Two Harbors Investment Corp.
TWO · Price history
Price chart data is not currently available.
Company & revenue
About Two Harbors Investment Corp.
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
Two Harbors Investment Corp. (TWO) operates as a Real Estate Investment Trust (REIT) with a strategic focus on the U. S. mortgage market.
How they make money
Two Harbors Investment Corp. is a mortgage real estate investment trust (REIT) that generates income primarily through the acquisition and management of mortgage servicing rights (MSRs) and residential mortgage-backed securities (RMBS). The company utilizes its operational platform, RoundPoint Mortgage Servicing LLC, to service mortgage loans, earning fee income while managing interest rate risk and credit exposure through hedging strategies and financing arrangements.
Products & services
The company focuses on MSR-related investments and residential mortgage-backed securities, providing mortgage servicing operations through its subsidiary, RoundPoint Mortgage Servicing LLC.
Brands & revenue mix
A wholly-owned subsidiary providing mortgage servicing operations.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer types
- Residential mortgage borrowersSource
Customer concentration
No quantified customer-concentration disclosure is available in the current saved research.
Suppliers, materials & equipment
- Financial institutions and counterparties — Various financial institutions provide repurchase agreements and other financing facilities necessary for the company's investment activities.Source
Strengths
Sources
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
23
Poor
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
28
Poor
Financial Strength
30
Business Quality / Moat
8
Management
18
Growth Quality
73
Risk / Durability
22
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
39
Avoid
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
46/100
Building Historical Record
Model Score 46/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as less attractive based on the available valuation and market data.
The model outlook is currently cautious.
No strong positive signal is being highlighted from the currently available summary data.
- •High debt risk
- •Distress / listing headline · Sep 14, 2026
- •M&A headline · Aug 25, 2026
- •M&A headline · Aug 21, 2026
- •Valuation is a weaker part of the current profile
Company-specific research
Questions worth answering for TWO
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •Can TWO maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
- •How long can TWO fund negative free cash flow using its current cash position before it may need more debt or new shares?
- •Is TWO's debt load manageable relative to cash generation, interest costs and upcoming maturities?
- •What specifically needs to improve for TWO to reach sustainable profitability?
- •What future growth or profitability would be needed to justify TWO's current valuation?
Essential Investment Snapshot
Wall Street Score
23
Opportunity Score
39
Market Cap
$1.28B
P/E Ratio
-16.8
EPS
$-0.73
52-Week High
$14.17
52-Week Low
$8.78
Beta
1.05
Analyst Target
$13.00
Shares Outstanding
104.2M
Total Revenue
$858.3M
Total Debt
$6.62B
Dividend Yield (TTM)
8.37%
Liquidation Value / Share
$16.75
Dividend / Share (TTM)
$1.02
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Notices for TWO
Detected from reported data — verify before acting.Dividend history reported
Dividend payments are recorded. Review the dates and regular/special classification below; past payments do not guarantee future dividends.
High debt risk
Total debt is at least one year of revenue • Interest coverage is below 2x • Free cash flow is negative • Cash covers less than 20% of total debt
Distress / listing headline · Sep 14, 2026
TWO Announces Intention to Voluntarily Delist and Deregister 9.375% Senior Notes due 2030 from the New York Stock Exchange — This is a provider-linked headline, not an independently confirmed event. Check the article and company filings for the subject, proposed/completed status, and subsequent updates.
Business WireM&A headline · Aug 25, 2026
TWO Completes Merger with CrossCountry Mortgage — This is a provider-linked headline, not an independently confirmed event. Check the article and company filings for the subject, proposed/completed status, and subsequent updates.
Business WireM&A headline · Aug 21, 2026
TWO Announces Receipt of Final Regulatory Approval for Merger with CrossCountry Mortgage — This is a provider-linked headline, not an independently confirmed event. Check the article and company filings for the subject, proposed/completed status, and subsequent updates.
Business WireCommunity Sentiment
0 active · 0 total callsNo personal call yet on TWO.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Specialized expertise in MSR and RMBS investment management.
- +Integrated operational platform through RoundPoint Mortgage Servicing LLC.
Potential downside factors
- −Debt risk (high): Total debt is at least one year of revenue.
- −Interest coverage is below 2x.
- −Free cash flow is negative.
- −Cash covers less than 20% of total debt.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
2 historical score records availablePrevious Score
23
Jul 24, 2026
Change
+0.1
points
Current Score
23
Oct 1, 2026
Category Changes
TWO increased 0.1 points because Management improved by 3.5 points.
Positive Contributors
- + Management improved by 3.5 points
Projected Score
Projected Score
27
Projected Change
+4.4 points
Preliminary comparable-period financial changes suggest improvement of approximately 4.4 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Valuation unavailableCurrent Price
$12.18
Model Intrinsic Value
—
Difference
—
Margin of Safety
—
Intrinsic value is not currently available for this stock, so valuation can't be calculated.
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $858.3M | $605.6M | $845.8M | $640.5M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | $188.8M | $12.7M | -$38.5M | $74.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | $669.5M | $592.9M | $884.3M | $566.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $118.0M | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $242.2M | $177.1M | -$66.8M | $6.5M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| EBITDA | $318.2M | $45.5M | $952.6M | $559.8M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Income | $427.4M | $415.8M | $951.1M | $559.8M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $407.2M | $490.9M | $607.8M | $643.2M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | -$4.9M | -$445.4M | $344.8M | -$83.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | $16.8M | $8.9M | $46.6M | $23.0M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Net Income | -$21.7M | -$454.3M | $298.2M | -$106.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $-0.73 | $-4.36 | $2.41 | $-1.60 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 105M | 104M | 104M | 95.67M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 107M | 104M | 113M | 95.67M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$212.6M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
$0.46
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
-35.0%
Cash Change
-2.3%
Margin Change
+246.3 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Margins expanded
- Debt reduced
What Weakened
- Cash position declined
Potential Score Impact
Positive indicators included revenue growth, debt levels, net income margin. Pressure indicators included EPS growth, cash levels. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 78.1%. EPS declined 117.6%. Cash declined 2.3%. Total debt declined 35.0%. Net income margin improved by 246.3 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
Smart Money
Number of Gurus
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Log in to view dividend history.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
2 historical records2 historical score records available.
Historical Score Chart
2 of 2 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
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News
T2 Metals to Attend the 52nd Annual New Orleans Investment Conference
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
Rumor Mill · TWO
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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