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Two Harbors Investments (TWO) Financials

Two Harbors Investments logo
$9.87 -0.05 (-0.50%)
Closing price 03:59 PM Eastern
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$10.02 +0.15 (+1.47%)
As of 05:08 PM Eastern
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Annual Income Statements for Two Harbors Investments

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

Quarterly Income Statements for Two Harbors Investments

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

Annual Cash Flow Statements for Two Harbors Investments

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

Quarterly Cash Flow Statements for Two Harbors Investments

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

Annual Balance Sheets for Two Harbors Investments

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

Quarterly Balance Sheets for Two Harbors Investments

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

Annual Metrics And Ratios for Two Harbors Investments

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%

Quarterly Metrics And Ratios for Two Harbors Investments

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 volatility in its financial results over the past few years, with recent quarters showing a challenging operating environment. Here is a summary of the key trends and observations from the last four years of financial data:

  • Cash and equivalents increased in Q2 2025 to $658 million, up from $574 million in Q1 2025, indicating improved liquidity.
  • The company maintains a substantial portfolio of Trading Account Securities, valued at approximately $8.6 billion in Q2 2025, providing a strong asset base.
  • Net cash from continuing operating activities remained positive in recent quarters, with $99 million in Q2 2025 and $112 million in Q1 2025, showing operational cash flow generation despite net losses.
  • Sale and/or maturity of investments consistently contributed positively to cash flow, with $4.37 billion in Q2 2025, indicating active portfolio management and liquidity support.
  • Issuance of debt was modest relative to repayments in recent quarters, indicating controlled leverage practices.
  • Total assets have fluctuated around $12.9 billion to $13.6 billion over recent quarters, showing relative stability in asset size.
  • Preferred stock equity remains steady at approximately $600 million, providing a layer of capital cushion.
  • The company posted significant net losses in recent quarters, with Q2 2025 net loss of $259 million and Q1 2025 net loss of $79 million, indicating pressure on profitability.
  • Net interest expense continues to exceed interest income, resulting in negative net interest income of approximately -$19.6 million in Q2 2025.
  • Net realized and unrealized capital losses on investments have been large and recurring, with a $152 million loss in Q2 2025 and similar losses in prior quarters, heavily impacting net income negatively.

Overall, Two Harbors Investments appears to be navigating a difficult environment marked by significant investment losses and negative earnings in recent quarters. However, positive operating cash flow, strong liquidity, and an active investment portfolio provide some stability. Investors should watch for trends in capital gains/losses and net interest spread, which greatly influence profitability. The company’s ability to control operating expenses and maintain liquidity will also be critical moving forward.

08/08/25 03:27 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Two Harbors Investments' Financials

When does Two Harbors Investments' financial year end?

According to the most recent income statement we have on file, Two Harbors Investments' fiscal year ends in December. Their fiscal 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. Find out what analysts predict for Two Harbors Investments in the coming months.

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 8/8/2025 by MarketBeat.com Staff
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