Company: TWO-PC
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0001465740-25-000152
Chunk: 227

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-10-28
Form: 10-Q
Item: Item 8
Chunk 227
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9 million, net of unamortized deferred issuance costs.Convertible Senior NotesThe Company’s convertible senior notes are unsecured, pay interest semiannually at a rate of 6.25% per annum and are convertible at the option of the holder into shares of the Company’s common stock. As of both September 30, 2025 and December 31, 2024, the convertible senior notes had a conversion rate of 33.8752 shares of common stock per $1,000 principal amount of the notes. The convertible senior notes will mature in January 2026, unless earlier converted or repurchased in accordance with their terms. The Company does not have the right to redeem its convertible senior notes prior to maturity, but may repurchase the notes in open market or privately negotiated transactions at the same or differing price without giving prior notice to or obtaining any consent of the holders. The Company may also be required to repurchase the convertible senior notes from holders under certain circumstances. The Company did not repurchase any of its convertible senior notes during the three and nine months ended September 30, 2025. During the nine months ended September 30, 2024, the Company repurchased $10.0 million principal amount of its convertible senior notes in open market transactions for an aggregate cost of $9.7 million. The difference between the consideration transferred and the carrying value of the convertible senior notes repurchased resulted in a gain of $0.2 million for the nine months ended September 30, 2024, which was recorded within the other income line item on the consolidated statements of comprehensive (loss) income.

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

As of both September 30, 2025 and December 31, 2024, $261.9 million principal amount of convertible senior notes remained outstanding. The outstanding amount due on the convertible senior notes as of September 30, 2025 and December 31, 2024 was $261.4 million and $260.2 million, respectively, net of unamortized deferred issuance costs.Future MaturitiesAt September 30, 2025, the Company had the following remaining maturities on its financing arrangements:(in thousands)Repurchase AgreementsRevolving Credit FacilitiesWarehouse Lines of CreditSenior NotesConvertible Senior NotesTotalRemainder of 2025$2,950,375 $— $