Company: TWO-PC
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0001465740-25-000090
Chunk: 64

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 64
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          — |                          |     | $(1,116,653) |
| Increase for year-end fair value of any awards granted during the year that remain outstanding and unvested as of year-end                                         |     |                            |     |           |     |     $627,362 |           |     |          — |                          |     |     $467,040 |
| Increase (decrease) for change in value from prior year-end to current year-end of awards granted in prior years that were outstanding and unvested as of year-end |     |                            |     |           |     |   $(274,643) |           |     | $(714,780) |                          |     |   $(306,919) |
| Increase (decrease) for change in fair value from prior year-end to vesting date of awards granted in prior years that vested during the year                      |     |                            |     |           |     |      $22,921 |           |     |    $74,215 |                          |     |      $19,216 |
|                                                                                                                                                                    |     | Compensation Actually Paid |     |           |     |   $1,877,296 |           |     | $(551,392) |                          |     |   $1,004,471 |

<div align='center'>52</div>

Relationship of Total Stockholder Return to Compensation Actually Paid

The following graph illustrates the relationship between our total stockholder return (TSR) and the Compensation Actually Paid to our current CEO, our prior CEO and the average of other non-CEO named executive officers. As shown, Compensation Actually Paid generally aligns with TSR, primarily due to the company’s use of equity awards, which are tied directly to our stock price. For further information about our use of equity awards as a component of compensation is, please refer to “ Long-Term Incentive Compensation ” on page 32 .

The following graph compares our total stockholder return as compared to the FTSE Nareit Mortgage REITs Index for the years reported.

<div align='center'>53</div>

Relationship of Net Income to Compensation Actually Paid

The following graph illustrates the relationship between GAAP net income and the compensation actually paid to our current CEO, prior CEO and the average of other non-CEO named executive officers. The majority of our assets are carried at fair value, however, the unrealized gains and losses are included in either net income or accumulated other comprehensive income depending on the asset type. For this reason, net income