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Here are 1-3 brief analogies to describe Two Harbors Investment (TWO):

• PIMCO for residential mortgages.
• A specialized mutual fund for mortgage-backed securities.
• A hedge fund focused on mortgage debt.

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• Agency Residential Mortgage-Backed Securities (RMBS) Investments: The company invests in and manages securities backed by mortgage loans and guaranteed by government-sponsored enterprises.
• Non-Agency Securities Investments: The company invests in and manages mortgage-backed securities and other financial assets that are not guaranteed by government agencies.
• Mortgage Servicing Rights (MSRs) Investments: The company invests in and manages the contractual rights to service mortgage loans, which includes collecting payments and managing related activities.
• Other Financial and Mortgage-Related Assets Investments: The company invests in and manages a broader range of financial instruments and assets tied to the mortgage market, including non-hedging transactions.

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Two Harbors Investment Corp. (TWO) does not have traditional customers to whom it sells products or services. As a real estate investment trust (REIT), its business model is centered on investing in, financing, and managing a portfolio of residential mortgage-backed securities (RMBS) and other financial assets to generate income and capital appreciation. The company earns returns from these investments, which it then distributes to its shareholders. Therefore, Two Harbors Investment Corp. does not have a customer base in the way that retail or service-oriented companies do.

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William Greenberg, President and Chief Executive Officer

William Greenberg has served as President and Chief Executive Officer of Two Harbors Investment Corp. since June 2020, and as a Director since September 2020. He has over 25 years of experience managing portfolios of structured finance assets. Prior to his appointment as CEO, Mr. Greenberg held roles as Chief Investment Officer (from June 2020 to June 2021), Co-Chief Investment Officer (from January 2020 to June 2020), and Co-Deputy Chief Investment Officer (from June 2018 to January 2020) at Two Harbors. Before joining Two Harbors in 2012, he was a Managing Director at UBS AG, where his responsibilities included managing mortgage repurchase liability risk for over $100 billion in RMBS and whole loans. He was also Co-Head of Trading within the SNB StabFund, managing $40 billion of legacy RMBS, ABS, and CMBS. Earlier in his career, Mr. Greenberg was a Managing Director at Natixis NA, co-managing portfolios of RMBS and Agency Mortgage Servicing Rights. He holds a B.S. in physics from the Massachusetts Institute of Technology, and M.S. and Ph.D. degrees in theoretical nuclear physics from the University of Washington.

Travis Swenson, Chief Financial Officer (effective May 5, 2025)

Travis Swenson is appointed as the Chief Financial Officer of Two Harbors Investment Corp., effective May 5, 2025. Until that date, he will serve as Deputy Chief Financial Officer. Most recently, Mr. Swenson was the CFO of Colliers Mortgage from 2020 to November 2024. His prior experience includes serving as Global Head of Client Accounting Services at WeWork, Inc., Senior Managing Director at CBRE, Inc., and beginning his career as a Senior Manager at Deloitte & Touche LLP. Mr. Swenson also contributes his expertise as a board member and Audit Committee Chair at Air T, Inc. He is a licensed (inactive) CPA in Minnesota and California and holds a Bachelor of Accountancy from the University of San Diego and an MBA from the University of Minnesota.

Matthew Koeppen, Chief Investment Officer

Matthew Koeppen was appointed Chief Investment Officer of Two Harbors Investment Corp. in June 2020. He joined the company in 2010 and has over 20 years of experience managing portfolios of structured finance assets. Before his tenure at Two Harbors, Mr. Koeppen held several key positions with Black River Asset Management, which was a division of Cargill, Inc.

Blake Johnson, Acting Chief Accounting Officer

Blake Johnson was named Acting Chief Accounting Officer of Two Harbors Investment Corp., effective August 1, 2024. He has been with Two Harbors since 2012 and previously served as the company's Controller starting in 2018. Mr. Johnson's professional background includes positions at Wells Fargo Bank, N.A., Deloitte, LLP, Opus Corporation, and Ernst & Young, LLP. He holds a B.A. in Business Administration, an M.S. in Accountancy, an M.B.T., and an MSc in Finance.

Rebecca Sandberg, General Counsel & Secretary

Rebecca Sandberg has served as General Counsel of Two Harbors Investment Corp. since March 1, 2013, and as Secretary since May 2012. She previously held the roles of Deputy General Counsel from May 2012 to March 1, 2013, and Senior Counsel from 2010 to 2012 at the company. Ms. Sandberg also serves as General Counsel at Granite Point Mortgage Trust Inc. She earned a Juris Doctor from William Mitchell College of Law in 2000 and a B.A. from the University of Minnesota in 1994.

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The key risks to Two Harbors Investment (symbol: TWO) are primarily driven by its business model as a real estate investment trust (REIT) focused on residential mortgage-backed securities (RMBS) and other mortgage-related assets:

1. Interest Rate Risk and Mortgage Market Volatility: As a mortgage REIT, Two Harbors' business is highly sensitive to fluctuations in interest rates, the yield curve, and mortgage prepayment rates. Changes in these factors can significantly impact the value of its RMBS and mortgage servicing rights (MSR) portfolios, as well as its borrowing costs. Increases in mortgage spreads, for instance, can directly reduce the company's book value. Difficult conditions within the broader residential mortgage and real estate markets can also adversely affect its operations and financial results.
2. High Leverage: Two Harbors Investment, like many mREITs, employs significant leverage in its investment strategy. While leverage can amplify returns, it also substantially increases risk and leads to considerable share price volatility during periods of financial market turmoil. Elevated leverage can make hedging strategies more expensive and challenging to implement effectively.
3. Reliance on Borrower Data Accuracy and Credit Risk: The company faces significant business risks due to its dependence on the accuracy and completeness of information provided by mortgage loan borrowers. Misrepresentations in borrower data, whether intentional or negligent, can lead to substantial financial losses if not detected before loan funding, potentially resulting in loans being unsalable or subject to repurchase. The company's controls may not always detect such discrepancies, impacting its business operations and financial stability.

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The addressable markets for Two Harbors Investment Corp.'s main products and services in the U.S. are substantial:

• The overall U.S. mortgage-backed securities (MBS) market, which includes residential mortgage-backed securities (RMBS), had over $11 trillion in outstanding securities as of mid-2023. The MBS market size was estimated at $15.55 trillion in 2025 and is projected to reach $22.43 trillion by 2030.
• Within this, the U.S. non-agency RMBS market, a key focus for Two Harbors, has over $1.7 trillion in outstanding securities. New issuance of non-agency MBS with newly originated mortgages reached $121.10 billion in 2025.
• Agency RMBS, another target asset, constitutes a significant portion of the U.S. securitized market, which was $15.3 trillion as of December 31, 2025. In 2024, gross agency issuance totaled approximately $1.1 trillion.
• For mortgage servicing rights (MSRs), nonbank mortgage companies, like those that Two Harbors may interact with, owned the servicing rights on 54% of U.S. mortgage balances in 2022. The fair value of mortgage servicing rights on bank servicing for other portfolios reached $42.62 billion at the end of 2025. As of 2015, approximately one-third of MSRs were held by nonbanks.

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1. Expansion of Mortgage Servicing Rights (MSR) Portfolio through Strategic Merger: Two Harbors' merger with United Wholesale Mortgage (UWM) is expected to create a significantly larger MSR portfolio, pro forma at $400 billion. This expansion is anticipated to position the company for accelerated growth, leveraging enhanced scale and recapture capabilities. As a component of its financial assets, growth in the MSR portfolio contributes directly to the company's net servicing income.
2. Optimization of the Paired Portfolio Strategy (MSR and Agency RMBS): The company plans to continue its core investment strategy of pairing MSR with Agency Residential Mortgage-Backed Securities (RMBS). This approach is designed to generate attractive risk-adjusted returns with lower expected volatility. Through adept management of interest rate and prepayment risks, this strategy aims to provide stable income generation from its diverse investment portfolio.
3. Growth through the Direct-to-Consumer Originations Platform (RoundPoint): Two Harbors has launched an in-house, direct-to-consumer originations platform via its subsidiary, RoundPoint. This initiative is intended to strengthen its MSR portfolio by retaining and recapturing existing borrowers, thereby increasing its MSR asset base and associated servicing fee revenue.
4. Favorable Market Dynamics for Mortgage Servicing Rights (MSR): The company anticipates continued strong demand for MSR among both originators and investors. This sustained market demand supports Two Harbors' portfolio construction and provides ongoing opportunities to acquire and expand its MSR assets, which are key income-generating components of its business.

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Share Repurchases

• In 2024, Two Harbors Investment Corp. repurchased 485,609 shares of preferred stock and $10.0 million principal amount of convertible senior notes due January 2026.
• The company did not repurchase any shares in the fourth quarter of 2025, and as of December 31, 2025, completed a share buyback plan initiated on October 5, 2011, which cumulatively resulted in the repurchase of 12,767,753 shares for $208.49 million.

Share Issuance

• Two Harbors Investment Corp. issued $115.0 million aggregate principal amount of 9.375% Senior Notes due 2030 in the second quarter of 2025, generating net proceeds of $110.8 million to support its capital structure.
• As part of the definitive agreement for UWM Holdings Corporation to acquire Two Harbors in an all-stock transaction, UWM is expected to issue common and preferred stock. The acquisition is anticipated to close in the second quarter of 2026.

Inbound Investments

• In December 2025, UWM Holdings Corporation entered into a definitive agreement to acquire all outstanding shares of Two Harbors common stock in a $1.3 billion all-stock transaction. This merger is expected to double the size of Two Harbors' MSR portfolio to a pro forma $400 billion.

Outbound Investments

• Two Harbors settled $9.2 billion in unpaid principal balance (UPB) of Mortgage Servicing Rights (MSR) through bulk and flow-sale acquisitions and recapture in 2024.
• The company settled $6.6 billion in UPB of MSR in the second quarter of 2025 and an additional $698.2 million in UPB of MSR in the third quarter of 2025 through acquisitions and recapture.
• In the fourth quarter of 2025, Two Harbors sold approximately $9.6 billion UPB of MSR on a servicing-retained basis, with additional MSR sales increasing third-party subservicing to $40 billion and reducing owned servicing to approximately $162 billion.

Capital Expenditures

• Through its direct-to-consumer originations platform, Two Harbors funded $64.3 million in first-lien loans and brokered $40.2 million in second-lien loans in 2024.
• In the second quarter of 2025, the company funded $48.6 million UPB in first lien loans and brokered $44.0 million UPB in second lien loans, while in the third quarter of 2025, it funded $49.8 million UPB in loans and brokered an additional $60.1 million UPB in second lien loans.
• Direct-to-Consumer platform funding for Q4 2025 was $94 million in first and second liens, representing a 90% increase from Q3 2025.