TW
Two Harbors Investment Corp
TWO—
Two Harbors Investment Corp AI Insights
Informational only. Not investment advice.Snapshot
- Tangible book value is NEGATIVE (-1.5B) with goodwill of 2.6B representing 224% of common equity - severe impairment risk[Tangible Book Value]
- Net margin TTM of -47.9% vs industry median +15.4% - structural profitability crisis, not cyclical[Net Margin TTM]
- Interest expense of 524M TTM exceeds total revenue of 395M by 33% - debt service unsustainable[Interest Expense TTM]
Watch Triggers
- Goodwill and Other Intangible Assets: Any impairment charge announced — 2.6B goodwill write-down would eliminate common equity entirely
- Cash and Equivalents: Falls below 400M — At -178M FCF burn rate, signals <2 quarters liquidity runway
- Current Debt: Refinancing terms or maturity extensions — 954M current debt rollover critical with negative cash flow
Bull Case
Cash position of 771M (887M end position) provides 4+ quarters runway despite negative FCF of -178M TTM
Cash and EquivalentsFree Cash Flow TTM
Net investment sales of 2.0B TTM shows ability to monetize portfolio - potential path to deleveraging
Net Investment Purchase and SaleCash Flow from Continuing Investing Activities
Bear Case
Interest expense (524M) exceeds revenue (395M) - core business cannot service debt without asset sales
Interest Expense TTMTotal Revenue TTM
ROE -13.8%, ROIC -5.8% TTM with no dividend - zero shareholder value creation pathway visible
ROE TTMROIC TTMDividends Paid Per Share TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
25%
Leverage TWO's top insights and create a custom strategy based on them in seconds. Our AI editor does it all — in one click.
Forward Thesis
Balance sheet restructuring likely within 12-18 months as negative tangible equity forces action
1-3yhigh
- Goodwill 2.6B vs equity 1.2B creates impairment trigger risk
- Current debt 954M due near-term with negative FCF
- Interest costs 133% of revenue mathematically unsustainable
Tangible BV -1.5B TTMFCF -178M TTMNet loss -189M TTM
Valuation Context
Caveats
Public Strategies Rankings
See how Two Harbors Investment Corp ranks across different investment strategies.
Leverage TWO's top insights and create a custom strategy in seconds. Our AI editor does it all — in one click.
TWO Fundamentals
Real Estate and Rental and Leasing → Real Estate
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$1.47B | — | ||
$2.02B | — | ||
15 | — | ||
$394.99M | — | ||
$0.96 | — | ||
0% | — | ||
-47.9% | -209.4% | — | |
$-178.34M | — | ||
-0.14 | +13.0% | — | |
Beta 5Y (Monthly) | unknown | — |
TWO Dividend History
66 dividends
2026
$0.340001/05/26$0.3400
2025
$1.630010/03/25$0.3400
07/03/25$0.3900
04/04/25$0.4500
01/03/25$0.4500
2024
$1.800010/01/24$0.4500
07/05/24$0.4500
04/03/24$0.4500
01/11/24$0.4500
2023
$2.100010/02/23$0.4500
07/03/23$0.4500
04/03/23$0.6000
01/04/23$0.6000
2022
$2.040009/30/22$0.6800
07/01/22$0.6800
04/01/22$0.6800
2021
$2.720012/28/21$0.6800
09/30/21$0.6800
06/28/21$0.6800
03/26/21$0.6800
2020
$2.000012/29/20$0.6800
09/30/20$0.5600
06/29/20$0.5600
04/15/20$0.2000
2019
$6.680012/30/19$1.6000
09/27/19$1.6000
06/28/19$1.6000
03/28/19$1.8800
2018
$7.520012/28/18$1.8800
09/28/18$1.2465
07/24/18$0.6335
06/28/18$1.8800
03/29/18$1.8800
2017
$4.960012/22/17$1.8800
09/28/17$1.0400
06/28/17$1.0400
03/29/17$1.0000
2016
$3.720012/28/16$0.9600
09/28/16$0.9200
06/28/16$0.9200
03/29/16$0.9200
2015
$4.160012/28/15$1.0400
09/28/15$1.0400
06/26/15$1.0400
03/27/15$1.0400
2014
$4.160012/26/14$1.0400
09/26/14$1.0400
06/30/14$1.0400
03/27/14$1.0400
2013
$4.680012/24/13$1.0400
09/24/13$1.1200
06/26/13$1.2400
03/28/13$1.2800
2012
$6.840012/27/12$2.2000
09/20/12$1.4400
06/20/12$1.6000
03/22/12$1.6000
2011
$6.400012/22/11$1.6000
09/22/11$1.6000
06/22/11$1.6000
03/10/11$1.6000
2010
$5.920012/15/10$1.6000
09/28/10$1.5600
06/28/10$1.3200
03/29/10$1.4400
2009
$1.040012/29/09$1.0400
TWO Stock Splits
2 stock splits
11/02/224:1 split
11/02/172:1 split
TWO SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
10/28/25 | 09/30/25 | 10-Q | |
07/29/25 | 06/30/25 | 10-Q | |
04/29/25 | 03/31/25 | 10-Q | |
02/18/25 | 12/31/24 | 10-K | |
10/29/24 | 09/30/24 | 10-Q | |
07/31/24 | 06/30/24 | 10-Q | |
04/30/24 | 03/31/24 | 10-Q | |
02/20/24 | 12/31/23 | 10-K | |
10/31/23 | 09/30/23 | 10-Q | |
08/01/23 | 06/30/23 | 10-Q | |
05/02/23 | 03/31/23 | 10-Q | |
02/28/23 | 12/31/22 | 10-K | |
11/09/22 | 09/30/22 | 10-Q | |
08/04/22 | 06/30/22 | 10-Q | |
05/05/22 | 03/31/22 | 10-Q | |
03/01/22 | 12/31/21 | 10-K | |
11/09/21 | 09/30/21 | 10-Q | |
08/05/21 | 06/30/21 | 10-Q | |
05/06/21 | 03/31/21 | 10-Q | |
02/25/21 | 12/31/20 | 10-K | |
11/05/20 | 09/30/20 | 10-Q | |
08/06/20 | 06/30/20 | 10-Q | |
05/08/20 | 03/31/20 | 10-Q | |
02/26/20 | 12/31/19 | 10-K | |
11/06/19 | 09/30/19 | 10-Q | |
08/07/19 | 06/30/19 | 10-Q | |
05/08/19 | 03/31/19 | 10-Q | |
02/27/19 | 12/31/18 | 10-K | |
11/07/18 | 09/30/18 | 10-Q | |
08/08/18 | 06/30/18 | 10-Q | |
05/09/18 | 03/31/18 | 10-Q | |
02/27/18 | 12/31/17 | 10-K | |
11/08/17 | 09/30/17 | 10-Q | |
08/08/17 | 06/30/17 | 10-Q | |
05/04/17 | 03/31/17 | 10-Q | |
02/28/17 | 12/31/16 | 10-K | |
11/03/16 | 09/30/16 | 10-Q | |
08/04/16 | 06/30/16 | 10-Q | |
05/05/16 | 03/31/16 | 10-Q | |
02/26/16 | 12/31/15 | 10-K | |
11/05/15 | 09/30/15 | 10-Q | |
08/05/15 | 06/30/15 | 10-Q | |
05/07/15 | 03/31/15 | 10-Q | |
02/27/15 | 12/31/14 | 10-K | |
11/05/14 | 09/30/14 | 10-Q | |
08/07/14 | 06/30/14 | 10-Q | |
05/08/14 | 03/31/14 | 10-Q | |
02/27/14 | 12/31/13 | 10-K | |
11/06/13 | 09/30/13 | 10-Q | |
08/07/13 | 06/30/13 | 10-Q | |
05/08/13 | 03/31/13 | 10-Q | |
02/28/13 | 12/31/12 | 10-K | |
11/07/12 | 09/30/12 | 10-Q | |
08/03/12 | 06/30/12 | 10-Q | |
05/04/12 | 03/31/12 | 10-Q | |
02/28/12 | 12/31/11 | 10-K | |
11/04/11 | 09/30/11 | 10-Q | |
08/04/11 | 06/30/11 | 10-Q | |
05/05/11 | 03/31/11 | 10-Q | |
03/04/11 | 12/31/10 | 10-K | |
11/09/10 | 09/30/10 | 10-Q | |
08/05/10 | 06/30/10 | 10-Q | |
05/07/10 | 03/31/10 | 10-Q | |
03/04/10 | 12/31/09 | 10-K | |
12/11/09 | 09/30/09 | 10-Q | |
08/10/09 | 06/30/09 | 10-Q | |
05/11/09 | 03/30/09 | 10-Q | |
12/31/08 | 12/31/08 | Unknown | -- |
09/30/08 | 09/30/08 | Unknown | -- |
06/30/08 | 06/30/08 | Unknown | -- |
03/31/08 | 03/30/08 | Unknown | -- |
12/31/07 | 12/31/07 | Unknown | -- |
09/30/07 | 09/30/07 | Unknown | -- |