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Two Harbors Investment Corp.NYSE:TWO Stock Report

Market Cap US$1.3b
Share Price
n/a
1Y15.2%
7D1.6%
1D-0.2%
Portfolio Value
​
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Two Harbors Investment Corp.

NYSE:TWO Stock Report

Market Cap: US$1.3b

Two Harbors Investment (TWO) Stock Overview

Invests in, finances, and manages mortgage servicing rights (MSRs), agency residential mortgage-backed securities (RMBS), and other financial assets through RoundPoint in the United States. More details

TWO fundamental analysis
Snowflake Score
Valuation2/6
Future Growth3/6
Past Performance0/6
Financial Health3/6
Dividends3/6

Rewards

Earnings are forecast to grow 124.53% per year

Risk Analysis

Dividend of 10.96% is not well covered by earnings


TWO Community Fair Values

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Two Harbors Investment Corp. Competitors

Price History & Performance

Summary of share price highs, lows and changes for Two Harbors Investment
Historical stock prices
Current Share PriceUS$12.41
52 Week HighUS$14.17
52 Week LowUS$8.78
Beta1.04
1 Month Change0.65%
3 Month Change8.67%
1 Year Change15.23%
3 Year Change-6.69%
5 Year Change-58.41%
Change since IPO-84.17%

Recent News & Updates

Recent updates

Seeking Alpha • Oct 16

Why We View Two Harbors Investment Baby Bond As One Of The Safest In The Sector

Summary Two Harbors Investment baby bond offers an attractive yield of 8.88% with lower risk than common and preferred shares. TWO's strong capital buffer, high cash flow coverage, and 64% Agency MBS portfolio provide robust protection for TWOD investors. TWOD stands out in the mortgage REIT sector with one of the best equity-to-debt ratios and a stable dividend history. Compared to preferred stocks, TWOD delivers greater security and competitive yields, making it a compelling choice for income-focused investors. Read the full article on Seeking Alpha
Seeking Alpha • Oct 29

Two Harbors: Weak Earnings

Summary Two Harbors Investment Corp. is highly sensitive to interest rate changes, with Q3 earnings weak and dividend coverage increasingly opaque. The company's focus on mortgage servicing rights (MSRs) aims to reduce exposure to rate changes, but earnings indicate underlying issues. Q3 comprehensive income was $19.3 million, with a net loss of $250.2 million, with very little earnings available for distribution, raising concerns about dividend sustainability. Preferred shares are recommended over common stock due to better stability and less risk of dividend cuts. Read the full article on Seeking Alpha
Seeking Alpha • Jul 22

Two Harbors Preferreds Look Much Better Than The Common

Summary Two Harbors preferreds have significantly outperformed the common shares over the past five years. Structural aspects of mREITs like the requirement to pay out 90% of taxable income and the lack of real estate depreciation, favor preferreds over common shares. The conversion to a floating rate for Two Harbors preferreds offers the potential for significant capital appreciation. Read the full article on Seeking Alpha
Seeking Alpha • Jan 07

Two Harbors: A Mortgage REIT Recovery Play With A 13% Yield

Summary Two Harbors stock is a potentially attractive investment opportunity in the mortgage REIT sector. The Federal Reserve's decision to lower the federal fund rate in FY 2024 could benefit mortgage REITs by reducing interest expenses and reducing pressure on MBS values. As a result, Two Harbors may see improved portfolio performance and return to book value growth. Shares are trading at a 12% discount to book value and are cheaper than those of Annaly and AGNC. Read the full article on Seeking Alpha
Seeking Alpha • Sep 11

Two Harbors Investment: Mark-To-Market Books Can Be Deceiving

Summary Two Harbors Investment Corp. has experienced a decline in book value per share due to rising interest rates and mark-to-market adjustments. The future performance of Two Harbors will be heavily influenced by the trajectory of interest rates, but there are signs of inflation cooling which could reduce interest rate volatility. The new dividend level appears to be more sustainable and better covered by earnings. Read the full article on Seeking Alpha
Seeking Alpha • Jun 26

Two Harbors: One Yield Gets Fatter, The Other Is Cut

Summary Two Harbors' 25% dividend cut and declining book value render its common shares a risky investment. The preferred shares offer better value with a 10% yield on cost for 81 cents on the dollar. A possible normalization of macroeconomic conditions could lead to a recovery of the commons. Read the full article on Seeking Alpha

Shareholder Returns

TWOUS Mortgage REITsUS Market
7D1.6%3.3%0.3%
1Y15.2%2.2%19.9%

Return vs Industry: TWO exceeded the US Mortgage REITs industry which returned 0.5% over the past year.

Return vs Market: TWO underperformed the US Market which returned 19% over the past year.

Price Volatility

Is TWO's price volatile compared to industry and market?
TWO volatility
TWO Average Weekly Movement3.2%
Mortgage REITs Industry Average Movement3.6%
Market Average Movement7.3%
10% most volatile stocks in US Market16.8%
10% least volatile stocks in US Market3.1%

Stable Share Price: TWO has not had significant price volatility in the past 3 months compared to the US market.

Volatility Over Time: TWO's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2009486Bill Greenbergwww.twoinv.com

Two Harbors Investment Corp. invests in, finances, and manages mortgage servicing rights (MSRs), agency residential mortgage-backed securities (RMBS), and other financial assets through RoundPoint in the United States. The company target assets include agency RMBS collateralized by fixed rate mortgage loans, adjustable rate mortgage loans, hybrid mortgage loans, or derivatives; and other assets, such as financial and mortgage-related assets, comprising non-agency securities and non-hedging transactions. It qualifies as a REIT for federal income tax purposes.

Two Harbors Investment Corp. Fundamentals Summary

How do Two Harbors Investment's earnings and revenue compare to its market cap?
TWO fundamental statistics
Market capUS$1.31b
Earnings (TTM)-US$396.71m
Revenue (TTM)US$493.78m
2.6x
P/S Ratio
-3.3x
P/E Ratio

Is TWO overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
TWO income statement (TTM)
RevenueUS$493.78m
Cost of RevenueUS$11.38m
Gross ProfitUS$482.40m
Other ExpensesUS$879.11m
Earnings-US$396.71m

Last Reported Earnings

Mar 31, 2026

Next Earnings Date

n/a

Earnings per share (EPS)-3.78
Gross Margin97.70%
Net Profit Margin-80.34%
Debt/Equity Ratio479.2%

How did TWO perform over the long term?

See historical performance and comparison

Dividends

11.0%
Current Dividend Yield
-37%
Payout Ratio

Does TWO pay a reliable dividends?

See TWO dividend history and benchmarks
When do you need to buy TWO by to receive an upcoming dividend?
Two Harbors Investment dividend dates
Ex Dividend DateJul 02 2026
Dividend Pay DateJul 15 2026
Days until Ex dividend2 days
Days until Dividend pay date15 days

Does TWO pay a reliable dividends?

See TWO dividend history and benchmarks

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/29 09:53
End of Day Share Price 2026/06/29 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Two Harbors Investment Corp. is covered by 24 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Bruce HartingBarclays
Kenneth BruceBofA Global Research
Jessica Levi-RibnerB. Riley Securities, Inc.