Company: TWO-PC
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001465740-25-000083
Chunk: 180

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 180
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Within 30 days$2,772,975$—$1,615$58,572$2,833,16230 to 59 days1,918,818———1,918,81860 to 89 days2,058,518233687—2,059,43890 to 119 days989,045—5,744—994,789120 to 364 days———214,000214,000Total$7,739,356$233$8,046$272,572$8,020,207Weighted average borrowing rate5.64 %6.36 %6.14 %7.08 %5.74 %The following table summarizes assets at carrying values that are pledged or restricted as collateral for the future payment obligations of the Company’s repurchase agreements:(in thousands)December 31,2024December 31,2023Available-for-sale securities, at fair value$7,097,561 $8,126,028 Mortgage servicing rights, at fair value (1)1,355,639 463,529 Restricted cash218,363 12,375 Due from counterparties25,231 36,420 Derivative assets, at fair value5,031 11,877 Total$8,701,825 $8,650,229 ____________________(1)As of December 31, 2024 and December 31, 2023, MSR repurchase agreements totaling $755.0 million and $214.0 million, respectively, were secured by VFNs issued in connection with the Company’s securitization of MSR. The VFNs are collateralized by portions of the Company’s MSR portfolio. As of December 31, 2023, MSR repurchase agreements of $58.6 million were secured by a portion of the term notes issued in connection with the Company’s securitization of MSR and repurchased by the Company. Prior to their maturity and repayment during the year ended December 31, 2024, the term notes were collateralized by the Company’s MSR.

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

Although the transactions under repurchase agreements represent committed borrowings until maturity, the respective lender retains the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets would require the Company to provide additional collateral or fund margin calls