Break out the champagne. After a lengthy engagement, the marriage of Two Harbors Investment Corp. (TWO) and CrossCountry Mortgage (CCM) is nearing its conclusion.
TWO, a mortgage servicing rights-focused real estate investment trust, announced Friday that it had received final regulatory approval for its merger with CCM. The transaction is expected to close before the market opens Aug. 25.
TWO shareholders had approved CCM’s acquisition proposal on July 2, ending a bitter bidding battle between the retail lending giant and the parent company of United Wholesale Mortgage (UWM).
If the transaction closes, TWO shareholders will receive $12 per share of common stock and a prorated stub dividend. Two Harbors said the dividend would be slightly more than 20 cents per share and “will be paid with the merger consideration and will not reduce or otherwise affect the merger consideration.”
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The closing of the deal will end this chapter for TWO. But the REIT will still face the jilted UWM in court.
UWM filed a complaint on Aug. 10 against TWO, seeking more than $500 million in damages. UWM alleges Two Harbors improperly facilitated CCM’s competing bid after agreeing to an all-stock deal with UWM in December 2025, which was valued at $1.3 billion at the time.
Two Harbors has denied those accusations, calling UWM’s lawsuit “baseless” and “frivolous.”
