Two Harbors Investment Corp. (NYSE:TWO) Q3 2019 Earnings Conference Call - Final Transcript

Nov 06, 2019 • 09:00 am ET


Two Harbors Investment Corp. (NYSE:TWO) Q3 2019 Earnings Conference Call - Final Transcript


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Good morning. My name is James and I will be your conference facilitator today. At this time I would like to welcome everyone to Two Harbors' Third Quarter 2019 Financial Results Conference Call. [Operator Instructions] I would now like to turn over the call to Maggie Field with Investor Relations for Two Harbors.

Margaret Field

Thank you and good morning everyone. Thank you for joining our call to discuss Two Harbors' Third Quarter 2019 Financial Results. With me on the call this morning are Tom Siering our President and CEO; Mary Riskey our CFO; and as Bill Roth is transitioning his CIO duties we will have Matt Koeppen and Bill Greenberg our co-Deputy CIOs join us to comment on our portfolio performance and investment opportunities. After my introductory remarks Tom will provide an overview of our quarterly results and long-term strategy; Mary will highlight key items from our financials; and Matt and Bill will review our portfolio performance. The press release and financial tables associated with today's call were filed yesterday with the SEC. If you do not have a copy you may find them on our website or on the SEC's website at In our earnings release and slides which are posted in the Investor Relations section of our website we have provided a reconciliation of GAAP to non-GAAP financial measures.

We urge you to review this information in conjunction with today's call. I would also mention that this call is being webcast and may be accessed on our website in the same location. Before I turn the call over to Tom I would like to remind you that remarks made by management during this conference call and the supporting slides may include forward-looking statements. Forward-looking statements are based on the current beliefs and expectations of management and actual results may be materially different because of a variety of risks and other factors. Such statements are typically associated with the words such as anticipate expect estimate and believe or other such words. We caution investors not to rely unduly on forward-looking statements. Two Harbors describes these risks and uncertainties in its annual report on Form 10-K for the fiscal year ended December 31 2018 and in other filings it makes or may make with the SEC from time to time which are available on the Investor Relations section of Two Harbors website and on the SEC's website at Except as may be required by law Two Harbors does not update forward-looking statements and expressly disclaims any obligation to do so.

I will now turn the call over to Tom.

Thomas Edwin Siering

Thank you Maggie and good morning everyone. We hope that you had a chance to review our earnings press release and presentation that we issued last night. Please turn to slide three to review our results. We had a very strong quarter and generated significant book value growth delivering a total quarterly return on book value of 6.7%. For the first nine months of the year we have achieved a 22%