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Two Harbors Investment
Two Harbors Investment (TWO) investor relations material
Two Harbors Investment Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
Executive summary
Announced a definitive merger agreement with United Wholesale Mortgage/UWM Holdings Corporation, doubling the MSR portfolio to a pro forma $400 billion and creating a leading mortgage platform with enhanced scale and strategic alignment; the all-stock transaction values shares at a 21% premium and is expected to close in Q2 2026.
Book value per share increased to $11.13 at quarter-end, with comprehensive income per share of $0.48 and a quarterly economic return on book value of 3.9%.
The merger leverages strengths in capital markets, asset management, and servicing, positioning the combined company for accelerated growth and improved shareholder outcomes.
Investment portfolio outperformed hedges, with a total economic return of +3.9% for Q4 2025.
Common stock dividend declared at $0.34 per share, with an investment portfolio totaling $13.2 billion.
Financial highlights
Book value per share rose from $11.04 to $11.13 sequentially, with a 3.9% economic return on book value.
Q4 comprehensive income was $50.4 million, or $0.48 per share, driven by positive mark-to-market gains and lower financing costs.
Dividend of $0.34 per share paid in Q4; annual dividends declared totaled $1.52 per common share.
Portfolio yield was 5.89% and average financing cost was 4.41%, resulting in a net spread of 1.48% on the total portfolio.
Total economic return for Q4 was +3.9%; for the full year, -12.6%, but +12.1% excluding a litigation settlement expense.
Outlook and guidance
The merger is expected to drive significant benefits from increased scale and strategic alignment, positioning the combined company for accelerated growth and meaningful upside for shareholders.
Static return projection for the portfolio is 6.9%-11.1% before leverage, and 5.8%-11.1% on common equity after leverage.
Return potential has declined quarter-over-quarter due to RMBS spread tightening and asset sales.
Continued GSE buying and policy support may keep spreads tight and support mortgage activity in 2026.
The transaction is subject to stockholder and regulatory approvals, with closing anticipated in Q2 2026.
How does the merger's MSR scale benefit the combined entity?
How does current market volatility impact RMBS vs MSR?
What caused the Q4 operating expense increase?
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Next Two Harbors Investment earnings date
Q1 202628 Apr, 2026
Two Harbors Investment
Next Two Harbors Investment earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
Two Harbors Investment Corp. is a real estate investment trust (REIT) focused on investing in residential mortgage-backed securities (RMBS) and other related assets. The company’s portfolio primarily includes agency RMBS, non-agency securities, mortgage servicing rights (MSRs), and other financial assets linked to residential real estate. The company is headquartered in St. Louis Park, Minnesota, and its shares are listed on the NYSE.
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