---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-122070"
form_type: "8-K"
ticker: "TWO"
cik: "0001465740"
company_name: "TWO HARBORS INVESTMENT CORP."
filed_at: "2025-12-17T23:59:59+00:00"
generated_at: "2026-05-16T12:54:31.013036+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Two Harbors to merge with UWM in all-stock deal valued at $1.3B

## Summary
- Each TWO common share to receive 2.3328 UWM Class A shares; equity value ~$1.3B.
- Preferred shares convert into corresponding UWM preferred series; all-stock consideration.
- Transaction requires TWO stockholder approval, HSR clearance, and tax opinion as 'reorganization'.
- Termination fee of $25.35M payable by TWO if it accepts a superior proposal or changes recommendation.
- TWO Board unanimously recommends; UWM Board also approved; expected close within 12-15 months.

## SEC filing metadata
- accession: 0001104659-25-122070
- form_type: 8-K
- ticker: TWO
- cik: 0001465740
- company_name: TWO HARBORS INVESTMENT CORP.
- filed_at: 2025-12-17T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1465740/000110465925122070/0001104659-25-122070-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1465740/000110465925122070/tm2533517d3_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-122070
- JSON: https://secwatch.observer/filing/0001104659-25-122070.json
- Plain text: https://secwatch.observer/filing/0001104659-25-122070.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.