Company: TWO-PC
Filing Date: 2025-05-08
Form Type: 424B5
Source: 0001104659-25-045688
Chunk: 16

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-05-08
Form: 424B5
Chunk 16
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,789 | ​ | ​ |
| Total capitalization                                                                                                                                     | ​ | ​ | ​                               | $ | 13,683,313 | ​ | ​ | ​ | ​                               | $ | 13,779,563 | ​ | ​ |

(1) The as adjusted amount reflects the net proceeds to us from the sale of $100 million aggregate principal amount of the notes in this offering and the receipt of the total estimated net proceeds of approximately $96.3 million, after deducting the estimated offering expenses payable by us (assuming no exercise of the underwriters’ option to purchase additional notes to cover over-allotments). (2) Debt issuance costs of approximately $3.75 million related to the notes offered hereby are reported as a direct reduction from the principal amount of such long-term debt.

S-10

TABLE OF CONTENTS

### DESCRIPTION OF THE NOTES
We will issue the notes under an indenture, which we refer to as the base indenture, dated as of January 19, 2017, between us and The Bank of New York Mellon Trust Company, N.A., as original trustee, as supplemented by a supplemental indenture establishing the terms of the notes, which we refer to as the supplemental indenture, between us and U.S. Bank Trust Company, National Association, as series trustee, which we refer to as the trustee. We refer to the base indenture and the supplemental indenture, collectively, as the indenture. The terms of the notes include those expressly set forth in the indenture and those made part of the indenture by reference to the Trust Indenture Act.

You may request a copy of the indenture from us as described below under “Where You Can Find More Information.”

The following description is a summary of the material provisions of the notes and (solely as it applies to the notes) the indenture and does not purport to be complete. This summary is subject to, and is qualified by reference to, all the provisions of the notes and the indenture, including the definitions of certain terms used in the indenture. We urge you to read these documents because they, and not this description, define your rights as a holder of the notes.

The notes will be a series of our senior Debt Securities as described in the accompanying prospectus. This description of the notes supplements and, to the extent it is inconsistent with, replaces the description of the general provisions of the Debt Securities and the base indenture in the accompanying prospectus. For purposes of this description