TWO HARBORS INVESTMENT CORP. (TWOD)

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TWO HARBORS INVESTMENT CORP.

TWOD • CIK 0001465740

(in thousands, except per share data)	FY 2023	FY 2024	FY 2025	TTM
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$-106,371	$298,168	$-454,300	$-342,961
Preferred Stock Dividends, Income Statement Impact	$48,607	$47,136	$52,791	$52,412
Preferred Stock Redemption Discount	$2,973	$644	$0	$0
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic	$-1,220	$1,693	$1,309	$1,339
Net Income (Loss) Available to Common Stockholders, Basic	$-153,225	$249,983	$-508,400	$-396,712
Weighted Average Number of Shares Outstanding, Basic	95,672,143	103,562,824	104,111,993	105,012,201
Participating Securities, Distributed and Undistributed Earnings (Loss), Diluted	$0	$77	$0	$0
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities	$0	$18,199	$0	$0
Net Income (Loss) Available to Common Stockholders, Diluted	$-153,225	$268,105	$-508,400	$-396,712
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0	477,465	0	446,528
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	0	9,049,219	0	0
Weighted Average Number of Shares Outstanding, Diluted	95,672,143	113,089,508	104,111,993	105,458,729

(in thousands, except per share data)	FY 2023	FY 2024	FY 2025	TTM
Debt Securities, Available-for-sale	$8,327,149	$7,371,711	$6,514,471	$6,507,381
Servicing Asset at Fair Value, Amount	$3,052,016	$2,994,271	$2,421,910	$2,380,983
Financing Receivable, Held-for-Sale	—	$2,334	$13,630	$18,536
Cash and Cash Equivalents, at Carrying Value	$729,732	$504,613	$842,319	$476,307
Restricted Cash and Cash Equivalents	$65,101	$313,028	$219,633	$283,842
Interest Receivable	$35,339	$33,331	$29,229	$29,917
Due from Correspondent Brokers	$323,224	$386,464	$379,259	$432,152
Derivative Asset	$85,291	$10,114	$87,549	$71,213
Securities Purchased under Agreements to Resell	$284,091	$355,975	$157,120	$170,855
Other Assets	$236,857	$232,478	$194,097	$162,550
Assets	$13,138,800	$12,204,319	$10,859,217	$10,533,736
Commitments and Contingencies	$0	$0	—	$0
Assets Sold under Agreements to Repurchase, Repurchase Liability	$8,020,207	$7,805,057	$7,255,540	$7,245,287
Warehouse Agreement Borrowings	—	$2,032	$9,406	$12,694
Senior Notes	—	—	$111,055	$111,200
Convertible Notes Payable	$268,582	$260,229	$261,810	$0
Derivative Liability	$21,506	$24,897	$4,254	$11,254
Due to Correspondent Brokers	$574,735	$648,643	$215,814	$247,469
Dividends Payable	$58,731	$58,725	$48,932	$48,904
Interest Payable	$141,773	$85,994	$81,914	$44,520
Other Liabilities	$225,434	$176,062	$163,194	$163,958
Liabilities	$10,935,410	$10,081,810	$9,071,290	$8,802,157
Preferred Stock, Value, Issued	$613,213	$601,467	$601,467	$601,467
Common Stock, Value, Issued	$1,032	$1,037	$1,048	$1,050
Additional Paid in Capital	$5,925,424	$5,936,609	$5,948,478	$5,952,939
Accumulated Other Comprehensive Income (Loss), Net of Tax	$-176,429	$-320,524	$-87	$-44,278
Cumulative Earnings (Deficit)	$1,349,973	$1,648,785	$1,194,485	$1,226,769
Cumulative Dividends	$5,509,823	$5,744,865	$5,957,464	$6,006,368
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$2,203,390	$2,122,509	$1,787,927	$1,731,579
Debt Securities, Available-for-sale, Amortized Cost	$8,509,383	$7,697,027	$6,516,016	$6,553,143
Debt Securities, Available-for-sale, Allowance for Credit Loss	$3,943	$2,866	$1,609	$1,551
Preferred Stock, Shares Authorized	100,000,000	100,000,000	100,000,000	100,000,000
Preferred Stock, Shares Issued	25,356,426	24,870,817	24,870,817	24,870,817
Preferred Stock, Liquidation Preference, Value	$633,911	$621,770	$621,770	$621,770
Common Stock, Shares Authorized	175,000,000	175,000,000	175,000,000	175,000,000
Common Stock, Shares, Issued	103,206,457	103,680,321	104,806,311	105,044,253

(in thousands, except per share data)	FY 2023	FY 2024	FY 2025	TTM
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$-106,371	$298,168	$-454,300	$-342,961
Net Cash Provided by (Used in) Operating Activities	$343,509	$201,004	$88,917	$33,584
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$-331,672	$22,808	$244,311	$62,424
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	$794,833	$817,641	$1,061,952	$1,124,376
Accretion (Amortization) of Discounts and Premiums, Investments	$-25,406	$-15,773	$-18,260	$-19,101
Payments to Acquire Debt Securities, Available-for-sale	$3,877,805	$2,135,001	$9,343,554	$8,080,266
Amortization of Debt Issuance Costs and Discounts	$2,589	$2,053	$2,048	$1,904
Proceeds from Sale of Debt Securities, Available-for-sale	$2,673,827	$2,183,330	$9,643,404	$9,448,645
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale	$662,469	$707,203	$763,389	$756,648
Debt and Equity Securities, Gain (Loss)	$-70,515	$-39,779	$-96,299	$-74,635
Payments to Acquire Mortgage Servicing Rights (MSR)	$312,637	$114,124	$103,986	$103,457
Payments for (Proceeds from) Derivative Instrument, Investing Activities	—	—	$259,949	$62,535
Gain (Loss) on Sale of Mortgage Loans	$0	$1,493	$5,135	$6,683
Payments for Securities Purchased under Agreements to Resell	$2,487,516	$3,649,355	$3,114,484	$2,225,234
Gain (Loss) on Repurchase of Debt Instrument	$5,104	$226	$0	$0
Proceeds from Securities Purchased under Agreements to Resell	$3,270,360	$3,577,471	$3,313,339	$2,282,197
Share-based Payment Arrangement, Noncash Expense	$10,976	$10,946	$13,351	$11,250
Payments to Acquire Businesses, Net of Cash Acquired	—	$20,976	$0	$0
Proceeds from Sale of Mortgage Loans Held-for-sale	$0	$62,869	$211,329	$276,589
Net Cash Provided by (Used in) Investing Activities	$-195,783	$895,279	$911,612	$2,901,326
Proceeds from Collection of Loans Held-for-sale	$31	$145	$1,375	$1,379
Increase (Decrease) in Other Operating Assets and Liabilities, Net	$5,448	$58,147	$-30,626	$-29,543
Proceeds from Long-term Lines of Credit	—	$129,500	$373,000	$303,000
Repayments of Long-term Lines of Credit	—	$438,500	$473,800	$319,300
Proceeds from Lines of Credit	$404,000	$49,705	$174,825	$203,333
Repayments of Lines of Credit	$193,660	$47,673	$167,451	$198,610
Repayments of Notes Payable	$100,970	$295,776	$0	$0
Proceeds from Issuance of Senior Long-term Debt	—	—	$110,588	$110,588
Repayments of Convertible Debt	$13,169	$9,675	$0	$261,883
Payments for Repurchase of Preferred Stock and Preference Stock	$14,813	$11,102	$0	$0
Proceeds from Issuance of Common Stock	$275,674	$244	$279	$238
Payments for Repurchase of Common Stock	$7,056	$0	$0	$0
Payment, Tax Withholding, Share-based Payment Arrangement	—	—	$1,750	$1,750
Payments of Ordinary Dividends, Preferred Stock and Preference Stock	$48,960	$47,364	$51,532	$52,790
Payments of Ordinary Dividends, Common Stock	$197,640	$187,684	$170,860	$159,769
Net Cash Provided by (Used in) Financing Activities	$-479,398	$-1,073,475	$-756,218	$-2,872,486
Interest Paid, Excluding Capitalized Interest, Operating Activities	$565,834	$618,659	$487,747	$493,353
Income Taxes Paid, Net	$7,380	$9,255	$24,617	$20,139
Dividends Payable	$58,731	$58,725	$48,932	$37,434
Increase (Decrease) in Accrued Interest Receivable, Net	$-679	$-2,008	$-4,102	$-9,360
Increase (Decrease) in Deferred Income Taxes	$-14,504	$-33,798	$8,286	$1,456
Increase (Decrease) in Interest Payable, Net	$47,739	$-55,779	$-4,080	$-30,834

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Import this data to Google Sheets with:

=jivedata("TWOD","financials")

Full statements spill as a table. For one cell: =jivedata("TWOD","Revenue") or =jivedata("TWOD","Revenue","TTM"). Install the Jive Data add-on, then paste into a cell.