# EDGAR Filing Document

**Accession Number:** 0001465740
**File Stem:** 0001104659-25-110386
**Filing Date:** 2025-11
**Character Count:** 34796
**Document Hash:** c5e049e11da1c9fd59173867ab7eb1f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-110386.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001104659-25-110386

**CONFORMED SUBMISSION TYPE**: POSASR

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**EFFECTIVENESS DATE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TWO HARBORS INVESTMENT CORP.
- **CENTRAL INDEX KEY:** 0001465740
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 270312904
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** POSASR
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291338
- **FILM NUMBER:** 251472936

**BUSINESS ADDRESS:**
- **STREET 1:** 1601 UTICA AVENUE SOUTH
- **STREET 2:** SUITE 900
- **CITY:** ST. LOUIS PARK
- **STATE:** MN
- **ZIP:** 55416
- **BUSINESS PHONE:** 612.453.4100

**MAIL ADDRESS:**
- **STREET 1:** 1601 UTICA AVENUE SOUTH
- **STREET 2:** SUITE 900
- **CITY:** ST. LOUIS PARK
- **STATE:** MN
- **ZIP:** 55416

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Two Harbors Investment Corp.
- **DATE OF NAME CHANGE:** 20090605

**As filed with the Securities and Exchange Commission on November 12, 2025**

**Registration Statement No. 333-291338**

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

**POST-EFFECTIVE AMENDMENT NO. 1**

**TO FORM S-3<br> REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**TWO HARBORS INVESTMENT CORP.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Maryland** | &nbsp;&nbsp;**27-0312904** |
| &nbsp;&nbsp;(State or other jurisdiction of incorporation or organization) | &nbsp;&nbsp;(I.R.S. Employer Identification No.) |

---

**1601 Utica Avenue South, Suite 900<br> St. Louis Park, Minnesota 55416<br> (612) 453-4100**<br> (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**Rebecca B. Sandberg<br> Chief Legal Officer and Secretary**

**c/o Two Harbors Investment Corp.<br> 1601 Utica Avenue South, Suite 900<br> St. Louis Park, Minnesota 55416<br> Tel: (612) 453-4100**<br> (Name, address, including zip code, and telephone number, including area code, of agent for service)

**Copies to:<br> Ryan J. Dzierniejko<br> Raquel Fox<br> Skadden, Arps, Slate, Meagher & Flom LLP<br> One Manhattan West<br> New York, NY 10001<br> (212) 735-3000**

**Approximate date of commencement of proposed sale to the public:<br> From time to time after the effective date of this registration statement.**

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box: ◻

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box: ⌧

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ◻

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ⌧

If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ⌧

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check One):

Large Accelerated Filer ⌧ Accelerated Filer ◻ Non-Accelerated Filer ◻ Smaller Reporting Company ◻ Emerging Growth Company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standard provided pursuant to section 7(a)(2)(B) of the Securities Act of 1933. ◻

**EXPLANATORY NOTE**

Two Harbors Investment Corp. is filing this Post-Effective Amendment No. 1 to the Registration Statement on Form S-3 (File No. 333-291338) as an exhibit-only filing for the sole purpose of filing an updated auditor consent, dated November 6, 2025, as Exhibit 23.1. Other than the addition of the exhibit and corresponding changes to the exhibit index, the remainder of the Registration Statement remains unchanged. Accordingly, the prospectus that forms a part of the Registration Statement is not reproduced in this Post-Effective Amendment No. 1. This Post-Effective Amendment No. 1 does not reflect events occurring after the submission date of the Registration Statement or modify or update the disclosures therein in any way other than as required to reflect the amendment set forth below.

**PART II<br> INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 14. Other Expenses of Issuance and Distribution.**

The following table shows the fees and expenses to be paid by Two Harbors Investment Corp. in connection with the sale and distribution of the securities being registered hereby.

---

| | |
|:---|:---|
|  | **Amount to be paid** |
| Registration Fee under the Securities Act of 1933 | $0 |
| Accounting fees and expenses | \* |
| Legal fees and expenses (including Blue Sky fees) | \* |
| Transfer agent fees and expenses | \* |
| Printing expenses | \* |
| Miscellaneous expenses | \* |
| &nbsp;&nbsp;&nbsp;Total | $\* |

---

\* These fees are calculated based on the number of issuances and the amount of securities sold and, accordingly, cannot be estimated or calculated at this time.

**Item 15. Indemnification of Directors and Officers.**

Maryland law permits a Maryland corporation to include in its charter a provision eliminating the liability of its directors and officers to the corporation and its stockholders for money damages, except for liability resulting from (1) actual receipt of an improper benefit or profit in money, property or services or (2) active and deliberate dishonesty established by a final judgment as being material to the cause of action. Our charter contains such a provision that eliminates such liability to the maximum extent permitted by Maryland law.

The Maryland General Corporations Law, or MGCL, requires us (unless our charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made or threatened to be made a party by reason of his or her service in that capacity. The MGCL permits a corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made or threatened to be made a party by reason of their service in those or other capacities unless it is established that:

&nbsp;&nbsp;&nbsp;&nbsp;· the act or omission of the director or officer was material
to the matter giving rise to the proceeding and (1) was committed in bad faith or (2) was the result of active and deliberate dishonesty;

&nbsp;&nbsp;&nbsp;&nbsp;· the director or officer actually received an improper personal
benefit in money, property or services; or

&nbsp;&nbsp;&nbsp;&nbsp;· in the case of any criminal proceeding, the director or officer
had reasonable cause to believe that the act or omission was unlawful.

However, under the MGCL, a Maryland corporation may not indemnify a director or officer in a suit by or in the right of the corporation in which the director or officer was adjudged liable to the corporation or in a proceeding in which the director or officer was adjudged liable on the basis that personal benefit was improperly received. A court may order indemnification if it determines that the director or officer is fairly and reasonably entitled to indemnification, even though the director or officer did not meet the prescribed standard of conduct or was adjudged liable on the basis that personal benefit was improperly received. However, indemnification for an adverse judgment in a suit by us or in our right, or for a judgment of liability on the basis that personal benefit was improperly received, is limited to expenses.

In addition, the MGCL permits a corporation to advance reasonable expenses to a director or officer upon the corporation's receipt of:

&nbsp;&nbsp;&nbsp;&nbsp;· a written affirmation by the director or officer of his or
her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;· a written undertaking by the director or officer or on the
director's or officer's behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that
the director or officer did not meet the standard of conduct.

Our charter authorizes us to obligate ourselves and our bylaws obligate us, to the maximum extent permitted by Maryland law in effect from time to time, to indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to:

&nbsp;&nbsp;&nbsp;&nbsp;· any present or former director or officer who is made or
threatened to be made a party to the proceeding by reason of his or her service in that capacity; or

&nbsp;&nbsp;&nbsp;&nbsp;· any individual who, while a director or officer of our company
and at our request, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee
benefit plan or other enterprise as a director, officer, partner or trustee of such corporation, real estate investment trust, partnership,
joint venture, trust, employee benefit plan or other enterprise and who is made or threatened to be made a party to the proceeding by
reason of his or her service in that capacity.

Our charter and bylaws also permit us to indemnify and advance expenses to any person who served a predecessor of ours in any of the capacities described above and to any employee or agent of ours or a predecessor of ours.

We have entered into indemnification agreements with each of our directors and executive officers that provide for indemnification to the maximum extent permitted by Maryland law. In addition, the operating agreements of our subsidiaries provide that we, as managing member, and our officers and directors are indemnified to the fullest extent permitted by law.

Insofar as the foregoing provisions permit indemnification of directors, officers or persons controlling us for liability arising under the Securities Act, we have been informed that, in the opinion of the SEC, this indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 16. Exhibits.**

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| Exhibit<br> Number | Exhibit Description |
| [1.1](https://www.sec.gov/Archives/edgar/data/1465740/000110465925091684/tm2526278d2_ex1-1.htm) | [Amended and Restated Equity Distribution Agreement, dated September 19, 2025, by and between Two Harbors and Citizens JMP Securities, LLC (incorporated by reference to Exhibit 1.1 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission, or SEC, on September 19, 2025)](https://www.sec.gov/Archives/edgar/data/1465740/000110465925091684/tm2526278d2_ex1-1.htm) |
| [1.2](https://www.sec.gov/Archives/edgar/data/1465740/000110465925091684/tm2526278d2_ex1-2.htm) | [Equity Distribution Agreement, dated September 19, 2025, by and between Two Harbors and BTIG, LLC (incorporated by reference to Exhibit 1.2 to the Registrant's Current Report on Form 8-K filed with the SEC on September 19, 2025)](https://www.sec.gov/Archives/edgar/data/1465740/000110465925091684/tm2526278d2_ex1-2.htm) |
| [2.1](https://www.sec.gov/Archives/edgar/data/1465740/000119312509205749/ds4a.htm#toc83625_35) | [Agreement and Plan of Merger, dated as of June 11, 2009, by and among Capitol Acquisition Corp., Two Harbors Investment Corp., Two Harbors Merger Corp. and Pine River Capital Management L.P. (incorporated by reference to Annex A filed with Pre Effective Amendment No. 4 to the Registrant's Registration Statement on Form S-4 (File No. 333-160199) filed with the SEC on October 8, 2009 ("Amendment No. 4").](https://www.sec.gov/Archives/edgar/data/1465740/000119312509205749/ds4a.htm#toc83625_35) |
| [2.2](https://www.sec.gov/Archives/edgar/data/1465740/000119312509205749/ds4a.htm#toc83625_35a) | [Amendment No. 1 to Agreement and Plan of Merger, dated as of August 17, 2009, by and among Capitol Acquisition Corp., Two Harbors Investment Corp., Two Harbors Merger Corp. and Pine River Capital Management L.P. (incorporated by reference to Annex A-2 filed with Amendment No. 4).](https://www.sec.gov/Archives/edgar/data/1465740/000119312509205749/ds4a.htm#toc83625_35a) |
| [2.3](https://www.sec.gov/Archives/edgar/data/1465740/000119312509205749/ds4a.htm) | [Amendment No. 2 to Agreement and Plan of Merger, dated as of September 20, 2009, by and among Capitol Acquisition Corp., Two Harbors Investment Corp., Two Harbors Merger Corp. and Pine River Capital Management L.P. (incorporated by reference to Annex A-3 filed with Amendment No. 4).](https://www.sec.gov/Archives/edgar/data/1465740/000119312509205749/ds4a.htm) |
| [3.1](https://www.sec.gov/Archives/edgar/data/1465740/000119312509205749/ds4a.htm#toc83625_36) | [Articles of Amendment and Restatement of Two Harbors Investment Corp. (incorporated by reference to Exhibit 99.1 to Annex B filed with Amendment No. 4 to the Registrant's Registration Statement on Form S-4 filed with the SEC on October 8, 2009).](https://www.sec.gov/Archives/edgar/data/1465740/000119312509205749/ds4a.htm#toc83625_36) |
| [3.2](https://www.sec.gov/Archives/edgar/data/1465740/000119312512506903/d455705dex991.htm) | [Articles of Amendment to the Articles of Amendment and Restatement of Two Harbors Investment Corp. (incorporated by reference to Exhibit 99.1 to the Registrant's Current Report on Form 8-K filed with the SEC on December 19, 2012).](https://www.sec.gov/Archives/edgar/data/1465740/000119312512506903/d455705dex991.htm) |

---

---

| | |
|:---|:---|
| [3.3](https://www.sec.gov/Archives/edgar/data/1465740/000146574017000103/ex31articlesofamendmentt.htm) | [Articles of Amendment to the Articles of Amendment and Restatement of Two Harbors Investment Corp., effective as of 5:01 PM Eastern Time on November 1, 2017 (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed with the SEC on November 2, 2017).](https://www.sec.gov/Archives/edgar/data/1465740/000146574017000103/ex31articlesofamendmentt.htm) |
| [3.4](https://www.sec.gov/Archives/edgar/data/1465740/000146574017000103/ex32articlesofamendmentt.htm) | [Articles of Amendment to the Articles of Amendment and Restatement of Two Harbors Investment Corp., effective as of 5:02 PM Eastern Time on November 1, 2017 (incorporated by reference to Exhibit 3.2 to the Registrant's Current Report on Form 8-K filed with the SEC on November 2, 2017).](https://www.sec.gov/Archives/edgar/data/1465740/000146574017000103/ex32articlesofamendmentt.htm) |
| [3.5](https://www.sec.gov/Archives/edgar/data/1465740/000110465917016104/a17-7639_4ex3d3.htm) | [Articles Supplementary to the Articles of Amendment to the Articles of Amendment and Restatement of Two Harbors Investment Corp. designating the shares of 8.125% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.01 par value per share (incorporated by reference to Exhibit 3.3 of the Registrant's Form 8-A filed with the SEC on March 13, 2017).](https://www.sec.gov/Archives/edgar/data/1465740/000110465917016104/a17-7639_4ex3d3.htm) |
| [3.6](https://www.sec.gov/Archives/edgar/data/1465740/000110465917045299/a17-18018_1ex3d4.htm) | [Articles Supplementary to the Articles of Amendment to the Articles of Amendment and Restatement of Two Harbors Investment Corp. designating the shares of 7.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.01 par value per share (incorporated by reference to Exhibit 3.4 of the Registrant's Form 8-A filed with the SEC on July 17, 2017).](https://www.sec.gov/Archives/edgar/data/1465740/000110465917045299/a17-18018_1ex3d4.htm) |
| [3.7](https://www.sec.gov/Archives/edgar/data/1465740/000110465917070156/a17-27150_3ex3d7.htm) | [Articles Supplementary to the Articles of Amendment to the Articles of Amendment and Restatement of Two Harbors Investment Corp. designating the shares of 7.25% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.01 par value per share (incorporated by reference to Exhibit 3.7 of the Registrant's Form 8-A filed with the SEC on November 22, 2017).](https://www.sec.gov/Archives/edgar/data/1465740/000110465917070156/a17-27150_3ex3d7.htm) |
| [3.8](https://www.sec.gov/Archives/edgar/data/1465740/000110465921039188/tm2110251d1_ex3-1.htm) | [Articles Supplementary to the Articles of Amendment to the Articles of Amendment and Restatement of Two Harbors Investment Corp. reclassifying and redesignating (i) all 3,000,000 authorized but unissued shares of 7.75% Series D Cumulative Redeemable Preferred Stock, $0.01 par value per share, as shares of undesignated preferred stock, and (ii) all 8,000,000 authorized but unissued shares of 7.50% Series E Cumulative Redeemable Preferred Stock, $0.01 par value per share, as shares of undesignated preferred stock (incorporated by reference to Exhibit 3.1 of the Registrant's Current Report on Form 8-K filed with the SEC on March 19, 2021).](https://www.sec.gov/Archives/edgar/data/1465740/000110465921039188/tm2110251d1_ex3-1.htm) |
| [3.9](https://www.sec.gov/Archives/edgar/data/1465740/000110465920107833/tm2031465d1_ex3-1.htm) | [Articles of Amendment to the Articles of Amendment and Restatement of Two Harbors Investment Corp. (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed with the SEC on September 23, 2020).](https://www.sec.gov/Archives/edgar/data/1465740/000110465920107833/tm2031465d1_ex3-1.htm) |
| [3.10](https://www.sec.gov/Archives/edgar/data/1465740/000110465922113745/tm2229101d1_ex3-1.htm) | [Articles of Amendment to the Articles of Amendment and Restatement of Two Harbors Investment Corp., effective as of 5:01 PM Eastern Time on November 1, 2022 (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed with the SEC on November 2, 2022).](https://www.sec.gov/Archives/edgar/data/1465740/000110465922113745/tm2229101d1_ex3-1.htm) |
| [3.11](https://www.sec.gov/Archives/edgar/data/1465740/000110465922113745/tm2229101d1_ex3-2.htm) | [Articles of Amendment to the Articles of Amendment and Restatement of Two Harbors Investment Corp., effective as of 5:02 PM Eastern Time on November 1, 2022 (incorporated by reference to Exhibit 3.2 to the Registrant's Current Report on Form 8-K filed with the SEC on November 2, 2022).](https://www.sec.gov/Archives/edgar/data/1465740/000110465922113745/tm2229101d1_ex3-2.htm) |
| [3.12](https://www.sec.gov/Archives/edgar/data/1465740/000110465920107833/tm2031465d1_ex3-2.htm) | [Amended and Restated Bylaws of Two Harbors Investment Corp. (incorporated by reference to Exhibit 3.2 to the Registrant's Current Report on Form 8-K filed with the SEC on September 23, 2020).](https://www.sec.gov/Archives/edgar/data/1465740/000110465920107833/tm2031465d1_ex3-2.htm) |
| [5.1](https://www.sec.gov/Archives/edgar/data/1465740/000110465925107870/tm2530091d2_ex5-1.htm) | [Opinion of Ballard Spahr LLP (including consent of such firm).\*\*](https://www.sec.gov/Archives/edgar/data/1465740/000110465925107870/tm2530091d2_ex5-1.htm) |
| [8.1](https://www.sec.gov/Archives/edgar/data/1465740/000110465925107870/tm2530091d2_ex8-1.htm) | [Tax opinion of Sidley Austin LLP (including consent of such firm).\*\*](https://www.sec.gov/Archives/edgar/data/1465740/000110465925107870/tm2530091d2_ex8-1.htm) |
| [23.1](tm2530828d1_ex23-1.htm) | [Consent of Ernst & Young LLP.\*](tm2530828d1_ex23-1.htm) |
| [23.2](https://www.sec.gov/Archives/edgar/data/1465740/000110465925107870/tm2530091d2_ex5-1.htm) | [Consent of Ballard Spahr LLP (included in Exhibit 5.1).\*\*](https://www.sec.gov/Archives/edgar/data/1465740/000110465925107870/tm2530091d2_ex5-1.htm) |
| [23.3](https://www.sec.gov/Archives/edgar/data/1465740/000110465925107870/tm2530091d2_ex8-1.htm) | [Consent of Sidley Austin LLP (included in Exhibit 8.1).\*\*](https://www.sec.gov/Archives/edgar/data/1465740/000110465925107870/tm2530091d2_ex8-1.htm) |
| [24.1](https://www.sec.gov/Archives/edgar/data/1465740/000110465925107870/tm2530091-1_s3asr.htm#tSIGN) | [Power of Attorney (contained on signature page).\*\*](https://www.sec.gov/Archives/edgar/data/1465740/000110465925107870/tm2530091-1_s3asr.htm#tSIGN) |
| [107](https://www.sec.gov/ix?doc=/Archives/edgar/data/1465740/000110465925107870/tm2530091d1_ex-filingfees.htm) | [Calculation of Filing Fee Tables.\*\*](https://www.sec.gov/ix?doc=/Archives/edgar/data/1465740/000110465925107870/tm2530091d1_ex-filingfees.htm) |

---

\* Filed herewith.

\*\* Previously filed.

**Item 17. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

*provided, however*, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for purposes of determining liability under the Securities Act of 1933 to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each prospectus filed by the registrant pursuant to rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The undersigned registrant hereby further undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities Act of 1933 the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4), or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For the purposes of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this Post-Effective Amendment No. 1 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in St. Louis Park, Minnesota, as of November 12, 2025.

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| | |
|:---|:---|
| TWO HARBORS INVESTMENT CORP. | TWO HARBORS INVESTMENT CORP. |
| By: | /s/ William Greenberg |
| William Greenberg  | William Greenberg  |
| Chief Executive Officer and President | Chief Executive Officer and President |
| Dated: November 12, 2025 | Dated: November 12, 2025 |

---

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 1 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ William Greenberg | Chief Executive Officer, President and Director | November 12, 2025 |
| William Greenberg | (Principal Executive Officer) |  |
| \* | Chief Financial Officer | November 12, 2025 |
| William Dellal | (Principal Financial Officer) |  |
| \* | Chief Accounting Officer | November 12, 2025 |
| Jillian Halm | (Principal Accounting Officer) |  |
| \* | Chairman of the Board of Directors | November 12, 2025 |
| Stephen G. Kasnet |  |  |
| \* | Director | November 12, 2025 |
| E. Spencer Abraham |  |  |
| \* | Director | November 12, 2025 |
| James J. Bender |  |  |
| \* | Director | November 12, 2025 |
| Sanjiv Das |  |  |
| \* | Director | November 12, 2025 |
| Karen Hammond |  |  |
| \* | Director | November 12, 2025 |
| James A. Stern |  |  |
| \* | Director | November 12, 2025 |
| Hope B. Woodhouse |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ William Greenberg |
|  | William Greenberg<br> As Attorney-in-Fact |

---

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the reference to our firm under the caption "Experts" in this Registration Statement (Form S-3) and related Prospectus of Two Harbors Investment Corp. for the registration of common stock and to the incorporation by reference therein of our reports dated February 18, 2025, with respect to the consolidated financial statements of Two Harbors Investment Corp., and the effectiveness of internal control over financial reporting of Two Harbors Investment Corp., included in its Annual Report (Form 10-K) for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

Minneapolis, Minnesota

November 6, 2025