Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2015
Dec. 31, 2014
ASSETS    
Available-for-sale securities, at fair value $ 11,433,195 $ 14,341,102
Trading securities, at fair value 0 1,997,656
Residential mortgage loans held-for-sale, at fair value 768,008 535,712
Residential mortgage loans held-for-investment in securitization trusts, at fair value 2,978,586 1,744,746
Commercial real estate loans held-for-investment 290,910 0
Mortgage servicing rights, at fair value 447,345 452,006
Cash and cash equivalents 811,839 1,005,792
Restricted cash 384,029 336,771
Accrued interest receivable 56,250 65,529
Due from counterparties 47,069 35,625
Derivative assets, at fair value 296,731 380,791
Other assets 271,351 188,579
Total Assets [1] 17,785,313 21,084,309
Liabilities    
Repurchase agreements 7,982,928 12,932,463
Collateralized borrowings in securitization trusts, at fair value 1,990,769 1,209,663
Federal Home Loan Bank advances 3,710,000 2,500,000
Derivative liabilities, at fair value 81,473 90,233
Due to counterparties 78,385 124,206
Dividends payable 95,459 95,263
Other liabilities 73,561 64,439
Total liabilities [1] 14,012,575 17,016,267
Stockholders' Equity    
Preferred stock, par value $0.01 per share; 50,000,000 shares authorized; no shares issued and outstanding 0 0
Common stock, par value $0.01 per share; 900,000,000 shares authorized and 366,156,759 and 366,395,920 shares issued and outstanding, respectively 3,662 3,664
Additional paid-in capital 3,806,323 3,811,027
Accumulated other comprehensive income 573,001 855,789
Cumulative earnings 1,474,049 1,195,536
Cumulative distributions to stockholders (2,084,297) (1,797,974)
Total stockholders’ equity 3,772,738 4,068,042
Total Liabilities and Stockholders’ Equity 17,785,313 21,084,309
Variable Interest Entity, Consolidated, Carrying Amount, Assets 3,040,394 1,754,943
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities $ 2,005,849 $ 1,219,821
[1] The condensed consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Two Harbors Investment Corp. At September 30, 2015 and December 31, 2014, assets of the VIEs totaled $3,040,394 and $1,754,943, and liabilities of the VIEs totaled $2,005,849 and $1,219,821, respectively. See Note 3 - Variable Interest Entities for additional information.