Company: TWO-PC
Filing Date: 2025-05-08
Form Type: 424B5
Source: 0001104659-25-045688
Chunk: 9

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-05-08
Form: 424B5
Chunk 9
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As of March 31, 2025, our total consolidated indebtedness was approximately $11.5 billion (including borrowings under revolving credit and warehouse facilities, repurchase agreements and other indebtedness).

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TABLE OF CONTENTS

As of March 31, 2025, we had approximately $260 million of senior indebtedness, represented by our 6.25% Convertible Senior Notes due 2026, which ranks equal in right of payment to the notes offered hereby.

The indenture governing the notes will not limit the amount of debt that we or our subsidiaries may incur and will not include any financial covenants, including covenants restricting us from paying dividends or issuing or repurchasing our other securities.

Events of Default

The notes will contain certain events of default as described in the accompanying prospectus, or each, an Event of Default, the occurrence of which may, and in certain cases shall, result in the acceleration of our obligations under the notes. See “Description of Debt Securities — Events of Default, Notice and Waiver” in the accompanying prospectus.

Book-Entry Form

The notes will be issued in book-entry form and will be represented by one or more permanent global certificates deposited with, or on behalf of, The Depository Trust Company (or DTC) and registered in the name of a nominee of DTC. Beneficial interests in any of the notes will be shown on, and transfers will be effected only through, records maintained by DTC or its nominee and any such interest may not be exchanged for certificated securities, except in limited circumstances.

Listing

No current market exists for the notes. We intend to apply to list the notes on NYSE under the symbol “TWOD.” If approved for listing, trading on NYSE is expected to begin within 30 days of May 13, 2025, the original issue date. We cannot assure you that a market for the notes will develop prior to commencement of trading on NYSE, or if developed, will be maintained or will provide you with liquidity.

U.S. Federal Income Tax Considerations

For a discussion of the material U.S. federal income tax considerations of purchasing, owning and disposing of the notes, please see the section entitled “Additional Material U.S. Federal Income Tax Considerations” in this prospectus supplement and “U.S. Federal Income Tax Considerations” in the accompanying prospectus.

Trustee and Paying Agent

U.S. Bank Trust Company,