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Two Harbors Investment (TWO) investor relations material
Two Harbors Investment Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Comprehensive loss for Q3 2025 was $80.2 million, or $(0.77) per share, primarily due to a litigation settlement expense, with book value per share declining to $11.04 and a $0.34 per share dividend declared.
Excluding the litigation settlement, adjusted comprehensive income was $94.9 million, or $0.91 per share, and adjusted economic return on book value was 7.6%.
The litigation settlement, reported as $375 million or $175.1 million in different filings, was a one-time, non-recurring expense that resolved all claims with the former external manager.
Significant expansion in subservicing business, including onboarding a new client with a $30 billion UPB MSR sale and RoundPoint servicing $40 billion for third-party clients.
Management remains focused on cost reduction, efficiency improvements, and growth in servicing and originations platforms.
Financial highlights
Book value per share declined from $12.14 to $11.04 quarter-over-quarter, with total assets at $10.87 billion and total stockholders' equity at $1.77 billion at quarter-end.
Economic return on book value was (6.3)% including litigation, 7.6% excluding it; EAD was $37.2 million, or $0.36 per share.
Net servicing income for Q3 2025 was $155.7 million–$162.7 million; net interest expense was $23.5 million.
Investment portfolio stood at $13.5 billion, including $9.1 billion in settled positions and $4.4 billion in net TBA.
Dividend yield for Q3 2025 was 13.8%.
Outlook and guidance
Management expects attractive risk-adjusted returns from pairing low-rate MSR with Agency RMBS, citing likely Fed rate cuts and reduced volatility.
Static return estimate for the portfolio is 9.1%–12.6% before leverage, and 9.5%–15.2% on common equity after leverage; prospective quarterly static return per share is $0.26–$0.42.
Management remains optimistic about MSR and Agency RMBS strategies and sees attractive investment opportunities.
Book value up about 1% quarter-to-date as of last Friday.
Subservicing growth: MSR sales as a driver?
Cost savings impact on return potential?
Rationale for MSR vs. MBS portfolio allocation
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Next Two Harbors Investment earnings date
Q4 20253 Feb, 2026
Next Two Harbors Investment earnings date
Q4 20253 Feb, 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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