Company: TWO-PC
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0001465740-25-000152
Chunk: 104

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-10-28
Form: 10-Q
Item: Item 1
Chunk 104
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 that provides long-term financing for our servicing advances, and one master repurchase agreement and one warehouse line of credit that provide short-term financing for our mortgage loans held-for-sale. A summary of our MSR, servicing advance and mortgage loan financing facilities is provided in the table below:

(in thousands)September 30, 2025Expiration Date (1)Amount OutstandingUnused Committed Capacity (2)Unused Uncommitted CapacityTotal CapacityEligible CollateralMarch 31, 2027$592,731 $57,269 $250,000 $900,000 Mortgage servicing rightsMarch 8, 2027$280,140 $69,860 $150,000 $500,000 Mortgage servicing rights (3)May 22, 2026$398,000 $— $152,000 $550,000 Mortgage servicing rights (4)October 26, 2026$170,000 $— $130,000 $300,000 Mortgage servicing rights (4)July 30, 2026$170,000 $— $130,000 $300,000 Mortgage servicing rights (4)June 14, 2026$72,500 $77,500 $— $150,000 Mortgage servicing advancesAugust 18, 2026$8,452 $26,548 $15,000 $50,000 Mortgage loans held-for-saleJune 25, 2026$3,504 $— $46,496 $50,000 Mortgage loans held-for-sale

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(1)The facilities are set to mature on the stated expiration date, unless extended pursuant to their terms.

(2)Represents unused capacity amounts to which commitment fees are charged.

(3)The revolving period of this facility ceases on March 8, 2026, at which time the facility starts a 12-month amortization period.

(4)These repurchase facilities are secured by the related VFNs issued by TH MSR Issuer Trust and collateralized by portions of our MSR portfolio.

We are subject to a variety of financial covenants under our lending agreements. The following represent the most restrictive financial covenants across our lending agreements as of September 30, 2025:

•Total indebtedness to tangible net worth must be less than