Two Harbors Investment
Two Harbors Investment Corp. (NYSE: TWO) is a publicly traded mortgage REIT founded in 2008 that invests in mortgage servicing rights (MSR) and residential mortgage-backed securities, serving institutional and retail investors with a diversified $11.9 billion portfolio and an 18-year consecutive dividend payment streak.
- Company typePublic
- Founded2008
- HeadquartersSaint Louis Park, United States
- Headcount51–100
- GTM typeB2B and B2C
- OfferingServices
What Two Harbors Investment does
Two Harbors Investment Corp. (NYSE: TWO) is a publicly traded mortgage real estate investment trust (mREIT) founded in 2008 and headquartered in St. Louis Park, Minnesota. The company invests in, finances, and manages portfolios of mortgage-related financial assets, with a primary focus on mortgage servicing rights (MSR) and residential mortgage-backed securities (RMBS). As of Q1 2026, the company maintained an $11.9 billion portfolio with a book value of $10.57 per common share and a 6.4x economic debt-to-equity ratio. Its wholly owned subsidiary RoundPoint Mortgage Servicing provides the operational platform for servicing the MSR portfolio, while preferred stock (Series A, B, C) and convertible senior notes due 2026 round out its capital structure.
The company serves institutional and retail investors seeking income exposure to U.S. residential mortgage markets through a publicly traded REIT vehicle. Revenue is generated primarily through recurring servicing fees on its MSR portfolio and interest income from RMBS holdings, with an 18-year consecutive dividend payment streak and an 11% dividend yield as of mid-2026. Distribution occurs via NYSE listing under ticker TWO, supplemented by a Dividend Reinvestment and Direct Stock Purchase Plan administered by Equiniti Trust Company. Marketing is conducted through an investor relations website, email investor alerts, and SEC regulatory filings.
Two Harbors is the subject of a pending all-cash acquisition by CrossCountry Mortgage at $12.00 per share (approximately $1.1 billion), announced March 27, 2026 after terminating a competing $1.3 billion all-stock merger agreement with UWM Holdings Corporation. As of June 2026, 47 of 53 required regulatory approvals had been secured and shareholder approval remained pending, with the special meeting adjourned on June 23, 2026.
Two Harbors Investment firmographics
Firmographics- Name
- Two Harbors Investment
- Legal name
- Two Harbors Investment Corp.
- Website
- https://twoinv.com
- Company type
- Public
- Founded year
- 2008
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Two Harbors Investment Corp. (NYSE: TWO) is a publicly traded mortgage REIT founded in 2008 that invests in mortgage servicing rights (MSR) and residential mortgage-backed securities, serving institutional and retail investors with a diversified $11.9 billion portfolio and an 18-year consecutive dividend payment streak.
- Ownership category
- akta.pro rank
Two Harbors Investment industry classification
Industry- Product category
- Mortgage REIT / Mortgage-Backed Securities Investment
- NAICS
- Other Financial Investment Activities (5239), Other Investment Pools and Funds (5259)
- SIC
- Real Estate Investment Trusts (6798), Asset-Backed Securities (6189)
- akta.pro primary industry
- Mortgage-Backed Securities (RMBS/CMBS) (FSACACAB)
- akta.pro secondary industry
- Mortgage-Backed Securities (MBS) Trading, Market Making & Liquidity Provision (FSALAFAF)
Keywords
Where Two Harbors Investment is headquartered
LocationHeadquarters
- HQ city
- Saint Louis Park
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Two Harbors Investment business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D
Revenue model
- Interest Income from Mortgage-Backed Securities: Two Harbors generates revenue primarily through investing in residential mortgage-backed securities (RMBS), earning interest income from its portfolio of agency and non-agency mortgage-backed securities.
- Mortgage Servicing Rights Revenue: The company invests in and earns revenue from mortgage servicing rights, which generate servicing fees from managing residential mortgage portfolios.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Quarterly | Common Stock - Quarterly Dividend |
Distribution channels2 records
Marketing channels3 records
Two Harbors Investment product offering
Product offeringCore offering
Two Harbors Investment Corp. is a publicly traded mortgage REIT that invests in, finances, and manages portfolios of mortgage servicing rights (MSR) and residential mortgage-backed securities (RMBS). The company generates revenue through interest income on its RMBS portfolio and recurring servicing fees on its MSR portfolio, distributing earnings to shareholders via quarterly dividends on common and preferred stock.
Product overview
Two Harbors Investment Corp. (TWO) is an MSR-focused mortgage real estate investment trust that operates as a single unified investment company rather than a platform-plus-modules architecture. The company's core products include its common stock (TWO) representing ownership in the mortgage REIT, three series of cumulative redeemable preferred stock (Series A, B, and C), and convertible senior notes due 2026. The company primarily invests in mortgage servicing rights and residential mortgage-backed securities, with a DRIP/DSP plan offered through Equiniti Trust Company for shareholder dividend reinvestment and direct stock purchases.
Differentiator
Problem solved
Functional benefit
Products and services
- Two Harbors Investment Corp. Common Stock (TWO) A publicly traded mortgage REIT that invests in MSR and RMBS, generating income through its investment portfolio and distributing dividends to shareholders.
- Mortgage Servicing Rights Portfolio The company's primary investment focus, consisting of mortgage servicing rights that generate recurring servicing fee income from residential mortgage loans.
- Preferred Stock (Series A, B, C) Cumulative redeemable preferred stock series offering fixed dividend payments to preferred stockholders, with Series A, B, and C currently outstanding.
- Convertible Senior Notes Due 2026 Unsecured convertible senior notes paying interest semiannually at 6.25% per annum, convertible into shares of TWO common stock at a conversion rate of 135.5014 shares per $1,000 principal amount, maturing January 2026.
- Dividend Reinvestment and Direct Stock Purchase Plan (DRIP/DSP) A plan administered by Equiniti Trust Company allowing both current stockholders and new investors to conveniently invest funds and reinvest dividends into shares of TWO common stock without brokerage fees.
Companies that use Two Harbors Investment
Customer profileSegments1 record
Ideal customer profiles2 records
Two Harbors Investment technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Two Harbors Investment partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core and minor.
- CrossCountry Mortgage, LLCcoreTwo Harbors entered into a definitive merger agreement with CrossCountry Mortgage, LLC (CCM) for an all-cash acquisition at $10.80 per share initially, later amended to $12.00 per share. The transaction combines CrossCountry's position as the nation's largest distributed retail mortgage lender with TWO's mortgage servicing rights portfolio. The deal was expected to close in Q3 2026 but has been delayed, with 47 of 53 required regulatory approvals secured as of June 2026.
- UWM Holdings CorporationminorTwo Harbors initially signed a merger agreement with UWM Holdings Corporation (UWMC) for an all-stock transaction valued at approximately $1.3 billion. The deal was terminated in favor of the competing CCM offer. UWMC made competing bids of $10.70, $11.30, $12.00, and $12.50 per share but the TWO board consistently rejected these in favor of CCM's all-cash offer.
Scale indicators8 records
Recent moves7 records
Expansion highlights4 records
Two Harbors Investment competitors and assessment
Company assessmentDirect peers
- MFA Financial, Inc. MFA is a mortgage REIT investing in residential whole loans, MBS, and MSR, with overlapping asset class exposure to TWO. Both target income-oriented investors through dividend distributions and operate with similar leverage.
- Annaly Capital Management: Annaly is the largest mortgage REIT by assets, investing primarily in agency MBS with a multi-channel strategy. Its scale, leverage profile, and dividend-driven equity structure closely mirror TWO's business model and rate-cycle exposure.
- AGNC Investment Corp. AGNC is one of the largest internally managed mortgage REITs focused on agency MBS, with a similar capital structure, dividend-yield-oriented investor base, and sensitivity to interest rates as Two Harbors. Both compete for the same yield-seeking institutional and retail capital pools.
- ARMOUR Residential REIT: ARMOUR invests primarily in agency MBS issued by Fannie Mae, Freddie Mac, and Ginnie Mae, with a similar dividend-oriented investor appeal and rate-cycle sensitivity to TWO's agency MBS exposure.
- Chimera Investment Corporation: Chimera invests across residential mortgage-backed securities and MSR, making it one of the closest direct comparables to TWO's MSR-focused investment program. It shares TWO's leverage profile and prepayment risk dynamics.
- Dynex Capital, Inc. Dynex invests in agency and non-agency MBS and CMBS with significant leverage, overlapping with TWO's structured credit and prepayment risk profile. Both are small-to-mid cap mortgage REITs competing for yield-focused capital.
- New York Mortgage Trust: NYMT invests in RMBS, MSR, and residential credit assets with a multi-channel strategy that overlaps significantly with TWO's core portfolio construction. Comparable scale, leverage, and dividend distribution profile.
- Orchid Island Capital: Orchid is a specialized mortgage REIT investing in structured RMBS, including agency and non-agency MBS. Its portfolio construction, leverage, and pure-play rate-sensitive exposure make it a close comparable to TWO's RMBS book.
Emerging players
- Redwood Trust, Inc. Redwood invests in residential mortgage credit assets, including jumbo whole loans and securitization, with partial overlap to TWO's residential mortgage focus. It adds a securitization platform angle that differentiates it from a pure mREIT.
- Great Ajax Corp. Great Ajax invests in re-performing and non-performing residential loans and related RMBS, providing a niche but adjacent exposure to residential mortgage credit that overlaps with portions of TWO's non-agency MBS portfolio.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks6 records
Key highlights6 records
Customer concentration
Two Harbors Investment social profiles
Digital presenceTwo Harbors Investment compliance and trust
Trust signalCompliance1 record
Two Harbors Investment financial estimates
Financial estimateRevenue estimate
Valuation estimate
Two Harbors Investment leadership team
Management profileNumber of profiles
Profiles1 record
Two Harbors Investment subsidiaries and ownership
Company hierarchySubsidiaries2 records
Two Harbors Investment funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Two Harbors Investment M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Two Harbors Investment
What does Two Harbors Investment do?
Two Harbors Investment Corp. is a publicly traded mortgage REIT that invests in, finances, and manages portfolios of mortgage servicing rights (MSR) and residential mortgage-backed securities (RMBS). The company generates revenue through interest income on its RMBS portfolio and recurring servicing fees on its MSR portfolio, distributing earnings to shareholders via quarterly dividends on common and preferred stock.
Is Two Harbors Investment a public or private company?
Two Harbors Investment is a public company. It is classified as public and is currently operating.
When was Two Harbors Investment founded?
Two Harbors Investment was founded in 2008. It employs 51 to 100 people.
Where is Two Harbors Investment based?
Two Harbors Investment is headquartered in Saint Louis Park, United States, in the North America region.
How does Two Harbors Investment make money?
Two revenue lines are on record. Interest Income from Mortgage-Backed Securities are the primary driver. The others are mortgage Servicing Rights Revenue.
Who are Two Harbors Investment's main competitors?
Direct peers on record are MFA Financial, Inc., Annaly Capital Management, AGNC Investment Corp., ARMOUR Residential REIT, Chimera Investment Corporation, Dynex Capital, Inc., New York Mortgage Trust and Orchid Island Capital. Emerging players are Redwood Trust, Inc. and Great Ajax Corp..
Does Two Harbors Investment have an API?
No public API is recorded for Two Harbors Investment.
What industry is Two Harbors Investment in?
Two Harbors Investment's product category is Mortgage REIT / Mortgage-Backed Securities Investment. Its primary akta.pro industry code is FSACACAB, Mortgage-Backed Securities (RMBS/CMBS), with a secondary code of FSALAFAF, Mortgage-Backed Securities (MBS) Trading, Market Making & Liquidity Provision. Its NAICS code is 5239 and its SIC code is 6798.