Spectral analysis of the spin-boson Hamiltonian with two photons for arbitrary coupling

We study the spectrum of the spin-boson model with two photons in $\mathbb{R}^d$ for arbitrary coupling $\alpha>0$. It is shown that the discrete spectrum is finite and the essential spectrum consists of a half-line the bottom of which is a unique zero of a simple Nevanlinna function. Besides the simplicity and more abstract nature of our approach, the main novelty is the achievement of these results under "minimal" regularity conditions on the photon dispersion and the coupling function.