The following is a summary of the Two Harbors Investment Corp. (TWO) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Two Harbors' book value increased to $15.64 per share, indicating a 5.8% total economic return for the first quarter.

• Comprehensive income for Q1 was $89.4 million or $0.85 per weighted average common share.

• An overall net servicing income of $159 million was reported for the quarter.

• The company repurchased approximately 485,000 shares of preferred stock in Q1, decreasing the ratio of preferred stock to the total equity.

• By the end of March, the company's Mortgage Servicing Rights (MSR) portfolio had an unpaid percentage balance of $215 billion.

• Other financial outlays included $4.6 million for convertible senior notes and $100.6 million for RMBS interest expense. An additional interest income of $17 million was also made.

Business Progress:

• Successful transfer of servicing to RoundPoint's platform with a final transfer of around 52,000 loans expected in June.

• End of Q1 resulted in a total of $602 million of unused MSR financing capacity and $135 million of unused capacity for servicing advances.

• Strong expertise as an MSR investor is expected to service MSR for new capital, with anticipation of continued strong demand.

• The company remains consistent in their approach to hedging with a focus on maintaining low interest rate exposures.

• Notwithstanding the potential near-term market volatility associated with the Federal Reserve's MBS selling, Two Harbors is confident in its long-term market exposure strategy.

• Two Harbors has been making disciplined purchases and actively bidding in the market to achieve desirable returns despite an increasingly competitive field.

More details: Two Harbors Investment IR

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