TWO HARBORS INVESTMENT Business Summary

Two Harbors Investment Corp. is an internally managed mortgage real estate investment trust (mREIT) that generates revenue primarily through interest income from Agency residential mortgage-backed securities (RMBS) and servicing fees, float income, and ancillary fees derived from its mortgage servicing rights (MSR) portfolio. The company operates through two primary business segments: MSR, managed via its subsidiary RoundPoint Mortgage Servicing LLC, and Agency RMBS, which includes fixed-rate and hybrid mortgage-backed securities. In late 2025, the company announced a definitive merger agreement with United Wholesale Mortgage (UWM), a strategic move expected to close in Q2 2026 that will significantly expand its MSR footprint to a pro forma $400 billion. Two Harbors competes directly with major mREITs such as AGNC Investment Corp., Annaly Capital Management, Rithm Capital, and Chimera Investment Corp., distinguishing itself as a niche leader by utilizing a "paired" MSR and Agency RMBS strategy to hedge against interest rate and prepayment volatility. The company is led by President and CEO William "Bill" Greenberg, who has served in the role since June 2020 and brings over 25 years of structured finance experience from senior positions at UBS AG and Natixis NA; he holds a Ph.D. in Theoretical Nuclear Physics from the University of Washington. Supporting him are Vice President and CFO William Dellal, whose tenure was extended in 2025 to ensure leadership continuity, and Chief Investment Officer Nicholas Letica, an expert in mortgage-backed securities. Two Harbors was originally founded in 2009 by Pine River Capital Management before transitioning to an internal management structure in 2020 to better align executive incentives with shareholder interests. The Board of Directors is chaired by Stephen G. Kasnet and includes notable members such as former U.S. Secretary of Energy Spencer Abraham and Sanjiv Das, the President of Pagaya Technologies and former CEO of Caliber Home Loans.