Two Harbors Investment Corp. TWO
Two Harbors Investment Corp., or TWO, a Maryland corporation, is a real estate investment trust that invests in mortgage servicing rights, residential mortgage-backed securities, and other financial assets.
Snapshot
Reported FFO / EAD / leverage are from the Q1 2026 earnings release (filed 2026-04-28) — 8-K, EX-99.1.
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.
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
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 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 |
| 2020-06-29 | 2020-06-30 | 2020-07-29 | 2020-06-18 | $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).
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.