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Two Harbors Investment Corp. logo

Two Harbors Investment Corp.

TWO-PC

NYSEReal EstateREIT - Mortgage

Open in GoAI

Regular session

$25.23

+$0.01 · +0.04%

Aug 24, 11:09 AM ET

TWO-PC 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

59

Neutral

Sentiment

38

Bearish

Risk resilience

83

Low Risk

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Thesis, catalysts, evidence, and risk analysis.

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

Company profile

Company website

Two Harbors Investment Corp. actively acquires, funds, and oversees a portfolio of financial assets in the United States, operating through its RoundPoint platform. Its primary holdings include mortgage servicing rights (MSRs) and agency-guaranteed residential mortgage-backed securities (RMBS). The firm's target investments consist of agency RMBS collateralized by fixed-rate, adjustable-rate, or hybrid mortgage loans, as well as derivatives. It further diversifies into other financial and mortgage-linked assets, such as non-agency securities and non-hedging transactions. Functioning as a Real Estate Investment Trust (REIT) for federal income tax purposes, the company is required by law to disburse at least 90% of its annual taxable profits to its stockholders. Two Harbors Investment Corp. was founded in 2009 and maintains its corporate headquarters in St. Louis Park, Minnesota.

Industry
REIT - Mortgage
Sector
Real Estate
Headquarters
US
CEO
William Ross Greenberg
Listed since
Nov 20, 2017
Employees
486

Market position

Day range

Current $25.23

52-week range

Current $25.23

Open
$25.19
Previous close
$25.22
Volume
21.14K
0.4× average
Average volume
53.21K
Average daily volume
Market cap
1.28B USD
Beta
1.05
Market reference 1
50-day average
$25.0583
+0.69% above average
200-day average
$24.7191
+2.07% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
8.81B USD
P/E (TTM)
-16.79×
P/B (TTM)
0.73×
P/S (TTM)
1.49×
EV / EBITDA
193.53×
Earnings yield
-41.54%
Free cash flow yield
-1.38%
Dividend yield
11.17%

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
1.08
Piotroski F-score
3 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
-41.42%
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 0.402, surprise -50.22%, Miss. Q2 2025, reported Apr 28, 2025: actual 0.24, estimate 0.402, surprise -40.30%, Miss. Q3 2025, reported Aug 1, 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 0.371, surprise -29.84%, 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 Nov 2, 2026: actual —, estimate 0.253, 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 -10.01M USD, surprise -248.56%, Miss. Q2 2025, reported Apr 28, 2025: actual -20.33M USD, estimate -14.07M USD, surprise -44.50%, Miss. Q3 2025, reported Aug 1, 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 Nov 2, 2026: actual —, estimate 7.65M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Rating distribution

8 ratings
Strong buy00%
Buy225%
Hold675%
Sell00%
Strong sell00%

Corporate actions

Annual dividends per share

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

$2.2676

2025 complete year+25.1% since 2021

2026 partial: $1.7076

* Partial calendar year in the available dividend history.

Corporate action history

Dividend

Ex-dividend Jul 10, 2026

$0.5651

Quarterly

Record Jul 10, 2026 · Payment Jul 27, 2026

Dividend

Ex-dividend Apr 10, 2026

$0.559

Quarterly

Record Apr 10, 2026 · Payment Apr 27, 2026

Dividend

Ex-dividend Jan 12, 2026

$0.5834

Quarterly

Record Jan 12, 2026 · Payment Jan 27, 2026

Dividend

Ex-dividend Oct 10, 2025

$0.6125

Quarterly

Record Oct 10, 2025 · Payment Oct 27, 2025

Dividend

Ex-dividend Jul 11, 2025

$0.6037

Quarterly

Record Jul 11, 2025 · Payment Jul 28, 2025

Dividend

Ex-dividend Apr 11, 2025

$0.5983

Quarterly

Record Apr 11, 2025 · Payment Apr 28, 2025

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ETFs holding TWO-PC

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

Virtus InfraCap U.S. Preferred Stock ETF logoVirtus InfraCap U.S. Preferred Stock ETFPFFA
Market value
50.7M
Weight
2.03%
AUM
2.51B USD
Expense ratio
2.11%
Price / 1D
$20.87-0.10%
iShares Preferred and Income Securities ETF logoiShares Preferred and Income Securities ETFPFF
Market value
14.99M
Weight
0.12%
AUM
13.06B USD
Expense ratio
0.45%
Price / 1D
$30.405-0.18%
Invesco Variable Rate Preferred ETF logoInvesco Variable Rate Preferred ETFVRP
Market value
2.57M
Weight
0.09%
AUM
3.02B USD
Expense ratio
0.50%
Price / 1D
$24.085-0.35%
InfraCap REIT Preferred ETF logoInfraCap REIT Preferred ETFPFFR
Market value
1.46M
Weight
1.22%
AUM
120.07M USD
Expense ratio
0.45%
Price / 1D
$17.52+0.57%
AAM Low Duration Preferred and Income Securities ETF logoAAM Low Duration Preferred and Income Securities ETFPFLD
Market value
433.99K
Weight
0.11%
AUM
487.73M USD
Expense ratio
0.45%
Price / 1D
$19.55-0.03%
iShares Morningstar Multi-Asset Income ETF logoiShares Morningstar Multi-Asset Income ETFIYLD
Market value
21.35K
Weight
0.02%
AUM
125.77M USD
Expense ratio
0.50%
Price / 1D
$22.25-0.18%

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