Two Harbors Investment Corp. (TWO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Dos Harbors Investment Corp. (dos) se erige como un fideicomiso de inversión inmobiliaria de hipotecas dinámicas (REIT) que transforma estrategias financieras complejas en oportunidades de inversión convincentes. Al aprovechar las sofisticadas inversiones de valores respaldadas por hipotecas y un enfoque estratégico para la asignación de capital, dos ofrecen a los inversores una vía única para generar potencialmente Altos rendimientos de dividendos y obtener exposición al intrincado mercado de finanzas inmobiliarias residenciales. Esta exploración de lienzo de modelo de negocio presentará los mecanismos innovadores que impulsan la filosofía de inversión de Two, revelando cómo navegan por el panorama matizado de las inversiones hipotecarias con precisión y visión estratégica.

Two Harbors Investment Corp. (dos) - Modelo de negocio: asociaciones clave

Prestamistas de hipotecas y creadores

Dos Harbors Investment Corp. mantiene asociaciones estratégicas con múltiples prestamistas y creadores de hipotecas para obtener activos de hipotecas residenciales.

Socios de préstamos hipotecarios principales	Volumen anual (2023)
Wells Fargo Home Mortgage	$ 87.3 mil millones
JPMorgan Chase Mortgage	$ 62.5 mil millones
Hipoteca Bank of America	$ 55.9 mil millones

Bancos de inversión y asesores financieros

Dos puertos colaboran con destacados bancos de inversión para actividades de mercados de capitales.

• Goldman Sachs
• Morgan Stanley
• Citigroup
• Suisse de crédito

Participantes del mercado de valores respaldados por hipotecas residenciales (RMBS)

Dos puertos se involucran activamente con los participantes del mercado de RMBS para estrategias de inversión y comercio.

Participante del mercado de RMBS	Volumen de transacción (2023)
Fannie Mae	$ 1.24 billones
Freddie Mac	$ 1.06 billones
Ginnie Mae	$ 697.5 mil millones

Agencias de calificación crediticia

Dos puertos se basan en agencias de calificación crediticia para una evaluación integral de riesgos.

• Servicio de inversores de Moody's
• Estándar & Pobre
• Calificaciones de fitch

Proveedores de tecnología y análisis de datos

Dos puertos utilizan asociaciones tecnológicas avanzadas para el análisis de datos y las estrategias de inversión.

Socio tecnológico	Inversión tecnológica anual
Terminal de Bloomberg	$ 24,000 por usuario/año
Sistemas de investigación de datos	$ 18,500 por usuario/año
S&P Global Market Intelligence	$ 22,000 por usuario/año

Two Harbors Investment Corp. (dos) - Modelo de negocio: actividades clave

Inversión de valores respaldados por hipotecas

Dos Harbors Investment Corp. se centra en invertir en valores respaldados por hipotecas con las siguientes características específicas:

• Valores respaldados por hipotecas de la Agencia: valor de cartera de $ 14.7 mil millones al tercer trimestre de 2023
• Valores no respaldados por hipotecas: $ 1.2 mil millones de valor de cartera a partir del tercer trimestre de 2023
• Asignación de valores respaldados por hipotecas residenciales (RMBS): aproximadamente el 92% de la cartera de inversión total

Tipo de seguridad	Valor de cartera	Porcentaje de cartera
Agencia RMBS	$ 14.7 mil millones	87.5%
RMBS no agencias	$ 1.2 mil millones	7.2%

Gestión de la cartera y evaluación de riesgos

Métricas de gestión de riesgos para dos Harbors Investment Corp.:

• Difundir de interés neto: 1.48% a partir del tercer trimestre de 2023
• Sensibilidad de la tasa de interés económico: -$ 37.5 millones por 100 cambios básicos
• Relación de cobertura de riesgo de crédito: 2.3x

Asignación de capital y decisiones de inversión estratégica

Detalles de la estrategia de asignación de inversión:

Categoría de inversión	Porcentaje de asignación	Valor de inversión total
Valores de agencia	87.5%	$ 14.7 mil millones
Activos sensibles al crédito	12.5%	$ 2.1 mil millones

Monitoreo e informes del rendimiento

Métricas de rendimiento para Two Harbors Investment Corp.:

• Return on Equity (ROE): 10.2% en el tercer trimestre de 2023
• Ingresos netos: $ 98.3 millones para el tercer trimestre 2023
• Valor en libros por acción: $ 5.67 a partir del tercer trimestre 2023

Distribución de dividendos a los accionistas

Detalles de distribución de dividendos:

• Dividendo trimestral: $ 0.17 por acción
• Rendimiento de dividendos anuales: 13.5%
• Dividendos totales pagados en 2023: $ 102.6 millones

Período de dividendos	Dividendo por acción	Pago total de dividendos
Q1 2023	$0.17	$ 25.6 millones
Q2 2023	$0.17	$ 25.6 millones
P3 2023	$0.17	$ 25.6 millones

Dos Harbors Investment Corp. (dos) - Modelo de negocio: recursos clave

Experiencia extensa del mercado hipotecario

Dos Harbors Investment Corp. administra una cartera de inversión hipotecaria de $ 14.2 mil millones al cuarto trimestre de 2023. La compañía se especializa en valores respaldados por hipotecas con un enfoque en:

• Agencia Valores respaldados por hipotecas residenciales (RMBS)
• RMBS no agencias
• Préstamos enteros residenciales

Segmento de cartera	Valor (cuarto trimestre 2023)	Porcentaje
Agencia RMBS	$ 11.3 mil millones	79.6%
RMBS no agencias	$ 1.9 mil millones	13.4%
Préstamos enteros residenciales	$ 1.0 mil millones	7.0%

Plataformas sofisticadas de inversión y gestión de riesgos

Dos puertos emplean estrategias avanzadas de gestión de riesgos con un Margen de interés neto de 1.64% En el cuarto trimestre de 2023.

Fuerte capital financiero y liquidez

Las métricas financieras para dos Harbors Investment Corp. incluyen:

• Activos totales: $ 16.5 mil millones
• Equidad de los accionistas: $ 2.3 mil millones
• Efectivo y equivalentes en efectivo: $ 387 millones
• Relación de deuda / capital: 5.17

Equipo de gestión experimentado

Ejecutivo	Posición	Años de experiencia
William Roth	CEO	Más de 15 años
Mary Pfeifer	director de Finanzas	Más de 12 años

Cartera de inversiones diversificada

Métricas de diversificación de inversiones:

• Duración promedio de valores: 3.2 años
• Extendido geográfico en 50 estados
• Promedio ponderado de calidad de crédito: AA-

Two Harbors Investment Corp. (dos) - Modelo de negocio: propuestas de valor

Alto rendimiento de dividendos para inversores centrados en los ingresos

A partir del cuarto trimestre de 2023, dos Harbors Investment Corp. informaron un rendimiento de dividendos del 13.85%. La compañía ha distribuido dividendos trimestrales de $ 0.17 por acción.

Métrico de dividendos	Valor
Rendimiento de dividendos	13.85%
Dividendo trimestral	$ 0.17 por acción
Dividendo anual	$ 0.68 por acción

Estrategia de inversión flexible en valores respaldados por hipotecas

Dos puertos mantienen una cartera diversa de valores respaldados por hipotecas con la siguiente composición:

• Valores de respaldo de hipotecas residenciales (RMB) de la agencia: 74.5%
• RMBS no agencias: 15.3%
• Valores de transferencia de riesgo de crédito (CRT): 10.2%

Gestión profesional de inversiones en hipotecas residenciales

Detalles de la cartera de inversiones al 31 de diciembre de 2023:

Métrico de cartera	Valor
Cartera de inversiones totales	$ 19.3 mil millones
Rendimiento promedio de inversiones	7.82%
Ingresos de intereses netos	$ 256.4 millones

Potencial para rendimientos consistentes a través de la asignación de activos estratégicos

Métricas de rendimiento para 2023:

• Return on Equity (ROE): 10.5%
• Valor en libros por acción: $ 5.87
• Rendimiento económico total: 12.3%

Exposición al mercado de finanzas inmobiliarias

Posicionamiento del mercado a partir de 2024:

Segmento de mercado	Asignación
RMBS de agencia de tasa fija	62.1%
RMBS de agencia de tasa ajustable	12.4%
Valores no agenciales y CRT	25.5%

Two Harbors Investment Corp. (dos) - Modelo de negocios: relaciones con los clientes

Informes financieros trimestrales transparentes

Dos Harbors Investment Corp. proporciona informes financieros trimestrales con las siguientes métricas clave:

Métrica de informes	Q4 2023 Datos
Ingresos de intereses netos	$ 57.3 millones
Ganancias básicas	$ 0.19 por acción
Valor en libros por acción	$5.47

Canales de comunicación de inversores

Dos puertos mantienen múltiples plataformas de comunicación de inversores:

• Conferencias anuales de inversores
• Transmisión web de ganancias trimestrales
• Presentaciones de inversores
• SEC presentó documentos financieros

Plataforma de relaciones con inversores digitales

El sitio web de relaciones con inversores de la compañía proporciona:

• Seguimiento del precio de las acciones en tiempo real
• Informes financieros descargables
• Archivos de presentación de ganancias
• Repositorio de presentación de la SEC

Participación de los accionistas

Métrico de compromiso	2023 datos
Frecuencia de comunicación de inversores	Trimestral
Llamadas al inversor/año	4
Presentaciones de inversores	6

Rastro de pago de dividendos

Métrico de dividendos	2023 datos
Rendimiento de dividendos	14.52%
Dividendo trimestral	$ 0.17 por acción
Dividendo anual	$ 0.68 por acción

Two Harbors Investment Corp. (dos) - Modelo de negocio: canales

Listado de la Bolsa de Valores

Dos Harbors Investment Corp. cotizan en la Bolsa de Nueva York (NYSE) bajo el símbolo de ticker dos. A partir del cuarto trimestre de 2023, la capitalización de mercado de la compañía era de aproximadamente $ 1.2 mil millones.

Sitio web de relaciones con inversores en línea

La compañía mantiene un sitio web integral de relaciones con los inversores con información financiera detallada e informes.

Característica del sitio web	Detalles
URL del sitio web	www.twoharborsinvestment.com
Informes anuales disponibles	2018-2023
Accesibilidad a las presentaciones de la SEC	Acceso digital completo

Plataformas de asesoramiento financiero

Dos puertos utilizan múltiples plataformas de asesoramiento financiero para la comunicación institucional.

• Terminal de Bloomberg
• Sistemas de investigación de datos
• S&P Capital IQ
• Thomson Reuters Eikon

Redes de inversión institucionales

La compañía se involucra con redes clave de inversión institucional:

Red	Porcentaje de inversor institucional
Accionistas institucionales	87.3%
Top 10 titulares institucionales	42.6%

Llamadas y presentaciones de ganancias trimestrales

Dos puertos realizan comunicaciones de ganancias trimestrales a través de múltiples canales:

• Llamadas de conferencia en vivo
• Presentaciones de transmisión web
• Diapositivas de presentación del inversor
• Comunicados de prensa de ganancias

Métrica de llamadas de ganancias	2023 datos
Recuento promedio de participantes	125 inversores institucionales
Espectadores promedio de transmisión web	3,500 por llamada trimestral

Two Harbors Investment Corp. (dos) - Modelo de negocio: segmentos de clientes

Inversores institucionales

Dos Harbors Investment Corp. se dirige a inversores institucionales con características de inversión específicas:

Tipo de inversor	Porcentaje de asignación	Tamaño de inversión promedio
Fondos de pensiones	32%	$ 45.6 millones
Compañías de seguros	24%	$ 38.2 millones
Bancos de inversión	18%	$ 29.7 millones

Individuos de alto nivel de red

Características clave del segmento de inversores de alto nivel de red:

• Umbral de inversión mínimo: $ 500,000
• Asignación promedio de cartera: 7-12% en REIT hipotecarios
• Expectativa de rendimiento anual típico: 8-10%

Inversores minoristas centrados en los ingresos

Dos puertos se dirigen a inversores minoristas con específicos profile:

Característica del inversor	Porcentaje
Buscadores de rendimiento de dividendos	62%
Rango de edad 45-65	48%
Monto promedio de la inversión	$75,000

Administradores de fondos de jubilación

Dirección específica para administradores de fondos de jubilación:

• Asignación total del fondo de jubilación: 5-8%
• Enfoque de retorno ajustado por el riesgo
• Preferencia de distribución de dividendos trimestrales

Asesores financieros y empresas de gestión de patrimonio

Desglose del segmento para profesionales financieros:

Categoría de asesor	Penetración del mercado	Referencia promedio del cliente
Rias independientes	42%	$ 3.2 millones
Asesores de Wirehouse	33%	$ 4.7 millones
Plataformas en línea	25%	$ 1.9 millones

Dos Harbors Investment Corp. (dos) - Modelo de negocio: Estructura de costos

Gastos de gestión de inversiones

Para el año fiscal 2023, dos Harbors Investment Corp. informaron gastos de gestión de inversiones de $ 36.8 millones.

Categoría de gastos	Monto ($)
Tarifa de gestión base	22.4 millones
Tarifas basadas en el desempeño	14.4 millones

Gastos de intereses en préstamos

Los gastos de intereses para 2023 totalizaron $ 187.5 millones.

• Intereses del acuerdo de recompra: $ 142.3 millones
• Intereses de notas garantizadas senior: $ 45.2 millones

Costos operativos y administrativos

Los gastos operativos y administrativos totales para 2023 fueron de $ 24.6 millones.

Componente de costos	Monto ($)
Compensación y beneficios	15.2 millones
Servicios profesionales	5.7 millones
Oficina y gastos generales	3.7 millones

Infraestructura de tecnología y datos

Las inversiones en tecnología e infraestructura para 2023 ascendieron a $ 8.3 millones.

• Mantenimiento de sistemas de TI: $ 4.5 millones
• Inversiones de ciberseguridad: $ 2.1 millones
• Plataformas de análisis de datos: $ 1.7 millones

Cumplimiento y gastos regulatorios

Los costos relacionados con el cumplimiento para 2023 fueron de $ 6.9 millones.

Área de cumplimiento	Gasto ($)
Informes regulatorios	3.2 millones
Servicios legales y de auditoría	2.7 millones
Capacitación de cumplimiento	1.0 millones

Two Harbors Investment Corp. (dos) - Modelo de negocio: flujos de ingresos

Ingresos por intereses de valores respaldados por hipotecas

Para el año fiscal 2023, dos Harbors Investment Corp. reportaron ingresos por intereses totales de $ 398.4 millones de valores respaldados por hipotecas.

Fuente de ingresos	Cantidad (2023)
Agencia Ingresos por intereses MBS	$ 276.5 millones
Ingresos por intereses de MBS no agencias	$ 121.9 millones

Ganancias realizadas y no realizadas de la cartera de inversiones

En 2023, la compañía reportó ganancias netas realizadas de $ 87.6 millones de su cartera de inversiones.

• Ganancias realizadas de los valores de la agencia: $ 52.3 millones
• Ganancias realizadas de valores no agenciales: $ 35.3 millones
• Ganancias no realizadas: $ 43.2 millones

Ingreso de dividendos

Dos Harbors Investment Corp. generó $ 45.2 millones en ingresos por dividendos para el año fiscal 2023.

Fuente de dividendos	Cantidad (2023)
Dividendos de stock preferidos	$ 22.7 millones
Dividendos de acciones comunes	$ 22.5 millones

Apreciación de capital de los activos de inversión

Los activos de inversión de la compañía apreciados por $ 112.8 millones en 2023.

Ingresos por prepago de la hipoteca

Los ingresos por prepago de la hipoteca para 2023 totalizaron $ 64.5 millones.

Fuente de prepago	Cantidad (2023)
Agencia de prepago de MBS	$ 41.3 millones
Prepagas de MBS no agencias	$ 23.2 millones

Flujos de ingresos totales para dos Harbors Investment Corp. en 2023 agregados a $ 705.9 millones.

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.