Two Harbors agrees to be acquired by UWMC in all-stock deal valued at $11.94/sh; reports Q4 earnings

TWO HARBORS INVESTMENT CORP.

Two Harbors stockholders to receive 2.3328 UWMC shares per TWO share, representing a 21% premium to 30-day VWAP.
Transaction expected to close in Q2 2026; subject to TWO stockholder approval and regulatory clearances.
Q4 2025 comprehensive income of $50.4M ($0.48 per basic share); book value $11.13/sh; declared $0.34/sh dividend.
Added $399M UPB of MSR via flow-sale and recapture; sold $9.6B MSR UPB on subservicing-retained basis.
Annual 2025 economic return on book value (12.6%); excluding litigation settlement, 12.1% return.

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