<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>144</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: GREENBERG WILLIAM ROSS -->
          <cik>0001792521</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <issuerInfo>
      <issuerCik>0001465740</issuerCik>
      <issuerName>TWO HARBORS INVESTMENT CORP.</issuerName>
      <secFileNumber>001-34506</secFileNumber>
      <issuerAddress>
        <com:street1>1601 Utica Avenue South</com:street1>
        <com:street2>Suite 900</com:street2>
        <com:city>St. Louis Park</com:city>
        <com:stateOrCountry>MN</com:stateOrCountry>
        <com:zipCode>55416</com:zipCode>
      </issuerAddress>
      <issuerContactPhone>612-453-4100</issuerContactPhone>
      <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>William Ross Greenberg</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
      <relationshipsToIssuer>
        <relationshipToIssuer>Officer</relationshipToIssuer>
        <relationshipToIssuer>Director</relationshipToIssuer>
      </relationshipsToIssuer>
    </issuerInfo>
    <securitiesInformation>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <brokerOrMarketmakerDetails>
        <name>Raymond James</name>
        <address>
          <com:street1>660 Newport Center Drive</com:street1>
          <com:street2>Suite 570</com:street2>
          <com:city>Newport Beach</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>92660</com:zipCode>
        </address>
      </brokerOrMarketmakerDetails>
      <noOfUnitsSold>10332</noOfUnitsSold>
      <aggregateMarketValue>142684.92</aggregateMarketValue>
      <noOfUnitsOutstanding>96187872</noOfUnitsOutstanding>
      <approxSaleDate>01/09/2024</approxSaleDate>
      <securitiesExchangeName>NYSE</securitiesExchangeName>
    </securitiesInformation>
    <securitiesToBeSold>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <acquiredDate>01/08/2024</acquiredDate>
      <natureOfAcquisitionTransaction>Vesting of Performance Share Unit Award</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Two Harbors Investment Corp.</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>10332</amountOfSecuritiesAcquired>
      <paymentDate>01/08/2024</paymentDate>
      <natureOfPayment>Vesting of Performance Share Unit Award</natureOfPayment>
    </securitiesToBeSold>
    <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
    <remarks>The reporting person anticipates selling the shares for the purpose of satisfying income tax liabilities, incurred upon the vesting of the performance share unit award, pursuant to written instructions previously executed by the reporting person.</remarks>
    <noticeSignature>
      <noticeDate>01/08/2024</noticeDate>
      <planAdoptionDates>
        <planAdoptionDate>01/26/2023</planAdoptionDate>
      </planAdoptionDates>
      <signature>/s/ William Ross Greenberg</signature>
    </noticeSignature>
  </formData>
</edgarSubmission>
