Two Harbors Investment Corp. (TWO): Business Model Canvas

Two Harbors Investment Corp. (TWO) ist ein dynamischer Mortgage Real Estate Investment Trust (REIT), der komplexe Finanzstrategien in attraktive Investitionsmöglichkeiten umwandelt. Durch den Einsatz anspruchsvoller hypothekenbesicherter Wertpapieranlagen und eines strategischen Ansatzes zur Kapitalallokation bietet TWO Anlegern einen einzigartigen Weg zur potenziellen Generierung hohe Dividendenrenditen und gewinnen Sie Zugang zum komplexen Markt für Wohnimmobilienfinanzierungen. Diese Geschäftsmodell-Canvas-Erkundung wird die innovativen Mechanismen enthüllen, die die Anlagephilosophie von TWO vorantreiben, und zeigen, wie sie sich mit Präzision und strategischem Einblick in der differenzierten Landschaft der Hypothekeninvestitionen bewegen.

Two Harbors Investment Corp. (TWO) – Geschäftsmodell: Wichtige Partnerschaften

Hypothekengeber und Originatoren

Two Harbors Investment Corp. unterhält strategische Partnerschaften mit mehreren Hypothekengebern und -gebern, um Vermögenswerte für Wohnhypotheken zu beschaffen.

Top-Partner für Hypothekendarlehen	Jahresband (2023)
Wells Fargo-Hypothek	87,3 Milliarden US-Dollar
JPMorgan Chase Hypothek	62,5 Milliarden US-Dollar
Hypothek der Bank of America	55,9 Milliarden US-Dollar

Investmentbanken und Finanzberater

Two Harbors arbeitet bei Kapitalmarktaktivitäten mit führenden Investmentbanken zusammen.

• Goldman Sachs
• Morgan Stanley
• Citigroup
• Credit Suisse

Marktteilnehmer für Residential Mortgage-Backed Securities (RMBS).

Two Harbors arbeitet aktiv mit RMBS-Marktteilnehmern zusammen, um Anlage- und Handelsstrategien zu entwickeln.

RMBS-Marktteilnehmer	Transaktionsvolumen (2023)
Fannie Mae	1,24 Billionen US-Dollar
Freddie Mac	1,06 Billionen US-Dollar
Ginnie Mae	697,5 Milliarden US-Dollar

Ratingagenturen

Two Harbors verlässt sich für eine umfassende Risikobewertung auf Ratingagenturen.

• Moody's Investors Service
• Standard & Arme
• Fitch-Bewertungen

Technologie- und Datenanalyseanbieter

Two Harbors nutzt fortschrittliche Technologiepartnerschaften für Datenanalysen und Anlagestrategien.

Technologiepartner	Jährliche Technologieinvestition
Bloomberg-Terminal	24.000 $ pro Benutzer/Jahr
FactSet-Forschungssysteme	18.500 $ pro Benutzer/Jahr
S&P Global Market Intelligence	22.000 $ pro Benutzer/Jahr

Two Harbors Investment Corp. (TWO) – Geschäftsmodell: Hauptaktivitäten

Hypothekenbesicherte Wertpapieranlage

Two Harbors Investment Corp. konzentriert sich auf die Anlage in hypothekenbesicherte Wertpapiere mit den folgenden spezifischen Merkmalen:

• Hypothekenbesicherte Wertpapiere von Agenturen: Portfoliowert von 14,7 Milliarden US-Dollar im dritten Quartal 2023
• Nicht-staatliche hypothekenbesicherte Wertpapiere: Portfoliowert von 1,2 Milliarden US-Dollar im dritten Quartal 2023
• Zuteilung von Residential Mortgage-Backed Securities (RMBS): Ungefähr 92 % des gesamten Anlageportfolios

Sicherheitstyp	Portfoliowert	Prozentsatz des Portfolios
Agentur RMBS	14,7 Milliarden US-Dollar	87.5%
Nicht-Agentur-RMBS	1,2 Milliarden US-Dollar	7.2%

Portfoliomanagement und Risikobewertung

Risikomanagementkennzahlen für Two Harbors Investment Corp.:

• Nettozinsspanne: 1,48 % ab Q3 2023
• Sensitivität des wirtschaftlichen Zinssatzes: -37,5 Millionen US-Dollar pro 100 Basispunkt-Änderung
• Kreditrisikodeckungsquote: 2,3x

Kapitalallokation und strategische Investitionsentscheidungen

Details zur Anlageallokationsstrategie:

Anlagekategorie	Zuteilungsprozentsatz	Gesamtinvestitionswert
Agenturwertpapiere	87.5%	14,7 Milliarden US-Dollar
Kreditsensitive Vermögenswerte	12.5%	2,1 Milliarden US-Dollar

Leistungsüberwachung und Berichterstattung

Leistungskennzahlen für Two Harbors Investment Corp.:

• Eigenkapitalrendite (ROE): 10,2 % im dritten Quartal 2023
• Nettogewinn: 98,3 Millionen US-Dollar für das dritte Quartal 2023
• Buchwert pro Aktie: 5,67 USD, Stand 3. Quartal 2023

Dividendenausschüttung an die Aktionäre

Einzelheiten zur Dividendenausschüttung:

• Vierteljährliche Dividende: 0,17 USD pro Aktie
• Jährliche Dividendenrendite: 13,5 %
• Im Jahr 2023 gezahlte Gesamtdividende: 102,6 Millionen US-Dollar

Dividendenzeitraum	Dividende pro Aktie	Gesamtausschüttung der Dividende
1. Quartal 2023	$0.17	25,6 Millionen US-Dollar
Q2 2023	$0.17	25,6 Millionen US-Dollar
Q3 2023	$0.17	25,6 Millionen US-Dollar

Two Harbors Investment Corp. (TWO) – Geschäftsmodell: Schlüsselressourcen

Umfassende Expertise im Hypothekenmarkt

Two Harbors Investment Corp. verwaltet ein Hypothekeninvestitionsportfolio von 14,2 Milliarden US-Dollar (Stand Q4 2023). Das Unternehmen ist auf hypothekenbesicherte Wertpapiere mit Schwerpunkt auf Folgendem spezialisiert:

• Agency Residential Mortgage-Backed Securities (RMBS)
• Nicht-Agentur-RMBS
• Gesamtkredite für Wohnimmobilien

Portfoliosegment	Wert (4. Quartal 2023)	Prozentsatz
Agentur RMBS	11,3 Milliarden US-Dollar	79.6%
Nicht-Agentur-RMBS	1,9 Milliarden US-Dollar	13.4%
Gesamtkredite für Wohnimmobilien	1,0 Milliarden US-Dollar	7.0%

Anspruchsvolle Anlage- und Risikomanagementplattformen

Two Harbors setzt fortschrittliche Risikomanagementstrategien ein Nettozinsmarge von 1,64 % im vierten Quartal 2023.

Starkes Finanzkapital und Liquidität

Zu den Finanzkennzahlen für Two Harbors Investment Corp. gehören:

• Gesamtvermögen: 16,5 Milliarden US-Dollar
• Eigenkapital: 2,3 Milliarden US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 387 Millionen US-Dollar
• Verhältnis von Schulden zu Eigenkapital: 5,17

Erfahrenes Management-Team

Exekutive	Position	Jahrelange Erfahrung
William Roth	CEO	15+ Jahre
Maria Pfeifer	Finanzvorstand	12+ Jahre

Diversifiziertes Anlageportfolio

Kennzahlen zur Anlagediversifizierung:

• Durchschnittliche Laufzeit der Wertpapiere: 3,2 Jahre
• Geografische Verteilung auf 50 Bundesstaaten
• Bonitätsgewichteter Durchschnitt: AA-

Two Harbors Investment Corp. (TWO) – Geschäftsmodell: Wertversprechen

Hohe Dividendenrendite für ertragsorientierte Anleger

Im vierten Quartal 2023 meldete Two Harbors Investment Corp. eine Dividendenrendite von 13,85 %. Das Unternehmen hat vierteljährlich Dividenden in Höhe von 0,17 US-Dollar pro Aktie ausgeschüttet.

Dividendenkennzahl	Wert
Dividendenrendite	13.85%
Vierteljährliche Dividende	0,17 $ pro Aktie
Jährliche Dividende	0,68 $ pro Aktie

Flexible Anlagestrategie für hypothekenbesicherte Wertpapiere

Two Harbors unterhält ein vielfältiges Portfolio hypothekenbesicherter Wertpapiere mit folgender Zusammensetzung:

• Agency Residential Mortgage-Backed Securities (RMBS): 74,5 %
• Non-Agency-RMBS: 15,3 %
• Credit Risk Transfer (CRT) Wertpapiere: 10,2 %

Professionelles Management von Wohnimmobilien-Hypothekeninvestitionen

Einzelheiten zum Anlageportfolio zum 31. Dezember 2023:

Portfolio-Metrik	Wert
Gesamtinvestitionsportfolio	19,3 Milliarden US-Dollar
Durchschnittliche Rendite auf Investitionen	7.82%
Nettozinsertrag	256,4 Millionen US-Dollar

Potenzial für konstante Renditen durch strategische Vermögensallokation

Leistungskennzahlen für 2023:

• Eigenkapitalrendite (ROE): 10,5 %
• Buchwert pro Aktie: 5,87 $
• Gesamtwirtschaftliche Rendite: 12,3 %

Engagement im Immobilienfinanzierungsmarkt

Marktpositionierung ab 2024:

Marktsegment	Zuordnung
Festpreis-Agency-RMBS	62.1%
Agentur-RMBS mit variablem Zinssatz	12.4%
Non-Agency- und CRT-Wertpapiere	25.5%

Two Harbors Investment Corp. (TWO) – Geschäftsmodell: Kundenbeziehungen

Transparente vierteljährliche Finanzberichterstattung

Two Harbors Investment Corp. stellt vierteljährliche Finanzberichte mit den folgenden Schlüsselkennzahlen bereit:

Berichtsmetrik	Daten für das 4. Quartal 2023
Nettozinsertrag	57,3 Millionen US-Dollar
Kerngewinn	0,19 $ pro Aktie
Buchwert pro Aktie	$5.47

Kommunikationskanäle für Investoren

Two Harbors unterhält mehrere Kommunikationsplattformen für Investoren:

• Jährliche Investorenkonferenzen
• Webcast zu den Quartalsergebnissen
• Investorenpräsentationen
• SEC hat Finanzdokumente eingereicht

Digitale Investor-Relations-Plattform

Die Investor-Relations-Website des Unternehmens bietet:

• Verfolgung des Aktienkurses in Echtzeit
• Herunterladbare Finanzberichte
• Archiv der Ergebnispräsentationen
• SEC-Einreichungsarchiv

Engagement der Aktionäre

Engagement-Metrik	Daten für 2023
Häufigkeit der Anlegerkommunikation	Vierteljährlich
Investorenaufrufe/Jahr	4
Investorenpräsentationen	6

Erfolgsbilanz bei Dividendenzahlungen

Dividendenkennzahl	Daten für 2023
Dividendenrendite	14.52%
Vierteljährliche Dividende	0,17 $ pro Aktie
Jährliche Dividende	0,68 $ pro Aktie

Two Harbors Investment Corp. (TWO) – Geschäftsmodell: Kanäle

Börsennotierung

Two Harbors Investment Corp. wird an der New York Stock Exchange (NYSE) unter dem Tickersymbol TWO gehandelt. Im vierten Quartal 2023 betrug die Marktkapitalisierung des Unternehmens etwa 1,2 Milliarden US-Dollar.

Online-Investor-Relations-Website

Das Unternehmen unterhält eine umfassende Investor-Relations-Website mit detaillierten Finanzinformationen und Berichten.

Website-Funktion	Details
Website-URL	www.twoharborsinvestment.com
Jahresberichte verfügbar	2018-2023
Zugänglichkeit von SEC-Einreichungen	Vollständiger digitaler Zugriff

Finanzberatungsplattformen

Two Harbors nutzt mehrere Finanzberatungsplattformen für die institutionelle Kommunikation.

• Bloomberg-Terminal
• FactSet-Forschungssysteme
• S&P Capital IQ
• Thomson Reuters Eikon

Institutionelle Investmentnetzwerke

Das Unternehmen arbeitet mit wichtigen institutionellen Investmentnetzwerken zusammen:

Netzwerk	Prozentsatz institutioneller Anleger
Institutionelle Aktionäre	87.3%
Top 10 der institutionellen Inhaber	42.6%

Vierteljährliche Gewinngespräche und Präsentationen

Two Harbors führt die vierteljährliche Gewinnmitteilung über mehrere Kanäle durch:

• Live-Telefonkonferenzen
• Webcast-Präsentationen
• Präsentationsfolien für Investoren
• Pressemitteilungen zum Ergebnis

Metrik für Verdienstanrufe	Daten für 2023
Durchschnittliche Teilnehmerzahl	125 institutionelle Anleger
Durchschnittliche Webcast-Zuschauer	3.500 pro vierteljährlichem Anruf

Two Harbors Investment Corp. (TWO) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Two Harbors Investment Corp. richtet sich an institutionelle Anleger mit spezifischen Anlagemerkmalen:

Anlegertyp	Zuteilungsprozentsatz	Durchschnittliche Investitionsgröße
Pensionskassen	32%	45,6 Millionen US-Dollar
Versicherungsunternehmen	24%	38,2 Millionen US-Dollar
Investmentbanken	18%	29,7 Millionen US-Dollar

Vermögende Privatpersonen

Hauptmerkmale des Segments der vermögenden Anleger:

• Mindestinvestitionsschwelle: 500.000 $
• Durchschnittliche Portfolioallokation: 7-12 % in Hypotheken-REITs
• Typische jährliche Renditeerwartung: 8-10 %

Einkommensorientierte Privatanleger

Two Harbors richtet sich gezielt an Privatanleger profile:

Anlegercharakteristik	Prozentsatz
Dividendenrendite-Suchende	62%
Altersspanne 45-65	48%
Durchschnittlicher Investitionsbetrag	$75,000

Rentenfondsmanager

Spezifisches Targeting für Pensionsfondsmanager:

• Gesamtzuweisung an Pensionsfonds: 5-8 %
• Risikoadjustierter Renditefokus
• Präferenz für vierteljährliche Dividendenausschüttung

Finanzberater und Vermögensverwaltungsfirmen

Segmentaufteilung für Finanzprofis:

Beraterkategorie	Marktdurchdringung	Durchschnittliche Kundenempfehlung
Unabhängige RIAs	42%	3,2 Millionen US-Dollar
Wirehouse-Berater	33%	4,7 Millionen US-Dollar
Online-Plattformen	25%	1,9 Millionen US-Dollar

Two Harbors Investment Corp. (TWO) – Geschäftsmodell: Kostenstruktur

Aufwendungen für die Anlageverwaltung

Für das Geschäftsjahr 2023 meldete Two Harbors Investment Corp. Anlageverwaltungskosten in Höhe von 36,8 Millionen US-Dollar.

Ausgabenkategorie	Betrag ($)
Grundverwaltungsgebühr	22,4 Millionen
Leistungsabhängige Gebühren	14,4 Millionen

Zinsaufwendungen für Kredite

Die Zinsaufwendungen für 2023 beliefen sich auf insgesamt 187,5 Millionen US-Dollar.

• Rückkaufvertragszins: 142,3 Millionen US-Dollar
• Zinsen für vorrangig besicherte Schuldverschreibungen: 45,2 Millionen US-Dollar

Betriebs- und Verwaltungskosten

Die gesamten Betriebs- und Verwaltungskosten beliefen sich im Jahr 2023 auf 24,6 Millionen US-Dollar.

Kostenkomponente	Betrag ($)
Vergütung und Zusatzleistungen	15,2 Millionen
Professionelle Dienstleistungen	5,7 Millionen
Büro- und allgemeine Kosten	3,7 Millionen

Technologie und Dateninfrastruktur

Die Investitionen in Technologie und Infrastruktur beliefen sich im Jahr 2023 auf 8,3 Millionen US-Dollar.

• Wartung der IT-Systeme: 4,5 Millionen US-Dollar
• Investitionen in Cybersicherheit: 2,1 Millionen US-Dollar
• Datenanalyseplattformen: 1,7 Millionen US-Dollar

Compliance- und Regulierungskosten

Die Compliance-bezogenen Kosten beliefen sich im Jahr 2023 auf 6,9 Millionen US-Dollar.

Compliance-Bereich	Aufwand ($)
Regulatorische Berichterstattung	3,2 Millionen
Rechts- und Prüfungsdienstleistungen	2,7 Millionen
Compliance-Schulung	1,0 Millionen

Two Harbors Investment Corp. (TWO) – Geschäftsmodell: Einnahmequellen

Zinserträge aus hypothekenbesicherten Wertpapieren

Für das Geschäftsjahr 2023 meldete Two Harbors Investment Corp. einen Gesamtzinsertrag von 398,4 Millionen US-Dollar aus hypothekenbesicherten Wertpapieren.

Einnahmequelle	Betrag (2023)
Agency-MBS-Zinserträge	276,5 Millionen US-Dollar
Non-Agency-MBS-Zinserträge	121,9 Millionen US-Dollar

Realisierte und nicht realisierte Gewinne aus dem Anlageportfolio

Im Jahr 2023 meldete das Unternehmen realisierte Nettogewinne in Höhe von 87,6 Millionen US-Dollar aus seinem Anlageportfolio.

• Realisierte Gewinne aus behördlichen Wertpapieren: 52,3 Millionen US-Dollar
• Realisierte Gewinne aus nicht behördlichen Wertpapieren: 35,3 Millionen US-Dollar
• Nicht realisierte Gewinne: 43,2 Millionen US-Dollar

Dividendenerträge

Two Harbors Investment Corp. erzielte im Geschäftsjahr 2023 Dividendenerträge in Höhe von 45,2 Millionen US-Dollar.

Dividendenquelle	Betrag (2023)
Vorzugsaktiendividenden	22,7 Millionen US-Dollar
Stammaktiendividenden	22,5 Millionen US-Dollar

Kapitalwertsteigerung von Anlagevermögen

Das Investitionsvermögen des Unternehmens wird geschätzt 112,8 Millionen US-Dollar im Jahr 2023.

Einnahmen aus vorzeitiger Hypothekenzahlung

Die Einnahmen aus vorzeitigen Hypothekenrückzahlungen beliefen sich im Jahr 2023 auf insgesamt 64,5 Millionen US-Dollar.

Vorauszahlungsquelle	Betrag (2023)
Agentur-MBS-Vorauszahlungen	41,3 Millionen US-Dollar
MBS-Vorauszahlungen ohne Agentur	23,2 Millionen US-Dollar

Gesamteinnahmequellen für Two Harbors Investment Corp. im Jahr 2023 aggregiert auf 705,9 Millionen US-Dollar.

Two Harbors Investment Corp. (TWO) - Canvas Business Model: Value Propositions

High, consistent dividend yield for common and preferred stockholders.

The forward dividend yield for Two Harbors Investment Corp. (TWO) as of November 29, 2025, is cited at 13.41%. The current trailing twelve month (TTM) dividend payout as of December 03, 2025, stands at $1.36 per share. Two Harbors Investment Corp. pays a quarterly dividend to its shareholders. The most recent declared common stock dividend for the third quarter of 2025 was $0.34 per share, payable on October 29, 2025, following a second quarter 2025 dividend of $0.39 per share. The first quarter 2025 common dividend was $0.45 per share.

For preferred stockholders, the second quarter 2025 dividends declared were:

• Series A Cumulative Redeemable Preferred Stock: $0.50781 per share.
• Series B Cumulative Redeemable Preferred Stock: $0.47656 per share.
• Series C Cumulative Redeemable Preferred Stock: $0.60370 per share (based on the floating rate calculation at that time).

Here's a snapshot of recent common dividend activity:

Metric	Value	Date Context
Q3 2025 Declared Dividend (Common)	$0.34 per share	Q3 2025
Q2 2025 Declared Dividend (Common)	$0.39 per share	Q2 2025
Q1 2025 Declared Dividend (Common)	$0.45 per share	Q1 2025
TTM Dividend Payout (as of Dec 03, 2025)	$1.36	December 2025

Portfolio construction designed to deliver attractive risk-adjusted returns.

Two Harbors Investment Corp. focuses on a paired strategy of Mortgage Servicing Rights (MSR) and Agency Residential Mortgage-Backed Securities (Agency RMBS). As of September 30, 2025, the company's portfolio included $9.1 billion in Agency RMBS and MSR, complemented by an additional $4.4 billion in net long to-be-announced securities (TBAs). Agency RMBS comprised 71% of the total investment portfolio balance of $13.5 billion as of the third quarter of 2025. Excluding the impact of the litigation settlement expense, the adjusted total economic return for the third quarter of 2025 was 7.6%. For the first nine months of 2025, the total economic return on book value, excluding litigation settlement expense, was 9.3%. The forward-looking static return on common equity projection is between 9.4% and 15.3%.

The portfolio composition as of September 30, 2025, included:

• Agency RMBS and MSR investment securities: $9.1 billion.
• Net long to-be-announced securities (TBAs) (bond equivalent value): $4.4 billion.
• Agency RMBS as a percentage of the $13.5 billion investment portfolio: 71%.
• Q3 2025 Adjusted Quarterly Economic Return on Book Value: 7.6%.

Natural hedge against rising interest rates by pairing MSRs with Agency RMBS.

The strategy involves pairing MSRs with Agency RMBS to manage interest rate risk. The MSR portfolio as of September 30, 2025, had a weighted average gross coupon rate of 3.58%. The 60+ day delinquency rate on the MSR portfolio was 0.87% at that time. The company's hedging coverage ratio was 85% as of June 30, 2025. The projected static return on common equity range of 9.4% to 15.3% is presented with the anticipation of potential Federal Reserve rate cuts of 50-75 basis points in 2025, demonstrating the expected performance across rate environments.

Providing MSR sellers with a strong, permanent source of liquidity.

Two Harbors Investment Corp. facilitates liquidity for sellers of MSRs through retained servicing arrangements. The company successfully onboarded a new subservicing client, seeding the relationship by selling approximately $30 billion in unpaid principal balance (UPB) of MSR on a servicing-retained basis. Of this, $19.1 billion UPB settled in the third quarter of 2025. The company settled $698.2 million in UPB of MSR through flow-sale acquisitions and recapture during the third quarter of 2025.

Institutional-quality subservicing for third-party MSR investors.

The subservicing business is a key operational component. Following the onboarding of a new client, the total serviced mortgage assets across Two Harbors Investment Corp. reached $206.3 billion, covering more than 850,000 loans as of the end of the third quarter of 2025. The MSR portfolio size, which supports this subservicing, had an associated unpaid principal balance that was expanded by the sale of $30 billion UPB on a servicing-retained basis to the new client. The total subservicing portfolio grew to roughly $40 billion in unpaid principal balance. Servicing income climbed to $155.7 million for the third quarter of 2025.

Two Harbors Investment Corp. (TWO) - Canvas Business Model: Customer Relationships

You're looking at how Two Harbors Investment Corp. manages its key external relationships, which are critical given its focus on Mortgage Servicing Rights (MSR) and Agency RMBS. These relationships span from large financial institutions providing funding to the individual borrowers serviced by its subsidiary.

The relationship with financing counterparties is primarily transactional and automated. Two Harbors Investment Corp. utilizes a mix of financing structures, including repurchase agreements, to fund its portfolio. Investors are looking toward the fourth quarter of 2025 earnings to show the early benefits of lower repurchase agreement financing costs following a challenging third quarter impacted by a $375 million settlement with former advisors from Pine River. While the exact count of financing counterparties isn't public, the nature of the business implies a network of institutions providing liquidity through these financing arrangements.

Regular, transparent communication is maintained through mandated disclosures and voluntary updates. Two Harbors Investment Corp. hosts quarterly earnings calls, such as the one for Q3 2025 on October 28, 2025, and makes all relevant materials, including the earnings press release and presentation, available on the SEC's internet site at www.sec.gov and on the company's website at www.twoinv.com. The company also provides contact information for Investor Relations, like Margaret Karr, for direct inquiries.

Shareholder relationships are managed through consistent dividend distribution. For the third quarter of 2025, Two Harbors Investment Corp. declared a common stock dividend of $0.34 per share, payable on October 29, 2025. The current dividend yield has been cited near 13.33%, 13.99%, and even as high as 19.19% depending on the specific reporting date and calculation method used, reflecting the high payout nature of the REIT structure. The company also has preferred shareholders receiving dividends on its Series A (fixed 8.125%), Series B (fixed 7.625%), and Series C (floating SOFR + 5.27% or 5.61% depending on the series) shares.

For MSR acquisition partners, Two Harbors Investment Corp., through its subsidiary TH MSR Holdings LLC, offers dedicated transaction management. This structure provides multiple execution options, including concurrent transfers of servicing (co-issue) and subsequent transfers (bulk pools). The company positions itself as one of the largest buyers of MSR over the last decade, offering partners a strong and consistent source of liquidity. Following portfolio adjustments, the company reported expanding its sub-servicing business to approximately $40 billion UPB, which follows the sale of $19.1 billion UPB of MSR in Q3 2025.

The relationship with subserviced borrowers is managed with a high-touch customer service approach via RoundPoint Mortgage Servicing LLC. RoundPoint is one of the largest servicers of conventional loans in the country, and its customer-focused approach is highlighted as a key benefit to subservicing partners. The company continues to focus on growing RoundPoint's third-party subservicing business, which is a key part of its strategy following the acquisition.

Here are some key operational and relationship metrics as of late 2025:

Metric Category	Specific Data Point	Amount/Value	Reporting Period/Date
Shareholder Return	Common Stock Dividend Per Share	$0.34	Q3 2025 (Payable October 29, 2025)
Servicing Business Scale	Third-Party Subservicing UPB	Approximately $40 billion	Q3 2025
MSR Asset Activity	UPB of MSR Sold/Transferred	$19.1 billion	Q3 2025
Financial Impact (One-Time)	Litigation Settlement Expense	$375 million	Q3 2025
Liquidity Position	Cash on Balance Sheet	$770.5 million	Q3 2025 End
Financing Capacity	Unused MSR Asset Financing Capacity	$939 million	Q3 2025 End

The direct engagement with partners is characterized by specific service offerings:

• Consistent, competitive pricing for MSR co-issue partners.
• Integration support with Fannie Mae's Servicing Marketplace (SMP).
• Streamlined seller counterparty approval process.
• Provision of a dedicated transaction manager for MSR transfers.
• Quick time to close for bulk acquisitions, averaging 45 days.

The communication channels available to stakeholders include:

• Live teleconference access via toll-free number (800) 330-6710.
• Live webcasts accessible on the company's website.
• Replay availability approximately four hours after the live call ends.
• SEC filings available on the www.sec.gov website.

Finance: draft 13-week cash view by Friday.

Two Harbors Investment Corp. (TWO) - Canvas Business Model: Channels

You're looking at how Two Harbors Investment Corp. (TWO) gets its securities, debt, and servicing rights into the market and how it interacts with investors and counterparties. It's a mix of traditional exchange listings and specialized institutional/over-the-counter dealings, reflecting its mortgage REIT structure.

New York Stock Exchange (NYSE: TWO) for common and preferred stock

The common stock trades publicly on the NYSE under the ticker TWO. As of November 28, 2025, the share price was $10.14. The market capitalization around that time was approximately $1.02B, based on 104M shares in issue as of October 23, 2025.

Dividends are a key channel for returning capital to common shareholders. For the second quarter of 2025, the declared dividend was $0.39 per share of common stock. This was followed by a third quarter 2025 common stock dividend declaration of $0.34 per share. Based on the trailing twelve-month period, Two Harbors Investment Corp. paid a total dividend of $1.63 per share, resulting in a trailing dividend yield of 16.07%.

Preferred stock also uses the NYSE as a channel. For instance, the Series C Cumulative Redeemable Preferred Stock (TWO.PR.C) had a reported market cap of $1.06B.

• Declared Q2 2025 common dividend: $0.39 per share.
• Declared Q3 2025 common dividend: $0.34 per share.
• Trailing Twelve Month (TTM) Dividend Yield: 16.07%.

Direct institutional sales for senior notes and other debt instruments

Two Harbors Investment Corp. accesses institutional capital directly through debt offerings. In May 2025, the company completed an underwritten public offering of $100 million aggregate principal amount of its 9.375% Senior Notes due 2030. This issuance was later confirmed to be $115.0 million including the over-allotment option exercise. The net proceeds after expenses were approximately $110.8 million. These notes pay interest quarterly, with the first payment commencing August 15, 2025. The issuance was intended to prefund or refinance the 6.25% senior notes due 2026 maturity.

Over-the-counter (OTC) markets for derivative and TBA transactions

The use of the OTC market is critical for Two Harbors Investment Corp.'s hedging and forward-purchase activities, primarily involving To-Be-Announced (TBA) securities. These are accounted for as derivative instruments.

Here's a look at the net long TBA position as of recent reporting dates:

Date	Net Long TBA Position (Bond Equivalent Value)
June 30, 2025	$3.0 billion
September 30, 2025	$4.4 billion

This channel allows Two Harbors Investment Corp. to manage its exposure to future mortgage-backed securities purchases and interest rate risk.

Direct-to-consumer (DTC) origination platform for loan recapture

The mortgage operating company, RoundPoint Mortgage Servicing LLC, feeds loans back into the Two Harbors Investment Corp. portfolio via a DTC origination platform, which is a key part of its strategy to impact results directly. This is referred to as loan recapture.

Activity in the DTC channel for Q3 2025 showed strong momentum, with management noting that DTC originations recorded their 'most-ever locks in September'.

• Q2 2025 First Lien Loans Funded UPB: $48.6 million.
• Q3 2025 First Lien Loans Funded UPB: $49.8 million.
• Q2 2025 Second Lien Loans Brokered UPB: $44.0 million.
• Q3 2025 Second Lien Loans Brokered UPB: $60.1 million.

Fannie Mae's Servicing Marketplace (SMP) for co-issue MSR transfers

Mortgage Servicing Rights (MSRs) are a core asset, and transfers occur through flow-sale acquisitions, bulk purchases, and recapture, often facilitated through channels like the SMP. Two Harbors Investment Corp. actively settles MSRs through these channels.

MSR portfolio activity for the first half of 2025:

Period	MSR Settled (UPB)	MSR Bulk Purchases (UPB)	3-Month CPR
Q2 2025	$6.6 billion	$6.4 billion	5.8%
Q3 2025	$698.2 million	Not explicitly stated as bulk purchase, but portfolio activity continued	6.0%

Furthermore, a significant channel event in Q3 2025 involved boarding a new subservicing client, which was seeded by the sale of approximately $30 billion UPB of MSR on a servicing-retained basis, with $19.1 billion of that settling during the quarter. As of September 30, 2025, the MSR portfolio's weighted average gross coupon rate was 3.58%.

Two Harbors Investment Corp. (TWO) - Canvas Business Model: Customer Segments

Retail and institutional investors seeking high-dividend income (REIT structure).

• Declared common stock dividend of $0.39 per share for the second quarter of 2025.
• Declared common stock dividend of $0.45 per share for the first quarter of 2025.
• Market Capitalization as of October 23, 2025, was $1.02B.
• Shares outstanding as of October 23, 2025, were 104M.

Third-party MSR investors requiring subservicing administration.

• Subservicing portfolio grew to roughly $40 billion in unpaid principal balance (UPB) as of the third quarter of 2025.
• Secured a major new third-party subservicing client in the third quarter of 2025.

Mortgage originators and financial institutions selling MSRs for liquidity.

• Sold $19.1 billion of mortgage servicing rights (MSR) in the third quarter of 2025.
• Scheduled to sell an additional $10 billion of MSRs.
• Committed to purchase $1.7 billion UPB of MSRs post-March 31, 2025, through two bulk acquisitions.

Borrowers whose loans are serviced by the RoundPoint platform.

Two Harbors Investment Corp., through its subsidiary RoundPoint Mortgage Servicing LLC, services a significant volume of conventional loans.

Metric	Date/Period	Value
MSR Portfolio 60+ Day Delinquency Rate	June 30, 2025	0.82%
MSR Portfolio 60+ Day Delinquency Rate	March 31, 2025	0.85%
3-Month CPR (Prepayment Rate)	Second Quarter of 2025	5.8%
3-Month CPR (Prepayment Rate)	First Quarter of 2025	4.2%

The MSR portfolio had a weighted average gross coupon rate of 3.53% as of June 30, 2025.

Two Harbors Investment Corp. (TWO) - Canvas Business Model: Cost Structure

You're looking at the cost side of Two Harbors Investment Corp.'s (TWO) operations as of late 2025, and honestly, the biggest, most immediate hit this quarter came from a non-recurring legal event. The cost structure is heavily influenced by financing, but the legal settlement really dominated the Q3 numbers.

Significant interest expense on repurchase agreements and revolving credit facilities remains a fundamental, ongoing cost. While I don't have the exact interest expense for Q3 2025, we know that the net interest and servicing income line benefited from lower financing costs, which suggests the underlying interest expense on borrowings was managed or reduced relative to the prior period. For context on the financing side, the company is planning to redeem its outstanding convertible notes, specifically $261.9 million by January 2026, which should alter the future interest expense profile by reducing structural leverage.

The most striking cost element in the third quarter of 2025 was the litigation settlement expense. Two Harbors Investment Corp. recorded a one-time charge of $175.1 million, which translated to $1.68 per weighted average common share. This expense was the difference between the $375 million cash payment made to the former external manager and the $199.9 million contingency accrual recorded in Q2 2025. This single event drove the reported comprehensive loss for the quarter to $80.2 million, or $(0.77) per share.

General administrative and compensation costs for the internal management team are captured within operating expenses. For the second quarter of 2025, the operating expenses, excluding non-cash long-term incentive plan amortization and certain litigation-related costs, were reported at $38,050 thousand. This figure gives you a baseline for the recurring overhead before the major legal impact.

The investment in technology and AI for the RoundPoint servicing platform is a strategic cost, though the most concrete numbers are from the acquisition itself. Matrix Financial Services Corporation paid a preliminary purchase price of $23.6 million for RoundPoint, which included a premium of $10.5 million over tangible net book value. Management anticipated this vertical integration would yield incremental pre-tax earnings in 2024 of $25-30 million through cost savings and new revenues, which is the return side of that technology/platform investment.

Regarding hedging costs, which include premiums paid on swaps, futures, and options used to manage interest rate risk on the Agency RMBS portfolio, the financial statements reflect the notional amounts of these hedges but do not explicitly break out the premium expense for Q3 2025 in the summaries available. The cost is embedded within the overall interest expense and derivative valuation changes.

Here's a quick look at the major financial impacts from Q3 2025:

Cost/Expense Item	Amount (USD)	Per Share Impact
Litigation Settlement Expense (Q3 2025)	$175.1 million	$1.68
Comprehensive Loss (Including Settlement)	$80.2 million	$(0.77)
Comprehensive Income (Excluding Settlement)	$94.9 million	$0.91
Operating Expenses (Q2 2025 Baseline, Adjusted)	$38.09 million	N/A
Book Value per Common Share (End of Q3 2025)	$11.04	N/A

The underlying operational performance, excluding the settlement, was solid, showing a 7.6% quarterly economic return on book value. Still, the leverage profile shifted, with Economic Debt to Equity increasing to 7.2 times as of the end of the quarter.

You should keep an eye on the financing costs, as they are the primary recurring expense for a REIT like Two Harbors Investment Corp. The company declared a dividend of $0.34 per common share for the quarter, which must be covered by net interest and servicing income after all operating and financing costs are accounted for.

• Net Interest and Servicing Income increase (QoQ): $2.8 million.
• MSR Portfolio UPB sold/settled in Q3 2025: $30 billion UPB on a servicing-retained basis.
• Historical RoundPoint acquisition premium: $10.5 million.

The cost of capital, reflected in interest expense, is the constant pressure point against the revenue generated from the Agency RMBS and MSR portfolios. Finance: draft 13-week cash view by Friday.

Two Harbors Investment Corp. (TWO) - Canvas Business Model: Revenue Streams

Two Harbors Investment Corp. generates its revenue primarily through its investments in Agency residential mortgage-backed securities (Agency RMBS) and its significant portfolio of mortgage servicing rights (MSRs), supported by its subservicing platform.

Net interest income (NII) from the Agency RMBS portfolio forms a core component, derived from the spread between the interest earned on its Agency RMBS holdings and the cost of financing those assets. As of September 30, 2025, the company's portfolio included approximately $9.1 billion of Agency RMBS, MSR, and other investment securities, which are leveraged to generate this income.

Net servicing income from the MSR portfolio, including float income, is another critical stream. This income benefits from the servicing fees collected and the income earned on the servicing advance float (the interest earned on escrow and corporate funds held temporarily). Earnings Available for Distribution (EAD) in the third quarter of 2025 rose to $0.36 per share, helped by higher float/servicing fee income.

Net dollar roll (NDR) income from To-Be-Announced (TBA) securities provides revenue from the roll yield on forward-settling TBA contracts. Two Harbors Investment Corp. held approximately $4.4 billion bond equivalent value of net long TBA securities as of September 30, 2025.

Subservicing fees charged to third-party MSR owners are growing, representing a fee-based revenue stream from the operational platform. The company significantly increased this business by selling approximately $30 billion in unpaid principal balance (UPB) of MSRs on a servicing-retained basis to seed a new client.

The trailing 12-month revenue for Two Harbors Investment Corp. as of September 30, 2025, was reported at $532.21 million. This figure reflects the combined impact of all revenue-generating activities over the preceding four quarters.

Here's a quick look at some key figures related to the Q3 2025 operational performance, excluding the litigation settlement expense:

Revenue/Income Metric	Amount/Value	Date/Period
Trailing 12-Month Revenue	$532.21 million	As of September 30, 2025
Comprehensive Income (Excluding Litigation)	$94.9 million	Q3 2025
Agency RMBS and MSR Portfolio Size (Asset Base)	$9.1 billion	As of September 30, 2025
Net Long TBA Position (BEV)	$4.4 billion	As of September 30, 2025
MSR UPB Sale to Seed New Client	~$30 billion	Q3 2025 Activity

You can see how the MSR growth directly feeds into the servicing income stream. The core drivers of the business's profitability, when looking past GAAP noise, are these asset-based and fee-based revenues:

• Agency RMBS generating Net Interest Income.
• MSR Portfolio generating servicing fees and float income.
• TBA Securities contributing Net Dollar Roll income.
• Subservicing Operations providing fee income from third parties.

The reported GAAP revenue for the third quarter of 2025 was -$23.50 million, but excluding the litigation settlement, the operational results showed comprehensive income of $94.9 million for the quarter. Finance: draft 13-week cash view by Friday.