TWOD Two Harbors Investments Corp 9.375% Senior Notes due 2030
NYSE · Real Estate · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Jul 29, 2026
$26.33
· of 52w range
· above low
· to high
$25.0552w low
$26.3452w high
Market Cap (MRQ)
$2.77B
P/E
-5.4
EPS
$-4.88
your badges
52W Range
$25–$26
Analyst Rating
HOLD
Price Target
·
P/E
-5.4
ROE
-24.7%
Net Profit Margin
575.5%
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TWOD Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$26.33
Market Cap (MRQ)
$2.77B
P/E
-5.4
EPS
$-4.88
Div Yield
6.2%
ROE
-24.7%
52W Range
$25–$26
TWOD Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
EPS$-4.882016-12-31 → 2025-12-31
Net margin575.5%2017-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | TWOD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -5.4 | · | · | · | |
| P/S | -35.0 | · | · | · | |
| P/B (MRQ) | 1.6 | · | · | · | |
| Price / Cash Flow | 31.1 | · | · | · | |
| Price / Tangible Book | 1.5 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | TWOD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Pretax Margin | 564.2%5Y avg ≈302.2% | ≈302.2% | · | · | |
| Net Profit Margin | 575.5%5Y avg ≈256.1% | ≈256.1% | · | · | |
| ROA | -3.9%5Y avg ≈0.10% | ≈0.10% | · | · | |
| ROE | -24.7%5Y avg ≈0.25% | ≈0.25% | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | TWOD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| EPS CAGR 3Y | 11.3% | · | · | · | |
| Net Income CAGR 3Y | 16.8% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | TWOD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | -0.05Y avg ≈-0.0 | ≈-0.0 | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield6.2%
Payout Ratio-37.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-10.9%
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | $0.28 | $0.28 | -1.6% | |
| March 31, 2026 | $0.34 | $0.26 | 29.5% | |
| Dec. 31, 2025 | $0.26 | $0.37 | -30.4% | |
| Sept. 30, 2025 | $0.36 | $0.37 | -1.7% | |
| June 30, 2025 | $0.28 | $0.37 | -24.1% | |
| March 31, 2025 | $0.24 | $0.38 | -37.1% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Expenses | $560M | $166M | $115M | $83M | $64M | $198M | $192M | $249M | $130M | $137M | $143M | $136M | |
| Interest Expense | · | $608M | $643M | $258M | $89M | $281M | $714M | $520M | $350M | $213M | $142M | $107M | |
| Interest Income | $412M | $450M | $480M | $296M | $169M | $525M | $995M | $870M | $745M | $575M | $593M | $577M | |
| Other Non-op | $5M | $1M | $5M | $-14.0K | $-4M | $1M | $337.0K | $3M | $30M | $10M | $-22M | $19M | |
| Pretax Income | $-445M | $345M | $-83M | $324M | $191M | $-1.67B | $310M | $-2M | $298M | $330M | $476M | $93M | |
| Income Tax | $9M | $47M | $23M | $104M | $4M | $-36M | $-14M | $42M | $-10M | $12M | $-17M | $-74M | |
| Net Income | $-454M | $298M | $-106M | $220M | $187M | $-1.63B | $324M | $-44M | $349M | $353M | $492M | · | |
| EPS (Basic) | $-4.88 | $2.41 | $-1.60 | $2.15 | $1.72 | $-24.94 | $0.93 | $-0.53 | $1.85 | $2.03 | $2.70 | $0.46 | |
| EPS (Diluted) | $-4.88 | $2.37 | $-1.60 | $2.13 | $1.72 | $-24.94 | $0.93 | $-0.53 | $1.81 | $2.03 | $2.70 | $0.46 | |
| Shares (Basic) | 104,111,993 | 103,562,824 | 95,672,143 | 86,179,418 | 74,443,000 | 68,400,237 | 267,826,739 | 206,020,502 | 174,433,999 | 174,036,852 | 182,623,869 | 364,181,059 | |
| Shares (Diluted) | 104,111,993 | 113,089,508 | 95,672,143 | 96,076,175 | 74,510,884 | 68,400,237 | 267,826,739 | 206,020,502 | 188,133,341 | 174,036,852 | 182,623,869 | 366,011,855 |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $842M | $505M | $730M | $683M | $1.15B | $1.38B | $558M | $410M | $419M | $351M | $1.00B | $1.01B | |
| PP&E (Net) | · | · | · | · | · | · | · | · | $1M | $2M | $3M | $3M | |
| PP&E (Gross) | · | · | · | · | · | · | · | · | $7M | $6M | $6M | $5M | |
| Accum. Depreciation | · | · | · | · | · | · | · | · | $6M | $5M | $3M | $2M | |
| Goodwill | · | · | $27M | · | · | · | · | · | · | · | · | · | |
| Intangibles | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Total Assets | $10.86B | $12.20B | $13.14B | $13.47B | $12.11B | $19.52B | $35.92B | $30.13B | $24.79B | $20.11B | $14.58B | $21.08B | |
| Accrued Liabilities | · | · | · | · | · | · | · | · | $25M | $29M | $37M | $30M | |
| Deferred Tax | $92M | $100M | $82M | $81M | $200.0K | $0 | $19.0K | $18M | $24M | · | · | · | |
| Total Liabilities | $9.07B | $10.08B | $10.94B | $11.28B | $9.37B | $16.43B | $30.95B | $25.88B | $21.22B | $16.71B | $11.00B | $17.02B | |
| Long-term Debt | $8.56B | · | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $1M | $1M | $1M | $864.0K | $860.0K | $3M | $3M | $2M | $2M | $2M | $4M | $4M | |
| Paid-in Capital | $5.95B | $5.94B | $5.93B | $5.65B | $5.63B | $5.16B | $5.15B | $4.81B | $3.67B | $3.66B | $3.71B | $3.81B | |
| AOCI | $-87.0K | $-321M | $-176M | $-279M | $186M | $642M | $689M | $111M | $335M | $199M | $359M | $856M | |
| Stockholders' Equity | $1.79B | $2.12B | $2.20B | $2.18B | $2.74B | $3.09B | $4.97B | $4.25B | $3.57B | $3.40B | $3.58B | $4.07B | |
| Liabilities + Equity | $10.86B | $12.20B | $13.14B | $13.47B | $12.11B | $19.52B | $35.92B | $30.13B | $24.79B | $20.11B | $14.58B | $21.08B | |
| Shares Outstanding | 104,806,311 | 103,680,321 | 103,206,457 | 86,428,845 | 85,977,831 | 68,425,971 | 68,233,933 | 248,085,721 | 174,496,587 | 173,826,163 | 176,953,403 | 183,197,960 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $13M | $11M | $11M | $12M | $11M | $10M | $9M | $13M | $11M | $15M | $9M | $15M | |
| Deferred Tax | $-8M | $34M | $15M | $105M | $6M | $-40M | $-25M | $42M | $-11M | $14M | $-13M | $-80M | |
| Amort. of Intangibles | · | · | · | · | · | · | · | · | · | $0 | $0 | $533.0K | |
| Restructuring | · | · | · | $0 | $0 | $6M | $0 | $8M | $0 | $3M | $0 | $0 | |
| Operating Cash Flow | $89M | $201M | $344M | $623M | $424M | $632M | $1.06B | $703M | $607M | $240M | $-1.94B | $-667M | |
| Investing Cash Flow | $912M | $895M | $-196M | $-2.75B | $6.31B | $14.90B | $-6.08B | $4.79B | $-9.48B | $-5.67B | $7.91B | $-2.80B | |
| Debt Issued | · | · | · | · | · | · | · | $0 | $0 | $1.88B | $1.22B | $729M | |
| Net Debt Issued | · | · | · | · | · | · | $0 | $0 | $-329M | $1.04B | $816M | $546M | |
| Stock Issued | $279.0K | $244.0K | $276M | $7M | $451M | $372.0K | $336M | $215.0K | $449.0K | $502.0K | $539.0K | $588.0K | |
| Stock Repurchased | $0 | $0 | $7M | $0 | $0 | $1M | $19.0K | $0 | $0 | $61M | $115M | $0 | |
| Net Stock Activity | $279.0K | $244.0K | $269M | $7M | $451M | $-692.0K | $336M | $215.0K | $449.0K | $-61M | $-115M | $588.0K | |
| Dividends Paid | $171M | $188M | $198M | $235M | $193M | $199M | $463M | $271M | $423M | $332M | $382M | $286M | |
| Financing Cash Flow | $-756M | $-1.07B | $-479M | $1.17B | $-7.30B | $-14.51B | $5.54B | $-5.45B | $9.12B | $5.25B | $-6.32B | $3.44B | |
| Net Change in Cash | $244M | $23M | $-332M | $-962M | $-558M | $1.03B | $519M | $43M | $240M | $-185M | $-268M | $-20M | |
| Taxes Paid | $25M | $9M | $7M | $-2M | $-23M | $10M | $28M | $397.0K | $-856.0K | $-5M | $3M | $6M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 575.5% | -189.1% | 65.3% | 592.9% | 235.7% | -668.6% | 115.5% | -12.6% | 88.3% | · | · | · | |
| Pretax Margin | 564.2% | -218.7% | 51.2% | 873.5% | 241.0% | -683.3% | 110.7% | -0.70% | 75.4% | 88.8% | 103.5% | 19.9% | |
| ROA | -3.9% | 2.4% | -0.80% | 1.7% | 1.2% | -5.9% | 0.98% | -0.16% | 1.6% | · | · | · | |
| ROE | -24.7% | 13.9% | -4.9% | 10.2% | 6.8% | -53.4% | 6.7% | -1.1% | 10.0% | · | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | -0.0 | -0.0 | -0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $17.06 | $20.47 | $21.35 | $25.26 | $7.98 | $11.29 | $18.21 | $17.15 | $20.47 | $9.78 | $10.11 | $11.10 | |
| Revenue / Share | $-0.76 | $-1.39 | $-1.70 | $0.39 | $0.27 | $0.89 | $1.05 | $1.70 | $2.10 | · | $1.26 | $1.28 | |
| Cash Flow / Share | $0.85 | $1.78 | $3.59 | $6.49 | $1.42 | $2.31 | $3.95 | $3.41 | $3.23 | · | $-5.30 | $-2.09 | |
| Cash / Share | $8.04 | $4.87 | $7.07 | $7.91 | $3.36 | $5.06 | $2.04 | $1.65 | $2.40 | $1.17 | $2.08 | $2.75 | |
| Dividend / Share | $1.52 | $1.80 | $1.95 | $2.64 | $2.72 | $2.00 | $1.67 | · | · | · | · | · | |
| EPS (TTM) | $-4.88 | $2.37 | $-1.60 | $2.13 | $1.72 | $-24.94 | $0.93 | $-0.53 | $1.81 | $2.03 | $2.70 | $0.46 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | · | · | · | -53.2% | -67.4% | · | · | · | · | · | · | · | |
| EPS YoY | · | · | · | 23.8% | · | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | · | 11.3% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | · | · | · | 17.6% | · | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | · | 16.8% | · | · | · | · | · | · | · | · | · | · | |
| Dividends Paid CAGR 5Y | -3.0% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $-79M | $-158M | $-163M | $37M | $79M | $244M | $280M | $350M | $395M | $362M | $451M | $470M | |
| Net Income TTM | $-454M | $298M | $-106M | $220M | $187M | $-1.63B | $324M | $-44M | $349M | $353M | $492M | $182M | |
| Market Cap | $2.70B | · | · | · | · | · | · | · | · | · | · | · | |
| P/E | -5.3 | · | · | · | · | · | · | · | · | · | · | · | |
| P/S | -34.2 | · | · | · | · | · | · | · | · | · | · | · | |
| P/B | 1.5 | · | · | · | · | · | · | · | · | · | · | · | |
| P / Tangible Book | 1.5 | · | · | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | 30.4 | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend Yield | 6.3% | · | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | -18.9% | · | · | · | · | · | · | · | · | · | · | · | |
| Payout Ratio | -37.6% | 62.9% | -185.8% | 106.9% | 103.3% | -12.2% | 143.0% | -611.0% | 121.3% | · | · | · | |
| Annual Payout | $171M | $188M | $198M | $235M | $193M | $199M | $463M | $271M | $423M | $332M | $382M | $286M |
Income Statement
| Metric | Trend | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Expenses | $51M | $51M | $219M | $243M | $47M | $41M | $39M | $39M | $48M | $45M | $25M | $21M | $25M | $-46M | $42M | $43M | |
| Interest Expense | · | · | $117M | $137M | $132M | · | $155M | $154M | $160M | · | $173M | $160M | $142M | $116M | $83M | $37M | |
| Interest Income | $84M | $90M | $94M | $117M | $111M | $104M | $113M | $116M | $118M | $122M | $124M | $118M | $117M | $99M | $94M | $57M | |
| Other Non-op | $2M | $-714.0K | $4M | $1M | $761.0K | $850.0K | $123.0K | $226.0K | $0 | $0 | $3M | $2M | $0 | $103.0K | $0 | $-73.0K | |
| Pretax Income | $68M | $17M | $-127M | $-257M | $-79M | $308M | $-249M | $71M | $216M | $-462M | $343M | $217M | $-181M | $-262M | $299M | $-47M | |
| Income Tax | $6M | $6M | $1M | $2M | $431.0K | $31M | $-10M | $14M | $12M | $-29M | $36M | $20M | $-4M | $8M | $21M | $26M | |
| Net Income | $62M | $12M | $-128M | $-259M | $-79M | $277M | $-238M | $56M | $204M | $-433M | $306M | $197M | $-177M | $-270M | $278M | $-72M | |
| EPS (Basic) | $0.47 | $-0.01 | $-1.36 | $-2.62 | $-0.89 | $2.55 | $-2.42 | $0.43 | $1.85 | $-4.53 | $3.04 | $1.94 | $-2.05 | $-3.03 | $3.04 | $-1.00 | |
| EPS (Diluted) | $0.46 | $-0.01 | $-1.36 | $-2.62 | $-0.89 | $2.63 | $-2.42 | $0.43 | $1.73 | $-4.16 | $2.81 | $1.80 | $-2.05 | $-2.51 | $2.78 | $-1.00 | |
| Shares (Basic) | 104,937,007 | · | 104,144,560 | 104,084,326 | 103,976,437 | · | 103,635,455 | 103,555,755 | 103,401,940 | · | 96,176,287 | 96,387,877 | 92,575,840 | · | 86,252,104 | 86,069,431 | |
| Shares (Diluted) | 105,427,317 | · | 104,144,560 | 104,084,326 | 103,976,437 | · | 103,635,455 | 103,910,812 | 112,973,317 | · | 105,628,130 | 106,062,378 | 92,575,840 | · | 96,132,100 | 86,069,431 |
Balance Sheet
| Metric | Trend | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $643M | $842M | $771M | $658M | $574M | $505M | $523M | $624M | $666M | · | $644M | $699M | $708M | · | $732M | $512M | |
| Goodwill | · | · | · | · | · | · | · | · | · | $27M | $28M | · | · | · | · | · | |
| Total Assets | $8.83B | $10.86B | $10.87B | $12.96B | $13.68B | $12.20B | $12.89B | $12.85B | $13.16B | · | $13.92B | $14.01B | $13.94B | · | $14.70B | $13.74B | |
| Deferred Tax | · | $92M | · | · | · | $100M | · | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $7.09B | $9.07B | $9.09B | $11.07B | $11.54B | $10.08B | $10.72B | $10.65B | $10.92B | · | $11.80B | $11.79B | $11.69B | · | $12.55B | $11.25B | |
| Long-term Debt | $6.62B | $8.56B | $8.43B | $10.18B | · | · | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | · | $962.0K | $962.0K | $967.0K | · | $864.0K | $3M | |
| Paid-in Capital | $5.95B | $5.95B | $5.95B | $5.95B | $5.94B | $5.94B | $5.93B | $5.93B | $5.93B | · | $5.83B | $5.82B | $5.83B | · | $5.64B | $5.63B | |
| AOCI | $-46M | $-87.0K | $-52M | $-113M | $-163M | $-321M | $-54M | $-324M | $-280M | · | $-660M | $-309M | $-153M | · | $-701M | $-150M | |
| Stockholders' Equity | $1.74B | $1.79B | $1.77B | $1.89B | $2.15B | $2.12B | $2.17B | $2.20B | $2.24B | $2.20B | $2.12B | $2.22B | $2.25B | $2.18B | $2.14B | $2.48B | |
| Liabilities + Equity | $8.83B | $10.86B | $10.87B | $12.96B | $13.68B | $12.20B | $12.89B | $12.85B | $13.16B | · | $13.92B | $14.01B | $13.94B | · | $14.70B | $13.74B | |
| Shares Outstanding | 105,133,008 | 104,806,311 | 104,155,818 | 104,132,453 | 104,025,096 | 103,680,321 | 103,650,126 | 103,622,239 | 103,474,944 | 103,206,457 | 96,186,425 | 96,165,535 | 96,664,318 | 86,428,845 | 86,371,867 | 344,433,109 |
Cash Flow
| Metric | Trend | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $1M | $3M | $2M | $2M | $7M | $2M | $2M | $2M | $6M | $2M | $2M | $2M | $6M | $2M | $2M | $3M | |
| Operating Cash Flow | $193M | $117M | $-239M | $99M | $112M | $-21M | $87M | $144M | $-9M | $110M | $122M | $111M | $115.0K | $236M | $369M | $70M | |
| Investing Cash Flow | $1.63B | $-17M | $2.13B | $829M | $-2.03B | $1.22B | $-255M | $274M | $-348M | $777M | $57M | $40M | $-1.07B | $882M | $-2.25B | $-674M | |
| Stock Issued | $38.0K | $69.0K | $60.0K | $68.0K | $82.0K | $79.0K | $61.0K | $50.0K | $54.0K | $98M | $48.0K | $149.0K | $178M | $852.0K | $5M | $82.0K | |
| Stock Repurchased | · | · | · | · | · | $0 | $0 | · | · | $0 | $0 | · | · | $0 | $0 | · | |
| Net Stock Activity | · | · | · | · | $82.0K | · | · | · | $54.0K | · | · | · | $178M | · | · | · | |
| Dividends Paid | $36M | $36M | $41M | $47M | $47M | $47M | $47M | $47M | $47M | $44M | $44M | $58M | $52M | $59M | $59M | $59M | |
| Financing Cash Flow | $-1.72B | $75M | $-1.80B | $-828M | $1.80B | $-997M | $-7M | $-369M | $300M | $-1.14B | $-156M | $45M | $769M | $-1.57B | $2.31B | $268M | |
| Net Change in Cash | $105M | $175M | $89M | $101M | $-120M | $206M | $-175M | $48M | $-56M | $-250M | $23M | $196M | $-301M | $-449M | $435M | $-337M | |
| Taxes Paid | $196.0K | $11M | $4M | $6M | $4M | $6M | $41.0K | $4M | $103.0K | $2M | $3M | $3M | $42.0K | $-1M | $-457.0K | $21.0K |
Profitability
| Metric | Trend | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | -1033.8% | · | 544.2% | 1320.4% | 388.8% | · | 563.9% | -147.3% | -482.2% | · | -618.7% | -472.4% | 682.7% | · | 2515.1% | -363.9% | |
| Pretax Margin | -1132.6% | · | 539.1% | 1311.9% | 386.7% | · | 588.7% | -184.4% | -510.6% | · | -692.2% | -519.7% | 697.8% | · | 2705.5% | -233.7% | |
| ROA | 0.57% | · | -1.1% | -2.0% | -0.59% | · | -1.8% | 0.42% | 1.5% | · | 2.1% | 1.4% | -1.4% | · | 2.1% | -0.55% | |
| ROE | 3.4% | · | -6.5% | -12.7% | -3.6% | · | -11.1% | 2.5% | 9.1% | · | 14.4% | 8.4% | -7.2% | · | 11.4% | -2.9% |
Efficiency
| Metric | Trend | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | -0.0 | · | -0.0 | -0.0 | -0.0 | · | -0.0 | -0.0 | -0.0 | · | -0.0 | -0.0 | -0.0 | · | 0.0 | 0.0 |
Per Share
| Metric | Trend | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $16.60 | · | $17.01 | $18.11 | $20.64 | · | $20.93 | $21.19 | $21.65 | · | $22.01 | $23.04 | $23.23 | · | $24.83 | $7.21 | |
| Revenue / Share | $-0.06 | · | $-0.23 | $-0.19 | $-0.20 | · | $-0.41 | $-0.37 | $-0.37 | · | $-0.47 | $-0.39 | $-0.28 | · | $0.11 | $0.06 | |
| Cash Flow / Share | · | · | · | · | $1.08 | · | · | · | $-0.08 | · | · | · | $0.00 | · | · | · | |
| Cash / Share | $6.11 | · | $7.40 | $6.32 | $5.52 | · | $5.04 | $6.02 | $6.44 | · | $6.70 | $7.27 | $7.33 | · | $8.48 | $1.49 | |
| Dividend / Share | $0.34 | $0.34 | $0.34 | $0.39 | $0.45 | $0.45 | $0.45 | $0.45 | $0.45 | $0.45 | $0.45 | $0.45 | $0.60 | $0.60 | $0.68 | $0.68 | |
| EPS (TTM) | $-0.73 | · | $-2.24 | $-3.30 | $-0.25 | · | $-4.42 | $0.81 | $2.18 | · | $0.05 | $0.02 | $-2.78 | · | $5.44 | $3.32 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $-52M | · | $-98M | $-117M | $-136M | · | $-168M | $-176M | $-179M | · | $-134M | $-73M | $-11M | · | $66M | $69M | |
| Net Income TTM | $-22M | · | $-189M | $-300M | $16M | · | $-412M | $133M | $274M | · | $57M | $28M | $-242M | · | $489M | $278M | |
| Market Cap | $2.66B | · | $2.66B | $2.67B | · | · | · | · | · | · | · | · | · | · | · | · | |
| P/E | -34.7 | · | -11.4 | -7.8 | · | · | · | · | · | · | · | · | · | · | · | · | |
| P/S | -51.6 | · | -27.1 | -22.8 | · | · | · | · | · | · | · | · | · | · | · | · | |
| P/B | 1.5 | · | 1.5 | 1.4 | · | · | · | · | · | · | · | · | · | · | · | · | |
| P / Tangible Book | 1.5 | · | 1.5 | 1.4 | · | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend Yield | 5.6% | · | 6.8% | 7.1% | · | · | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | -2.9% | · | -8.8% | -12.9% | · | · | · | · | · | · | · | · | · | · | · | · | |
| Payout Ratio | · | · | · | · | -59.4% | · | · | · | 23.0% | · | · | · | -29.5% | · | · | · | |
| Annual Payout | $149M | · | $182M | $188M | $188M | · | $184M | $181M | $192M | · | $213M | $228M | $229M | · | $230M | $218M |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Net Income | $-454M | $298M | $-106M | $220M | $187M |
| Diluted EPS | $-4.88 | $2.37 | $-1.60 | $2.13 | $1.72 |
No data for this statement
Not enough fundamentals data to build this statement yet.
No data for this statement
Not enough fundamentals data to build this statement yet.
Company insiders 16 insiders · 9 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| William Ross Greenberg | Chief Executive Officer | Aug. 25, 2026 D | 0 | 0 | 1 | $-1,186,458 |
| William Dellal | Chief Financial Officer | Aug. 25, 2026 D | 0 | 0 | 1 | $-81,075 |
| James D Campbell | EVP Servicing Ops RoundPoint | Aug. 25, 2026 D | 0 | 0 | 1 | $-20,964 |
| Jillian Halm | Chief Accounting Officer | Aug. 25, 2026 D | 0 | 0 | 2 | $-26,359 |
| Nathan Boucher | EVP General Counsel RoundPoint | Aug. 25, 2026 D | 0 | 0 | 2 | $-15,592 |
| Nicholas Letica | Chief Investment Officer | Aug. 25, 2026 D | 0 | 0 | 1 | $-633,673 |
| Robert Rush | Chief Risk Officer | Aug. 25, 2026 D | 0 | 0 | 1 | $-269,443 |
| Alecia Hanson | Chief Administrative Officer | Aug. 25, 2026 D | 0 | 0 | 1 | $-122,863 |
| Rebecca B Sandberg | Chief Legal Officer | Aug. 25, 2026 D | 0 | 0 | 1 | $-312,839 |
| Sanjiv Das | Director | Aug. 25, 2026 D | 0 | 0 | 0 | $0 |
| Karen Hammond | Director | Aug. 25, 2026 D | 0 | 0 | 0 | $0 |
| Hope B Woodhouse | Director | Aug. 25, 2026 D | 0 | 0 | 0 | $0 |
| Spencer Abraham | Director | Aug. 25, 2026 D | 0 | 0 | 1 | $-56,887 |
| Stephen G Kasnet | Director | Aug. 25, 2026 D | 0 | 0 | 1 | $-88,417 |
| James J Bender | Director | Aug. 25, 2026 D | 0 | 0 | 0 | $0 |
| James A Stern | Director | Aug. 25, 2026 D | 0 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 1 ETF
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PFLD · ETF Series Solutions | 0.06% | 10,129 NS | July 31, 2026 | N-PORT |
TWOD Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 16 analysts
HOLD
0 0.0%
Strong Buy
0 0.0%
Buy
10 62.5%
Hold
5 31.2%
Sell
1 6.2%
Strong Sell
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TWOD | $2.70B | -5.3 | · | 575.5% | -24.7% | · |
| STWD | $6.67B | 15.7 | -5.3% | 22.3% | 6.2% | · |
| DX | $2.45B | 5.7 | 1845.8% | 279.0% | 15.7% | · |
| ARR | $1.98B | 5.4 | 490.8% | 203.8% | 16.5% | · |
| BXMT | $3.22B | 29.9 | 10.9% | 19.8% | 3.0% | · |
| EFC | $1.54B | 11.4 | 10.1% | 35.3% | 7.0% | · |
| LADR | $1.40B | 21.5 | -32.9% | 69.2% | 4.2% | · |
| ORC | $1.31B | · | 1944.3% | 146.9% | 13.9% | · |
| ARI | · | 12.0 | -10.6% | · | · | · |
| CIM | · | · | · | · | · | · |
| MFA | $946M | 7.2 | 14.0% | 76.5% | 9.7% | · |
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Source: SEC 10-Q filed Jul 29, 2026