Two Harbors Investments Corp (TWO) - Net Assets
Based on the latest financial reports, Two Harbors Investments Corp (TWO) has net assets worth $1.79 Billion USD as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($10.86 Billion) and total liabilities ($9.07 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Two Harbors Investments Corp liquid asset ratio to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $1.79 Billion |
| % of Total Assets | 16.46% |
| Annual Growth Rate | 13.53% |
| 5-Year Change | -34.84% |
| 10-Year Change | -47.43% |
| Growth Volatility | 286.65 |
Two Harbors Investments Corp - Net Assets Trend (2007–2025)
This chart illustrates how Two Harbors Investments Corp's net assets have evolved over time, based on quarterly financial data. Also explore TWO total asset value for the complete picture of this company's asset base.
Annual Net Assets for Two Harbors Investments Corp (2007–2025)
The table below shows the annual net assets of Two Harbors Investments Corp from 2007 to 2025. For live valuation and market cap data, see Two Harbors Investments Corp (TWO) total market value.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $1.79 Billion | -15.76% |
| 2024-12-31 | $2.12 Billion | -3.67% |
| 2023-12-31 | $2.20 Billion | +0.91% |
| 2022-12-31 | $2.18 Billion | -20.42% |
| 2021-12-31 | $2.74 Billion | -11.17% |
| 2020-12-31 | $3.09 Billion | -37.85% |
| 2019-12-31 | $4.97 Billion | +16.83% |
| 2018-12-31 | $4.25 Billion | +19.13% |
| 2017-12-31 | $3.57 Billion | +5.01% |
| 2016-12-31 | $3.40 Billion | -4.91% |
| 2015-12-31 | $3.58 Billion | -12.08% |
| 2014-12-31 | $4.07 Billion | +5.53% |
| 2013-12-31 | $3.85 Billion | -77.05% |
| 2012-12-31 | $16.79 Billion | +1222.34% |
| 2011-12-31 | $1.27 Billion | +232.09% |
| 2010-12-31 | $382.45 Million | +214.20% |
| 2009-12-31 | $121.72 Million | -33.91% |
| 2008-12-31 | $184.16 Million | +1.13% |
| 2007-12-31 | $182.10 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Two Harbors Investments Corp's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 666649.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $1.05 Million | 0.06% |
| Other Comprehensive Income | $-87.00K | 0.00% |
| Other Components | $6.55 Billion | 366.34% |
| Total Equity | $1.79 Billion | 100.00% |
Two Harbors Investments Corp Competitors by Market Cap
The table below lists competitors of Two Harbors Investments Corp ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Fujian Longma Envi Sanitation
SHG:603686
|
$1.15 Billion |
|
NPK International Inc.
NYSE:NPKI
|
$1.15 Billion |
|
Dongwon Ind
KO:006040
|
$1.15 Billion |
|
Mivtach Shamir
TA:MISH
|
$1.15 Billion |
|
Shenzhen Tianyuan Dic Info Tech
SHE:300047
|
$1.15 Billion |
|
KCE Electronics Public Company Limited
BK:KCE
|
$1.15 Billion |
|
Waypoint REIT
AU:WPR
|
$1.15 Billion |
|
Judo Capital Holdings Ltd
AU:JDO
|
$1.15 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Two Harbors Investments Corp's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 2,122,509,000 to 1,787,927,000, a change of -334,582,000 (-15.8%).
- Net loss of 454,300,000 reduced equity.
- Dividend payments of 222,392,000 reduced retained earnings.
- Share repurchases of 1,750,000 reduced equity.
- New share issuances of 279,000 increased equity.
- Other comprehensive income increased equity by 320,437,000.
- Other factors increased equity by 23,144,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $-454.30 Million | -25.41% |
| Dividends Paid | $222.39 Million | -12.44% |
| Share Repurchases | $1.75 Million | -0.1% |
| Share Issuances | $279.00K | +0.02% |
| Other Comprehensive Income | $320.44 Million | +17.92% |
| Other Changes | $23.14 Million | +1.29% |
| Total Change | $- | -15.76% |
Book Value vs Market Value Analysis
This analysis compares Two Harbors Investments Corp's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.73x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has increased from 0.10x to 0.73x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2007-12-31 | $125.59 | $12.54 | x |
| 2008-12-31 | $59.08 | $12.54 | x |
| 2009-12-31 | $39.05 | $12.54 | x |
| 2010-12-31 | $136.69 | $12.54 | x |
| 2011-12-31 | $102.82 | $12.54 | x |
| 2012-12-31 | $113.87 | $12.54 | x |
| 2013-12-31 | $87.87 | $12.54 | x |
| 2014-12-31 | $88.92 | $12.54 | x |
| 2015-12-31 | $78.34 | $12.54 | x |
| 2016-12-31 | $78.17 | $12.54 | x |
| 2017-12-31 | $75.93 | $12.54 | x |
| 2018-12-31 | $82.60 | $12.54 | x |
| 2019-12-31 | $74.23 | $12.54 | x |
| 2020-12-31 | $45.16 | $12.54 | x |
| 2021-12-31 | $36.83 | $12.54 | x |
| 2022-12-31 | $22.73 | $12.54 | x |
| 2023-12-31 | $23.03 | $12.54 | x |
| 2024-12-31 | $18.77 | $12.54 | x |
| 2025-12-31 | $17.16 | $12.54 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Two Harbors Investments Corp utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): -25.41%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: -75.02%
- • Asset Turnover: 0.06x
- • Equity Multiplier: 6.07x
- Recent ROE (-25.41%) is below the historical average (1.39%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2007 | 0.39% | 48.47% | 0.01x | 1.43x | $-17.50 Million |
| 2008 | 1.12% | 46.35% | 0.02x | 1.42x | $-16.36 Million |
| 2009 | -7.26% | -275.99% | 0.01x | 4.42x | $-21.01 Million |
| 2010 | 9.35% | 66.95% | 0.03x | 4.70x | $-2.49 Million |
| 2011 | 10.03% | 48.10% | 0.03x | 6.38x | $423.40K |
| 2012 | 8.46% | 54.17% | 0.03x | 4.87x | $-53.15 Million |
| 2013 | 15.02% | 115.72% | 0.03x | 4.45x | $193.54 Million |
| 2014 | 4.11% | 28.25% | 0.03x | 5.17x | $-239.67 Million |
| 2015 | 13.76% | 67.24% | 0.05x | 4.08x | $134.55 Million |
| 2016 | 10.39% | 70.83% | 0.02x | 5.91x | $13.17 Million |
| 2017 | 9.76% | 41.56% | 0.03x | 6.94x | $-8.57 Million |
| 2018 | -1.04% | -23.85% | 0.01x | 7.08x | $-469.74 Million |
| 2019 | 6.52% | 75.77% | 0.01x | 7.23x | $-173.08 Million |
| 2020 | -52.77% | 0.00% | -0.08x | 6.32x | $-1.94 Billion |
| 2021 | 6.82% | 73.36% | 0.02x | 4.41x | $-87.17 Million |
| 2022 | 10.09% | 1747.10% | 0.00x | 6.17x | $1.89 Million |
| 2023 | -6.90% | 0.00% | -0.04x | 5.96x | $-372.34 Million |
| 2024 | 14.05% | 35.25% | 0.07x | 5.75x | $85.92 Million |
| 2025 | -25.41% | -75.02% | 0.06x | 6.07x | $-633.09 Million |
Industry Comparison
This section compares Two Harbors Investments Corp's net assets metrics with peer companies in the REIT - Mortgage industry.
Industry Context
- Industry: REIT - Mortgage
- Average net assets among peers: $1,936,275,022
- Average return on equity (ROE) among peers: 4.90%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Two Harbors Investments Corp (TWO) | $1.79 Billion | 0.39% | 5.07x | $1.15 Billion |
| Arbor Realty Trust (ABR) | $1.07 Billion | 10.87% | 3.33x | $1.55 Billion |
| Acres Commercial Realty Corp (ACR) | $703.09 Million | -4.32% | 1.92x | $138.06 Million |
| Ares Commercial Real Estate (ACRE) | $419.17 Million | 7.25% | 3.22x | $286.25 Million |
| AFC Gamma Inc (AFCG) | $320.05 Million | 6.55% | 0.46x | $61.88 Million |
| AGNC Investment Corp (AGNC) | $8.26 Billion | 1.88% | 7.67x | $12.12 Billion |
| Angel Oak Mortgage Inc (AOMR) | $248.31 Million | 0.30% | 1.05x | $210.28 Million |
| Apollo Commercial Real Estate Finance Inc (ARI) | $1.38 Billion | 7.51% | 0.98x | $1.43 Billion |
| ARMOUR Residential REIT Inc (ARR) | $2.26 Billion | 14.27% | 8.29x | $2.04 Billion |
| Brightspire Capital Inc (BRSP) | $928.40 Million | -3.36% | 2.84x | $755.61 Million |
| Blackstone Mortgage Trust Inc (BXMT) | $3.78 Billion | 8.07% | 3.37x | $3.21 Billion |
About Two Harbors Investments Corp
Two Harbors Investment Corp. invests in, finances, and manages mortgage servicing rights (MSRs), agency residential mortgage-backed securities (RMBS), and other financial assets through RoundPoint in the United States. The company target assets include agency RMBS collateralized by fixed rate mortgage loans, adjustable rate mortgage loans, hybrid mortgage loans, or derivatives; and other assets, … Read more