TWO Spending and interest coverage | TWO HARBORS INVESTMENT CORP.

TWO HARBORS INVESTMENT CORP. (TWO) Spending and interest coverage

R&D / revenue · 12 months: Value (m); Formula and calculation Research and development expense / revenue. Period ending 2026-03-31..
Stock-based compensation / revenue · 12 months: Value (m); Formula and calculation Share-based compensation / revenue. Period ending 2026-03-31..
Interest coverage · 12 months: Value (m); Formula and calculation Estimated: average term debt × dated USD coupon proxy + average commercial paper × matching-currency disclosed rate at or before period end. Swaps, foreign-exchange, lease interest and amortization are not quantified..

Spending and interest coverage

Financial period ending 2026-03-31; current quote (m). Amounts retain their stated periods and units.

Metric	Value	Formula and calculation
R&D / revenue · 12 months	(m)	Research and development expense / revenue. Period ending 2026-03-31. Calculation unavailable: missing inputs remain (m).
Stock-based compensation / revenue · 12 months	(m)	Share-based compensation / revenue. Period ending 2026-03-31. Calculation unavailable: missing inputs remain (m).
Interest coverage · 12 months	(m)	Estimated: average term debt × dated USD coupon proxy + average commercial paper × matching-currency disclosed rate at or before period end. Swaps, foreign-exchange, lease interest and amortization are not quantified. Calculation unavailable: missing inputs remain (m).

Calculation inputs

Input	Amount with unit	Raw financial data
Research and development spending	(m)
Revenue	(m)
Stock-based compensation	11.25M USD	Share-based Payment Arrangement, Noncash Expense
Operating income	(m)
Interest expense · reported / estimated	(m)	Interest Expense · Estimated expense assumptions

Latest interest expense basis: (m). Estimated values carry *; expand each history row’s basis for its dated balances and rate assumptions.

Calculated history

Changes compare with the next older row (previous quarter), unless explicitly labeled otherwise. Rolling 12-month growth compares two successive quarter-end rolling totals; it is not year-over-year growth.

Period ending	Research and development spending (USD)	Revenue (USD)	Stock-based compensation (USD)	Operating income (USD)	Interest expense · reported / estimated (USD)	R&D / revenue	SBC / revenue	Interest coverage	Interest expense basis
2026-03-31	(m)	(m)	$11.25M	(m)	(m)	(m)	(m)	(m)	(m)
2025-12-31	(m)	(m)	$13.35M	(m)	(m)	(m)	(m)	(m)	(m)
2025-09-30	(m)	(m)	$11.61M	(m)	$524.20M	(m)	(m)	(m)	Reported
2025-06-30	(m)	(m)	$11.68M	(m)	$562.01M	(m)	(m)	(m)	Reported
2025-03-31	(m)	(m)	$11.39M	(m)	$579.52M	(m)	(m)	(m)	Reported
2024-12-31	(m)	(m)	$10.95M	(m)	$607.81M	(m)	(m)	(m)	Reported
2024-09-30	(m)	(m)	$10.95M	(m)	$637.22M	(m)	(m)	(m)	Reported
2024-06-30	(m)	(m)	$10.91M	(m)	$655.38M	(m)	(m)	(m)	Reported
2024-03-31	(m)	(m)	$11.01M	(m)	$660.74M	(m)	(m)	(m)	Reported
2023-12-31	(m)	(m)	$10.98M	(m)	$643.23M	(m)	(m)	(m)	Reported
2023-09-30	(m)	(m)	$11.02M	(m)	$590.77M	(m)	(m)	(m)	Reported
2023-06-30	(m)	(m)	$11.79M	(m)	$501.03M	(m)	(m)	(m)	Reported
2023-03-31	(m)	(m)	$13.52M	(m)	$378.57M	(m)	(m)	(m)	Reported
2022-12-31	(m)	(m)	$11.63M	(m)	$258.39M	(m)	(m)	(m)	Reported
2022-09-30	(m)	(m)	$12.50M	(m)	$162.93M	(m)	(m)	(m)	Reported
2022-06-30	(m)	(m)	$12.71M	(m)	$101.46M	(m)	(m)	(m)	Reported
2022-03-31	(m)	(m)	$13.86M	(m)	$88.76M	(m)	(m)	(m)	Reported
2021-12-31	(m)	(m)	$11.48M	(m)	$89.17M	(m)	(m)	(m)	Reported
2021-09-30	(m)	(m)	$11.20M	(m)	$91.66M	(m)	(m)	(m)	Reported
2021-06-30	(m)	(m)	$11.50M	(m)	$98.96M	(m)	(m)	(m)	Reported
2021-03-31	(m)	(m)	$9.21M	(m)	$136.67M	(m)	(m)	(m)	Reported
2020-12-31	(m)	(m)	$9.73M	(m)	$281.25M	(m)	(m)	(m)	Reported
2020-09-30	(m)	(m)	$10.11M	(m)	$425.89M	(m)	(m)	(m)	Reported
2020-06-30	(m)	(m)	$9.43M	(m)	$587.78M	(m)	(m)	(m)	Reported
2020-03-31	(m)	(m)	$9.62M	(m)	$718.11M	(m)	(m)	(m)	Reported
2019-12-31	(m)	(m)	$9.16M	(m)	$714.33M	(m)	(m)	(m)	Reported
2019-09-30	(m)	(m)	$9.75M	(m)	$709.35M	(m)	(m)	(m)	Reported
2019-06-30	(m)	(m)	$10.96M	(m)	$670.66M	(m)	(m)	(m)	Reported
2019-03-31	(m)	(m)	$12.52M	(m)	$586.64M	(m)	(m)	(m)	Reported
2018-12-31	(m)	(m)	$12.99M	(m)	$519.67M	(m)	(m)	(m)	Reported
2018-09-30	(m)	(m)	$9.41M	(m)	$452.17M	(m)	(m)	(m)	Reported
2018-06-30	(m)	(m)	$9.51M	(m)	$399.20M	(m)	(m)	(m)	Reported
2018-03-31	(m)	(m)	$9.71M	(m)	$376.06M	(m)	(m)	(m)	Reported
2017-12-31	(m)	(m)	$11.33M	(m)	$350.19M	(m)	(m)	(m)	Reported
2017-09-30	(m)	(m)	$16.36M	(m)	$343.92M	(m)	(m)	(m)	Reported
2017-06-30	(m)	(m)	$15.66M	(m)	$292.78M	(m)	(m)	(m)	Reported
2017-03-31	(m)	(m)	$16.30M	(m)	$255.98M	(m)	(m)	(m)	Reported
2016-12-31	(m)	(m)	$15.20M	(m)	$221.90M	(m)	(m)	(m)	Reported
2016-09-30	(m)	(m)	$12.86M	(m)	$192.25M	(m)	(m)	(m)	Reported
2016-06-30	(m)	(m)	$11.14M	(m)	$168.98M	(m)	(m)	(m)	Reported
2016-03-31	(m)	(m)	$9.16M	(m)	$150.04M	(m)	(m)	(m)	Reported
2015-12-31	(m)	(m)	$9.00M	(m)	$142.19M	(m)	(m)	(m)	Reported
2015-09-30	(m)	(m)	$10.19M	(m)	$137.31M	(m)	(m)	(m)	Reported
2015-06-30	(m)	(m)	$10.48M	(m)	$124.95M	(m)	(m)	(m)	Reported
2015-03-31	(m)	(m)	$11.29M	(m)	$114.88M	(m)	(m)	(m)	Reported
2014-12-31	(m)	(m)	$15.08M	(m)	$107.45M	(m)	(m)	(m)	Reported
2014-09-30	(m)	(m)	$12.29M	(m)	$102.67M	(m)	(m)	(m)	Reported
2014-06-30	(m)	(m)	$9.74M	(m)	$102.88M	(m)	(m)	(m)	Reported
2014-03-31	(m)	(m)	$6.97M	(m)	$102.65M	(m)	(m)	(m)	Reported
2013-12-31	(m)	(m)	$511.00K	(m)	$100.41M	(m)	(m)	(m)	Reported
2013-09-30	(m)	(m)	$-500.00K	(m)	$97.85M	(m)	(m)	(m)	Reported
2013-06-30	(m)	(m)	$-1.05M	(m)	$93.67M	(m)	(m)	(m)	Reported
2013-03-31	(m)	(m)	$-451.00K	(m)	$84.47M	(m)	(m)	(m)	Reported
2012-12-31	(m)	(m)	$-488.00K	(m)	$72.11M	(m)	(m)	(m)	Reported
2012-09-30	(m)	(m)	$32.78K	(m)	$56.87M	(m)	(m)	(m)	Reported
2012-06-30	(m)	(m)	$565.13K	(m)	$43.34M	(m)	(m)	(m)	Reported
2012-03-31	(m)	(m)	$276.36K	(m)	$31.68M	(m)	(m)	(m)	Reported
2011-12-31	(m)	(m)	$278.78K	(m)	$22.71M	(m)	(m)	(m)	Reported
2011-09-30	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)
2011-06-30	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)
2011-03-31	(m)	(m)	(m)	(m)	$6.40M	(m)	(m)	(m)	Reported
2010-12-31	(m)	(m)	$213.54K	(m)	$4.42M	(m)	(m)	(m)	Reported
2010-09-30	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)
2010-06-30	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)
2010-03-31	(m)	(m)	(m)	(m)	$649.00K	(m)	(m)	(m)	Reported
2009-12-31	(m)	(m)	$21.64K	(m)	$131.00K	(m)	(m)	(m)	Reported
2009-09-30	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)
2009-06-30	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)
2009-03-31	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)

(m) means missing inputs. Historical market-based ratios use the saved close on or immediately before period ending and that period’s reported shares; current quotes are not substituted. Five-year projections repeat historical CAGR, not analyst forecasts.

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