TWO HARBORS INVESTMENT CORP (TWO)
Financials · Mortgage REIT / Mortgage Servicing Rights · NYSE
A REIT combining mortgage servicing rights and Agency RMBS investing to generate stable returns while managing interest rate and prepayment risk through its RoundPoint servicing platform.
What TWO HARBORS INVESTMENT CORP does
Two Harbors Investment Corp is a REIT that invests in mortgage servicing rights (MSR) and Agency residential mortgage-backed securities (RMBS). Through its RoundPoint Mortgage Servicing subsidiary, the company is one of the largest servicers of conventional mortgage loans in the United States. The company seeks to deliver stable performance across changing market environments by balancing MSR and RMBS investments with active management of interest rate and prepayment risk.
Themes: ["Mortgage servicing rights management","Agency RMBS investing","Interest rate and prepayment risk hedging","Residential mortgage loan servicing","Fixed-income securities"]
Fundamentals
- Price$12.07 as of 2026-07-09 close
- Market cap$1.3B as of 2026-07-10
- 1-year return+14.8% as of 2026-07-09 close
- Net margin-49.1% as of 2026-07-10
- Gross margin+33.3% as of 2026-07-10
- ROE-19.1% as of 2026-07-10
- Debt / equity4.79 as of 2026-07-10
- Revenue growth (YoY)-14.0% as of 2026-07-10
- Beta1.06 as of 2026-07-10
Dividend: yield +11.3%; 1-year non-decreasing per-share dividend streak (SEC XBRL).
Key risks (from latest filing)
["Interest rate and prepayment risk exposure: Changes in interest rates directly impact the value of MSR and RMBS holdings; falling rates trigger mortgage refinancing which reduces MSR cash flows and increases prepayment speeds.","Financing and leverage risk: The company relies heavily on repurchase agreements and revolving credit facilities for financing; rising interest rates increase financing costs and reduce asset values, pressuring returns and book value.","Pending merger uncertainty: The announced acquisition by UWM (expected Q2 2026) creates operational uncertainty and integration risk, with closing subject to stockholder approval and regulatory approvals."]
Competitors & peers
- New Residential Investment Corp (NRZ)
- INVESCO Mortgage Capital (IVR)
- MFA Financial (MFA)
- Apollo Commercial Real Estate Finance (APC)
- Ellington Residential Mortgage REIT (EARN)
Fundamentals: Finnhub, as of 2026-07-10. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-07-09.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & Finnhub, shown with their as-of date.