UWM Holdings Corp

UWM Holdings Corporation has launched its previously announced rights offering aimed at raising up to $400 million. The offering allows holders of Class A common stock as of October 2, 2026, to purchase additional shares. Each right grants the ability to buy 0.57 shares at a price determined by the greater of $2.00 or 85% of the 10-day volume-weighted average price before the offering's expiration on November 12, 2026. An over-subscription right is available for those who fully exercise their basic subscription. A backstop agreement with SFS Group Capital, LLC, Mat Ishbia, and Oaktree Capital Management, L.P. ensures a minimum of $400 million in gross proceeds.

UWM Holdings Corporation reported a net loss attributable to the company of $(80.59) million for the second quarter of 2026, a significant decline from a net income of $22.91 million in the same period last year. Total revenue for the quarter increased to $888.0 million from $758.7 million year-over-year. The loss was primarily driven by a $(603.19) million loss on other interest rate derivatives and a $(122.68) million change in the fair value of mortgage servicing rights.

UWM Holdings Corporation (UWMC) issued a statement criticizing the Board of Directors of Two Harbors Investment Corp. (TWO) for rejecting UWMC's May 11 proposal to acquire Two Harbors for $12.50 per share in cash or UWMC stock. Two Harbors' board reaffirmed its support for a merger with CrossCountry Mortgage, LLC, which UWMC states offers $0.50 less per share. UWMC highlighted that both ISS and Glass Lewis, independent proxy advisory firms, have recommended that Two Harbors stockholders vote AGAINST the CrossCountry Mortgage merger, citing concerns over value and 'excessive' management compensation.

UWM Holdings Corporation (UWMC) announced that Institutional Shareholder Services (ISS), a leading independent proxy advisory firm, has recommended that stockholders of Two Harbors Investment Corp. vote AGAINST the CrossCountry Mortgage (CCM) merger proposal at the upcoming special meeting on May 19, 2026. ISS's report highlighted concerns about the Two Harbors Board's process and its failure to capitalize on UWMC's higher $12.50 or stock upside offer. UWMC views this as a validation of its position that rejecting the CCM merger is the best path for Two Harbors stockholders to maximize value.

UWM Holdings Corporation announced a revised proposal to acquire Two Harbors Investment Corp. for $12.50 per share in cash or 2.3328 shares of UWMC stock. This new offer is positioned as clearly superior to the pending $12.00 per share cash merger proposal from CrossCountry Mortgage, LLC. UWMC is actively urging Two Harbors stockholders to vote against the CCM merger at the upcoming special meeting on May 19, 2026, to compel the Two Harbors Board to engage with UWMC and maximize stockholder value.

UWM Holdings Corporation reported a net income of $25.3 million for Q1 2026, a significant improvement from a net loss of $13.7 million in Q1 2025. Total revenue increased to $901.4 million, up 47% year-over-year, driven by strong loan production and servicing income. The company also amended its Conventional and Ginnie Mae MSR facilities, increasing borrowing capacity and extending maturity dates, while contingent earn-out shares for SFS Corp. expired as stock price targets were not met.

UWM Holdings Corporation reported strong first-quarter 2026 results, with net income reaching $170.4 million, a significant improvement from a net loss in the prior year. Loan origination volume increased 39% year-over-year to $44.9 billion, marking the second-highest first-quarter production in company history. The company also declared a cash dividend of $0.10 per share for the 22nd consecutive quarter and is ahead of schedule in bringing all loan servicing in-house by October 2026.

UWM Holdings Corporation (UWMC) responded to Two Harbors Investment Corp.'s (TWO) rejection of its $12.00 per share acquisition proposal. UWMC criticized the TWO Board's decision, stating its offer is superior to the $11.30 per share transaction with CrossCountry Mortgage that the Board reaffirmed. UWMC highlighted its fully financed offer, supported by a $1.3 billion bridge facility from Mizuho Bank, which has removed a customary due diligence condition. UWMC is now assessing its options to ensure TWO stockholders receive the value it believes they deserve.