Two Harbors Investment Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters.
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Interest income | $412.0M | $450.2M | $480.4M | $295.5M |
| Interest expense | $490.9M | $607.8M | $643.2M | — |
| Net interest expense | ($78.9M) | ($157.7M) | ($162.9M) | $37.1M |
| Servicing income | $626.7M | $681.6M | $685.8M | $603.9M |
| Servicing costs | $12.7M | $20.1M | $95.5M | $94.1M |
| Net servicing income | $614.0M | $661.6M | $590.3M | — |
| Loss on investment securities | ($96.2M) | ($40.0M) | ($70.0M) | ($603.9M) |
| Loss on servicing asset | ($242.2M) | ($62.7M) | ($111.6M) | $425.4M |
| (Loss) gain on derivative instruments | ($91.5M) | — | — | — |
| Gain on mortgage loans held-for-sale | $4.7M | $1.5M | — | — |
| Other (loss) income | $5.2M | — | — | ($5.0K) |
| Total other (loss) income | ($420.0M) | $6.8M | ($395.6M) | $464.2M |
| Compensation and benefits | $95.3M | $89.8M | $52.9M | $40.7M |
| Other operating expenses | $90.2M | $76.2M | $62.3M | $42.0M |
| Litigation settlement expense | $375.0M | — | — | — |
| Total expenses | $560.5M | $166.0M | $115.2M | $176.8M |
| (Loss) income before income taxes | ($445.4M) | $344.8M | ($83.4M) | $324.5M |
| Provision for income taxes | $8.9M | $46.6M | $23.0M | $104.2M |
| Net (loss) income attributable to common stockholders | ($507.1M) | $251.7M | ($152.0M) | $186.8M |
| Basic (loss) earnings per weighted average common share (in usd per share) | -$4.88 | $2.41 | -$1.60 | $2.15 |
| Diluted (loss) earnings per weighted average common share (in usd per share) | -$4.88 | $2.37 | -$1.60 | $2.13 |
| Net (loss) income | ($454.3M) | $298.2M | ($106.4M) | $220.2M |
| Unrealized gain (loss) on available-for-sale securities | $320.4M | ($144.1M) | $102.3M | ($465.1M) |
| Other comprehensive income (loss) | $320.4M | — | $102.3M | — |
| Comprehensive (loss) income | ($133.9M) | — | — | — |
| Dividends on preferred stock | ($52.8M) | ($47.1M) | ($48.6M) | ($53.6M) |
| Gain on repurchase and retirement of preferred stock | $0 | $644.0K | $3.0M | $20.1M |
| Comprehensive (loss) income attributable to common stockholders | ($186.7M) | $107.6M | ($49.7M) | ($278.3M) |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Interest income | $83.5M | $88.7M | $93.6M | $117.1M |
| Interest expense | $89.6M | $95.2M | $117.1M | $136.7M |
| Net interest expense | ($6.0M) | ($6.5M) | ($23.5M) | ($19.6M) |
| Servicing income | $129.1M | $130.1M | $166.4M | $158.4M |
| Servicing costs | $3.2M | $1.8M | $3.8M | $2.4M |
| Net servicing income | $125.9M | $128.3M | $162.7M | $156.0M |
| Loss on investment securities | ($2.1M) | ($11.0M) | ($16.2M) | ($32.8M) |
| Loss on servicing asset | ($47.2M) | ($44.0M) | ($104.9M) | ($35.9M) |
| Gain (loss) on derivative instruments | $46.7M | $15.6M | — | — |
| Gain on mortgage loans held-for-sale | $704.0K | $2.1M | $1.6M | $883.0K |
| Other income | $1.7M | $1.3M | $4.1M | $1.0M |
| Total other loss | ($245.0K) | ($36.0M) | ($46.5M) | ($151.0M) |
| Compensation and benefits | $23.3M | $26.7M | $21.3M | $21.5M |
| Other operating expenses | $28.1M | $22.7M | $23.1M | $21.3M |
| Loss contingency accrual | $0 | — | — | $199.9M |
| Total expenses | $51.4M | $49.4M | $219.4M | $242.7M |
| Income (loss) before income taxes | $68.2M | $36.4M | ($126.7M) | ($257.4M) |
| Provision for income taxes | $6.0M | $4.1M | $1.2M | $1.7M |
| Net income (loss) attributable to common stockholders | $49.4M | $19.5M | ($141.2M) | ($272.3M) |
| Basic earnings (loss) per weighted average common share (in usd per share) | $0.47 | $0.18 | -$1.36 | -$2.62 |
| Diluted earnings (loss) per weighted average common share (in usd per share) | $0.46 | $0.18 | -$1.36 | -$2.62 |
| Net income (loss) | $62.2M | $32.3M | ($127.9M) | ($259.0M) |
| Unrealized (loss) gain on available-for-sale securities | ($1.5M) | ($44.2M) | $61.0M | $50.5M |
| Other comprehensive (loss) income | ($1.5M) | ($44.2M) | $61.0M | $50.5M |
| Comprehensive income (loss) | $60.8M | ($11.9M) | ($66.9M) | ($208.6M) |
| Dividends on preferred stock | ($12.9M) | ($12.8M) | ($13.3M) | ($13.2M) |
| Comprehensive income (loss) attributable to common stockholders | $47.9M | ($24.7M) | ($80.2M) | ($221.8M) |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Available-for-sale securities, at fair value (amortized cost $6,516,016 and $7,697,027, respectively; allowance for credit losses $1,609 and $2,866, respectively) | $6.5B | $7.4B | $8.3B | $7.8B |
| Mortgage servicing rights, at fair value | $2.4B | $3.0B | $3.1B | $3.0B |
| Mortgage loans held-for-sale, at fair value | $13.6M | $2.3M | — | — |
| Cash and cash equivalents | $842.3M | $504.6M | $729.7M | $683.5M |
| Restricted cash | $219.6M | $313.0M | $65.1M | $443.0M |
| Accrued interest receivable | $29.2M | $33.3M | $35.3M | $36.0M |
| Due from counterparties | $379.3M | $386.5M | $323.2M | $253.4M |
| Derivative assets, at fair value | $87.5M | $10.1M | $85.3M | $26.4M |
| Reverse repurchase agreements | $157.1M | $356.0M | $284.1M | $1.1B |
| Other assets | $194.1M | $232.5M | $236.9M | $193.2M |
| Total Assets | $10.9B | $12.2B | $13.1B | $13.5B |
| Repurchase agreements | $7.3B | $7.8B | $8.0B | $8.6B |
| Revolving credit facilities | $919.4M | $1.0B | $1.3B | $1.1B |
| Warehouse lines of credit | $9.4M | $2.0M | — | — |
| Senior notes | $111.1M | — | — | — |
| Convertible senior notes | $261.8M | $260.2M | $268.6M | $282.5M |
| Derivative liabilities, at fair value | $4.3M | $24.9M | $21.5M | $34.0M |
| Due to counterparties | $215.8M | $648.6M | $574.7M | $541.7M |
| Dividends payable | $48.9M | $58.7M | $58.7M | $64.5M |
| Accrued interest payable | $81.9M | $86.0M | $141.8M | $94.0M |
| Other liabilities | $163.2M | $176.1M | $225.4M | $146.0M |
| Total Liabilities | $9.1B | $10.1B | $10.9B | $11.3B |
| Preferred stock, par value $0.01 per share; 100,000,000 shares authorized and 24,870,817 shares issued and outstanding ($621,770 liquidation preference) | $601467000.00 | $601467000.00 | $613213000.00 | $630999000.00 |
| Common stock, par value $0.01 per share; 175,000,000 shares authorized and 104,806,311 and 103,680,321 shares issued and outstanding, respectively | $1048000.00 | $1037000.00 | $1032000.00 | $864000.00 |
| Additional paid-in capital | $5.9B | $5.9B | $5.9B | $5.6B |
| Accumulated other comprehensive loss | ($87.0K) | ($320.5M) | ($176.4M) | ($278.7M) |
| Cumulative earnings | $1.2B | $1.6B | $1.3B | $1.5B |
| Cumulative distributions to stockholders | ($6.0B) | ($5.7B) | ($5.5B) | ($5.3B) |
| Total Stockholders’ Equity | $1.8B | $2.1B | $2.2B | $2.2B |
| Total Liabilities and Stockholders’ Equity | $10.9B | $12.2B | $13.1B | $13.5B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Available-for-sale securities, at fair value (amortized cost $5,137,549 and $6,516,016, respectively; allowance for credit losses $360 and $1,609, respectively) | $5.1B | $6.5B | $6.3B | $8.3B |
| Mortgage servicing rights, at fair value | $2.3B | $2.4B | $2.6B | $3.0B |
| Mortgage loans held-for-sale, at fair value | $12.7M | $18.5M | $12.6M | $9.9M |
| Cash and cash equivalents | $642.7M | $476.3M | $770.5M | $657.8M |
| Restricted cash | $222.4M | $283.8M | $116.4M | $140.5M |
| Accrued interest receivable | $23.1M | $29.9M | $28.3M | $36.8M |
| Due from counterparties | $155.2M | $432.2M | $505.4M | $285.6M |
| Derivative assets, at fair value | $69.4M | $71.2M | $135.4M | $88.7M |
| Reverse repurchase agreements | $136.9M | $170.9M | $158.1M | $228.6M |
| Other assets | $141.3M | $162.6M | $164.7M | $175.0M |
| Total Assets | $8.8B | $10.5B | $10.9B | $13.0B |
| Repurchase agreements | $5.6B | $7.2B | $7.1B | $8.8B |
| Revolving credit facilities | $862.8M | $916.9M | $945.4M | $1.0B |
| Warehouse lines of credit | $4.3M | $12.7M | $8.5M | $9.3M |
| Senior notes | $111.3M | $111.2M | $110.9M | $110.9M |
| Convertible senior notes | $0 | $0 | $261.4M | $260.9M |
| Derivative liabilities, at fair value | $1.9M | $11.3M | $7.7M | $2.7M |
| Due to counterparties | $196.5M | $247.5M | $390.6M | $388.5M |
| Dividends payable | $49.0M | $48.9M | $49.0M | $54.2M |
| Accrued interest payable | $44.0M | $44.5M | $45.2M | $80.2M |
| Other liabilities | $177.0M | $164.0M | $171.4M | $172.0M |
| Total Liabilities | $7.1B | $8.8B | $9.1B | $11.1B |
| Preferred stock, par value $0.01 per share; 100,000,000 shares authorized and 24,870,817 shares issued and outstanding ($621,770 liquidation preference) | $601467000.00 | $601467000.00 | $601467000.00 | $601467000.00 |
| Common stock, par value $0.01 per share; 175,000,000 shares authorized and 105,133,008 and 104,806,311 shares issued and outstanding, respectively | $1051000.00 | $1050000.00 | $1041000.00 | $1041000.00 |
| Additional paid-in capital | $6.0B | $6.0B | $5.9B | $5.9B |
| Accumulated other comprehensive loss | ($45.7M) | ($44.3M) | ($51.8M) | ($112.9M) |
| Cumulative earnings | $1.3B | $1.2B | $1.2B | $1.3B |
| Cumulative distributions to stockholders | ($6.1B) | ($6.0B) | ($5.9B) | ($5.9B) |
| Total Stockholders’ Equity | $1.7B | $1.7B | $1.8B | $1.9B |
| Total Liabilities and Stockholders’ Equity | $8.8B | $10.5B | $10.9B | $13.0B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net (loss) income | ($454.3M) | $298.2M | ($106.4M) | — |
| Amortization of premiums and discounts on investment securities, net | $18.3M | $15.8M | $25.4M | $79.8M |
| Amortization of deferred debt issuance costs on term notes payable, senior notes and convertible senior notes | $2.0M | $2.1M | $2.6M | $2.7M |
| (Reversal of) provision for credit losses on investment securities | ($121.0K) | $259.0K | ($545.0K) | $2.7M |
| Realized and unrealized losses on investment securities | $96.3M | $39.8M | $70.5M | $601.2M |
| Loss on servicing asset | $242.2M | $62.7M | $111.6M | ($425.4M) |
| Realized and unrealized losses (gains) on derivative instruments | $162.3M | — | — | — |
| Gains on mortgage loans held-for-sale | ($5.1M) | ($1.5M) | $0 | ($9.0K) |
| Gain on repurchase of term notes payable and convertible senior notes | $0 | ($226.0K) | ($5.1M) | — |
| Equity based compensation | $13.4M | $10.9M | $11.0M | $11.6M |
| Originations and purchases of mortgage loans held-for-sale | ($221.1M) | ($64.4M) | — | — |
| Proceeds from sales of mortgage loans held-for-sale | $211.3M | $62.9M | $0 | $0 |
| Proceeds from repayment of mortgage loans held-for-sale | $1.4M | $145.0K | $31.0K | $30.0K |
| Decrease in accrued interest receivable | $4.1M | $2.0M | $679.0K | ($9.8M) |
| (Increase) decrease in deferred income taxes, net | ($8.3M) | $33.8M | $14.5M | $105.2M |
| (Decrease) increase in accrued interest payable | ($4.1M) | ($55.8M) | $47.7M | $75.7M |
| Change in other operating assets and liabilities, net | $30.6M | ($58.1M) | ($5.4M) | ($19.9M) |
| Net cash provided by operating activities | $88.9M | $201.0M | $343.5M | $623.4M |
| Purchases of available-for-sale securities | ($9.3B) | ($2.1B) | ($3.9B) | ($10.7B) |
| Proceeds from sales of available-for-sale securities | $9.6B | $2.2B | $2.7B | $7.8B |
| Principal payments on available-for-sale securities | $763.4M | $707.2M | $662.5M | $1.1B |
| Purchases of mortgage servicing rights, net of purchase price adjustments | ($104.0M) | ($114.1M) | ($312.6M) | ($629.8M) |
| Proceeds from sales of mortgage servicing rights | $439.1M | $109.8M | $133.9M | — |
| Net (payments) proceeds on derivative instruments | ($259.9M) | — | — | — |
| Payments for reverse repurchase agreements | ($3.1B) | ($3.6B) | ($2.5B) | ($3.2B) |
| Proceeds from reverse repurchase agreements | $3.3B | $3.6B | $3.3B | $2.3B |
| Acquisition of RoundPoint Mortgage Servicing LLC, net of cash acquired | $0 | ($21.0M) | $26.8M | — |
| (Decrease) increase in due to counterparties, net | ($425.6M) | $10.7M | ($36.8M) | — |
| Net cash provided by (used in) investing activities | $911.6M | $895.3M | ($195.8M) | ($2.8B) |
| Proceeds from repurchase agreements | $39.8B | $46.5B | $37.0B | $35.9B |
| Principal payments on repurchase agreements | ($40.3B) | ($46.7B) | ($37.6B) | ($35.0B) |
| Proceeds from revolving credit facilities | $373.0M | $129.5M | — | — |
| Principal payments on revolving credit facilities | ($473.8M) | ($438.5M) | — | — |
| Proceeds from warehouse lines of credit | $174.8M | $49.7M | $404.0M | $720.0M |
| Principal payments on warehouse lines of credit | ($167.5M) | ($47.7M) | ($193.7M) | ($21.9M) |
| Repayment of term notes payable | $0 | ($295.8M) | ($101.0M) | — |
| Proceeds from issuance of senior notes | $110.6M | — | — | — |
| Repurchase of convertible senior notes | $0 | ($9.7M) | ($13.2M) | ($143.8M) |
| Repurchase and retirement of preferred stock | $0 | ($11.1M) | ($14.8M) | ($51.4M) |
| Proceeds from issuance of common stock, net of offering costs | $279.0K | $244.0K | $275.7M | $6.6M |
| Repurchase of common stock | $0 | $0 | ($7.1M) | $0 |
| Payment of tax withholdings on equity awards | ($1.8M) | — | — | — |
| Dividends paid on preferred stock | ($51.5M) | ($47.4M) | ($49.0M) | ($55.0M) |
| Dividends paid on common stock | ($170.9M) | ($187.7M) | ($197.6M) | ($235.4M) |
| Net cash used in financing activities | ($756.2M) | ($1.1B) | ($479.4M) | $1.2B |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income (loss) | $94.5M | $32.3M | ($466.0M) | ($338.1M) |
| Amortization of premiums and discounts on investment securities, net | $11.4M | $5.0M | $13.4M | $9.3M |
| Amortization of deferred debt issuance costs on senior notes and convertible senior notes | $368.0K | $218.0K | $1.4M | $804.0K |
| Reversal of provision for credit losses on investment securities | ($16.0K) | $15.0K | ($113.0K) | ($22.0K) |
| Realized and unrealized losses on investment securities | $13.1M | $11.0M | $81.9M | $65.6M |
| Loss on servicing asset | $89.8M | $42.5M | $177.0M | $72.1M |
| Realized and unrealized (gains) losses on derivative instruments | ($156.0K) | ($26.9M) | — | — |
| Gains on mortgage loans held-for-sale | ($2.4M) | ($2.2M) | ($3.4M) | ($1.6M) |
| Equity based compensation | $5.9M | $4.4M | $10.0M | $8.5M |
| Loss contingency accrual | $0 | — | — | $199.9M |
| Originations and purchases of mortgage loans held-for-sale | ($176.3M) | ($92.3M) | ($127.3M) | ($77.5M) |
| Proceeds from sales of mortgage loans held-for-sale | $178.4M | $88.4M | $117.3M | $69.3M |
| Proceeds from repayment of mortgage loans held-for-sale | $21.0K | $5.0K | $1.4M | $1.4M |
| Decrease (increase) in accrued interest receivable | $6.1M | ($688.0K) | $5.0M | ($3.4M) |
| Decrease (increase) in deferred income taxes, net | $10.0M | $4.1M | ($12.4M) | ($3.0M) |
| Decrease in accrued interest payable | ($37.9M) | ($37.4M) | ($40.8M) | ($5.8M) |
| Change in other operating assets and liabilities, net | $56.6M | $28.2M | $71.1M | $56.4M |
| Net cash provided by operating activities | $249.3M | $56.6M | ($28.2M) | $211.0M |
| Purchases of available-for-sale securities | ($1.4B) | ($1.4B) | ($8.8B) | ($6.3B) |
| Proceeds from sales of available-for-sale securities | $2.3B | $1.1B | $9.3B | $5.1B |
| Principal payments on available-for-sale securities | $404.4M | $173.9M | $602.5M | $427.8M |
| Purchases of mortgage servicing rights, net of purchase price adjustments | ($2.7M) | ($985.0K) | ($101.6M) | ($92.9M) |
| Net proceeds (payments) on derivative instruments | $15.7M | $50.9M | ($285.1M) | ($257.6M) |
| Payments for reverse repurchase agreements | ($1.1B) | ($545.5M) | ($2.6B) | ($1.8B) |
| Proceeds from reverse repurchase agreements | $1.2B | $531.8M | $2.8B | $1.9B |
| Increase (decrease) in due to counterparties, net | $204.7M | ($21.2M) | ($376.9M) | ($159.2M) |
| Net cash provided by (used in) investing activities | $1.6B | ($38.1M) | $928.8M | ($1.2B) |
| Proceeds from repurchase agreements | $13.0B | $7.6B | $35.6B | $25.4B |
| Principal payments on repurchase agreements | ($14.6B) | ($7.6B) | ($36.3B) | ($24.4B) |
| Proceeds from revolving credit facilities | $0 | $0 | $213.0M | $213.0M |
| Principal payments on revolving credit facilities | ($56.6M) | ($2.5M) | ($287.8M) | ($221.3M) |
| Proceeds from warehouse facilities | $103.5M | $57.5M | $121.1M | $78.0M |
| Principal payments on warehouse facilities | ($108.6M) | ($54.2M) | ($114.7M) | ($70.7M) |
| Proceeds from issuance of senior notes | $0 | — | $110.6M | $110.8M |
| Repayment of convertible senior notes | ($261.9M) | ($261.9M) | $0 | $0 |
| Proceeds from issuance of common stock, net of offering costs | $79.0K | $41.0K | $210.0K | $150.0K |
| Dividends paid on preferred stock | ($25.8M) | ($13.0M) | ($38.2M) | ($25.0M) |
| Dividends paid on common stock | ($72.0M) | ($35.9M) | ($135.2M) | ($94.2M) |
| Net cash (used in) provided by financing activities | ($2.0B) | ($320.2M) | ($831.4M) | $968.3M |
| Net decrease in cash, cash equivalents and restricted cash | ($196.9M) | ($301.8M) | $69.3M | ($19.3M) |
| Cash, cash equivalents and restricted cash at beginning of period | $1.1B | $1.1B | $817.6M | $817.6M |
| Cash, cash equivalents and restricted cash at end of period | $865.1M | $760.1M | $886.9M | $798.3M |
| Cash paid for interest | $220.0M | $131.2M | $420.8M | $238.7M |
| Cash (received) paid for income taxes, net | ($581.0K) | ($777.0K) | $13.2M | $9.3M |
| Dividends declared but not paid at end of period | $49.0M | $48.9M | $49.0M | $54.2M |
Two Harbors Investment Corp score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.