Company: TWO-PC
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0001465740-25-000090
Chunk: 40

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 40
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 3.0x that of the company (peer revenues were not used as a sizing criterion):

| AGNC Investment Corp.             |     | BrightSpire Capital, Inc.        |     | Chimera Investment Corporation |
| Dynex Capital, Inc.               |     | HA Sustainable Infra. Cap., Inc. |     | Ladder Capital Corp.           |
| MFA Financial, Inc.               |     | Mr. Cooper Group Inc.            |     | New York Mortgage Trust, Inc.  |
| PennyMac Financial Services, Inc. |     | Redwood Trust, Inc.              |     | Rithm Capital Corp.            |

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Performance Peer Group . In establishing the company’s performance goals and objectives, the Compensation Committee established a separate group of companies against which to measure the company’s relative performance for the purposes of determining payout of the 2024 annual incentive compensation. As noted above, because no peer companies exist that have the same business model of pairing MSR with Agency RMBS, the following peer group was necessarily constructed with a broad array of mortgage REIT peers having assets, investment strategies, or organizational structures that are similar, but not directly comparable, to that of the company’s:

| AGNC Investment Corp.                 |     | Annaly Capital Management, Inc. |     | Armour Residential REIT, Inc.       |
| Cherry Hill Mortgage Investment Corp. |     | Dynex Capital, Inc.             |     | Ellington Residential Mortgage REIT |
| Invesco Mortgage Capital Inc.         |     | Orchid Island Capital Inc.      |     | PennyMac Mortgage Investment Trust  |
| Rithm Capital Corp.                   |     |                                 |     |                                     |

#### Stock Ownership Guidelines
We have adopted robust stock ownership guidelines for our executive officers requiring them to own, within five years of adoption of the policy or becoming subject to the policy, a minimum amount of our common stock based on a multiple of their base salary. The ownership requirement is five times (5x) for our Chief Executive Officer and three times (3x) for our other named executive officers and certain members of our senior management team. Until the foregoing ownership requirements are met, each is expected to retain the shares of common stock received upon vesting of any long-term equity incentive compensation, net of any shares sold to pay withholding tax obligations associated with such vesting. Shares of common stock held directly or indirectly and for which the officer has voting and dispositive power,