TWO HARBORS INVESTMENT CORP. — Director's Dealing 2025

Dec 19, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TWO HARBORS INVESTMENT CORP. (TWO)
CIK: 0001465740
Period of Report: 2025-12-17

Reporting Person: Sandberg Rebecca B (Chief Legal Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-12-17	Common stock, par value $0.01 per share	A	37285	—	Acquired	184088	Direct
2025-12-19	Common stock, par value $0.01 per share	S	27370	$11.4281	Disposed	156718	Direct

Footnotes

F1: Represents shares of common stock received by the reporting person in connection with the vesting of performance share units previously granted to the reporting person under the Two Harbors Investment Corp. 2021 Equity Incentive Plan.

F2: The reporting person sold the shares to satisfy income tax liabilities incurred as a result of the accelerated vesting of restricted stock units and performance share units previously granted to the reporting person. The sale reported on this Form 4 was effected pursuant to trading instructions given by the reporting person on February 6, 2024 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

F3: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $11.42 to $11.43, inclusive. The reporting person undertakes to
provide to Two Harbors Investment Corp., any security holder of Two Harbors Investment Corp., or the staff of the Securities and Exchange Commission, upon request, full information regarding the
number of shares sold at each separate price within the ranges set forth in this footnote.