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Two Harbors announces acquisition by UWMC

December 2025

Client(s) Two Harbors Investment Corp.

Jones Day is advising Two Harbors Investment Corp. (NYSE: TWO), a leading MSR focused REIT and one of the largest servicers of conventional mortgages in the country, in its acquisition by UWM Holdings Corporation (NYSE: UWMC), the publicly traded indirect parent of United Wholesale Mortgage, the #1 overall mortgage lender in America, in an all-stock transaction for $1.3 billion in equity value, based on a fixed exchange ratio of 2.3328x.

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