Company: TWO-PC
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0001465740-25-000152
Chunk: 224

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-10-28
Form: 10-Q
Item: Item 8
Chunk 224
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 30 days$2,373,562$—$4,262$—$— $2,377,82430 to 59 days2,316,237———— 2,316,23760 to 89 days1,304,175207731—— 1,305,11390 to 119 days759,177———— 759,177120 to 364 days291,706——75,000— 366,706One year and over———680,000— 680,000Total$7,044,857$207$4,993$755,000$— $7,805,057Weighted average days to maturity496617520094Weighted average borrowing rate4.90 %5.39 %5.31 %7.44 %— %5.15 %The following table summarizes assets at carrying value that are pledged or restricted as collateral for the future payment obligations of the Company’s repurchase agreements:(in thousands)September 30,2025December 31,2024Available-for-sale securities, at fair value$6,193,675 $7,097,561 Mortgage servicing rights, at fair value (1)1,069,095 1,355,639 Mortgage loans held-for-sale, at fair value3,675 — Restricted cash18,059 218,363 Due from counterparties293,663 25,231 Derivative assets, at fair value128,942 5,031 Total$7,707,109 $8,701,825 ____________________(1)As of September 30, 2025 and December 31, 2024, MSR repurchase agreements totaling $738.0 million and $755.0 million, respectively, were secured by VFNs issued in connection with the Company’s securitization of MSR. The VFNs are collateralized by portions of the Company’s MSR portfolio.Although the transactions under repurchase agreements represent committed borrowings until maturity, the respective lender retains the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets would require the Company to provide additional collateral or fund margin calls.As of both September 30, 2025 and December 31, 2024, the net carrying value of assets sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount