TWO · Two Harbors Investment Corp. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | - | - | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - | - | - | - | - |
| Total Operating Expenses | $49.45M | - | $219.42M | $242.71M | $47.09M | - | $38.59M | $38.94M | $47.58M | - |
| D&A | - | - | - | - | - | - | - | - | - | - |
| Operating Income | $36.35M | - | ($126.72M) | ($257.38M) | ($78.62M) | - | ($248.94M) | $70.54M | $215.56M | - |
| Interest Expense | - | - | $117.12M | $136.70M | $131.71M | - | $154.93M | $154.21M | $160.00M | - |
| Income Tax | $4.07M | - | $1.20M | $1.66M | $431.0K | - | ($10.46M) | $14.20M | $11.97M | - |
| Net Income | $32.28M | - | ($127.92M) | ($259.04M) | ($79.06M) | - | ($238.49M) | $56.34M | $203.59M | - |
| EPS - Basic | $0.18 | - | ($1.36) | ($2.62) | ($0.89) | - | ($2.42) | $0.43 | $1.85 | - |
| EPS - Diluted | $0.18 | - | ($1.36) | ($2.62) | ($0.89) | - | ($2.42) | $0.43 | $1.73 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $476.31M | $842.32M | $770.53M | $657.82M | $573.88M | $504.61M | $522.58M | $624.20M | $666.24M | $729.73M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - | - | - | - | - |
| Total Assets | $10.53B | $10.86B | $10.87B | $12.96B | $13.68B | $12.20B | $12.89B | $12.85B | $13.16B | $13.14B |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - |
| Long-term Debt | $8.29B | $8.56B | $8.43B | $10.18B | - | - | - | - | - | - |
| Total Liabilities | $8.80B | $9.07B | $9.09B | $11.07B | $11.54B | $10.08B | $10.72B | $10.65B | $10.92B | $10.94B |
| Stockholders' Equity | $1.73B | $1.79B | $1.77B | $1.89B | $2.15B | $2.12B | $2.17B | $2.20B | $2.24B | $2.20B |
| Retained Earnings | - | - | - | - | - | - | - | - | - | - |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $56.58M | - | - | - | $111.91M | - | - | - | ($8.67M) | - |
| Investing Cash Flow | ($38.14M) | - | - | - | ($2.03B) | - | - | - | ($347.71M) | - |
| Financing Cash Flow | ($320.24M) | - | - | - | $1.80B | - | - | - | $299.97M | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | - | - | - | - | - | - | - | - | - | - |
| EBITDA margin | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | 11.2% | - | - | - | - | - | - | 20.1% | 5.6% | - |
| Return on assets | 0.3% | - | -1.2% | -2.0% | -0.6% | - | -1.9% | 0.4% | 1.5% | - |
| Return on equity | 1.9% | - | -7.2% | -13.7% | -3.7% | - | -11.0% | 2.6% | 9.1% | - |
| Return on invested capital | 0.3% | - | -1.0% | -1.7% | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | - | - | - | - | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - | - | - | - | - |
| Leverage | ||||||||||
| Debt / Equity | 4.79 | 4.79 | 4.76 | 5.40 | - | - | - | - | - | - |
| Debt / Assets | 0.79 | 0.79 | 0.78 | 0.79 | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | -1.1x | -1.9x | -0.6x | - | -1.6x | 0.5x | 1.3x | - |
| Equity multiplier | 6.08 | 6.07 | 6.13 | 6.87 | 6.37 | 5.75 | 5.94 | 5.85 | 5.88 | 5.96 |
| Liabilities / Assets | 0.84 | 0.84 | 0.84 | 0.85 | 0.84 | 0.83 | 0.83 | 0.83 | 0.83 | 0.83 |
| Efficiency | ||||||||||
| Asset turnover | - | - | - | - | - | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 63.4x | - | - | - | - | - | - | 30.7x | 7.7x | - |
| P / B | 0.7x | - | 0.6x | 0.6x | 0.6x | - | 0.7x | 0.6x | 0.7x | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | - | - | 49.1% | - | - | - | - | -67.5% | - | - |
| Net income growth (YoY) | - | - | 46.4% | - | - | - | - | -71.5% | - | - |
| EPS growth (YoY) | - | - | 43.8% | - | - | - | - | -76.1% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | 32.7% | - |
| EPS CAGR (5y) | -24.6% | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -19.3% | -15.8% | -18.3% | -14.1% | -4.2% | -3.7% | 2.5% | -0.9% | -0.2% | 0.9% |
Peer comparison
Same SIC group: Real Estate Investment Trusts
Comparing TWO HARBORS INVESTMENT CORP. against the 5 most active filers in the same SIC group.
Dividends
$1.41/share trailing 12 months · -21.7% YoY
| Ex-date | Per share |
|---|---|
| Apr 2, 2026 | $0.3400 |
| Jan 5, 2026 | $0.3400 |
| Oct 3, 2025 | $0.3400 |
| Jul 3, 2025 | $0.3900 |
| Apr 4, 2025 | $0.4500 |
| Jan 3, 2025 | $0.4500 |
| Oct 1, 2024 | $0.4500 |
| Jul 5, 2024 | $0.4500 |
| Apr 3, 2024 | $0.4500 |
| Jan 11, 2024 | $0.4500 |
| Oct 2, 2023 | $0.4500 |
| Jul 3, 2023 | $0.4500 |
| Apr 3, 2023 | $0.6000 |
| Jan 4, 2023 | $0.6000 |
| Sep 30, 2022 | $0.6800 |
| Jul 1, 2022 | $0.6800 |
| Apr 1, 2022 | $0.6800 |
| Dec 28, 2021 | $0.6800 |
| Sep 30, 2021 | $0.6800 |
| Jun 28, 2021 | $0.6800 |
| Mar 26, 2021 | $0.6800 |
| Dec 29, 2020 | $0.6800 |
| Sep 30, 2020 | $0.5600 |
| Jun 29, 2020 | $0.5600 |