Two Harbors Investment Corp.

NYSE:TWO Stock Report

Market Cap: US$1.3b

Two Harbors Investment Past Earnings Performance

Past criteria checks 0/6

Two Harbors Investment's earnings have been declining at an average annual rate of -58.8%, while the Mortgage REITs industry saw earnings declining at 1.7% annually. Revenues have been declining at an average rate of 3.8% per year.

Key information

-58.78%

Earnings growth rate

-61.41%

EPS growth rate

Mortgage REITs Industry Growth4.45%
Revenue growth rate-3.84%
Return on equity-19.81%
Net Margin-80.34%
Last Earnings Update31 Mar 2026

Recent past performance updates

Recent updates

Seeking Alpha • Oct 16

Why We View Two Harbors Investment Baby Bond As One Of The Safest In The Sector

Summary Two Harbors Investment baby bond offers an attractive yield of 8.88% with lower risk than common and preferred shares. TWO's strong capital buffer, high cash flow coverage, and 64% Agency MBS portfolio provide robust protection for TWOD investors. TWOD stands out in the mortgage REIT sector with one of the best equity-to-debt ratios and a stable dividend history. Compared to preferred stocks, TWOD delivers greater security and competitive yields, making it a compelling choice for income-focused investors. Read the full article on Seeking Alpha
Seeking Alpha • Oct 29

Two Harbors: Weak Earnings

Summary Two Harbors Investment Corp. is highly sensitive to interest rate changes, with Q3 earnings weak and dividend coverage increasingly opaque. The company's focus on mortgage servicing rights (MSRs) aims to reduce exposure to rate changes, but earnings indicate underlying issues. Q3 comprehensive income was $19.3 million, with a net loss of $250.2 million, with very little earnings available for distribution, raising concerns about dividend sustainability. Preferred shares are recommended over common stock due to better stability and less risk of dividend cuts. Read the full article on Seeking Alpha
Seeking Alpha • Jul 22

Two Harbors Preferreds Look Much Better Than The Common

Summary Two Harbors preferreds have significantly outperformed the common shares over the past five years. Structural aspects of mREITs like the requirement to pay out 90% of taxable income and the lack of real estate depreciation, favor preferreds over common shares. The conversion to a floating rate for Two Harbors preferreds offers the potential for significant capital appreciation. Read the full article on Seeking Alpha
Seeking Alpha • Jan 07

Two Harbors: A Mortgage REIT Recovery Play With A 13% Yield

Summary Two Harbors stock is a potentially attractive investment opportunity in the mortgage REIT sector. The Federal Reserve's decision to lower the federal fund rate in FY 2024 could benefit mortgage REITs by reducing interest expenses and reducing pressure on MBS values. As a result, Two Harbors may see improved portfolio performance and return to book value growth. Shares are trading at a 12% discount to book value and are cheaper than those of Annaly and AGNC. Read the full article on Seeking Alpha
Seeking Alpha • Sep 11

Two Harbors Investment: Mark-To-Market Books Can Be Deceiving

Summary Two Harbors Investment Corp. has experienced a decline in book value per share due to rising interest rates and mark-to-market adjustments. The future performance of Two Harbors will be heavily influenced by the trajectory of interest rates, but there are signs of inflation cooling which could reduce interest rate volatility. The new dividend level appears to be more sustainable and better covered by earnings. Read the full article on Seeking Alpha
Seeking Alpha • Jun 26

Two Harbors: One Yield Gets Fatter, The Other Is Cut

Summary Two Harbors' 25% dividend cut and declining book value render its common shares a risky investment. The preferred shares offer better value with a 10% yield on cost for 81 cents on the dollar. A possible normalization of macroeconomic conditions could lead to a recovery of the commons. Read the full article on Seeking Alpha

Revenue & Expenses Breakdown

How Two Harbors Investment makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

NYSE:TWO Revenue, expenses and earnings (USD Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
31 Mar 26494-397950
31 Dec 25370-508950
30 Sep 25532-243910
30 Jun 25258-351900
31 Mar 25342-34900
31 Dec 24593250900
30 Sep 2489-458890
30 Jun 2451285780
31 Mar 24615227650
31 Dec 23237-153530
30 Sep 2334229390
30 Jun 23339-1400
31 Mar 2311-274430
31 Dec 2276186410
30 Sep 22392432400
30 Jun 22180222390
31 Mar 22436176390
31 Dec 21456128350
30 Sep 21533335400
30 Jun 21615466470
31 Mar 21690405550
31 Dec 20-532-1,706690
30 Sep 20-580-1,7821030
30 Jun 20-214-1,6791060
31 Mar 20-246-1,5961020
31 Dec 191,200248930
30 Sep 19664-441640
30 Jun 19255-711430
31 Mar 19209-476420
31 Dec 18316-110660
30 Sep 18850614380
30 Jun 18822681520
31 Mar 18749546490
31 Dec 17519283400
30 Sep 17554439420
30 Jun 17578473430
31 Mar 17572465450
31 Dec 16551318470
30 Sep 16572223540
30 Jun 1645770550
31 Mar 16620308540
31 Dec 15718492540
30 Sep 15531245550
30 Jun 15758473550

Quality Earnings: TWO is currently unprofitable.

Growing Profit Margin: TWO is currently unprofitable.

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: TWO is unprofitable, and losses have increased over the past 5 years at a rate of 58.8% per year.

Accelerating Growth: Unable to compare TWO's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: TWO is unprofitable, making it difficult to compare its past year earnings growth to the Mortgage REITs industry (4.1%).

Return on Equity

High ROE: TWO has a negative Return on Equity (-19.81%), as it is currently unprofitable.

Return on Assets

Return on Capital Employed

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/22 14:28
End of Day Share Price 2026/06/22 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Two Harbors Investment Corp. is covered by 24 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Bruce HartingBarclays
Kenneth BruceBofA Global Research
Jessica Levi-RibnerB. Riley Securities, Inc.