UWM Holdings Corporation's Revised Offer to Acquire Two Harbors Investment Corp.

UWM Holdings Corporation (UWMC) has submitted a revised offer to acquire Two Harbors Investment Corp. (Two Harbors), proposing that Two Harbors stockholders can elect to receive either $12.00 per share in cash or 2.3328 shares of UWMC Class A common stock. This revised offer, dated April 30, 2026, increases the cash consideration by $0.70 per share compared to a previous offer and is supported by a committed, unsecured $1.3 billion bridge facility from Mizuho Bank, Ltd. UWMC criticizes the Two Harbors Board for not acting in the best interests of its stockholders and for implementing provisions that favor management. UWMC highlights that its offer provides a superior cash value, preserves the option for stockholders to participate in the combined company's future through stock, and offers more certainty of funding compared to the competing offer from CrossCountry Mortgage (CCM). UWMC urges the Two Harbors Board to negotiate in good faith and consider its revised proposal as a superior offer.