On Thursday, Two Harbors Investment Corp. adjourned its special stockholder meeting for the second time. The St. Louis Park-based REIT pushed the vote to June 11, 2026, after stockholders twice blocked CrossCountry Mortgage's $12-per-share all-cash deal.
The meeting, originally set for May 19 and already delayed once to May 28, now reconvenes virtually at 10:00 a.m. Eastern. Two Harbors said it needs more time to engage stockholders and solicit additional proxies in support of the CCM sale.
Two Harbors manages a $176 billion mortgage servicing rights portfolio through its subsidiary RoundPoint Mortgage Servicing. The REIT's board has endorsed CCM's offer as the only transaction with a clear and certain path to closing.
UWM Holdings Corporation, parent of United Wholesale Mortgage, sees the second adjournment differently. Today's second adjournment demonstrates unequivocally that TWO stockholders understand what their Board refuses to acknowledge, the company said in a statement Thursday.
The bidding war began in December 2025, when UWM and Two Harbors announced a $1.3 billion all-stock merger. That deal unraveled in March 2026 when CrossCountry Mortgage, a distributed retail lender based in Cleveland, submitted a competing all-cash offer at $10.80 per share and absorbed a $25.4 million termination fee on Two Harbors' behalf.
Four escalations followed. CCM has since declared $12.00 per share its best and final offer. UWM's competing proposal sits at $12.50 in cash or 2.3328 shares of UWM Class A common stock. Each UWM counter was met by an identical CCM price amendment, a pattern UWM publicly characterized as doing the bare minimum on the headline cash figure.
Two Harbors has countered that UWM's proposal carries significant execution risk. The board estimates that 25% to 30% of stockholders who miss the cash election deadline could default into UWM stock worth approximately $7.23 per share based on May 27 closing prices, a far cry from the $12.50 headline.
CCM's deal delivers automatic all-cash consideration with no election required and no financing contingency. That structural certainty is the core of Two Harbors' argument to stockholders.
UWM chairman and CEO Mat Ishbia, speaking at UWM Live in Pontiac earlier this month, was direct about what he wants from the deal and what he does not. We already have servicing in-house. It's already here, Ishbia told reporters. This was just to take our 700,000 clients and go up to 1.3 million. That was always just scale because our servicing platform is already the best in the country right now.
The June 11 vote is now the industry's most closely watched event of the summer. The outcome will determine whether Two Harbors stockholders choose the certainty of CCM's all-cash offer or the potential upside of UWM's stock-and-cash bid.
For capital markets, this fight reveals a deeper truth: in a rate cycle where mortgage origination volumes remain compressed, servicing scale is the prize. Both bidders are betting that controlling a $176 billion MSR portfolio will deliver stable fee income regardless of origination cycles.
The repeated adjournments suggest stockholders are not yet convinced. The gap between CCM's $12.00 cash and UWM's $12.50 headline is narrow, but the execution risk gap is wide. Stockholders are forcing both sides to sharpen their arguments before they cast their final votes.