Loading…
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 |
| Operating Revenue | - | 407.18 | 31.78 | 510.75 | 115.06 |
| Selling General And Administration | - | 40.72 | 52.86 | 89.75 | 95.33 |
| Interest Income | - | 295.54 | 480.36 | 450.56 | 422.42 |
| Interest Expense | - | 258.40 | 643.22 | 607.81 | 490.94 |
| Net Interest Income | - | 37.15 | -162.86 | -157.25 | -68.52 |
| Pretax Income | - | 324.45 | -83.39 | 344.75 | -445.43 |
| Tax Provision | - | 104.21 | 22.98 | 46.59 | 8.87 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 136.12 | -23.44 | -8.56 | -131.96 |
| Net Income Continuous Operations | - | 220.24 | -106.37 | 298.17 | -454.30 |
| Net Income From Continuing And Discontinued Operation | - | 220.24 | -106.37 | 298.17 | -454.30 |
| Net Income From Continuing Operation Net Minority Interest | - | 220.24 | -106.37 | 298.17 | -454.30 |
| Net Income | - | 220.24 | -106.37 | 298.17 | -454.30 |
| Net Income Common Stockholders | - | 185.58 | -153.22 | 249.98 | -508.40 |
| Net Income Including Noncontrolling Interests | - | 220.24 | -106.37 | 298.17 | -454.30 |
| Normalized Income | - | -69.02 | -18.19 | 353 | 42.11 |
| Diluted NI Availto Com Stockholders | - | 204.96 | -153.22 | 268.10 | -508.40 |
| Basic Average Shares | - | 86.18 | 95.67 | 104.43 | 103.91 |
| Diluted Average Shares | - | 96.08 | 95.67 | 106.19 | 103.91 |
| Total Unusual Items | - | 425.38 | -111.62 | -63.39 | -628.37 |
| Total Unusual Items Excluding Goodwill | - | 425.38 | -111.62 | -63.39 | -628.37 |
| Preferred Stock Dividends | - | 53.61 | 48.61 | 47.14 | 52.79 |
| Special Income Charges | - | -18.98 | 0 | -0.71 | -386.14 |
| Other Special Charges | - | 18.98 | 25.06 | 0.71 | 386.14 |
| Restructuring And Mergern Acquisition | 0 | 0 | 1.30 | - | - |
| Gain On Sale Of Security | - | -565.13 | -289.13 | 66.41 | -198.09 |
| General And Administrative Expense | - | 40.72 | 52.86 | 89.75 | 95.33 |
| Salaries And Wages | - | 40.72 | 52.86 | 89.75 | 95.33 |
| Otherunder Preferred Stock Dividend | - | -18.95 | -1.75 | 1.05 | 1.31 |
| Average Dilution Earnings | - | 19.38 | 0 | 18.12 | 0 |
| Professional Expense And Contract Services Expense | 0 | 0 | - | - | - |
| Other Non Interest Expense | - | 42 | 62.31 | 75.53 | 79.03 |
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 | $1.3B | -2.86 | 1.09 | -38.3% | - |
| Forestar Group Inc. | FOR | $1.5B | 8.65 | 0.82 | 9.5% | 8.89 |
| Apollo Commercial Real Estate Finance, Inc. | ARI | $1.4B | 11.28 | 0.77 | 6.8% | - |
| Orchid Island Capital, Inc. | ORC | $1.3B | 8.43 | 0.98 | 11.6% | - |
| Alexander's, Inc. | ALX |
| - |
| - |
| - |
| - |
| - |
| - |
| $1.3B |
| 46.31 |
| 11.98 |
| 25.9% |
| 17.98 |
| Ladder Capital Corp | LADR | $1.3B | 20.23 | 0.87 | 4.3% | - |
| UMH Properties, Inc. | UMH | $1.3B | 48.43 | 2.20 | 4.5% | 16.10 |
| Saul Centers, Inc. | BFS | $1.3B | 33.61 | 10.26 | 30.5% | 16.24 |
| Arbor Realty Trust, Inc. | ABR | $1.2B | 7.79 | 0.50 | 6.4% | - |
| Peer Median | - | 15.76 | 0.93 | 8.2% | 16.17 | |