Two Harbors Investments (TWO) Financials

$10.12 -0.13 (-1.22%)

Closing price 08/14/2025 03:59 PM Eastern

Extended Trading

$10.21 +0.09 (+0.93%)

As of 08/14/2025 08:00 PM Eastern

Annual Income Statements for Two Harbors Investments

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

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

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

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-262	-189	188	294	-445	192	45	-250	265	-92	-272
Consolidated Net Income / (Loss)	-270	-177	197	306	-433	204	56	-238	277	-79	-259
Net Income / (Loss) Continuing Operations	-270	-177	197	306	-433	204	56	-238	277	-79	-259
Total Pre-Tax Income	-262	-181	217	343	-462	216	71	-249	308	-79	-257
Total Revenue	-214	-128	261	394	-405	270	114	-207	352	-29	-13
Net Interest Income / (Expense)	-16	-26	-42	-49	-46	-42	-38	-42	-35	-20	-20
Total Interest Income	99	117	118	124	122	118	116	113	104	111	117
Total Interest Expense	116	142	160	173	168	160	154	155	139	132	137
Long-Term Debt Interest Expense	231	-	-	173	-	160	154	155	-	132	137
Total Non-Interest Income	-197	-102	303	444	-359	312	152	-164	387	-8.76	6.30
Other Service Charges	161	153	175	179	179	166	176	172	168	157	158
Net Realized & Unrealized Capital Gains on Investments	-358	-255	128	265	-538	146	-24	-336	220	-166	-152
Total Non-Interest Expense	48	53	46	55	57	55	43	42	45	50	245
Salaries and Employee Benefits	7.41	14	8.87	8.62	21	27	21	20	22	27	21
Other Operating Expenses	41	39	37	46	36	28	22	22	24	24	224
Nonoperating Income / (Expense), net	0.10	0.00	2.20	2.90	-	0.00	0.23	0.12	0.85	0.76	1.04
Income Tax Expense	8.48	-3.91	20	36	-29	12	14	-10	31	0.43	1.66
Preferred Stock Dividends Declared	-7.78	12	9.66	12	11	11	12	12	12	13	13
Basic Earnings per Share	($1.36)	($2.05)	$1.94	$3.04	($2.15)	$1.85	$0.43	($2.42)	$2.55	($0.89)	($2.62)
Weighted Average Basic Shares Outstanding	193.23M	92.58M	96.39M	192.38M	206.85M	206.99M	207.25M	103.65M	104.02M	104.03M	104.13M
Diluted Earnings per Share	($1.36)	($2.05)	$1.80	$2.81	($2.15)	$1.73	$0.43	($2.42)	$2.55	($0.89)	($2.62)
Weighted Average Diluted Shares Outstanding	193.23M	92.58M	106.06M	192.38M	206.85M	206.99M	207.25M	103.65M	104.02M	104.03M	104.13M
Weighted Average Basic & Diluted Shares Outstanding	193.23M	193.33M	192.33M	192.38M	206.85M	206.99M	207.25M	103.65M	104.02M	104.03M	104.13M

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

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

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

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-449	-301	196	23	-250	-56	48	-175	206	-120	101
Net Cash From Operating Activities	236	0.12	111	122	110	-8.67	144	87	-21	112	99
Net Cash From Continuing Operating Activities	236	0.12	111	122	110	-8.67	144	87	-21	112	99
Net Income / (Loss) Continuing Operations	-270	-177	197	306	-433	204	56	-238	277	-79	-259
Consolidated Net Income / (Loss)	-270	-177	197	306	-433	204	56	-238	277	-79	-259
Provision For Loan Losses	-0.32	-0.14	0.02	-0.10	-0.33	0.08	0.17	-0.28	0.28	0.09	-0.12
Amortization Expense	10	8.64	8.50	6.49	4.37	4.18	3.81	5.05	4.79	4.49	5.65
Non-Cash Adjustments to Reconcile Net Income	479	177	-162	-205	556	-154	71	326	-280	176	318
Changes in Operating Assets and Liabilities, net	17	-8.30	67	15	-17	-63	12	-4.82	-23	9.98	34
Net Cash From Investing Activities	882	-1,070	40	57	777	-348	274	-255	1,224	-2,028	829
Net Cash From Continuing Investing Activities	882	-1,070	40	57	777	-348	274	-255	1,224	-2,028	829
Purchase of Investment Securities	-2,283	-3,638	-1,103	-881	-1,274	-1,383	-1,531	-1,636	-1,143	-4,208	-4,280
Sale and/or Maturity of Investments	3,081	2,827	1,154	963	1,797	1,501	1,633	1,252	2,192	3,073	4,375
Other Investing Activities, net	84	-259	-11	-25	255	-466	173	130	174	-893	734
Net Cash From Financing Activities	-1,567	769	45	-156	-1,137	300	-369	-7.26	-997	1,796	-828
Net Cash From Continuing Financing Activities	-1,567	769	45	-156	-1,137	300	-369	-7.26	-997	1,796	-828
Issuance of Debt	-	174	175	-	55	59	-	7.73	113	99	303
Issuance of Common Equity	0.85	178	0.15	0.05	98	0.05	0.05	0.06	0.08	0.08	0.07
Repayment of Debt	-8,133	-10,839	-8,491	-11,102	-7,504	-11,965	-12,565	-11,398	-11,540	-11,214	-13,495
Payment of Dividends	-73	-65	-71	-56	-56	-59	-59	-59	-59	-59	-60
Other Financing Activities, Net	6,689	11,321	8,448	11,001	6,275	12,277	12,254	11,441	10,488	12,970	12,424
Cash Interest Paid	61	153	106	196	110	215	142	149	112	126	113
Cash Income Taxes Paid	-1.11	0.04	2.69	3.09	1.55	0.10	3.50	0.04	5.61	3.70	5.64

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

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

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

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	13,737	14,696	13,940	14,010	13,917	13,162	12,850	12,888	13,683	12,959
Cash and Due from Banks	512	732	708	699	644	666	624	523	574	658
Restricted Cash	628	843	117	323	401	72	163	89	124	140
Trading Account Securities	8,978	9,699	9,511	9,269	9,134	8,559	8,393	8,878	8,862	8,638
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
Loans Held for Sale	-	-	-	-	-	-	-	3.34	8.41	9.89
Customer and Other Receivables	186	215	318	249	315	545	372	298	920	286
Other Assets	3,434	3,206	3,286	3,471	3,422	3,319	3,298	3,097	3,195	3,227
Total Liabilities & Shareholders' Equity	13,737	14,696	13,940	14,010	13,917	13,162	12,850	12,888	13,683	12,959
Total Liabilities	11,254	12,551	11,695	11,794	11,800	10,922	10,654	10,718	11,537	11,073
Accrued Interest Payable	22	49	75	121	91	80	86	77	75	80
Long-Term Debt	9,463	11,845	11,059	11,190	11,087	10,284	9,974	10,022	10,935	10,176
Other Long-Term Liabilities	1,586	477	489	413	542	496	522	541	455	817
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,484	2,144	2,246	2,216	2,117	2,240	2,195	2,169	2,147	1,886
Total Preferred & Common Equity	2,484	2,144	2,246	2,216	2,117	2,240	2,195	2,169	2,147	1,886
Preferred Stock	703	703	631	619	619	601	601	601	601	601
Total Common Equity	1,781	1,442	1,615	1,597	1,499	1,639	1,594	1,568	1,545	1,285
Common Stock	5,637	5,644	5,831	5,825	5,827	5,933	5,934	5,936	5,944	5,946
Retained Earnings	-3,706	-3,501	-4,063	-3,919	-3,668	-4,014	-4,017	-4,314	-4,236	-4,549
Accumulated Other Comprehensive Income / (Loss)	-150	-701	-153	-309	-660	-280	-324	-54	-163	-113

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

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

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

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-736.16%	-133.84%	8,073.39%	15.73%	-89.67%	311.50%	-56.42%	-152.41%	186.93%	-110.77%	-111.71%
EBITDA Growth	-696.95%	-146.85%	1,070.35%	10.13%	-82.08%	227.70%	-66.84%	-170.50%	168.01%	-134.09%	-441.01%
EBIT Growth	-24,933.08%	-154.09%	563.07%	13.74%	-76.61%	219.28%	-67.30%	-173.33%	166.33%	-136.83%	-467.54%
NOPAT Growth	-11,068.90%	-144.34%	701.29%	9.36%	-76.61%	260.94%	-71.27%	-157.43%	185.25%	-127.30%	-422.13%
Net Income Growth	-20,782.77%	-161.98%	372.64%	10.29%	-60.31%	215.15%	-71.47%	-177.89%	163.88%	-138.83%	-559.81%
EPS Growth	-580.00%	-171.68%	280.00%	1.08%	-58.09%	184.39%	-76.11%	-186.12%	218.60%	-151.45%	-709.30%
Operating Cash Flow Growth	442.95%	100.22%	60.08%	-66.87%	-53.50%	-7,639.13%	29.04%	-28.82%	-119.19%	1,390.81%	-31.01%
Free Cash Flow Firm Growth	-114.73%	-138.06%	-1,139.52%	144.48%	114.28%	163.25%	210.78%	-27.93%	647.26%	-162.39%	-104.59%
Invested Capital Growth	7.90%	12.02%	11.31%	-6.16%	-3.82%	-5.86%	-9.22%	-7.71%	-7.46%	4.45%	-1.00%
Revenue Q/Q Growth	-162.72%	40.19%	304.23%	51.04%	-202.79%	166.70%	-57.92%	-281.64%	270.49%	-108.26%	54.21%
EBITDA Q/Q Growth	-180.05%	31.61%	229.89%	54.86%	-232.34%	147.97%	-66.27%	-429.20%	227.67%	-124.04%	-237.48%
EBIT Q/Q Growth	-187.68%	30.99%	218.99%	57.96%	-236.16%	146.61%	-67.38%	-454.23%	223.16%	-125.88%	-225.53%
NOPAT Q/Q Growth	-166.02%	30.99%	254.50%	55.34%	-206.63%	162.89%	-72.42%	-410.47%	258.28%	-120.14%	-225.53%
Net Income Q/Q Growth	-197.34%	34.57%	211.67%	55.08%	-241.48%	147.00%	-72.33%	-523.33%	216.04%	-128.57%	-227.67%
EPS Q/Q Growth	-148.92%	32.79%	187.80%	56.11%	-176.51%	180.47%	-75.14%	-662.79%	205.37%	-134.90%	-194.38%
Operating Cash Flow Q/Q Growth	-36.09%	-99.95%	96,700.00%	9.89%	-10.30%	-107.90%	1,756.89%	-39.38%	-124.18%	631.43%	-11.44%
Free Cash Flow Firm Q/Q Growth	58.02%	-40.39%	24.85%	200.41%	-86.52%	521.73%	31.63%	-34.68%	39.78%	-151.91%	90.32%
Invested Capital Q/Q Growth	-10.48%	5.44%	0.86%	-1.44%	-8.24%	3.20%	-2.74%	0.21%	-7.99%	16.48%	-7.82%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	0.00%	0.00%	85.65%	87.82%	0.00%	81.31%	65.18%	0.00%	88.45%	0.00%	0.00%
EBIT Margin	0.00%	0.00%	82.39%	86.17%	0.00%	79.76%	61.82%	0.00%	87.09%	0.00%	0.00%
Profit (Net Income) Margin	0.00%	0.00%	75.66%	77.68%	0.00%	75.33%	49.54%	0.00%	78.57%	0.00%	0.00%
Tax Burden Percent	103.24%	97.84%	90.89%	89.38%	93.67%	94.45%	79.87%	95.80%	89.96%	100.55%	100.65%
Interest Burden Percent	99.96%	100.00%	101.02%	100.85%	100.00%	100.00%	100.32%	99.95%	100.28%	99.04%	99.60%
Effective Tax Rate	0.00%	0.00%	9.11%	10.62%	0.00%	5.55%	20.13%	0.00%	10.04%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	1.53%	1.77%	0.00%	3.03%	1.44%	0.00%	3.55%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	1.55%	1.79%	0.00%	3.03%	1.44%	0.00%	3.56%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	6.85%	9.69%	0.00%	14.44%	6.92%	0.00%	15.67%	0.00%	0.00%
Return on Equity (ROE)	0.00%	-9.92%	8.38%	11.46%	0.00%	17.47%	8.36%	-19.21%	19.22%	0.00%	0.00%
Cash Return on Invested Capital (CROIC)	-5.78%	-12.39%	-10.49%	6.76%	3.39%	8.12%	10.69%	5.67%	10.29%	-4.24%	-0.61%
Operating Return on Assets (OROA)	0.00%	0.00%	1.54%	1.89%	0.00%	3.06%	1.72%	0.00%	3.64%	0.00%	0.00%
Return on Assets (ROA)	0.00%	0.00%	1.42%	1.70%	0.00%	2.89%	1.38%	0.00%	3.28%	0.00%	0.00%
Return on Common Equity (ROCE)	0.00%	-7.21%	6.02%	7.91%	0.00%	12.67%	6.05%	-13.74%	13.82%	0.00%	0.00%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-10.77%	1.26%	2.67%	0.00%	12.23%	6.05%	-18.98%	0.00%	0.72%	-15.90%
Net Operating Profit after Tax (NOPAT)	-183	-127	195	304	-324	204	56	-174	276	-56	-181
NOPAT Margin	0.00%	0.00%	74.89%	77.02%	0.00%	75.33%	49.38%	0.00%	78.35%	0.00%	0.00%
Net Nonoperating Expense Percent (NNEP)	0.90%	0.50%	-0.02%	-0.02%	1.07%	0.00%	0.00%	0.61%	-0.01%	0.22%	0.78%
SG&A Expenses to Revenue	0.00%	0.00%	3.40%	2.19%	0.00%	9.82%	18.68%	0.00%	6.19%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	0.00%	17.61%	13.83%	0.00%	20.24%	38.18%	0.00%	12.91%	0.00%	0.00%
Earnings before Interest and Taxes (EBIT)	-262	-181	215	340	-462	216	70	-249	307	-79	-258
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-252	-172	224	346	-458	220	74	-244	312	-75	-253
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.64	0.71	0.71	0.72	0.71	0.65	0.83	0.89	0.78	0.87	0.84
Price to Tangible Book Value (P/TBV)	0.64	0.71	0.71	0.72	0.71	0.65	0.83	0.89	0.78	0.87	0.84
Price to Revenue (P/Rev)	1.97	0.00	4.35	3.42	9.22	2.05	3.54	0.00	2.23	5.82	10.47
Price to Earnings (P/E)	5.29	0.00	30,583.31	35.50	0.00	4.65	15.28	0.00	4.69	0.00	0.00
Dividend Yield	0.00%	22.18%	21.87%	20.87%	17.94%	17.58%	14.11%	16.75%	19.76%	17.45%	17.33%
Earnings Yield	18.90%	0.00%	0.00%	2.82%	0.00%	21.52%	6.54%	0.00%	21.33%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.87	0.90	0.89	0.89	0.90	0.90	0.91	0.94	0.90	0.93	0.92
Enterprise Value to Revenue (EV/Rev)	21.80	0.00	45.87	37.48	89.05	21.56	29.82	0.00	19.02	52.91	107.15
Enterprise Value to EBITDA (EV/EBITDA)	26.86	0.00	104.55	80.54	0.00	33.86	61.14	0.00	27.88	182.53	0.00
Enterprise Value to EBIT (EV/EBIT)	33.68	0.00	167.86	104.88	0.00	36.44	68.21	0.00	29.32	250.61	0.00
Enterprise Value to NOPAT (EV/NOPAT)	49.62	0.00	439.64	217.38	0.00	41.61	85.29	0.00	33.91	816.35	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	17.53	17.80	16.65	25.03	31.67	33.51	30.30	34.42	50.12	37.88	39.92
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	12.74	25.91	10.70	8.13	15.83	8.38	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.78	4.93	5.06	5.25	4.51	4.59	4.55	4.63	4.29	5.09	5.40
Long-Term Debt to Equity	4.76	4.92	5.05	5.24	4.50	4.59	4.54	4.62	4.28	5.09	5.40
Financial Leverage	3.93	4.17	4.42	5.41	4.64	4.76	4.80	4.93	4.40	4.84	4.94
Leverage Ratio	5.19	5.38	5.90	6.71	6.06	6.04	6.09	6.25	5.86	6.12	6.32
Compound Leverage Factor	5.19	5.38	5.96	6.77	6.06	6.04	6.11	6.25	5.87	6.06	6.30
Debt to Total Capital	82.70%	83.12%	83.49%	83.99%	81.85%	82.12%	81.98%	82.23%	81.10%	83.59%	84.36%
Short-Term Debt to Total Capital	0.27%	0.01%	0.11%	0.18%	0.18%	0.02%	0.12%	0.14%	0.22%	0.02%	0.00%
Long-Term Debt to Total Capital	82.43%	83.11%	83.38%	83.82%	81.67%	82.09%	81.86%	82.09%	80.88%	83.57%	84.36%
Preferred Equity to Total Capital	5.00%	4.74%	4.61%	4.68%	5.05%	4.80%	4.94%	4.93%	5.35%	4.60%	4.99%
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	12.30%	12.13%	11.90%	11.33%	13.10%	13.08%	13.08%	12.84%	13.54%	11.81%	10.65%
Debt to EBITDA	25.65	-83.53	98.16	76.11	-164.21	31.05	54.90	-24.59	25.21	163.88	-39.11
Net Debt to EBITDA	22.88	-77.29	89.21	68.95	-151.07	28.82	50.58	-23.09	22.95	153.42	-36.05
Long-Term Debt to EBITDA	25.56	-83.52	98.03	75.95	-163.85	31.04	54.82	-24.55	25.14	163.83	-39.11
Debt to NOPAT	47.38	-83.00	412.80	205.41	-160.37	38.16	76.58	-33.69	30.66	732.93	-51.89
Net Debt to NOPAT	42.27	-76.80	375.16	186.09	-147.54	35.42	70.55	-31.64	27.91	686.17	-47.82
Long-Term Debt to NOPAT	47.23	-82.99	412.25	204.98	-160.03	38.15	76.48	-33.64	30.58	732.72	-51.89
Noncontrolling Interest Sharing Ratio	0.00%	27.35%	28.11%	31.00%	0.00%	27.48%	27.66%	28.46%	28.08%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,107	-1,554	-1,168	1,173	158	983	1,294	845	1,181	-613	-59
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	-9.57	-10.91	-7.32	6.77	0.94	6.14	8.39	5.45	8.52	-4.66	-0.43
Operating Cash Flow to Interest Expense	2.04	0.00	0.70	0.71	0.65	-0.05	0.93	0.56	-0.15	0.85	0.73
Operating Cash Flow Less CapEx to Interest Expense	2.04	0.00	0.70	0.71	0.65	-0.05	0.93	0.56	-0.15	0.85	0.73
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.00	0.02	0.02	0.01	0.04	0.03	0.00	0.04	0.02	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	12,620	13,306	13,421	13,228	12,138	12,527	12,183	12,209	11,233	13,084	12,062
Invested Capital Turnover	0.04	0.00	0.02	0.02	0.01	0.04	0.03	0.00	0.05	0.02	0.01
Increase / (Decrease) in Invested Capital	924	1,427	1,363	-869	-482	-779	-1,238	-1,019	-905	558	-122
Enterprise Value (EV)	10,929	12,016	11,933	11,758	10,879	11,217	11,123	11,421	10,074	12,183	11,059
Market Capitalization	988	1,150	1,132	1,074	1,126	1,067	1,320	1,392	1,180	1,341	1,081
Book Value per Share	$17.97	$16.71	$16.53	$15.58	$16.53	$7.92	$15.40	$15.13	$14.67	$14.86	$12.35
Tangible Book Value per Share	$17.97	$16.71	$16.53	$15.58	$16.53	$7.92	$15.40	$15.13	$14.67	$14.86	$12.35
Total Capital	12,620	13,306	13,421	13,228	12,138	12,527	12,183	12,209	11,233	13,084	12,062
Total Debt	10,436	11,060	11,205	11,111	9,935	10,287	9,988	10,039	9,110	10,938	10,176
Total Long-Term Debt	10,402	11,059	11,190	11,087	9,913	10,284	9,974	10,022	9,085	10,935	10,176
Net Debt	9,310	10,235	10,183	10,066	9,140	9,548	9,201	9,427	8,293	10,240	9,377
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)	87	50	-2.00	-2.59	109	0.00	-0.18	64	-0.77	23	78
Net Nonoperating Obligations (NNO)	10,436	11,060	11,205	11,111	9,935	10,287	9,988	10,039	9,110	10,938	10,176
Total Depreciation and Amortization (D&A)	10	8.64	8.50	6.49	4.37	4.18	3.81	5.05	4.79	4.49	5.65
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.36)	($2.05)	$1.94	$3.04	($2.15)	$1.85	$0.43	($2.42)	$2.55	($0.89)	($2.62)
Adjusted Weighted Average Basic Shares Outstanding	193.23M	92.58M	96.39M	96.18M	206.85M	103.40M	103.56M	103.65M	104.02M	104.03M	104.13M
Adjusted Diluted Earnings per Share	($1.36)	($2.05)	$1.80	$2.81	($2.15)	$1.73	$0.43	($2.42)	$2.55	($0.89)	($2.62)
Adjusted Weighted Average Diluted Shares Outstanding	193.23M	92.58M	106.06M	105.63M	206.85M	112.97M	103.91M	103.65M	104.02M	104.03M	104.13M
Adjusted Basic & Diluted Earnings per Share	($1.36)	$0.00	$0.00	$0.00	($2.15)	$0.00	$0.00	$0.00	$2.55	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	193.23M	193.33M	192.33M	192.38M	206.85M	206.99M	207.25M	103.65M	104.02M	104.03M	104.13M
Normalized Net Operating Profit after Tax (NOPAT)	-183	-127	195	304	-324	204	56	-174	276	-56	-181
Normalized NOPAT Margin	0.00%	0.00%	74.89%	77.02%	0.00%	75.33%	49.38%	0.00%	78.35%	0.00%	0.00%
Pre Tax Income Margin	0.00%	0.00%	83.24%	86.91%	0.00%	79.76%	62.02%	0.00%	87.34%	0.00%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-2.26	-1.27	1.35	1.96	-2.75	1.35	0.46	-1.61	2.21	-0.60	-1.89
NOPAT to Interest Expense	-1.59	-0.89	1.22	1.75	-1.93	1.27	0.36	-1.13	1.99	-0.42	-1.32
EBIT Less CapEx to Interest Expense	-2.26	-1.27	1.35	1.96	-2.75	1.35	0.46	-1.61	2.21	-0.60	-1.89
NOPAT Less CapEx to Interest Expense	-1.59	-0.89	1.22	1.75	-1.93	1.27	0.36	-1.13	1.99	-0.42	-1.32
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	131.84%	-116.79%	1,001.35%	465.90%	-231.83%	87.95%	172.25%	-56.34%	78.83%	1,513.06%	-78.91%
Augmented Payout Ratio	131.84%	-116.79%	1,026.53%	478.36%	-238.46%	87.95%	172.25%	-56.34%	78.83%	1,513.06%	-78.91%

Key Financial Trends

Two Harbors Investment Corp. (NYSE: TWO) has experienced significant financial volatility over the last four years, with notable swings between profitability and losses. Here's a summary of the key financial trends and metrics based on the last several quarters and years:

In recent quarters of 2024, the company reported positive net income, with Q4 2024 net income at $276.7 million and Q3 2024 at $306.2 million, showing improvement from earlier losses in 2023 and 2022.
Operating cash flow remained positive in the last two quarters (Q1 and Q2 2025), $111.9 million and $99.1 million respectively, indicating operational cash generation despite net losses in Q2 2025.
Total assets remained relatively stable around $13 billion to $14 billion from 2022 through mid-2025, indicating maintained scale.
The company’s cash and cash equivalents position increased from approximately $573.9 million in Q1 2025 to $657.8 million in Q2 2025, providing liquidity support.
Long-term debt fluctuated but remained around $10 billion to $11 billion, suggesting stable leverage but a significant debt burden relative to equity.
Preferred stock equity remained stable around $600 million over recent years, representing a sizable fixed claim on equity.
The company reported a net loss of $259 million in Q2 2025 and net losses in several quarters of 2023 and early 2025, indicating continued earnings challenges.
Net interest expense worsened in recent quarters, with Q2 2025 showing net interest expense of approximately $19.6 million, reflecting higher borrowing costs.
Significant realized and unrealized capital losses negatively impacted reported net income in Q2 2025 (-$152 million), Q3 2024 (-$336 million), and several other quarters.
Declining retained earnings with negative $4.54 billion as of Q2 2025 (down from $-4.06 billion in Q1 2024) shows accumulated losses eroding equity.

Income and Earnings: After a strong 2022 and much of 2023 with mostly positive earnings, Two Harbors has faced substantial headwinds in 2024 and 2025, with large swings due to investment losses and rising interest costs. Q2 2025 marked a sharp net loss of $259 million, with earnings per share dropping to -$2.62, the worst in recent years.

Cash Flow and Liquidity: Despite earnings volatility, operating cash flow has remained positive in recent quarters, helped by non-cash adjustments and operating asset/liability changes. The company’s cash balances rose into Q2 2025, which is a positive buffer amid ongoing financing and investing activities.

Balance Sheet and Capital Structure: Total liabilities have remained largely stable just above $11 billion, with equity declining due to losses. The company maintains a heavy leverage profile with long-term debt around $10 billion. Preferred stock totals over $600 million, adding to capital costs. The negative equity position growing over time highlights the financial strains.

Summary: Two Harbors Investments has recently struggled with investment-related losses and net interest expense pressures resulting in significant quarterly net losses. However, it continues to generate positive operating cash flow and maintains a strong asset base and liquidity cushion. Investors should watch for progress in stabilizing earnings and capital structure as key indicators for improved financial health going forward.

08/15/25 02:35 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Two Harbors Investments' Financials

When does Two Harbors Investments' fiscal year end?

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

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

Two Harbors Investments' 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. View Two Harbors Investments' forecast to see where analysts expect Two Harbors Investments to go next.

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

Over the last 10 years, Two Harbors Investments' 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 Investments have?

Two Harbors Investments' 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 Investments have?

In the past 10 years, Two Harbors Investments' 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 Investments' book value per share changed over the last 10 years?

Over the last 10 years, Two Harbors Investments' 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 8/15/2025 by MarketBeat.com Staff

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Two Harbors Investments (TWO) Financials

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Two Harbors Investments (TWO) Financials

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