For the quarter ending 2026-03-31, TWO had -$301,803K decrease in cash & cash equivalents over the period.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net income (loss) | 32,284 | 11,717 | -127,921 | -338,096 |
| Amortization of premiums and discounts on investment securities, net | -4,964 | -4,839 | -4,092 | -9,329 |
| Amortization of deferred debt issuance costs on senior notes and convertible senior notes | 218 | 629 | 615 | 804 |
| Gain on repurchase of term notes payable and convertible senior notes | - | 0 | 0 | 0 |
| Provision for credit losses on investment securities | 15 | -8 | -91 | -22 |
| Realized and unrealized loss on interest rate swaps and swaptions | - | - | -3,825 | -164,095 |
| Realized and unrealized losses on investment securities | -10,971 | -14,440 | -16,278 | -65,581 |
| Loss on servicing asset | -42,527 | -65,213 | -104,896 | -72,123 |
| Unrealized gains on other derivative instruments | - | - | 17,632 | 6,965 |
| Realized and unrealized (gains) losses on derivative instruments | 26,938 | -162,316 | - | - |
| Gains on mortgage loans held-for-sale | 2,172 | 1,771 | 1,786 | 1,578 |
| Equity based compensation | 4,422 | 3,352 | 1,544 | 8,455 |
| Originations and purchases of mortgage loans held-for-sale | 92,318 | 93,807 | 49,753 | 77,539 |
| Proceeds from sales of mortgage loans held-for-sale | 88,373 | 94,062 | 47,935 | 69,332 |
| Proceeds from repayment of mortgage loans held-for-sale | 5 | 3 | 3 | 1,369 |
| Increase in accrued interest receivable | 688 | 904 | -8,443 | 3,437 |
| Decrease (increase) in deferred income taxes, net | -4,067 | -4,139 | 9,460 | 2,965 |
| Loss contingency accrual | - | - | - | 199,935 |
| Decrease in accrued interest payable | -37,394 | 36,688 | -34,941 | -5,827 |
| Change in other operating assets and liabilities, net | -28,244 | 40,455 | -14,650 | -56,431 |
| Acquisition of roundpoint mortgage servicing llc, net of cash acquired | - | 0 | 0 | 0 |
| Net cash provided by operating activities | 56,580 | 117,130 | -239,238 | 211,025 |
| Purchases of available-for-sale securities | 1,361,798 | 589,790 | 2,408,285 | 6,345,479 |
| Proceeds from sales of available-for-sale securities | 1,134,825 | 295,059 | 4,246,997 | 5,101,348 |
| Principal payments on available-for-sale securities | 173,922 | 160,900 | 174,647 | 427,842 |
| Purchases of mortgage servicing rights, net of purchase price adjustments | 985 | 2,418 | 8,649 | 92,919 |
| Proceeds from sales of mortgage servicing rights | - | 141,577 | 297,500 | 0 |
| Net proceeds (payments) on derivative instruments | -50,865 | -25,116 | 27,488 | 257,577 |
| Payments for reverse repurchase agreements | 545,535 | 480,758 | 842,203 | 1,791,523 |
| Proceeds from reverse repurchase agreements | 531,800 | 481,773 | 912,655 | 1,918,911 |
| (decrease) increase in due to counterparties, net | -21,238 | -48,691 | -217,692 | -159,241 |
| Repurchase and retirement of preferred stock | - | 0 | 0 | 0 |
| Net cash (used in) provided by investing activities | -38,144 | -17,232 | 2,127,482 | -1,198,638 |
| Proceeds from repurchase agreements | 7,629,246 | 4,183,435 | 10,203,839 | 25,394,522 |
| Principal payments on repurchase agreements | 7,639,499 | 4,032,545 | 11,881,811 | 24,416,957 |
| Repayment of term notes payable | - | 0 | 0 | 0 |
| Proceeds from revolving credit facilities | 0 | 160,000 | 0 | 213,000 |
| Principal payments on revolving credit facilities | 2,500 | 186,000 | 66,500 | 221,300 |
| Proceeds from warehouse facilities | 57,503 | 53,725 | 43,130 | 77,970 |
| Proceeds from issuance of senior notes | - | 0 | -190 | 110,778 |
| Principal payments on warehouse facilities | 54,215 | 52,771 | 43,953 | 70,727 |
| Repayment of convertible senior notes | 261,883 | 0 | 0 | 0 |
| Proceeds from issuance of common stock, net of offering costs | 41 | 69 | 60 | 150 |
| Repurchase of common stock | - | 0 | - | - |
| Payment of tax withholdings on equity awards | - | 1,750 | - | - |
| Dividends paid on preferred stock | 13,042 | 13,323 | 13,239 | 24,970 |
| Dividends paid on common stock | 35,890 | 35,707 | 40,956 | 94,197 |
| Net cash (used in) provided by financing activities | -320,239 | 75,133 | -1,799,620 | 968,269 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | -301,803 | 175,031 | 88,624 | -19,344 |
| Cash, cash equivalents and restricted cash at beginning of period | 1,061,952 | 886,921 | 817,641 | - |
| Cash, cash equivalents and restricted cash at end of period | 760,149 | 1,061,952 | 886,921 | - |
TWO HARBORS INVESTMENT CORP. (TWO)
TWO HARBORS INVESTMENT CORP. (TWO)