TWO

Two Harbors Investment Corp.

Two Harbors Investment Corp. is classed by the SEC under Real Estate Investment Trusts (industry code 6798), based in St. Louis Park, MN. Its latest filed balance sheet (2025-12-31) shows total assets of $11 billion (its filed statements).

Property business Real Estate Investment Trusts St. Louis Park, MN filings since 2009 9 of 9 filed

Sector peers: KRCSLGHHHUDR

2.6/10headline grade
vs its business-model standard

Three tenses, nine metrics. Unseen metrics stay unseen; the grade never fakes a number. Proxy era: provisional values, marked. Weighed as a property business: prior from its industry code (SEC 6798, Real Estate Investment Trusts); the filing read can change it. All three tenses have at least two readings, so the archetype blend applies as printed.

The grade, in three tenses

Headline 2.6 out of ten, 9 of 9 metrics filed: past 2.1 out of ten, present 3.1 out of ten, future 2.4 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

  • Surviving crises (past): 1.2 out of ten. 1 warning event since 2017; the latest 2026-08-25. 12th percentile among 174 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Track record (past): 1.4 out of ten. -3.6% a year over 10 filed years; profitable in 6 of 10. 14th percentile among 156 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Shareholder treatment (past): 5.0 out of ten. Share count grew 6.5% a year. 89% of cash flow returned. Insiders: 13 sales, 0 purchases. 49th percentile among 156 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Financial health (present): 2.7 out of ten. ROE -28%: lost 28¢ per shareholder dollar. Leverage 84%: owes 84¢ per asset dollar. 27th percentile among 171 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Industry position (present): 4.0 out of ten. bottom 40% of 157 in its family; net margin -123.4%. 40th percentile among 157 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Leadership (present): 2.8 out of ten. bottom 28% of 161 in its family for leadership; chief executive since 2021. 28th percentile among 161 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
  • Room to expand (future): 2.1 out of ten. bottom 21% of 146 in its family for room to expand. 21st percentile among 146 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Growth drivers (future): 5.4 out of ten. top 46% of 153 in its family for growth drivers. 54th percentile among 153 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Expectations vs reality (future): 0.3 out of ten. bottom 3% of 150 in its family for expectations against reality. 3rd percentile among 150 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-02-17 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-07-29 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-07-28 (on EDGAR). Newest filing: Form 15-12G, 2026-10-08. Filings on record since 2009. Read from EDGAR 2026-10-12.

Who runs it

Greenberg, William Ross (Chief Executive Officer); Agarwal, Madhur (Chief Financial Officer); Dellal, William (Chief Financial Officer); Halm, Jillian (Chief Accounting Officer); Hanson, Alecia (Chief Administrative Officer); Letica, Nicholas (Chief Investment Officer); Rush, Robert (Chief Risk Officer); Sandberg, Rebecca B (Chief Legal Officer); Boucher, Nathan (EVP General Counsel RoundPoint); Campbell, James D (EVP Servicing Ops RoundPoint); and 8 more. 18 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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