TWOD — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-07-29

• On March 27, 2026, we entered into a definitive agreement (the “Original CCM Merger Agreement”) with CrossCountry Intermediate Holdco, LLC (“CCM”) and CrossCountry Merger Corp., a wholly owned subsidiary of CCM, pursuant to which CCM will acquire all of the outstanding shares of our common stock in …

• Subject to the terms and conditions of the Amended CCM Merger Agreement, at the effective time, each outstanding share of our 8.125% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 7.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock and 7.25% Series C …

• As previously disclosed, on December 17, 2025, we entered into a definitive agreement and plan of merger (the “UWM Merger Agreement”) with UWM Holdings Corporation (“UWM”). Following the determination that we had received a “Company Superior Proposal,” as defined in the UWM Merger Agreement, from CC…

• The performance of risk assets in the second quarter was bolstered by the de-escalation of tensions in the Middle East during the period. The price of crude oil finished the quarter around $70 per barrel, all but reversing the price increase in the first quarter. The S&P 500 Index surged higher by 1…

• Counter trend to the expectation of higher short rates, volatility declined in response to evolving developments in the Middle East conflict. Implied volatility, as measured by 2-year options on 10-year swap rates, fell by 6 bps to 79 bps over the quarter, close to its year-to-date average of 80 bps…

Text removed vs the prior filing · source: 10-Q · 2026-04-29

• On March 27, 2026, we entered into a definitive agreement (the “Original CCM Merger Agreement”) for CrossCountry Intermediate Holdco, LLC (“CCM”) to acquire all of the outstanding shares of our common stock in an all-cash transaction (the “CCM Merger”). On April 28, 2026, we and CCM entered into an …

• As previously disclosed, on December 17, 2025, we entered into a definitive agreement and plan of merger (the “UWM Merger Agreement”) with UWM Holdings Corporation (“UWM”). Following the determination that we had received a “Company Superior Proposal,” as defined in the UWM Merger Agreement, from CC…

• The performance of equity and fixed-income sectors in the first quarter was adversely affected by the conflict in the Middle East, which began at the end of February and remained uncertain at quarter-end. An oil price shock, triggered by an almost complete cessation of supply coming through the Pers…

• Amid the uncertainty, the Federal Reserve (the “Fed”) left rates unchanged at both their February and March meetings. Market expectations for the Fed’s effective rate at 2026 year-end rose from 3.06% on December 31, 2025 to 3.57% at March 31, 2026, essentially wiping away any prospects of Fed cuts i…

• At the start of the quarter, RMBS performance was buoyed by the continued decline of implied volatility and the announcement in early January by the Director of the Federal Housing Finance Agency directing the GSEs to purchase $200 billion of Agency MBS in an effort to explicitly tighten mortgage sp…

Text removed vs the prior filing · source: 10-Q · 2026-04-29

• The CCM Merger is subject to a number of conditions which, if not satisfied or waived in a timely manner, would delay the CCM Merger or adversely impact CCM’s and our ability to complete the transaction.

• The completion of the CCM Merger is subject to the satisfaction or waiver of a number of conditions. In addition, under circumstances specified in the Amended CCM Merger Agreement, either party may terminate the Amended CCM Merger Agreement. In particular, completion of the CCM Merger requires the a…

• Failure to consummate the CCM Merger as currently contemplated or at all could adversely affect the price of our common stock and our future business and financial results.

• Completion of the CCM Merger is subject to the satisfaction or waiver of a number of conditions, including approval by our common stockholders of the CCM Merger and receipt of certain regulatory approvals. We cannot guarantee when or if these conditions will be satisfied or that the CCM Merger will …

• •our common stockholders may be prevented from receiving cash consideration for the CCM Merger;