Two Harbors Investment Corp
TWO Small CapReal Estate · REIT - Mortgage
Updated: Jun 14, 2026, 22:19 UTC
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Key Metrics
Valuation Analysis
About the Company
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.
Two Harbors Investment Corp Stock at a Glance
Two Harbors Investment Corp (TWO) is currently trading at $12.34 with a market capitalization of $1.3B. The 52-week range spans from $8.78 to $14.17; the current price is 12.9% below the yearly high. Year-over-year revenue growth stands at +1569.1%.
💰 Dividend
Two Harbors Investment Corp pays an annual dividend of $1.41 per share, representing a yield of 11.43%. The payout ratio stands at 75.95%.
📊 Analyst Rating
4 analysts rate Two Harbors Investment Corp (TWO) on consensus: Hold. The average price target is $11.62, implying -5.79% from the current price. Analyst price targets range from $11.00 to $13.00.
Two Harbors Investment Corp: The Investment Case in Detail
Two Harbors Investment Corp (TWO) operates in the Real Estate — specifically REIT - Mortgage — and is headquartered in United States. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.
The Bull Case
Top-line momentum is unusually strong with revenue expanding 1569.1% year-over-year, a pace that puts the company well above the market average and signals genuine demand traction rather than mere cyclical tailwind. With a gross margin near 97.7%, the company sits in the top tier of its industry — these are the kinds of structural margins that protect earnings during downturns.
The Bear Case
Net margins remain negative, meaning every euro of revenue is still producing losses — the path to profitability is the central question for shareholders. The debt-to-equity ratio of 479.18% is elevated, meaning the company relies heavily on creditors — refinancing terms will become more important than operational performance in the next economic downturn.
Investment Thesis: Strengths & Weaknesses
- Strong revenue growth of 1569.1% YoY
- High gross margin of 97.7% — indicates pricing power
- Solid dividend yield of 11.43%
- –Currently unprofitable
- –High leverage (D/E 479.18)
Technical Snapshot
Price trades above both the 50- and 200-day moving averages, with 50d above 200d — a classic bullish setup (golden-cross alignment).
Risk Profile
The data points to market-like volatility, higher leverage relative to equity.
Trading Data
💵 Dividend Info
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