Two Harbors Investment Corp
twoinv.comTwo Harbors Investment Corp (NYSE: TWO) is a real estate investment trust (REIT) that invests in agency residential mortgage-backed securities (RMBS) and mortgage servicing rights (MSRs). The company earns income from the net interest spread between yields on its RMBS portfolio and the cost of financing those assets, as well as from cash flows generated by its MSR portfolio. MSRs and agency RMBS are held together as a portfolio strategy, with the two asset classes intended to partially offset each other's interest rate sensitivity. Two Harbors is structured as a REIT, requiring it to distribute at least 90% of taxable income to shareholders as dividends. The company is externally managed and operates in the agency mortgage market alongside other mortgage REITs. As of the 10-K filed 2026-02-17 for fiscal year ended December 31, 2025, Two Harbors is headquartered in the United States.
Products & Services
Agency residential mortgage-backed securities (RMBS), mortgage servicing rights (MSRs).
Revenue Model
Net interest income from agency RMBS holdings financed through repurchase agreements, plus cash flows and fee income from mortgage servicing rights (MSRs). The paired RMBS and MSR strategy is the core income mechanism.
Customers & Markets
Institutional investors in REIT equity and preferred shares. End market is U.S. residential mortgage finance.
Geographic Exposure
United States residential mortgage market.
Peers: Annaly Capital Management Inc Apollo Commercial Real Estate Finance Inc Arbor Realty Trust Inc Chimera Investment Corp Claros Mortgage Trust Inc HA Sustainable Infrastructure Capital Inc KKR Real Estate Finance Trust Inc Ladder Capital Corp PennyMac Mortgage Investment Trust Ready Capital Corp
Source: SEC 10-K, filed 2026-02-17
Financial Snapshot
Loading...
