Company: TWO-PC
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001465740-25-000140
Chunk: 125

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 125
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8 %Total interest expense/cost of funds$10,477,013 $136,701 5.2 %$10,236,421 $268,415 5.2 %Net interest expense/spread$(19,619)0.1 %$(39,951)— %

Three Months Ended June 30, 2024Six Months Ended June 30, 2024(dollars in thousands)Average Balance (1)Interest Income/ExpenseNet Yield/Cost of FundsAverage Balance (1)Interest Income/ExpenseNet Yield/Cost of FundsInterest-earning assets:Available-for-sale securities$8,300,435 $99,211 4.8 %$8,434,340 $199,816 4.7 %Mortgage loans held-for-sale279 3 4.3 %292 4 2.7 %Reverse repurchase agreements349,962 4,700 5.4 %347,980 9,359 5.4 %Other12,039 24,557 Total interest income/net asset yield$8,650,676 $115,953 5.4 %$8,782,612 $233,736 5.3 %Interest-bearing liabilities:Borrowings collateralized by:Available-for-sale securities$7,734,155 $107,110 5.5 %$7,860,547 $219,463 5.6 %Agency Derivatives (2)5,961 91 6.1 %7,177 221 6.2 %Mortgage servicing rights and advances (3)1,887,241 42,421 9.0 %1,888,176 85,313 9.0 %Unsecured borrowings:Convertible senior notes265,930 4,579 6.9 %267,381 9,198 6.9 %Other6 12 Total interest expense/cost of funds$9,893,287 $154,207 6.2 %$10,023,281 $314,207 6.3 %Net interest income/spread$(38,254)(0.8)%$(80,471)(1.0)%

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(1)Average asset balance represents average amortized cost on AFS securities and average unpaid principal balance on