CrossCountry Mortgage to Acquire Two Harbors for $8.45 Billion

Two Harbors Investment Corp. (TWO) entered a merger agreement on March 27, 2026, to be acquired by CrossCountry Mortgage, LLC in a deal valued at $8.45 billion.

Deal Structure:

Two Harbors stockholders will receive $10.8 in cash for each share of Two Harbors common stock, representing a discount of 5.26% from the stock’s last close.

Holders of Two’s Series A, Series B, and Series C Preferred Stock will have their shares redeemed following the closing of the transaction at $25 per share, plus any accumulated and unpaid dividends, in accordance with the terms of the preferred stock.

Company Profile:

Two Harbors is a U.S.-based mortgage REIT that invests in and manages residential mortgage-backed securities, mortgage servicing rights, and related financial assets. It earns income from financing and interest spreads and distributes most of its taxable income to shareholders.

CrossCountry Mortgage is a U.S.-based retail mortgage lender that provides home purchase, refinance, and home equity loans through a nationwide branch network. It originates and services mortgages and works with agencies such as Fannie Mae, Freddie Mac, and Ginnie Mae.

Deal Details and Timeline:

Two terminated its earlier merger deal with UWM Holdings (UWMC). As part of the termination of the previous deal, CrossCountry will pay a $25.4 million fee to UWM.

The deal is expected to close in the second half of 2026.

Two Harbors engaged Houlihan Lokey Capital as its financial advisor and Jones Day as its legal counsel. CrossCountry received financial advice from Citigroup Global Markets, with Simpson Thacher & Bartlett serving as its legal counsel.

Deal Metrics:

For an in-depth analysis of this M&A transaction, visit the Deal Metrics page here:

Deal Metrics for the acquisition of Two Harbors Investment Corp. (TWO) by CrossCountry Mortgage, LLC

The Deal Metrics page for each merger or acquisition includes:

• A spread history chart of the merger from announcement through eventual completion or failure.
• Progress of the merger through the expiration of the HSR period, regulatory approvals, shareholder votes, and more.
• News and SEC filings.
• A history of deal updates.
• And much more.

Disclaimer: This article is intended for informational purposes only. Please conduct your own due diligence before engaging in any buying or selling of securities mentioned herein. The completeness or accuracy of the content or data provided in this article is not warranted.

Editor’s Note: Baranjot Kaur contributed to this article