Two Harbors Investment Corp. The company is headquartered in Saint Louis Park, Minnesota.
| Revenue (TTM) | $640.21M |
| Gross Profit (TTM) | $628.01M |
| EBITDA | — |
| Operating Margin | 48.10% |
| Return on Equity | -1.19% |
| Return on Assets | -0.20% |
| Revenue/Share (TTM) | $6.12 |
| Book Value | $10.88 |
| Price-to-Book | — |
| Price-to-Sales (TTM) | — |
| EV/Revenue | - |
| EV/EBITDA | — |
| Quarterly Earnings Growth (YoY) | 0.00% |
| Quarterly Revenue Growth (YoY) | 620.00% |
| Shares Outstanding | 0 |
| Float | $105.14M |
| % Insiders | 0.00% |
| % Institutions | 0.00% |
Volatility is currently expanding
TWOD will cease trading on 10/02/2026 (probably end of day). Investors can sell shares in the market until 10/02/2026, tender for $26.3841 per share, or do nothing and receive about $26.7578 later. Tendering shares offers faster liquidity and, when reinvested in Treasury bill ETFs, yields a better outcome than waiting for final redemption.
Two Harbors Investment Corp. 7% Senior Notes due 2027 offer a compelling risk/reward profile near current prices, with a risk rating of 2 for conservative investors. TWOD's unique baby bond structure allows holders to opt into a $25.25 redemption offer plus accrued interest, rather than being compelled to sell. Accrued interest is a critical component of TWOD's valuation; current accrual is about $0.52, impacting perceived entry price and yield calculations.
Two Harbors' baby bond TWOD offers a 9.375% coupon and trades just above par, presenting an attractive yield-to-maturity opportunity. I expect a likely CrossCountry acquisition to trigger a repurchase at $25.25 plus accrued interest, enhancing short-term returns to about 9.4% annualized. TWOD boasts a robust 11.14x common equity-to-baby bond coverage ratio, among the strongest in the mortgage REIT sector.
Two Harbors Investment Corp. (TWO) Q1 2026 Earnings Call Transcript
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