Two Harbors Investment Corp. TWO
Two Harbors Investment Corp. (TWO) operates as a Real Estate Investment Trust (REIT) with a strategic focus on the U.S. mortgage market. The firm is actively involved in acquiring, funding, and overseeing a diverse portfolio of financial instruments, primarily residential mortgage-backed securities (RMBS). This portfolio encompasses both agency RMBS – which are often backed by fixed-rate, adjustable-rate, and hybrid adjustable-rate mortgage loans – as well as non-agency securities, mortgage servicing rights (MSRs), and other related financial assets. Being structured as a REIT grants the company specific federal income tax advantages, contingent on distributing a minimum of 90% of its annual taxable earnings to its shareholders. Established in 2009, Two Harbors Investment Corp. maintains its corporate headquarters in Minnetonka, Minnesota.
Business overview written from the company's own Form 10-K (Item 1), filed 2026-02-17 — refreshed whenever it files a new one. The figures above are current; see its SEC filings. ✓ From the 10-K
Plain-English: the Snapshot is the quick read — what it pays you (yield, dividend), how its cash flow looks (FFO/AFFO, Price/OCF) and how much debt it carries. Switch to Expert in the header to hide these explanations.
Snapshot
Reported FFO / EAD / leverage are from the Q1 2026 earnings release (filed 2026-04-28) — 8-K, EX-99.1 ✓ Verified to filing.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
$10,000 invested
Illustrative income only, at today's price and latest declared dividend — it excludes price changes, dividend cuts and taxes. Not a forecast.
Model TWO yourself — any amount, shares, per-payment & a multi-year DRIP projection →
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $605.61M | $-454.30M | $0.00 | $45.52M | $88.92M |
| 2024 | $845.84M | $298.17M | $0.00 | $952.56M | $201.00M |
| 2023 | $640.49M | $-106.37M | $0.00 | $559.83M | $343.51M |
| 2022 | $12.61M | $220.24M | $0.00 | $582.85M | $623.40M |
| 2021 | $-142.91M | $187.23M | $0.00 | $280.59M | $423.51M |
| 2020 | $-862.56M | $-1.63B | $0.00 | $-1.38B | $631.60M |
Dividends
Recent regular dividends per share (special distributions excluded), oldest → newest.
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-07-02 | 2026-07-02 | 2026-07-15 | 2026-06-18 | $0.34 | Quarterly |
| 2026-04-02 | 2026-04-02 | 2026-04-15 | 2026-03-19 | $0.34 | Quarterly |
| 2026-01-05 | 2026-01-05 | 2026-01-29 | 2025-12-18 | $0.34 | Quarterly |
| 2025-10-03 | 2025-10-03 | 2025-10-29 | 2025-08-20 | $0.34 | Quarterly |
| 2025-07-03 | 2025-07-03 | 2025-07-29 | 2025-06-18 | $0.39 | Quarterly |
| 2025-04-04 | 2025-04-04 | 2025-04-29 | 2025-03-19 | $0.45 | Quarterly |
| 2025-01-03 | 2025-01-03 | 2025-01-29 | 2024-12-18 | $0.45 | Quarterly |
| 2024-10-01 | 2024-10-01 | 2024-10-29 | 2024-09-19 | $0.45 | Irregular |
| 2024-07-05 | 2024-07-05 | 2024-07-29 | 2024-06-18 | $0.45 | Quarterly |
| 2024-04-03 | 2024-04-04 | 2024-04-29 | 2024-03-20 | $0.45 | Quarterly |
| 2024-01-11 | 2024-01-12 | 2024-01-29 | 2023-12-18 | $0.45 | Quarterly |
| 2023-10-02 | 2023-10-03 | 2023-10-27 | 2023-09-19 | $0.45 | Quarterly |
| 2023-07-03 | 2023-07-05 | 2023-07-28 | 2023-06-21 | $0.45 | Quarterly |
| 2023-04-03 | 2023-04-04 | 2023-04-28 | 2023-03-23 | $0.60 | Quarterly |
| 2023-01-04 | 2023-01-05 | 2023-01-27 | 2022-12-19 | $0.60 | Quarterly |
| 2022-09-30 | 2022-10-03 | 2022-10-28 | 2022-09-21 | $0.17 | Quarterly |
| 2022-07-01 | 2022-07-05 | 2022-07-29 | 2022-06-22 | $0.17 | Quarterly |
| 2022-04-01 | 2022-04-04 | 2022-04-29 | 2022-03-23 | $0.17 | Quarterly |
| 2021-12-28 | 2021-12-29 | 2022-01-28 | 2021-12-16 | $0.17 | Quarterly |
| 2021-09-30 | 2021-10-01 | 2021-10-29 | 2021-09-21 | $0.17 | Quarterly |
| 2021-06-28 | 2021-06-29 | 2021-07-29 | 2021-06-17 | $0.17 | Quarterly |
| 2021-03-26 | 2021-03-29 | 2021-04-29 | 2021-03-18 | $0.17 | Quarterly |
| 2020-12-29 | 2020-12-30 | 2021-01-29 | 2020-12-17 | $0.17 | Quarterly |
| 2020-09-30 | 2020-10-01 | 2020-10-29 | 2020-09-21 | $0.14 | Quarterly |
Coverage (payout of operating cash flow): 159.32%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Recent news — TWO
T2 Metals Advances Its Sherridon Copper-Zinc-Gold-Silver Project in Manitoba, Canada, with Robust Historical Metallurgical Test Results
T2 Metals Commences First-Ever Surface Diamond Drill Program at the Shanghai Project, Yukon, Canada
TWO Announces Intention to Voluntarily Delist and Deregister 9.375% Senior Notes due 2030 from the New York Stock Exchange
TWO Announces Offer to Repurchase 9.375% Senior Notes due 2030 and Satisfaction and Discharge of the Related Indenture
Geomorphic AI Engaged by T2 Metals to Advance Drill Targeting at the Cora Copper Project in Arizona
T2 Metals Engages Geomorphic AI to Advance Drill Targeting at the Cora Copper Project, Arizona, USA
T2 Metals Discovers High-Grade Gold and Defines New Targets at Aurora Gold Project, Yukon, Canada
TWO Announces Redemption of Series A, Series B and Series C Cumulative Redeemable Preferred Stock
Headlines via Financial Modeling Prep; links open the original publisher in a new tab. Not an endorsement or investment advice.
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Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.