Company: TWO-PC
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0001465740-25-000104
Chunk: 195

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 8
Chunk 195
---
 to purchase from time to time, including at times when we are deploying proceeds from offerings we conduct. We believe the current degree of leverage within our portfolio helps ensure that we have access to unused borrowing capacity, thus supporting our liquidity and the strength of our balance sheet.

56

The following table provides a summary of our borrowings under repurchase agreements (excluding those collateralized by U.S. Treasuries), revolving credit facilities, warehouse facilities, term notes payable and convertible senior notes and our debt-to-equity ratios for the three months ended March 31, 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)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 June 30, 2024$9,893,287 $9,973,593 $9,973,593 4.5:1.0 $4,950,762 $— 6.8:1.0 March 31, 2024$10,153,275 $10,283,782 $10,352,896 4.6:1.0 $3,421,932 $(213,264)6.0:1.0 

____________________

(1)Defined as total borrowings under repurchase agreements (excluding those collateralized by U.S. Treasuries), revolving credit facilities, warehouse facilities, term notes payable and convertible senior notes,