Two Harbors falls after UWM Holdings ends call without Q&A

Two Harbors (TWO) shares are down $1.64, or 15%, to $9.04 in morning trading following the conclusion of the earnings call held by UWM Holdings (UWMC). On the call, Mat Ishbia, Chairman, President, and CEO of UWM Holdings, said: “Now, on these calls, I’ve always taken questions. We’ve gone through the process, and we believe, you know, our industry’s superior business model, that the short Q&A doesn’t necessarily do it justice, really make it, you know, to explain the complexity of our business. I’m not going to go through the question process today, but I do encourage you to read the SEC filings for more information about our business and strategy. UWM has had such a dominant 2025. We’re going to have an even more dominant 2026, and I’m really excited about it. The year 2025 was about execution, discipline, investment, continued leadership. We’re well-positioned operationally, financially, strategically for 2026 and beyond, and we remain focused on the long-term focus of dominating this industry, taking care of our consumers, our team members, our brokers, our shareholders, and we’re going to do just that going forward. Thanks for the time today. Have a great day, and we’ll talk soon.” In December, UWM and Two Harbors announced a definitive merger agreement pursuant to which UWM will acquire Two in an all-stock transaction for $1.3B in equity value.