Two Harbors Investment

TWO

Market cap $1.27B

Two Harbors Investment shareholders approved the merger with CrossCountry Mortgage, ending a prolonged takeover battle. TWO.PR.C preferred shares will be redeemed at $25.00 per share plus accrued dividends after the merger closes, expected by September 2026. With the arbitrage gap closed and shares trading above par, we revise our rating on TWO.PR.C to 'Hold.'

NEW YORK--(BUSINESS WIRE)--TWO Stockholders Approve CrossCountry Merger.

Two Harbors faces a proxy fight due to offers from CrossCountry Mortgage and UWM Holdings. UWMC's offer is designed to default inattentive shareholders into low-value UWMC shares. The value for many shareholders would be dramatically lower. CCM's offer, with regulatory approvals and a stub dividend, provides a clearer, higher-value outcome for many shareholders. It doesn't transfer value from inactive shareholders to active ones.

NEW YORK--(BUSINESS WIRE)--TWO Announces Adjournment of Special Meeting.

PONTIAC, Mich. & NEW YORK--(BUSINESS WIRE)-- #UWMC--UWM Holdings Corporation (“UWMC” or the “Company”) (NYSE: UWMC), today reaffirmed its commitment to acquire Two Harbors Investment Corp. (“Two Harbors” or “TWO”) (NYSE: TWO) and issued a statement regarding the upcoming special meeting on June 23 to vote on TWO's proposed merger with CrossCountry Mortgage, LLC ("CrossCountry" or "CCM"), following the third adjournment. UWMC issued the following statement: “TWO stockholders have sent a clear message ov.

NEW YORK--(BUSINESS WIRE)--TWO Urges Stockholders to Vote FOR the CCM Transaction Today; Failure to Approve Risks a Significant Decline in TWO's Stock Price.

NEW YORK--(BUSINESS WIRE)--TWO Announces Second Quarter 2026 Common and Preferred Stock Dividends.

PONTIAC, Mich. & NEW YORK--(BUSINESS WIRE)-- #UWMC--UWM Holdings Corporation (“UWMC” or the “Company”) (NYSE: UWMC), today responded to the letter from Two Harbors Investment Corp. (“Two Harbors” or “TWO”) (NYSE: TWO) to its stockholders mischaracterizing discussions between UWMC and TWO that have taken place over the last week, following TWO's decision to adjourn the special meeting to vote on TWO's proposed merger with CrossCountry Mortgage, LLC ("CrossCountry" or "CCM") for a third time. The TWO Boa.

NEW YORK--(BUSINESS WIRE)--TWO Provides Update on UWMC Engagement Following Expiration of Waiver Period.

NEW YORK--(BUSINESS WIRE)--TWO Challenges UWMC to Submit All-Cash Offer With No Stock Component.