
Merger Scheduled to Close August 25, 2026


TWO ((Two Harbors Investment Corp., NYSE:TWO), an MSR-focused REIT, today announced that it has received the final regulatory approval for its previously announced merger

<p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<b xmlns="http://www.w3.org/1999/xhtml"><i xmlns="http://www.w3.org/1999/xhtml">Merger Scheduled to Close August 25, 2026</i></b>

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<a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.twoharborsinvestment.com%2F&amp;esheet=54593120&amp;newsitemid=20260821493136&amp;lan=en-US&amp;anchor=TWO&amp;index=1&amp;md5=ab182c649faf0acbc5a18b68a76e2d4a" shape="rect">TWO</a> ((Two Harbors Investment Corp., NYSE:<a class="ticker" href="https://www.benzinga.com/quote/TWO">TWO</a>), an MSR-focused REIT, today announced that it has received the final regulatory approval for its previously announced merger with CrossCountry Mortgage, LLC ("CCM"). The merger is expected to close prior to market open on August 25, 2026.

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At closing, CrossCountry Merger Corp., a wholly owned subsidiary of CCM, will merge with and into TWO, with TWO surviving the merger as a wholly owned subsidiary of CCM. TWO stockholders will be entitled to receive $12.00 per share in cash for each share of TWO common stock held immediately prior to the effective time of the merger. In addition, TWO stockholders of record at the close of business on August 24, 2026 will be entitled to receive a stub period dividend in an amount equal to $0.20326 per share of TWO common stock. The stub period dividend will be paid with the merger consideration and will not reduce or otherwise affect the merger consideration.

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<b xmlns="http://www.w3.org/1999/xhtml">About TWO</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
TWO ((Two Harbors Investment Corp., NYSE:<a class="ticker" href="https://www.benzinga.com/quote/TWO">TWO</a>), a Maryland corporation, is a real estate investment trust that invests in mortgage servicing rights, residential mortgage-backed securities and other financial assets. TWO is headquartered in St. Louis Park, Minnesota.

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<b xmlns="http://www.w3.org/1999/xhtml">FORWARD-LOOKING STATEMENTS</b>

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This press release may contain "forward-looking statements," including certain plans, expectations, goals, projections and statements about the merger, TWO’s and CCM’s plans, objectives, expectations and intentions, the expected timing of completion of the merger, the ability of the parties to complete the merger considering the various closing conditions, and other statements that are not historical facts. Such statements are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included in this press release that address activities, events or developments that TWO or CCM expects, believes or anticipates will or may occur in the future are forward-looking statements. Words such as "project," "predict," "believe," "expect," "anticipate," "potential," "create," "estimate," "plan," "continue," "intend," "could," "foresee," "should," "would," "may," "will," "guidance," "look," "outlook," "goal," "future," "assume," "forecast," "build," "focus," "work," or the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Projected and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. TWO’s ability to predict results or the actual effect of future events, actions, plans or strategies is inherently uncertain. Although TWO believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.

</p><p xmlns="http://www.w3.org/1999/xhtml">
There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this press release. These include, among other things: the expected timing and likelihood of completion of the merger; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger; and the potential failure to satisfy the conditions to the consummation of the merger in a timely manner or at all; risks related to disruption of management’s attention from ongoing business operations due to the merger; the risk that any announcements relating to the merger could have adverse effects on the market price of TWO common stock; the outcome of any legal proceedings relating to the merger, including stockholder litigation in connection with the merger; and that TWO may be adversely affected by other economic, business or competitive factors. All such factors are difficult to predict and are beyond the control of TWO and CCM, including those detailed in TWO’s annual reports on Form 10-K, quarterly reports on Form 10-Q and periodic reports on Form 8-K that are available on TWO’s website at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.twoinv.com%2Finvestors&amp;esheet=54593120&amp;newsitemid=20260821493136&amp;lan=en-US&amp;anchor=www.twoinv.com%2Finvestors&amp;index=2&amp;md5=ec2a7c18c97ecd38a935697dcb9132a0" shape="rect">www.twoinv.com/investors</a> and on the SEC’s website at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=54593120&amp;newsitemid=20260821493136&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=3&amp;md5=d526c759880a815393ff57ee82a5fbc0" shape="rect">www.sec.gov</a>.

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Each of the forward-looking statements of TWO is based on assumptions that TWO believes to be reasonable but that may not prove to be accurate. Any forward-looking statement speaks only as of the date on which such statement is made, and TWO does not undertake any obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260821493136r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260821493136/en/" rel="nofollow">https://www.businesswire.com/news/home/20260821493136/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
TWO Investor Relations
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:investors@twoinv.com" shape="rect">investors@twoinv.com</a>

</p>

TWO Announces Receipt of Final Regulatory Approval for Merger with CrossCountry Mortgage

Two Harbors to cash out at $12 per share in CCM merger

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>Merger Scheduled to Close August 25, 2026


TWO ((Two Harbors Investment Corp., NYSE:TWO), an MSR-focused REIT, today announced that it has received the final regulatory approval for its previously announced merger</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Two Harbors Investment Corp. has secured final regulatory approval for its merger with CrossCountry Mortgage, with closing expected before market open on August 25, 2026. Shareholders will receive $12 in cash per share plus a stub period dividend of $0.20326 per share, paid at close. The deal transfers TWO into CCM ownership, altering its standalone MSR-focused business and capital structure.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Two Harbors Investment Corp. to merge with CrossCountry Mortgage; closing expected Aug 25, 2026.</li><li>Shareholders receive $12.00 in cash per TWO share plus a stub dividend of $0.20326.</li><li>Two Harbors will survive as a CCM subsidiary; merger consideration paid in cash.</li><li>Record date for stub dividend is Aug 24, 2026; regulatory approvals completed.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Two Harbors Investment Corp. (TWO)</strong>: MSR-focused REIT; merger with CCM will end standalone status and deliver cash at close.</li><li><strong>CrossCountry Mortgage, LLC (CCM)</strong>: Acquirer; will own TWO post-close; strategic shift to integrate MSR assets under CCM.</li><li><strong>CrossCountry Merger Corp.</strong>: Wholly owned CCM subsidiary that will merge into TWO at closing.</li></ul>
  </section>

  <section data-block="category">
    <h3>M&amp;A</h3>
    <p>M&amp;A; the article describes a cash-out merger with a defined closing date and consideration, creating an immediate path to value realization for shareholders and a shift in control and asset exposure for TWO.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Final regulatory approval clears primary hurdle; close date set for Aug 25, 2026.</li><li>Cash-out value creates near-term arbitrage; price should converge to $12 + $0.20326 stub.</li><li>Post-close ownership shifts to CCM; potential changes to MSR exposure and dividends.</li><li>Termination risk and potential litigation remain possible headwinds to upside.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Merger closing date: before market open on August 25, 2026.</li><li>Cash consideration: $12.00 per share.</li><li>Stub period dividend: $0.20326 per share.</li><li>Record date for stub dividend: August 24, 2026.</li><li>Two Harbors will become a subsidiary of CrossCountry Mortgage (CCM).</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Event-driven arb: TWO should converge toward $12 cash plus a $0.20326 stub by 8/25/2026, barring termination risk.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<b xmlns="http://www.w3.org/1999/xhtml"><i xmlns="http://www.w3.org/1999/xhtml">Merger Scheduled to Close August 25, 2026</i></b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
<a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.twoharborsinvestment.com%2F&amp;esheet=54593120&amp;newsitemid=20260821493136&amp;lan=en-US&amp;anchor=TWO&amp;index=1&amp;md5=ab182c649faf0acbc5a18b68a76e2d4a" shape="rect">TWO</a> ((Two Harbors Investment Corp., NYSE:<a class="ticker" href="https://www.benzinga.com/quote/TWO">TWO</a>), an MSR-focused REIT, today announced that it has received the final regulatory approval for its previously announced merger with CrossCountry Mortgage, LLC ("CCM"). The merger is expected to close prior to market open on August 25, 2026.

</p><p xmlns="http://www.w3.org/1999/xhtml">
At closing, CrossCountry Merger Corp., a wholly owned subsidiary of CCM, will merge with and into TWO, with TWO surviving the merger as a wholly owned subsidiary of CCM. TWO stockholders will be entitled to receive $12.00 per share in cash for each share of TWO common stock held immediately prior to the effective time of the merger. In addition, TWO stockholders of record at the close of business on August 24, 2026 will be entitled to receive a stub period dividend in an amount equal to $0.20326 per share of TWO common stock. The stub period dividend will be paid with the merger consideration and will not reduce or otherwise affect the merger consideration.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About TWO</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
TWO ((Two Harbors Investment Corp., NYSE:<a class="ticker" href="https://www.benzinga.com/quote/TWO">TWO</a>), a Maryland corporation, is a real estate investment trust that invests in mortgage servicing rights, residential mortgage-backed securities and other financial assets. TWO is headquartered in St. Louis Park, Minnesota.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">FORWARD-LOOKING STATEMENTS</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
This press release may contain "forward-looking statements," including certain plans, expectations, goals, projections and statements about the merger, TWO’s and CCM’s plans, objectives, expectations and intentions, the expected timing of completion of the merger, the ability of the parties to complete the merger considering the various closing conditions, and other statements that are not historical facts. Such statements are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included in this press release that address activities, events or developments that TWO or CCM expects, believes or anticipates will or may occur in the future are forward-looking statements. Words such as "project," "predict," "believe," "expect," "anticipate," "potential," "create," "estimate," "plan," "continue," "intend," "could," "foresee," "should," "would," "may," "will," "guidance," "look," "outlook," "goal," "future," "assume," "forecast," "build," "focus," "work," or the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Projected and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. TWO’s ability to predict results or the actual effect of future events, actions, plans or strategies is inherently uncertain. Although TWO believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.

</p><p xmlns="http://www.w3.org/1999/xhtml">
There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this press release. These include, among other things: the expected timing and likelihood of completion of the merger; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger; and the potential failure to satisfy the conditions to the consummation of the merger in a timely manner or at all; risks related to disruption of management’s attention from ongoing business operations due to the merger; the risk that any announcements relating to the merger could have adverse effects on the market price of TWO common stock; the outcome of any legal proceedings relating to the merger, including stockholder litigation in connection with the merger; and that TWO may be adversely affected by other economic, business or competitive factors. All such factors are difficult to predict and are beyond the control of TWO and CCM, including those detailed in TWO’s annual reports on Form 10-K, quarterly reports on Form 10-Q and periodic reports on Form 8-K that are available on TWO’s website at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.twoinv.com%2Finvestors&amp;esheet=54593120&amp;newsitemid=20260821493136&amp;lan=en-US&amp;anchor=www.twoinv.com%2Finvestors&amp;index=2&amp;md5=ec2a7c18c97ecd38a935697dcb9132a0" shape="rect">www.twoinv.com/investors</a> and on the SEC’s website at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=54593120&amp;newsitemid=20260821493136&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=3&amp;md5=d526c759880a815393ff57ee82a5fbc0" shape="rect">www.sec.gov</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Each of the forward-looking statements of TWO is based on assumptions that TWO believes to be reasonable but that may not prove to be accurate. Any forward-looking statement speaks only as of the date on which such statement is made, and TWO does not undertake any obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260821493136r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260821493136/en/" rel="nofollow">https://www.businesswire.com/news/home/20260821493136/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
TWO Investor Relations
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:investors@twoinv.com" shape="rect">investors@twoinv.com</a>

</p>

Two Harbors Investment Corp. has secured final regulatory approval for its merger with CrossCountry Mortgage, with closing expected before market open on August 25, 2026. Shareholders will receive $12 in cash per share plus a stub period dividend of $0.20326 per share, paid at close. The deal transfers TWO into CCM ownership, altering its standalone MSR-focused business and capital structure.

News insight

TWO Announces Receipt of Final Regulatory Approval for Merger with CrossCountry Mortgage

AI summary

Sentiment rationale

Key facts

M&A