TWO common stock is being delisted and deregistered, so it is no longer tradeable on the NYSE. Holders of TWO common stock should have already received or will receive the $12.00/share merger consideration. For holders of TWO preferred stock (TWO PRA, TWO PRB, TWO PRC) and the TWO notes (TWOD), monitor for the redemption/repurchase process and subsequent delisting. The preferred stock redemption and note repurchase are expected but not guaranteed.
Price Chart
Executive Summary
Two Harbors Investment Corp. (TWO) has been acquired by CrossCountry Intermediate Holdco, LLC (CCM) in an all-cash merger. Each share of TWO common stock was converted into the right to receive $12.00 per share in cash, plus a stub period dividend of $0.20326 per share. As a result, TWO common stock will be delisted from the NYSE and deregistered, and the company will become a privately held subsidiary of CCM. The entire board of directors has been replaced by a single director from CCM, and the company will redeem its preferred stock and repurchase its senior notes.
Key Facts
- TWO common stockholders received $12.00 per share in cash plus a $0.20326 stub period dividend.
- TWO common stock is being delisted from the NYSE and deregistered under the Exchange Act.
- All eight directors (E. Spencer Abraham, James J. Bender, Sanjiv Das, William Greenberg, Karen Hammond, Stephen G. Kasnet, James A. Stern, Hope B. Woodhouse) ceased to serve, replaced by Ron Leonhardt.
- TWO became a wholly owned subsidiary of CCM.
- TWO will redeem all outstanding preferred stock (Series A, B, C) at $25.00 per share plus accrued dividends, with aggregate consideration expected to be approximately $622.0 million.
- TWO will offer to repurchase all $115.0 million of its 9.375% Senior Notes due 2030 at 104% of principal, with aggregate consideration expected to be approximately $120.0 million.
Financial Impact
Common stockholders received $12.00/share cash (plus $0.20326 stub dividend). Preferred stock redemption expected at ~$622M total; senior notes repurchase expected at ~$120M total.
Risk Factors
- The preferred stock redemption and note repurchase are not guaranteed to occur; the filing states 'there can be no assurance these transactions will occur'.
- Holders of TWO notes may not tender their notes, leaving some notes outstanding until the indenture is discharged.
- Common stock is now illiquid and has no public market.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-100622 |
| Document: 0001104659-26-100622-index.html | 0001104659-26-100622 |
| Document: 0001104659-26-100622.txt | 0001104659-26-100622 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 25, 2026 5w ago | 8-K | $12.18 awaiting T+5 | awaiting T+5 | โ | โ |
Aug 25, 2026 5w ago | 25-NSE | $12.18 awaiting T+5 | awaiting T+5 | โ | โ |
Aug 3, 2026 8w ago | 8-K | $12.05 $12.03 | โผ โ0.17% | โผ โ2.19% | โ |
Jul 28, 2026 9w ago | 8-K | $12.10 $12.03 | โผ โ0.58% | โผ โ6.11% | โ |
Jun 23, 2026 14w ago | DEFA14A | $12.37 $12.35 | โผ โ0.16% | โผ โ1.87% | โ |
Jun 23, 2026 14w ago | 8-K | $12.37 $12.35 | โผ โ0.16% | โผ โ1.87% | โ |
Jun 15, 2026 15w ago | DEFA14A | $12.26 $12.32 | โผ โ0.49% | โผ โ2.72% | โ |
Jun 15, 2026 15w ago | DEFA14A | $12.24 $12.22 | โผ โ0.16% | โฒ +1.22% | โ |
Jun 15, 2026 15w ago | DEFA14A | $12.24 $12.22 | โผ โ0.16% | โฒ +1.22% | โ |
US Market Status
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