	5.19	5.42	6.88	7.16	7.02	6.44	4.97	4.66	4.83
Compound Leverage Factor	5.88	5.71	5.19	5.32	6.87	7.17	3.15	7.17	5.13	4.46	6.02
Debt to Total Capital	81.10%	81.85%	82.70%	76.54%	83.92%	85.93%	85.66%	85.45%	82.46%	75.11%	80.36%
Short-Term Debt to Total Capital	0.22%	0.18%	0.27%	0.46%	0.06%	0.02%	2.77%	0.00%	0.06%	0.00%	62.45%
Long-Term Debt to Total Capital	80.88%	81.67%	82.43%	76.08%	83.86%	85.91%	82.89%	85.45%	82.39%	75.11%	17.91%
Preferred Equity to Total Capital	5.35%	5.05%	5.00%	6.01%	5.09%	2.77%	3.29%	2.86%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	13.54%	13.10%	12.30%	17.45%	10.99%	11.31%	11.05%	11.69%	17.54%	24.89%	19.64%
Debt to EBITDA	25.21	-164.21	25.65	20.99	-11.30	63.37	284.40	62.41	44.01	20.07	188.07
Net Debt to EBITDA	22.95	-151.07	22.88	16.09	-9.45	59.99	272.12	59.27	41.92	18.21	172.90
Long-Term Debt to EBITDA	25.14	-163.85	25.56	20.86	-11.30	63.35	275.22	62.41	43.98	20.07	41.92
Debt to NOPAT	30.66	-160.37	47.38	46.87	-13.81	93.77	-6,595.97	75.69	51.84	20.97	124.23
Net Debt to NOPAT	27.91	-147.54	42.27	35.94	-11.55	88.77	-6,311.04	71.88	49.38	19.02	114.21
Long-Term Debt to NOPAT	30.58	-160.03	47.23	46.59	-13.80	93.75	-6,382.98	75.69	51.80	20.97	27.69
Noncontrolling Interest Sharing Ratio	28.08%	28.36%	27.06%	28.80%	24.26%	21.19%	21.47%	10.08%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,202	420	-703	7,704	14,938	-5,323	-5,131	-4,877	-4,708	6,855	-3,831
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	1.98	0.65	-2.72	86.39	53.11	-7.45	-9.87	-13.93	-22.07	48.35	-35.65
Operating Cash Flow to Interest Expense	0.33	0.53	2.41	4.75	2.25	1.48	1.35	1.73	1.12	-13.66	-6.21
Operating Cash Flow Less CapEx to Interest Expense	0.33	0.53	2.41	4.75	2.25	1.48	1.35	1.73	1.12	-13.66	-6.21
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.01	0.04	0.02	0.00	0.02	0.01	0.02	0.03	0.04	0.01
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,233	12,138	12,620	11,696	19,210	35,314	29,667	24,540	19,386	14,370	20,710
Invested Capital Turnover	0.05	0.01	0.04	0.02	0.00	0.02	0.01	0.02	0.03	0.04	0.01
Increase / (Decrease) in Invested Capital	-905	-482	924	-7,513	-16,105	5,647	5,127	5,154	5,016	-6,340	3,965
Enterprise Value (EV)	10,074	10,879	10,929	8,943	15,547	31,988	26,905	21,881	16,224	10,662	16,270
Market Capitalization	1,180	1,126	988	1,376	1,095	2,284	1,613	1,265	998	869	970
Book Value per Share	$14.67	$16.53	$17.97	$5.94	$7.71	$14.63	$13.21	$16.44	$9.78	$9.82	$11.11
Tangible Book Value per Share	$14.67	$16.53	$17.97	$5.94	$7.71	$14.63	$13.21	$16.44	$9.78	$9.82	$11.11
Total Capital	11,233	12,138	12,620	11,696	19,210	35,314	29,667	24,540	19,386	14,370	20,710
Total Debt	9,110	9,935	10,436	8,952	16,121	30,344	25,413	20,969	15,985	10,793	16,642
Total Long-Term Debt	9,085	9,913	10,402	8,899	16,110	30,337	24,592	20,969	15,972	10,793	3,710
Net Debt	8,293	9,140	9,310	6,864	13,474	28,727	24,315	19,914	15,226	9,793	15,300
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	-1.04	44	0.01	3.76	463	-0.35	40	-75	-45	23	-33
Net Nonoperating Obligations (NNO)	9,110	9,935	10,436	8,952	16,121	30,344	25,413	20,969	15,985	10,793	16,642
Total Depreciation and Amortization (D&A)	18	28	82	231	241	169	95	68	43	40	14
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.41	($1.60)	$2.15	$1.72	($24.96)	$3.72	($2.12)	$7.40	$8.08	$10.80	$3.68
Adjusted Weighted Average Basic Shares Outstanding	104.02M	95.67M	86.18M	74.44M	68.40M	66.96M	51.51M	43.61M	43.61M	45.66M	45.75M
Adjusted Diluted Earnings per Share	$2.37	($1.60)	$2.13	$1.72	($24.96)	$3.72	($2.12)	$7.24	$8.08	$10.80	$3.68
Adjusted Weighted Average Diluted Shares Outstanding	104.02M	95.67M	96.08M	74.51M	68.40M	66.96M	51.51M	47.03M	43.61M	45.66M	45.75M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$3.72	$0.00	$0.00	$8.08	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	104.02M	206.85M	193.23M	171.96M	136.86M	68.41M	62.77M	43.86M	43.51M	43.45M	45.83M
Normalized Net Operating Profit after Tax (NOPAT)	297	-62	220	191	-1,163	217	63	187	311	348	52
Normalized NOPAT Margin	56.10%	-50.71%	43.93%	55.31%	0.00%	43.25%	25.68%	47.12%	68.04%	54.38%	24.90%
Pre Tax Income Margin	65.09%	-68.26%	64.72%	55.43%	0.00%	61.85%	-1.01%	74.90%	72.20%	74.26%	44.38%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.57	-0.14	1.26	2.19	-5.93	0.43	-0.01	0.76	1.50	3.51	0.70
NOPAT to Interest Expense	0.49	-0.10	0.85	2.14	-4.15	0.45	-0.01	0.79	1.45	3.63	1.25
EBIT Less CapEx to Interest Expense	0.57	-0.14	1.26	2.19	-5.93	0.43	-0.01	0.76	1.50	3.51	0.70
NOPAT Less CapEx to Interest Expense	0.49	-0.10	0.85	2.14	-4.15	0.45	-0.01	0.79	1.45	3.63	1.25
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	78.83%	-231.83%	131.84%	137.35%	-16.89%	166.36%	-742.88%	123.74%	93.94%	77.53%	170.85%
Augmented Payout Ratio	78.83%	-238.46%	131.84%	137.35%	-16.95%	166.37%	-742.88%	123.74%	111.29%	100.92%	170.85%

This table displays calculated financial ratios and metrics derived from Two Harbors Investment's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-110.77%	186.93%	-152.41%	-56.42%	311.50%	-89.67%	15.73%	8,073.39%	-133.84%	-736.16%	226.55%
EBITDA Growth	-134.09%	168.01%	-170.50%	-66.84%	227.70%	-82.08%	10.13%	1,070.35%	-146.85%	-696.95%	164.35%
EBIT Growth	-136.83%	166.33%	-173.33%	-67.30%	219.28%	-76.61%	13.74%	563.07%	-154.09%	-24,933.08%	348.07%
NOPAT Growth	-127.30%	185.25%	-157.43%	-71.27%	260.94%	-76.61%	9.36%	701.29%	-144.34%	-11,068.90%	318.57%
Net Income Growth	-138.83%	163.88%	-177.89%	-71.47%	215.15%	-60.31%	10.29%	372.64%	-161.98%	-20,782.77%	318.57%
EPS Growth	-151.45%	218.60%	-186.12%	-76.11%	184.39%	-58.09%	1.08%	280.00%	-171.68%	-580.00%	318.57%
Operating Cash Flow Growth	1,390.81%	-119.19%	-28.82%	29.04%	-7,639.13%	-53.50%	-66.87%	60.08%	100.22%	442.95%	60.79%
Free Cash Flow Firm Growth	-162.39%	647.26%	-27.93%	210.78%	163.25%	114.28%	144.48%	-1,139.52%	-138.06%	-114.73%	-128.53%
Invested Capital Growth	4.45%	-7.46%	-7.71%	-9.22%	-5.86%	-3.82%	-6.16%	11.31%	12.02%	7.90%	26.06%
Revenue Q/Q Growth	-108.26%	270.49%	-281.64%	-57.92%	166.70%	-202.79%	51.04%	304.23%	40.19%	-162.72%	10,505.59%
EBITDA Q/Q Growth	-124.04%	227.67%	-429.20%	-66.27%	147.97%	-232.34%	54.86%	229.89%	31.61%	-180.05%	1,464.45%
EBIT Q/Q Growth	-125.88%	223.16%	-454.23%	-67.38%	146.61%	-236.16%	57.96%	218.99%	30.99%	-187.68%	743.12%
NOPAT Q/Q Growth	-120.14%	258.28%	-410.47%	-72.42%	162.89%	-206.63%	55.34%	254.50%	30.99%	-166.02%	954.07%
Net Income Q/Q Growth	-128.57%	216.04%	-523.33%	-72.33%	147.00%	-241.48%	55.08%	211.67%	34.57%	-197.34%	483.34%
EPS Q/Q Growth	-134.90%	205.37%	-662.79%	-75.14%	137.20%	-176.51%	56.11%	187.80%	32.79%	-148.92%	483.34%
Operating Cash Flow Q/Q Growth	631.43%	-124.18%	-39.38%	1,756.89%	-107.90%	-10.30%	9.89%	96,700.00%	-99.95%	-36.09%	430.95%
Free Cash Flow Firm Q/Q Growth	-151.91%	39.78%	-34.68%	31.63%	521.73%	-86.52%	200.41%	24.85%	-40.39%	58.02%	-2,446.76%
Invested Capital Q/Q Growth	16.48%	-7.99%	0.21%	-2.74%	3.20%	-8.24%	-1.44%	0.86%	5.44%	-10.48%	16.91%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	0.00%	88.45%	0.00%	65.18%	81.31%	0.00%	87.82%	85.65%	0.00%	0.00%	92.29%
EBIT Margin	0.00%	87.09%	0.00%	61.82%	79.76%	0.00%	86.17%	82.39%	0.00%	0.00%	87.69%
Profit (Net Income) Margin	0.00%	78.57%	0.00%	49.54%	75.33%	0.00%	77.68%	75.66%	0.00%	0.00%	81.51%
Tax Burden Percent	100.55%	89.96%	95.80%	79.87%	94.45%	93.67%	89.38%	90.89%	97.84%	103.24%	92.96%
Interest Burden Percent	99.04%	100.28%	99.95%	100.32%	100.00%	100.00%	100.85%	101.02%	100.00%	99.96%	100.00%
Effective Tax Rate	0.00%	10.04%	0.00%	20.13%	5.55%	0.00%	10.62%	9.11%	0.00%	0.00%	7.04%
Return on Invested Capital (ROIC)	0.00%	3.55%	0.00%	1.44%	3.03%	0.00%	1.77%	1.53%	0.00%	0.00%	4.83%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	3.56%	0.00%	1.44%	3.03%	0.00%	1.79%	1.55%	0.00%	0.00%	4.83%
Return on Net Nonoperating Assets (RNNOA)	0.00%	15.67%	0.00%	6.92%	14.44%	0.00%	9.69%	6.85%	0.00%	0.00%	20.18%
Return on Equity (ROE)	0.00%	19.22%	-19.21%	8.36%	17.47%	0.00%	11.46%	8.38%	-9.92%	0.00%	25.01%
Cash Return on Invested Capital (CROIC)	-4.24%	10.29%	5.67%	10.69%	8.12%	3.39%	6.76%	-10.49%	-12.39%	-5.78%	-19.19%
Operating Return on Assets (OROA)	0.00%	3.64%	0.00%	1.72%	3.06%	0.00%	1.89%	1.54%	0.00%	0.00%	5.01%
Return on Assets (ROA)	0.00%	3.28%	0.00%	1.38%	2.89%	0.00%	1.70%	1.42%	0.00%	0.00%	4.66%
Return on Common Equity (ROCE)	0.00%	13.82%	-13.74%	6.05%	12.67%	0.00%	7.91%	6.02%	-7.21%	0.00%	17.81%
Return on Equity Simple (ROE_SIMPLE)	0.72%	0.00%	-18.98%	6.05%	12.23%	0.00%	2.67%	1.26%	-10.77%	0.00%	22.81%
Net Operating Profit after Tax (NOPAT)	-56	276	-174	56	204	-324	304	195	-127	-183	278
NOPAT Margin	0.00%	78.35%	0.00%	49.38%	75.33%	0.00%	77.02%	74.89%	0.00%	0.00%	81.51%
Net Nonoperating Expense Percent (NNEP)	0.22%	-0.01%	0.61%	0.00%	0.00%	1.07%	-0.02%	-0.02%	0.50%	0.90%	0.00%
SG&A Expenses to Revenue	0.00%	6.19%	0.00%	18.68%	9.82%	0.00%	2.19%	3.40%	0.00%	0.00%	2.97%
Operating Expenses to Revenue	0.00%	12.91%	0.00%	38.18%	20.24%	0.00%	13.83%	17.61%	0.00%	0.00%	12.31%
Earnings before Interest and Taxes (EBIT)	-79	307	-249	70	216	-462	340	215	-181	-262	299
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-75	312	-244	74	220	-458	346	224	-172	-252	314
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.87	0.78	0.89	0.83	0.72	0.71	0.72	0.71	0.71	0.64	0.62
Price to Tangible Book Value (P/TBV)	0.87	0.78	0.89	0.83	0.72	0.71	0.72	0.71	0.71	0.64	0.62
Price to Revenue (P/Rev)	5.82	2.23	0.00	3.54	2.28	9.22	3.42	4.35	0.00	1.97	1.19
Price to Earnings (P/E)	0.00	4.69	0.00	15.28	5.17	0.00	35.50	30,583.31	0.00	5.29	2.05
Dividend Yield	17.45%	19.76%	16.75%	14.11%	15.80%	17.94%	20.87%	21.87%	22.18%	0.00%	26.29%
Earnings Yield	0.00%	21.33%	0.00%	6.54%	19.34%	0.00%	2.82%	0.00%	0.00%	18.90%	48.74%
Enterprise Value to Invested Capital (EV/IC)	0.93	0.90	0.94	0.91	0.91	0.90	0.89	0.89	0.90	0.87	0.85
Enterprise Value to Revenue (EV/Rev)	52.91	19.02	0.00	29.82	21.79	89.05	37.48	45.87	0.00	21.80	15.99
Enterprise Value to EBITDA (EV/EBITDA)	182.53	27.88	0.00	61.14	34.22	0.00	80.54	104.55	0.00	26.86	17.08
Enterprise Value to EBIT (EV/EBIT)	250.61	29.32	0.00	68.21	36.83	0.00	104.88	167.86	0.00	33.68	20.45
Enterprise Value to NOPAT (EV/NOPAT)	816.35	33.91	0.00	85.29	42.06	0.00	217.38	439.64	0.00	49.62	24.54
Enterprise Value to Operating Cash Flow (EV/OCF)	37.88	50.12	34.42	30.30	33.87	31.67	25.03	16.65	17.80	17.53	27.78
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	8.38	15.83	8.13	10.81	25.91	12.74	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	5.09	4.29	4.63	4.55	4.59	4.51	5.25	5.06	4.93	4.78	5.57
Long-Term Debt to Equity	5.09	4.28	4.62	4.54	4.59	4.50	5.24	5.05	4.92	4.76	5.52
Financial Leverage	4.84	4.40	4.93	4.80	4.76	4.64	5.41	4.42	4.17	3.93	4.18
Leverage Ratio	6.12	5.86	6.25	6.09	6.04	6.06	6.71	5.90	5.38	5.19	5.37
Compound Leverage Factor	6.06	5.87	6.25	6.11	6.04	6.06	6.77	5.96	5.38	5.19	5.37
Debt to Total Capital	83.59%	81.10%	82.23%	81.98%	82.12%	81.85%	83.99%	83.49%	83.12%	82.70%	84.79%
Short-Term Debt to Total Capital	0.02%	0.22%	0.14%	0.12%	0.02%	0.18%	0.18%	0.11%	0.01%	0.27%	0.76%
Long-Term Debt to Total Capital	83.57%	80.88%	82.09%	81.86%	82.09%	81.67%	83.82%	83.38%	83.11%	82.43%	84.03%
Preferred Equity to Total Capital	4.60%	5.35%	4.93%	4.94%	4.80%	5.05%	4.68%	4.61%	4.74%	5.00%	4.98%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	11.81%	13.54%	12.84%	13.08%	13.08%	13.10%	11.33%	11.90%	12.13%	12.30%	10.23%
Debt to EBITDA	163.88	25.21	-24.59	54.90	31.05	-164.21	76.11	98.16	-83.53	25.65	17.06
Net Debt to EBITDA	153.42	22.95	-23.09	50.58	28.82	-151.07	68.95	89.21	-77.29	22.88	14.81
Long-Term Debt to EBITDA	163.83	25.14	-24.55	54.82	31.04	-163.85	75.95	98.03	-83.52	25.56	16.91
Debt to NOPAT	732.93	30.66	-33.69	76.58	38.16	-160.37	205.41	412.80	-83.00	47.38	24.51
Net Debt to NOPAT	686.17	27.91	-31.64	70.55	35.42	-147.54	186.09	375.16	-76.80	42.27	21.28
Long-Term Debt to NOPAT	732.72	30.58	-33.64	76.48	38.15	-160.03	204.98	412.25	-82.99	47.23	24.29
Noncontrolling Interest Sharing Ratio	0.00%	28.08%	28.46%	27.66%	27.48%	0.00%	31.00%	28.11%	27.35%	0.00%	28.80%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-613	1,181	845	1,294	983	158	1,173	-1,168	-1,554	-1,107	-2,636
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-4.66	8.52	5.45	8.39	6.14	0.94	6.77	-7.32	-10.91	-9.57	-31.63
Operating Cash Flow to Interest Expense	0.85	-0.15	0.56	0.93	-0.05	0.65	0.71	0.70	0.00	2.04	4.43
Operating Cash Flow Less CapEx to Interest Expense	0.85	-0.15	0.56	0.93	-0.05	0.65	0.71	0.70	0.00	2.04	4.43
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.02	0.04	0.00	0.03	0.04	0.01	0.02	0.02	0.00	0.04	0.06
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	13,084	11,233	12,209	12,183	12,527	12,138	13,228	13,421	13,306	12,620	14,097
Invested Capital Turnover	0.02	0.05	0.00	0.03	0.04	0.01	0.02	0.02	0.00	0.04	0.06
Increase / (Decrease) in Invested Capital	558	-905	-1,019	-1,238	-779	-482	-869	1,363	1,427	924	2,914
Enterprise Value (EV)	12,183	10,074	11,421	11,123	11,337	10,879	11,758	11,933	12,016	10,929	11,971
Market Capitalization	1,341	1,180	1,392	1,320	1,187	1,126	1,074	1,132	1,150	988	891
Book Value per Share	$14.86	$14.67	$15.13	$15.40	$15.85	$16.53	$15.58	$16.53	$16.71	$17.97	$4.19
Tangible Book Value per Share	$14.86	$14.67	$15.13	$15.40	$15.85	$16.53	$15.58	$16.53	$16.71	$17.97	$4.19
Total Capital	13,084	11,233	12,209	12,183	12,527	12,138	13,228	13,421	13,306	12,620	14,097
Total Debt	10,938	9,110	10,039	9,988	10,287	9,935	11,111	11,205	11,060	10,436	11,952
Total Long-Term Debt	10,935	9,085	10,022	9,974	10,284	9,913	11,087	11,190	11,059	10,402	11,845
Net Debt	10,240	8,293	9,427	9,201	9,548	9,140	10,066	10,183	10,235	9,310	10,377
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	23	-0.77	64	-0.18	0.00	109	-2.59	-2.00	50	87	0.00
Net Nonoperating Obligations (NNO)	10,938	9,110	10,039	9,988	10,287	9,935	11,111	11,205	11,060	10,436	11,952
Total Depreciation and Amortization (D&A)	4.49	4.79	5.05	3.81	4.18	4.37	6.49	8.50	8.64	10	16
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.89)	$2.55	($2.42)	$0.43	$1.85	($2.15)	$3.04	$1.94	($2.05)	($1.36)	$3.04
Adjusted Weighted Average Basic Shares Outstanding	104.03M	104.02M	103.65M	103.56M	103.40M	206.85M	96.18M	96.39M	92.58M	193.23M	86.25M
Adjusted Diluted Earnings per Share	($0.89)	$2.55	($2.42)	$0.43	$1.73	($2.15)	$2.81	$1.80	($2.05)	($1.36)	$2.78
Adjusted Weighted Average Diluted Shares Outstanding	104.03M	104.02M	103.65M	103.91M	112.97M	206.85M	105.63M	106.06M	92.58M	193.23M	96.13M
Adjusted Basic & Diluted Earnings per Share	$0.00	$2.55	$0.00	$0.00	$0.00	($2.15)	$0.00	$0.00	$0.00	($1.36)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	104.03M	104.02M	103.65M	207.25M	206.99M	206.85M	192.38M	192.33M	193.33M	193.23M	172.75M
Normalized Net Operating Profit after Tax (NOPAT)	-56	276	-174	56	204	-324	304	195	-127	-183	278
Normalized NOPAT Margin	0.00%	78.35%	0.00%	49.38%	75.33%	0.00%	77.02%	74.89%	0.00%	0.00%	81.51%
Pre Tax Income Margin	0.00%	87.34%	0.00%	62.02%	79.76%	0.00%	86.91%	83.24%	0.00%	0.00%	87.69%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.60	2.21	-1.61	0.46	1.35	-2.75	1.96	1.35	-1.27	-2.26	3.58
NOPAT to Interest Expense	-0.42	1.99	-1.13	0.36	1.27	-1.93	1.75	1.22	-0.89	-1.59	3.33
EBIT Less CapEx to Interest Expense	-0.60	2.21	-1.61	0.46	1.35	-2.75	1.96	1.35	-1.27	-2.26	3.58
NOPAT Less CapEx to Interest Expense	-0.42	1.99	-1.13	0.36	1.27	-1.93	1.75	1.22	-0.89	-1.59	3.33
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	1,513.06%	78.83%	-56.34%	172.25%	87.95%	-231.83%	465.90%	1,001.35%	-116.79%	131.84%	58.24%
Augmented Payout Ratio	1,513.06%	78.83%	-56.34%	172.25%	87.95%	-238.46%	478.36%	1,026.53%	-116.79%	131.84%	58.24%

Frequently Asked Questions About Two Harbors Investment's Financials

When does Two Harbors Investment's fiscal year end?

According to the most recent income statement we have on file, Two Harbors Investment's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Two Harbors Investment's net income changed over the last 10 years?

Two Harbors Investment's net income appears to be on a downward trend, with a most recent value of $298.17 million in 2024, rising from $167.14 million in 2014. The previous period was -$106.37 million in 2023. See where experts think Two Harbors Investment is headed by visiting Two Harbors Investment's forecast page.

How has Two Harbors Investment revenue changed over the last 10 years?

Over the last 10 years, Two Harbors Investment's total revenue changed from $210.46 million in 2014 to $529.62 million in 2024, a change of 151.6%.

How much debt does Two Harbors Investment have?

Two Harbors Investment's total liabilities were at $10.08 billion at the end of 2024, a 7.8% decrease from 2023, and a 40.8% decrease since 2014.

How much cash does Two Harbors Investment have?

In the past 10 years, Two Harbors Investment's cash and equivalents has ranged from $350.86 million in 2016 to $1.38 billion in 2020, and is currently $504.61 million as of their latest financial filing in 2024.

How has Two Harbors Investment's book value per share changed over the last 10 years?

Over the last 10 years, Two Harbors Investment's book value per share changed from 11.11 in 2014 to 14.67 in 2024, a change of 32.1%.

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This page (NYSE:TWO) was last updated on 5/25/2025 by MarketBeat.com Staff

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Two Harbors Investment (TWO) Financials

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Two Harbors Investment (TWO) Financials

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