Two Harbors agrees to $11.30/share CCM buyout; PRCM litigation resolved, portfolio shrinks 22%

Filed April 29, 2026 · Period ending March 31, 2026 · Compared to 10-Q Apr 29, 2025 · ~2 min read

Key Changes

• high

  Company entered definitive merger agreement with CCM for $11.30/share all-cash acquisition (amended up from $10.80), expected to close H2 2026 pending stockholder approval. CCM paid $25.4M termination fee from prior UWM deal on company's behalf.

  MD&A: CCM Merger Agreement verify on EDGAR →
• high

  Total assets at fair value declined $2.6B (22%) to $9.0B year-over-year; book value per share fell 28% to $10.57 from $14.66. Debt-to-equity ratio improved to 4.8:1 from 5.1:1 as company deleveraged ahead of merger.

  MD&A: Portfolio Composition verify on EDGAR →
• high

  PRCM Advisers litigation—stemming from 2020 management agreement termination dispute—removed from disclosures entirely. Prior filing showed March 2025 magistrate report partially unfavorable to company with objections due April 30, 2025.

  Legal Proceedings verify on EDGAR →