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TWO

Two Harbors Investment Corp.

Real Estate · $1.3B market cap

Verdict

We can't put a fair value on TWO right now. It's valued like a bank, but its return on tangible equity (or its tangible book value) isn't positive, so there's nothing to base a value on.

Business quality

0 of 5 clear the 10% bar. What are the Big Five?

Earnings per share growth0.9% a year✗
Equity per share growth-12.0% a year✗
Sales growth7.4% a year✗
Free cash flow growth-3.8% a year✗
Return on invested capital5.2%✗

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Superinvestors

None of the investors we track holds TWO right now. In Q1 2026, 1 sold out. Who we track

Moves in Q1 2026

Sold out: Howard Marks

About Two Harbors Investment Corp.

Two Harbors Investment Corp. (TWO) operates as a Real Estate Investment Trust (REIT) with a strategic focus on the U.S. mortgage market. The firm is actively involved in acquiring, funding, and overseeing a diverse portfolio of financial instruments, primarily residential mortgage-backed securities (RMBS). This portfolio encompasses both agency RMBS – which are often backed by fixed-rate, adjustable-rate, and hybrid…

REIT - Mortgage

Fair value and Payback Price are estimates from the company's reported financials, not investment advice. Prices as of the close of Aug 24, 2026. How the Payback Price works