Two Harbors Investment Corp. (TWO)

Two Harbors Investment Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	-454.3	298.17	-106.37	220.24	187.23
Provision for Credit Losses	-0.12	0.26	-0.55	2.73	9.76
Stock-Based Compensation	13.35	10.95	10.98	11.63	11.49
Net Change in Loans Held-for-Sale	-13.53	-2.9	-0.05	-0.24	-0.04
Other Adjustments	521.16	-27.35	382.02	237.77	181.86
Changes in Accrued Interest and Accounts Receivable	4.1	2.01	0.68	-9.75	20.91
Changes in Accounts Payable	-4.08	-55.78	47.74	75.65	-3.28
Changes in Other Operating Activities	22.34	-24.35	9.06	85.37	15.59
Operating Cash Flow	88.92	201	343.51	623.4	423.51
Operating Cash Flow Growth	-55.76%	-41.48%	-44.90%	47.20%	-32.95%
Net Change in Short-Term Interbank Lending and Reverse Repurchase Agreements	198.86	-71.88	782.84	-932.25	-43.16
Net Change in Securities and Investments	1,063	755.53	-541.51	-1,766	6,927
Payments for Business Acquisitions	-	-20.98	26.8	-	-
Purchases of Intangible Assets	-103.99	-114.12	-312.64	-629.81	-742.15
Proceeds from Sale of Intangible Assets	439.08	109.78	133.94	261.83	31.79
Other Investing Activities	-685.57	236.95	-285.22	314.77	140.22
Investing Cash Flow	911.61	895.28	-195.78	-2,751	6,314
Net Change in Short-Term Interbank Borrowing and Repurchase Agreements	-549.52	-215.15	-582.8	946.57	-7,487
Short-Term Debt Issued	547.83	179.21	404	720	296.5
Short-Term Debt Repaid	-641.25	-486.17	-193.66	-21.93	-159.57
Net Short-Term Debt Issued (Repaid)	-93.43	-306.97	210.34	698.07	136.93
Long-Term Debt Issued	110.59	-	-	-	279.93
Long-Term Debt Repaid	-	-305.45	-114.14	-143.77	-143.12
Net Long-Term Debt Issued (Repaid)	110.59	-305.45	-114.14	-143.77	136.81
Issuance of Common Stock	0.28	0.24	275.67	6.61	450.6
Repurchase of Common Stock	-	-	-7.06	-	-
Net Common Stock Issued (Repurchased)	0.28	0.24	268.62	6.61	450.6
Repurchase of Preferred Stock	-	-11.1	-14.81	-51.4	-274.95
Net Preferred Stock Issued (Repurchased)	-	-11.1	-14.81	-51.4	-274.95
Common Dividends Paid	-170.86	-187.68	-197.64	-235.37	-193.49
Preferred Share Dividends Paid	-51.53	-47.36	-48.96	-54.99	-63.66
Other Financing Activities	-1.75	-	-	-	-
Financing Cash Flow	-756.22	-1,073	-479.4	1,166	-7,295
Net Cash Flow	244.31	22.81	-331.67	-962.17	-557.76
Free Cash Flow	88.92	201	343.51	623.4	423.51
Free Cash Flow Growth	-55.76%	-41.48%	-44.90%	47.20%	-32.95%
FCF Margin	10.77%	16.58%	49.60%	41.06%	67.48%
Free Cash Flow Per Share	0.85	1.78	3.59	6.49	5.68
Levered Free Cash Flow	-467.57	-438.86	1.67	892.35	435.73
Unlevered Free Cash Flow	22.36	-78.12	57.47	151.27	33.22

Updated Feb 2, 2026. Data Source: Fiscal.ai. Banks template. Financial Sources.

SEC Filings: 10-K · 10-Q