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two TWO · Stock Open two in new tab

12.18 USD
P/E
24.52
EPS
-0.72
Yield
11.17%
Safety Score
16
P/B
1.12
ROE
-1.19
Beta
1.05
Target Price
11.91 USD
two logo

two

🧾 Earnings Recap – Q1 2026

Shares rallied 5.1% after TWO announced an amended merger agreement with CrossCountry Mortgage, increasing the all-cash acquisition price to $11.30 per share. The improved offer, secured after a competitive bidding process, appears to have driven positive investor reaction despite reporting a negative 2% economic return for the quarter.

  • TWO entered into a revised merger agreement for an all-cash sale to CrossCountry Mortgage at $11.30 per share, up from the prior $10.80 offer, following a competing bid from UWMC.
  • Book value declined to $10.57 per share from $11.13 at year-end, with a negative 2% quarterly economic return when factoring in the $0.34 dividend.
  • The quarter recorded a comprehensive loss of $24.7 million ($0.24 per share), reflecting mark-to-market losses on Agency RMBS amid rising rates and wider spreads.
  • Direct-to-consumer loan originations were relatively stable at $92 million, with an additional $57 million in pipeline at quarter-end.
  • Transaction is expected to close in the second half of 2026; company plans to continue regular quarterly dividends until closing.
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Key Metrics
Earnings dateOct. 26, 2026
P/E24.52
EPS-0.72
Book Value10.88
Price to Book1.12
Debt/Equity379.41
% Insiders1.044%
Growth
Revenue Growth6.20%
Earnings Growth-0.96%
Estimates
Forward P/E10.34
Forward EPS0.99
Target Mean Price11.91
Dividend
Dividend Yield11.17%
Annual dividends1.36 USD
Ex-Div. DateJuly 2, 2026
Payout-927.62%
5y avg Yield13.92%

DCF Valuation

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DCF Result

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two Logo two Analysis (TWO)

United States Financials Official Website Stock

Is two a good investment? two (TWO) is currently trading at 12.18 USD. Market analysts have a consensus price target of 11.91 USD. This suggests the asset is currently trading above analyst expectations.

In terms of valuation, the stock trades at a P/E ratio of 24.52. This valuation is generally in line with the broader market.

Earnings Schedule: two is expected to release its next earnings report on Oct. 26, 2026. The market consensus estimate for Forward EPS is 0.99.

For income investors, two pays a dividend yield of 11.17%. With a payout ratio of -928%, the dividend appears sustainable.

Investor FAQ

Does two pay a dividend?

Yes, it pays an annual dividend of 1.36 USD (11.17% yield).

What asset class is two?

two is classified as a Stock. You can compare it against its peer in the "Related Symbols" list.

When is the next earnings date?

The next earnings date is projected to be Oct. 26, 2026. The company currently has a trailing EPS of -0.72.

Company Profile

Two Harbors Investment Corp. invests in, finances, and manages mortgage servicing rights (MSRs), agency residential mortgage-backed securities (RMBS), and other financial assets through RoundPoint in the United States. The company target assets include agency RMBS collateralized by fixed rate mortgage loans, adjustable rate mortgage loans, hybrid mortgage loans, or derivatives; and other assets, such as financial and mortgage-related assets, comprising non-agency securities and non-hedging transactions. It qualifies as a REIT for federal income tax purposes. The company was incorporated in 2009 and is headquartered in Saint Louis Park, Minnesota. As of August 25, 2026, Two Harbors Investment Corp. operates as a subsidiary of CrossCountry Mortgage, LLC.

Exchange Ticker
NYQ (United States) TWO
Trades
Dividend Yield
11.17%
5y avg 13.92%
Annual Dividends
1.36USD
Next Ex. Div Date
July 2, 2026
Payout Ratio
-927.62%
Dividend History paid per year (USD)
Historical Dividends
Year Total Dividends
▸2027
1.09 USD
July 29, 2027 (estimated) 0.4982
April 29, 2027 (estimated) 0.2975
Jan. 29, 2027 (estimated) 0.2975
▸2026
1.52 USD
Oct. 29, 2026 (estimated) 0.4982
July 15, 2026 0.3400
April 15, 2026 0.3400
Jan. 29, 2026 0.3400
▸2025
1.63 USD
Oct. 29, 2025 0.3400
July 29, 2025 0.3900
April 29, 2025 0.4500
Jan. 29, 2025 0.4500
▸2024
1.80 USD
Oct. 29, 2024 0.4500
July 29, 2024 0.4500
April 29, 2024 0.4500
Jan. 29, 2024 0.4500
▸2023
2.10 USD
Oct. 27, 2023 0.4500
July 28, 2023 0.4500
April 28, 2023 0.6000
Jan. 27, 2023 0.6000
▸2022
0.68 USD
Oct. 28, 2022 0.1700
July 29, 2022 0.1700
April 29, 2022 0.1700
Jan. 28, 2022 0.1700
▸2021
0.68 USD
Oct. 29, 2021 0.1700
July 29, 2021 0.1700
April 29, 2021 0.1700
Jan. 29, 2021 0.1700
▸2020
0.73 USD
Oct. 29, 2020 0.1400
July 29, 2020 0.1400
April 29, 2020 0.0500
Jan. 24, 2020 0.4000
▸2019
1.74 USD
Oct. 28, 2019 0.4000
July 29, 2019 0.4000
April 29, 2019 0.4700
Jan. 28, 2019 0.4700
▸2018
1.41 USD
Oct. 29, 2018 0.3116
July 30, 2018 0.1584
July 27, 2018 0.4700
April 27, 2018 0.4700
▸2017
1.48 USD
Dec. 29, 2017 0.4700
Oct. 27, 2017 0.2600
July 27, 2017 0.2600
April 27, 2017 0.2500
Jan. 27, 2017 0.2400
▸2016
0.95 USD
Oct. 20, 2016 0.2300
July 20, 2016 0.2300
April 21, 2016 0.2300
Jan. 20, 2016 0.2600
▸2015
1.04 USD
Oct. 22, 2015 0.2600
July 21, 2015 0.2600
April 21, 2015 0.2600
Jan. 20, 2015 0.2600
▸2014
0.78 USD
Oct. 21, 2014 0.2600
July 22, 2014 0.2600
April 21, 2014 0.2600
▸2013
1.72 USD
Dec. 31, 2013 0.2600
Oct. 23, 2013 0.2800
July 23, 2013 0.3100
April 24, 2013 0.3200
Jan. 18, 2013 0.5500
▸2012
1.56 USD
Oct. 22, 2012 0.3600
July 20, 2012 0.4000
April 20, 2012 0.4000
Jan. 20, 2012 0.4000
▸2011
1.60 USD
Oct. 20, 2011 0.4000
July 20, 2011 0.4000
April 14, 2011 0.4000
Jan. 20, 2011 0.4000
▸2010
1.34 USD
Oct. 21, 2010 0.3900
July 22, 2010 0.3300
April 23, 2010 0.3600
Jan. 26, 2010 0.2600
Upcoming Dividends
Name Payment Date Status Amount
two Jul 15, 2026 0.34 USD
two Apr 15, 2026 0.34 USD
two Jan 29, 2026 0.34 USD
two Oct 29, 2025 0.34 USD
Stock Splits
Split Date Split Ratio to 1
March 28, 2013 1.074
Nov. 2, 2017 0.6105
Nov. 2, 2022 1:4
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