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Two Harbors Investments (TWO) Financials

Two Harbors Investments logo
$12.18 0.00 (0.00%)
As of 08/25/2026
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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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 492 353 323 -110 248 -1,706 129 187 -152 252 -507
Consolidated Net Income / (Loss)		 492 353 352 -44 324 -1,630 187 220 -106 298 -454
Net Income / (Loss) Continuing Operations		 492 318 308 -44 324 -1,630 187 220 -106 298 -454
Total Pre-Tax Income 		476 330 298 -2.47 310 -1,666 191 324 -83 345 -445
Total Revenue		 640 457 398 244 502 -1,469 345 501 122 530 123
Net Interest Income / (Expense)		 451 362 395 350 280 244 79 37 -163 -158 -79
Total Interest Income		 593 575 745 870 995 525 169 296 480 450 412
Investment Securities Interest Income		 459 414 632 847 962 516 - - - - 412
Total Interest Expense		 142 213 350 520 714 281 89 258 643 608 491
Long-Term Debt Interest Expense		 12 26 55 39 41 36 - 258 643 608 491
Total Non-Interest Income		 189 96 2.64 -107 221 -1,713 266 464 285 687 202
Other Service Charges		 127 144 209 343 502 443 468 604 686 682 627
Net Realized & Unrealized Capital Gains on Investments		 62 -48 -206 -450 -280 -2,156 -203 -140 -401 5.62 -425
Total Non-Interest Expense		 143 137 130 249 192 198 150 177 211 186 573
Salaries and Employee Benefits		 - - - 36 33 38 35 41 53 90 95
Other Operating Expenses		 143 134 130 119 159 155 115 136 158 96 478
Nonoperating Income / (Expense), net		 -22 9.96 30 3.04 0.34 1.42 -3.85 -0.01 5.10 1.20 5.20
Income Tax Expense		 -17 12 -10 42 -14 -36 4.19 104 23 47 8.87
Preferred Stock Dividends Declared		 0.00 0.00 25 65 76 76 58 33 46 46 53
Basic Earnings per Share		 $2.70 $2.03 $1.85 ($0.53) $0.93 ($24.94) $1.72 $2.15 ($1.60) $2.41 ($4.88)
Weighted Average Basic Shares Outstanding		 182.62M 174.04M 174.43M 206.02M 267.83M 68.40M 74.44M 193.23M 206.85M 104.02M 105.04M
Diluted Earnings per Share		 $2.70 $2.03 $1.81 ($0.53) $0.93 ($24.94) $1.72 $2.13 ($1.60) $2.37 ($4.88)
Weighted Average Diluted Shares Outstanding		 182.62M 174.04M 188.13M 206.02M 267.83M 68.40M 74.51M 193.23M 206.85M 104.02M 105.04M
Weighted Average Basic & Diluted Shares Outstanding		 365.25M 348.07M 174.80M 251.08M 273.63M 547.42M 687.84M 193.23M 206.85M 104.02M 105.04M
Cash Dividends to Common per Share		 $1.04 $0.93 - - - - - $2.64 $1.95 $1.80 $1.52

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -445 192 45 -250 265 -92 -272 -141 -1.33 19 49
Consolidated Net Income / (Loss)		 -433 204 56 -238 277 -79 -259 -128 12 32 62
Net Income / (Loss) Continuing Operations		 -433 204 56 -238 277 -79 -259 -128 12 32 62
Total Pre-Tax Income 		-462 216 71 -249 308 -79 -257 -127 17 36 68
Total Revenue		 -405 270 114 -207 352 -29 -13 92 73 86 121
Net Interest Income / (Expense)		 -46 -42 -38 -42 -35 -20 -20 -24 -15 -6.51 -6.02
Total Interest Income		 122 118 116 113 104 111 117 94 90 89 84
Total Interest Expense		 168 160 154 155 139 132 137 117 105 95 90
Long-Term Debt Interest Expense		 - 160 154 155 - 132 137 - - 95 90
Total Non-Interest Income		 -359 312 152 -164 387 -8.76 6.30 116 88 93 127
Other Service Charges		 179 166 176 172 168 157 158 166 145 130 129
Net Realized & Unrealized Capital Gains on Investments		 -538 146 -24 -336 220 -166 -152 -51 -57 -37 -1.98
Total Non-Interest Expense		 57 55 43 42 45 50 245 223 55 51 55
Salaries and Employee Benefits		 21 27 21 20 22 27 21 21 26 27 23
Other Operating Expenses		 36 28 22 22 24 24 224 202 29 25 31
Nonoperating Income / (Expense), net		 - 0.00 0.23 0.12 0.85 0.76 1.04 4.11 -0.71 1.32 1.74
Income Tax Expense		 -29 12 14 -10 31 0.43 1.66 1.20 5.58 4.07 5.95
Preferred Stock Dividends Declared		 11 11 12 12 12 13 13 13 13 13 13
Basic Earnings per Share		 ($2.15) $1.85 $0.43 ($2.42) $2.55 ($0.89) ($2.62) ($1.36) ($0.01) $0.18 $0.47
Weighted Average Basic Shares Outstanding		 206.85M 206.99M 207.25M 103.65M 104.02M 104.03M 104.13M 104.16M 105.04M 105.05M 105.13M
Diluted Earnings per Share		 ($2.15) $1.73 $0.43 ($2.42) $2.55 ($0.89) ($2.62) ($1.36) ($0.01) $0.18 $0.46
Weighted Average Diluted Shares Outstanding		 206.85M 206.99M 207.25M 103.65M 104.02M 104.03M 104.13M 104.16M 105.04M 105.05M 105.13M
Weighted Average Basic & Diluted Shares Outstanding		 206.85M 206.99M 207.25M 103.65M 104.02M 104.03M 104.13M 104.16M 105.04M 105.05M 105.13M

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 -342 -185 240 -667 519 1,030 -558 -962 -332 23 244
Net Cash From Operating Activities		 -1,937 240 607 703 1,057 632 424 623 344 201 89
Net Cash From Continuing Operating Activities		 -1,932 220 575 703 1,057 632 424 623 344 201 89
Net Income / (Loss) Continuing Operations		 492 318 308 -44 324 -1,630 187 220 -106 298 -454
Consolidated Net Income / (Loss)		 492 318 308 -44 324 -1,630 187 220 -106 298 -454
Provision For Loan Losses		 - - - - 0.00 58 9.76 2.73 -0.55 0.26 -0.12
Amortization Expense		 39 43 68 95 169 241 231 82 28 18 20
Non-Cash Adjustments to Reconcile Net Income		 -2,472 116 167 561 603 2,115 -38 167 365 -37 501
Changes in Operating Assets and Liabilities, net		 7.74 -257 31 91 -40 -152 33 151 57 -78 22
Net Cash From Investing Activities		 7,914 -5,670 -9,484 4,790 -6,078 14,904 6,314 -2,751 -196 895 912
Net Cash From Continuing Investing Activities		 8,574 -4,917 -8,671 4,080 -6,078 14,904 6,314 -2,751 -196 895 912
Purchase of Investment Securities		 -2,059 -21,658 -18,820 -17,781 -28,119 -11,123 -4,362 -14,408 -6,900 -5,693 -12,822
Sale and/or Maturity of Investments		 10,704 16,706 10,764 22,121 22,076 25,978 10,585 11,468 6,741 6,578 14,159
Other Investing Activities, net		 -71 35 -615 449 -35 49 90 189 -37 11 -426
Net Cash From Financing Activities		 -6,319 5,245 9,117 -5,450 5,540 -14,506 -7,295 1,166 -479 -1,073 -756
Net Cash From Continuing Financing Activities		 -6,378 4,854 7,971 -5,450 5,540 -14,506 -7,295 1,166 -479 -1,073 -756
Issuance of Debt		 49,856 113,668 139,964 397 1,004 737 576 720 404 46,630 40,440
Issuance of Common Equity		 0.54 0.50 0.45 0.22 336 0.37 451 6.61 276 0.24 0.28
Repayment of Debt		 -55,738 -108,422 -132,260 -157,407 -231,333 -98,447 -37,725 -35,147 -37,936 -47,457 -40,973
Repurchase of Preferred Equity		 - - - -0.04 0.00 0.00 -275 -51 -15 -11 0.00
Repurchase of Common Equity		 -115 -61 0.00 0.00 -0.02 -1.06 0.00 0.00 -7.06 0.00 0.00
Payment of Dividends		 -382 -332 -436 -329 -539 -275 -257 -290 -247 -235 -222
Other Financing Activities, Net		 - - - 151,888 236,072 83,481 29,934 35,927 37,046 0.00 -1.75
Cash Interest Paid		 92 116 228 420 720 404 81 153 566 619 488
Cash Income Taxes Paid		 2.74 -5.15 -0.86 0.40 28 9.57 -23 -1.58 7.38 9.26 25

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -250 -56 48 -175 206 -120 101 89 175 -302 105
Net Cash From Operating Activities		 110 -8.67 144 87 -21 112 99 -239 117 57 193
Net Cash From Continuing Operating Activities		 110 -8.67 144 87 -21 112 99 -239 117 57 193
Net Income / (Loss) Continuing Operations		 -433 204 56 -238 277 -79 -259 -128 12 32 62
Consolidated Net Income / (Loss)		 -433 204 56 -238 277 -79 -259 -128 12 32 62
Provision For Loan Losses		 -0.33 0.08 0.17 -0.28 0.28 0.09 -0.12 -0.09 -0.01 0.02 -0.03
Amortization Expense		 4.37 4.18 3.81 5.05 4.79 4.49 5.65 4.71 5.47 5.18 6.59
Non-Cash Adjustments to Reconcile Net Income		 556 -154 71 326 -280 176 318 -95 100 25 83
Changes in Operating Assets and Liabilities, net		 -17 -63 12 -4.82 -23 9.98 34 -21 -0.53 -5.77 40
Net Cash From Investing Activities		 777 -348 274 -255 1,224 -2,028 829 2,127 -17 -38 1,629
Net Cash From Continuing Investing Activities		 777 -348 274 -255 1,224 -2,028 829 2,127 -17 -38 1,629
Purchase of Investment Securities		 -1,274 -1,383 -1,531 -1,636 -1,143 -4,208 -4,280 -3,287 -1,048 -1,857 -623
Sale and/or Maturity of Investments		 1,797 1,501 1,633 1,252 2,192 3,073 4,375 5,632 1,079 1,841 2,026
Other Investing Activities, net		 255 -466 173 130 174 -893 734 -218 -49 -21 226
Net Cash From Financing Activities		 -1,137 300 -369 -7.26 -997 1,796 -828 -1,800 75 -320 -1,717
Net Cash From Continuing Financing Activities		 -1,137 300 -369 -7.26 -997 1,796 -828 -1,800 75 -320 -1,717
Issuance of Debt		 55 59 - 7.73 113 99 303 43 39,996 58 46
Issuance of Common Equity		 98 0.05 0.05 0.06 0.08 0.08 0.07 0.06 0.07 0.04 0.04
Repayment of Debt		 -7,504 -11,965 -12,565 -11,398 -11,540 -11,214 -13,495 -11,992 -4,271 -7,958 -7,078
Payment of Dividends		 -56 -59 -59 -59 -59 -59 -60 -54 -49 -49 -49
Other Financing Activities, Net		 6,275 12,277 12,254 11,441 10,488 12,970 12,424 10,204 -35,600 7,629 5,364
Cash Interest Paid		 110 215 142 149 112 126 113 182 67 131 89
Cash Income Taxes Paid		 1.55 0.10 3.50 0.04 5.61 3.70 5.64 3.84 11 -0.78 0.20

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 14,576 20,112 24,789 30,132 35,922 19,516 12,114 13,466 13,139 12,204 10,859
Cash and Due from Banks		 738 351 419 410 558 1,385 1,154 683 730 505 842
Restricted Cash		 263 408 636 688 1,059 1,262 935 443 65 313 220
Trading Account Securities		 8,637 13,480 21,531 26,634 31,814 14,838 7,377 8,872 8,697 7,738 6,759
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		 - - - - - - - - 0.33 2.33 14
Customer and Other Receivables		 17 60 842 155 319 146 168 253 323 386 379
Other Assets		 4,921 5,813 1,361 2,246 2,171 1,885 2,481 3,214 3,324 3,260 2,645
Total Liabilities & Shareholders' Equity		 14,576 20,112 24,789 30,132 35,922 19,516 12,114 13,466 13,139 12,204 10,859
Total Liabilities		 10,999 16,711 21,218 25,878 30,951 16,427 9,370 11,283 10,935 10,082 9,071
Short-Term Debt		 - 13 - 821 6.74 11 54 34 22 25 4.25
Accrued Interest Payable		 - - 88 160 150 22 18 94 142 86 82
Other Short-Term Payables		 92 83 - 136 128 65 72 65 59 59 49
Long-Term Debt		 10,793 15,972 20,969 24,592 30,337 16,110 8,899 10,402 9,913 9,085 8,548
Other Long-Term Liabilities		 114 643 161 169 330 219 327 688 800 825 379
Commitments & Contingencies		 - - - - - 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 3,577 3,401 3,571 4,254 4,970 3,089 2,744 2,184 2,203 2,123 1,788
Total Preferred & Common Equity		 3,577 3,401 3,571 4,254 4,970 3,089 2,744 2,184 2,203 2,123 1,788
Preferred Stock		 0.00 - 703 978 978 978 703 631 613 601 601
Total Common Equity		 3,577 3,401 2,869 3,277 3,993 2,111 2,041 1,553 1,590 1,521 1,186
Common Stock		 3,709 3,663 3,674 4,812 5,157 5,167 5,629 5,647 5,926 5,938 5,950
Retained Earnings		 -492 -462 -1,140 -1,646 -1,854 -3,697 -3,774 -3,816 -4,160 -4,096 -4,763
Accumulated Other Comprehensive Income / (Loss)		 359 199 335 111 689 642 186 -279 -176 -321 -0.09

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 13,940 14,010 13,917 13,162 12,850 12,888 13,683 12,959 10,866 10,534 8,831
Cash and Due from Banks		 708 699 644 666 624 523 574 658 771 476 643
Restricted Cash		 117 323 401 72 163 89 124 140 116 284 222
Trading Account Securities		 9,511 9,269 9,134 8,559 8,393 8,878 8,862 8,638 6,642 6,749 5,298
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		 - - - - - 3.34 8.41 9.89 13 19 13
Customer and Other Receivables		 318 249 315 545 372 298 920 286 505 432 155
Other Assets		 3,286 3,471 3,422 3,319 3,298 3,097 3,195 3,227 2,820 2,573 2,501
Total Liabilities & Shareholders' Equity		 13,940 14,010 13,917 13,162 12,850 12,888 13,683 12,959 10,866 10,534 8,831
Total Liabilities		 11,695 11,794 11,800 10,922 10,654 10,718 11,537 11,073 9,095 8,802 7,087
Short-Term Debt		 1.69 15 24 3.03 14 17 3.10 - 7.72 11 1.89
Accrued Interest Payable		 75 121 91 80 86 77 75 80 45 45 44
Other Short-Term Payables		 71 56 56 59 59 59 60 - 49 49 49
Long-Term Debt		 11,059 11,190 11,087 10,284 9,974 10,022 10,935 10,176 8,422 8,273 6,614
Other Long-Term Liabilities		 489 413 542 496 522 541 455 817 562 411 373
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 2,246 2,216 2,117 2,240 2,195 2,169 2,147 1,886 1,772 1,732 1,745
Total Preferred & Common Equity		 2,246 2,216 2,117 2,240 2,195 2,169 2,147 1,886 1,772 1,732 1,745
Preferred Stock		 631 619 619 601 601 601 601 601 601 601 601
Total Common Equity		 1,615 1,597 1,499 1,639 1,594 1,568 1,545 1,285 1,170 1,130 1,143
Common Stock		 5,831 5,825 5,827 5,933 5,934 5,936 5,944 5,946 5,948 5,954 5,955
Retained Earnings		 -4,063 -3,919 -3,668 -4,014 -4,017 -4,314 -4,236 -4,549 -4,726 -4,780 -4,766
Accumulated Other Comprehensive Income / (Loss)		 -153 -309 -660 -280 -324 -54 -163 -113 -52 -44 -46

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $10.80 $8.08 $7.40 ($2.12) $3.72 ($24.96) $1.72 $2.15 ($1.60) $2.41 ($4.88)
Adjusted Weighted Average Basic Shares Outstanding		 45.66M 43.61M 43.61M 51.51M 66.96M 68.40M 74.44M 86.18M 95.67M 104.02M 105.04M
Adjusted Diluted Earnings per Share		 $10.80 $8.08 $7.24 ($2.12) $3.72 ($24.96) $1.72 $2.13 ($1.60) $2.37 ($4.88)
Adjusted Weighted Average Diluted Shares Outstanding		 45.66M 43.61M 47.03M 51.51M 66.96M 68.40M 74.51M 96.08M 95.67M 104.02M 105.04M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $8.08 $0.00 $0.00 $3.72 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 43.45M 43.51M 43.86M 62.77M 68.41M 136.86M 171.96M 193.23M 206.85M 104.02M 105.04M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 105,043,188.00 105,046,333.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 105,043,188.00 105,046,333.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.31 0.59
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -89.67% 311.50% -56.42% -152.41% 186.93% -110.77% -111.71% 144.71% - 396.73% 1,008.86%
EBITDA Growth		 -82.08% 227.70% -66.84% -170.50% 168.01% -134.09% -441.01% 48.31% - 153.69% 128.90%
EBIT Growth		 -76.61% 219.28% -67.30% -173.33% 166.33% -136.83% -467.54% 47.47% - 144.13% 125.72%
NOPAT Growth		 -76.61% 260.94% -71.27% -157.43% 185.25% -127.30% -422.13% 47.47% - 155.99% 133.53%
Net Income Growth		 -60.31% 215.15% -71.47% -177.89% 163.88% -138.83% -559.81% 46.36% - 140.84% 124.03%
EPS Growth		 -58.09% 184.39% -76.11% -186.12% 218.60% -151.45% -709.30% 43.80% - 120.22% 117.56%
Operating Cash Flow Growth		 -53.50% -7,639.13% 29.04% -28.82% -119.19% 1,390.81% -31.01% -374.73% - -49.44% 94.47%
Free Cash Flow Firm Growth		 114.28% 163.25% 210.78% -27.93% 647.26% -162.39% -104.59% 126.64% - 605.47% 6,438.58%
Invested Capital Growth		 -3.82% -5.86% -9.22% -7.71% -7.46% 4.45% -1.00% -16.44% - -23.45% -30.68%
Revenue Q/Q Growth		 -202.79% 166.70% -57.92% -281.64% 270.49% -108.26% 54.21% 793.30% - 18.83% 40.24%
EBITDA Q/Q Growth		 -232.34% 147.97% -66.27% -429.20% 227.67% -124.04% -237.48% 50.10% - 71.32% 81.63%
EBIT Q/Q Growth		 -236.16% 146.61% -67.38% -454.23% 223.16% -125.88% -225.53% 49.37% - 94.56% 89.70%
NOPAT Q/Q Growth		 -206.63% 162.89% -72.42% -410.47% 258.28% -120.14% -225.53% 49.37% - 155.02% 94.96%
Net Income Q/Q Growth		 -241.48% 147.00% -72.33% -523.33% 216.04% -128.57% -227.67% 50.62% - 175.53% 92.80%
EPS Q/Q Growth		 -176.51% 180.47% -75.14% -662.79% 205.37% -134.90% -194.38% 48.09% - 1,900.00% 155.56%
Operating Cash Flow Q/Q Growth		 -10.30% -107.90% 1,756.89% -39.38% -124.18% 631.43% -11.44% -341.38% - -51.69% 240.66%
Free Cash Flow Firm Q/Q Growth		 -86.52% 521.73% 31.63% -34.68% 39.78% -151.91% 90.32% 3,327.39% - 242.43% 21.36%
Invested Capital Q/Q Growth		 -8.24% 3.20% -2.74% 0.21% -7.99% 16.48% -7.82% -15.42% - -3.13% -16.53%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 0.00% 81.31% 65.18% 0.00% 88.45% 0.00% 0.00% -136.57% - 46.59% 60.33%
EBIT Margin		 0.00% 79.76% 61.82% 0.00% 87.09% 0.00% 0.00% -141.66% - 40.58% 54.90%
Profit (Net Income) Margin		 0.00% 75.33% 49.54% 0.00% 78.57% 0.00% 0.00% -138.51% - 37.40% 51.41%
Tax Burden Percent		 93.67% 94.45% 79.87% 95.80% 89.96% 100.55% 100.65% 100.95% - 88.81% 91.27%
Interest Burden Percent		 100.00% 100.00% 100.32% 99.95% 100.28% 99.04% 99.60% 96.86% - 103.76% 102.61%
Effective Tax Rate		 0.00% 5.55% 20.13% 0.00% 10.04% 0.00% 0.00% 0.00% - 11.19% 8.73%
Return on Invested Capital (ROIC)		 0.00% 3.03% 1.44% 0.00% 3.55% 0.00% 0.00% -3.56% - 0.74% 1.83%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 3.03% 1.44% 0.00% 3.56% 0.00% 0.00% -3.95% - 0.75% 1.85%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 14.44% 6.92% 0.00% 15.67% 0.00% 0.00% -18.52% - 3.74% 8.54%
Return on Equity (ROE)		 0.00% 17.47% 8.36% -19.21% 19.22% 0.00% 0.00% -22.08% - 4.48% 10.37%
Cash Return on Invested Capital (CROIC)		 3.39% 8.12% 10.69% 5.67% 10.29% -4.24% -0.61% 16.90% - 24.53% 36.17%
Operating Return on Assets (OROA)		 0.00% 3.06% 1.72% 0.00% 3.64% 0.00% 0.00% -4.80% - 0.80% 1.88%
Return on Assets (ROA)		 0.00% 2.89% 1.38% 0.00% 3.28% 0.00% 0.00% -4.69% - 0.74% 1.76%
Return on Common Equity (ROCE)		 0.00% 12.67% 6.05% -13.74% 13.82% 0.00% 0.00% -15.34% - 3.09% 6.93%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 12.23% 6.05% -18.98% 0.00% 0.72% -15.90% -10.68% - -19.81% -1.24%
Net Operating Profit after Tax (NOPAT)		 -324 204 56 -174 276 -56 -181 -92 - 31 61
NOPAT Margin		 0.00% 75.33% 49.38% 0.00% 78.35% 0.00% 0.00% -99.16% - 36.04% 50.10%
Net Nonoperating Expense Percent (NNEP)		 1.07% 0.00% 0.00% 0.61% -0.01% 0.22% 0.78% 0.39% - -0.01% -0.02%
SG&A Expenses to Revenue		 0.00% 9.82% 18.68% 0.00% 6.19% 0.00% 0.00% 23.07% - 30.93% 19.25%
Operating Expenses to Revenue		 0.00% 20.24% 38.18% 0.00% 12.91% 0.00% 0.00% 241.66% - 59.42% 45.10%
Earnings before Interest and Taxes (EBIT)		 -462 216 70 -249 307 -79 -258 -131 - 35 66
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -458 220 74 -244 312 -75 -253 -126 - 40 73
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.71 0.65 0.83 0.89 0.78 0.87 0.84 0.85 - 1.03 1.11
Price to Tangible Book Value (P/TBV)		 0.71 0.65 0.83 0.89 0.78 0.87 0.84 0.85 - 1.03 1.11
Price to Revenue (P/Rev)		 9.22 2.05 3.54 0.00 2.23 5.82 10.47 2.47 - 4.89 3.40
Price to Earnings (P/E)		 0.00 4.65 15.28 0.00 4.69 0.00 0.00 0.00 - 0.00 0.00
Dividend Yield		 17.94% 17.58% 14.11% 16.75% 19.76% 17.45% 17.33% 18.24% - 13.72% 11.68%
Earnings Yield		 0.00% 21.52% 6.54% 0.00% 21.33% 0.00% 0.00% 0.00% - 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.90 0.90 0.91 0.94 0.90 0.93 0.92 0.90 - 0.93 0.91
Enterprise Value to Revenue (EV/Rev)		 89.05 21.56 29.82 0.00 19.02 52.91 107.15 22.72 - 39.03 20.46
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 33.86 61.14 0.00 27.88 182.53 0.00 0.00 - 0.00 717.92
Enterprise Value to EBIT (EV/EBIT)		 0.00 36.44 68.21 0.00 29.32 250.61 0.00 0.00 - 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 41.61 85.29 0.00 33.91 816.35 0.00 0.00 - 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 31.67 33.51 30.30 34.42 50.12 37.88 39.92 0.00 - 276.60 59.90
Enterprise Value to Free Cash Flow (EV/FCFF)		 25.91 10.70 8.13 15.83 8.38 0.00 0.00 4.83 - 3.28 2.06
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 4.51 4.59 4.55 4.63 4.29 5.09 5.40 4.76 - 4.78 3.79
Long-Term Debt to Equity		 4.50 4.59 4.54 4.62 4.28 5.09 5.40 4.75 - 4.78 3.79
Financial Leverage		 4.64 4.76 4.80 4.93 4.40 4.84 4.94 4.69 - 4.96 4.62
Leverage Ratio		 6.06 6.04 6.09 6.25 5.86 6.12 6.32 6.03 - 6.24 6.00
Compound Leverage Factor		 6.06 6.04 6.11 6.25 5.87 6.06 6.30 5.84 - 6.48 6.16
Debt to Total Capital		 81.85% 82.12% 81.98% 82.23% 81.10% 83.59% 84.36% 82.63% - 82.71% 79.13%
Short-Term Debt to Total Capital		 0.18% 0.02% 0.12% 0.14% 0.22% 0.02% 0.00% 0.08% - 0.11% 0.02%
Long-Term Debt to Total Capital		 81.67% 82.09% 81.86% 82.09% 80.88% 83.57% 84.36% 82.56% - 82.60% 79.11%
Preferred Equity to Total Capital		 5.05% 4.80% 4.94% 4.93% 5.35% 4.60% 4.99% 5.90% - 6.00% 7.19%
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%
Common Equity to Total Capital		 13.10% 13.08% 13.08% 12.84% 13.54% 11.81% 10.65% 11.47% - 11.28% 13.68%
Debt to EBITDA		 -164.21 31.05 54.90 -24.59 25.21 163.88 -39.11 -59.26 - -26.28 623.31
Net Debt to EBITDA		 -151.07 28.82 50.58 -23.09 22.95 153.42 -36.05 -53.02 - -23.87 541.81
Long-Term Debt to EBITDA		 -163.85 31.04 54.82 -24.55 25.14 163.83 -39.11 -59.20 - -26.25 623.13
Debt to NOPAT		 -160.37 38.16 76.58 -33.69 30.66 732.93 -51.89 -74.39 - -35.20 -834.32
Net Debt to NOPAT		 -147.54 35.42 70.55 -31.64 27.91 686.17 -47.82 -66.57 - -31.97 -725.23
Long-Term Debt to NOPAT		 -160.03 38.15 76.48 -33.64 30.58 732.72 -51.89 -74.32 - -35.15 -834.08
Noncontrolling Interest Sharing Ratio		 0.00% 27.48% 27.66% 28.46% 28.08% 0.00% 0.00% 30.52% - 31.02% 33.13%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 158 983 1,294 845 1,181 -613 -59 1,915 - 3,099 3,762
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%
Free Cash Flow to Firm to Interest Expense		 0.94 6.14 8.39 5.45 8.52 -4.66 -0.43 16.35 - 32.57 42.00
Operating Cash Flow to Interest Expense		 0.65 -0.05 0.93 0.56 -0.15 0.85 0.73 -2.04 - 0.59 2.15
Operating Cash Flow Less CapEx to Interest Expense		 0.65 -0.05 0.93 0.56 -0.15 0.85 0.73 -2.04 - 0.59 2.15
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.01 0.04 0.03 0.00 0.04 0.02 0.01 0.03 - 0.02 0.03
Fixed Asset Turnover		 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		 12,138 12,527 12,183 12,209 11,233 13,084 12,062 10,202 - 10,016 8,361
Invested Capital Turnover		 0.01 0.04 0.03 0.00 0.05 0.02 0.01 0.04 - 0.02 0.04
Increase / (Decrease) in Invested Capital		 -482 -779 -1,238 -1,019 -905 558 -122 -2,007 - -3,068 -3,701
Enterprise Value (EV)		 10,879 11,217 11,123 11,421 10,074 12,183 11,059 9,138 - 9,289 7,620
Market Capitalization		 1,126 1,067 1,320 1,392 1,180 1,341 1,081 993 - 1,164 1,268
Book Value per Share		 $16.53 $7.92 $15.40 $15.13 $14.67 $14.86 $12.35 $11.24 - $10.76 $10.88
Tangible Book Value per Share		 $16.53 $7.92 $15.40 $15.13 $14.67 $14.86 $12.35 $11.24 - $10.76 $10.88
Total Capital		 12,138 12,527 12,183 12,209 11,233 13,084 12,062 10,202 - 10,016 8,361
Total Debt		 9,935 10,287 9,988 10,039 9,110 10,938 10,176 8,430 - 8,285 6,616
Total Long-Term Debt		 9,913 10,284 9,974 10,022 9,085 10,935 10,176 8,422 - 8,273 6,614
Net Debt		 9,140 9,548 9,201 9,427 8,293 10,240 9,377 7,543 - 7,524 5,751
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Net Nonoperating Expense (NNE)		 109 0.00 -0.18 64 -0.77 23 78 36 - -1.17 -1.58
Net Nonoperating Obligations (NNO)		 9,935 10,287 9,988 10,039 9,110 10,938 10,176 8,430 - 8,285 6,616
Total Depreciation and Amortization (D&A)		 4.37 4.18 3.81 5.05 4.79 4.49 5.65 4.71 - 5.18 6.59
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($2.15) $1.85 $0.43 ($2.42) $2.55 ($0.89) ($2.62) ($1.36) ($0.01) $0.18 $0.47
Adjusted Weighted Average Basic Shares Outstanding		 206.85M 103.40M 103.56M 103.65M 104.02M 104.03M 104.13M 104.16M 105.04M 105.05M 105.13M
Adjusted Diluted Earnings per Share		 ($2.15) $1.73 $0.43 ($2.42) $2.55 ($0.89) ($2.62) ($1.36) ($0.01) $0.18 $0.46
Adjusted Weighted Average Diluted Shares Outstanding		 206.85M 112.97M 103.91M 103.65M 104.02M 104.03M 104.13M 104.16M 105.04M 105.05M 105.13M
Adjusted Basic & Diluted Earnings per Share		 ($2.15) $0.00 $0.00 $0.00 $2.55 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 206.85M 206.99M 207.25M 103.65M 104.02M 104.03M 104.13M 104.16M 105.04M 105.05M 105.13M
Normalized Net Operating Profit after Tax (NOPAT)		 -324 204 56 -174 276 -56 -181 -92 - 31 61
Normalized NOPAT Margin		 0.00% 75.33% 49.38% 0.00% 78.35% 0.00% 0.00% -99.16% - 36.04% 50.10%
Pre Tax Income Margin		 0.00% 79.76% 62.02% 0.00% 87.34% 0.00% 0.00% -137.21% - 42.11% 56.33%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -2.75 1.35 0.46 -1.61 2.21 -0.60 -1.89 -1.12 - 0.37 0.74
NOPAT to Interest Expense		 -1.93 1.27 0.36 -1.13 1.99 -0.42 -1.32 -0.78 - 0.33 0.68
EBIT Less CapEx to Interest Expense		 -2.75 1.35 0.46 -1.61 2.21 -0.60 -1.89 -1.12 - 0.37 0.74
NOPAT Less CapEx to Interest Expense		 -1.93 1.27 0.36 -1.13 1.99 -0.42 -1.32 -0.78 - 0.33 0.68
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -231.83% 87.95% 172.25% -56.34% 78.83% 1,513.06% -78.91% -122.61% - -61.98% -927.62%
Augmented Payout Ratio		 -238.46% 87.95% 172.25% -56.34% 78.83% 1,513.06% -78.91% -122.61% - -61.98% -927.62%

Financials Breakdown Chart

Key Financial Trends

Two Harbors Investment’s recent results show a meaningful recovery, but the company remains highly sensitive to interest rates, investment valuations and financing conditions. Net income increased from $11.7 million in Q4 2025 and $32.3 million in Q1 2026 to $62.2 million in Q2 2026. Net income attributable to common shareholders rose to $49.4 million, or $0.47 per diluted share, compared with $19.5 million, or $0.18 per share, in Q1. This represents a sharp improvement from the $259.0 million loss reported in Q2 2025 and the $127.9 million loss in Q3 2025.

The improvement has not yet translated into a consistently predictable earnings stream. Two Harbors’ net interest expense narrowed to $6.0 million in Q2 2026 from $6.5 million in Q1 and $15.5 million in Q4 2025, as interest expense declined faster than interest income. However, the company continues to rely heavily on non-interest income, particularly service charges and investment gains or losses, which have been volatile over the period.

Two Harbors also continued to reduce the size of its balance sheet and debt load. Total assets declined to $8.83 billion at June 30, 2026, from $10.53 billion at March 31 and $12.96 billion at June 30, 2025. Long-term debt fell to $6.61 billion from $8.27 billion a year earlier. This deleveraging is constructive, although the company still carries substantial leverage and has accumulated retained earnings of negative $4.77 billion.

Cash flow was strong in the latest quarter. Operating cash flow increased to $192.7 million from $56.6 million in Q1 2026, while investment activity generated $1.63 billion of cash, primarily because sales and maturities of investments substantially exceeded purchases. Financing activity consumed $1.72 billion, reflecting significant debt repayment and dividend payments. Cash and cash equivalents increased to $642.7 million, although restricted cash declined to $222.4 million.

  • Quarterly profitability continued to improve: Net income rose to $62.2 million in Q2 2026, while diluted EPS increased to $0.46 from $0.18 in Q1 and a $2.62 loss in the restated Q2 2025 period.
  • Net interest performance is moving in the right direction: The net interest deficit narrowed to $6.0 million in Q2 2026 from $23.5 million in Q3 2025 and $42.2 million in Q3 2024.
  • Interest costs and debt have declined: Total interest expense fell to $89.6 million in Q2 2026 from $95.6 million in Q1 and $136.7 million in Q2 2025, while long-term debt dropped by roughly $1.66 billion year over year.
  • Operating cash flow strengthened: Cash generated from operating activities increased to $192.7 million in Q2 2026, more than three times the Q1 level of $56.6 million.
  • Investment portfolio exposure has been reduced: Trading account securities declined to $5.30 billion at June 30, 2026, from $6.75 billion at March 31 and $8.64 billion a year earlier, reducing the balance sheet’s overall scale.
  • Cash increased during the quarter: Cash and due from banks rose by $166.4 million sequentially to $642.7 million, providing additional liquidity alongside restricted cash.
  • Revenue remains dependent on non-interest sources: Other service charges contributed $129.1 million in Q2 2026, more than offsetting the net interest deficit, but this concentration makes results dependent on the stability of those activities.
  • Investment activity continues to be large relative to earnings: Two Harbors purchased $622.9 million of investment securities and sold or received maturities of $2.03 billion in Q2, suggesting ongoing portfolio repositioning rather than steady operating cash generation alone.
  • Investment gains remain unpredictable: Net realized and unrealized investment gains were a $2.0 million loss in Q2 2026, following a $37.3 million loss in Q1 and a $50.6 million loss in Q3 2025. Earlier quarters included large gains, underscoring substantial earnings volatility.
  • Leverage and shareholder balance-sheet risk remain elevated: Long-term debt was still $6.61 billion against $8.83 billion of assets, while retained earnings remained negative $4.77 billion and common equity was only $1.14 billion.

Overall, the latest statements point to improving profitability, lower financing costs and continued deleveraging. The primary risks are that net interest income remains negative, investment results can swing sharply from quarter to quarter, and dividends and other financing needs continue to compete with debt reduction for available cash.

09/04/26 07:34 PM ETAI Generated. May Contain Errors.

Two Harbors Investments Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Two Harbors Investments' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Two Harbors Investments' net income appears to be on an upward trend, with a most recent value of -$454.30 million in 2025, falling from $492.21 million in 2015. The previous period was $298.17 million in 2024. See Two Harbors Investments' forecast for analyst expectations on what's next for the company.

Over the last 10 years, Two Harbors Investments' total revenue changed from $640.36 million in 2015 to $122.59 million in 2025, a change of -80.9%.

Two Harbors Investments' total liabilities were at $9.07 billion at the end of 2025, a 10.0% decrease from 2024, and a 17.5% decrease since 2015.

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 $842.32 million as of their latest financial filing in 2025.


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Financial statements for NYSE:TWO last updated on 7/29/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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