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Two Harbors Investment Corp. (TWO)

Real Estate | REIT - Mortgage | Saint Louis Park, United States | NYSE
12.08 USD
After hours: 12.08 +0.00 (0.025%) ⇧ (July 13, 2026, 6:27 p.m. EDT)
Short-term:★★⯪☆☆Long-term:★☆☆☆☆Dividends:★★☆☆☆
Hot Take ↕ | July 11, 2026, 5:03 a.m. EDT

The investment case for Two Harbors is currently defined by a desperate search for a floor rather than a path to growth. While the company has secured a buyer in CrossCountry, the market has priced this as a terminal event for the common stock, evidenced by the staggering 81% decline over the last nine years and the heavy concentration of put options betting on further weakness. The 11% dividend yield is attractive only in a vacuum; it is being funded by a payout ratio of 76% while the company reports negative earnings and a deteriorating balance sheet with debt-to-equity nearing 480%. This is not a value trap; it is a distressed asset where the business fundamentals have collapsed alongside the share price. The recent price action shows a slight stabilization near the lows, but the structural damage from the multi-year decline and the looming delisting/merger mechanics make this a hold or sell situation for most investors, offering no compelling reason to add capital at these levels.
Model Selection — Backtest MAE (log-scale, lower is better)
ModelMAE
AutoTheta ✓0.072662
MSTL0.112940
AutoETS0.115461
AutoARIMA0.115461

Forecast horizon: 45 days | Selected: AutoTheta

Forecast Reliability
Score 48%
H-stat 0.17
Ljung-Box p 0.000
Jarque-Bera p 0.334
Excess Kurtosis -1.07
Attribute Value
Sector Real Estate
Ex Dividend Date 2026-07-01
Last Dividend Date 2026-07-01
Debt to Equity Ratio 479.176
Revenue per Share 4.733
Market Cap 1,268,959,744
Forward P/E 10.42
Beta 1.04
Profit Margins -69.46%
Website https://www.twoinv.com

As of July 11, 2026, 5:03 a.m. EDT: Speculators are overwhelmingly positioning for downside protection. Put open interest is massive relative to call open interest across nearly all expirations, particularly in the December 2026 and January 2027 strikes where out-of-the-money puts dominate the ledger. Call activity is sparse and concentrated near the money, suggesting a lack of bullish conviction despite the merger approval.

Dividend Data

Yield Summary
Last Yield 1yr Yield 3yr Avg 5yr Avg
2.82% 12.61% 13.89% 14.10%
Dividend History
Date Dividend Yield %
2026-07-02 0.340000 2.816901
2026-04-02 0.340000 3.057554
2026-01-05 0.340000 3.272377
2025-10-03 0.340000 3.465851
2025-07-03 0.390000 3.693182
2025-04-04 0.450000 3.899480
2025-01-03 0.450000 3.862661
2024-10-01 0.450000 3.450920
2024-07-05 0.450000 3.571428
2024-04-03 0.450000 3.614458
2024-01-11 0.450000 3.316139
2023-10-02 0.450000 3.640777
2023-07-03 0.450000 3.383459
2023-04-03 0.600000 4.310345
2023-01-04 0.600000 3.807107
2022-09-30 0.680000 5.120482
2022-07-01 0.680000 3.462322
2022-04-01 0.680000 3.195489
2021-12-28 0.680000 2.881356
2021-09-30 0.680000 2.681388
2021-06-28 0.680000 2.204929
2021-03-26 0.680000 2.325581
2020-12-29 0.680000 2.733119
2020-09-30 0.560000 2.750491
2020-06-29 0.560000 2.702703
2020-04-15 0.200000 1.193317
2019-12-30 1.600000 2.739726
2019-09-27 1.600000 3.039514
2019-06-28 1.600000 3.157064
2019-03-28 1.880000 3.473762
2018-12-28 1.880000 3.593272
2018-09-28 1.248000 2.089752
2018-07-24 0.632000 1.012820
2018-06-28 1.880000 2.965300
2018-03-29 1.880000 3.057905
2017-12-22 1.880000 2.883436
2017-09-28 1.703522 2.597403
2017-06-28 1.703522 2.597403
2017-03-29 1.638002 2.598753
2016-12-28 1.572482 2.761796
2016-09-28 1.506962 2.668214
2016-06-28 1.506962 2.731592
2016-03-29 1.506962 2.967743
2015-12-28 1.703522 3.132531
2015-09-28 1.703522 2.918070
2015-06-26 1.703522 2.631579
2015-03-27 1.703522 2.459792
2014-12-26 1.703522 2.576809
2014-09-26 1.703522 2.618329
2014-06-30 1.703522 2.480916
2014-03-27 1.703522 2.574258
2013-12-24 1.703522 2.813853
2013-09-24 1.834562 2.935011
2013-06-26 2.031122 3.021442
2013-03-28 2.096642 2.537668
2012-12-27 3.355311 4.946044
2012-09-20 2.196203 3.087478
2012-06-20 2.440226 3.891051
2012-03-22 2.440226 3.937008
2011-12-22 2.440226 4.278075
2011-09-22 2.440226 4.566210
2011-06-22 2.440226 3.798671
2011-03-10 2.440226 3.748829
2010-12-15 2.440226 4.162331
2010-09-28 2.379220 4.338153
2010-06-28 2.013186 3.961584
2010-03-29 2.196203 3.960395
2009-12-29 1.586147 2.708334
Additional Data
dividendRate 1.36
dividendYield 11.26
exDividendDate 2026-07-02
trailingAnnualDividendRate 1.41
trailingAnnualDividendYield 0.11672185
lastDividendValue 0.34
lastDividendDate 2026-07-02
dividendDate 2026-07-15

Info Dump

Attribute Value
52 Week Change 0.19367588
Address1 1,601 Utica Avenue South
Address2 Suite 900
All Time High 85.529915
All Time Low 8.78
Ask 12.09
Ask Size 44,000
Audit Risk 8
Average Analyst Rating 3.1 - Hold
Average Daily Volume10 Day 2,745,970
Average Daily Volume3 Month 2,037,068
Average Volume 2,037,068
Average Volume10Days 2,745,970
Beta 1.036
Bid 12.08
Bid Size 27,500
Board Risk 2
Book Value 10.758
City Saint Louis Park
Compensation As Of Epoch Date 1,767,139,200
Compensation Risk 4
Country United States
Crypto Tradeable 0
Currency USD
Current Price 12.08
Current Ratio 0.207
Custom Price Alert Confidence HIGH
Date Short Interest 1,782,777,600
Day High 12.09
Day Low 12.08
Debt To Equity 479.176
Display Name Two Harbors Inv
Dividend Date 1,784,073,600
Dividend Rate 1.36
Dividend Yield 11.26
Earnings Call Timestamp End 1,777,467,600
Earnings Call Timestamp Start 1,777,467,600
Earnings Timestamp 1,777,406,400
Earnings Timestamp End 1,785,268,800
Earnings Timestamp Start 1,785,268,800
Ebitda Margins 0.0
Enterprise To Revenue 19.137
Enterprise Value 9,449,357,312
Eps Current Year 1.2725
Eps Forward 1.15881
Eps Trailing Twelve Months -3.81
Esg Populated 0
Ex Dividend Date 1,782,950,400
Exchange NYQ
Exchange Data Delayed By 0
Exchange Timezone Name America/New_York
Exchange Timezone Short Name EDT
Fifty Day Average 12.3312
Fifty Day Average Change -0.25119972
Fifty Day Average Change Percent -0.02037107
Fifty Two Week Change Percent 19.367588
Fifty Two Week High 14.17
Fifty Two Week High Change -2.0900002
Fifty Two Week High Change Percent -0.14749472
Fifty Two Week Low 8.78
Fifty Two Week Low Change 3.3000002
Fifty Two Week Low Change Percent 0.37585425
Fifty Two Week Range 8.78 - 14.17
Financial Currency USD
First Trade Date Milliseconds 1,256,909,400,000
Five Year Avg Dividend Yield 14.76
Float Shares 104,007,425
Forward Eps 1.15881
Forward P E 10.424487
Full Exchange Name NYSE
Full Time Employees 486
Gmt Off Set Milliseconds -14,400,000
Governance Epoch Date 1,782,864,000
Gross Margins 0.97696
Gross Profits 482,400,992
Has Pre Post Market Data 1
Held Percent Insiders 0.01045
Held Percent Institutions 0.79719
Implied Shares Outstanding 105,046,333
Industry REIT - Mortgage
Industry Disp REIT - Mortgage
Industry Key reit-mortgage
Is Earnings Date Estimate 1
Language en-US
Last Dividend Date 1,782,950,400
Last Dividend Value 0.34
Last Fiscal Year End 1,767,139,200
Last Split Date 1,667,347,200
Last Split Factor 1:4
Long Business Summary 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.
Long Name Two Harbors Investment Corp.
Market us_market
Market Cap 1,268,959,744
Market State POSTPOST
Max Age 86,400
Message Board Id finmb_35879939
Most Recent Quarter 1,774,915,200
Net Income To Common -396,712,000
Next Fiscal Year End 1,798,675,200
Non Diluted Market Cap 1,268,959,702
Number Of Analyst Opinions 4
Open 12.09
Operating Cashflow 33,584,000
Operating Margins 0.27611
Overall Risk 4
Payout Ratio 0.75949997
Peg Ratio 2.76
Phone 612 453 4100
Post Market Change 0.0030002594
Post Market Change Percent 0.024836585
Post Market Price 12.083
Post Market Time 1,783,981,676
Previous Close 12.08
Price Eps Current Year 9.493123
Price Hint 2
Price To Book 1.1228852
Price To Sales Trailing12 Months 2.5698888
Profit Margins -0.69456
Quick Ratio 0.158
Quote Source Name Nasdaq Real Time Price
Quote Type EQUITY
Recommendation Key hold
Recommendation Mean 3.125
Region US
Regular Market Change 0.0
Regular Market Change Percent 0.0
Regular Market Day High 12.09
Regular Market Day Low 12.08
Regular Market Day Range 12.08 - 12.09
Regular Market Open 12.09
Regular Market Previous Close 12.08
Regular Market Price 12.08
Regular Market Time 1,783,972,802
Regular Market Volume 626,464
Return On Assets -0.02832
Return On Equity -0.17686
Revenue Growth 15.691
Revenue Per Share 4.733
Sand P52 Week Change 0.20847368
Sector Real Estate
Sector Disp Real Estate
Sector Key real-estate
Share Holder Rights Risk 6
Shares Outstanding 105,046,333
Shares Percent Shares Out 0.033800002
Shares Short 3,549,859
Shares Short Previous Month Date 1,780,012,800
Shares Short Prior Month 3,023,680
Short Name Two Harbors Investment Corp
Short Percent Of Float 0.0461
Short Ratio 2.74
Source Interval 15
State MN
Symbol TWO
Target High Price 13.0
Target Low Price 11.0
Target Mean Price 11.625
Target Median Price 11.25
Total Cash 718,374,976
Total Cash Per Share 6.839
Total Debt 8,297,306,112
Total Revenue 493,780,000
Tradeable 0
Trailing Annual Dividend Rate 1.41
Trailing Annual Dividend Yield 0.11672185
Trailing Eps -3.81
Trailing Peg Ratio None
Triggerable 1
Two Hundred Day Average 11.0425
Two Hundred Day Average Change 1.0375004
Two Hundred Day Average Change Percent 0.09395521
Type Disp Equity
Volume 626,464
Website https://www.twoinv.com
Zip 55,416