Two Harbors Investment Corp.

Symbol: TWO
CIK: 1465740
Exchange: NYSE
Founded: 2009 (10 years)
HQ: New York, NY, United States
Type of REIT: Mortgage REIT
Listing Status: Public
Market Capitalization: Mid-Cap
REIT Sector: Mortgage

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Two Harbors Investment Corp. Company Logo

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 3.0   Dividend Section Rating

Rating Dividend Section Avg. Rating
1 Dividend Payment Growth: Analysis of how the REIT’s dividend payments have performed during the last three years. 5.5
5 Dividend Payment Consistency: Analysis of how many periods the REIT’s dividends have been paid consistently without a gap in payment. 4.5
6 Dividend to EPS Payout Ratio Health: Analysis of the REIT’s Dividend to EPS Payout Ratios during the last four quarters. 0.7
0 Dividend to EPS Payout Ratio Trend: Analysis of the REIT’s Dividend to EPS Payout Ratios trend during the last two years. 0.3
3 EPS Trend: Analysis of the REIT’s EPS trend during the last two years. 0.8
3.0 Overall Dividend Section Rating: The REIT’s total dividend score from the compilation of the below dividend analysis. 6.8

 N/A   Leverage Section Rating

Rating Leverage Section Avg. Rating
N/A Interest Coverage Health: Analysis of the REIT’s Interest Coverage health during the last four quarter. 6.6
N/A Interest Coverage Health Trend: Analysis of the REIT’s Interest Coverage health trend during the last two years. 7.3
N/A Total Debt Interest Rate Competitiveness: Analysis of the REIT’s Interest Rate to Total Debt competitiveness compared to REIT market. 8.0
N/A Total Debt Interest Rate Trend: Analysis of the REIT’s Interest Rate to Total Debt trend during the last two years. 8.0
2 Debt Leverage Health: Analysis of the REIT’s Total Debt to Total Assets. 6.3
7 Debt Leverage Health Trend: Analysis of the REIT’s Total Debt to Total Assets over the last two years. 7.1

 2.8   Asset & Revenue Section Rating

Rating Asset & Revenue Section Avg. Rating
0 G&A Effeciency Level: Analysis of the REIT’s General and Administrative expenses in relationship to its Revenues. 6.9
0 G&A Effeciency Trend: Analysis of the Trend of the REIT’s General and Administrative expenses in relationship to its Revenues. 7.7
1 Revenues Growth: Analysis of how the REIT's Revenue has performed over the last two years. 6.9
10 Total Asset Growth: Analysis of how the REIT has grown its Total Assets over the last two years. 7.3
2.8 Overall Asset & Revenue Section Rating: The REIT’s total Asset, Revenues, and Administrative expenses score from the compilation of the above analysis. 7.2


REITRating is REITNote's Real Estate Investment Trust industry-specific rating and ranking system. The REIT’s score for each analysis is out of ten points, with ten being the best score and zero being the worst. A score of zero can be assigned if the REIT does not meet the criteria for that specific analysis. N/A is assigned if insufficient data is available for a particular analysis. Our REITRating logic is continuously improving, so a REIT’s rating and ranking may change over time. Important Note: REITRating is not a predictor of a REIT’s future performance, it is an evaluation of its past results. Additionally, the REITRating system is for informational purposes only and does not represent financial or investment advice or a recommendation of which REITs to acquire. Learn more.

Stock Chart

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Hightlights of Trading Day August 19, 2019


Open Price: $13.35
Closing Price: $13.44
Price Change: 0.16 (1.205%)
Lowest Price: $13.25
Highest Price: $13.46

52-Week Low: $12.05
52-Week High: $15.89
52-Week Change: -13.96%

5 Day Price Change: -0.30%
1 Month Price Change: 0.68%
3 Month Price Change: 2.63%
6 Month Price Change: -4.25%
YTD Price Change: 2.23%
1 Year Price Change: -14.98%
2 Year Price Change: -31.09%
5 Year Price Change: -35.22%

Dividend of Trading Day August 19, 2019


Dividend Yield: 11.905%*
Annualized Dividend: $1.6*
Dividend Yield (TTM):
Annualized Dividend (TTM): $1.81
Ex Dividend Date: 2019-06-28
Dividend Frequency: Quarterly

*The forward annualized dividend and dividend yield are based on the most recent dividend value paid by the REIT. The REIT may have already announced their next upcoming dividend value, which may be different from previously paid dividend value. It is recommended to check the REIT's website and dividend announcements for the latest information on upcoming dividends and changes.

Latest News Headlines


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Earnings Per Share (EPS)


REITNotes' Dividend to Earning per Share (EPS) Payout Ratio graph is based on the REIT's dividend per diluted share divided by its Earnings per diluted share informed in the REIT’s Quarterly Earning Reports. For Mortgage REITs (mREITs) we display the Dividend to EPS Payout Ratio, while for Equity REITs, we display the Payout Ratio based on the Adjusted Funds From Operations (AFFO), or Core FFO, or Normalized FFO (NFFO), or Modified FFO (MFFO), Operating FFO as provided by the REIT.

Key Stats of Trading Day August 19, 2019


Total Cash: $1,097,764,000
Current Debt: $23,958,500,000
Revenue: $708,128,000
Gross Profit: $616,720,000
Total Revenue: $708,128,000
Earnings Before Interest, Taxes & Depreciation Amortization (EBITDA): N/A
Revenue Per Share: $3
Revenue Per Employee: N/A
Employee: N/A
Debt to Equity Ratio (D/E): 5.78
Profit Margin: -0.06%
Enterprise Value (EV): $27,045,086,050
Enterprise Value to Revenue (EV/R): 38.19
Price to Sales (P/S): 5.01
Price to Book (P/B): 0.85
Peg Ratio: 0.18
P/E Ratio: -4.77
P/E High: 8.59
P/E Low: 6.51
Forward P/E Ratio: 7.77
Market Capitalization: $3,667,843,200
Beta: 0.45
Latest Volume: 1,638,318.00
Avg. Total Volume: 2,562,843
Avg. 10 Volume: 2,455,001.30
Avg. 30 Volume: 2,562,842.57
TTM EPS: -2.82
TTM Dividend Rate: 1.81
Shares Outstanding: 272,905,000
Float: 270,183,864.25
50-Day Moving Avg.: 13.01
200-Day Moving Avg.: 13.60

Dividend History


Below are the most recent cash dividends paid by TWO, and the Ex-Dividend Date of the dividend. The percent difference from one dividend payment to the next has also been calculated for your convenience.


Symbol Ex Date Cash Amount Change in Dividend Declaration Date Record Date Payment Date

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Financial Statements Overview

Balance Sheet (Quarterly)

See Annual Balance Sheet | See Quarterly Balance Sheet

Amounts in USD ($)

Balance Sheet 2019-06-30 2019-03-31 2018-12-31 2018-09-30
Current Cash 791,688,000 778,935,000 1,097,764,000 0
Receivables 0 0 0 0
Inventory 0 0 0 0
Current Assets 0 0 0 0
Current Assets (Other) 0 0 0 0
Short Term Investments 0 0 0 0
Long-term Investments 30,542,574,000 25,452,522,000 26,634,400,000 27,148,959,000
Property, Plant & Equipment Net 0 0 0 863,000
Goodwill 0 0 0 0
Intangible Assets 1,800,826,000 2,014,370,000 1,993,440,000 1,664,024,000
Other Assets 124,088,000 103,373,000 164,970,000 30,129,000
Net Tangible Assets 4,868,774,000 4,774,224,000 4,254,489,000 4,675,982,000
Total Assets 34,340,236,000 28,500,550,000 30,132,479,000 31,530,079,000
Accounts Payable 0 0 0 0
Liabilities (Other) 575,026,000 2,472,218,000 1,285,634,000 1,588,887,000
Current Liabilities (Other) 128,110,000 147,179,000 135,551,000 96,259,000
Total Current Liabilities 0 0 0 0
Current Long-term Debt 0 815,024,000 815,024,000 815,024,000
Long-term Debt 728,392,000 989,393,000 633,856,000 823,555,000
Total Liabilities 29,471,462,000 23,726,326,000 25,877,990,000 26,854,097,000
Minority Interest 0 0 0 0
Common Stock 2,729,000 2,728,000 2,481,000 2,481,000
Retained Earnings -2,038,149,000 -1,819,482,000 -1,645,926,000 -955,840,000
Treasury Stock 0 0 0 0
Capital Surplus 5,149,175,000 5,146,508,000 4,809,616,000 4,806,520,000
Shareholder Equity 4,868,774,000 4,774,224,000 4,254,489,000 4,675,982,000

Income Statement (Quarterly)

See Annual Income Statement | See Quarterly Income Statement

Amounts in USD ($)

Income Statement 2019-06-30 2019-03-31 2018-12-31 2018-09-30
Total Revenue 414,078,000 401,225,000 111,157,000 187,758,000
Cost of Revenue 30,381,000 31,994,000 30,762,000 11,592,000
Gross Profit 383,697,000 369,231,000 80,395,000 176,166,000
Research and Development 0 0 0 0
Selling General and Admin 0 0 0 0
Operating Expense 44,394,000 47,550,000 46,705,000 28,425,000
Operating Income 109,141,000 127,757,000 -385,446,000 225,846,000
Income Expense Net (Other) -197,291,000 -163,731,000 -162,408,000 -152,491,000
EBIT 109,141,000 127,757,000 -385,446,000 225,846,000
Interest Income 192,443,000 163,525,000 162,301,000 152,396,000
Pretax Income -88,150,000 -35,974,000 -547,854,000 73,355,000
Income Tax 2,407,000 -10,039,000 6,681,000 37,409,000
Minority Interest 0 0 0 0
Net Income -90,557,000 -25,935,000 -554,535,000 35,946,000
Net Income Basic -109,507,000 -44,885,000 -573,485,000 16,995,000

Cash Flow

See Annual Cash Flow | See Quarterly Cash Flow

Amounts in USD ($)

Cash Flow 2019-06-30 2019-03-31 2018-12-31 2018-09-30
Net Income -90,557,000 -25,935,000 -554,535,000 35,946,000
Depreciation 0 0 0 156,000
Changes in Receivables 0 0 0 0
Changes in Inventories 0 0 0 0
Cash Change 12,753,000 -318,829,000 -213,719,000 329,263,000
Cash Flow 361,692,000 165,814,000 181,504,000 161,928,000
Capital Expenditures -38,888,000 -210,193,000 -500,942,000 -193,168,000
Investments -4,973,187,000 698,068,000 207,929,000 3,418,223,000
Investing Activity (Other) -703,732,000 0 187,146,000 -187,146,000
Total Investing Cash Flows -7,844,027,000 2,654,121,000 374,354,000 2,293,928,000
Dividends Paid -147,179,000 -135,551,000 -96,259,000 -124,008,000
Net Borrowings 7,642,096,000 -3,338,491,000 -673,155,000 -2,002,719,000
Cash Flow Financing 7,495,088,000 -3,138,764,000 -769,577,000 -2,126,593,000
Financing Cash Flows (Other) 0 0 0 0
Exchange Rate Effect 0 0 0 0

About Two Harbors Investment Corp.


Two Harbors Investment Corp., a Maryland corporation, is a real estate investment trust that invests in residential mortgage-backed securities, mortgage servicing rights, and other financial assets. Two Harbors is headquartered in New York, NY, and is externally managed and advised by PRCM Advisers LLC, a wholly-owned subsidiary of Pine River Capital Management L.P.

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