Two Harbors Investment (TWO) Proxy filing summary

Executive summary

• Special meeting postponed to June 23, 2026, to allow further engagement with UWMC regarding a potential all-cash offer.

• Board continues to recommend the $12.00 per share all-cash offer from CCM, which includes a stub dividend and is fully financed.

• UWMC's proposal is criticized for defaulting to stock consideration, which is valued significantly below its headline price due to recent stock declines.

• CCM transaction has secured 85% of regulatory approvals and is positioned to close by August 2026.

• Forward-looking statements highlight risks and uncertainties related to transaction completion and market conditions.

Voting matters and shareholder proposals

• Shareholders are urged to vote for the CCM transaction using the WHITE proxy card by June 23, 2026.

• The CCM transaction will be submitted to shareholders for approval, with supplemental proxy materials provided.

Board of directors and corporate governance

• Board unanimously recommends the CCM transaction and opposes any deal involving UWMC stock due to fiduciary concerns.

• Board is prepared to engage directly with UWMC if an actionable all-cash offer is presented.