Summary
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Two Harbors Investment Corp. (TWO) Q3 2025 Earnings Call Transcript
Two Harbors Investment Corp. (NYSE:TWO ) Q3 2025 Earnings Call October 28, 2025 9:00 AM EDT Company Participants Margaret Field - Head of Investor Relations William Greenberg - President & CEO William Dellal - VP & Chief Financial Officer Nicholas Letica - VP & Chief Investment Officer Conference Call Participants Bose George - Keefe, Bruyette, & Woods, Inc., Research Division Douglas Harter - UBS Investment Bank, Research Division Richard Shane - JPMorgan Chase & Co, Research Division Trevor Cranston - Citizens JMP Securities, LLC, Research Division Merrill Ross - Compass Point Research & Trading, LLC, Research Division Eric Hagen - BTIG, LLC, Research Division Presentation Operator Good morning. My name is Taryn, and I will be your conference facilitator.
Why We View Two Harbors Investment Baby Bond As One Of The Safest In The Sector
Two Harbors Investment baby bond offers an attractive yield of 8.88% with lower risk than common and preferred shares. TWO's strong capital buffer, high cash flow coverage, and 64% Agency MBS portfolio provide robust protection for TWOD investors. TWOD stands out in the mortgage REIT sector with one of the best equity-to-debt ratios and a stable dividend history.
Two Harbors: Common, Series A, And B Preferred Shares Are Attractively Valued
Two Harbors Investment is an mREIT focused on residential mortgage backed securities and mortgage servicing rights. Q3 2025 reported earnings will reflect the residual impact of a $375 million settlement with the company's former advisors from Pine River. This shifts investors' focus on Q4 2025 earnings, which should show the early benefits of lower repurchase agreement financing costs.
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Two Harbors Investment Corp. Profile
| Mortgage Real Estate Investment Trusts (REITs) Industry | Financials Sector | William Ross Greenberg CEO | NYSE Exchange | 90187B408 CUSIP |
| US Country | 477 Employees | 3 Oct 2025 Last Dividend | 2 Nov 2022 Last Split | 29 Oct 2009 IPO Date |
Overview
Two Harbors Investment Corp. is a specialized finance company that focuses on investing in, financing, and managing a portfolio of mortgage servicing rights (MSRs), and residential mortgage-backed securities (RMBS) alongside other financial assets within the United States. Structured as a Real Estate Investment Trust (REIT), the firm operates with the goal of delivering strong risk-adjusted returns for its stockholders, by capitalizing on the strategic management of its investment portfolios. Since its establishment in 2009, Two Harbors has committed itself to navigate the complex landscape of mortgage and financial assets, leveraging its expertise to generate sustainable income. Operating from its headquarters in St. Louis Park, Minnesota, Two Harbors ensures compliance with federal laws by qualifying as a REIT, mandating the distribution of at least 90% of its annual taxable income back to its shareholders.
Products and Services
- Agency Residential Mortgage-Backed Securities (RMBS)
- Mortgage Servicing Rights (MSRs)
- Non-Agency Securities and Non-Hedging Transactions
- Derivatives and Other Financial Assets
Two Harbors Investment Corp. invests in RMBS that are backed by residential mortgages. These investments are characterized by different types of mortgage loans including fixed rate, adjustable rate, and hybrid mortgage loans. Through these investments, Two Harbors aims to leverage the stability and reliability of agency-backed securities to generate returns.
The company has investments in MSRs, offering a strategic position in the mortgage servicing industry. MSRs provide Two Harbors with servicing fees from managing the payment collection and other servicing activities of mortgages. This not only diversifies the company's portfolio but also adds a steady revenue stream.
Beyond the realm of agency securities, Two Harbors also ventures into non-agency securities and engages in non-hedging financial transactions. These activities are targeted to maximize the investment opportunities beyond traditional agency RMBS, seeking higher returns in exchange for taking on higher risk profiles.
The company's portfolio extends to derivatives and a variety of other financial and mortgage-related assets. These investments are part of Two Harbors' broader strategy to optimize returns through diversified and carefully calibrated risk management practices.
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