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Two Harbors Investment Corp.(NYSE) TWO

Market Cap$1.26BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.
Since IPO (2009)+67%
5 Year-6%
1 Year+35%
1 Month-1%
$12.01
+0.13%
+0.01Today
After hours$12.02+$0.01 (+0.08%)
Two Harbors Investment Corp. last closing stock price
MetricPriceDate
Last closeUSD 12.012026-08-19
Two Harbors Investment Corp. stock price return by period
PeriodPrice returnPrice at period startPeriod start date
1 week-0.25%USD 12.042026-08-12
1 month-0.74%USD 12.102026-07-20
3 month-1.2%USD 12.162026-05-21
Year to date+25.29%USD 9.592025-12-31
1 year+35.2%USD 8.882025-08-19
3 year+38.92%USD 8.652023-08-18
5 year-6.03%USD 12.782021-08-20
Since inception+66.87%USD 7.202009-10-29

Two Harbors Investment Corp. Financials at a Glance

Market Cap

$1.26BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

Revenue (TTM)

$858.34M

Net Income (TTM)

-$21.68M

EPS (TTM)

-$0.72

P/E Ratio

-16.72

Dividend

$1.36

Beta (Volatility)

0.86 (Low)

Price

$12.01

Volume

5

Open

$12.03

Previous Close

$12.01

Daily Range

$12.00 - $12.03

52-Week Range

$8.78 - $14.17

Estimated Earnings Date

Oct 26, 2026

TWO News

Home Keys on Hook

Why Two Harbors Investment Jumped 15.5% Today

Travis HoiumOct 31, 2023
Financial data

Here's How Two Harbors Can Afford Its 13% Dividend Yield

Brent Nyitray, CFAAug 11, 2023
Generic mortgage

Two Harbors Reports Another Decline In Book Value. Is the Dividend Safe?

Brent Nyitray, CFAMay 7, 2023
Financial data

Servicing Drives Two Harbors Investment, But Risks Remain

Brent Nyitray, CFAMar 1, 2023
Interest Rates

Why Is Two Harbors' Dividend Yield So High?

Brent Nyitray, CFADec 18, 2022
Generic mortgage

Two Harbors Investors Should Be Careful With the Dividend

Brent Nyitray, CFANov 16, 2022
Scale with house on one side and bag of money on the other

Why Two Harbors Stock Was All Wet Today

Eric VolkmanJul 13, 2021
Generic Downward stock3

Why Shares of Two Harbors Fell Today

Bram BerkowitzMay 6, 2021
Page 1

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About Two Harbors Investment Corp.

Two Harbors Investment Corp. helps manage the financial side of home ownership by investing in mortgage assets. It uses a specialized strategy to balance risks when interest rates change. This approach helps create steady returns from the U.S. housing market.

Balancing the Mortgage Market

  • Agency RMBS: Government-guaranteed residential mortgage-backed securities; represents 68.8% of the investment portfolio as of June 30, 2026.
  • Mortgage Servicing Rights: Rights to collect fees for managing mortgage payments and administrative tasks; accounts for 31.2% of the investment portfolio.
  • RoundPoint Mortgage Servicing: Internal operational platform that services conventional loans for the company and third-party clients.
  • Mortgage Originations: Direct-to-consumer platform used to create new mortgage loans and retain existing borrowers in the portfolio.

Recent Strategic Shifts

  • Entered a definitive merger agreement with CrossCountry Intermediate Holdco, LLC on March 27, 2026.
  • Terminated a prior merger agreement with UWM Holdings Corporation in March 2026 after receiving a superior proposal.
  • Increased the merger payout to $12.00 per share through an amendment in May 2026.
  • Authorized a pro-rated stub period dividend for the quarter in which the merger is expected to close.

Hedging Risk with Hybrid Assets

Two Harbors pairs mortgage servicing assets with government-backed securities to hedge against interest rate and mortgage spread risks. This paired construction aims to provide more stable performance than portfolios that only hold mortgage-backed securities.

By the Numbers

  • Net servicing income was $125.9 million for the three months ended June 30, 2026.
  • Total investment portfolio carrying value was $7.5 billion at June 30, 2026, down from $9.0 billion on Dec. 31, 2025.
  • Book value per common share was $10.68 on June 30, 2026, a decrease from $11.13 on Dec. 31, 2025.
  • Comprehensive income for common stockholders reached $47.9 million for the three months ended June 30, 2026.
  • The economic debt-to-equity ratio reached 6.0:1.0 on June 30, 2026, a decrease from 7.0:1.0 on Dec. 31, 2025.

Moving Toward a Merger

Two Harbors has evolved from an externally managed firm into an integrated mortgage platform with internal servicing and origination capabilities. The company is now in the final stages of a merger to become a private subsidiary of CrossCountry.

AI Generated • Jul 29, 2026

Industry

Mortgage Real Estate Investment Trusts (REITs)

Sector

Financials

Employees

486

CEO

William Greenberg, PhD

Website

www.twoinv.com

Headquarters

Saint Louis Park, MN 55416, US

TWO Financials

Key Financial Metrics (TTM)

Gross Margin

78.00%

Operating Margin

49.79%

Net Income Margin

-2.53%

Return on Equity

-1.23%

Return on Capital

4.02%

Return on Assets

-0.25%

Earnings Yield

-5.98%

Dividend Yield

11.32%

Payout Ratio

-9.28%

Stock Overview

Market Cap

$1.26BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

Shares Outstanding

105.14M

Volume

5

Avg. Volume

2.26M

Financials (TTM)

Gross Profit

$669.55M

Operating Income

$427.39M

EBITDA

$318.24M

Operating Cash Flow

$127.22M

Capital Expenditure

-$13.81M

Free Cash Flow

$113.40M

Cash & ST Invst.

$5.73B

Total Debt

$6.62B

Two Harbors Investment Corp. Performance Analysis

Two Harbors Investment Corp. annual revenue and year-over-year revenue growth by fiscal year
Fiscal yearPeriod endRevenueYoY growth
20222022-12-31USD 12,606,000N/A
20232023-12-31USD 640,485,0004980.8%
20242024-12-31USD 847,319,00032.3%
20252025-12-31USD 610,314,000-28.0%
Two Harbors Investment Corp. sequential (quarter-over-quarter) revenue growth by fiscal quarter
Fiscal quarterPeriod endQoQ growth
Q32025-09-30107.4%
Q42025-12-31-27.5%
Q12026-03-3122.0%
Q22026-06-30-2.8%
Two Harbors Investment Corp. annual diluted earnings per share and year-over-year EPS growth by fiscal year
Fiscal yearPeriod endDiluted EPSYoY growth
20222022-12-31USD 1.9412.5%
20232023-12-31USD -1.59N/A
20242024-12-31USD 2.37N/A
20252025-12-31USD -4.88N/A
Two Harbors Investment Corp. sequential (quarter-over-quarter) diluted earnings per share growth by fiscal quarter
Fiscal quarterPeriod endQoQ growth
Q32025-09-3048.1%
Q42025-12-3198.9%
Q12026-03-311276.5%
Q22026-06-30155.6%

Revenue Growth Rate

Annual and quarterly growth comparison

Earnings Per Share Growth Rate

Annual and quarterly EPS growth comparison

Quarterly Performance

Name
Q2 2026YOY CHG

Revenue

$212.61M

+78.1%

Gross Profit

$119.84M

-2.9%

Gross Margin

56.37%

N/A

Market Cap

$1.26BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

N/A

Market Cap/Employee

$2.60M

N/A

Employees

486

N/A

Net Income

$62.25M

+124.0%

EBITDA

$68.44M

+156.7%

Quarterly Fundamentals

Name
Q2 2026YOY CHG

Total Cash

$5.73B

+771.3%

Total Debt

$6.62B

-35.0%

Accounts Receivable

$23.14M

-37.1%

Inventory

$0.00

N/A

Long Term Debt

$111.35M

-70.1%

Short Term Debt

$6.51B

-33.6%

Return on Assets

-0.25%

N/A

Return on Invested Capital

13.41%

N/A

Free Cash Flow

$190.98M

+2378.1%

Operating Cash Flow

$192.74M

+94.5%

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Questions About TWO

What is the current price of Two Harbors Investment Corp.?

Two Harbors Investment Corp. is trading at $12.01 per share.

What is the 52-week range for Two Harbors Investment Corp.?

Over the past 52 weeks, Two Harbors Investment Corp. has traded between $8.78 and $14.17.

How much debt does Two Harbors Investment Corp. have?

As of the most recent reporting period, Two Harbors Investment Corp. reported total debt of $6.62B.

How much cash does Two Harbors Investment Corp. have on hand?

Two Harbors Investment Corp. reported $865.07M in cash and cash equivalents in its most recent financial results.

What is Two Harbors Investment Corp.’s dividend yield?

Two Harbors Investment Corp. currently has a dividend yield of 11.32%.

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