---
schema_version: "secwatch.filing_event.v1"
accession: "0001465740-26-000003"
form_type: "8-K"
ticker: "TWO"
cik: "0001465740"
company_name: "TWO HARBORS INVESTMENT CORP."
filed_at: "2026-02-02T23:59:59+00:00"
generated_at: "2026-05-16T05:34:37.883650+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001465740-26-000003
- form_type: 8-K
- ticker: TWO
- cik: 0001465740
- company_name: TWO HARBORS INVESTMENT CORP.
- filed_at: 2026-02-02T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1465740/000146574026000003/0001465740-26-000003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1465740/000146574026000003/two-20260202.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001465740-26-000003
- JSON: https://secwatch.observer/filing/0001465740-26-000003.json
- Plain text: https://secwatch.observer/filing/0001465740-26-000003.txt

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