| TWO HEARTS - V1 | 1:23 | LM-7 |
| TWO HEARTS - V2 | 2:36 | LM-11 |
| TWO HEARTS - V3 | 1:55 | LM-11 |
| TWO HEARTS - V4 | 2:37 | LM-11 |
| TWO HEARTS - V5 | 2:41 | LM-11 |
| TWO HEARTS - V6 | 1:13 | LM-11 |
| TWO HEARTS - V7 | 4:23 | LM-11 |
| TWO HEARTS - V8 | 5:08 | LM-11 |
| TWO HEARTS - V9 | 3:26 | LM-11 |
| TWO HEARTS - V10a | 2:39 | RIVER |
| TWO HEARTS - V10b | 2:44 | private cdr |
Note: V1 is an acoustic demo recorded at Springsteen's home in Holmdel, NJ in early 1980. The chorus heard here is similar to the album take, but the remainder of the lyrics and the melody are quite different. V2–V9 are band rehearsal workouts at Telegraph Hill on February 22, 1980, and are a fascinating glimpse of the band developing a song live. V2 includes a guitar solo mid-song (also found in V4 and V5) along with many bluffed lyrics. V6 has Bruce working on a new verse, which is incorporated into V7–V9. Both the solo and extra verse are unique to these takes, and were dropped by the time "Two Hearts" was cut in the studio.
"Two Hearts" was recorded at Power Station on February 23 (the day after the Telegraph Hill rehearsals) and 24, with further work undertaken on March 17, April 9, and April 26, 1980. V10b is a different mix that lacks the double-tracked vocal found on the album.