TWO

The reporting person sold the shares to satisfy income tax liabilities incurred as a result of the vesting of restricted stock 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 August 10, 2022 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

The reporting person sold the shares to satisfy income tax liabilities incurred as a result of the vesting of restricted stock units. The sale reported on this Form 4 was effected pursuant to trading instructions given by the reporting person on August 10, 2023 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

The reporting person sold all shares incurred as a result of the vesting of restricted stock units previously granted to the reporting person. The transaction reported on this Form 4 was effected pursuant to trading instructions given by the reporting person on February 17, 2021 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

The reporting person sold the shares to satisfy income tax liabilities incurred as a result of the vesting of restricted stock 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 January 29, 2025 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

The reporting person sold the shares to satisfy income tax liabilities incurred as a result of the 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 17, 2021 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

The price reported in Column 4 is a weighted average price paid. These shares were purchased in multiple transactions at prices ranging from $12.23 to $12.30, 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 purchased at each separate price within the ranges set forth in this footnote.

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 Plan.

The reporting person sold the shares to satisfy income tax liabilities incurred as a result of the vesting of restricted stock 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 7, 2024 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

The reporting person sold the shares to satisfy income tax liabilities incurred as a result of the vesting of restricted stock 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 7, 2024 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

Represents restricted stock units ("RSUs") granted to the reporting person under the Two Harbors Investment Corp. 2021 Equity Incentive Plan. The RSUs were received as a grant for no consideration. The common stock underlying the RSUs will vest, subject to certain exceptions, in equal installments on January 7, 2027, 2028 and 2029.

Represents restricted stock units ("RSUs") granted to the reporting person under the Two Harbors Investment Corp. 2021 Equity Incentive Plan. The RSUs were received as a grant for no consideration. The common stock underlying the RSUs will vest, subject to certain exceptions, in equal installments on January 7, 2027, 2028 and 2029.

Represents restricted stock units ("RSUs") granted to the reporting person under the Two Harbors Investment Corp. 2021 Equity Incentive Plan. The RSUs were received as a grant for no consideration. The common stock underlying the RSUs will vest, subject to certain exceptions, in equal installments on January 7, 2027, 2028 and 2029.

Represents restricted stock units ("RSUs") granted to the reporting person under the Two Harbors Investment Corp. 2021 Equity Incentive Plan. The RSUs were received as a grant for no consideration. The common stock underlying the RSUs will vest, subject to certain exceptions, in equal installments on January 7, 2027, 2028 and 2029.

Represents restricted stock units ("RSUs") granted to the reporting person under the Two Harbors Investment Corp. 2021 Equity Incentive Plan. The RSUs were received as a grant for no consideration. The common stock underlying the RSUs will vest, subject to certain exceptions, in equal installments on January 7, 2027, 2028 and 2029.

Represents restricted stock units ("RSUs") granted to the reporting person under the Two Harbors Investment Corp. 2021 Equity Incentive Plan. The RSUs were received as a grant for no consideration. The common stock underlying the RSUs will vest, subject to certain exceptions, in equal installments on January 7, 2027, 2028 and 2029.

Represents restricted stock units ("RSUs") granted to the reporting person under the Two Harbors Investment Corp. 2021 Equity Incentive Plan. The RSUs were received as a grant for no consideration. The common stock underlying the RSUs will vest, subject to certain exceptions, in equal installments on January 7, 2027, 2028 and 2029.

Represents restricted stock units ("RSUs") granted to the reporting person under the Two Harbors Investment Corp. 2021 Equity Incentive Plan. The RSUs were received as a grant for no consideration. The common stock underlying the RSUs will vest, subject to certain exceptions, in equal installments on January 7, 2027, 2028 and 2029.

Represents the number of common shares surrendered to pay applicable taxes in connection with an election made pursuant to Section 83(b) of the Internal Revenue Code with respect to the grant of restricted common stock on December 18, 2025.

The reported price is equal to the closing price of the Issuer's common stock on the date of grant of the restricted common stock, December 18, 2025.

The reporting person sold the shares to satisfy income tax liabilities incurred as a result of the vesting of restricted stock units previously granted to the reporting person. The transaction reported on this Form 4 was effected pursuant to trading instructions given by the reporting person on May 22, 2025 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $11.44 to $11.45, 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.

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.

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.

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 November 13, 2022 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $11.41 to $11.42, 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.

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 August 18, 2022 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

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.

The reporting person sold the shares to satisfy income tax liabilities incurred as a result of the accelerated vesting of the 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 January 26, 2023 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

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 25, 2021 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

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 $11.44, 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.

Represents a restricted stock award granted to the reporting person under the Plan. The restricted stock award was received as a grant for no consideration. The restricted stock award will vest in three installments on each of the first, second and third anniversaries of the grant date.

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 (the "Plan").

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.

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.

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.

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.

The reporting person sold the shares to satisfy income tax liabilities incurred as a result of the vesting of restricted stock units previously granted to the reporting person. The transaction reported on this Form 4 was effected pursuant to trading instructions given by the reporting person on August 18, 2022 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

The reporting person sold the shares to satisfy income tax liabilities incurred as a result of the vesting of RSUs 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 August 10, 2022 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

The reporting person sold the shares to satisfy income tax liabilities incurred as a result of the vesting of RSUs 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 August 10, 2023 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

Represents restricted stock units ("RSUs") granted to the reporting person under the Two Harbors Investment Corp. 2021 Equity Incentive Plan for service as a director. The awards were received as a grant for no consideration. The common stock underlying the RSUs will vest, subject to certain limitations, on the date of the 2026 annual meeting of the stockholders of Two Harbors Investment Corp.

Represents restricted stock units ("RSUs") granted to the reporting person under the Two Harbors Investment Corp. 2021 Equity Incentive Plan for service as a director. The awards were received as a grant for no consideration. The common stock underlying the RSUs will vest, subject to certain limitations, on the date of the 2026 annual meeting of the stockholders of Two Harbors Investment Corp.

Represents restricted stock units ("RSUs") granted to the reporting person under the Two Harbors Investment Corp. 2021 Equity Incentive Plan for service as a director. The awards were received as a grant for no consideration. The common stock underlying the RSUs will vest, subject to certain limitations, on the date of the 2026 annual meeting of the stockholders of Two Harbors Investment Corp.

Represents restricted stock units ("RSUs") granted to the reporting person under the Two Harbors Investment Corp. 2021 Equity Incentive Plan for service as a director. The awards were received as a grant for no consideration. The common stock underlying the RSUs will vest, subject to certain limitations, on the date of the 2026 annual meeting of the stockholders of Two Harbors Investment Corp.

Represents restricted stock units ("RSUs") granted to the reporting person under the Two Harbors Investment Corp. 2021 Equity Incentive Plan for service as a director. The awards were received as a grant for no consideration. The common stock underlying the RSUs will vest, subject to certain limitations, on the date of the 2026 annual meeting of the stockholders of Two Harbors Investment Corp.

Represents restricted stock units ("RSUs") granted to the reporting person under the Two Harbors Investment Corp. 2021 Equity Incentive Plan for service as a director. The awards were received as a grant for no consideration. The common stock underlying the RSUs will vest, subject to certain limitations, on the date of the 2026 annual meeting of the stockholders of Two Harbors Investment Corp.

Represents restricted stock units ("RSUs") granted to the reporting person under the Two Harbors Investment Corp. 2021 Equity Incentive Plan for service as a director. The awards were received as a grant for no consideration. The common stock underlying the RSUs will vest, subject to certain limitations, on the date of the 2026 annual meeting of the stockholders of Two Harbors Investment Corp.

The reporting person sold all shares acquired as a result of the vesting of restricted stock units previously granted to the reporting person. The transaction reported on this Form 4 was effected pursuant to trading instructions given by the reporting person on February 17, 2021 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

The reporting person sold the shares to satisfy income tax liabilities incurred as a result of the vesting of restricted stock units previously granted to the reporting person. The transaction reported on this Form 4 was effected pursuant to trading instructions given by the reporting person on November 13, 2022 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

The reporting person sold the shares to satisfy income tax liabilities incurred as a result of the vesting of restricted stock units previously granted to the reporting person. The transaction reported on this Form 4 was effected pursuant to trading instructions given by the reporting person on January 26, 2023 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

The reporting person sold the shares to satisfy income tax liabilities incurred as a result of the vesting of restricted stock units previously granted to the reporting person. The transaction 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.

The reporting person sold the shares to satisfy income tax liabilities incurred as a result of the vesting of restricted stock units previously granted to the reporting person. The transaction reported on this Form 4 was effected pursuant to trading instructions given by the reporting person on February 25, 2021 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

The reporting person sold the shares to satisfy income tax liabilities incurred as a result of the vesting of restricted stock units previously granted to the reporting person. The transaction 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.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $11.24 to $11.25, 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.

The reporting person sold the shares to satisfy income tax liabilities incurred as a result of the vesting of restricted stock units previously granted to the reporting person. The transaction reported on this Form 4 was effected pursuant to trading instructions given by the reporting person on February 25, 2021 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

The reporting person sold the shares to satisfy income tax liabilities incurred as a result of the vesting of restricted stock units previously granted to the reporting person. The transaction reported on this Form 4 was effected pursuant to trading instructions given by the reporting person on January 26, 2023 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

The reporting person sold the shares to satisfy income tax liabilities incurred as a result of the vesting of restricted stock units previously granted to the reporting person. The transaction reported on this Form 4 was effected pursuant to trading instructions given by the reporting person on August 18, 2022 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $11.28 to $11.29, 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.

The reporting person sold the shares to satisfy income tax liabilities incurred as a result of the vesting of restricted stock units previously granted to the reporting person. The transaction reported on this Form 4 was effected pursuant to trading instructions given by the reporting person on November 13, 2022 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

The reporting person sold all shares incurred as a result of the vesting of restricted stock units previously granted to the reporting person. The transaction reported on this Form 4 was effected pursuant to trading instructions given by the reporting person on February 17, 2021 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.