Company: TWO-PC
Filing Date: 2025-05-08
Form Type: 424B5
Source: 0001104659-25-045688
Chunk: 17

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-05-08
Form: 424B5
Chunk 17
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 of the notes, references to “Two Harbors Investment Corp.,” “Company,” “we,” “our” and “us” refer solely to Two Harbors Investment Corp. and not to its subsidiaries.

#### General
The notes will be a single series under the indenture, initially in the aggregate principal amount of $100 million ($115 million if the underwriters’ option to purchase additional notes is exercised in full).

The notes will be issued only in fully registered form without coupons, in minimum denominations of $25 and integral multiples of $25 in excess thereof. The notes will be evidenced by one or more global notes in book-entry only form, except under the limited circumstances described under “— Certificated Notes.” Currently, there is no public market for the notes. We intend to apply to list the notes on NYSE under the symbol “TWOD.”

The notes will not be convertible into, or exchangeable for, our common stock or any other securities. The indenture will not contain any financial covenants and will not restrict us from paying dividends or issuing or repurchasing any of our other securities. Other that the restrictions described under “Description of Debt Securities — Consolidation, Merger, Conveyance or Transfer on Certain Terms” in the accompanying prospectus, the indenture will not contain any covenants or other provisions designed to afford holders of the notes protection in the event of a takeover, recapitalization, highly leveraged transaction or similar restructuring involving us that could adversely affect such holders.

#### Ranking
The notes:

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will be our senior direct unsecured obligations;

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will rank equal in right of payment to any of our existing and future unsecured and unsubordinated indebtedness that is not so subordinated, including our 6.25% Convertible Senior Notes due 2026;

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will be effectively subordinated in right of payment to any of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness; and

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will be structurally subordinated to all existing and future indebtedness and other liabilities (including trade payables) and (to the extent not held by us) preferred stock, if any, of our subsidiaries and of any entity we account for using the equity method of accounting.

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TABLE OF CONTENTS

As of March 31, 2025, our total consolidated indebtedness was approximately $11.5 billion (including borrowings under revolving credit and warehouse facilities,