TWO - Earnings call transcript Q2 2024 | Two Harbors Investment Corp.

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Operator

Good morning. My name is Melissa, and I will be your conference facilitator. At this time, I would like to welcome everyone to Two Harbors' Second Quarter 2024 Financial Results Conference Call. [Operator Instructions] I would now like to turn the call over to Maggie Karr.

Margaret Field

Good morning, everyone, and welcome to our call to discuss Two Harbors' Second Quarter 2024 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 Mary Riskey, 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 twoharborsinvestment.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.

expectations. comments risks include cause and to materially our are statements, our reminder, differ to subject uncertainties from a today forward-looking will which results As that may the These presentation and are reports the with filed Page described X subsequent and our Form on in XX-K SEC. of does call obligation as so. I to Harbors law, will may over statements forward-looking now by required update Except the to do Bill. and be turn Two not disclaims any

William Greenberg

second morning, Thank call. and everyone, quarter you, our earnings to Good Maggie. welcome

Before of getting results, financial I would moment to like a into our Mary to recognize our take the Riskey. retirement CFO,

have be Two has honesty, of Mary character, are her As leadership. XX years loyalty. distinguished and her when her mark XXXX, your our in doubt I retire career, by will which and years at no I in remember and wish XX you'll and conversations chapter. all and company, for next known admire the to with struck I Harbors very to issues. on is Mary, you we being having last early There a an her at In years commitment missed, of those of long for knowledge indelible Harbors. Mary previously her command Harbors left and grateful come announced, I've the us her Mary, the Two technical and best Two in were in joined August Mary at numerous after already very was

and worked Most worked CFO XXXX to with William vast to couldn't deep and fortunate of in from was the August sale the through X. Prior He industry has we happier completion Capital joining mortgage management. In join I Caliber. that to company, servicing, together Dellal Mortgage, are and this for expertise. he origination, I experience be effective able as at Citi wisdom on excited markets be together us and Interim announce at of to We of Mortgage. where our was and years and CFO risk William draw President, again. especially that, XXXX change for then XX very William's the knowledge recently, Caliber growth William be are Head of also of Markets through William to will time

for that help be We Dellal's from to us to to where will presence search. from will are but and continue to able search careful future. near currently, CFO, permanent the grow, William in be a not allows thoughtful be we we where who expect in us

providing with Now, results. our portfolio our investment update start turning followed outlook. markets Mary operations. financial detail quarterly I'll our Nick will in results a cover will our by an discuss RoundPoint and to and return the on finish performance, an by on and overview discussion of

Slide Let's X. begin with

Our X.X% economic decreased book for per at return June value to total the XX $XX.XX share, representing a quarter.

we For a the the X.X%. economic of return half of first total year, generated

yield median for inflation XXXX followed falling for unchanged to the left rising as moved for French surprising cut. to points XXXX in interest members readings readings X, further signaled from back lack and better-than-expected this June, Slide no data beginning MSR expectation of to was path, spreads prepayment cut a April, British forecasts. Inevitably, by declining conflicting Both on points, performed volatility that stable seen present. basis came a quarter, in data, race, results second for interest on the points, XX fully X results is steadily time, a from rate quarter basis the again and XX flows target. and higher out was by XX market XX-year presidential second rose XX treasury own by by funds year there stronger-than-expected quarter and quarter. XX cuts wait and quarter in to reading, the of view. inflation a The they their the by finishing driving though shows X showing U.S. in Chairman cuts quarter dot plots, in X. CPI X.XX%. In in shifted June. Unexpected at projections, in and the Figure falling X, weaker-than-expected a X% X stronger speeds. Please higher Fed good basis The points in Fed to markets. points, reports second continued basis to more cuts slide quarter followed rate on compared that basis end, the In by is contributed Powell elections, reports well also through September up in yield and higher points September After RMBS their in declined the supported widening brief weaker-than-expected X about were the Our affected Fed's for forecasts turn points had about X.XX%. rate then from the market then towards realized expectations XX down slow longer CPI pickup economic for Post Figure May, ultimately first an the similar basis of rates basis a about discussion the Market small probable in now the end, primarily volatility. the XX of rising with treasury the pricing cash developments the cut and volatility. to plus employment many in first as finished cuts X in reinforcing or plurality and cuts in the X

discussion easing MSR decrease supports brief a RMBS. Please turn cycle, RoundPoint's volatility X MSR is the on Fed embarks this to benefit RMBS We which further an that environment will operations. on also as our idea expect the Slide an current and that for and and excellent will both allocation to for valuations, Agency

new scale, our the operating previously mortgage owning thus of goal transfer to services economies to about sources UPB. Our mortgage be MSR creating and economics, leverage articulated the of to of of opportunities able set RoundPoint's more achieve for expansive in finance our of loans and a with was improve company all servicing space, company. In we completed $XXX over to now billion RoundPoint of XXX,XXX profitability June. the or platform in plan, line in

also worth low progress operations we taken $XX to customers. In applications with July loans. operational XX, potential direct-to-consumer quarter, just continue weeks be first taking and We locks of have our the and platform, actively loan are focused few are launched second so more on than of efficiencies million deliver to pleased implementing per cost-to-service we originations through we from the our loan on far. In

target small is a rates remain unchanged. that this that While very we to we still we set and this we ourselves, for grow over if number met are the expect pleased time interest number, even

but platform a reminder, larger faster-than-expected is to to higher have small steady refinance environment like act should to environment be rate designed and a as in returns able this returns As speeds. prepayment direct-to-consumer a a to in and generate positive this, but hedge

holders, various in are our to that this support actively the equity loans intend partner X new lien XX,XXX products to to added ideal the loans customers, year. We and begin believe structures. on second we and servicing also working we including from the for offering ability approximately are service client and sub later ancillary to existing home We MSR MSR quarter. We

again Our our RMBS. benefits results of of this quarter paired MSR demonstrate with construction the portfolio Agency

portfolio our addition, are operating existing through actions own we an and costs, our returns lowering hedging owning affect In entity, our more closely operating expanding opportunity originations, through by to able our set. through recapture

returns produce across is Our different to investment market strategy designed environments.

majority preserving results. volatility our fluctuations our to that, mortgage spread hand upside call less MSR, over to falling discuss capital the and to portfolio tightening our spreads of still environments. With to hedged portfolios in like Mary allocated than With while without MSR, I'd financial exposed to is the to

Mary Riskey

my It an Thank with you, Two been I has kind upcoming been about for Bill, to people. serve fortunate and truly Harbors' amazing work as have retirement. words to CFO, honor your

to Now, please Slide X. turn

$X.XX $XX.XX a dividend XX, Our at XX common flat $XX.XX book to in results quarterly return. was share value compared March including per at the June economic

was by and MSR-related and indicator sheet financing repurchase plus second gains in the the on $XX of our favorable servicing quarter, the as was the Servicing of income to asset. comprehensive At offset we basis the to million between in The $XXX well across were million $XX was As income, rates, a offset and interest by markets is balances economic driving per favorable derivative our metric of costs, in lower million $X.X Spreads $X.XX liquid lower slight facilities. sell or share as due of million that and balance to to higher our the X. second borrowings total of the and to RoundPoint to million quarter spread with SOFR million borrowing smaller fees X our maturity to more subservicing Slide loss asset transitioned servicing service due quarter. higher rates to income income amortization turn average servicing servicing our reminder, lower than of end, included available. generated change third-party $X.X was in $XX XX the by financed common lower sell-off Net income an outstanding to XX weighted-average remaining income smaller million RMBS float due first slightly of costs. Net stable Slide million about funding lenders points XX and consider points. of interest partially agreements and $XXX first days. We collections with million $XX sales. Net quarter to we a to billion $X ancillary remained unfavorable turn the by in due fee platform. Investment were for rates RMBS ample of QX RMBS and expense tightened widening. on average Agency X. company income third-party RMBS throughout other off a OCI servicing days favorable offset servicing the repo the effect in basis losses in float and to with net weighted million first return activities securities primary by performance. Please under increase MSR swap an quarter from servicing as as $XX for quarter bilateral quarter quarter fee $XXX to Net other rates. Please

notes the now financing in on call we increased funding with variable capacity over a MSR by and replaced capacity $XX million them MSR Our ended unused quarter the secured We the asset will advances. I the note. $XXX X-year repo turn June, Nick. unused servicing and for with million capacity of to term matured total

Nicholas Letica

X. turn Slide Thank Please to you, Mary.

at and June $X.X including portfolio was in billion, XX Our positions $XX settled in billion billion TBAs. $XX.X

up in shifted the from our and stance. and migrated notional we more leverage down increased has volatility Fed Our as coupon Agency believe a exposure. Despite which increased to outcomes TBAs quarter, of X.Xx a to mortgage been specified aggressive as we has pools diminished, RMBS this pickup slightly variability warrants trending

While RMBS our that higher coupons. slightly. Generally, leverage you only increased bottom exposure than spread right increased, lower the durations our lower notice graph in will spread coupon have

went the coupon, So, spread up the exposure increased of as maintain in to also leverage we we portfolio.

volatility interest second our very to low quarter. Please owing first And interest similar second versus our the was turn over from Lastly, modestly in the exposure the data. Figure we which up, Slide continue primarily to quarter, to picked to volatility past present. the XX. to and In quarter, rate X, shown economic manage exposure erratic have XXXX several closely. rates rates shows quarters, we rose spreads to

basis basis performance stronger while generally RMBS mean. With preferred driving basis annualized X the rates the volatility an points and volatility. spread on in treasury increased and spreads RMBS higher, rates XX-year gauge, increase curve, rates current driving finished implied basis option-adjusted the at X rates basis, spread to slightly basis from at Our on basis XX XXX points On the a XXX points, volatility pattern of weaker lower above options points reflecting points follow year-to-date X wider year to finished basis, the its points coupon month-to-month predictably performance. higher implied tighter nominal of XX

to of X, see spread to specified across turn in by attractiveness shows the nominal our Figure XX portfolio. X, on billion volatility Figure $X.X Hedge specified Agency we the to notional mortgage story. choppiness see We holdings our stack TBAs pools and X.X% pools coupon coupon added of Slide portfolio the the steepened of our for As mortgages. Please lower can composition quarter. the across And the this stack higher performance by and spread RMBS to our into to the rates. Figure over quarter, review own We around the potential a between environment. pool you specified performance X of negatively stack. increasing can was compared TBAs throughout curve you coupon coupon TBAs positions the the position coupon tightening actively impacted moved of across better considerable approximately X% RMBS

as coupon We to TBAs with also rally prepayments should up. Figure right of notional replaced on pool in increased and rotated coupons. We securities and pick wider performance to pools higher X X.X% capture approximately improve due into to bottom our spreads TBAs X% to lower X.X% X.X% expected seasonality. the the X.X% $XXX speeds specified on million from million, to rates $XXX prepayment first quarter CPR subsequently shows specified CPR

discuss our we portfolio. Please the non-bank amounts currently the by at being for with are to a valuations a of the par, performed of competing well on investments speeds lower XX, to MSR. are in faster environment Slide to bolstered large discount RMBS As as beneficial MSR turn few quarter in second supply. our priced originators majority holdings

strong the in the buyers Given market, into since XXXX. bids X sellers, shows transfers of ourselves. servicing including beginning turned the Figure large certain

the volumes past the the of X a years. X levels through XXXX As decline quarters first of expected, from show record transfer

due hovered X%, to you at UPB Mae We for increased new rates review beginning our billion X% million Post XX again originations. quarter billion which see of $XXX The X.X% portfolio. of turnover the turn to of the committed in-the-money continues Figure As MSR $X early another follow year UPB XX. its acquisitions rates to to prepayment bulk bulk X, end, Slide XX in through as UPB sale last at in can a seasonality, UPB from X June in we purchase Fannie and committed XX-year remained mortgages quarter. billion spring refinancing. Please slowly second share X% grow quarter themes years; the MSR to portfolio flow was curtailments the RMBS mortgage The the in through primary muted Overall, and of below the report July $X.X to Prepayments central CPR peak. early near share settled through hit approximately turnover the settled although acquisition third quarter. the $XXX purchase. purchase to

We billion committed $X.X sell also opportunistically of UPB MSR. to higher coupon

was continue assets, our on we where MSR is over and portfolio we see to our This allocate our actively price MSR in slower which MSR we the from MSR on The we a XXXX. an extraordinary to for goal there to slightly our of manage grow time, also based was will where in rates same targeted felt following increased Although to including population, part capital period opportunity. seasonality, our CPR, selected than holdings MSR based of X.X% increased market. turnover slightly our multiple X.Xx bid X.Xx. Prepayment the

increase, and gross or slow are prepayments we While float our prepayments drop rates. WACC When strong for enjoy that rates too. continues MSR, because a with to income of higher X.X% inevitably of prepared

which and fall. were portfolio Bill have intentionally characteristics, protect have an particularly loans, we now rates always there MSR a Though up their refinance XXX,XXX to business at our refinance mentioned, will to if will has over materially that MSR, seeking be with we borrowers running, some investment recapture retention mortgage. lower As designed

the the to is with meant allocated potential half believe portfolio turn range table XX%. With falls of our in static to remaining allocated notes We XX%. static we XX% or our after and to static XX% estimate convertible of After return a between applying portfolio The assets shown in available to potential allocation leverage XX% of top in to return return estimate $X.XX. half about The to any table, static before our return estimate the quarterly servicing outstanding with of capital XX.X% Slide top XX.X% potential to a are of for and our securities that our portfolio. prospective show to of please the per to the is this expenses, share of return is capital the is Finally, the common we effect returns to and stock, giving XX.X% that equity outlook on return XX, preferred static slide. our portfolio. XX.X% structure capital what on a $X.XX to believe

return of remain Looking wide still optimistic investments. for potential are in a ahead, spreads tightening RMBS we basis volatility Agency about historical potential interest our the Nominal lower a on and environment. rate possess

more in MSR the the constructive operating years, turned by reason has of we leverage. With hedged interest has duration been higher evidenced the the less tightening well decline have OAS of footing our In become by fact, XX% that of over exhibited rates than and capital spreads spreads. Mortgage several perform volatility rate mortgage sell-off in has was with a to slightly mortgage volatility, This and more about low with why relationship portfolio bouts heightened tightening rising a a invested preserving in volatility spread in volatility. on as should term demand the and the are in comfortable continue it last to spread much low is near solid of dramatic, environments. to still of coupon while low has upside large

will add have. at coupled with might you investment much our take happy be servicing will prepayment own of supply out MSR opportunities joining our deeply refinance at you recapture mortgage there remains lower operations. Thank are that likely leading levels, dynamic continue the experience any the and rate to portfolio MSR a attractive we stable market the loans given today. demand, and presently very for in our MSR returns. Though to X% to higher risk And Less mortgage current of back attractive MSR low of levels, management money. keeping is and than be Our of questions to combination now, us to unique

Operator

first Harter come our question And Instructions] from will with [Operator Doug UBS.

Douglas Harter

past, leverage the had of today? described kind How kind your you neutral. leverage would your as describe In of position position you

Nicholas Letica

Thank Nick. is question. you that for this Doug,

look, to leverage between to low. If Xx we've a being described you our Xx somewhere from a range as high

out, now better much, of is pointed sensitivity is middle of we spread our our described of if of feel the that does spread been in as from you spread but the risk technically about of X.XX%, would where our say at we're range. at in changed I still And up just if other X/X portfolio metrics. about the the move does does are we're in also a at we which remarks, aggressive. very for the turn. But the I as variety a prepared by now overall that reasons. And our metric opportunity unit there by call, did at the part If as sensitivity that the we're, stack slightly we above mortgage. our noted look we the quarter-to-quarter, doing leverage would a We metrics has say one. increase -- but has more risk, -- feeling But call, at right or big coupon interpretation X duration, slightly many and are not And other hasn't we way coupon you of amount the lower things. lower look look on per our It to so, of it leverage,

but we stack lower would do as still cut last still full certainly few is participants, volatility, Fed do and better like the will sensitivity For But know. of this more that dependent, a mortgage not to capture spread say and do more that But we part coupons. example, we on than you year, that never generally will data expect the have bore I in we're seen that being we aggressive, the in higher years, slightly I be coupons, happen. -- tightening. We and more just stated as market over we've that rates many we have like confidence the think, we think Fed

is decline Our still and we of curve upside, MSR, XX% construction yield return cut, of lot a of a but steepening which, should the our in quite fact a preserves capital volatility. do and of Fed, again, in stability, with portfolio, provides our see in the intentional,

Douglas Harter

I answer, Nick. that Great. appreciate

Operator

with Cranston Our Citizens JMP. next question comes from Trevor

Trevor Cranston

a spreads and I over the little when time lower talked also actually volatility? guess, potentially rates meaningful to sort with the something year, you tighten election the in and the talk potential frame if decline for you Fed about bit about volatility to can starting You forward you of we a look remainder declines. as see the for when guys upcoming, the could of see

William Greenberg

for on you, that try Thanks It's the Trevor. right. as put a rates reality last I'll years, response. question. very from that cutting when time. bit it's a seems -- now a think is volatility down elaborate towards a is cycle to cutting ground exactly guess, as, being better And to as finally hard to in environment in probability for Thank lower trending the of foolhardy can markets X I happen, in little stake the that the the know Fed little I a it's than like the Fed a all prior think been things I the will start to in time long inflation about exactly again. be things bit, level we But in which notably, most

to a say thing it's very So, in the market. difficult

Fed X.XX is since now happen, up and terms I this right fully like curve, it about baked could had [ market in X look at of we've year, seems this rational. It for beginning the pretty about think feels the if better cuts into but the forward be pricing at the now. which we it's of is you particularly could to the certainly cut what pretty data. quarter, happen That think ],

position probably around with to have. wouldn't have a up. of We've lot you than more coming volatility. instability a drop But and world an see little if around -- had a mentioned, in -- there ourselves There's gyrations was I that. And leverage of we as geopolitical election now. we felt even an volatility, we lot we immediate drop the right expect like immediate in more So, would

but think to we is going the gradual more the happens balance that into likely something of year that a to thing immediately, be not for it's XXXX. and it's happen So,

Trevor Cranston

Got it.

bit helpful. of of maybe how the of where trading given hedge Okay, comment treasuries a that's then, portfolio, terms spreads in little are opposed to swap on are guys using the construction thinking about kind And swaps, you recently? can you as

William Greenberg

Sure.

the treasury we bit -- to We look just we been spreads have and little was at do second least. if for they what than little bit more market at on having That's -- at amount about we is volatility risk have a the better pretty in swap there swaps that shifted its -- that carry to quarter had we we quarter, DVXX quite using a swap certainly, as be are spreads throughout a better terms carry and treasury so, supply bit hedges. And at some than the And the time gross you -- -- our treasury futures have in seem them, on little do versus a outlook in -- did is do think where the along than treasury We is. we better. a a varies look you end again, usual, terms But treasury announcement hedge because swap bit little this side to refunding being intentional, it's but little use that it now, swap had market, more a and futures, our right spread mix, they're of depending Most of have to bid introduce been good bit more where are, swaps upon in a meaningfully on having the of think hedges. the of futures. of it spreads week we composition, swap be -- the recently, if you mix good side. the versus

Operator

comes Our from question KBW. next Bose with George

Bose George

on Actually this Mary, update didn't not, your you know on we if I gave but already, Congrats, book value -- can guys get if first quarter-to-date? upcoming retirement. an

William Greenberg

question. Sure. Thanks for book up approximately on Friday, that we're X% last Through value.

Bose George

XX, XX%. the on XX% is higher, return, XX%, just Can then wanted in expected a -- coupon. drivers? RMBS Slide from where And up have guess and the is break Great. of the return up you leverage you I little to I your I guess, XX% the out sort Okay. went you to the to

Just contributed how anything well? to that as else that [Indiscernible] much

Nicholas Letica

the Bose, question. again it's Nick. for Thanks

potential You hit driving return in portfolio. security little up out of did the it on coupon, and is bit, we right section up Leverage the of a head. which the is migrate more

Operator

Jason next comes JonesTrading. Our question from with Weaver

Jason Weaver

you response ATM that? I Is you've the target for this change there? new capital the a noticed enlarged in see like there that anything in program. marketplace, asset any was to raise change the to the allocation Or

William Greenberg

characterize all. last But really Yes. a depleted fourth Thanks for didn't in our really this at ATM the and in question. I quarter the as first in would item. of the more ATM housekeeping second We of authority had the quarter year. we quarter, our utilize

level could just resetting But term. near This a where where really it we arise really of plans should the take had any gotten. so just to in to no the thing a market was from And level that. advantage to do imminently we back this to they normal have reset more opportunities was

Jason Weaver

touched you more I is this remarks, prepared a what we during then, can you talk RoundPoint's environment? but about to on And be a may bit lower given recapture the noticed Okay. moving rate into ability

William Greenberg

made Sure. which set that our And June, did. December. our start began a to at first time, Well, the to loans effort able of as year. we by in platform we've last up said ourselves a we publicly, for make target decision being We own we

funded and some locks, we make to continue loans. We

or or only like of portfolio above rates X% our remarks the in thereabouts our that money, only, of something said is want portfolio X% Nick to our As prepared in say X% and like has that. mortgage I something like

necessarily go things a very down curve all. state is being been doesn't And in it's that yield the to-negatively of long to for right? much time. be going so positively a environment. My own that still long that Fed rates, are away cuts in right, even able view mean a refinance The shaped rates flat- from if natural a to at this typically long-term yield we've And is way curve, sloped

I But as rates able the up they for that to rates they and we're think of ability refinance be nevertheless, up stay we where go gearing and cut lots to recapture room come to we speak. capacity in So, mortgage Fed if are building are. the mortgage to window, the should loans there's our of down, more

Operator

next our BTIG. comes from Hagen Eric And with question

Eric Hagen

the look how does describe now? feel total right Like, do you what or TBAs right you're proposition versus like? the would of being getting TBAs of that you pickup in how kind Or overweight pools for do looks think yield now? like yield outlook So, a the value and yield kind for you pick-up return

Nicholas Letica

we Thanks for pools. terms in return convexity for a look you pools the was where needs pay-up market between to did the of in isn't of we degree, at generally look move those of And coupon. a in the MSR the don't prepared provide X.Xs should production some on efficiently through usually variation, driven we as is, now. it that any the to in our buy in pools hedging -- really remarks which And our convexity it we around hedged for always the specified some certainly, versus pool combination is better into. yield was lower stack do moves. -- or honestly, with form up don't and in exchange would We X.Xs, better pickup qualities need how liquidity, it's quickly of pay up see great our Nick. -- pools because pools of kind in in for ability to which be we the to, and tighter pool in of that for to I place characteristics, for it's the kind have in I'd we specified return But scenarios. But great don't as spread if in in current we other noted TBAs there primarily migrated -- better by those pools increase as at see say -- -- TBAs movement We you did some the see did than say, from any really -- tremendous and form right pools, coupon. that tighter only and our pools where where to question. opportunities migration some specified where spreads -- a things how there time Eric, isn't don't in our -- it moves is TBAs we we and coupons, in generally wider

Eric Hagen

a expect risk do that's if do pick market share guys and sellers to the Like, expect -- servicing? the in conditions to materially? market lower? of like you Okay, -- is potentially How for up respond up typical a the bulk originators, like you prepayments show concentration do helpful. among if risk more rates list the are you concentration feel is And of MSR buyers

William Greenberg

selling. and good a That's unique Eric. risen where have and interesting market the right taking sides had as have we've and rates in of been supply large Thanks, question. so fast buying this MSR The in period the dynamics so market both far banks

so when going supply different. certainly what look and lot the to it's a that what think past, of recent like looked and compared -- like your about the question it's I in looks to forward

large innings most the stuff continue that seeing to -- think stuff later seem trade. packages be probably hands the while on in the out that of think of already. see certainly to we're has degree, a low we world, servicing there that to I I doesn't There changed wax in

MSR gentle is fall than and are many hold in gapping of being So, the participants, produced. and rather It your rates there's a primary on servicing, to market as there in mortgage out. of kind probably stay not a grinding constant will question lot origination originators are spreads rally, more secondary who if it's at-the-money rally equipped depends

the to a stuff, in as stuff who a declining, don't lot right. people have sell can, are originators to and capital have of rally, forced risk so, going get to will be -- on that in Else that go. Also soon many they trending they as will mults market, lower ability a don't be rid the MSR hedge And to of who as so mark-to-market they want as right? a

then the think you some that you in pickup a of origination will pipelines whole, see bit the supply in are But with be to stuff a at-the-money It to a well. will some come and I That And market is And of see fall lag often X-for-X of a further right? market mortgages won't stuff to come time made. so, start day between when period itself to rates usually XX as the of as to out. There's there's degree. little a stuff in day lag XX MSR as well.

moving MSR but at-the- do thing. expect and you some to think sort I laggy increase stuff. and of and see that that, But would slow the So that is money market you in would I often think see

Eric Hagen

you Appreciate helpful. really That's guys.

Operator

the you. question-and-answer remarks. I turn At session. conference Greenberg would any time, today's additional Thank or to for closing back Mr. concludes This this

William Greenberg

for you, joining Two to everyone your for today, in want us interest always, I thank Harbors. and as thank

Operator

call. your concludes you This today's participation. Thank for

now disconnect. may You

Two Harbors Investment (TWO) 31 Jul 242024 Q2 Earnings call transcript