TWO
Invests in mortgage servicing rights and Agency RMBS through a servicing platform.
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Profile
Builds a mortgage REIT portfolio around mortgage servicing rights and Agency residential mortgage-backed securities, supported by RoundPoint servicing operations. The business is concentrated in U.S. residential mortgage markets and depends on rates, prepayment speeds, Agency channels, financing markets, servicing execution, and a pending CrossCountry acquisition.
Invests, finances, and manages mortgage servicing rights and Agency residential mortgage-backed securities as an internally managed mortgage REIT. RoundPoint Mortgage Servicing handles substantially all servicing functions for loans underlying the MSR portfolio, giving the company direct operating control over a key asset line.
The portfolio is concentrated in U.S. residential mortgage markets, including Agency securities tied to Fannie Mae, Freddie Mac, and Ginnie Mae channels. Investment and hedging decisions are managed as one reportable segment rather than separate product divisions.
Performance depends on interest rates, prepayment speeds, mortgage spreads, MSR valuations, financing availability, and servicing execution. A pending CrossCountry Mortgage affiliate acquisition remains subject to stockholder approval and other closing conditions.
Company facts
Categories
Key statistics
Year to date +15.1% · Average volume (30d) 3.5M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jun 9, 2026 | Compass Point | Target | $13 | |||
| Apr 16, 2026 | JP Morgan | Downgrade | Neutral | Underweight | ||
| Mar 27, 2026 | Compass Point | Downgrade | Buy | Neutral | ||
| Jan 23, 2026 | UBS | Downgrade | Buy | Neutral | $11 | $14 |
| Dec 18, 2025 | Maxim Group | Downgrade | Buy | Hold |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026Q2 FY26 | $0.28 | $0.28 | −0.1% | $9.5M | −$6.0M | −163.7% | 0.00% |
| Apr 28, 2026Q1 FY26 | $0.26 | $0.34 | +31.0% | $2.3M | −$6.5M | −379.0% | +5.00% |
| Feb 2, 2026Q4 FY25 | $0.30 | $0.26 | −13.3% | −$9.2M | −$15.5M | −69.3% | −0.34% |
| Jul 31, 2023Q2 FY23 | $0.29 | −$0.04 | −113.8% | $80.0K | $238.0M | +297,373.8% | +2.09% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $212.0M | $119.4M | $247.6M | $179.4M | $218.8M | $212.6M | |
| Gross profit | $214.8M | $123.4M | $251.9M | $176.0M | $121.8M | $119.8M | |
| Operating income | $53.1M | $79.3M | $165.5M | $121.1M | $72.3M | $68.4M | |
| Net income | −$79.1M | −$259.0M | −$127.9M | $11.7M | $32.3M | $62.2M | |
| Diluted EPS | −$0.89 | −$2.62 | −$1.36 | −$0.02 | $0.18 | $0.46 | |
| Gross margin | 101.3% | 103.3% | 101.8% | 98.1% | 55.7% | 56.4% | |
| Operating margin | 25.0% | 66.4% | 66.8% | 67.5% | 33.1% | 32.2% |
Fiscal years (4-quarter sums)FY21 −$20.3M · FY22 $65.1M · FY23 $659.8M · FY24 $846.8M · FY25 $758.3M
Balance sheet, Jun 30, 2026Cash & short-term investments $5.73B · Total debt $6.62B · Total assets $8.83B · Shareholders' equity $1.74B
Dividends
Last cut to $0.34 from $0.39 in Oct 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 2, 2026 | Jul 2 | Jul 15 | $0.34 | |
| Apr 2, 2026 | Apr 2 | Apr 15 | $0.34 | |
| Jan 5, 2026 | Jan 5 | Jan 29 | $0.34 | |
| Oct 3, 2025 | Oct 3 | Oct 29 | $0.34 | cut from $0.39 |
| Jul 3, 2025 | Jul 3 | Jul 29 | $0.39 | cut from $0.45 |
| Apr 4, 2025 | Apr 4 | Apr 29 | $0.45 | |
| Jan 3, 2025 | Jan 3 | Jan 29 | $0.45 | |
| Oct 1, 2024 | Oct 1 | Oct 29 | $0.45 |
Ownership
Shares outstanding 105.13M · Float 104.10M · 99.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 17.06M | 16.22% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 6.19M | 5.88% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 4.66M | 4.43% | 13F | Aug 13, 2026 |
| Sand Grove Capital Management LLP | 4.49M | 4.28% | 13F | Aug 14, 2026 |
| State Street Corp | 4.17M | 3.97% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 15, 2026 | Spencer Abraham | director | −4,522 | $12.58 |
| May 15, 2026 | Stephen G. Kasnet | director | −7,034 | $12.57 |
| Jan 15, 2026 | Jillian Halm | officer: Chief Accounting Officer | −379 | $13.18 |
| Jan 12, 2026 | Nathan Boucher | officer: EVP General Counsel RoundPoint | −666 | $12.25 |
| Jan 9, 2026 | Nathan Boucher | officer: EVP General Counsel RoundPoint | −601 | $12.37 |
Peers
- Annaly Capital Management
Large Agency-plus-MSR mortgage REIT peer
- Rithm Capital
MSR and servicing platform peer through Newrez
- AGNC
Pure-play Agency RMBS peer competing for MBS capital
- PennyMac Mortgage Investment Trust
MSR, Agency MBS, and correspondent-production mortgage REIT peer
- Ellington Financial
Hybrid mortgage REIT with Agency RMBS and MSR-related exposure
- Dynex Capital
Agency RMBS/TBA mortgage REIT peer
- UWM
Wholesale originator-servicer with a sizable MSR book
- Rocket Companies
Scaled originator-servicer competing in MSR scale and recapture
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| TWO | $12.18 | +1.08% | $1.28B | — | 10.9 | 1.5 | — |
| Annaly Capital Management | $23.11 | +0.26% | $17.37B | 5.8 | 7.4 | 2.4 | −50.1% |
| Rithm Capital | $10.09 | +0.05% | $5.63B | 16.8 | 4.5 | 1.0 | +205.4% |
| AGNC | $10.95 | +0.41% | $12.51B | 5.6 | 7.2 | 4.1 | — |
| PennyMac Mortgage Investment Trust | $9.34 | −0.16% | $814.5M | 6.5 | 7.4 | 0.5 | +1,323.8% |
| Ellington Financial | $13.62 | +0.37% | $1.70B | 8.3 | 7.0 | 2.5 | +184.1% |
| Dynex Capital | $12.95 | +0.47% | $3.19B | 4.9 | 8.2 | 3.6 | — |
| UWM | $1.48 | −0.67% | $2.26B | — | 5.3 | 0.7 | −79.3% |
| Rocket Companies | $13.80 | +0.22% | $38.89B | 94.3 | 19.0 | 4.0 | +113.7% |
| Median | 6.5 | 7.3 | 2.5 | +148.9% |