Company: TWO-PC
Filing Date: 2025-05-08
Form Type: 424B5
Source: 0001104659-25-045688
Chunk: 0

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-05-08
Form: 424B5
Chunk 0
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TABLE OF CONTENTS

Filed Pursuant to Rule 424(b)(5) Registration No. 333-277271 PROSPECTUS SUPPLEMENT
(To Prospectus Dated February 22, 2024) $100,000,000 9.375% SENIOR NOTES DUE 2030 We are offering $100,000,000 aggregate principal amount of our 9.375% Senior Notes due 2030 (or the “notes”) under this prospectus supplement. The notes will bear interest at a rate equal to 9.375% per year, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, beginning on August 15, 2025. The notes will mature on August 15, 2030. The notes will be issued in minimum denominations of $25 and integral multiples of $25 in excess thereof. We may redeem the notes, in whole or in part, at any time on or after May 15, 2027 at a redemption price equal to 100% of the principal amount redeemed plus accrued and unpaid interest to, but excluding, the redemption date. Upon a Change of Control Repurchase Event, we will be required to make an offer to repurchase all outstanding notes at a price in cash equal to 101% of the principal amount of the notes, plus accrued and unpaid interest to, but not including, the repurchase date. See “Description of the Notes — Offer to Repurchase Upon a Change of Control Repurchase Event.” The notes will be our senior unsecured obligations and will rank senior in right of payment to any future indebtedness that is expressly subordinated in right of payment to the notes, equal in right of payment to our existing and future unsecured indebtedness that is not so subordinated, including our 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 our subsidiaries as well as to any of our existing or future indebtedness that may be guaranteed by any of our subsidiaries (to the extent of any such guarantee). The notes are a new issue of securities and there is no established trading market for the notes. We intend to apply to list the notes on the New York Stock Exchange (“NYSE”) under the symbol “TWOD.” If approved for listing, trading on NY