FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
TAYLOR BRIAN
   2. Issuer Name and Ticker or Trading Symbol
Two Harbors Investment Corp. [TWO] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
C/O PINE RIVER CAPITAL MANAGEMENT, 601 CARLSON PARKWAY, SUITE 330		 3. Date of Earliest Transaction (Month/Day/Year)
11/20/2012
(Street)

MINNETONKA, MN 55305		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
warrants $ 11 11/20/2012   S     1,906,918 10/28/2009 11/07/2013 common stock 1,906,918 $ 0.50 1,000,000 I see footnote (1)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
TAYLOR BRIAN
C/O PINE RIVER CAPITAL MANAGEMENT
601 CARLSON PARKWAY, SUITE 330
MINNETONKA, MN 55305		   X      
Pine River Capital Management LLC
601 CARLSON PARKWAY, SUITE 330
MINNETONKA, MN 55305		       group
Pine River Capital Management L.P.
601 CARLSON PARKWAY
SUITE 330
MINNETONKA, MN 55305		       group
Pine River MASTER FUND LTD.
C/O PINE RIVER CAPITAL MANAGEMENT L.P.
601 CARLSON PARKWAY, SUITE 330
MINNETONKA, MN 55305		       group
Nisswa Acquisition Master Fund Ltd.
C/O PINE RIVER CAPITAL MANAGEMENT L.P.
601 CARLSON PARKWAY, SUITE 330
MINNETONKA, MN 55316		       group

Signatures

 /s/ Brian Taylor   11/23/2012
**Signature of Reporting Person Date
 /s/ Brian Taylor, Sole Member, on behalf of Pine River Capital Management LLC   11/23/2012
**Signature of Reporting Person Date
 /s/ Brian Taylor, Chief Executive Officer, on behalf of Pine River Capital Management L.P.   11/23/2012
**Signature of Reporting Person Date
 /s/ Brian, Taylor, Director, on behalf of Pine River Master Fund Ltd.   11/23/2012
**Signature of Reporting Person Date
 /s/ Brian Taylor, Director, on behalf of Nisswa Acquisition Master Fund Ltd.   11/23/2012
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The securities are owned directly by Pine River Master Fund Ltd. and Nisswa Acquisition Master Fund Ltd. (the "Funds"), for which Pine River Capital Management L.P. (the "Partnership") is the Investment Manager. Mr. Taylor is the sole member of Pine River Capital Management LLC (the "LLC"), an entity which is the general partner of the Partnership. Each of Mr. Taylor, the Partnership and the LLC disclaim beneficial ownership of any of the securities owned by the Funds other than to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that Mr. Taylor, the Partnership or the LLC is the beneficial owner of such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or otherwise.

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