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Two Harbors Investment Corp. logo

Two Harbors Investment Corp.

TWO

NYSEReal EstateREIT - Mortgage

Open in GoAI

Previous close

$12.05

+$0.01 · +0.08%

Aug 21, 4:00 PM ET

TWO company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Hold

Wait — insufficient conviction to act

Valuation

47

Fair Value

Momentum

45

Neutral

Sentiment

37

Bearish

Risk resilience

80

Low Risk

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AI-generated, informational only, and not investment advice.

Company profile

Company website

Two Harbors Investment Corp. (TWO) operates as a Real Estate Investment Trust (REIT) with a strategic focus on the U.S. mortgage market. The firm is actively involved in acquiring, funding, and overseeing a diverse portfolio of financial instruments, primarily residential mortgage-backed securities (RMBS). This portfolio encompasses both agency RMBS – which are often backed by fixed-rate, adjustable-rate, and hybrid adjustable-rate mortgage loans – as well as non-agency securities, mortgage servicing rights (MSRs), and other related financial assets. Being structured as a REIT grants the company specific federal income tax advantages, contingent on distributing a minimum of 90% of its annual taxable earnings to its shareholders. Established in 2009, Two Harbors Investment Corp. maintains its corporate headquarters in Minnetonka, Minnesota.

Industry
REIT - Mortgage
Sector
Real Estate
Headquarters
US
CEO
William Ross Greenberg
Listed since
Oct 30, 2009
Employees
486

Market position

Day range

Current $12.05

52-week range

Current $12.05

Open
$12.02
Previous close
$12.04
Volume
2.81M
1.19× average
Average volume
2.36M
Average daily volume
Market cap
1.27B USD
Beta
1.05
Market reference 1
50-day average
$12.143
-0.77% below average
200-day average
$11.3875
+5.82% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
8.81B USD
P/E (TTM)
-16.61×
P/B (TTM)
0.73×
P/S (TTM)
1.48×
EV / EBITDA
193.53×
Earnings yield
-41.54%
Free cash flow yield
-1.38%
Dividend yield
11.29%

Profitability & efficiency

Gross margin
78.00%
Operating margin
49.79%
Net margin
-2.53%
Return on equity
-25.41%
Return on assets
-4.18%
Return on invested capital
3.96%

Financial health

Debt / equity
3.79×
Current ratio
0.13×
Altman Z-score
-1.06
Piotroski F-score
5 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends5151%3043%934%-1174%Gross margin, FY2021: 160.35%Gross margin, FY2022: -646.62%Gross margin, FY2023: 88.43%Gross margin, FY2024: 104.55%Gross margin, FY2025: 97.90%Operating margin, FY2021: -196.34%Operating margin, FY2022: 4623.57%Operating margin, FY2023: 87.41%Operating margin, FY2024: 112.44%Operating margin, FY2025: 68.66%Net margin, FY2021: -131.01%Net margin, FY2022: 1747.10%Net margin, FY2023: -16.61%Net margin, FY2024: 35.25%Net margin, FY2025: -75.02%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 160.35%. Gross margin FY2022 -646.62%. Gross margin FY2023 88.43%. Gross margin FY2024 104.55%. Gross margin FY2025 97.90%. Operating margin FY2021 -196.34%. Operating margin FY2022 4623.57%. Operating margin FY2023 87.41%. Operating margin FY2024 112.44%. Operating margin FY2025 68.66%. Net margin FY2021 -131.01%. Net margin FY2022 1747.10%. Net margin FY2023 -16.61%. Net margin FY2024 35.25%. Net margin FY2025 -75.02%.

Income trends

Revenue

605.61M USD-28.40%

Operating income

415.81M USD-56.28%

Net income

−454.3M USD−752.47M USD
Income trends across reported periods1.09B USD529.46M USD−32.69M USD−594.84M USDRevenue, FY2021: −142.91M USDRevenue, FY2022: 12.61M USDRevenue, FY2023: 640.49M USDRevenue, FY2024: 845.84M USDRevenue, FY2025: 605.61M USDOperating income, FY2021: 280.59M USDOperating income, FY2022: 582.85M USDOperating income, FY2023: 559.83M USDOperating income, FY2024: 951.08M USDOperating income, FY2025: 415.81M USDNet income, FY2021: 187.23M USDNet income, FY2022: 220.24M USDNet income, FY2023: −106.37M USDNet income, FY2024: 298.17M USDNet income, FY2025: −454.3M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 −142.91M USD. Revenue FY2022 12.61M USD. Revenue FY2023 640.49M USD. Revenue FY2024 845.84M USD. Revenue FY2025 605.61M USD. Operating income FY2021 280.59M USD. Operating income FY2022 582.85M USD. Operating income FY2023 559.83M USD. Operating income FY2024 951.08M USD. Operating income FY2025 415.81M USD. Net income FY2021 187.23M USD. Net income FY2022 220.24M USD. Net income FY2023 −106.37M USD. Net income FY2024 298.17M USD. Net income FY2025 −454.3M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue605.61M USD845.84M USD640.49M USD12.61M USD−142.91M USD
Cost of goods sold12.73M USD−38.46M USD74.13M USD94.12M USD86.25M USD
Gross profit592.88M USD884.3M USD566.36M USD−81.51M USD−229.16M USD
Operating expenses177.07M USD−66.78M USD6.52M USD−664.36M USD−509.75M USD
Interest income412M USD450.15M USD480.36M USD295.54M USD168.6M USD
Interest expense490.94M USD607.81M USD643.23M USD258.4M USD89.17M USD
Operating income415.81M USD951.08M USD559.83M USD582.85M USD280.59M USD
Net income−454.3M USD298.17M USD−106.37M USD220.24M USD187.23M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
9%
1 beat, 10 misses, 0 met estimates
Average EPS surprise
-31.16%
11 comparable reports
Latest EPS result
0.28
Estimate 0.28 · Miss by 0.11%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.440.350.260.17Q1 '25MissQ2 '25MissQ3 '25MissQ4 '25MissQ1 '26MissQ2 '26BeatQ3 '26MissQ4 '26Estimate
Q1 2025, reported Jan 29, 2025: actual 0.2, estimate 0.27, surprise -25.93%, Miss. Q2 2025, reported Apr 28, 2025: actual 0.24, estimate 0.402, surprise -40.30%, Miss. Q3 2025, reported Jul 28, 2025: actual 0.28, estimate 0.347, surprise -19.31%, Miss. Q4 2025, reported Oct 27, 2025: actual 0.36, estimate 0.362, surprise -0.63%, Miss. Q1 2026, reported Feb 2, 2026: actual 0.26, estimate 0.3, surprise -13.33%, Miss. Q2 2026, reported Apr 28, 2026: actual 0.34, estimate 0.26, surprise +30.97%, Beat. Q3 2026, reported Jul 28, 2026: actual 0.28, estimate 0.28, surprise -0.11%, Miss. Q4 2026, reported Oct 26, 2026: actual —, estimate 0.26, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates13M-4.15M-21.3M-38.44MQ1 '25MissQ2 '25MissQ3 '25BeatQ4 '25BeatQ1 '26MissQ2 '26MissQ3 '26MissQ4 '26Estimate
Q1 2025, reported Jan 29, 2025: actual -34.89M USD, estimate -14.07M USD, surprise -148.00%, Miss. Q2 2025, reported Apr 28, 2025: actual -20.33M USD, estimate -14.07M USD, surprise -44.50%, Miss. Q3 2025, reported Jul 28, 2025: actual -18.12M USD, estimate -20.99M USD, surprise +13.67%, Beat. Q4 2025, reported Oct 27, 2025: actual -23.51M USD, estimate -27.01M USD, surprise +12.97%, Beat. Q1 2026, reported Feb 2, 2026: actual -15.49M USD, estimate -9.15M USD, surprise -69.28%, Miss. Q2 2026, reported Apr 28, 2026: actual -6.51M USD, estimate 2.33M USD, surprise -379.04%, Miss. Q3 2026, reported Jul 28, 2026: actual -6.02M USD, estimate 9.45M USD, surprise -163.71%, Miss. Q4 2026, reported Oct 26, 2026: actual —, estimate 7.65M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$13.00

7.88% upside
Past 12 months12-month forecastHigh $13.00Average $13.00Low $13.00

Rating distribution

22 ratings
Strong buy00%
Buy418%
Hold1777%
Sell15%
Strong sell00%

Recent analyst actions

7 institutions

TWO news

businesswire.com

TWO Announces Receipt of Final Regulatory Approval for Merger with CrossCountry Mortgage

NEW YORK--(BUSINESS WIRE)--TWO Announces Receipt of Final Regulatory Approval for Merger with CrossCountry Mortgage.

Read source
247wallst.com

3 High Yield Mortgage REITs Running Very Different Playbooks

Mortgage REITs get lumped into a single bucket by income investors chasing double-digit yields, but the three names below run entirely different books.

Read source
defenseworld.net

California State Teachers Retirement System Raises Position in Two Harbors Investments Corp $TWO

California State Teachers Retirement System grew its holdings in Two Harbors Investments Corp (NYSE: TWO) by 47.7% in the undefined quarter, according to the company in its most recent Form 13F filing with the Securities…

Read source
businesswire.com

TWO Responds to Baseless Claims by UWMC

NEW YORK--(BUSINESS WIRE)--TWO Responds to Baseless Claims by UWMC.

Read source
newsfilecorp.com

T2 Metals Commences Drilling at Aurora Gold-Silver Project, Yukon, Canada

First Drill Program in Over 15 Years Targets High-Priority Prospects Vancouver, British Columbia--(Newsfile Corp. - July 30, 2026) - T2 Metals Corp. (TSXV: TWO) (OTCQB: TWOSF) (FSE: WJ6) ("T2 Metals" or the "Company") is…

Read source
defenseworld.net

Brokerages Set Two Harbors Investments Corp (NYSE:TWO) PT at $12.75

Two Harbors Investments Corp (NYSE: TWO - Get Free Report) has received an average recommendation of "Hold" from the seven brokerages that are covering the company, Marketbeat Ratings reports. Two investment analysts…

Read source

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

$1.63

2025 complete year-18.5% since 2020

2026 partial: $1.02

* Partial calendar year in the available dividend history.

Corporate action history

Dividend

Ex-dividend Jul 2, 2026

$0.34

Quarterly

Record Jul 2, 2026 · Payment Jul 15, 2026

Dividend

Ex-dividend Apr 2, 2026

$0.34

Quarterly

Record Apr 2, 2026 · Payment Apr 15, 2026

Dividend

Ex-dividend Jan 5, 2026

$0.34

Quarterly

Record Jan 5, 2026 · Payment Jan 29, 2026

Dividend

Ex-dividend Oct 3, 2025

$0.34

Quarterly

Record Oct 3, 2025 · Payment Oct 29, 2025

Dividend

Ex-dividend Jul 3, 2025

$0.39

Quarterly

Record Jul 3, 2025 · Payment Jul 29, 2025

Dividend

Ex-dividend Apr 4, 2025

$0.45

Quarterly

Record Apr 4, 2025 · Payment Apr 29, 2025

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ETFs holding TWO

Funds reporting this stock among their holdings, ordered by reported position size.

iShares Core S&P Small-Cap ETF logoiShares Core S&P Small-Cap ETFIJR
Market value
76.79M
Weight
0.07%
AUM
111.19B USD
Expense ratio
0.06%
Price / 1D
$147.31+0.64%
Vanguard Morningstar Total Stock Market ETF logoVanguard Morningstar Total Stock Market ETFVTI
Market value
40.36M
Weight
0.00%
AUM
2.3T USD
Expense ratio
0.03%
Price / 1D
$378.24+0.44%
iShares Russell 2000 ETF logoiShares Russell 2000 ETFIWM
Market value
33.26M
Weight
0.04%
AUM
81.62B USD
Expense ratio
0.19%
Price / 1D
$299.96+0.77%
Vanguard Morningstar Small-Cap ETF logoVanguard Morningstar Small-Cap ETFVB
Market value
29.17M
Weight
0.02%
AUM
183.4B USD
Expense ratio
0.03%
Price / 1D
$304.76+0.64%
Vanguard Morningstar Small-Cap Value ETF logoVanguard Morningstar Small-Cap Value ETFVBR
Market value
18.54M
Weight
0.03%
AUM
68.3B USD
Expense ratio
0.05%
Price / 1D
$249.18+0.68%
Vanguard Extended Market ETF logoVanguard Extended Market ETFVXF
Market value
14.64M
Weight
0.02%
AUM
93.7B USD
Expense ratio
0.05%
Price / 1D
$245.53+0.82%
iShares Russell 2000 Value ETF logoiShares Russell 2000 Value ETFIWN
Market value
11.83M
Weight
0.08%
AUM
14.66B USD
Expense ratio
0.24%
Price / 1D
$224.81+0.45%
iShares S&P Small-Cap 600 Value ETF logoiShares S&P Small-Cap 600 Value ETFIJS
Market value
11.25M
Weight
0.13%
AUM
8.33B USD
Expense ratio
0.18%
Price / 1D
$138.43+0.67%

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