TWO - NYSE

Two Harbors Investment Corp.

TWO·NYSE

$12.38

-0.28%

Real EstateREIT - Mortgage

Two Harbors Investment Corp. operates as a real estate investment trust (REIT) that focuses on investing in, financing, and managing residential mortgage-backed securities (RMBS), non-agency securities, mortgage servicing rights, and other financial assets in the United States. Its target assets include agency RMBS collateralized by fixed rate mortgage loans, adjustable rate mortgage loans, and hybrid adjustable-rate mortgage (ARMs); and other assets, such as financial and mortgage-related assets, including non-agency securities and non-hedging transactions. The company qualifies as a REIT for federal income tax purposes. As a REIT, the company must distribute at least 90% of annual taxable income to its stockholders. Two Harbors Investment Corp. was incorporated in 2009 and is headquartered in Minnetonka, Minnesota.

Statements Value Model

At a Glance

Live Snapshot

Market Cap$1.30B

EPS-4.3600

P/E Ratio-2.84

Earnings Date07/27/2026

88.92M

Operating Cash Flow

-56%

3Y-86.0%

5Y-86.0%

10Y-63.0%

911.61M

Investing Cash Flow

3Y-133.0%

5Y-94.0%

10Y-116.0%

-756.22M

Financing Cash Flow

-30%

3Y-165.0%

5Y-95.0%

10Y-114.0%

Two Harbors Investment Corp. Cash Conversion Engine

TWO · NYSE

FCF Components

Net Income-454.30M

Depreciation & Amortization0.00

Stock-Based Compensation0.00

Change in Working Capital30.65M

Others512.57M

Capital Expenditures-103.99M

Free Cash Flow88.92M

Cash Flow Quality Analysis

FCF Conversion Rate

-19.6%

Negative free cash flow despite positive earnings raises concerns about cash generation ability or heavy capital requirements.

CapEx Intensity

116.9%

Very high capital intensity consumes most operating cash flow. Limited flexibility for dividends or debt reduction.

FCF Growth Trend

+2.3%

Flat FCF growth. Stable but not expanding—monitor for signs of business maturity or temporary headwinds.

Working Capital Impact

+$30.65M

Working capital inflow boosted cash flow. Efficient management of receivables, inventory, and payables contributing positively.

Cash Flow Quality Insight

Capital-intensive growth: Heavy reinvestment limits current cash available but may drive future returns. Assess whether CapEx supports compelling growth opportunities with adequate ROI.

Two Harbors Investment Corp. Cash Flow Statement

TWO • NYSE

Two Harbors Investment Corp. Cash Flow Statement	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Dec 2014	Dec 2013	Dec 2012	Dec 2011	Dec 2010	Dec 2009	Dec 2008	Dec 2007
OPERATING ACTIVITIES
Net Income	-454.3M	298.2M	-106.4M	220.2M	187.2M	-1.6B	324M	-44.3M	308.2M	353.3M	492.2M	167.1M	579M	291.9M	127.4M	35.8M	-8.7M	2.3M	714.6K
Depreciation & Amortization	0.0	0.0	0.0	0.0	0.0	0.0	24.9M	0.0	969K	1.3M	1.4M	1.6M	1.7M	1.7M	-235K	2.5M	528.5K	0.0	0.0
Change in Deferred Taxes	0.0	0.0	0.0	0.0	0.0	0.0	-24.9M	42M	-11M	120.2M	-102M	265.3M	-222.8M	13.4M	-5.8M	-678K	123.6M	0.0	0.0
Stock-Based Compensation	0.0	10.9M	11M	11.6M	11.5M	9.7M	9.2M	13M	11.3M	15.2M	9M	15.1M	511K	488K	279K	214K	21.6K	0.0	0.0
Other Non-Cash Items	512.6M	-30M	381.4M	240.3M	191.6M	2.4B	744.7M	643.1M	273.4M	-267M	-2.3B	-997.8M	-933.4M	-63.1M	37.9M	-3.2M	-124M	0.0	0.0
Cash Taxes Paid	(24.6M)	(9.3M)	(7.4M)	(0.0)	(0.0)	(9.6M)	(28.2M)	(397K)	(0.0)	(0.0)	(2.7M)	(5.9M)	(0.0)	(3.6M)	(991K)	(0.0)	(0.0)	(1.8M)	(0.0)
Change in Working Capital	30.6M	-78.1M	57.5M	151.3M	33.2M	-143.8M	-21.2M	91.1M	23.9M	16.7M	3.2M	-215.5M	120.3M	-81.3M	-7.9M	-1.4M	-7.7M	-531.5K	674.8K
Cash from Operating Activities	88.9M	201M	343.5M	623.4M	423.5M	631.6M	1.1B	702.9M	606.8M	239.7M	-1.9B	-764.1M	-454.7M	163.1M	151.6M	33.1M	-16.2M	1.8M	1.4M
INVESTING ACTIVITIES
Investments in Property, Plant, and Equipment	(0.0)	-114.1M	-312.6M	-629.8M	-742.2M	-622.4M	-613.7M	-976.4M	-484.3M	-317.7M	-123.7M	-65.7M	-499M	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)
Acquisitions, Net	(0.0)	-21M	(26.8M)	(629.8M)	(742.2M)	(622.4M)	(613.7M)	-13.6M	(484.3M)	(317.7M)	(123.7M)	(65.7M)	(499M)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)
Purchase of Investments	(0.0)	-2.1B	-4.1B	-10.7B	-2.5B	-8.3B	-24.7B	-12.7B	-18.4B	-21.3B	-1.9B	-8.3B	-5.5B	-12.2B	-8.6B	-1.7B	-503.1M	(0.0)	(0.0)
Sale/Maturity of Investments	0.0	3.1B	3.3B	9B	9.5B	23.6B	18.7B	18B	10.3B	15.8B	10.1B	5.7B	6.7B	5.4B	2.6B	605.7M	7.5M	0.0	0.0
Other Investing Items	911.6M	48.6M	880M	-1B	-704.8M	-442.5M	-75.4M	493.8M	-1.5B	-230.6M	-275.9M	-94.9M	-673.1M	-100.8M	-350.5M	210.7M	250.3M	554.1K	-259.8M
Cash from Investing Activities	(911.6M)	(895.3M)	-195.8M	-2.8B	(6.3B)	(14.9B)	-6.1B	(4.8B)	-9.5B	-5.8B	(8B)	-2.7B	(512.8M)	-6.9B	-6.3B	-861.4M	-245.3M	(554.1K)	-259.8M
FINANCING ACTIVITIES
Net Issuance of Common Stock	279K	244K	268.6M	6.6M	450.6M	-692K	336.2M	215K	449K	-60.8M	-114.6M	588K	739.7M	1.4B	1B	235.3M	-127M	0.0	257M
Net Issuance of Debt	-532.4M	-612.4M	96.2M	554.3M	273.7M	-226.2M	5.7B	-60M	7.7B	1.3B	2.1B	3B	264.6M	0.0	0.0	757.9M	411.9M	0.0	0.0
Cash Paid for Dividends	-222.4M	-235M	-246.6M	-290.4M	-257.1M	-275.3M	-538.9M	-329M	-436.1M	-331.9M	-381.6M	-285.6M	-591.5M	-335.3M	-119.8M	-27.1M	-86.1M	(0.0)	(0.0)
Share Repurchases	-1.8M	-11.1M	-21.9M	-51.4M	-275M	-1.1M	-19K	(0.0)	(0.0)	-61.3M	-115.2M	(0.0)	-23.9M	(0.0)	(0.0)	(0.0)	-127M	(0.0)	(0.0)
Other Financing Items	-1.8M	-215.2M	-582.8M	946.6M	-7.5B	-14B	0.0	-5.1B	1.8B	4.3B	-7.9B	682M	-266.5M	6.2B	5.5B	0.0	-327.0	-511.0	1.9M
Cash from Financing Activities	-756.2M	-1.1B	-479.4M	1.2B	-7.3B	-14.5B	5.5B	-5.5B	9.1B	5.2B	-6.3B	3.4B	146.3M	7.2B	6.4B	966.1M	284.9M	-511.0	258.9M
CASH FLOW SUMMARY
Effect of Foreign Exchange Rates	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	258.4M
Net Change in Cash	244.3M	22.8M	-331.7M	-962.2M	-557.8M	1B	519.1M	42.8M	239.8M	-330.9M	-268M	-19.7M	204.4M	461.1M	196.1M	137.8M	23.3M	2.3M	258.9M
Cash at Beginning of Period	817.6M	794.8M	1.1B	2.1B	2.6B	1.6B	1.1B	1.1B	815.2M	737.8M	1B	1B	821.1M	360M	163.9M	26.1M	2.8M	461.5K	-258.4M
Cash at End of Period	1.1B	817.6M	794.8M	1.1B	2.1B	2.6B	1.6B	1.1B	1.1B	406.9M	737.8M	1B	1B	821.1M	360M	163.9M	26.1M	2.8M	461.5K
Free Cash Flow	88.9M	86.9M	30.9M	-6.4M	-318.6M	9.2M	443M	-273.5M	122.5M	-78M	-2.1B	-829.9M	-953.7M	163.1M	151.6M	33.1M	-16.2M	1.8M	1.4M

SEC Filings

TWO - Filing history and reports

Filing Type	Filing Date	Period Ending	Fiscal Year	Actions
8-K 8-K 2026 N/A	May 28, 2026	May 28, 2026	2026	View Filing
8-K 8-K 2026 N/A	May 19, 2026	May 19, 2026	2026	View Filing
8-K 8-K 2026 N/A	May 15, 2026	May 13, 2026	2026	View Filing
8-K 8-K 2026 N/A	May 14, 2026	May 13, 2026	2026	View Filing
8-K 8-K 2026 N/A	May 08, 2026	May 07, 2026	2026	View Filing
10-Q 10-Q 2026 Q1 Q1	April 29, 2026	March 31, 2026	2026	View Filing
8-K 8-K 2026 N/A	April 29, 2026	April 28, 2026	2026	View Filing
8-K 8-K 2026 N/A	April 28, 2026	April 28, 2026	2026	View Filing
10-K/A 10-K/A 2025 FY (Amended) FY	April 27, 2026	December 31, 2025	2025	View Filing
8-K 8-K 2026 N/A	March 27, 2026	March 27, 2026	2026	View Filing

Showing 1 to 10 of 409 filings

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