Company: TWO-PC
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0001465740-25-000152
Chunk: 86

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-10-28
Form: 10-Q
Item: Item 1
Chunk 86
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 interest income/net asset yield$6,992,727 $93,615 5.4 %$8,143,384 $322,079 5.3 %Interest-bearing liabilities:Borrowings collateralized by:Available-for-sale securities$6,451,062 $73,310 4.5 %$7,532,310 $258,146 4.6 %Agency Derivatives (2)87,905 1,084 4.9 %39,969 1,475 4.9 %Mortgage servicing rights and advances (3)1,752,926 34,625 7.9 %1,818,745 107,233 7.9 %Mortgage loans held-for-sale7,218 125 6.9 %6,005 309 6.9 %Unsecured borrowings:Senior notes110,804 2,884 10.4 %56,424 4,380 10.4 %Convertible senior 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