Company: TWO-PC
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0001465740-25-000152
Chunk: 135

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-10-28
Form: 10-Q
Item: Item 2
Chunk 135
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 notes261,221 4,517 6.9 %260,841 13,417 6.9 %Other575 575 Total interest expense/cost of funds$8,671,136 $117,120 5.4 %$9,714,294 $385,535 5.3 %Net interest expense/spread$(23,505)— %$(63,456)— %

56

Three Months Ended September 30, 2024Nine Months Ended September 30, 2024(dollars in thousands)Average Balance (1)Interest Income/ExpenseNet Yield/Cost of FundsAverage Balance (1)Interest Income/ExpenseNet Yield/Cost of FundsInterest-earning assets:Available-for-sale securities$8,394,436 $101,067 4.8 %$8,419,589 $300,883 4.8 %Mortgage loans held-for-sale1,468 25 6.8 %684 29 5.7 %Reverse repurchase agreements354,230 4,780 5.4 %350,063 14,139 5.4 %Other6,770 31,327 Total interest income/net asset yield$8,750,134 $112,642 5.1 %$8,770,336 $346,378 5.3 %Interest-bearing liabilities:Borrowings collateralized by:Available-for-sale securities$7,954,332 $109,966 5.5 %$7,891,809 $329,429 5.6 %Agency Derivatives (2)5,408 82 6.1 %6,587 303 6.1 %Mortgage servicing rights and advances (3)1,808,411 40,370 8.9 %1,957,477 125,683 8.6 %Mortgage loans held-for-sale497 11 8.9 %166 11 8.8 %Unsecured borrowings:Convertible senior notes259,677 4,495 6.9 %264,813 13,693 6.9 %Other7 19 Total interest expense/cost of funds$10,028,325 $154,931 6.2 %$10,120,852 $469,138