TWO HARBORS INVESTMENT CORP. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TWO HARBORS INVESTMENT CORP. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Interest expense	213	350	520	714	281	89.2	258	643	608
Other non-operating income	107	33.6	-103	236	-1,712	-206	-140	-396	6.82	-420
Pre-tax income	330	298	-2.47	310	-1,666	191	324	-83.4	345	-445
Income tax	12.3	-10.5	41.8	-13.6	-35.7	4.19	104	23	46.6	8.87
Net income	353	349	-44.3	324	-1,630	187	220	-106	298	-454
EPS, basic	8.11	7.39	-2.12	3.72	-24.94	1.72	2.15	-1.60	2.41	-4.88
EPS, diluted	8.11	7.23	-2.12	3.72	-24.94	1.72	2.13	-1.60	2.37	-4.88
Shares, basic (weighted)	43.5	43.6	51.5	67	68.4	74.4	86.2	95.7	104	104
Shares, diluted (weighted)	43.5	47.1	51.5	67	68.4	74.5	96.1	95.7	113	104
Dividend per share							2.64	1.95	1.80	1.52

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	351	419	410	558	1,385	1,154	683	730	505	842
Property, plant and equipment	1.92	1.23
Goodwill								27.5
Total assets	20,112	24,789	30,132	35,922	19,516	12,114	13,466	13,139	12,204	10,859
Accrued liabilities	28.9	24.7
Total liabilities	16,711	21,218	25,878	30,951	16,427	9,370	11,283	10,935	10,082	9,071
Total debt										8,557
Paid-in capital	3,662	3,672	4,810	5,155	5,164	5,628	5,646	5,925	5,937	5,948
Other comprehensive income	199	335	111	689	642	186	-279	-176	-321	-0.09
Shareholders' equity	3,401	3,571	4,254	4,970	3,089
Minority interests	0
Total equity	3,401	3,571	4,254	4,970	3,089	2,744	2,184	2,203	2,123	1,788
Total liabilities and equity	20,112	24,789	30,132	35,922	19,516	12,114	13,466	13,139	12,204	10,859
Shares outstanding	43.5	43.7	62.1	68.3	274	86	86.4	103	104	105

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	353	352	-44.3	324	-1,630	187	220	-106	298	-454
Depreciation and amortization	1.28	0.97
Stock-based compensation	15.2	11.3	13	9.16	9.73	11.5	11.6	11	10.9	13.4
Deferred income tax	13.8	-11	41.8	-24.9	-40.3	5.96	105	14.5	33.7	-8.29
Cash from operations	240	607	703	1,057	632	424	623	344	201	88.9
Acquisitions	0	0	-13.6	0	0		0	26.8	-21	0
Purchases of investments	-21,310	-18,232	-12,621	-24,656	-7,121	-2,495	-10,663	-3,878	-2,135	-9,344
Sales and maturities of investments	1,276	1,553	2,434	3,600	4,239	3,148	1,103	662	707	763
Cash from investing	-5,670	-9,484	4,790	-6,078	14,904	6,314	-2,751	-196	895	912
Debt issued	1,877	0	0	282				0	0	111
Debt repaid	-832	-329	0	0
Stock issued	0.5	0.45	0.22	336	0.37	451	6.61	276	0.24	0.28
Share buybacks	-61.3	0	0	-0.02	-1.06	0	0	-7.06	0	0
Dividends paid	-332	-423	-271	-463	-199	-193	-235	-198	-188	-171
Cash from financing	5,245	9,117	-5,450	5,540	-14,506	-7,295	1,166	-479	-1,073	-756
Net change in cash	-185	240	42.8	519	1,030	-558	-962	-332	22.8	244
Interest paid	116	228	420	720	404	81.2	153	566	619	488
Income taxes paid	-5.15	-0.86	0.4	28.2	9.57	-23.3	-1.58	7.38	9.26	24.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $12.18 on August 24, 2026.

Profitability

Metric	Value	How it is calculated
Return on assets (ROA)	-3.3%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	-252.4%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-305.9%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-55.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-47.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-32.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-15.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-16.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-11.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-11.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-7.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	8.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / assets	78.7%	Total debt / total assets.
Liabilities / assets	83.6%	Total liabilities / total assets.
Net debt	$7.81B	Total debt - cash - short-term investments. Negative means more cash than debt.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$3.26	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share	$0.32	Cash from operations / diluted weighted shares.
Cash per share	$4.53	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.28B	Share price x shares outstanding.
Enterprise value	$9.09B	Market cap + total debt - cash - short-term investments.
P/OCF	38.1x	Market cap / cash from operations, when positive.
Earnings yield	-26.8%	Net income / market cap (the inverse of P/E).
Dividend yield	12.5%	Dividends paid over the period / market cap.
Shareholder yield	12.5%	(Dividends paid + share buybacks) / market cap.

Was TWO HARBORS INVESTMENT CORP. profitable in fiscal 2025?

No. It reported a net loss of $454.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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