Two Harbors Investment Corp.
TWOReal Estate · Stock · quarterly payer
Forward Yield
11.25%
Annual Dividend
$1.36
Payout Ratio
76%
5-Yr Growth
-4.0%
Ex-Date
Jul 2, 2026
Frequency
Quarterly
Summary
As of July 2026, Two Harbors Investment Corp. (TWO) yields 11.25% ($1.36 per share annually), with a blended fair-value estimate of $29.66 — +145% upside, so it screens as undervalued. Dividend safety grade: D (47/100).
Is TWO a good dividend stock?
MixedTwo Harbors Investment Corp. (TWO) pays a quarterly dividend yielding 11.25% ($1.36/yr), with 0 years of growth and a dividend-safety grade of D. The picture is mixed — the dividend pays, but safety or growth signals are weaker than ideal.
Advantages
Risks
- Cut its dividend in 2025
- Dividend has been shrinking, not growing
- Very high yield can signal elevated risk
- Share price is down over the past 5 years
- Below-average dividend safety score
Key Data
- Dividend Yield
- 11.25%
- Payout Ratio
- 76%
- Annual Dividend
- $1.36
- 5-Yr Avg Growth
- -4.0%
- Ex-Dividend Date
- Jul 2, 2026
- Years of Growth
- 0
- Frequency
- quarterly
- Beta
- 1.04
- Market Cap
- $1.3B
- P/E Ratio
- —
- 5-Yr Total Return
- -54%
- 52-Week Range
- $8.78 – $14.17
- Dividend Safety
- D · 47/100
- Ever Cut?
- Yes (2025)
Frequently Asked Questions
TWO Price — Last 12 Months
Daily close
Price Return
1 Year
+21%
3 Years
-12%
5 Years
-54%
52-Week Range
$8.78 – $14.17
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is TWO worth?
Undervaluedlow confidenceOur blended fair-value estimate for Two Harbors Investment Corp. is $29.66 per share, versus a market price of $12.09. That implies 145% of upside — a margin of safety of about 59%.
Fair Value
$29.66
Current Price
$12.09
Upside
+145%
Margin of Safety
59%
How we get there
Dividend discount
Discounts the future dividend stream back to today.
Assumptions: 9.5% discount rate (CAPM), 20.0% stage-1 growth, 2.5% terminal growth, -$3.81 EPS, $1.36 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
TWO Dividend Safety Score
Risky
SmarterDividends' proprietary score, backtested against which dividends were actually cut over 15+ years (0.78 AUC). It blends a validated cut-risk model (growth streak, cut history) with current payout, cash-flow and debt. Higher is safer · not investment advice.
Dividend Growth
Total dividends per share by year
Dividend History
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| Jul 2, 2026 | — | $0.3400 | regular |
| Apr 2, 2026 | — | $0.3400 | regular |
| Jan 5, 2026 | — | $0.3400 | regular |
| Oct 3, 2025 | — | $0.3400 | regular |
| Jul 3, 2025 | — | $0.3900 | regular |
| Apr 4, 2025 | — | $0.4500 | regular |
| Jan 3, 2025 | — | $0.4500 | regular |
| Oct 1, 2024 | — | $0.4500 | regular |
| Jul 5, 2024 | — | $0.4500 | regular |
| Apr 3, 2024 | — | $0.4500 | regular |
| Jan 11, 2024 | — | $0.4500 | regular |
| Oct 2, 2023 | — | $0.4500 | regular |
| Jul 3, 2023 | — | $0.4500 | regular |
| Apr 3, 2023 | — | $0.6000 | regular |
Income Calculator
At $1.36 / yr per share
