Company: TWO-PC
Filing Date: 2025-05-08
Form Type: 424B5
Source: 0001104659-25-045688
Chunk: 48

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-05-08
Form: 424B5
Chunk 48
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 mortgage loan servicer;

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our decision to terminate our Management Agreement with PRCM Advisers LLC and the ongoing litigation related to such termination;

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changes in the competitive landscape within our industry, including changes that may affect our ability to attract and retain personnel;

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our exposure to legal and regulatory claims, penalties or enforcement activities, including those arising from our ownership and management of MSR and prior securitization transactions;

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our exposure to counterparties involved in our MSR business and prior securitization transactions and our ability to enforce representations and warranties made by them;

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our ability to acquire MSR and successfully operate our seller-servicer subsidiaries and oversee the activities of our subservicers;

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our ability to manage various operational and regulatory risks associated with our business;

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interruptions in or impairments to our communications and information technology systems;

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our ability to maintain appropriate internal controls over financial reporting;

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our ability to establish, adjust and maintain appropriate hedges for the risks in our portfolio;

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our ability to maintain our REIT qualification for U.S. federal income tax purposes; and

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limitations imposed on our business due to our REIT status and our status as exempt from registration under the 1940 Act.

All forward-looking statements included herein attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Except to the extent required by applicable laws and regulations, we undertake no obligations to update these forward-looking statements to reflect events or circumstances after the date of this prospectus or to reflect the occurrence of unanticipated events. Before you make an investment decision, you should be aware that the occurrence of the events described in the “Risk Factors” section and elsewhere in this prospectus and the documents incorporated herein by reference, may adversely affect us.

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TABLE OF CONTENTS

### PROSPECTUS SUMMARY
This summary highlights selected information about us. It may not contain all the information that may be important to you in deciding whether to invest in our securities. You should read this entire prospectus, together with the information incorporated by reference, including the risk factors, financial data and related notes, before making an investment decision.

#### Our Company
We are a Maryland corporation that invests in, finances and manages MSR, Agency RMBS, and, through our operational platform, RoundPoint Mortgage Servicing LLC, is one of the largest servicers of conventional loans in the country. We are structured as an internally-man