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Two Harbors Investment Corp.
TWO (Two Harbors Investment Corp., NYSE: TWO), is a leading MSR-focused REIT and, through our operational platform, RoundPoint Mortgage Servicing LLC, one of...
Two Harbors Investment Corp.
TWO (Two Harbors Investment Corp., NYSE: TWO), is a leading MSR-focused REIT and, through our operational platform, RoundPoint Mortgage Servicing LLC, one of the largest servicers of conventional loans in the country. Learn more at https://www.twoinv.com
General information
Firm type
Asset Manager
Year founded
2009
Location
Region
North America
Country
United States
City
St. Louis Park
Corporate office
Minnetonka, MN, United States
Additional offices
New York, NY, United States
Principals
William Roth
Chief Executive Officer
Mary Riskey
Chief Financial Officer
Matthew Koeppen
Chief Investment Officer
Sector focus
Frequently asked questions
Who makes investment decisions at Two Harbors?
Matthew Koeppen serves as Chief Investment Officer, a role he assumed in October 2025 after previously heading mortgage servicing rights strategy. He reports to CEO William Roth. The firm internalized management in 2023, meaning investment decisions are made by an in-house team rather than an external advisor.
How does Two Harbors differ from a standard agency mREIT?
Two Harbors operates as a hybrid REIT, allocating roughly one-third of its capital to mortgage servicing rights and non-agency securities. This credit sleeve generates returns that are less correlated to interest rate moves than a pure agency portfolio. The mix means its dividend yield and book value per share can diverge materially from peers like AGNC Investment Corp.
Does the firm invest in commercial real estate or multifamily loans?
Two Harbors explicitly focuses on residential mortgage assets. It does not have meaningful exposure to office, retail, or industrial properties. While its mortgage servicing rights portfolio includes some multifamily Ginnie Mae loans, the firm's credit book is concentrated in single-family residential and legacy RMBS.
How is management compensation aligned with shareholders?
Since the 2023 internalization, executives are compensated through salary, bonus, and equity awards tied directly to Two Harbors' common stock. This replaces the prior structure where the external manager earned a base management fee and incentive compensation based on portfolio returns. The board's compensation committee benchmarks pay against a peer group of internally managed public REITs.
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