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Two Harbors Investment Corporation logo

Two Harbors Investment Corporation Cash Flow Statement

Operating, investing, and financing cash movements

Two Harbors Investment Corporation generated $33.6M in operating cash flow over the trailing twelve months. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$33.6MNet Cash From Investing (TTM)-$784.9MNet Cash From Financing (TTM)$422.6MNet Change In Cash (TTM)$62.4M
Latest FilingQ1 2026
Report Date2026-04-29
Market Cap$1.3B

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from lines of credit$42M$29M$49M$43.1M$53.7M$57.5M
Proceeds from lines of credit$42M$29M$49M$43.1M$53.7M$57.5M
Proceeds from Lines of Credit$42M$29M$49M$43.1M$53.7M$57.5M
Repayments of Lines of Credit$43M$23.1M$47.7M$44M$52.8M$54.2M
Proceeds from Long-term Lines of Credit$71M$70M$143M$0$160M$0
Repayments of Convertible Debt$2.4M$0$0$0$0$261.9M
Proceeds from issuance of debt$42M$29M$49M$43.1M$53.7M$57.5M
Repayments of debt$50M$157M$64.3M$66.5M$186M$2.5M
Dividends paid$46.9M$47M$47.2M$41M$35.7M$35.9M
Dividends paid on preferred stock$11.8M$11.8M$13.2M$13.2M$13.3M$13M
Payments of Ordinary Dividends, Preferred Stock and Preference Stock$11.8M$11.8M$13.2M$13.2M$13.3M$13M
Principal Payments On Assets Sold Under Agreements To Repurchase$11.7B$11B———$7.6B
Proceeds from repurchase agreements$11.6B$13B———$7.6B
Repayments of Convertible Debt$2.4M$0$0$0$0$261.9M
Repayments of Long-Term Lines of Credit$50M$157M$64.3M$66.5M$186M$2.5M
Proceeds from revolving credit facility$71M$70M$143M$0$160M$0
Proceeds from Borrowings on Revolving Credit Facility$42M$29M$49M$43.1M$53.7M$57.5M
Repayments of Lines of Credit$43M$23.1M$47.7M$44M$52.8M$54.2M
Net cash from financing activities-$997M$1.8B—-$1.8B—-$320.2M
Borrowings Under Acquisition Credit Facilities$42M$29M$49M$43.1M$53.7M$57.5M
Repayments of Acquisition Credit Facilities$43M$23.1M$47.7M$44M$52.8M$54.2M
Proceeds from issuance of common stock$79K$82K$68K$60K$69K$41K
Proceeds from Secured Lines of Credit$42M$29M$49M$43.1M$53.7M$57.5M
Taxes paid for net share settlement$0$437.5K$437.5K$437.5K$437.5K—
Payments on Revolving Credit Facilities$50M$157M$64.3M$66.5M$186M$2.5M
Repayments of Long-term Lines of Credit$50M$157M$64.3M$66.5M$186M$2.5M
Repayments of lines of credit$43M$23.1M$47.7M$44M$52.8M$54.2M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Sales of short-term available-for-sale investments$1.3B$1.3B$3.8B$4.2B$295.1M$1.1B
Proceeds from Derivative Instrument Investing Activities-$218M$146.5M$111M$27.5M$0-$50.9M
Payments for (Proceeds from) Derivative Instruments, Investing-$218M$146.5M$111M$27.5M$0-$50.9M
Increase (Decrease) In Due To Counterparties, Net$174.3M-$893.1M—-$217.7M-$48.7M-$21.2M
Payments for (Proceeds from) Derivative Instrument, Investing Activities-$218M$146.5M$111M$27.5M$0-$50.9M
Payments For Securities Purchased Under Agreements To Resell$711.9M$1.4B$356.7M$842.2M$480.8M$545.5M
Payments to Acquire Mortgage Servicing Rights (MSR)$27.5M$1.5M$91.4M$8.6M$2.4M$985K
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale$190M$180.7M$247.2M$174.6M$160.9M$173.9M
Proceeds from sales of mortgage servicing rights$27.4M$109.8M$109.8M$109.8M$109.8M—
Sale of investments$1.3B$1.3B$3.8B$4.2B$295.1M$1.1B
Proceeds From Sale Of Mortgage Loans Held For Sale$43.3M$23.1M$46.2M$47.9M$94.1M$88.4M
Proceeds From Securities Purchased Under Agreements To Resell$715.1M$1.6B$356M$912.7M$481.8M$531.8M
Net cash from investing activities$1.2B-$2B—$2.1B—-$38.1M
Proceeds from maturities/sales of investments$1.3B$1.3B$3.8B$4.2B$295.1M$1.1B
Purchases of investments$621.3M$2.6B$3.7B$2.4B$589.8M$1.4B
Payments for (Proceeds from) Derivative Instruments, Investing-$218M$146.5M$111M$27.5M$0-$50.9M
Payments for (Proceeds from) Derivative Instruments, Investing-$218M$146.5M$111M$27.5M$0-$50.9M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Amortization of debt issuance costs$414K$362K$442K$615K$629K$218K
Amortization of Investment Discount and Premium-$4.4M-$4.1M-$5.2M-$4.1M-$4.8M-$5M
Accretion (amortization) of discounts and premiums on investments-$4.4M-$4.1M-$5.2M-$4.1M-$4.8M-$5M
Change in accrued investment income-$3.2M$5.9M—-$8.4M—$688K
Other working capital changes$59.8M-$29.3M-$27.1M-$14.7M—-$28.2M
Deferred income taxes-$24.6M$2.8M$202K$9.5M-$2.1M-$4.1M
Net gains (losses) on investments-$7.7M-$32.6M-$32.9M-$16.3M-$14.4M-$11M
Accretion (Amortization) of Investment Discounts and Premiums-$4.4M-$4.1M-$5.2M-$4.1M-$4.8M-$5M
Net cash from operating activities—$111.9M$99.1M-$239.2M$117.1M$56.6M
Net income$276.7M-$79.1M-$259M-$127.9M$0$32.3M
Accretion (Amortization) of Discounts and Premiums, Investments-$4.4M-$4.1M-$5.2M-$4.1M-$4.8M-$5M
Non-cash interest expense$414K$362K$442K$615K$629K$218K
Debt Securities, Available-for-sale, Total Credit Loss Expense (Reversal)$284K$94K-$116K-$91K-$8K$15K
Gain (Loss) on Sale of Mortgage Loans$569K$624K$954K$1.8M$1.8M$2.2M
Increase (Decrease) in Accrued Interest Receivable, Net-$3.2M$5.9M—-$8.4M—$688K
Increase (Decrease) in Deferred Income Taxes-$24.6M$2.8M$202K$9.5M—-$4.1M
Payment For Purchase And Origination, Loan, Mortgage, Held-for-Sale$42M$28.9M$48.7M$49.8M$93.8M$92.3M
Principal payments received on finance receivables held for sale$2K$1K$1.4M$3K$3K$5K
Realized And Unrealized Losses (Gains) On Derivative Instruments$36.9M-$107.4M———$26.9M
Servicing Asset At Fair Value, Unrealized Changes In Fair Value—-$36.2M———-$42.5M
Accretion (Amortization) of Investment Discounts and Premiums-$4.4M-$4.1M-$5.2M-$4.1M-$4.8M-$5M
Stock-based compensation$1.6M$6.5M$1.9M$1.5M$3.4M$4.4M
Change in Interest Payable—-$10.6M—-$34.9M—-$37.4M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income taxes paid$5.6M$3.7M$5.6M$3.8M$11.4M-$777K
Interest paid$112M$125.6M$113.2M$182.1M$66.9M$131.2M
Income Taxes Paid, Net$5.6M$3.7M$5.6M$3.8M$11.4M-$777K

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash$205.9M-$119.9M$100.6M$88.6M$175M-$301.8M