Two Harbors (TWO) CFO William Dellal receives 46,685 RSUs vesting 2027–2029

Rhea-AI Filing Summary

Two Harbors Investment Corp.'s Chief Financial Officer, William Dellal, reported an equity award of common stock on a Form 4. On January 7, 2026, he was granted 46,685 restricted stock units (RSUs) of Two Harbors common stock at a price of $0 per share, reflecting a stock-based compensation grant rather than an open-market purchase.

The RSUs were granted under the Two Harbors Investment Corp. 2021 Equity Incentive Plan and will vest, subject to certain exceptions, in three equal installments on January 7, 2027, 2028 and 2029. Following this grant, Dellal is reported to beneficially own 83,388 shares of Two Harbors common stock in direct ownership form.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a 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). See Instruction 10.

1. Name and Address of Reporting Person^*

Dellal William

(Last) (First) (Middle)

TWO HARBORS INVESTMENT CORP.

1601 UTICA AVENUE SOUTH, SUITE 900

(Street)

ST. LOUIS PARK MN 55416

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
TWO HARBORS INVESTMENT CORP. [ TWO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
01/07/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common stock, par value $0.01 per share	01/07/2026		A		46,685(1)	A	$0	83,388	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents restricted stock units ("RSUs") granted to the reporting person under the Two Harbors Investment Corp. 2021 Equity Incentive Plan. The RSUs were received as a grant for no consideration. The common stock underlying the RSUs will vest, subject to certain exceptions, in equal installments on January 7, 2027, 2028 and 2029.

Remarks:

	/s/ William Dellal	01/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Two Harbors (TWO) report for its CFO?

Two Harbors (TWO) reported that its Chief Financial Officer, William Dellal, received a grant of 46,685 restricted stock units (RSUs) of common stock on January 7, 2026 as shown on a Form 4.

How many Two Harbors (TWO) shares were granted to the CFO and at what price?

The CFO was granted 46,685 RSUs of Two Harbors common stock at a price of $0 per share, indicating the shares were received as a stock-based compensation award rather than purchased.

What is the vesting schedule for the 46,685 RSUs reported by Two Harbors (TWO)?

The 46,685 RSUs granted to the CFO will vest, subject to certain exceptions, in three equal installments on January 7, 2027, January 7, 2028 and January 7, 2029.

How many Two Harbors (TWO) shares does the CFO beneficially own after this Form 4 transaction?

After the reported grant, the Form 4 shows that the CFO beneficially owns 83,388 shares of Two Harbors common stock in direct ownership.

Was the Two Harbors (TWO) CFO’s Form 4 transaction a purchase or an equity award?

The Form 4 lists the transaction code as A for acquisition and explains that the 46,685 shares represent restricted stock units granted under the 2021 Equity Incentive Plan and received for no consideration, making it an equity award rather than a market purchase.

Under which plan were the RSUs to the Two Harbors (TWO) CFO granted?

The restricted stock units were granted under the Two Harbors Investment Corp. 2021 Equity Incentive Plan, as described in the Form 4 footnote.