Two Harbors (TWO) EVP James D. Campbell Sells Shares, Receives Award

What Happened

• James D. Campbell, EVP Servicing Operations (RoundPoint), had two related transactions tied to Two Harbors’ merger. He was credited with 18,993 shares on vesting of performance share units (PSUs) and 56,049 shares were surrendered to the issuer for cash consideration of $12.00 per share, generating $672,588.
• The 18,993 shares reflect PSUs that vested (recorded as an acquisition at $0.00 per share). The 56,049-share disposition was not an open-market sale but the conversion/cancellation of TWO common stock into merger consideration under the CCM Merger.

Key Details

• Transaction date: 2026-08-25.
• Awards/Acquisitions: 18,993 shares from vested PSUs (code A) at $0.00.
• Disposition: 56,049 shares surrendered to issuer (code D) at $12.00/share for $672,588 total.
• Material footnotes: Transactions resulted from the Agreement and Plan of Merger (CCM Merger) — all TWO shares outstanding were cancelled and converted into $12.00 cash per share at the merger’s effective time. PSUs/RSUs were converted consistent with the merger terms (see footnotes F1–F4).
• Filing timeliness: Reported with period and filing date 2026-08-25 (no late filing indicated).
• Shares owned after transaction: TWO common stock was cancelled at the merger effective time; reporting person received merger consideration rather than holding continuing TWO common shares.

Context

• This activity is merger-related conversion of equity (not an open-market buy/sell). The PSU award represents compensation vesting; the disposition reflects receipt of the merger cash consideration. For retail investors, these transactions reflect corporate action (merger payout), not a discretionary market sale or purchase signal by the insider.