Company: TWO-PC
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0001465740-25-000090
Chunk: 25

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 25
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 mission to deliver value to stockholders, including:                                                                                                                                                                                                                                                                                                                                                          |
| •Concluded first full year of owning our own mortgage servicer, RoundPoint Mortgage Servicing LLC. We believe RoundPoint will add significant value for stakeholders of TWO through increased cashflows, operational efficiencies and the ability to participate more fully in the mortgage finance space as opportunities arise.                                                                                                                                                                                                                            |
| •Launched direct-to-consumer recapture originations platform, funding $64.3 million UPB in first lien loans and brokering $40.2 million UPB in second lien loans.                                                                                                                                                                                                                                                                                                                                                                                            |
| •     Actively managed capital structure through repurchase of 485,609 shares(3)of preferred stock and $10.0 million principal amount of convertible senior notes due January 2026.                                                                                                                                                                                                                                                                                                                                                                          |
| We are satisfied with our performance in 2024 given that our portfolio has less mortgage spread duration than RMBS portfolios without MSR. Looking into 2025, we are forging a path that emphasizes the financial investment in MSR, an asset class where we can more meaningfully impact our results through our actions. We have built our portfolio with the intent of delivering high-quality returns over the long-term, despite interim interest rate and spread volatility. We are very excited about the growth opportunities ahead for our company. |
| (1)  Economic return on book value is defined as the increase (decrease) in common book value from the beginning to the end of the given period, plus dividends declared to common stockholders in the period, divided by common book value as of the beginning of the period.                                                                                                                                                                                                                                                                               
 (2)  Average dividend yield is calculated based on the dividends declared in the given period, divided by the average daily closing share price during the given period.                                                                                                                                                                                                                                                                                                                                                                                     
 (3)  Includes 35,047 Series A, 280,060 Series B and 170,502 Series C preferred shares for the year ended December 31, 2024.                                                                                                                                                                                                                                                                                                                                                                                                                                  |

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### Say-On-Pay Vote Results
At our 2024 Annual Meeting, stockholders voted on an advisory say-on-pay proposal and approximately 95.6% of the votes cast were voted in favor of the proposal. The following chart provides our historical say-on-pay vote results at our five most recent stockholder meetings, all of which have exceeded 95% of votes cast.

The Compensation Committee believes these results affirm stockholder support for our approach