
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>

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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.

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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 be acquired by CrossCountry Mortgage for $12 cash per share

<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. will be acquired by CrossCountry Mortgage in a cash deal, with closing targeted for August 25, 2026. Shareholders receive $12.00 per share plus a $0.20326 stub dividend; post-close, TWO becomes a CCM subsidiary. The deal provides a fixed exit but eliminates upside and carries termination risk and regulatory uncertainties.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Regulatory approval secured for TWO-CCM merger; closing targeted before market open Aug 25, 2026.</li><li>TWO to be paid $12.00 per share cash; stub dividend of $0.20326 per share.</li><li>Post-close, TWO becomes a CCM subsidiary; independence ends.</li><li>Stub dividend won&#039;t reduce merger consideration; total payout includes $12 plus dividend.</li><li>CCM expansion centers on mortgage servicing rights and mortgage platform integration.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Two Harbors Investment Corp. (TWO)</strong>: Subject to cash-out; will become a subsidiary of CCM post-close; independent listing ends.</li><li><strong>CrossCountry Mortgage, LLC (CCM)</strong>: Buyer; private company; will own TWO after closing; strategic integration of MSR assets.</li><li><strong>CrossCountry Merger Corp. (CCMC)</strong>: Merger vehicle; wholly owned by CCM; will merge with TWO at closing.</li></ul>
  </section>

  <section data-block="category">
    <h3>M&amp;A</h3>
    <p>Category: M&amp;A. This is a definitive corporate action with a fixed cash price; it restructures TWO’s ownership and aligns it under CCM, impacting valuation and MSR exposure segments.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Regulatory approval finalized; cash-out price fixed at $12 per share.</li><li>Stub period dividend of $0.20326 per share adds incremental value at close.</li><li>Closing catalyst set for Aug 25, 2026; any delay may affect price movements.</li><li>Post-close, TWO will cease to trade as a standalone entity and move under CCM.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Merger: TWO to merge with CrossCountry Mortgage; cash consideration $12.00 per share.</li><li>Stub dividend: $0.20326 per share; record date Aug 24, 2026.</li><li>Closing timing: Targeted to close before market open on Aug 25, 2026.</li><li>Forward-looking statements and risk disclosures accompany the release.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Expect the TWO stock to converge near $12 ahead of the Aug 25 close, with risk from potential termination.</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. will be acquired by CrossCountry Mortgage in a cash deal, with closing targeted for August 25, 2026. Shareholders receive $12.00 per share plus a $0.20326 stub dividend; post-close, TWO becomes a CCM subsidiary. The deal provides a fixed exit but eliminates upside and carries termination risk and regulatory uncertainties.

News insight

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

AI summary

Sentiment rationale

Key facts

M&A