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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - |
| Total Operating Expenses | $560.49M | $165.99M | $115.18M | $176.85M | $150.05M | $198.06M |
| D&A | - | - | - | - | - | - |
| Operating Income | ($445.43M) | $344.75M | ($83.39M) | $324.45M | $191.42M | ($1.67B) |
| Interest Expense | - | $607.81M | $643.23M | $258.39M | $89.17M | $281.25M |
| Income Tax | $8.87M | $46.59M | $22.98M | $104.21M | $4.19M | ($35.69M) |
| Net Income | ($454.30M) | $298.17M | ($106.37M) | $220.24M | $187.23M | ($1.63B) |
| EPS - Basic | ($4.88) | $2.41 | ($1.60) | $2.15 | $1.72 | ($24.96) |
| EPS - Diluted | ($4.88) | $2.37 | ($1.60) | $2.13 | $1.72 | ($24.96) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $842.32M | $504.61M | $729.73M | $683.48M | $1.15B | $1.38B |
| Accounts Receivable | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - |
| Total Assets | $10.86B | $12.20B | $13.14B | $13.47B | $12.11B | $19.52B |
| Current Liabilities | - | - | - | - | - | - |
| Long-term Debt | $8.56B | - | - | - | - | - |
| Total Liabilities | $9.07B | $10.08B | $10.94B | $11.28B | $9.37B | $16.43B |
| Stockholders' Equity | $1.79B | $2.12B | $2.20B | $2.18B | $2.74B | $3.09B |
| Retained Earnings | - | - | - | - | - | - |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $88.92M | $201.00M | $343.51M | $623.40M | $423.51M | $631.60M |
| Investing Cash Flow | $911.61M | $895.28M | ($195.78M) | ($2.75B) | $6.31B | $14.90B |
| Financing Cash Flow | ($756.22M) | ($1.07B) | ($479.40M) | $1.17B | ($7.30B) | ($14.51B) |
| CapEx | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| 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 | - | 13.5% | - | 32.1% | 2.2% | - |
| Return on assets | -4.2% | 2.4% | -0.8% | 1.6% | 1.5% | -8.4% |
| Return on equity | -25.4% | 14.0% | -4.8% | 10.1% | 6.8% | -52.8% |
| Return on invested capital | -3.4% | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - |
| Leverage | ||||||
| Debt / Equity | 4.79 | - | - | - | - | - |
| Debt / Assets | 0.79 | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | 0.6x | -0.1x | 1.3x | 2.1x | -5.9x |
| Equity multiplier | 6.07 | 5.75 | 5.96 | 6.17 | 4.41 | 6.32 |
| Liabilities / Assets | 0.84 | 0.83 | 0.83 | 0.84 | 0.77 | 0.84 |
| Efficiency | ||||||
| Asset turnover | - | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | 5.0x | - | 7.4x | 13.4x | - |
| P / B | 0.6x | 0.6x | 0.6x | 0.7x | 2.5x | 2.3x |
| P / S | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | - | - | - | 69.5% | - | - |
| Net income growth (YoY) | - | - | - | 17.6% | - | - |
| EPS growth (YoY) | - | - | - | 23.8% | - | - |
| EPS CAGR (3y) | - | 11.3% | - | 31.8% | - | - |
| EPS CAGR (5y) | - | 20.6% | - | 1.0% | - | - |
| FCF growth (YoY) | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -15.8% | -3.7% | 0.9% | -20.4% | -11.2% | -37.9% |
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
3/9
Weak
- ✗Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- -Current ratio improved
- ✓No share dilution
- -Gross margin improved
- -Asset turnover improved
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 |