Two Harbors receives unsolicited $10.70/share cash bid; ad hoc committee deems it could be superior to UWMC merger

TWO HARBORS INVESTMENT CORP.

Unsolicited proposal to buy all outstanding shares of TWO common stock at $10.70 per share in cash.
Offer also includes payment of $25.4M termination fee to terminate existing UWMC merger agreement.
Ad hoc committee determined in good faith that proposal could reasonably lead to a 'Company Superior Proposal' under UWMC deal terms.
Committee has not yet determined whether proposal is superior; will continue discussions with bidder.
UWMC merger agreement remains in effect; special stockholder meeting for UWMC merger still set for March 24, 2026.

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