On March 19, 2026, Two Harbors Investment Corp. (NYSE: TWO) announced that its Board of Directors has received an unsolicited proposal to acquire all outstanding shares of the company's common stock for $10.70 per share in cash. This proposal also includes a provision for the payment of a $25.4 million termination fee to UWM Holdings Corporation (NYSE: UWMC) to terminate the existing merger agreement between Two Harbors and UWMC. The ad hoc committee of the Board, after consulting with financial advisors and legal counsel, has determined that this unsolicited proposal could potentially lead to a 'Company Superior Proposal' as defined in the merger agreement with UWMC. However, the committee has not yet concluded whether this proposal is superior to the existing UWMC transaction. The Board continues to recommend the UWMC transaction and has scheduled a Special Meeting of Stockholders for March 24, 2026, to discuss the merger. The company will engage further with the unsolicited proposal to explore if it can reach a definitive agreement that constitutes a 'Company Superior Proposal'.

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