Two Harbors Investment

Two Harbors Investment Corp. is a Maryland corporation focused on investing, financing and managing residential mortgage-backed securities (RMBS) and related investments.

Our objective is to provide attractive risk-adjusted returns to our stockholders over the long term, primarily through dividends and secondarily through capital appreciation. We selectively acquire and manage an investment portfolio of our target assets, which is constructed to generate attractive returns through market cycles. We focus on security selection and implement a relative value investment approach across various sectors within the mortgage market. Our target assets include the following:

  • Agency RMBS (which includes inverse interest-only Agency securities classified as Agency Derivatives for purposes of U.S. GAAP), meaning RMBS whose principal and interest payments are guaranteed by the Government National Mortgage Association (or Ginnie Mae), the Federal National Mortgage Association (or Fannie Mae), or the Federal Home Loan Mortgage Corporation (or Freddie Mac);
  • Non-Agency RMBS, meaning RMBS that are not issued or guaranteed by Ginnie Mae, Fannie Mae or Freddie Mac;
  • Prime nonconforming residential mortgage loans and mortgage servicing rights (MSR);
  • Commercial real estate; and
  • Other financial assets comprising approximately 5% to 10% of the portfolio.

We have elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes, which requires that we distribute at least 90% of our REIT income to our stockholders on an annual basis.

Type
Public
HQ
New York, US
Founded
2009
Two Harbors Investment was founded in 2009 and is headquartered in New York, US

Two Harbors Investment Office Locations

Two Harbors Investment has an office in New York
New York, US (HQ)
590 Madison Ave

Two Harbors Investment Metrics

Two Harbors Investment Financial Metrics

Revenue (2016)

$633.5 m

Revenue growth (2015-16), %

5%

Gross profit

$411.6 m

Gross profit margin (2016), %

65%

Net income (2016)

$353.3 m

Market capitalization (21-Mar-2017)

$3.4 b

Closing share price (21-Mar-2017)

$9.6

Cash (31-Dec-2016)

$406.9 m
Two Harbors Investment's current market capitalization is $3.4 b.
Two Harbors Investment's revenue was reported to be $633.5 m in FY, 2016 which is a 5.2% increase from the previous period.
FY, 2013FY, 2014FY, 2015FY, 2016

Revenue

$555.6 m$577.2 m$601.9 m$633.5 m

Revenue growth, %

4%4%5%

Cost of goods sold

$100.4 m$142.2 m$221.9 m

Gross profit

$455.2 m$459.8 m$411.6 m

Gross profit Margin, %

82%76%65%

Operating expense total

$86.9 m$151.5 m$151.8 m

EBIT

$659.5 m$93.4 m$643.8 m$411.6 m

EBIT margin, %

119%16%107%65%

Pre tax profit

$659.5 m$475.7 m$365.6 m

Income tax expense

$84.4 m($16.5 m)$12.3 m

Net Income

$579 m$167.1 m$492.2 m$353.3 m
Y, 2009Y, 2010Y, 2011Y, 2012Y, 2013Y, 2014Y, 2015FY, 2016

Cash

$26.1 m$163.9 m$360 m$821.1 m$1 b$1 b$737.8 m$406.9 m

Accounts Receivable

$50.3 m$65.5 m$50 m$62.8 m

Inventories

Total Assets

$17.2 b$21.1 b$14.6 b$20.1 b

Accounts Payable

$20.3 m$23.8 m

Dividends Payable

$95.3 m$92 m$83.4 m

Additional Paid-in Capital

$3.8 b$3.8 b$3.7 b$3.7 b

Total Equity

$3.6 b$3.4 b

Financial Leverage

4.1 x5.9 x
FY, 2013FY, 2014FY, 2015FY, 2016

Net Income

$1.7 k$167.1 m$492.2 m$353.3 m

Accounts Receivable

$15.6 m$62.8 m

Inventories

Accounts Payable

Cash From Operating Activities

($454.7 m)($764.1 m)($1.9 b)

Cash From Investing Activities

$512.8 m($2.7 b)$8 b

Long-term Borrowings

($2.3 b)($205 m)

Cash From Financing Activities

$146.3 m$3.4 b($6.3 b)

Interest Paid

$99.2 m$79.3 m$92.3 m

Two Harbors Investment Market Value History

Two Harbors Investment Company Life

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