Operating

Two Harbors Investment Corporation·Cash Flow Statement·23 metrics

Breakdown

Metric	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Payment For Purchase And Origination, Loan, Mortgage, Held-for-Sale	$50K	$22.4M	$42M	$28.9M	$48.7M	$49.8M	$93.8M	$92.3M
Net cash from operating activities	$143.7M	$87.1M	—	$111.9M	$99.1M	-$239.2M	$117.1M	$56.6M
Servicing Asset At Fair Value, Unrealized Changes In Fair Value	—	—	—	-$36.2M	—	—	—	-$42.5M
Change in Interest Payable	—	-$8.8M	—	-$10.6M	—	-$34.9M	—	-$37.4M
Net income	$56.3M	-$238.5M	$276.7M	-$79.1M	-$259M	-$127.9M	$0	$32.3M
Other working capital changes	$5.1M	-$17.4M	$59.8M	-$29.3M	-$27.1M	-$14.7M	—	-$28.2M
Realized And Unrealized Losses (Gains) On Derivative Instruments	$36.9M	$36.9M	$36.9M	-$107.4M	—	—	—	$26.9M
Net gains (losses) on investments	-$22.3M	$0	-$7.7M	-$32.6M	-$32.9M	-$16.3M	-$14.4M	-$11M
Amortization of Investment Discount and Premium	-$3.2M	-$4.6M	-$4.4M	-$4.1M	-$5.2M	-$4.1M	-$4.8M	-$5M
Accretion (amortization) of discounts and premiums on investments	-$3.2M	-$4.6M	-$4.4M	-$4.1M	-$5.2M	-$4.1M	-$4.8M	-$5M
Accretion (Amortization) of Investment Discounts and Premiums	-$3.2M	-$4.6M	-$4.4M	-$4.1M	-$5.2M	-$4.1M	-$4.8M	-$5M
Accretion (Amortization) of Discounts and Premiums, Investments	-$3.2M	-$4.6M	-$4.4M	-$4.1M	-$5.2M	-$4.1M	-$4.8M	-$5M
Accretion (Amortization) of Investment Discounts and Premiums	-$3.2M	-$4.6M	-$4.4M	-$4.1M	-$5.2M	-$4.1M	-$4.8M	-$5M
Stock-based compensation	$1.6M	$1.6M	$1.6M	$6.5M	$1.9M	$1.5M	$3.4M	$4.4M
Deferred income taxes	-$12.1M	$8.4M	-$24.6M	$2.8M	$202K	$9.5M	-$2.1M	-$4.1M
Increase (Decrease) in Deferred Income Taxes	-$12.1M	—	-$24.6M	$2.8M	$202K	$9.5M	—	-$4.1M
Gain (Loss) on Sale of Mortgage Loans	$0	$928K	$569K	$624K	$954K	$1.8M	$1.8M	$2.2M
Change in accrued investment income	$506K	$568K	-$3.2M	$5.9M	—	-$8.4M	—	$688K
Increase (Decrease) in Accrued Interest Receivable, Net	$506K	$568K	-$3.2M	$5.9M	—	-$8.4M	—	$688K
Amortization of debt issuance costs	$616K	$403K	$414K	$362K	$442K	$615K	$629K	$218K
Non-cash interest expense	$616K	$403K	$414K	$362K	$442K	$615K	$629K	$218K
Debt Securities, Available-for-sale, Total Credit Loss Expense (Reversal)	$171K	-$276K	$284K	$94K	-$116K	-$91K	-$8K	$15K
Principal payments received on finance receivables held for sale	$51K	$42K	$2K	$1K	$1.4M	$3K	$3K	$5K

Metrics

Operating

Breakdown

Metrics

Amortization of debt issuance costs

Amortization of Investment Discount and Premium

Accretion (amortization) of discounts and premiums on investments

Change in accrued investment income

Other working capital changes

Deferred income taxes

Net gains (losses) on investments

Accretion (Amortization) of Investment Discounts and Premiums

Net cash from operating activities

Net income

Accretion (Amortization) of Discounts and Premiums, Investments

Non-cash interest expense

Debt Securities, Available-for-sale, Total Credit Loss Expense (Reversal)

Gain (Loss) on Sale of Mortgage Loans

Increase (Decrease) in Accrued Interest Receivable, Net

Increase (Decrease) in Deferred Income Taxes

Payment For Purchase And Origination, Loan, Mortgage, Held-for-Sale

Principal payments received on finance receivables held for sale

Realized And Unrealized Losses (Gains) On Derivative Instruments

Servicing Asset At Fair Value, Unrealized Changes In Fair Value

Accretion (Amortization) of Investment Discounts and Premiums

Stock-based compensation

Change in Interest Payable