Company: TWO-PC
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0001465740-25-000104
Chunk: 94

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 1
Chunk 94
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 warehouse facilities and convertible senior notes. Repurchase agreements and revolving credit facilities are collateralized by our pledge of AFS securities, derivative instruments, MSR, servicing advances and certain cash balances. Substantially all of our Agency RMBS are currently pledged as collateral for repurchase agreements. Additionally, a substantial portion of our MSR is currently pledged as collateral for repurchase agreements and revolving credit facilities, and a portion of our servicing advances have been pledged as collateral for revolving credit facilities. Warehouse facilities are collateralized by our pledge of mortgage loans for a period of up to 90 days or until they are sold to the GSEs or other third-party investors in the secondary market, typically within 60 days of origination. Substantially all of our funded mortgage loans held-for-sale are currently pledged as collateral for warehouse facilities. We have three repurchase facilities in place that are secured by VFNs issued in connection with our securitization of MSR, which are collateralized by portions of our MSR portfolio. Finally, our convertible senior notes due January 2026 are unsecured and pay interest semiannually at a rate of 6.25% per annum.

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At March 31, 2025, borrowings under repurchase agreements, revolving credit facilities, warehouse facilities and convertible senior notes had the following characteristics:

(dollars in thousands)March 31, 2025Borrowing TypeAmount OutstandingWeighted Average Borrowing RateWeighted Average Years to MaturityRepurchase agreements$9,740,830 4.73 %0.3 Revolving credit facilities933,171 7.45 %1.3 Warehouse facilities7,971 6.36 %0.2 Convertible senior notes (1)260,591 6.25 %0.8 Total$10,942,563 4.99 %0.4 

(dollars in thousands)March 31, 2025Collateral TypeAmount OutstandingWeighted Average Borrowing RateWeighted Average Haircut on Collateral ValueAgency RMBS$8,954,154 4.50 %3.6 %Non-Agency securities195 5.01 %44.2 %Agency Derivatives16,481 4.79 %15.6 %Mortgage servicing rights1,599,871 7.45 %30.4 %Mortgage servicing advances103,300 6.99 %13.1