Symbols

TWO

Two Harbors·NYSE

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TWO fundamentals

TWO Q4 2025 Earnings

Two Harbors (TWO) released its earnings on Feb 2, 2026: revenue was -15.49M (YoY +55.61%), missed estimates; EPS was 0.26 (YoY +30.00%), missed estimates.

Revenue / YoY

-15.49M

+55.61%

EPS / YoY

0.26

+30.00%

Report date

Feb 2, 2026

TWO Earnings Call Summary for Q4,2025

Strategic Merger: $400 billion MSR portfolio with UWM, combining origination scale with TWO's capital markets expertise.
DTC Growth: Record $94 million in funding (90% QoQ), punching above weight despite small scale.
Financial Health: Book value up to $11.13/share, stable RMBS funding at SOFR +23bps, and $800M cash.
Cautious Portfolio Approach: No immediate securities sales, but open to future strategic decisions.
Key Risks: Potential LLPA fee reductions, spread tightening limiting RMBS upside, and macro volatility.
Policy Tailwind: Administration support for MBS spreads may limit risk-off spread widening.
Expected Benefits: Merger to drive accelerated growth, with DTC platform as key growth engine.

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Revenue & Expenses

Key Indicators

Two Harbors (TWO) key financial stats and ratios, covering profitability, financial health, and leverage.

Income Statement

Two Harbors (TWO)'s revenue and profit trends over recent years, visualized with a waterfall chart to showcase the revenue-to-profit funnel.

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Balance Sheet

Two Harbors (TWO)'s asset and liability trends over recent years, visualized with a waterfall chart to illustrate changes in its asset-liability structure.

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Cash Flow

Two Harbors (TWO)'s cash flow trends over recent years, visualized with a waterfall chart to illustrate changes in its operating, investing, and financing cash flows.

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