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Two Harbors Investments (TWO) Financials

Two Harbors Investments logo
$12.39 -0.02 (-0.16%)
As of 01:20 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 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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
Net Income / (Loss) Attributable to Common Shareholders		 294 -445 192 45 -250 265 -92 -272 -141 -1.33 19
Consolidated Net Income / (Loss)		 306 -433 204 56 -238 277 -79 -259 -128 12 32
Net Income / (Loss) Continuing Operations		 306 -433 204 56 -238 277 -79 -259 -128 12 32
Total Pre-Tax Income 		343 -462 216 71 -249 308 -79 -257 -127 17 36
Total Revenue		 394 -405 270 114 -207 352 -29 -13 92 73 86
Net Interest Income / (Expense)		 -49 -46 -42 -38 -42 -35 -20 -20 -24 -15 -6.51
Total Interest Income		 124 122 118 116 113 104 111 117 94 90 89
Investment Securities Interest Income		 - - - - - - 111 - 94 - 89
Total Interest Expense		 173 168 160 154 155 139 132 137 117 105 95
Long-Term Debt Interest Expense		 173 - 160 154 155 - 132 137 - - 95
Total Non-Interest Income		 444 -359 312 152 -164 387 -8.76 6.30 116 88 93
Other Service Charges		 179 179 166 176 172 168 157 158 166 145 130
Net Realized & Unrealized Capital Gains on Investments		 265 -538 146 -24 -336 220 -166 -152 -51 -57 -37
Total Non-Interest Expense		 55 57 55 43 42 45 50 245 223 55 51
Salaries and Employee Benefits		 8.62 21 27 21 20 22 27 21 21 26 27
Other Operating Expenses		 46 36 28 22 22 24 24 224 202 29 25
Nonoperating Income / (Expense), net		 2.90 - 0.00 0.23 0.12 0.85 0.76 1.04 4.11 -0.71 1.32
Income Tax Expense		 36 -29 12 14 -10 31 0.43 1.66 1.20 5.58 4.07
Preferred Stock Dividends Declared		 12 11 11 12 12 12 13 13 13 13 13
Basic Earnings per Share		 $3.04 ($2.15) $1.85 $0.43 ($2.42) $2.55 ($0.89) ($2.62) ($1.36) ($0.01) $0.18
Weighted Average Basic Shares Outstanding		 192.38M 206.85M 206.99M 207.25M 103.65M 104.02M 104.03M 104.13M 104.16M 105.04M 105.05M
Diluted Earnings per Share		 $2.81 ($2.15) $1.73 $0.43 ($2.42) $2.55 ($0.89) ($2.62) ($1.36) ($0.01) $0.18
Weighted Average Diluted Shares Outstanding		 192.38M 206.85M 206.99M 207.25M 103.65M 104.02M 104.03M 104.13M 104.16M 105.04M 105.05M
Weighted Average Basic & Diluted Shares Outstanding		 192.38M 206.85M 206.99M 207.25M 103.65M 104.02M 104.03M 104.13M 104.16M 105.04M 105.05M
Cash Dividends to Common per Share		 $0.45 $0.27 $0.45 - $0.45 $0.56 $0.45 - $0.34 - $0.34

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
Net Change in Cash & Equivalents		 23 -250 -56 48 -175 206 -120 101 89 175 -302
Net Cash From Operating Activities		 122 110 -8.67 144 87 -21 112 99 -239 117 57
Net Cash From Continuing Operating Activities		 122 110 -8.67 144 87 -21 112 99 -239 117 57
Net Income / (Loss) Continuing Operations		 306 -433 204 56 -238 277 -79 -259 -128 12 32
Consolidated Net Income / (Loss)		 306 -433 204 56 -238 277 -79 -259 -128 12 32
Provision For Loan Losses		 -0.10 -0.33 0.08 0.17 -0.28 0.28 0.09 -0.12 -0.09 -0.01 0.02
Amortization Expense		 6.49 4.37 4.18 3.81 5.05 4.79 4.49 5.65 4.71 5.47 5.18
Non-Cash Adjustments to Reconcile Net Income		 -205 556 -154 71 326 -280 176 318 -95 100 25
Changes in Operating Assets and Liabilities, net		 15 -17 -63 12 -4.82 -23 9.98 34 -21 -0.53 -5.77
Net Cash From Investing Activities		 57 777 -348 274 -255 1,224 -2,028 829 2,127 -17 -38
Net Cash From Continuing Investing Activities		 57 777 -348 274 -255 1,224 -2,028 829 2,127 -17 -38
Purchase of Investment Securities		 -881 -1,274 -1,383 -1,531 -1,636 -1,143 -4,208 -4,280 -3,287 -1,048 -1,857
Sale and/or Maturity of Investments		 963 1,797 1,501 1,633 1,252 2,192 3,073 4,375 5,632 1,079 1,841
Other Investing Activities, net		 -25 255 -466 173 130 174 -893 734 -218 -49 -21
Net Cash From Financing Activities		 -156 -1,137 300 -369 -7.26 -997 1,796 -828 -1,800 75 -320
Net Cash From Continuing Financing Activities		 -156 -1,137 300 -369 -7.26 -997 1,796 -828 -1,800 75 -320
Issuance of Debt		 - 55 59 - 7.73 113 99 303 43 39,996 58
Issuance of Common Equity		 0.05 98 0.05 0.05 0.06 0.08 0.08 0.07 0.06 0.07 0.04
Repayment of Debt		 -11,102 -7,504 -11,965 -12,565 -11,398 -11,540 -11,214 -13,495 -11,992 -4,271 -7,958
Payment of Dividends		 -56 -56 -59 -59 -59 -59 -59 -60 -54 -49 -49
Other Financing Activities, Net		 11,001 6,275 12,277 12,254 11,441 10,488 12,970 12,424 10,204 -35,600 7,629
Cash Interest Paid		 196 110 215 142 149 112 126 113 182 67 131
Cash Income Taxes Paid		 3.09 1.55 0.10 3.50 0.04 5.61 3.70 5.64 3.84 11 -0.78

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 Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 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 9/30/2025 3/31/2026
Total Assets		 14,696 13,940 14,010 13,917 13,162 12,850 12,888 13,683 12,959 10,866 10,534
Cash and Due from Banks		 732 708 699 644 666 624 523 574 658 771 476
Restricted Cash		 843 117 323 401 72 163 89 124 140 116 284
Trading Account Securities		 9,699 9,511 9,269 9,134 8,559 8,393 8,878 8,862 8,638 6,642 6,749
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
Customer and Other Receivables		 215 318 249 315 545 372 298 920 286 505 432
Other Assets		 3,206 3,286 3,471 3,422 3,319 3,298 3,097 3,195 3,227 2,820 2,573
Total Liabilities & Shareholders' Equity		 14,696 13,940 14,010 13,917 13,162 12,850 12,888 13,683 12,959 10,866 10,534
Total Liabilities		 12,551 11,695 11,794 11,800 10,922 10,654 10,718 11,537 11,073 9,095 8,802
Short-Term Debt		 107 1.69 15 24 3.03 14 17 3.10 - 7.72 11
Accrued Interest Payable		 49 75 121 91 80 86 77 75 80 45 45
Other Short-Term Payables		 73 71 56 56 59 59 59 60 - 49 49
Long-Term Debt		 11,845 11,059 11,190 11,087 10,284 9,974 10,022 10,935 10,176 8,422 8,273
Other Long-Term Liabilities		 477 489 413 542 496 522 541 455 817 562 411
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		 2,144 2,246 2,216 2,117 2,240 2,195 2,169 2,147 1,886 1,772 1,732
Total Preferred & Common Equity		 2,144 2,246 2,216 2,117 2,240 2,195 2,169 2,147 1,886 1,772 1,732
Preferred Stock		 703 631 619 619 601 601 601 601 601 601 601
Total Common Equity		 1,442 1,615 1,597 1,499 1,639 1,594 1,568 1,545 1,285 1,170 1,130
Common Stock		 5,644 5,831 5,825 5,827 5,933 5,934 5,936 5,944 5,946 5,948 5,954
Retained Earnings		 -3,501 -4,063 -3,919 -3,668 -4,014 -4,017 -4,314 -4,236 -4,549 -4,726 -4,780
Accumulated Other Comprehensive Income / (Loss)		 -701 -153 -309 -660 -280 -324 -54 -163 -113 -52 -44

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
DEI Shares Outstanding		 - - - - - - - - - - 105,043,188.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 105,043,188.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.31
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 15.73% -89.67% 311.50% -56.42% -152.41% 186.93% -110.77% -111.71% 144.71% - 396.73%
EBITDA Growth		 10.13% -82.08% 227.70% -66.84% -170.50% 168.01% -134.09% -441.01% 48.31% - 153.69%
EBIT Growth		 13.74% -76.61% 219.28% -67.30% -173.33% 166.33% -136.83% -467.54% 47.47% - 144.13%
NOPAT Growth		 9.36% -76.61% 260.94% -71.27% -157.43% 185.25% -127.30% -422.13% 47.47% - 155.99%
Net Income Growth		 10.29% -60.31% 215.15% -71.47% -177.89% 163.88% -138.83% -559.81% 46.36% - 140.84%
EPS Growth		 1.08% -58.09% 184.39% -76.11% -186.12% 218.60% -151.45% -709.30% 43.80% - 120.22%
Operating Cash Flow Growth		 -66.87% -53.50% -7,639.13% 29.04% -28.82% -119.19% 1,390.81% -31.01% -374.73% - -49.44%
Free Cash Flow Firm Growth		 144.48% 114.28% 163.25% 210.78% -27.93% 647.26% -162.39% -104.59% 126.64% - 605.47%
Invested Capital Growth		 -6.16% -3.82% -5.86% -9.22% -7.71% -7.46% 4.45% -1.00% -16.44% - -23.45%
Revenue Q/Q Growth		 51.04% -202.79% 166.70% -57.92% -281.64% 270.49% -108.26% 54.21% 793.30% - 18.83%
EBITDA Q/Q Growth		 54.86% -232.34% 147.97% -66.27% -429.20% 227.67% -124.04% -237.48% 50.10% - 71.32%
EBIT Q/Q Growth		 57.96% -236.16% 146.61% -67.38% -454.23% 223.16% -125.88% -225.53% 49.37% - 94.56%
NOPAT Q/Q Growth		 55.34% -206.63% 162.89% -72.42% -410.47% 258.28% -120.14% -225.53% 49.37% - 155.02%
Net Income Q/Q Growth		 55.08% -241.48% 147.00% -72.33% -523.33% 216.04% -128.57% -227.67% 50.62% - 175.53%
EPS Q/Q Growth		 56.11% -176.51% 180.47% -75.14% -662.79% 205.37% -134.90% -194.38% 48.09% - 1,900.00%
Operating Cash Flow Q/Q Growth		 9.89% -10.30% -107.90% 1,756.89% -39.38% -124.18% 631.43% -11.44% -341.38% - -51.69%
Free Cash Flow Firm Q/Q Growth		 200.41% -86.52% 521.73% 31.63% -34.68% 39.78% -151.91% 90.32% 3,327.39% - 242.43%
Invested Capital Q/Q Growth		 -1.44% -8.24% 3.20% -2.74% 0.21% -7.99% 16.48% -7.82% -15.42% - -3.13%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 87.82% 0.00% 81.31% 65.18% 0.00% 88.45% 0.00% 0.00% -136.57% - 46.59%
EBIT Margin		 86.17% 0.00% 79.76% 61.82% 0.00% 87.09% 0.00% 0.00% -141.66% - 40.58%
Profit (Net Income) Margin		 77.68% 0.00% 75.33% 49.54% 0.00% 78.57% 0.00% 0.00% -138.51% - 37.40%
Tax Burden Percent		 89.38% 93.67% 94.45% 79.87% 95.80% 89.96% 100.55% 100.65% 100.95% - 88.81%
Interest Burden Percent		 100.85% 100.00% 100.00% 100.32% 99.95% 100.28% 99.04% 99.60% 96.86% - 103.76%
Effective Tax Rate		 10.62% 0.00% 5.55% 20.13% 0.00% 10.04% 0.00% 0.00% 0.00% - 11.19%
Return on Invested Capital (ROIC)		 1.77% 0.00% 3.03% 1.44% 0.00% 3.55% 0.00% 0.00% -3.56% - 0.74%
ROIC Less NNEP Spread (ROIC-NNEP)		 1.79% 0.00% 3.03% 1.44% 0.00% 3.56% 0.00% 0.00% -3.95% - 0.75%
Return on Net Nonoperating Assets (RNNOA)		 9.69% 0.00% 14.44% 6.92% 0.00% 15.67% 0.00% 0.00% -18.52% - 3.74%
Return on Equity (ROE)		 11.46% 0.00% 17.47% 8.36% -19.21% 19.22% 0.00% 0.00% -22.08% - 4.48%
Cash Return on Invested Capital (CROIC)		 6.76% 3.39% 8.12% 10.69% 5.67% 10.29% -4.24% -0.61% 16.90% - 24.53%
Operating Return on Assets (OROA)		 1.89% 0.00% 3.06% 1.72% 0.00% 3.64% 0.00% 0.00% -4.80% - 0.80%
Return on Assets (ROA)		 1.70% 0.00% 2.89% 1.38% 0.00% 3.28% 0.00% 0.00% -4.69% - 0.74%
Return on Common Equity (ROCE)		 7.91% 0.00% 12.67% 6.05% -13.74% 13.82% 0.00% 0.00% -15.34% - 3.09%
Return on Equity Simple (ROE_SIMPLE)		 2.67% 0.00% 12.23% 6.05% -18.98% 0.00% 0.72% -15.90% -10.68% - -19.81%
Net Operating Profit after Tax (NOPAT)		 304 -324 204 56 -174 276 -56 -181 -92 - 31
NOPAT Margin		 77.02% 0.00% 75.33% 49.38% 0.00% 78.35% 0.00% 0.00% -99.16% - 36.04%
Net Nonoperating Expense Percent (NNEP)		 -0.02% 1.07% 0.00% 0.00% 0.61% -0.01% 0.22% 0.78% 0.39% - -0.01%
SG&A Expenses to Revenue		 2.19% 0.00% 9.82% 18.68% 0.00% 6.19% 0.00% 0.00% 23.07% - 30.93%
Operating Expenses to Revenue		 13.83% 0.00% 20.24% 38.18% 0.00% 12.91% 0.00% 0.00% 241.66% - 59.42%
Earnings before Interest and Taxes (EBIT)		 340 -462 216 70 -249 307 -79 -258 -131 - 35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 346 -458 220 74 -244 312 -75 -253 -126 - 40
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.72 0.71 0.65 0.83 0.89 0.78 0.87 0.84 0.85 - 1.03
Price to Tangible Book Value (P/TBV)		 0.72 0.71 0.65 0.83 0.89 0.78 0.87 0.84 0.85 - 1.03
Price to Revenue (P/Rev)		 3.42 9.22 2.05 3.54 0.00 2.23 5.82 10.47 2.47 - 4.89
Price to Earnings (P/E)		 35.50 0.00 4.65 15.28 0.00 4.69 0.00 0.00 0.00 - 0.00
Dividend Yield		 20.87% 17.94% 17.58% 14.11% 16.75% 19.76% 17.45% 17.33% 18.24% - 13.72%
Earnings Yield		 2.82% 0.00% 21.52% 6.54% 0.00% 21.33% 0.00% 0.00% 0.00% - 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.89 0.90 0.90 0.91 0.94 0.90 0.93 0.92 0.90 - 0.93
Enterprise Value to Revenue (EV/Rev)		 37.48 89.05 21.56 29.82 0.00 19.02 52.91 107.15 22.72 - 39.03
Enterprise Value to EBITDA (EV/EBITDA)		 80.54 0.00 33.86 61.14 0.00 27.88 182.53 0.00 0.00 - 0.00
Enterprise Value to EBIT (EV/EBIT)		 104.88 0.00 36.44 68.21 0.00 29.32 250.61 0.00 0.00 - 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 217.38 0.00 41.61 85.29 0.00 33.91 816.35 0.00 0.00 - 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 25.03 31.67 33.51 30.30 34.42 50.12 37.88 39.92 0.00 - 276.60
Enterprise Value to Free Cash Flow (EV/FCFF)		 12.74 25.91 10.70 8.13 15.83 8.38 0.00 0.00 4.83 - 3.28
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 5.25 4.51 4.59 4.55 4.63 4.29 5.09 5.40 4.76 - 4.78
Long-Term Debt to Equity		 5.24 4.50 4.59 4.54 4.62 4.28 5.09 5.40 4.75 - 4.78
Financial Leverage		 5.41 4.64 4.76 4.80 4.93 4.40 4.84 4.94 4.69 - 4.96
Leverage Ratio		 6.71 6.06 6.04 6.09 6.25 5.86 6.12 6.32 6.03 - 6.24
Compound Leverage Factor		 6.77 6.06 6.04 6.11 6.25 5.87 6.06 6.30 5.84 - 6.48
Debt to Total Capital		 83.99% 81.85% 82.12% 81.98% 82.23% 81.10% 83.59% 84.36% 82.63% - 82.71%
Short-Term Debt to Total Capital		 0.18% 0.18% 0.02% 0.12% 0.14% 0.22% 0.02% 0.00% 0.08% - 0.11%
Long-Term Debt to Total Capital		 83.82% 81.67% 82.09% 81.86% 82.09% 80.88% 83.57% 84.36% 82.56% - 82.60%
Preferred Equity to Total Capital		 4.68% 5.05% 4.80% 4.94% 4.93% 5.35% 4.60% 4.99% 5.90% - 6.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Common Equity to Total Capital		 11.33% 13.10% 13.08% 13.08% 12.84% 13.54% 11.81% 10.65% 11.47% - 11.28%
Debt to EBITDA		 76.11 -164.21 31.05 54.90 -24.59 25.21 163.88 -39.11 -59.26 - -26.28
Net Debt to EBITDA		 68.95 -151.07 28.82 50.58 -23.09 22.95 153.42 -36.05 -53.02 - -23.87
Long-Term Debt to EBITDA		 75.95 -163.85 31.04 54.82 -24.55 25.14 163.83 -39.11 -59.20 - -26.25
Debt to NOPAT		 205.41 -160.37 38.16 76.58 -33.69 30.66 732.93 -51.89 -74.39 - -35.20
Net Debt to NOPAT		 186.09 -147.54 35.42 70.55 -31.64 27.91 686.17 -47.82 -66.57 - -31.97
Long-Term Debt to NOPAT		 204.98 -160.03 38.15 76.48 -33.64 30.58 732.72 -51.89 -74.32 - -35.15
Noncontrolling Interest Sharing Ratio		 31.00% 0.00% 27.48% 27.66% 28.46% 28.08% 0.00% 0.00% 30.52% - 31.02%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,173 158 983 1,294 845 1,181 -613 -59 1,915 - 3,099
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		 6.77 0.94 6.14 8.39 5.45 8.52 -4.66 -0.43 16.35 - 32.57
Operating Cash Flow to Interest Expense		 0.71 0.65 -0.05 0.93 0.56 -0.15 0.85 0.73 -2.04 - 0.59
Operating Cash Flow Less CapEx to Interest Expense		 0.71 0.65 -0.05 0.93 0.56 -0.15 0.85 0.73 -2.04 - 0.59
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.02 0.01 0.04 0.03 0.00 0.04 0.02 0.01 0.03 - 0.02
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		 13,228 12,138 12,527 12,183 12,209 11,233 13,084 12,062 10,202 - 10,016
Invested Capital Turnover		 0.02 0.01 0.04 0.03 0.00 0.05 0.02 0.01 0.04 - 0.02
Increase / (Decrease) in Invested Capital		 -869 -482 -779 -1,238 -1,019 -905 558 -122 -2,007 - -3,068
Enterprise Value (EV)		 11,758 10,879 11,217 11,123 11,421 10,074 12,183 11,059 9,138 - 9,289
Market Capitalization		 1,074 1,126 1,067 1,320 1,392 1,180 1,341 1,081 993 - 1,164
Book Value per Share		 $15.58 $16.53 $7.92 $15.40 $15.13 $14.67 $14.86 $12.35 $11.24 - $10.76
Tangible Book Value per Share		 $15.58 $16.53 $7.92 $15.40 $15.13 $14.67 $14.86 $12.35 $11.24 - $10.76
Total Capital		 13,228 12,138 12,527 12,183 12,209 11,233 13,084 12,062 10,202 - 10,016
Total Debt		 11,111 9,935 10,287 9,988 10,039 9,110 10,938 10,176 8,430 - 8,285
Total Long-Term Debt		 11,087 9,913 10,284 9,974 10,022 9,085 10,935 10,176 8,422 - 8,273
Net Debt		 10,066 9,140 9,548 9,201 9,427 8,293 10,240 9,377 7,543 - 7,524
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)		 -2.59 109 0.00 -0.18 64 -0.77 23 78 36 - -1.17
Net Nonoperating Obligations (NNO)		 11,111 9,935 10,287 9,988 10,039 9,110 10,938 10,176 8,430 - 8,285
Total Depreciation and Amortization (D&A)		 6.49 4.37 4.18 3.81 5.05 4.79 4.49 5.65 4.71 - 5.18
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.04 ($2.15) $1.85 $0.43 ($2.42) $2.55 ($0.89) ($2.62) ($1.36) ($0.01) $0.18
Adjusted Weighted Average Basic Shares Outstanding		 96.18M 206.85M 103.40M 103.56M 103.65M 104.02M 104.03M 104.13M 104.16M 105.04M 105.05M
Adjusted Diluted Earnings per Share		 $2.81 ($2.15) $1.73 $0.43 ($2.42) $2.55 ($0.89) ($2.62) ($1.36) ($0.01) $0.18
Adjusted Weighted Average Diluted Shares Outstanding		 105.63M 206.85M 112.97M 103.91M 103.65M 104.02M 104.03M 104.13M 104.16M 105.04M 105.05M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($2.15) $0.00 $0.00 $0.00 $2.55 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 192.38M 206.85M 206.99M 207.25M 103.65M 104.02M 104.03M 104.13M 104.16M 105.04M 105.05M
Normalized Net Operating Profit after Tax (NOPAT)		 304 -324 204 56 -174 276 -56 -181 -92 - 31
Normalized NOPAT Margin		 77.02% 0.00% 75.33% 49.38% 0.00% 78.35% 0.00% 0.00% -99.16% - 36.04%
Pre Tax Income Margin		 86.91% 0.00% 79.76% 62.02% 0.00% 87.34% 0.00% 0.00% -137.21% - 42.11%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.96 -2.75 1.35 0.46 -1.61 2.21 -0.60 -1.89 -1.12 - 0.37
NOPAT to Interest Expense		 1.75 -1.93 1.27 0.36 -1.13 1.99 -0.42 -1.32 -0.78 - 0.33
EBIT Less CapEx to Interest Expense		 1.96 -2.75 1.35 0.46 -1.61 2.21 -0.60 -1.89 -1.12 - 0.37
NOPAT Less CapEx to Interest Expense		 1.75 -1.93 1.27 0.36 -1.13 1.99 -0.42 -1.32 -0.78 - 0.33
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 465.90% -231.83% 87.95% 172.25% -56.34% 78.83% 1,513.06% -78.91% -122.61% - -61.98%
Augmented Payout Ratio		 478.36% -238.46% 87.95% 172.25% -56.34% 78.83% 1,513.06% -78.91% -122.61% - -61.98%

Financials Breakdown Chart

Key Financial Trends

Two Harbors Investments (NYSE: TWO) showed a much stronger start to 2026 than it did through most of 2025, but the business still looks highly volatile and balance-sheet heavy. The latest quarter produced solid common-share earnings and positive operating cash flow, yet the company remains dependent on spread income, investment gains, and financing activity, which can swing sharply from quarter to quarter.

  • Q1 2026 earnings rebounded sharply: net income attributable to common shareholders was $19.5 million, versus a loss of $1.3 million in Q4 2025 and much larger losses in Q3 2025 and Q2 2025.
  • Operating cash flow improved meaningfully: Q1 2026 net cash from operating activities was $56.6 million, up from $117.1 million in Q4 2025 but a clear turnaround from the negative operating cash flow seen in parts of 2025.
  • Liquidity remains substantial: at March 31, 2026, cash and equivalents were $476.3 million and restricted cash was $283.8 million, giving the company a sizable cash cushion.
  • Common equity improved quarter over quarter: total common equity rose to $1.13 billion in Q1 2026 from $1.07 billion at the end of Q4 2025, helped by the rebound in earnings and asset values.
  • Leverage appears lower than a year ago: long-term debt fell to $8.27 billion in Q1 2026 from $10.28 billion in Q1 2025, while total liabilities also declined year over year.
  • Revenue is still driven more by non-interest income than core spread income: Q1 2026 net interest income was a negative $6.5 million, while non-interest income contributed $92.8 million, showing the company’s earnings remain sensitive to market and portfolio gains/losses.
  • Investment activity remains large and active: the company bought $1.86 billion of securities and sold/matured $1.84 billion in Q1 2026, indicating a very active portfolio management strategy rather than stable recurring operating earnings.
  • Dividend coverage improved but is not especially comfortable: Q1 2026 common dividends were $0.34 per share, compared with basic EPS of $0.18, so the payout still exceeded current-quarter earnings on a GAAP basis.
  • Income remains highly volatile year to year: Q1 2025 and Q3 2025 were deep loss quarters, while Q4 2024 was very strong. That kind of variability makes earnings power hard to forecast.
  • Retained earnings remain deeply negative: retained earnings were negative $4.78 billion in Q1 2026, reflecting years of accumulated losses and reinforcing the company’s dependence on capital markets and portfolio performance.
  • Interest expense remains a major burden: Q1 2026 interest expense was $95.2 million, still above interest income of $88.7 million, leaving the core spread business under pressure.
  • Book value is still thin relative to assets: total assets were $10.53 billion versus total equity of $1.73 billion in Q1 2026, underscoring the sensitivity of shareholders’ equity to asset-price and funding-market moves.

Looking at the broader trend over the last four years, TWO’s results have been cyclical rather than steadily improving. In 2024, the company had periods of strong profitability, including Q4 2024 net income of $276.7 million and EPS of $2.55, but 2025 was far more uneven, with large losses in Q1, Q2, and Q3 before a modest rebound in Q4. The latest quarter suggests the company can still generate meaningful earnings when markets cooperate, but those earnings are not yet consistent.

From a financial position standpoint, TWO still appears well-funded, but not low-risk. Cash balances and equity are healthy, but the business carries significant debt and its performance is tied to market rates, financing costs, and investment valuation swings. For retail investors, that means TWO may offer income and upside when conditions are favorable, but it also carries a meaningful risk of quarter-to-quarter volatility.

06/03/26 01:40 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. Check out Two Harbors Investments' forecast to explore projected trends and price targets.

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 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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