ROBERT RUSH - 17 Dec 2025 Form 4 Insider Report for TWO HARBORS INVESTMENT CORP. (TWO)

Role
Chief Risk Officer
Signature
/s/ Robert Rush
Issuer symbol
TWO
Transactions as of
17 Dec 2025
Transactions value $
-$269,561
Form type
4
Filing time
19 Dec 2025, 17:27:55 UTC
Previous filing
11 Feb 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
RUSH ROBERT Chief Risk Officer TWO HARBORS INVESTMENT CORP., 1601 UTICA AVENUE SOUTH, SUITE 900, ST. LOUIS PARK /s/ Robert Rush 19 Dec 2025 0001918741

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction TWO Common stock, par value $0.01 per share Award $0 +34.7K +39.86% $0.00 122K 17 Dec 2025 Direct F1
transaction TWO Common stock, par value $0.01 per share Sale -$270K -23.6K -19.37% $11.43 98.2K 19 Dec 2025 Direct F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id Content
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 25, 2021 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 $11.44, 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.