Symbols / TWO Stock $12.22 -0.81% Two Harbors Investment Corp.

Real Estate • REIT - Mortgage • United States • NYQ
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Stock Fundamentals
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Index EQUITY
Sector Real Estate
Industry REIT - Mortgage
CEO Mr. William Ross Greenberg Ph.D.
Exch · Country NYQ · United States
Market Cap 1.28B
Enterprise Value 9.47B
Income -396.71M
Sales 493.78M
FCF (ttm) —
Book/sh 10.76
Cash/sh 6.84
Employees 486
Insider 10d —
IPO Oct 30, 2009
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 75.95%
P/E —
Forward P/E 10.55
PEG 2.76
P/S 2.60
P/B 1.14
P/C —
EV/EBITDA —
EV/Sales 19.19
Quick Ratio 0.16
Current Ratio 0.21
Debt/Eq 479.18
LT Debt/Eq —
EPS (ttm) -3.81
EPS next Y 1.16
EPS Growth —
Revenue Growth 15.69%
EPS Gr Q/Q —
Rev Gr Q/Q —
Earnings (next) 2026-07-28
Earnings (prior) 2026-04-28
ROA -2.83%
ROE -17.69%
ROIC —
Gross Margin 97.70%
Oper. Margin 27.61%
Profit Margin -69.46%
Shs Outstand 105.05M
Shs Float 104.01M
Insider Own 1.06%
Instit Own 80.19%
Short Float 3.93%
Short Ratio 1.13
Short Interest 3.02M
52W High 14.17
vs 52W High -13.76%
52W Low 8.78
vs 52W Low 39.18%
Beta 1.04
Impl. Vol. 34.23%
Rel Volume 0.92
Avg Volume 2.53M
Volume 2.34M
Target (mean) $11.62
Tgt Median $11.25
Tgt Low $11.00
Tgt High $13.00
# Analysts 4
Recom Hold
Prev Close $12.32
Price $12.22
Change -0.81%
About

Two Harbors Investment Corp. invests in, finances, and manages mortgage servicing rights (MSRs), agency residential mortgage-backed securities (RMBS), and other financial assets through RoundPoint in the United States. The company target assets include agency RMBS collateralized by fixed rate mortgage loans, adjustable rate mortgage loans, hybrid mortgage loans, or derivatives; and other assets, such as financial and mortgage-related assets, comprising non-agency securities and non-hedging transactions. It qualifies as a REIT for federal income tax purposes. The company was incorporated in 2009 and is headquartered in Saint Louis Park, Minnesota.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$11.63
Mean price target
2. Current target
$12.22
Latest analyst target
3. DCF / Fair value
$11.62
Proxy: analyst mean price target (no FCF/EPS data available).
Ratings
Current target
$12.22
Low
$11.00
High
$13.00
Mean
$11.63

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-04-16 down JP Morgan Neutral → Underweight $11
2026-03-27 down Compass Point Buy → Neutral —
2026-02-04 main JP Morgan Neutral → Neutral $13
2026-01-23 down UBS Buy → Neutral $14
2025-12-18 down Maxim Group Buy → Hold —
2025-10-20 main JP Morgan Neutral → Neutral $10
2025-09-03 main UBS Buy → Buy $11
2025-07-29 main Maxim Group Buy → Buy $12
2025-07-10 main UBS Buy → Buy $12
2025-07-03 down JMP Securities Market Outperform → Market Perform —
2025-05-28 main RBC Capital Sector Perform → Sector Perform $12
2025-05-01 main UBS Buy → Buy $13
2025-04-30 main Keefe, Bruyette & Woods Market Perform → Market Perform $13
2025-04-17 main JMP Securities Market Outperform → Market Outperform $14
2025-04-16 main JP Morgan Neutral → Neutral $11
2025-04-08 main Keefe, Bruyette & Woods Market Perform → Market Perform $13
2025-02-13 main RBC Capital Sector Perform → Sector Perform $13
2025-01-31 main JP Morgan Neutral → Neutral $13
2025-01-23 reit JMP Securities Market Outperform → Market Outperform $14
2025-01-21 main JP Morgan Neutral → Neutral $11
News
RSS: Latest TWO news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-05-15 ABRAHAM SPENCER E. J.D. Director — 4,522 $12.58 $56,864
2026-05-15 KASNET STEPHEN GARFIELD Director — 7,034 $12.57 $88,417
2026-01-15 HALM JILLIAN Officer — 379 $13.18 $4,995
2026-01-12 BOUCHER NATHAN Officer — 1,267 $12.25 $15,593
2026-01-12 HALM JILLIAN Officer — 1,847 $0.00 $0
2026-01-12 HALM JILLIAN Officer — 1,744 $12.25 $21,364
2026-01-12 CAMPBELL JAMES D Officer — 1,692 $12.39 $20,964
2026-01-07 SANDBERG REBECCA B Officer — 81,699 $0.00 $0
2026-01-07 RUSH ROBERT Officer — 44,351 $0.00 $0
2026-01-07 HANSON ALECIA Officer — 32,679 $0.00 $0
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
115.06
-77.47%
510.75
+1506.88%
31.79
-92.19%
407.18
Operating Revenue
115.06
-77.47%
510.75
+1506.88%
31.79
-92.19%
407.18
Selling General And Administration
95.33
+6.21%
89.75
+69.78%
52.87
+29.82%
40.72
General And Administrative Expense
95.33
+6.21%
89.75
+69.78%
52.87
+29.82%
40.72
Salaries And Wages
95.33
+6.21%
89.75
+69.78%
52.87
+29.82%
40.72
Total Unusual Items
-628.37
-891.30%
-63.39
+43.21%
-111.62
-126.24%
425.38
Total Unusual Items Excluding Goodwill
-628.37
-891.30%
-63.39
+43.21%
-111.62
-126.24%
425.38
Special Income Charges
-386.13
-53980.53%
-0.71
0.00
+100.00%
-18.98
Other Special Charges
386.13
+53980.53%
0.71
-97.15%
25.06
+32.00%
18.98
Restructuring And Mergern Acquisition
—
—
1.30
0.00
Net Income
-454.30
-252.36%
298.17
+380.31%
-106.37
-148.30%
220.24
Pretax Income
-445.43
-229.20%
344.75
+513.41%
-83.39
-125.70%
324.45
Net Interest Income
-68.52
+56.42%
-157.25
+3.45%
-162.86
-538.45%
37.15
Interest Expense
490.94
-19.23%
607.81
-5.51%
643.23
+148.93%
258.39
Interest Income
422.42
-6.24%
450.56
-6.20%
480.36
+62.54%
295.54
Gain On Sale Of Security
-198.09
-398.29%
66.41
+122.97%
-289.13
+48.84%
-565.13
Tax Provision
8.87
-80.96%
46.59
+102.74%
22.98
-77.95%
104.21
Tax Rate For Calcs
0.00
+55.56%
0.00
-35.71%
0.00
-34.38%
0.00
Tax Effect Of Unusual Items
-131.96
-1442.03%
-8.56
+63.49%
-23.44
-117.22%
136.12
Net Income Including Noncontrolling Interests
-454.30
-252.36%
298.17
+380.31%
-106.37
-148.30%
220.24
Net Income From Continuing Operation Net Minority Interest
-454.30
-252.36%
298.17
+380.31%
-106.37
-148.30%
220.24
Net Income From Continuing And Discontinued Operation
-454.30
-252.36%
298.17
+380.31%
-106.37
-148.30%
220.24
Net Income Continuous Operations
-454.30
-252.36%
298.17
+380.31%
-106.37
-148.30%
220.24
Normalized Income
42.11
-88.07%
353.00
+2040.49%
-18.19
+73.64%
-69.02
Net Income Common Stockholders
-508.40
-303.37%
249.98
+263.15%
-153.22
-182.57%
185.58
Otherunder Preferred Stock Dividend
1.31
+24.79%
1.05
+159.84%
-1.75
+90.75%
-18.95
Diluted EPS
-4.88
-305.91%
2.37
+248.13%
-1.60
-175.12%
2.13
Basic EPS
-4.88
-302.49%
2.41
+250.62%
-1.60
-174.42%
2.15
Basic Average Shares
103.91
-0.50%
104.43
+9.15%
95.67
+11.02%
86.18
Diluted Average Shares
103.91
-2.15%
106.19
+11.00%
95.67
-0.42%
96.08
Diluted NI Availto Com Stockholders
-508.40
-289.63%
268.11
+274.97%
-153.22
-174.76%
204.96
Average Dilution Earnings
0.00
-100.00%
18.12
0.00
-100.00%
19.38
Other Non Interest Expense
79.03
+4.63%
75.53
+21.21%
62.31
+48.35%
42.01
Preferred Stock Dividends
52.79
+12.00%
47.14
-3.03%
48.61
-9.33%
53.61
Professional Expense And Contract Services Expense
—
—
—
0.00
Line Item Trend 2023-12-31
Total Assets
13,138.80
Cash And Cash Equivalents
729.73
Other Short Term Investments
8,327.15
Receivables
358.56
Accounts Receivable
35.34
Other Receivables
323.22
Goodwill And Other Intangible Assets
3,052.02
Other Intangible Assets
3,052.02
Investments And Advances
8,327.15
Total Liabilities Net Minority Interest
10,935.41
Payables And Accrued Expenses
775.24
Payables
775.24
Accounts Payable
141.77
Other Payable
574.74
Dividends Payable
58.73
Current Debt And Capital Lease Obligation
1,329.17
Current Debt
1,329.17
Other Current Borrowings
0.00
Long Term Debt And Capital Lease Obligation
563.85
Long Term Debt
563.85
Stockholders Equity
2,203.39
Common Stock Equity
1,590.18
Capital Stock
614.25
Common Stock
1.03
Preferred Stock
613.21
Share Issued
103.21
Ordinary Shares Number
103.21
Treasury Shares Number
0.00
Additional Paid In Capital
5,925.42
Retained Earnings
-4,159.85
Gains Losses Not Affecting Retained Earnings
-176.43
Other Equity Adjustments
-176.43
Total Equity Gross Minority Interest
2,203.39
Total Capitalization
2,767.24
Invested Capital
3,483.20
Total Debt
1,893.02
Net Debt
1,163.29
Net Tangible Assets
-848.63
Tangible Book Value
-1,461.84
Available For Sale Securities
8,327.06
Cash Cash Equivalents And Federal Funds Sold
1,078.92
Derivative Product Liabilities
21.51
Line Of Credit
1,329.17
Preferred Shares Number
25.36
Preferred Stock Equity
613.21
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
88.92
-55.76%
201.00
-41.49%
343.51
-44.90%
623.40
Cash Flow From Continuing Operating Activities
88.92
-55.76%
201.00
-41.49%
343.51
-44.90%
623.40
Net Income From Continuing Operations
-454.30
-252.36%
298.17
+380.31%
-106.37
-148.30%
220.24
Other Non Cash Items
233.84
+283.05%
61.05
-42.66%
106.47
+125.02%
-425.61
Stock Based Compensation
13.35
+21.97%
10.95
-0.27%
10.98
-5.62%
11.63
Operating Gains Losses
253.36
+332.73%
-108.86
-144.08%
246.97
-57.67%
583.40
Gain Loss On Investment Securities
96.30
+142.09%
39.78
-43.59%
70.52
-88.27%
601.21
Change In Working Capital
22.36
+128.63%
-78.12
-235.92%
57.47
-62.01%
151.27
Change In Receivables
4.10
+104.28%
2.01
+195.73%
0.68
+106.96%
-9.75
Changes In Account Receivables
4.10
+104.28%
2.01
+195.73%
0.68
+106.96%
-9.75
Change In Payables And Accrued Expense
-4.08
+92.69%
-55.78
-216.84%
47.74
-36.90%
75.65
Change In Payable
-4.08
+92.69%
-55.78
-216.84%
47.74
-36.90%
75.65
Change In Account Payable
-4.08
+92.69%
-55.78
-216.84%
47.74
-36.90%
75.65
Change In Other Working Capital
30.63
+152.67%
-58.15
-967.31%
-5.45
+72.58%
-19.87
Investing Cash Flow
911.61
+1.82%
895.28
+557.28%
-195.78
+92.88%
-2,751.28
Cash Flow From Continuing Investing Activities
911.61
+1.82%
895.28
+557.28%
-195.78
+92.88%
-2,751.28
Capital Expenditure
-103.99
+8.88%
-114.12
+63.50%
-312.64
+50.36%
-629.81
Net Investment Purchase And Sale
803.29
-18.18%
981.82
+224.30%
-789.90
+53.84%
-1,711.20
Purchase Of Investment
-9,603.50
-349.81%
-2,135.00
+48.26%
-4,126.20
+61.56%
-10,733.81
Sale Of Investment
10,406.79
+233.89%
3,116.82
-6.58%
3,336.30
-63.02%
9,022.61
Net Business Purchase And Sale
0.00
+100.00%
-20.98
-178.27%
26.80
0.00
Purchase Of Business
0.00
+100.00%
-20.98
—
0.00
Net Intangibles Purchase And Sale
335.09
+7810.33%
-4.35
+97.57%
-178.70
+51.44%
-367.98
Purchase Of Intangibles
-103.99
+8.88%
-114.12
+63.50%
-312.64
+50.36%
-629.81
Net Other Investing Changes
-425.62
-4089.73%
10.67
+128.97%
-36.82
-114.15%
260.16
Financing Cash Flow
-756.22
+29.55%
-1,073.47
-123.92%
-479.40
-141.12%
1,165.71
Cash Flow From Continuing Financing Activities
-756.22
+29.55%
-1,073.47
-123.92%
-479.40
-141.12%
1,165.71
Net Issuance Payments Of Debt
17.16
+102.80%
-612.42
-736.60%
96.20
-82.64%
554.30
Issuance Of Debt
658.41
+267.41%
179.21
-55.64%
404.00
-43.89%
720.00
Repayment Of Debt
-641.25
+19.00%
-791.62
-157.19%
-307.80
-85.75%
-165.70
Long Term Debt Issuance
110.59
0.00
0.00
-100.00%
720.00
Long Term Debt Payments
0.00
+100.00%
-305.45
-167.61%
-114.14
+31.12%
-165.70
Net Long Term Debt Issuance
110.59
+136.20%
-305.45
-167.61%
-114.14
-120.59%
554.30
Short Term Debt Issuance
547.83
+205.70%
179.21
-55.64%
404.00
0.00
Short Term Debt Payments
-641.25
-31.90%
-486.17
-151.04%
-193.66
0.00
Net Short Term Debt Issuance
-93.43
+69.56%
-306.97
-245.94%
210.34
0.00
Net Common Stock Issuance
0.28
+14.34%
0.24
-99.91%
268.62
+3961.35%
6.61
Common Stock Payments
0.00
0.00
+100.00%
-7.06
0.00
Common Stock Dividend Paid
-170.86
+8.96%
-187.68
+5.04%
-197.64
+16.03%
-235.37
Cash Dividends Paid
-222.39
+5.38%
-235.05
+4.68%
-246.60
+15.07%
-290.36
Repurchase Of Capital Stock
0.00
+100.00%
-11.10
+49.23%
-21.87
+57.45%
-51.40
Net Other Financing Charges
-1.75
—
—
—
Changes In Cash
244.31
+971.16%
22.81
+106.88%
-331.67
+65.53%
-962.16
Beginning Cash Position
817.64
+2.87%
794.83
-29.44%
1,126.51
-46.07%
2,088.67
End Cash Position
1,061.95
+29.88%
817.64
+2.87%
794.83
-29.44%
1,126.51
Free Cash Flow
-15.07
-117.34%
86.88
+181.42%
30.87
+581.77%
-6.41
Interest Paid Supplemental Data
487.75
-21.16%
618.66
+9.34%
565.83
+269.39%
153.18
Income Tax Paid Supplemental Data
24.62
+165.99%
9.26
+25.41%
7.38
—
Common Stock Issuance
0.28
+14.34%
0.24
-99.91%
275.67
+4068.04%
6.61
Issuance Of Capital Stock
0.28
+14.34%
0.24
-99.91%
275.67
+4068.04%
6.61
Net Preferred Stock Issuance
0.00
+100.00%
-11.10
+25.05%
-14.81
+71.18%
-51.40
Preferred Stock Dividend Paid
-51.53
-8.80%
-47.36
+3.26%
-48.96
+10.96%
-54.99
Preferred Stock Payments
0.00
+100.00%
-11.10
+25.05%
-14.81
+71.18%
-51.40
Sale Of Business
—
—
26.80
0.00
Sale Of Intangibles
439.08
+299.97%
109.78
-18.04%
133.94
-48.84%
261.83
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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