Company: TWO-PC
Filing Date: 2025-05-13
Form Type: 8-K
Source: 0001104659-25-047870
Chunk: 1

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-05-13
Form: 8-K
Item: Item 1.01
Chunk 1
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 of the outstanding principal amount of the Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption
date, as described in greater detail in the Indenture (as defined below).

The Notes are governed by the indenture, dated
January 19, 2017 (the “ Base Indenture”) between the Company and The Bank of New York Mellon Trust Company, N. A., as original
trustee, as supplemented by the fourth supplemental indenture, dated May 13, 2025 (the “ Fourth Supplemental Indenture,” and
together with the Base Indenture, the “ Indenture”) between the Company and U. S. Bank Trust Company, National Association, as series trustee. The
Notes are senior unsecured obligations of the Company that rank senior in right of payment to any future indebtedness of the Company that
is expressly subordinated in right of payment to the Notes, equal in right of payment to the Company’s existing and future unsecured
indebtedness that is not so subordinated, including the Company’s 6.25% Convertible Senior Notes due 2026, effectively junior to
any future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally junior to all existing
and future indebtedness and any preferred equity of the Company’s subsidiaries as well as to any of the Company’s existing
or future indebtedness that may be guaranteed by any of the Company’s subsidiaries (to the extent of any such guarantee).

The Indenture contains customary events of default.
If there is an event of default under the Notes, the principal amount of the Notes, plus accrued and unpaid interest (including additional
interest, if any), may be declared immediately due and payable, subject to certain conditions set forth in the Indenture.

The net proceeds to the Company from the sale
of the Notes, after deducting the Underwriters’ discounts and commissions and estimated offering expenses, are expected to be approximately
$110.8 million. The Company intends to use the net proceeds from this offering for general corporate purposes which may include, among
other things, the refinancing or repayment of debt, including its 6.25% senior notes due 2026 and MSR financing, the purchase of its target
assets, including MSR, Agency RMBS and other financial assets, in each case subject to the Company’s investment guidelines, the
repurchase or redemption of its common and preferred equity securities, and