Company: TWO-PC
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0001465740-25-000104
Chunk: 256

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 2
Chunk 256
---
ings under repurchase agreements, revolving credit facilities, warehouse facilities and convertible senior notes had the following characteristics:

(dollars in thousands)March 31, 2025Borrowing TypeAmount OutstandingWeighted Average Borrowing RateWeighted Average Years to MaturityRepurchase agreements$9,740,830 4.73 %0.3 Revolving credit facilities933,171 7.45 %1.3 Warehouse facilities7,971 6.36 %0.2 Convertible senior notes (1)260,591 6.25 %0.8 Total$10,942,563 4.99 %0.4 

(dollars in thousands)March 31, 2025Collateral TypeAmount OutstandingWeighted Average Borrowing RateWeighted Average Haircut on Collateral ValueAgency RMBS$8,954,154 4.50 %3.6 %Non-Agency securities195 5.01 %44.2 %Agency Derivatives16,481 4.79 %15.6 %Mortgage servicing rights1,599,871 7.45 %30.4 %Mortgage servicing advances103,300 6.99 %13.1 %Mortgage loans held-for-sale7,971 6.36 %— %Other (1)260,591 6.25 %N/ATotal$10,942,563 4.99 %7.5 %

____________________

(1)Includes unsecured convertible senior notes 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 March 31, 2025.

As of March 31, 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 convertible senior notes, was 5.1:1.0. 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 portfolio; typically, the higher the percentage of Agency RMBS we hold, the higher our debt-to-equ