Company: TWO-PC
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001465740-25-000083
Chunk: 189

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 189
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 split of its outstanding shares of common stock. The reverse stock split was effected on November 1, 2022 at 5:01 p.m. Eastern Time. At the effective time, every four issued and outstanding shares of the Company’s common stock were converted into one share of common stock. No fractional shares were issued in connection with the reverse stock split; instead, each stockholder holding fractional shares was entitled to receive, in lieu of such fractional shares, cash in an amount determined on the basis of the volume weighted average price of the Company’s common stock on the NYSE on November 1, 2022. In connection with the reverse stock split, the number of authorized shares of the Company’s common stock was also reduced on a one-for-four basis, from 700,000,000 to 175,000,000. The par value of each share of common stock remained unchanged. All per share amounts, common shares outstanding and common equity-based awards for the year ended December 31, 2022 have been adjusted on a retroactive basis to reflect the reverse stock split.Public OfferingsOn February 6, 2023, the Company completed a public offering of 10,000,000 shares of its common stock. The underwriters purchased the shares from the Company at a price of $17.59 per share, for net proceeds to the Company of approximately $175.6 million after deducting offering expenses. The underwriters did not exercise any portion of their 30-day overallotment option to purchase up to 1,500,000 additional shares.

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Table of ContentsTWO HARBORS INVESTMENT CORP.Notes to the Consolidated Financial Statements

As of December 31, 2024, the Company had 103,680,321 shares of common stock outstanding. The following table presents a reconciliation of the common shares outstanding for the years ended December 31, 2024, 2023 and 2022:Number of common sharesCommon shares outstanding, December 31, 202185,977,831 Issuance of common stock324,896 Non-cash equity award compensation (1)126,118 Common shares outstanding, December 31, 202286,428,845 Issuance of common stock17,149,490 Repurchase of common stock(593,453)Non-cash equity award compensation (1) 221,575 Common shares outstanding, December 31, 2023103,206,457