Company: TWO-PC
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001465740-25-000140
Chunk: 281

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 8
Chunk 281
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 previously recorded our assets. Assets that are illiquid are more difficult to finance, and to the extent that we use leverage to finance assets that become illiquid, we may lose that leverage or have it reduced. Assets tend to become less liquid during times of financial stress, which is often the time that liquidity is most needed. As a result, our ability to sell assets or vary our portfolio in response to changes in economic and other conditions may be limited by liquidity constraints, which could adversely affect our results of operations and financial condition. 

We cannot predict the timing and impact of future sales of our assets, if any. Because many of our assets are financed with repurchase agreements, revolving credit facilities and warehouse lines of credit, a significant portion of the proceeds from sales of our assets (if any), prepayments and scheduled amortization are used to repay balances under these financing sources.

The following table provides the maturities of our repurchase agreements, revolving credit facilities, warehouse lines of credit, senior notes and convertible senior notes as of June 30, 2025 and December 31, 2024:

(in thousands)June 30,2025December 31,2024Within 30 days$2,359,326 $2,377,824 30 to 59 days2,358,124 2,316,237 60 to 89 days2,160,573 1,307,145 90 to 119 days789,250 759,177 120 to 364 days1,304,568 366,706 One to three years1,092,871 1,960,400 Three to five years— — Five to ten years110,867 — Total$10,175,579 $9,087,489 

For the three months ended June 30, 2025, our restricted and unrestricted cash balance increased approximately $100.6 million to $798.3 million at June 30, 2025. The cash movements can be summarized by the following:

•Cash flows from operating activities. For the three months ended June 30, 2025, operating activities increased our cash balances by approximately $99.1 million, primarily driven by our financial results for the quarter. 

•Cash flows from investing activities. For the three months ended June 30, 2025, investing activities increased our cash balances by approximately $829.2 million, driven by net sales of and principal payments received on AFS securities and