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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. The company was incorporated in 2009 and is headquartered in Saint Louis Park, Minnesota.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $115M | - | $-454M | $-15M | -38.3% | -77.5% | -252.4% |
| 2024 | $511M | - | $298M | $87M | 19.6% | 1506.9% | -380.3% |
| 2023 | $32M | - | $-106M | $31M | -6.7% | -92.2% | -148.3% |
| 2022 | $407M | - | $220M | $-6M | 14.2% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 407.18 | 31.78 | 510.75 | 115.06 |
| Pretax Income | - | 324.45 | -83.39 | 344.75 | -445.43 |
| Tax Provision | - | 104.21 | 22.98 | 46.59 | 8.87 |
| Net Income | - | 220.24 | -106.37 | 298.17 | -454.30 |
| Net Income Common Stockholders | - | 185.58 | -153.22 | 249.98 | -508.40 |
| Interest Expense | - | 258.40 | 643.22 | 607.81 | 490.94 |
| Interest Income | - | 295.54 | 480.36 | 450.56 | 422.42 |
| Selling General And Administration | - | 40.72 | 52.86 | 89.75 | 95.33 |
| Normalized Income | - | -69.02 | -18.19 | 353 | 42.11 |
| Market Cap | 1,155.51 | 1,155.51 | 1,155.51 | 1,155.51 | 1,155.51 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Two Harbors Investment Corp.this co. | TWO | - | -2.54 | 0.97 | -38.3% | - |
| Seven Hills Realty Trust | SEVN | $182M | 8.97 | 0.55 | 4.6% | - |
| Douglas Elliman Inc. | DOUG | $174M | 11.59 | 0.95 | 8.3% | -46.49 |
| Modiv Industrial, Inc. | MDV | $165M | - | 1.01 | 0.5% | 13.16 |
| ACRES Commercial Realty Corp. | ACR | $151M |
| - |
| - |
| - |
| - |
| - |
| - |
| 688.67 |
| 0.32 |
| 3.9% |
| - |
| Clipper Realty Inc. | CLPR | $144M | - | -1.79 | 24.6% | 17.96 |
| RPT | RPT | $109M | - | 0.45 | 0.5% | - |
| Sunrise Realty Trust, Inc. | SUNS | $100M | 7.98 | 0.55 | 6.7% | - |
| Franklin Street Properties Corp. | FSP | $65M | - | 0.11 | -7.4% | 8.75 |
| Peer Median | - | 10.28 | 0.50 | 4.3% | 10.96 | |