Company: TWO-PC
Filing Date: 2025-11-06
Form Type: S-3ASR
Source: 0001104659-25-107870
Chunk: 3

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-11-06
Form: S-3ASR
Chunk 3
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 broker-dealer in those jurisdictions.

#### The date of this prospectus is November 6, 2025
TABLE OF CONTENTS

TABLE OF CONTENTS

| ​                                                    | ​ | ​ | Page |   |    |   | ​ |
| ABOUT THIS PROSPECTUS                                | ​ | ​ | ​    | ​ | ii | ​ | ​ |
| NOTE REGARDING FORWARD-LOOKING STATEMENTS            | ​ | ​ | ​    | ​ | ii | ​ | ​ |
| PROSPECTUS SUMMARY                                   | ​ | ​ | ​    | ​ |  1 | ​ | ​ |
| RISK FACTORS                                         | ​ | ​ | ​    | ​ |  3 | ​ | ​ |
| USE OF PROCEEDS                                      | ​ | ​ | ​    | ​ |  3 | ​ | ​ |
| DIVIDEND REINVESTMENT AND DIRECT STOCK PURCHASE PLAN | ​ | ​ | ​    | ​ |  3 | ​ | ​ |
| U.S. FEDERAL INCOME TAX CONSIDERATIONS               | ​ | ​ | ​    | ​ | 19 | ​ | ​ |
| PLAN OF DISTRIBUTION                                 | ​ | ​ | ​    | ​ | 39 | ​ | ​ |
| LEGAL MATTERS                                        | ​ | ​ | ​    | ​ | 39 | ​ | ​ |
| EXPERTS                                              | ​ | ​ | ​    | ​ | 40 | ​ | ​ |
| WHERE YOU CAN FIND MORE INFORMATION                  | ​ | ​ | ​    | ​ | 40 | ​ | ​ |
| INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE      | ​ | ​ | ​    | ​ | 41 | ​ | ​ |

You should rely only on the information contained in this document or to which we have referred you. We have not authorized anyone to provide you with information that is different. This document may only be used where it is legal to sell these securities. The information in this document may only be accurate on the date of this document.

i

TABLE OF CONTENTS

### ABOUT THIS PROSPECTUS
This prospectus is part of a registration statement that we filed with the Securities and Exchange Commission, or SEC or Commission, using a “shelf” registration process. This prospectus contains specific information about us and the terms on which we are offering and selling shares of our common stock. Before you purchase shares of our common stock, you should carefully read