Two Harbors Reports Q3 Loss
October 28, 2025
Legal Settlement Drives Q3 Loss
Two Harbors closed out the third quarter with a headline loss—but a closer look shows strength underneath the surface. The company reported a net loss of $141.2 million, largely due to a $175.1 million settlement related to previously disclosed litigation. That charge pulled the quarter’s comprehensive loss down to $80.2 million, or $0.77 per share.
Strip out the one-time legal expense, and the picture shifts. Two Harbors generated $94.9 million in comprehensive income and delivered a 7.6% economic return on book value. Book value per share ended the quarter at $11.04, with a declared dividend of $0.34 per common share.
MSR and Subservicing Growth Takes Center Stage
Operationally, the team focused on execution in its core areas. The company settled $698.2 million in unpaid principal balance (UPB) through MSR acquisitions and recapture. It also brought on a new subservicing client, backing the relationship with the sale of $30 billion UPB in MSR—$19.1 billion of which settled within the quarter. That growth pushed total serviced mortgage assets to $206.3 billion across more than 850,000 loans.
In the MSR portfolio, performance remained stable. The weighted average gross coupon was 3.58%, and delinquencies edged slightly higher to 0.87%. Servicing income climbed to $155.7 million, outpacing costs and supporting the company's direct-to-consumer origination and recapture strategy.
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