The earnings call highlighted some positive developments in originations and technology investments, but these were overshadowed by significant losses due to litigation and negative economic returns. The company's increased leverage and comprehensive loss indicate challenges ahead.

Company Guidance -

Q3 2025

During Two's second quarter 2025 earnings call, the company provided detailed guidance on various financial metrics. The total economic return for the second quarter was reported at negative 14.5%, or negative 1.4% excluding a loss contingency accrual of $1.92 per share. This accrual was related to ongoing litigation from the termination of a management agreement, impacting the book value, which decreased to $12.14 per share. The company noted an increase in their economic debt-to-equity ratio to 7x, influenced by the loss contingency. They highlighted the resilience of fixed income and equity markets, with a rebound in Agency RMBS spreads and a record high for the S&P 500. The 10-year U.S. treasury rate settled around 4.62%, with a spread of 51 basis points against the 2-year treasury, indicating a steeper curve. Mortgage origination activity grew significantly, with first lien originations increasing by 68% quarter-over-quarter, and second liens also showing substantial activity. Furthermore, the company is investing in AI technologies to enhance efficiencies, cost reductions, and customer experiences. Looking forward, they anticipate potential rate cuts by the Federal Reserve, which could positively impact RMBS and MSR portfolios.

Increased First Lien Originations

The company funded $48 million UPB in first liens, up from $29 million UPB in the first quarter, marking a 68% increase, which outpaced the nationwide trend of a 16% quarter-over-quarter increase in mortgage originations.

Technology and AI Advancements

Significant investments in AI technologies are being made to improve efficiencies, reduce costs, and enhance customer experiences in servicing and origination businesses. This includes implementing AI in contact centers and exploring conversational AI.

Strategic MSR Market Positioning

The MSR market remains well-supported with bank and nonbank servicers aggressively bidding. The company has been able to seize opportunities in the bulk market despite a 30% year-over-year decline in supply.

Two Harbors (TWO) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

TWO Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 11, 2025	2025 (Q3)	0.34 / -	0.13	―	―	―
Jul 28, 2025	2025 (Q2)	0.34 / 0.28	0.17	64.71% (+0.11)
Apr 28, 2025	2025 (Q1)	0.39 / 0.24	0.05	380.00% (+0.19)
Jan 29, 2025	2024 (Q4)	0.39 / 0.20	-0.11	281.82% (+0.31)
Oct 28, 2024	2024 (Q3)	0.48 / 0.13	-0.01	1400.00% (+0.14)
Jul 30, 2024	2024 (Q2)	0.44 / 0.17	-0.04	525.00% (+0.21)
Apr 29, 2024	2024 (Q1)	0.41 / 0.05	0.09	-44.44% (-0.04)
Jan 29, 2024	2023 (Q4)	0.45 / -0.11	0.26	-142.31% (-0.37)
Oct 30, 2023	2023 (Q3)	0.48 / -0.01	0.64	-101.56% (-0.65)
Jul 31, 2023	2023 (Q2)	0.56 / -0.04	0.88	-104.55% (-0.92)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

TWO Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 28, 2025	$10.33	$10.09	-2.32%
Apr 28, 2025	$11.58	$11.98	+3.45%
Jan 29, 2025	$10.96	$11.69	+6.66%
Oct 28, 2024	$11.48	$10.72	-6.62%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Two Harbors (TWO) report earnings?

Two Harbors (TWO) is schdueled to report earning on Nov 11, 2025, After Close (Confirmed).

What is Two Harbors (TWO) earnings time?

Two Harbors (TWO) earnings time is at Nov 11, 2025, After Close (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is TWO EPS forecast?

TWO EPS forecast for the fiscal quarter 2025 (Q3) is 0.34.

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