TWO HARBORS INVESTMENT CORP.
TWONYSEReal Estate · Real Estate Investment Trusts · MD · SEC filings ↗ · Compare ⊕
View price & chart on Yahoo Finance ↗Financials
SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — |
| Net income | −$454.3M | $298.2M | −$106.4M | $220.2M | $187.2M | −$1.63B |
| Total assets | $10.86B | $12.20B | $13.14B | $13.47B | $12.11B | $19.52B |
| Total liabilities | $9.07B | $10.08B | $10.94B | $11.28B | $9.37B | $16.43B |
| Equity | $1.79B | $2.12B | $2.20B | $2.18B | $2.74B | $3.09B |
| EPS (diluted) | $-4.88 | $2.37 | $-1.60 | $2.13 | $1.72 | $-24.94 |
| Shares out. | 104.0M | 103.4M | 96.6M | 343.9M | 273.7M | 273.6M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- —
- Net margin
- —
- Return on equity
- −25.4%
- Return on assets
- −4.2%
- Return on capital (ROCE)
- —
- Liabilities / assets
- 83.5%
- Debt / equity
- 5.07×
- Book value / share
- $17.19
- Revenue growth (YoY)
- —
- Net income growth (YoY)
- −252.4%
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Accruals / assets
- −5.0%clean
- Piotroski F-Score
- 2/6weak
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast.
Signs
● 1 warning● 2 good- High leverage (liabilities > 70% of assets)
- Positive operating cash flow
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Vanguard Capital Management LlcPassive (13G)Apr 30, 2026
- Vanguard Portfolio Management LlcPassive (13G)Apr 29, 2026
- Vanguard Group IncPassive (13G)Mar 27, 2026
- Allspring Global Investments Holdings, LlcPassive (13G)Oct 10, 2025
- Blackrock, Inc.Passive (13G)Jul 18, 2025
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Insider transactions
SEC Form 4 · most recent| Insider | Date | Type | Shares | Price |
|---|---|---|---|---|
| Kasnet Stephen GDirector | May 15, 2026 | Sell | 7,034 | $12.57 |
| Abraham SpencerDirector | May 15, 2026 | Sell | 4,522 | $12.57 |
| Halm JillianOfficer — Chief Accounting Officer | Jan 15, 2026 | Sell | 379 | $13.18 |
| Halm JillianOfficer — Chief Accounting Officer | Jan 12, 2026 | Grant | 1,847 | $0.00 |
| Campbell James DOfficer — EVP Servicing Ops RoundPoint | Jan 12, 2026 | Sell | 1,692 | $12.39 |
| Boucher NathanOfficer — EVP General Counsel RoundPoint | Jan 9, 2026 | Sell | 601 | $12.37 |
| Sandberg Rebecca BOfficer — Chief Legal Officer | Jan 7, 2026 | Grant | 81,699 | $0.00 |
| Rush RobertOfficer — Chief Risk Officer | Jan 7, 2026 | Grant | 44,351 | $0.00 |
| Letica NicholasOfficer — Chief Investment Officer | Jan 7, 2026 | Grant | 151,727 | $0.00 |
| Hanson AleciaOfficer — Chief Administrative Officer | Jan 7, 2026 | Grant | 32,679 | $0.00 |
| Halm JillianOfficer — Chief Accounting Officer | Jan 7, 2026 | Grant | 9,337 | $0.00 |
| Dellal WilliamOfficer — Chief Financial Officer | Jan 7, 2026 | Grant | 46,685 | $0.00 |
Headline trade per Form 4 (officers, directors, 10%+ owners). Buy/sell read from the filing's structured data — blank where a field isn't cleanly tagged.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 3.5M | 1.0 | -4.4% |
| Apr 30, 2026 | 3.7M | 2.0 | -21.3% |
| Apr 15, 2026 | 4.7M | 1.9 | -37.4% |
| Mar 31, 2026 | 7.5M | 1.1 | -9.5% |
| Mar 13, 2026 | 8.3M | 2.6 | +14.3% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Other material eventMay 28, 2026
- Other material eventMay 19, 2026
- Other material eventMay 15, 2026
- Other material eventMay 14, 2026
- Entered a material agreement · Other material eventMay 8, 2026
- Entered a material agreement · Other material eventApr 29, 2026
- Results of operationsApr 28, 2026
- Entered a material agreement · Terminated a material agreement · Regulation FD disclosureMar 27, 2026
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.
Recent SEC filings
All filings ↗- DEFA14AMay 28, 2026
- 8-KFORM 8-KMay 28, 2026
- DFAN14AMay 28, 2026
- DFAN14AMay 28, 2026
- DFAN14AMay 22, 2026
- DEFA14AMay 19, 2026
- 8-KFORM 8-KMay 19, 2026
- DFAN14AMay 18, 2026
- 4FORM 4May 15, 2026
- 4FORM 4May 15, 2026
- DEFA14AMay 15, 2026
- 8-KFORM 8-KMay 15, 2026
- DFAN14AMay 14, 2026
- 144May 14, 2026
- 144May 14, 2026