Company: TWO-PC
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001465740-25-000083
Chunk: 79

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-02-18
Form: 10-K
Item: Item 7
Chunk 79
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735 327,750 3,116,814 829,133 Origination and recapture of mortgage servicing rights43,132 17,359 — — — Sales of mortgage servicing rights2,828 (6,247,585)— (1,430,294)(61,612)Scheduled payments(1,647,137)(1,640,591)(1,639,278)(1,645,501)(1,639,884)Prepaid(2,545,452)(2,779,533)(2,872,850)(2,110,763)(2,127,341)Other changes(27,604)25,390 (23,093)19,452 (15,394)UPB at end of period$200,317,009 $202,052,184 $209,389,409 $213,596,880 $215,647,172 

Counterparty exposure and leverage ratio 

We monitor counterparty exposure amongst our broker, banking and lending counterparties on a daily basis. We believe our broker and banking counterparties are well-capitalized organizations, and we attempt to manage our cash balances across these organizations to reduce our exposure to any single counterparty.

As of December 31, 2024, we had entered into repurchase agreements with 36 counterparties, 19 of which had outstanding balances. In addition, we held short- and long-term borrowings under revolving credit facilities, warehouse facilities and unsecured convertible senior notes. As of December 31, 2024, 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 convertible senior notes, was 4.3:1.0.

As of December 31, 2024, we held $504.6 million in cash and cash equivalents, approximately $5.4 million of unpledged Agency RMBS and $3.4 million of unpledged non-Agency securities. As a result, we had an overall estimated unused borrowing capacity on our unpledged securities of approximately $6.5 million. As of December 31, 2024, we held approximately $5.2 million of unpledged MSR and $22.9 million of unpledged servicing advances. Overall, on December 31, 2024, we had $70.1 million unused committed and $