Two Harbors Investments Corp
NYSE: TWO · REAL ESTATE · REIT - MORTGAGE
Updated 2026-06-05
Two Harbors Investments Corp (TWO) Financial statements
SEC filings — annual and quarterly data.
Balance sheet — annual
| Item | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $260.30M | $262.10M | $538.37M | $1.80B | $8.10B | $16.81B | $17.17B | $21.02B | $14.58B | $20.11B | $24.79B | $30.13B | $35.92B | $19.52B | $12.11B | $13.47B | $13.14B | $12.20B | $10.86B |
| Cash & equivalents | $461475.00 | $2.78M | $26.11M | $163.90M | $360.02M | $301.98M | $1.03B | $1.01B | $737.83M | $406.88M | $419.16M | $409.76M | $558.14M | $1.38B | $1.15B | $683.48M | $729.73M | $504.61M | $842.32M |
| Current assets | $1.96M | $2.96M | $38.17M | $1.75B | $7.81B | $1.20B | $13.33B | $15.41B | $8.63B | $13.66B | $22.55B | $26.20B | $32.38B | $16.23B | $9.28B | $8.50B | $9.16B | $8.22B | $1.09B |
| Total liabilities | $78.20M | $77.93M | $416.64M | $1.41B | $6.83B | $13.36B | $13.32B | $16.96B | $11.00B | $16.71B | $21.22B | $25.88B | $30.95B | $16.43B | $9.37B | $11.28B | $10.94B | $10.08B | $9.07B |
| Current liabilities | $696855.00 | $193555.00 | $4.63M | $1.41B | $6.83B | $12.42B | $20.28M | $23.77M | $18.72M | $99.50M | $107.70M | $470.00M | $449.63M | $305.50M | $8.36B | $398.01M | $10.12B | $9.62B | $8.53B |
| Long-term debt | — | — | — | — | $50.00M | $129.29M | $22.08M | $90.23M | $7.29M | $12.50M | $314.73M | $1.76B | $686.20M | $297.24M | $821.60M | $680.51M | $563.85M | $260.23M | $1.29B |
| Shareholder equity | $182.10M | $184.16M | $121.72M | $382.45M | $1.27B | $3.45B | $3.85B | $4.07B | $3.58B | $3.40B | $3.57B | $4.25B | $4.97B | $3.09B | $2.74B | $2.18B | $2.20B | $2.12B | $1.79B |
| Retained earnings | $714573.00 | $3.01M | $-9.22M | $-7.55M | $-45.70M | $-197.21M | $-388.76M | $-602.44M | $-491.56M | $-461.57M | $-1.14B | $-1.65B | $-1.85B | $-3.70B | $-3.77B | $-3.82B | $-4.16B | $-4.10B | $-4.76B |
| Accounts receivable | — | — | $2.58M | $5.38M | $56.19M | $78.82M | $75.39M | $101.15M | $93.02M | $154.22M | $910.61M | $241.22M | $411.60M | $193.61M | $26.27M | $289.39M | $35.34M | $33.33M | $29.23M |
| Inventory | — | — | $368.00 | — | $0.00 | $-1.99B | $-549.86M | $-380.79M | $-271.51M | $-324.18M | $1.12B | $1.34B | $2.05B | $1.58B | $1.35B | $1.16B | $830.17M | — | — |
| Goodwill | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — | — |
Frequently asked questions
What is Two Harbors Investments Corp's revenue?
Two Harbors Investments Corp's trailing twelve-month revenue is $493.78M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is TWO?
In its most recent fiscal year, TWO ran a gross margin of 97.90%, an operating margin of 68.66%, and a net margin of -75.02%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does TWO generate?
TWO produced $-15.07M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is TWO's balance sheet healthy?
TWO holds $842.32M in cash and equivalents against $1.29B in long-term debt, on $1.79B of shareholder equity. That debt is best read against the cash flow the business throws off each year.