Company: TWO-PC
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0001465740-25-000152
Chunk: 194

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-10-28
Form: 10-Q
Item: Item 8
Chunk 194
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, the Company had pledged servicing advances with a gross carrying value of $82.8 million and $118.7 million, respectively, as collateral for this revolving credit facility. See Note 13 - Financing.

14

Table of ContentsTWO HARBORS INVESTMENT CORP.Notes to the Consolidated Financial Statements (unaudited)

Serviced Mortgage AssetsThe Company’s total serviced mortgage assets consist of mortgage loans underlying its MSR assets, off-balance sheet mortgage loans owned by third parties and subserviced by the Company, off-balance sheet mortgage loans owned by third parties for which the Company acts as servicing administrator (subserviced by appropriately licensed third-party subservicers), originated or purchased mortgage loans held-for-sale at period-end, and other assets. The following table presents the number of loans and unpaid principal balance of the mortgage assets for which the Company manages the servicing as of September 30, 2025 and December 31, 2024:September 30, 2025December 31, 2024(dollars in thousands)Number of LoansUnpaid Principal BalanceNumber of LoansUnpaid Principal BalanceMortgage servicing rights720,038 $175,820,641 803,091 $200,317,008 Subservicing135,706 30,203,608 57,961 11,219,408 Servicing administrator519 278,371 543 299,955 Mortgage loans held-for-sale41 12,300 13 2,297 Other assets— — 1 50 Total serviced mortgage assets856,304 $206,314,920 861,609 $211,838,718 

Note 7. Mortgage Loans Held-for-Sale, at Fair Value

The Company originates residential mortgage loans for the purpose of selling to the GSEs or other third-party investors in the secondary market on a servicing-retained basis, typically within 60 days of origination. The Company also holds a small amount of mortgage loans purchased from the collateral underlying its MSR. Mortgage loans held-for-sale are recorded at fair value as a result of a fair value option election. The following table presents the carrying value of Company’s mortgage loans held-for-sale as of September 30, 2025 and December 31, 2024:(in thousands)September 30,2025December 31,2024Unpaid principal balance$12,301 $2,297 Mark-to