Two Harbors Investment Corp. (TWO) Q2 2025 Earnings Call Transcript

Two Harbors Investment Corp. (NYSE:TWO) Q2 2025 Earnings Conference Call July 29, 2025 9:00 AM ET

Company Participants

Margaret Field Karr – Head of Investor Relations
Nicholas Letica – VP & Chief Investment Officer
William Dellal – VP & Chief Financial Officer
William Ross Greenberg – President & CEO

Conference Call Participants

Bose Thomas George – Keefe, Bruyette, & Woods, Inc., Research Division
Douglas Michael Harter – UBS Investment Bank, Research Division
Harsh Hemnani – Green Street Advisors, LLC, Research Division
Jason Michael Stewart – Janney Montgomery Scott LLC, Research Division
Jason Price Weaver – JonesTrading Institutional Services, LLC, Research Division
Kenneth S. Lee – RBC Capital Markets, Research Division
Richard Barry Shane – JPMorgan Chase & Co, Research Division
Trevor John Cranston – Citizens JMP Securities, LLC, Research Division

Operator

Good morning. My name is Jennifer, and I will be your conference facilitator. At this time, I’d like to welcome everyone to Two’s Second Quarter 2025 Earnings Call. [Operator Instructions].

I would now like to turn the call over to Ms. Maggie Karr.

Margaret Field Karr

Good morning, everyone, and welcome to our call to discuss Two’s second quarter 2025 financial results. With me on the call this morning are Bill Greenberg, our President and Chief Executive Officer; Nick Letica, our Chief Investment Officer; and William Dellal, our Chief Financial Officer.

The earnings press release and presentation associated with today’s call have been filed with the SEC and are available on the SEC’s website as well as the Investor Relations page of our website at twoinv.com.

In our earnings release and presentation, we have provided reconciliations of GAAP to non-GAAP financial measures, and we urge you to review this information in conjunction with today’s call. As a reminder, our comments today will include forward-looking statements, which are subject to risks and uncertainties that may