CrossCountry Mortgage Acquires Two Harbors in $12 Per Share Deal
Event summary
- CrossCountry Mortgage completed its acquisition of Two Harbors Investment Corp. (TWO) on August 25, 2026.
- TWO stockholders received $12.00 per share in cash plus a stub period dividend of $0.20326 per share.
- TWO's common stock will delist from the NYSE and become a privately held subsidiary of CCM.
- Houlihan Lokey and PJT Partners advised TWO, while Citi and Simpson Thacher advised CCM.
The big picture
The acquisition marks a significant consolidation in the mortgage servicing rights (MSR) space, with CrossCountry Mortgage expanding its footprint. TWO's expertise in MSRs and residential mortgage-backed securities (RMBS) complements CCM's retail lending focus. The deal reflects broader industry trends of scaling through acquisitions to navigate regulatory and market volatility.
What we're watching
- Integration Challenges
- How CrossCountry Mortgage will integrate TWO's MSR-focused operations into its existing business model.
- Market Positioning
- Whether the acquisition strengthens CCM's competitive edge in the distributed retail mortgage lending space.
- Regulatory Scrutiny
- The pace at which regulators review the deal's impact on mortgage market concentration.
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