Houlihan Lokey Advises Two Harbors Investment Corp.

Houlihan Lokey is pleased to announce that Two Harbors Investment Corp. (NYSE:TWO) (TWO) has completed its previously announced sale to CrossCountry Mortgage, LLC (CCM) for a purchase price of $1.3 billion in an all-cash transaction. Under the terms of the merger agreement, TWO stockholders received $12.00 per share in cash, plus a stub period dividend of $0.20 per share as of closing. Houlihan Lokey acted as the exclusive financial advisor to TWO.

TWO, headquartered in St. Louis Park, Minnesota, went public in October 2009, with a focus on mortgage-backed securities (MBSs) after the 2008 financial crisis. Today, TWO is a leading residential mortgage real estate investment trust (REIT), managing an $11.3 billion investment portfolio of MBSs and mortgage servicing rights (MSRs). The company operates an in-house servicing platform, RoundPoint Mortgage Servicing LLC, which services $155 billion of unpaid principal balance (UPB) in owned MSRs and $41 billion in subserviced UPB.

CCM, headquartered in Cleveland, Ohio, is the nation’s No. 1 distributed retail mortgage lender, with more than 9,000 employees operating over 1,000 branches and servicing loans across all 50 states, Washington, D.C., and Puerto Rico. CCM originated $61 billion in residential mortgage volume in the LTM period ended June 2026, ranking as the fifth-largest mortgage originator in the United States, and services $209 billion of owned mortgage servicing UPB. Through this transaction, CCM acquires TWO’s servicing portfolio and the RoundPoint platform, materially accelerating CCM’s build-out of an in-house servicing capability.

Houlihan Lokey served as the exclusive financial advisor to TWO, advising on the marketing, structuring, and negotiation of the transaction with CCM, including through a competitive process involving topping bids from three counterparties.

With the announcement of this deal, Houlihan Lokey continues to solidify its position as a leading advisor in the residential mortgage industry. Additionally, this engagement demonstrates the Financial Services Group’s outsized role in advising on public company transactions across all subverticals.

If you would like more information about Houlihan Lokey or have questions regarding the firm’s role in this transaction, please contact one of the team members listed below.

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