Company: TWO-PC
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0001465740-25-000152
Chunk: 100

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-10-28
Form: 10-Q
Item: Item 1
Chunk 100
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 liquidity and the strength of our balance sheet.

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The following table provides a summary of our borrowings under repurchase agreements (excluding those collateralized by U.S. Treasuries), revolving credit facilities, warehouse lines of credit, term notes payable, senior notes and convertible senior notes and our debt-to-equity ratios for the three months ended September 30, 2025, and the four immediately preceding quarters:

(dollars in thousands)For the Three Months EndedQuarterly AverageEnd of Period BalanceMaximum Balance of Any Month-EndEnd of Period Total Borrowings to Equity RatioEnd of Period Net Long (Short) TBA Cost BasisEnd of Period Net Payable (Receivable) for Unsettled RMBSEnd of Period Economic Debt-to-Equity Ratio (1)September 30, 2025$8,671,136 $8,430,709 $8,525,078 4.8:1.0 $4,391,419 $(133,405)7.2:1.0 June 30, 2025$10,477,013 $10,175,579 $10,737,324 5.4:1.0 $3,009,819 $108,474 7.0:1.0 March 31, 2025$9,995,726 $10,942,563 $10,942,563 5.1:1.0 $3,001,672 $(643,896)6.2:1.0 December 31, 2024$9,566,487 $9,087,489 $10,293,529 4.3:1.0 $4,493,055 $269,370 6.5:1.0 September 30, 2024$10,028,325 $10,025,403 $10,061,801 4.6:1.0 $5,060,417 $85,366 7.0:1.0 

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(1)Defined as total borrowings under repurchase agreements (excluding those collateralized by U.S. Treasuries), revolving credit facilities, warehouse lines of credit, term notes payable, senior notes and convertible senior notes, plus implied debt on net TBA cost basis and net payable (receivable) for unsettled RMBS, divided by total equity.

Equity

The following