Company: TWO-PC
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001465740-25-000140
Chunk: 137

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 137
---
,782,622 4.74 %0.2 Revolving credit facilities1,011,871 7.36 %1.7 Warehouse lines of credit9,275 6.31 %0.2 Senior notes110,867 9.38 %5.1 Convertible senior notes260,944 6.25 %0.5 Total$10,175,579 5.09 %0.4 

(dollars in thousands)June 30, 2025Collateral TypeAmount OutstandingWeighted Average Borrowing RateWeighted Average Haircut on Collateral ValueAgency RMBS$7,938,891 4.48 %3.6 %Non-Agency securities195 5.01 %44.2 %Agency Derivatives53,536 4.84 %16.3 %Mortgage servicing rights1,712,871 7.40 %30.5 %Mortgage servicing advances89,000 6.99 %13.2 %Mortgage loans held-for-sale9,275 6.31 %— %Other (1)371,811 7.18 %N/ATotal$10,175,579 5.09 %8.1 %

____________________

(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 June 30, 2025. The convertible senior notes are due January 2026 paying interest semiannually at a rate of 6.25% per annum on the aggregate principal amount, which was $261.9 million on June 30, 2025.

63

As of June 30, 2025, the debt-to-equity ratio funding our Agency and non-Agency investment securities, MSR and related servicing advances and mortgage loans held-for-sale, which includes unsecured borrowings under senior notes and convertible senior notes, was 5.4:1.0. Our Agency RMBS, given their liquidity and high credit quality, are eligible for higher levels of leverage, while MSR, with less liquidity and/or more exposure to prepayment risk, utilize lower levels of leverage. Generally, our debt-to-equity ratio is directly correlated to the composition of our