Company: TWO-PC
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0001465740-25-000152
Chunk: 13

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-10-28
Form: 10-Q
Item: Item 1
Chunk 13
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 servicing advance revolving credit facility, the Company has direct financial obligations payable to both MSR Issuer Trust and Servicing Advance Receivables Issuer Trust, which, in turn, support MSR Issuer Trust’s obligations to noteholders under the securitization transaction and Servicing Advance Receivables Issuer Trust’s obligations to the financing counterparty.The following table presents a summary of the assets and liabilities of all consolidated trusts as reported on the consolidated balance sheets as of September 30, 2025 and December 31, 2024:(in thousands)September 30,2025December 31,2024Restricted cash$41,506 $44,631 Other assets82,814 118,686 Total Assets$124,320 $163,317 Revolving credit facilities$72,500 $90,300 Accrued interest payable457 560 Other liabilities41,049 44,071 Total Liabilities$114,006 $134,931 

Note 5. Available-for-Sale Securities, at Fair Value

The Company holds both Agency and non-Agency available-for-sale, or AFS, investment securities which are carried at fair value on the consolidated balance sheets. The following table presents the Company’s AFS investment securities by collateral type as of September 30, 2025 and December 31, 2024:(in thousands)September 30,2025December 31,2024Agency:Federal National Mortgage Association$3,907,082 $4,764,502 Federal Home Loan Mortgage Corporation2,254,707 2,505,390 Government National Mortgage Association183,084 98,085 Non-Agency3,284 3,734 Total available-for-sale securities$6,348,157 $7,371,711 At September 30, 2025 and December 31, 2024, the Company pledged AFS securities with a carrying value of $6.2 billion and $7.1 billion, respectively, as collateral for repurchase agreements. See Note 13 - Financing.

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

At September 30, 2025 and December 31, 2024, the Company did not have any securities purchased from and financed with the same counterparty that did not meet the conditions of ASC 860, Transfers and