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 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
BlackRock Inc. Buys New Holdings in Two Harbors Investments Corp $TWO
TWO Completes Merger with CrossCountry Mortgage
TWO Announces Receipt of Final Regulatory Approval for Merger with CrossCountry Mortgage
3 High Yield Mortgage REITs Running Very Different Playbooks
California State Teachers Retirement System Raises Position in Two Harbors Investments Corp $TWO
TWO Responds to Baseless Claims by UWMC
Headlines via Financial Modeling Prep; links open the original publisher in a new tab. Not an endorsement or investment advice.
Other Mortgage REITs
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.