Two Harbors Investment (TWO-PC) Operating Expenses (2009 - 2026)
Two Harbors Investment (TWO-PC) posted Operating Expenses of $51.4 million for Q2 2026, down 78.8% from $242.71 million a year earlier but up 3.9% from the prior quarter.
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Analysis
Two Harbors Investment (TWO-PC) Operating Expenses (2009 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Operating Expenses at Two Harbors Investment was $371.53 million, up 0.6% year-over-year; for FY2025, it was $560.49 million, up 237.7% from FY2024.
- Annual Operating Expenses has increased for four consecutive years, with a five-year compound annual growth rate of 23.1% (FY2020 to FY2025).
- In prior years, Two Harbors Investment's Operating Expenses was $165.99 million in FY2024 (+44.1%), $115.18 million in FY2023 (+39.2%), $82.73 million in FY2022 (+29.7%) and $63.8 million in FY2021 (-67.8%).
- Quarterly Operating Expenses has run from a low of -$51.62 million in Q4 2021 to a high of $242.71 million in Q2 2025 over five years.
- On a year-over-year basis, Operating Expenses increased in five of the last eight quarters, with growth averaging 123.7%.
- The strongest year-over-year quarter for Operating Expenses in the past five years was Q2 2025, with growth of 523.2%; the weakest was Q2 2026, with a decline of 78.8%.
- According to Business Quant data, Operating Expenses for the three prior quarters was $49.45 million (Q1 2026), $51.26 million (Q4 2025) and $219.42 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Orix | 43.85 Bn | 44.35 Bn | - | 4.66 Bn |
| 2 | Rocket Companies | 43.67 Bn | 29.35 Bn | - | 2.50 Bn |
| 3 | Royalty Pharma | 33.56 Bn | 33.48 Bn | - | 541.02 Mn |
| 4 | Federal National Mortgage Association Fannie Mae | 25.52 Bn | 25.52 Bn | - | 2.07 Bn |
| 5 | Synchrony Financial | 23.24 Bn | -44.73 Bn | - | 1.33 Bn |
| 6 | Affirm Holdings | 22.66 Bn | 16.35 Bn | - | 1.02 Bn |
| 7 | Royal Gold | 20.35 Bn | 19.57 Bn | 390.45 Mn | 173.18 Mn |
| 8 | Annaly Capital Management | 15.27 Bn | 6.37 Bn | - | 58.19 Mn |
| 9 | Ares Capital | 13.74 Bn | 11.17 Bn | - | - |
| 10 | Two Harbors Investment | 2.67 Bn | -63.57 Mn | - | 51.40 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 51.40 Mn |
| Mar 31, 2026 | 49.45 Mn |
| Dec 31, 2025 | 51.26 Mn |
| Sep 30, 2025 | 219.42 Mn |
| Jun 30, 2025 | 242.71 Mn |
| Mar 31, 2025 | 47.09 Mn |
| Dec 31, 2024 | 40.89 Mn |
| Sep 30, 2024 | 38.59 Mn |
| Jun 30, 2024 | 38.94 Mn |
| Mar 31, 2024 | 47.58 Mn |
| Dec 31, 2023 | 45.26 Mn |
| Sep 30, 2023 | 24.60 Mn |
| Jun 30, 2023 | 20.75 Mn |
| Mar 31, 2023 | 24.57 Mn |
| Dec 31, 2022 | -45.90 Mn |
| Sep 30, 2022 | 41.94 Mn |
| Jun 30, 2022 | 43.16 Mn |
| Mar 31, 2022 | 43.52 Mn |
| Dec 31, 2021 | -51.62 Mn |
| Sep 30, 2021 | 37.65 Mn |
API Access
Two Harbors Investment Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=TWO-PC&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "TWO-PC", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=TWO-PC&period=max&api_key=YOUR_API_KEY");
const data = await res.json();