Company: TWO-PC
Filing Date: 2025-05-08
Form Type: 424B5
Source: 0001104659-25-045688
Chunk: 1

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-05-08
Form: 424B5
Chunk 1
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SE is expected to begin within 30 days of May 13, 2025, the original issue date. The notes are expected to trade “flat,” meaning that purchasers will not pay, and sellers will not receive, any accrued and unpaid interest on the notes that is not included in the trading price. Investing in the notes involves risks that are described under the caption “Risk Factors” beginning on page S-6of this prospectus supplement and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which is incorporated by reference in this prospectus supplement.

| ​                                      | ​ | ​ | Per Note |   |         |   | ​ | ​ | Total(1) |   |             |   | ​ |
|:---------------------------------------|:--|:--|:---------|:--|--------:|:--|:--|:--|:---------|:--|------------:|:--|:--|
| Public offering price                  | ​ | ​ | ​        | $ | 25.0000 | ​ | ​ | ​ | ​        | $ | 100,000,000 | ​ | ​ |
| Underwriting discounts and commissions | ​ | ​ | ​        | $ |  0.7875 | ​ | ​ | ​ | ​        | $ |   3,150,000 | ​ | ​ |
| Proceeds to us (before expenses)       | ​ | ​ | ​        | $ | 24.2125 | ​ | ​ | ​ | ​        | $ |  96,850,000 | ​ | ​ |

(1) Assumes no exercise of the underwriters’ over-allotment option. Neither the Securities and Exchange Commission, or SEC, nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense. We have also granted the underwriters an option to purchase within 30 days from the date of this prospectus supplement up to an additional $15,000,000 principal amount of notes from us at the initial public offering price less the underwriting discounts and commissions solely to cover over-allotments, if any. The underwriters expect to deliver the notes in book-entry form only through the facilities of The Depository Trust Company on or about May 13, 2025. Joint Book-Running Managers

| ​ | Morgan