Two Harbors to be acquired by CCM for $12/share; portfolio reduced 39% ahead of Aug 2026 close

Filed July 29, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 29, 2025 · ~2 min read

Key Changes

• high

  CCM merger agreement approved by stockholders on July 2, 2026, with expected closing August 3, 2026. Common stock will be acquired for $12.00 per share in cash (increased from initial $10.80), while preferred stock remains outstanding and will be redeemed at $25.00 per share plus accrued dividends.

  Notes: CCM Merger Agreement verify on EDGAR →
• high

  AFS securities portfolio contracted from $8.3B to $5.1B (down 39%) and MSR from $3.0B to $2.3B (down 23%) as the company deleveraged ahead of the merger. Total assets fell from $13.0B to $8.8B, with debt-to-equity ratio improving from 5.4:1.0 to 3.8:1.0.

  MD&A: Portfolio Size & Notes: AFS/MSR verify on EDGAR →
• medium

  Company terminated prior UWM merger agreement in March 2026 after receiving superior CCM proposal. CCM paid the $25.4M UWM termination fee on the company's behalf, resulting in no net financial impact.

  Notes: UWM Termination verify on EDGAR →