Every 10-Q that Two Harbors Investment Corp. (TWO) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow TWO and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full TWO filings page.
Two Harbors Investment Corp., an internally managed mortgage REIT focused on MSR and Agency RMBS, reported much improved results for the six months ended June 30, 2026, with net income of $94,529 thousand versus a loss of $338,096 thousand a year earlier. Net income attributable to common stockholders was $68,856 thousand, or $0.65 per basic share, compared with a loss of $364,521 thousand, or $3.51 per share. At June 30, 2026, total assets were $8,831,469 thousand and stockholders’ equity was $1,744,885 thousand.
The company has agreed to an all‑cash acquisition by CrossCountry Intermediate Holdco, LLC (CCM). Under the amended merger agreement, each common share will be converted at closing into $12.00 in cash; common stockholders approved the transaction on July 2, 2026, and closing is expected on August 3, 2026, subject to remaining conditions. The board declared a $0.12196 stub‑period dividend for the third quarter, payable only if the CCM merger is consummated. The existing preferred stock series will remain outstanding at closing and are expected to be redeemed for $25.00 per share plus accumulated and unpaid dividends after the effective time.
Two Harbors Investment Corp. reported net income of $32.3M for the quarter ended March 31, 2026, compared with a net loss of $79.1M a year earlier. Net income attributable to common stockholders was $19.5M, or $0.18 per diluted share, versus a loss of $(0.89) per share in 2025.
The company generated strong net servicing income of $128.3M, partially offset by a net loss of $36.0M on securities, MSR valuation and derivatives. Comprehensive results showed a loss of $11.9M due to a $44.2M unrealized loss on available-for-sale securities.
Total assets were $10.53B and stockholders’ equity $1.73B at March 31, 2026, with a $6.51B Agency and non-Agency securities portfolio and $2.38B of mortgage servicing rights. During the quarter the company repaid $261.9M of convertible senior notes and maintained 105.0 million common shares outstanding as of April 23, 2026.
The company entered into an amended merger agreement with CrossCountry Intermediate Holdco, LLC, increasing the all-cash consideration to $11.30 per common share from $10.80. Preferred shares will remain outstanding at closing and are expected to be redeemed for $25.00 per share plus accrued and unpaid dividends after the merger, which is expected to close in the second half of 2026, subject to stockholder and regulatory approvals.
Two Harbors Investment Corp. reported a Q3 2025 net loss of $127.9M, reflecting a $175.1M litigation settlement expense, lower MSR valuations, and realized losses on securities. Net servicing income was $162.7M while net interest expense was $(23.5)M. Other results included losses on swaps offset by gains on other derivatives.
For the nine months ended September 30, 2025, net loss totaled $466.0M, including $375.0M of litigation settlement expense. Total assets were $10.87B and stockholders’ equity was $1.77B. Available-for-sale securities were $6.35B and mortgage servicing rights were $2.63B. Cash and cash equivalents were $770.5M; repurchase agreements stood at $7.10B and senior notes at $110.9M. Shares outstanding were 104,155,818 as of October 23, 2025.
Two Harbors Investment Corp. (NYSE: TWO) posted a sharp swing to loss in Q2 2025. Net loss attributable to common stockholders was $272.3 million (-$2.62 per share) versus a profit of $44.6 million ($0.43) a year ago, driven by $151 million of derivative losses, $63 million servicing-asset markdowns and a $199.9 million litigation contingency. Six-month loss reached $364.5 million.
Balance-sheet size expanded 6 % since year-end to $12.96 billion, but common equity fell 11 % to $1.28 billion, pushing the equity ratio down to 14.6 %. Book value erosion was partly buffered by $207.6 million of unrealized gains on Agency RMBS that narrowed AOCI to –$112.9 million.
Liquidity remained solid: cash and restricted cash totalled $798 million; operating cash flow was + $211 million. Repurchase funding rose to $8.78 billion (+13 %) while the company issued $110.9 million of 9.375 % senior notes due 2030. Leverage (repo, credit, warehouse) now covers 77 % of total assets.
Core franchise metrics were mixed. Mortgage servicing rights (MSR) increased to $3.02 billion, but servicing income slipped 12 % YoY to $158 million as prepayment-related runoff accelerated. Net interest expense improved to -$19.6 million from -$38.3 million, yet remained negative due to higher repo costs.
The board continued dividends—$41 million on common and $13 million on preferred—despite losses. Shares outstanding were 104.1 million on 24 July 2025.
Key takeaway: steep derivative and contingency charges erased earnings and cut book value; investors will focus on litigation resolution, hedging discipline and leverage management in coming quarters.