UWM Holdings Corporation (UWMC) entered a merger agreement on December 17, 2025, to acquire Two Harbors Investment Corp. (TWO) in a deal valued at $10.69 billion.
Two Harbors stockholders will receive a fixed exchange ratio of 2.3328 shares of UWM Holdings Class A Common Stock for each share of Two Harbors common stock. This values the deal at $11.94 per share, representing a premium of 20.48% from the stock’s last close.
Two Harbors is a mortgage REIT that invests in and manages mortgage servicing rights, residential mortgage-backed securities, and other mortgage-related financial assets in the U.S.
UWM Holdings is the parent company of United Wholesale Mortgage, the nation’s largest wholesale mortgage lender, originating primarily conforming and government home loans through independent mortgage brokers across the U.S.
The deal is expected to close in the second quarter of 2026.
Two Harbors was advised by Houlihan Lokey as financial advisor and Jones Day as legal counsel. UWM received financial advice from BofA Securities and Greenhill, and legal counsel from Greenberg Traurig.
For more insightful details regarding this M&A transaction, kindly visit the Deal Metrics page here:
Deal Metrics for the acquisition of Two Harbors Investment Corp. (TWO) by UWM Holdings Corporation (UWMC)
The Deal Metrics page for each merger or acquisition includes:
– A spread history chart of the merger from announcement through eventual completion or failure.
– Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And a whole lot more.
Disclaimer: Please conduct your own due diligence before buying or selling any securities mentioned in this article. We do not guarantee the completeness or accuracy of the content or data provided in this article.
Editor’s Note: Baranjot Kaur contributed to this article