Company: TWO-PC
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0001465740-25-000104
Chunk: 81

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 1
Chunk 81
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154,724 2,439,058 3,287,735 327,750 3,116,814 Origination and recapture of mortgage servicing rights20,225 43,132 17,359 — — Sales of mortgage servicing rights— 2,828 (6,247,585)— (1,430,294)Scheduled payments(1,623,566)(1,647,137)(1,640,591)(1,639,278)(1,645,501)Prepaid(2,110,028)(2,545,452)(2,779,533)(2,872,850)(2,110,763)Other changes14,981 (27,604)25,390 (23,093)19,452 UPB at end of period$196,773,345 $200,317,009 $202,052,184 $209,389,409 $213,596,880 

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 March 31, 2025, we had entered into repurchase agreements with 33 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 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.

As of March 31, 2025, we held $573.9 million in cash and cash equivalents, approximately $5.4 million of unpledged Agency RMBS and $3.3 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 March 31, 2025, we held approximately $2.6 million of unpledged MSR and $1.8 million of unpledged servicing advances. Overall, on March 31, 2025, we had