TWO at a glance
TWO HARBORS INVESTMENT CORP. (TWO, SEC CIK 1465740) filed its latest 10-K annual report on February 17, 2026, a 10-Q quarterly report on July 29, 2026, an 8-K current report on September 10, 2026 and Form 4 insider filings as recently as August 25, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), TWO HARBORS INVESTMENT CORP. (TWO) reported revenue of $412.0 million (down 8.5% from FY2024) and a net loss of $454.3 million. Diluted EPS was -$4.88.
- As of June 30, 2026, 27 institutional investment managers tracked by SignalX reported holding TWO HARBORS INVESTMENT CORP. (TWO) shares worth $536.2 million in 13F-HR filings.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $412.0M
- −8.5% vs prior year
- Insiders · 90 days
- 0 buys · 0 sells
- No open-market trades
- 13F holders
- 27 funds
- $536.2M · −1 vs prior quarter
- Latest 8-K
- Sep 10, 2026
- Item 5.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business model: Investment and management of mortgage servicing rights (MSR) and Agency residential mortgage-backed securities (RMBS) as an internally-managed REIT
- New emphasis on in-house direct-to-consumer originations platform launched Q2 2024 for MSR portfolio retention and growth
- Strategic Merger agreement in Dec 2025 with UWM for an all-stock transaction expected to close Q2 2026
- Employee count at 486 as of Dec 31, 2025, with 4 office locations across US
- MSR servicing approvals expanded in Q3 2025 to include Ginnie Mae loans, enhancing servicing capabilities
Risk Factors
- Regulatory risk: Potential loss of 1940 Act exemptions under Section 3(c)(5)(C) impacting ability to invest at least 55% in qualifying assets, risking termination of key financing agreements
- Macroeconomic exposure: Dependence on GSEs Fannie Mae and Freddie Mac, risking asset values and supply of Agency RMBS if GSEs' structure or government support changes
- Operational vulnerability: Newly launched direct-to-consumer loan origination platform via RoundPoint with uncertain realization of growth benefits and mitigation of MSR prepayment risks
- Competitive risk: Intense competition from other mortgage REITs, banks, and Federal Reserve asset purchases increasing asset prices and limiting return generation
- Financial risk: Use of up to ten times leverage on Agency RMBS increasing exposure to margin calls and magnified losses during asset value declines
Management Discussion & Analysis
- Revenues and profitability figures not explicitly disclosed in provided MD&A text
- Agency RMBS portfolio valued at $9.0 billion, representing 83.2% of total assets at fair value
- Convertible senior notes of $261.9 million repaid in full on January 15, 2026 maturity
- Merger agreement with UWM announced December 17, 2025, expected closing Q2 2026, contingent on approvals
- Key risk: fair value volatility affecting 22.3% Level 3 assets, driven by interest rates and prepayment speed assumptions
AI summary of the TWO 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Profitability margins and quarterly earnings percentages not provided
- MSR and Agency RMBS portfolio sizes or segment performance not provided
- Convertible senior notes $261.9M repaid January 15, 2026
- CCM merger expected August 3, 2026 at $12.00 per share; risks include closing delays, interest rates, prepayments and financing costs
Risk Factors
- Newly triggered merger risk from CrossCountry transaction, amended through May 7, 2026
- Regulatory risk from SEC rules governing timing and execution of share repurchases
- Market risk from preferred repurchase program’s exposure to market conditions
- Capital-allocation risk from authorized repurchases of 5,000,000 preferred shares
- Equity-liquidity risk from authorized repurchases of 9,375,000 common shares
AI summary of the TWO 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 5.02: Departure/Appointment of Directors or Principal Officers
- Five senior officers terminated immediately on September 4, 2026, including the CFO, CIO, CLO, CRO and CAO
- CEO William Greenberg expected to depart October 2, 2026, creating near-total executive leadership turnover
Item 5.01: Changes in Control of Registrant
- CCM merger completed, transferring control of TWO to CCM
- TWO now a wholly owned subsidiary of CCM
Item 2.01: Completion of Acquisition or Disposition of Assets
- CCM Merger closed, triggering a complete TWO board turnover
- Eight former directors departed simultaneously, without disagreements over operations, policies, or practices
Item 3.03: Material Modification to Rights of Security Holders
- TWO common shares converted into merger consideration at the effective time
- Former TWO common stockholders lost voting and other stockholder rights
Item 5.02: Departure/Appointment of Directors or Principal Officers
- Officer compensation arrangements disclosed under Item 5.02
- Introduction and subsequent sections contain the substantive compensation terms
Item 8.01: Other Events
- CCM Merger completed August 25, 2026, triggering planned capital-structure changes
- Preferred shares redeemed at $25.00 plus accrued unpaid dividends, totaling approximately $622.0 million
Item 7.01: Regulation FD Disclosure
- Disclosure concerns the proposed CCM Merger, including completion timing and closing conditions
- Key risks include approval delays, unmet conditions, termination events, litigation, and management distraction
AI summaries of TWO 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for TWO
Don't miss the next TWO filing
- Alerts as it files. A push when TWO files an 8-K or an insider trades.
- Fund moves. Which tracked funds opened, added or cut TWO, by share count.
- Ask anything. An AI agent that reads every TWO filing and answers with sources.
TWO alerts on your phone. Follow it in the SignalX Android app.
Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| RUSH ROBERT | A | Aug 25, 2026 | 99,912 | - |
| BOUCHER NATHAN | D | Aug 25, 2026 | 48,142 | $12.00 |
| Hammond Karen | D | Aug 25, 2026 | 59,097 | $12.00 |
| LETICA NICHOLAS | D | Aug 25, 2026 | 615,339 | $12.00 |
| RUSH ROBERT | D | Aug 25, 2026 | 242,470 | $12.00 |
| BOUCHER NATHAN | A | Aug 25, 2026 | 20,893 | - |
| HANSON ALECIA | D | Aug 25, 2026 | 143,171 | $12.00 |
| HANSON ALECIA | A | Aug 25, 2026 | 65,204 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|
| Profitability | ||||
| Revenue | $480.4M | $450.2M | $412.0M | |
| Net Income | -$106.4M | $298.2M | -$454.3M | |
| Net Margin | -22.1% | 66.2% | -110.3% | |
| Balance Sheet | ||||
| Total Assets | $13.1B | $12.2B | $10.9B | |
| Equity | $2.2B | $2.1B | $1.8B | |
| ROE | -4.8% | 14.0% | -25.4% | |
| Per Share | ||||
| EPS | $-1.60 | $2.37 | $-4.88 | |
| Cash Flow | ||||
| Operating CF | $343.5M | $201.0M | $88.9M | |
Source: XBRL data in TWO HARBORS INVESTMENT CORP. (TWO)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate TWO share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 27 | $536.2M |
| Q1 2026 | 28 | $480.6M |
| Q4 2025 | 26 | $462.0M |
| Q3 2025 | 29 | $452.7M |
| Q2 2025 | 25 | $479.2M |
| Q1 2025 | 23 | $357.0M |
| Q4 2024 | 17 | $287.6M |
| Q3 2024 | 16 | $155.1M |
- Bank of America Corp+1.34M (+201%)
- BlackRock+491.0K (+3%)
- Goldman Sachs Group+295.3K (+20%)
- State Street Corp+234.4K (+6%)
- Vanguard Portfolio Management LLC+66.2K (+1%)
- Millennium Management−560.7K (-26%)
- Invesco Ltd−443.7K (-23%)
- Morgan Stanley−312.2K (-27%)
- JPMorgan Chase & Co−64.9K (-46%)
- AQR Capital Management−37.0K (-30%)
- Citadel Advisors LLC−167.0K
Source: 13F-HR filings on SEC EDGAR (aggregated from 191 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
TWO filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 8-K | Sep 10, 2026 | - | Analysis | - |
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 8-K | Aug 25, 2026 | - | Analysis | - |
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| SC 13G | Aug 10, 2026 | - | - | |
| 8-K | Aug 3, 2026 | - | Analysis | - |
| 10-Q | Jul 29, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Jul 28, 2026 | - | Analysis | - |
| 8-K | Jul 6, 2026 | - | Analysis | - |
| 8-K | Jun 23, 2026 | - | Analysis | - |
| 8-K | Jun 8, 2026 | - | Analysis |
Related Financials companies
- ARI · Apollo Commercial Real Estate Finance, Inc.Real Estate Investment Trusts
- ABR · ARBOR REALTY TRUST INCReal Estate Investment Trusts
- ARR · Armour Residential REIT, Inc.Real Estate Investment Trusts
- BXMT · BLACKSTONE MORTGAGE TRUST, INC.Real Estate Investment Trusts
- CIM · CHIMERA INVESTMENT CORPReal Estate Investment Trusts
- DX · DYNEX CAPITAL INCReal Estate Investment Trusts
- LADR · Ladder Capital CorpReal Estate Investment Trusts
- LFT · Lument Finance Trust, Inc.Real Estate Investment Trusts
TWO SEC filings: frequently asked questions
Which institutions hold TWO stock?
As of June 30, 2026, the largest TWO HARBORS INVESTMENT CORP. (TWO) holders among the 13F filers tracked by SignalX were BlackRock ($211.7 million), Vanguard Portfolio Management LLC ($76.8 million), Vanguard Capital Management LLC ($57.8 million), State Street Corp ($51.7 million), Bank of America Corp ($25.0 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was TWO's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), TWO HARBORS INVESTMENT CORP. (TWO) reported revenue of $412.0 million (down 8.5% from FY2024) and a net loss of $454.3 million. Diluted EPS was -$4.88. The figures come from the XBRL data in the 10-K.
What are the main risks in TWO's latest 10-K?
In the 10-K filed February 17, 2026, TWO HARBORS INVESTMENT CORP. (TWO) flagged: Regulatory risk: Potential loss of 1940 Act exemptions under Section 3(c)(5)(C) impacting ability to invest at least 55% in qualifying assets, risking termination of key financing agreements. Macroeconomic exposure: Dependence on GSEs Fannie Mae and Freddie Mac, risking asset values and supply of Agency RMBS if GSEs' structure or government support changes. (AI summary of the Risk Factors section.)
What did TWO report in its latest 8-K?
TWO HARBORS INVESTMENT CORP. (TWO) filed an 8-K on September 10, 2026 reporting Item 5.02 (Departure/Appointment of Directors or Principal Officers). Five senior officers terminated immediately on September 4, 2026, including the CFO, CIO, CLO, CRO and CAO.
What are the latest TWO SEC filings?
TWO HARBORS INVESTMENT CORP. (TWO) filed its latest 10-K annual report on February 17, 2026, a 10-Q quarterly report on July 29, 2026, an 8-K current report on September 10, 2026 and a Form 4 insider filing on August 25, 2026.
What is TWO's SEC CIK number?
TWO HARBORS INVESTMENT CORP. (TWO)'s SEC Central Index Key (CIK) is 1465740. EDGAR lists every TWO filing under that number.
Ask anything about TWO
The research agent reads TWO's filings, financials, insider trades and 13F holders, then answers with sources.