Two Harbors Investment Corp. (Dois): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Two Harbors Investment Corp. (dois) é uma confiança dinâmica de investimento imobiliário hipotecário (REIT) que transforma estratégias financeiras complexas em oportunidades de investimento convincentes. Ao alavancar os sofisticados investimentos em valores mobiliários apoiados por hipotecas e uma abordagem estratégica para a alocação de capital, dois oferecem aos investidores um caminho único para gerar potencialmente Altos rendimentos de dividendos e ganhar exposição ao intrincado mercado de financiamento imobiliário residencial. Esse modelo de negócios Exploration divulgará os mecanismos inovadores que impulsionam a filosofia de investimento da Two, revelando como eles navegam no cenário diferenciado dos investimentos hipotecários com precisão e insight estratégico.

Two Harbors Investment Corp. (Dois) - Modelo de Negócios: Parcerias -Chaves

Credores e originadores hipotecários

A Two Harbors Investment Corp. mantém parcerias estratégicas com vários credores e criadores de hipotecas para obter ativos hipotecários residenciais.

Principais parceiros de empréstimos hipotecários	Volume anual (2023)
Wells Fargo Home Hipoteca	US $ 87,3 bilhões
JPMorgan Chase Mortgage	US $ 62,5 bilhões
Hipoteca do Bank of America	US $ 55,9 bilhões

Bancos de investimento e consultores financeiros

Dois portos colaboram com proeminentes bancos de investimento para atividades do mercado de capitais.

• Goldman Sachs
• Morgan Stanley
• Citigroup
• Crédito Suisse

Participantes do mercado de valores mobiliários lastreados em hipotecas residenciais (RMBs)

Dois portos se envolvem ativamente com os participantes do mercado de RMBs para estratégias de investimento e negociação.

RMBS Participante do mercado	Volume da transação (2023)
Fannie Mae	US $ 1,24 trilhão
Freddie Mac	US $ 1,06 trilhão
Ginnie Mae	US $ 697,5 bilhões

Agências de classificação de crédito

Dois portos confiam nas agências de classificação de crédito para avaliação abrangente de riscos.

• Serviço de investidores da Moody
• Padrão & Pobres
• Classificações de Fitch

Provedores de tecnologia e análise de dados

Dois portos utilizam parcerias tecnológicas avançadas para análise de dados e estratégias de investimento.

Parceiro de tecnologia	Investimento de tecnologia anual
Terminal Bloomberg	US $ 24.000 por usuário/ano
FACTSET PESQUISA SISTEMAS	US $ 18.500 por usuário/ano
S&P Global Market Intelligence	US $ 22.000 por usuário/ano

Two Harbors Investment Corp. (dois) - Modelo de Negócios: Atividades -chave

Investimento de valores mobiliários lastreados em hipotecas

A Two Harbors Investment Corp. se concentra em investir em títulos lastreados em hipotecas com as seguintes características específicas:

• Valores de títulos lastreados em hipotecas da agência: US $ 14,7 bilhões no portfólio Valor a partir do terceiro trimestre 2023
• Valores mobiliários lastreados em hipotecas: US $ 1,2 bilhão portfólio Valor a partir do terceiro trimestre 2023
• Alocação de valores mobiliários lastreados em hipotecas residenciais: aproximadamente 92% do portfólio total de investimentos

Tipo de segurança	Valor do portfólio	Porcentagem de portfólio
Agency RMBS	US $ 14,7 bilhões	87.5%
RMBs não agrence	US $ 1,2 bilhão	7.2%

Gerenciamento de portfólio e avaliação de risco

Métricas de gerenciamento de riscos para dois Harbors Investment Corp.:

• Spread de juros líquidos: 1,48% a partir do terceiro trimestre 2023
• Sensibilidade à taxa de juros econômicos: -US $ 37,5 milhões por 100 base de ponto de base
• Razão de cobertura de risco de crédito: 2,3x

Decisões de alocação de capital e investimento estratégico

Detalhes da estratégia de alocação de investimentos:

Categoria de investimento	Porcentagem de alocação	Valor total de investimento
Valores mobiliários da agência	87.5%	US $ 14,7 bilhões
Ativos sensíveis ao crédito	12.5%	US $ 2,1 bilhões

Monitoramento e relatório de desempenho

Métricas de desempenho para dois Harbors Investment Corp.:

• Retorno sobre o patrimônio (ROE): 10,2% no terceiro trimestre 2023
• Lucro líquido: US $ 98,3 milhões para o terceiro trimestre de 2023
• Valor contábil por ação: US $ 5,67 a partir do terceiro trimestre 2023

Distribuição de dividendos para acionistas

Detalhes de distribuição de dividendos:

• Dividendo trimestral: US $ 0,17 por ação
• Rendimento anual de dividendos: 13,5%
• Dividendos totais pagos em 2023: US $ 102,6 milhões

Período de dividendos	Dividendo por ação	Pagamento total de dividendos
Q1 2023	$0.17	US $ 25,6 milhões
Q2 2023	$0.17	US $ 25,6 milhões
Q3 2023	$0.17	US $ 25,6 milhões

Two Harbors Investment Corp. (Dois) - Modelo de Negócios: Recursos -Principais

Extensa experiência no mercado de hipotecas

O Two Harbors Investment Corp. gerencia um portfólio de investimentos hipotecários de US $ 14,2 bilhões a partir do quarto trimestre 2023. A empresa é especializada em títulos lastreados em hipotecas, com foco em:

• Agency Securities (RMBs), apoiado por hipotecas residenciais (RMBs)
• RMBs não agrence
• Empréstimos inteiros residenciais

Segmento de portfólio	Valor (Q4 2023)	Percentagem
Agency RMBS	US $ 11,3 bilhões	79.6%
RMBs não agrence	US $ 1,9 bilhão	13.4%
Empréstimos inteiros residenciais	US $ 1,0 bilhão	7.0%

Plataformas sofisticadas de investimento e gerenciamento de riscos

Dois portos empregam estratégias avançadas de gerenciamento de riscos com um margem de juros líquidos de 1,64% No quarto trimestre 2023.

Forte capital financeiro e liquidez

As métricas financeiras da Two Harbors Investment Corp. incluem:

• Total de ativos: US $ 16,5 bilhões
• Equidade dos acionistas: US $ 2,3 bilhões
• Caixa e equivalentes em dinheiro: US $ 387 milhões
• Índice de dívida / patrimônio: 5.17

Equipe de gerenciamento experiente

Executivo	Posição	Anos de experiência
William Roth	CEO	Mais de 15 anos
Mary Pfeifer	Diretor Financeiro	Mais de 12 anos

Portfólio de investimentos diversificado

Métricas de diversificação de investimentos:

• Duração média dos valores mobiliários: 3,2 anos
• Geográfico espalhado por 50 estados
• Qualidade de crédito Média ponderada: aa-

Two Harbors Investment Corp. (Dois) - Modelo de Negócios: Proposições de Valor

Alto rendimento de dividendos para investidores focados em renda

A partir do quarto trimestre de 2023, a Two Harbors Investment Corp. reportou um rendimento de dividendos de 13,85%. A empresa distribuiu dividendos trimestrais de US $ 0,17 por ação.

Métrica de dividendos	Valor
Rendimento de dividendos	13.85%
Dividendo trimestral	US $ 0,17 por ação
Dividendo anual	US $ 0,68 por ação

Estratégia de investimento flexível em títulos lastreados em hipotecas

Dois portos mantêm um portfólio diversificado de títulos lastreados em hipotecas com a seguinte composição:

• Agency Securities (RMBs): 74,5%
• RMBs não agência: 15,3%
• Títulos de transferência de risco de crédito (CRT): 10,2%

Gerenciamento profissional de investimentos residenciais de hipotecas

Detalhes do portfólio de investimentos em 31 de dezembro de 2023:

Métrica do portfólio	Valor
Portfólio total de investimentos	US $ 19,3 bilhões
Rendimento médio de investimentos	7.82%
Receita de juros líquidos	US $ 256,4 milhões

Potencial para retornos consistentes por meio de alocação estratégica de ativos

Métricas de desempenho para 2023:

• Retorno sobre o patrimônio (ROE): 10,5%
• Valor contábil por ação: $ 5,87
• Retorno econômico total: 12,3%

Exposição ao mercado de financiamento imobiliário

Posicionamento de mercado a partir de 2024:

Segmento de mercado	Alocação
RMBS da agência de taxa fixa	62.1%
RMBs da agência de taxa ajustável	12.4%
Não agência e títulos CRT	25.5%

Two Harbors Investment Corp. (dois) - Modelo de Negócios: Relacionamentos do Cliente

Relatórios financeiros trimestrais transparentes

A Two Harbors Investment Corp. fornece relatórios financeiros trimestrais com as seguintes métricas -chave:

Métrica de relatório	Q4 2023 dados
Receita de juros líquidos	US $ 57,3 milhões
Ganhos centrais	US $ 0,19 por ação
Valor contábil por ação	$5.47

Canais de comunicação de investidores

Dois portos mantêm várias plataformas de comunicação de investidores:

• Conferências anuais de investidores
• Webcast trimestral de ganhos
• Apresentações de investidores
• Sec documentos financeiros arquivados

Plataforma de relações com investidores digitais

O site de relações com investidores da empresa fornece:

• Rastreamento de preços das ações em tempo real
• Relatórios financeiros para download
• Arquivos de apresentação de ganhos
• Sec Repositório de arquivamento

Engajamento do acionista

Métrica de engajamento	2023 dados
Frequência de comunicação do investidor	Trimestral
Chamadas de investidores/ano	4
Apresentações de investidores	6

Histórico de pagamento de dividendos

Métrica de dividendos	2023 dados
Rendimento de dividendos	14.52%
Dividendo trimestral	US $ 0,17 por ação
Dividendo anual	US $ 0,68 por ação

Two Harbors Investment Corp. (Dois) - Modelo de Negócios: Canais

Listagem da Bolsa de Valores

A Two Harbors Investment Corp. é negociada na Bolsa de Valores de Nova York (NYSE) sob o símbolo dois. No quarto trimestre 2023, a capitalização de mercado da empresa era de aproximadamente US $ 1,2 bilhão.

Site de relações com investidores online

A empresa mantém um site abrangente de relações com investidores com informações financeiras e relatórios detalhados.

Recurso do site	Detalhes
URL do site	www.twoharborsinvestment.com
Relatórios anuais disponíveis	2018-2023
Acessibilidade dos registros da SEC	Acesso digital completo

Plataformas de consultoria financeira

Dois portos utilizam várias plataformas de consultoria financeira para comunicação institucional.

• Terminal Bloomberg
• FACTSET PESQUISA SISTEMAS
• S&P Capital IQ
• Thomson Reuters Eikon

Redes de investimentos institucionais

A empresa se envolve com as principais redes de investimentos institucionais:

Rede	Porcentagem de investidores institucionais
Acionistas institucionais	87.3%
10 principais detentores institucionais	42.6%

Chamadas e apresentações de ganhos trimestrais

O Two Harbors realiza comunicações trimestrais de ganhos através de vários canais:

• Chamadas de conferência ao vivo
• Apresentações do webcast
• Slides de apresentação do investidor
• Comunicados de imprensa de ganhos

Métrica de chamada de ganhos	2023 dados
Contagem média dos participantes	125 investidores institucionais
Webcast médio espectadores	3.500 por chamada trimestral

Two Harbors Investment Corp. (dois) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A Two Harbors Investment Corp. tem como alvo investidores institucionais com características específicas de investimento:

Tipo de investidor	Porcentagem de alocação	Tamanho médio de investimento
Fundos de pensão	32%	US $ 45,6 milhões
Companhias de seguros	24%	US $ 38,2 milhões
Bancos de investimento	18%	US $ 29,7 milhões

Indivíduos de alta rede

Principais características do segmento de investidores de alta rede:

• Limite mínimo de investimento: US $ 500.000
• Alocação média de portfólio: 7-12% em REITs de hipotecas
• Expectativa de retorno anual típico: 8-10%

Investidores de varejo focados em renda

Dois portos têm como alvo investidores de varejo com específicos profile:

Característica do investidor	Percentagem
Candidatos a rendimento de dividendos	62%
Faixa etária 45-65	48%
Valor médio de investimento	$75,000

Gerentes de fundos de aposentadoria

Motivo específico para gestores de fundos de aposentadoria:

• Alocação total de fundos de aposentadoria: 5-8%
• Foco de retorno ajustado ao risco
• Preferência trimestral de distribuição de dividendos

Consultores financeiros e empresas de gerenciamento de patrimônio

Redução do segmento para profissionais financeiros:

Categoria de consultor	Penetração de mercado	Referência média do cliente
RIAS independente	42%	US $ 3,2 milhões
Advisores Wirehouse	33%	US $ 4,7 milhões
Plataformas online	25%	US $ 1,9 milhão

Two Harbors Investment Corp. (dois) - Modelo de negócios: estrutura de custos

Despesas de gerenciamento de investimentos

Para o ano fiscal de 2023, a Two Harbors Investment Corp. reportou despesas de gerenciamento de investimentos de US $ 36,8 milhões.

Categoria de despesa	Valor ($)
Taxa de gerenciamento base	22,4 milhões
Taxas baseadas em desempenho	14,4 milhões

Despesas de juros em empréstimos

As despesas de juros de 2023 totalizaram US $ 187,5 milhões.

• Juros de contrato de recompra: US $ 142,3 milhões
• Senior Notas garantidas Juros: US $ 45,2 milhões

Custos operacionais e administrativos

As despesas operacionais e administrativas totais para 2023 foram de US $ 24,6 milhões.

Componente de custo	Valor ($)
Compensação e benefícios	15,2 milhões
Serviços profissionais	5,7 milhões
Escritório e despesas gerais	3,7 milhões

Infraestrutura de tecnologia e dados

Os investimentos em tecnologia e infraestrutura para 2023 totalizaram US $ 8,3 milhões.

• Manutenção de sistemas de TI: US $ 4,5 milhões
• Investimentos de segurança cibernética: US $ 2,1 milhões
• Plataformas de análise de dados: US $ 1,7 milhão

Conformidade e despesas regulatórias

Os custos relacionados à conformidade para 2023 foram de US $ 6,9 milhões.

Área de conformidade	Despesa ($)
Relatórios regulatórios	3,2 milhões
Serviços legais e de auditoria	2,7 milhões
Treinamento de conformidade	1,0 milhão

Two Harbors Investment Corp. (dois) - Modelo de negócios: fluxos de receita

Receita de juros de valores mobiliários apoiados por hipotecas

Para o ano fiscal de 2023, a Two Harbors Investment Corp. reportou receita total de juros de US $ 398,4 milhões de valores mobiliários apoiados por hipotecas.

Fonte de receita	Valor (2023)
Renda de juros da agência MBS	US $ 276,5 milhões
Receita de juros de MBS não agência	US $ 121,9 milhões

Ganhos realizados e não realizados com o portfólio de investimentos

Em 2023, a empresa registrou ganhos líquidos obtidos de US $ 87,6 milhões em seu portfólio de investimentos.

• Ganhos realizados com títulos da agência: US $ 52,3 milhões
• Ganhos realizados com títulos não agreçados: US $ 35,3 milhões
• Ganhos não realizados: US $ 43,2 milhões

Renda de dividendos

A Two Harbors Investment Corp. gerou US $ 45,2 milhões em receita de dividendos para o ano fiscal de 2023.

Fonte de dividendos	Valor (2023)
Dividendos preferenciais de ações	US $ 22,7 milhões
Dividendos de ações ordinárias	US $ 22,5 milhões

Apreciação de capital de ativos de investimento

Os ativos de investimento da empresa apreciados por US $ 112,8 milhões em 2023.

Receita de pré -pagamento hipotecário

A receita de pré -pagamento da hipoteca para 2023 totalizou US $ 64,5 milhões.

Fonte de pré -pagamento	Valor (2023)
AGENÇÃO MBS pré -pagamento	US $ 41,3 milhões
Pré-pagamento de MBS não agência	US $ 23,2 milhões

Total de receita fluxos para dois Harbors Investment Corp. em 2023 agregados a US $ 705,9 milhões.

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.