Munger Mode rating: 1 out of 5 — Strong Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We are writing this report at a peculiar moment: the patient is on the operating table, the organ recipient has signed the paperwork, and the anesthesia has already been administered. Two Harbors' shareholders voted on July 2, 2026 to sell the company to CrossCountry Mortgage for $12.00 per share in cash plus a pro-rated stub dividend of roughly $0.12. Fifty-two of fifty-three regulatory approvals are in hand; the deal was scheduled to close August 3 and now waits on a single state regulator. The stock trades at $12.03. So the practical question — should you buy this stock today? — answers itself: you would be paying $12.03 to receive approximately $12.12, a gross spread of less than one percent, in exchange for bearing the tail risk that a nearly-complete merger somehow dies and the stock falls back toward (or below) its $10.68 book value.
Recent filings analysed: 8-K (2026-08-03).
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