Two Harbors: Tepid Book Value Growth, Underwhelming Earnings (Downgrade) [Seeking Alpha]
UWM Holdings Corporation Class A (UWMC)
Company Research
Source: Seeking Alpha
TWO's Q4 2025 results show weak book value growth and a slump in quarterly non-GAAP earnings. The company projects static earnings of $0.16-0.31/share, below its current dividend level. While TWO shares may continue to rally if we see further appreciation in UWM Holdings stock, risks to a pullback have increased since my prior coverage. High leverage, increases in mortgage spreads, and the pace of a potential recovery in non-GAAP earnings are key risk factors to watch if TWO remains an independent company. AKart Design/iStock via Getty Images Introduction Shares in Two Harbors Investment Corp. ( TWO ) have delivered solid gains so far in 2026 as the market apparently feels increasingly confident that the merger with UWM Holdings Corporation ( UWMC ) will close successfully. As a reminder, TWO is This article was written by Analyst's Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any suc
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UWMC
News
- High-Yield Carnage In 2026 [Seeking Alpha]Seeking Alpha
- Do Mat Ishbia's 10b5-1 Share Sales Reframe UWM Holdings' Governance Story (UWMC)? [Yahoo! Finance]Yahoo! Finance
- Assessing UWM Holdings (UWMC) Valuation After Mixed Recent Share Price Performance [Yahoo! Finance]Yahoo! Finance
- UWM Holdings CEO Sells Millions of Shares in January [Yahoo! Finance]Yahoo! Finance
- Likely 9.55% To 10.25% Returns On Two Harbors Preferred Stocks With UWM Buyout [Seeking Alpha]Seeking Alpha
UWMC
Earnings
- 11/6/25 - Miss
UWMC
Sec Filings
- 2/3/26 - Form 4
- 2/2/26 - Form 4
- 2/2/26 - Form 4
- UWMC's page on the SEC website