TWO · CIK 0001465740
TWO HARBORS INVESTMENT CORP.
Annual figures as reported, FY2014–FY2025. Ratios and growth rates derived on-page.
Real Estate Investment Trusts
Company profile
Net income
−$454.3M
▼ −252.4% vs FY2024
Operating cash flow
$88.9M
▼ −55.8% vs FY2024
Diluted EPS
−$4.88
▼ −305.9% vs FY2024
Net income
Losses shown in terracotta
Recent quarters
momentum · last 12 quartersNet income — Mar ’26 quarter
$32.3M
▲ +140.8% vs Mar ’25
Diluted EPS — trailing 12 months
−$3.81
▼ −1424.0% vs Mar ’25
Quarterly net income
Losses shown in terracotta
| Quarter | Revenue | Rev. YoY | Gross margin | Net income | Net margin | Diluted EPS |
|---|---|---|---|---|---|---|
| Mar ’26 | — | — | — | $32.3M | — | $0.18 |
| Dec ’25 | — | — | — | $11.7M | — | −$0.01 |
| Sep ’25 | — | — | — | −$127.9M | — | −$1.36 |
| Jun ’25 | — | — | — | −$259.0M | — | −$2.62 |
| Mar ’25 | — | — | — | −$79.1M | — | −$0.89 |
| Dec ’24 | — | — | — | $276.7M | — | $2.63 |
| Sep ’24 | — | — | — | −$238.5M | — | −$2.42 |
| Jun ’24 | — | — | — | $56.3M | — | $0.43 |
Profitability & returns
quality of earningsReturns on capital
Net income vs year-end equity and assets
Return on equityReturn on assets
Cash flow
cash generationOperating cash flow
Net cash from operations
Shareholder returns
capital allocationCapital returned
Cash paid out as dividends and share repurchases
Dividends paidBuybacks
Diluted shares outstanding
Falling count means buybacks outpace dilution
Balance sheet
financial positionStockholders’ equity
At fiscal year end
Growth rates
compounding, annualizedShare count change (split-adjusted)
+52.2%
5y
+128.0%
10y
Key ratios
derived per fiscal year| Fiscal year | ROE | ROA | Debt / equity | DPS |
|---|---|---|---|---|
| FY2025 | −25.4% | −4.2% | 4.79× | $1.52 |
| FY2024 | 14.0% | 2.4% | — | $1.80 |
| FY2023 | −4.8% | −0.8% | — | $1.95 |
| FY2022 | 10.1% | 1.6% | — | $2.64 |
| FY2021 | 6.8% | 1.5% | — | — |
| FY2020 | −52.8% | −8.4% | — | — |
| FY2019 | 6.5% | 0.9% | — | — |
| FY2018 | −1.0% | −0.1% | — | — |
| FY2017 | 9.8% | 1.4% | — | — |
| FY2016 | 10.4% | 1.8% | — | — |
| FY2015 | 13.8% | 3.4% | — | — |
| FY2014 | — | — | — | — |
Annual figures
as reported| Fiscal year | Revenue | Gross profit | Op. income | Net income | Diluted EPS | Op. cash flow | Capex | Total assets | Liabilities | Equity | Cash | LT debt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY2025 | — | — | — | −$454.3M | −$4.88 | $88.9M | — | $10.9B | $9.1B | $1.8B | $842.3M | $8.6B |
| FY2024 | — | — | — | $298.2M | $2.37 | $201.0M | — | $12.2B | $10.1B | $2.1B | $504.6M | — |
| FY2023 | — | — | — | −$106.4M | −$1.60 | $343.5M | — | $13.1B | $10.9B | $2.2B | $729.7M | — |
| FY2022 | — | — | — | $220.2M | $2.13 | $623.4M | — | $13.5B | $11.3B | $2.2B | $683.5M | — |
| FY2021 | — | — | — | $187.2M | $1.72 | $423.5M | — | $12.1B | $9.4B | $2.7B | $1.2B | — |
| FY2020 | — | — | — | −$1.6B | −$24.94 | $631.6M | — | $19.5B | $16.4B | $3.1B | $1.4B | — |
| FY2019 | — | — | — | $324.0M | $3.72 | $1.1B | — | $35.9B | $31.0B | $5.0B | $558.1M | — |
| FY2018 | — | — | — | −$44.3M | −$2.12 | $702.9M | — | $30.1B | $25.9B | $4.3B | $409.8M | — |
| FY2017 | — | — | — | $348.6M | $7.24 | $606.8M | — | $24.8B | $21.2B | $3.6B | $419.2M | — |
| FY2016 | — | — | — | $353.3M | $8.12 | $239.7M | — | $20.1B | $16.7B | $3.4B | $350.9M | — |
| FY2015 | — | — | — | $492.2M | $10.80 | −$1.9B | — | $14.6B | $11.0B | $3.6B | $1.0B | — |
| FY2014 | — | — | — | — | $3.68 | −$667.3M | — | $21.1B | $17.0B | $4.1B | $1.0B | — |
Latest filings
the most recent regulatory filingsDEFA14AProxy statement2026-06-23 ↗8-KCurrent report — material event2026-06-23 ↗DFAN14ADFAN14A PRESS RELEASE2026-06-22 ↗DFAN14ASEC filing2026-06-22 ↗DEFA14AProxy statement2026-06-22 ↗DEFA14AProxy statement2026-06-18 ↗DFAN14ASEC filing2026-06-15 ↗DEFA14AProxy statement2026-06-15 ↗DEFA14AProxy statement2026-06-15 ↗DEFA14AProxy statement2026-06-15 ↗
Company logos by Elbstream and unavatar.
All third-party trademarks, service marks, logos, and brand names used on this site are the property of their respective owners. The use of these logos is for identification and illustrative purposes only and does not imply any affiliation, sponsorship, or endorsement by the respective owners.