<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0609</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-08-25</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0001465740</issuerCik>
        <issuerName>TWO HARBORS INVESTMENT CORP.</issuerName>
        <issuerTradingSymbol>TWO</issuerTradingSymbol>
        <issuerForeignTradingSymbol></issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002035881</rptOwnerCik>
            <rptOwnerName>Halm Jillian</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>false</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>TWO HARBORS INVESTMENT CORP.</rptOwnerStreet1>
            <rptOwnerStreet2>1601 UTICA AVENUE SOUTH, SUITE 900</rptOwnerStreet2>
            <rptOwnerCity>ST. LOUIS PARK</rptOwnerCity>
            <rptOwnerState>MN</rptOwnerState>
            <rptOwnerZipCode>55416</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Accounting Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common stock, par value $0.01 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2026-08-25</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>18833</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>12.00</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Pursuant to the Agreement and Plan of Merger (as amended, the &quot;CCM Merger Agreement&quot;), dated March 27, 2026, by and among Two Harbors Investment Corp. (&quot;TWO&quot;), CrossCountry Intermediate Holdco, LLC (&quot;CCM&quot;) and CrossCountry Merger Corp., a wholly owned subsidiary of CCM (&quot;Merger Sub&quot;), Merger Sub merged with and into TWO, with TWO surviving the merger as a wholly owned subsidiary of CCM (the &quot;CCM Merger&quot;). At the effective time of the CCM Merger (the &quot;Effective Time&quot;), each share of TWO's common stock (&quot;TWO Common Stock&quot;) that was issued and outstanding immediately prior to the Effective Time was automatically cancelled and converted into the right to receive $12.00 in cash (the &quot;CCM Merger Consideration&quot;).</footnote>
        <footnote id="F2">Pursuant to the CCM Merger Agreement, at the Effective Time, each TWO restricted stock unit that was outstanding as of immediately prior to the Effective Time, whether vested or unvested, was automatically cancelled and converted into the right to receive the CCM Merger Consideration with respect to each share of TWO Common Stock.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Jillian Halm</signatureName>
        <signatureDate>2026-08-25</signatureDate>
    </ownerSignature>
</ownershipDocument>
