Company: TWO-PC
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0001465740-25-000152
Chunk: 271

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-10-28
Form: 10-Q
Item: Item 8
Chunk 271
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 warehouse lines of credit 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. Additionally, in May 2025, we issued senior notes due in 2030, which are unsecured and pay interest quarterly at a rate of 9.375% per annum. 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 September 30, 2025, borrowings under repurchase agreements, revolving credit facilities, warehouse lines of credit, senior notes and convertible senior notes had the following characteristics:

(dollars in thousands)September 30, 2025Borrowing TypeAmount OutstandingWeighted Average Borrowing RateWeighted Average Years to MaturityRepurchase agreements$7,104,650 4.61 %0.3 Revolving credit facilities945,371 7.23 %1.4 Warehouse lines of credit8,452 6.38 %0.2 Senior notes110,866 9.38 %4.9 Convertible senior notes261,370 6.25 %0.3 Total$8,430,709 5.02 %0.5 

(dollars in thousands)September 30, 2025Collateral TypeAmount OutstandingWeighted Average Borrowing RateWeighted Average Haircut on Collateral ValueAgency RMBS$6,256,604 4.29 %3.6 %Agency Derivatives106,542 4.69 %16.0 %Mortgage servicing rights1,610,871 7.30 %30.6 %Mortgage servicing advances72,500 6.87 %13.4 %Mortgage loans held-for-sale11,956 6.35 %0.4 %Other (1)372,236 7.18 %N/ATotal$8,430,709 5.02 %8.8 %

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(1)Includes unsecured borrowings under senior notes and convertible senior notes. The senior notes are due August 2030, paying interest quarterly at a rate of 9.375% per annum on the aggregate principal amount, which was $115.0 million on September 30, 2025