Two Harbors Investment Corp. - Understand $two stock

$TWO Market Cap: $1.216 Billion

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Financial Snapshot

Revenue

$421.8M

TTM

Gross Margin

-10.47%

TTM

Net Earnings

-$435.8M

TTM

Current Assets

$857.4M

Q3 2024

Current Liabilities

$9.288B

Q3 2024

Current Ratio

9.23%

Q3 2024

Total Assets

$12.89B

Q3 2024

Total Liabilities

$10.72B

Q3 2024

Book Value

$2.169B

Q3 2024

Cash

$522.6M

Q3 2024

P/E

-2.790

Nov 29, 2024 EST

Free Cash Flow

Revenues

Revenue YoY Change

Revenues

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$770.5M	$295.5M	$168.6M	$525.1M	$994.7M	$870.0M	$745.1M	$575.1M	$592.9M	$577.2M	$555.6M	$455.0M	$201.6M	$40.10M	$2.900M	$4.400M	$1.500M
YoY Change	160.71%	75.29%	-67.89%	-47.21%	14.33%	16.77%	29.56%	-3.0%	2.72%	3.89%	22.1%	125.68%	402.83%	1282.76%	-34.09%	193.33%

Expenses

Cost Of Revenues

Gross Profit

Gross Profit Margin

Gross Profit

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$770.5M	$295.5M	$168.6M	$525.1M	$994.7M	$870.0M	$745.1M	$575.1M	$592.9M	$577.2M	$555.6M	$455.0M	$201.6M	$40.10M	$2.900M	$4.400M	$1.500M
Cost Of Revenue	$738.7M	$352.5M	$175.4M	$407.3M	$849.0M	$611.1M	$425.9M	$290.8M	$227.9M	$186.8M	$150.0M	$86.90M	$30.00M	$7.500M	$600.0K	$0.00	$0.00
Gross Profit	$31.79M	$407.2M	$255.2M	-$1.594B	$381.8M	$155.9M	$352.7M	$391.7M	$532.8M	$150.0M	$698.4M	$368.1M	$171.6M	$32.60M	$2.300M	$4.400M	$1.500M
Gross Profit Margin	4.13%	137.77%	151.38%	-303.55%	38.38%	17.92%	47.34%	68.11%	89.87%	25.99%	125.7%	80.89%	85.1%	81.3%	79.31%	100.0%	100.0%

Selling, General & Admin Expense

Research & Development

Depreciation, Depletion & Amortization

SGA Expense to Gross Profit Ratio

R&D To Gross Profit Ratio

DDA To Gross Profit Ratio

Operating Expenses Total

Operating Profits/Loss

Operational Expenses

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Selling, General & Admin	$52.87M	$40.72M	$35.04M	$37.70M							$37.30M	$36.10M	$16.60M	$4.500M	$1.100M	$0.00	$0.00
YoY Change	29.82%	16.22%	-7.05%								3.32%	117.47%	268.89%	309.09%
% of Gross Profit	166.32%	10.0%	13.73%								5.34%	9.81%	9.67%	13.8%	47.83%	0.0%	0.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization							$969.0K	$1.283M	$1.362M	$1.083M	$607.0K	$212.0K	$39.00K	$0.00
YoY Change							-24.47%	-5.8%	25.76%	78.42%	186.32%	443.59%
% of Gross Profit							0.27%	0.33%	0.26%	0.72%	0.09%	0.06%	0.02%	0.0%
Operating Expenses	$115.2M	$82.73M	$63.80M	$66.30M	$57.10M	$63.00M	$54.20M	$56.60M	$56.80M	$56.20M	$37.20M	$17.68M	$9.673M	$4.578M	$12.17M	$1.100M	$100.0K
YoY Change	39.22%	29.67%	-3.77%	16.11%	-9.37%	16.24%	-4.24%	-0.35%	1.07%	51.08%	110.43%	82.76%	111.29%	-62.39%	1006.45%	1000.0%
Operating Profit	-$83.39M	$324.5M	$191.4M	-$1.660B	$324.7M	$92.90M	$298.5M	$335.1M	$476.0M	$93.80M	$661.2M	$350.4M	$161.9M	$28.02M	-$9.871M	$3.300M	$1.400M
YoY Change	-125.7%	69.5%	-111.53%	-611.27%	249.52%	-68.88%	-10.92%	-29.6%	407.46%	-85.81%	88.69%	116.41%	477.86%	-383.88%	-399.12%	135.71%

Interest Expenses

Interest Expenses To Operating Income %

Other Expense/Income

Interest & Other Expense/Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Interest Expense	$643.2M	$258.4M	$89.17M	$281.2M	$714.3M	$519.7M	$350.2M	$213.3M	$141.8M	$107.5M	$100.4M	$72.11M	$22.71M	$4.421M	$131.0K	$0.00	$0.00
YoY Change	148.93%	189.77%	-68.29%	-60.63%	37.46%	48.4%	64.19%	50.42%	31.96%	7.01%	39.25%	217.52%	413.66%	3274.81%
% of Operating Profit		79.64%	46.59%		220.0%	559.39%	117.32%	63.65%	29.79%	114.55%	15.19%	20.58%	14.02%	15.78%		0.0%	0.0%
Other Income/Expense, Net	-$395.6M	$464.2M	$262.0M	-$1.712B	$236.1M	-$103.0M	$33.57M	$107.4M	$167.8M	-$240.4M	$292.8M
YoY Change	-185.24%	77.13%	-115.31%	-824.88%	-329.18%	-406.94%	-68.74%	-36.02%	-169.83%	-182.09%

Income/Loss

Pretax Income

Income Tax

Net Profits/Loss

Pretax Income YoY Change

Income Tax Rate

Net Profits/Loss YoY Change

Basic EPS

Net Income To Revenue Ratio

Pretax & Net Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Pretax Income	-$83.39M	$324.5M	$191.4M	-$1.666B	$310.4M	-$2.467M	$297.8M	$330.2M	$475.5M	$93.40M	$659.5M	$245.2M	$126.4M	$35.07M	-$9.100M	$3.400M	$1.300M
YoY Change	-125.7%	69.5%	-111.49%	-636.67%	-12682.16%	-100.83%	-9.83%	-30.55%	409.11%	-85.84%	168.95%	93.96%	260.44%	-485.41%	-367.65%	161.54%
Income Tax	$22.98M	$104.2M	$4.192M	-$35.69M	-$13.56M	$41.82M	-$10.48M	$12.31M	-$16.56M	-$73.74M	$84.41M	-$42.22M	-$1.106M	-$683.0K	-$318.0K	$1.100M	$600.0K
% Of Pretax Income		32.12%	2.19%		-4.37%		-3.52%	3.73%	-3.48%	-78.95%	12.8%	-17.22%	-0.87%	-1.95%		32.35%	46.15%
Net Earnings	-$152.0M	$220.2M	$187.2M	-$1.630B	$324.0M	-$44.29M	$348.6M	$353.3M	$492.2M	$167.1M	$579.0M	$291.9M	$127.4M	$35.76M	-$8.744M	$2.300M	$700.0K
YoY Change	-169.02%	17.63%	-111.49%	-603.19%	-831.46%	-112.71%	-1.33%	-28.23%	194.56%	-71.14%	98.36%	129.06%	256.4%	-508.91%	-480.17%	228.57%
Net Earnings / Revenue	-19.73%	74.52%	111.05%	-310.47%	32.57%	-5.09%	46.78%	61.43%	83.02%	28.95%	104.21%	64.15%	63.2%	89.16%	-301.52%	52.27%	46.67%
Basic Earnings Per Share	-$1.60	$2.15	$0.43	-$6.24	$0.93	-$0.53	$1.85	$2.03	$2.70	$0.46	$1.65	$1.21	$1.29	$1.60
Diluted Earnings Per Share	-$1.59	$2.13	$0.43	-$6.24	$0.93	-$0.53	$1.81	$2.03	$2.70	$0.46	$1.65	$1.20	$1.29	$1.60	-$756.5K	$184.0K	$120.7K

Assets & Liabilities

Cash & Short-Term Investments

Cash & Equivalents

Cash To Operating Expenses Ratio

Inventory

Receivables

Total Short-Term Assets

Property, Plant And Equipment

Long-Term Investments

Total Long-Term Assets

Total Assets

Net Income To Total Assets Percentage

Accounts Payable

Short-Term Debt

Long Term Debt Due

Total Short-Term Liabilities

Long-Term Debt

Other Long-Term Liabilities

Total Long-Term Liabilities

Total Liabilities

Short-Term To Long-Term Debt Ratio

Short-Term Assets To Debt Ratio

Long-Term Debt To Net Income Ratio

Assets & Liabilities

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Cash & Short-Term Investments	$729.7M	$683.5M	$1.154B	$1.385B	$558.0M	$410.0M	$419.0M	$407.0M	$738.0M	$1.006B	$1.025B	$821.0M	$360.0M	$164.0M	$26.00M	$3.000M	$0.00
YoY Change	6.77%	-40.77%	-16.69%	148.21%	36.1%	-2.15%	2.95%	-44.85%	-26.64%	-1.85%	24.85%	128.06%	119.51%	530.77%	766.67%
Cash & Equivalents	$729.7M	$683.5M	$1.154B	$1.385B	$558.0M	$410.0M	$419.0M	$407.0M	$738.0M	$1.006B	$1.025B	$821.0M	$360.0M	$164.0M	$26.00M	$3.000M
Short-Term Investments
Other Short-Term Assets							$2.000M	$1.000M	$2.000M	$2.000M	$2.000M	$1.000M	$1.000M	$1.000M	$1.000M	$0.00
YoY Change							100.0%	-50.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%
Inventory
Prepaid Expenses
Receivables	$35.34M	$36.02M	$26.27M	$47.00M	$93.00M	$87.00M	$68.00M	$63.00M	$50.00M	$66.00M	$50.00M
Other Receivables	$323.2M	$253.4M	$168.4M	$147.0M	$319.0M	$154.0M	$872.0M	$104.0M	$38.00M	$48.00M	$28.00M
Total Short-Term Assets	$1.088B	$972.9M	$1.349B	$1.579B	$970.0M	$651.0M	$1.361B	$575.0M	$828.0M	$1.122B	$1.105B	$898.0M	$394.0M	$177.0M	$32.00M	$3.000M
YoY Change	11.86%	-27.86%	-14.59%	62.78%	49.0%	-52.17%	136.7%	-30.56%	-26.2%	1.54%	23.05%	127.92%	122.6%	453.13%	966.67%
Property, Plant & Equipment							$1.000M	$2.000M	$3.000M	$3.000M	$1.000M	$1.000M	$0.00	$0.00
YoY Change							-50.0%	-33.33%	0.0%	200.0%	0.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments	$11.66B	$11.83B	$9.488B	$16.34B	$33.54B	$28.31B	$22.34B	$18.55B	$12.97B	$19.07B	$15.11B	$15.06B	$7.258B	$1.554B	$494.0M	$0.00
YoY Change	-1.41%	24.69%	-41.93%	-51.28%	18.47%	26.71%	20.44%	43.04%	-32.01%	26.25%	0.3%	107.54%	367.05%	214.57%
Other Assets	$65.10M	$443.0M	$934.8M	$1.262B	$1.059B	$688.0M	$662.0M	$466.0M	$307.0M	$378.0M	$402.0M	$347.0M	$173.0M	$23.00M	$9.000M	$259.0M	$260.0M
YoY Change	-85.31%	-52.61%	-25.93%	19.17%	53.92%	3.93%	42.06%	51.79%	-18.78%	-5.97%	15.85%	100.58%	652.17%	155.56%	-96.53%	-0.38%
Total Long-Term Assets	$12.05B	$12.49B	$10.77B	$17.94B	$34.95B	$29.48B	$23.43B	$19.54B	$13.75B	$19.96B	$16.07B	$15.92B	$7.706B	$1.620B	$506.0M	$259.0M
YoY Change	-3.54%	16.05%	-39.98%	-48.68%	18.56%	25.84%	19.92%	42.11%	-31.13%	24.23%	0.96%	106.54%	375.68%	220.16%	95.37%
Total Assets	$13.14B	$13.47B	$12.11B	$19.52B	$35.92B	$30.13B	$24.79B	$20.11B	$14.58B	$21.08B	$17.17B	$16.81B	$8.100B	$1.797B	$538.0M	$262.0M	$260.0M
YoY Change
Accounts Payable																	$0.00
YoY Change
Accrued Expenses	$141.8M	$94.03M	$18.38M	$22.00M	$150.0M	$160.0M	$112.0M	$58.00M	$56.00M	$54.00M	$40.00M	$32.00M	$15.00M	$3.000M	$1.000M	$0.00
YoY Change	50.77%	411.55%	-16.45%	-85.33%	-6.25%	42.86%	93.1%	3.57%	3.7%	35.0%	25.0%	113.33%	400.0%	200.0%
Deferred Revenue
YoY Change
Short-Term Debt	$8.020B	$8.603B	$7.656B	$15.14B	$29.15B	$22.83B	$19.34B	$9.316B	$5.008B	$12.93B	$12.25B	$12.63B	$6.660B	$1.170B	$412.0M	$0.00	$0.00
YoY Change	-6.77%	12.36%	-49.44%	-48.04%	27.65%	18.07%	107.59%	86.02%	-61.27%	5.57%	-2.97%	89.56%	469.23%	183.98%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$8.795B	$9.303B	$7.944B	$15.37B	$29.69B	$23.26B	$19.55B	$9.569B	$5.190B	$13.21B	$12.61B	$13.23B	$6.781B	$1.415B	$416.0M		$1.000M
YoY Change	-5.46%	17.11%	-48.31%	-48.23%	27.63%	18.96%	104.33%	84.37%	-60.7%	4.73%	-4.72%	95.16%	379.22%	240.14%
Long-Term Debt	$1.893B	$1.799B	$1.242B	$966.0M	$1.189B	$1.759B	$1.630B	$7.107B	$5.785B	$3.710B	$640.0M	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
YoY Change	5.21%	44.83%	28.61%	-18.76%	-32.4%	7.91%	-77.06%	22.85%	55.93%	479.69%
Other Long-Term Liabilities	$246.9M	$180.0M	$184.1M	$94.00M	$77.00M	$860.0M	$35.00M	$34.00M	$24.00M	$100.0M	$29.00M	$129.0M	$49.00M	$0.00	$0.00	$78.00M	$78.00M
YoY Change	37.16%	-2.22%	95.87%	22.08%	-91.05%	2357.14%	2.94%	41.67%	-76.0%	244.83%	-77.52%	163.27%			-100.0%	0.0%
Total Long-Term Liabilities	$2.140B	$1.979B	$1.426B	$1.060B	$1.266B	$2.619B	$1.665B	$7.141B	$5.809B	$3.810B	$669.0M	$129.0M	$49.00M	$0.00	$0.00	$78.00M	$78.00M
YoY Change	8.11%	38.76%	34.57%	-16.27%	-51.66%	57.3%	-76.68%	22.93%	52.47%	469.51%	418.6%	163.27%			-100.0%	0.0%
Total Liabilities	$10.94B	$11.28B	$9.370B	$16.43B	$30.95B	$25.88B	$21.22B	$16.71B	$11.00B	$17.02B	$13.32B	$13.36B	$6.830B	$1.415B	$417.0M	$78.00M	$78.00M
YoY Change	-3.08%	20.41%	-42.96%	-46.93%	19.6%	21.96%	26.97%	51.93%	-35.36%	27.76%	-0.33%	95.65%	382.69%	239.33%	434.62%	0.0%

Ownership

Basic Shares Outstanding

Diluted Shares Outstanding

Preferred Stock

Treasury Stock Shares

Stock Issuance & Repurchase

Ownership Data

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Basic Shares Outstanding	95.67M shares	86.18M shares	297.8M shares	273.6M shares	267.8M shares	206.0M shares	174.4M shares	174.0M shares	182.6M shares	364.2M shares	350.4M shares	242.0M shares	98.83M shares	22.38M shares	22.94M shares
Diluted Shares Outstanding	95.67M shares	96.08M shares	298.0M shares	273.6M shares	267.8M shares	206.0M shares	188.1M shares	174.0M shares	182.6M shares	366.0M shares	351.0M shares	242.4M shares	98.83M shares	22.38M shares
Preferred Stock
Treasury Stock Shares

Return On Shareholders' Equity

Book Value

Free Cash Flow

Free Cash Flow YoY

Free Cash Flow Margin

Dividends

Stock Price

Market Cap: $1.2158 Billion

About TWO HARBORS INVESTMENT CORP.

Two Harbors Investment Corp. is a real estate investment trust, which invests in finances, and manages agency residential mortgage-backed securities, mortgage servicing rights, and other financial assets. The company is headquartered in Saint Louis Park, Minnesota and currently employs 466 full-time employees. The company went IPO on 2009-10-29. The Company, through its operational platform, RoundPoint Mortgage Servicing LLC, is a servicer of conventional loans. The Company, through its subsidiary, Matrix Financial Services Corporation, holds the requisite approvals from Fannie Mae and Freddie Mac to own and manage MSR. Its Agency residential mortgage-backed securities portfolio is comprised of fixed rate mortgage-backed securities backed by single-family and multi-family mortgage loans. Its other assets may include financial and mortgage-related assets other than its target assets, including non-Agency securities (securities that are not issued or guaranteed by Ginnie Mae, Fannie Mae or Freddie Mac), other Agency securities and certain non-hedging transactions that may produce non-qualifying income for purposes of REIT gross income tests.

Industry: Real Estate Investment Trusts 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