When UWM Holdings Corp. lost its bid last week to acquire Two Harbors Investment Corp. (TWO), upstaged by an offer from rival CrossCountry Intermediate HoldCo, analysts were not entirely surprised.

“It was such a wild turn of events,” said Eric Hagen, an analyst at BTIG. “But we were not surprised that it broke up.”

The deal would have marked UWM’s first acquisition. The company, founded in 1986 by Jeff Ishbia and led by his son Mat Ishbia since 2013, has historically relied on organic growth. This time, however, it ran into market headwinds and structural challenges tied to its details ⇒

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