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Two Harbors Today
By the People, for the People
Two Harbors Investments Reports Q4 2025 Results, Announces Merger with UWM
Company highlights strategic rationale and financial performance amid mortgage market shifts.
Feb. 4, 2026 at 1:31am
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Two Harbors Investments (NYSE: TWO) reported fourth-quarter 2025 results, which management said reflected solid portfolio performance. The company also provided a strategic update centered on its recently announced merger with United Wholesale Mortgage (UWM). Executives described the transaction as a culmination of Two Harbors' long-running effort to build a scaled mortgage servicing rights (MSR) platform supported by origination and servicing capabilities.
Why it matters
The merger with UWM is intended to address a shift in the mortgage finance landscape in 2025, where management believes scale has become 'more important than ever.' The combined company would double the size of Two Harbors' MSR portfolio to a pro forma $400 billion, pairing the company with the 'number one mortgage originator in the country'.
The details
For the fourth quarter, Two Harbors generated a total economic return of +3.9%. Book value was $11.13 per share at Dec. 31, 2025, up from $11.04 at Sept. 30. The company also repaid $261.9 million of convertible senior notes in full on their Jan. 15, 2026 maturity date. Operationally, Two Harbors settled on the sale of an additional $10 billion unpaid principal balance (UPB) of MSR, increasing third-party subservicing to $40 billion at year end from $30 billion the prior quarter.
- Two Harbors reported fourth-quarter 2025 results on February 4, 2026.
- The company repaid $261.9 million of convertible senior notes in full on their Jan. 15, 2026 maturity date.
- Two Harbors' DTC platform had a record quarter, funding $94 million in first and second liens, up 90% from the third quarter, with an additional $38 million in the pipeline at quarter end.
The players
Two Harbors Investments
A mortgage real estate investment trust (mREIT) that primarily invests in residential mortgage-backed securities (RMBS) and mortgage servicing rights (MSR).
United Wholesale Mortgage (UWM)
The 'number one mortgage originator in the country' that Two Harbors is merging with to create a scaled MSR platform.
Bill Greenberg
President and CEO of Two Harbors Investments.
William Dellal
Chief Financial Officer of Two Harbors Investments.
Nick Letica
Chief Investment Officer of Two Harbors Investments.
What they’re saying
“We must not let individuals continue to damage private property in San Francisco.”
— Robert Jenkins, San Francisco resident
“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”
— Gordon Edgar, grocery employee
What’s next
The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.
The takeaway
This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.