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Two Harbors Investment Management Discusses Q2 2012 Results - Earnings Call Transcript

The press release and financial tables associated with today's conference call were filed yesterday with the SEC. If you do not have a copy, you may find them on our website.

This call is also being broadcast live over the Internet and may be accessed on our website in the Investor Relations section under the Events and Presentations link. In addition, we'd like to encourage you to reference the accompanying presentation to this call, which can also be found on our website.

Before management begins its discussion of its second quarter results, we wish to remind you that remarks made by Two Harbors' management during this conference call and the supporting slide presentation may include forward-looking statements. Forward-looking statements reflect our views regarding future events and are typically associated with the use of words such as anticipate, target, expect, estimate, believe, assume, project and should or similar words. We caution investors not to rely unduly on forward-looking statements. They imply risks and uncertainties, and actual results may differ materially from expectations. We urge you to carefully consider the risks described in our filings with the SEC, which may be obtained on the SEC's website at We do not undertake any obligation to update or correct any forward-looking statements if later events prove them to be inaccurate.

Before we discuss second quarter results, I'd like to draw your attention to our recently launched webinar series, beginning with our views on investing in subprime. The webinar can be found on our website. We intend to post additional webinars in the future to provide investors and analysts with management insights regarding the markets and our business.

I will now turn the call over to Tom, who will provide some highlights as summarized on Slide 3.

Thomas Edwin Siering

Thanks, Christine. Good morning, everyone, and thank you for joining our call today. We had remarkable performance in the second quarter, delivering 6.9% in total returns. We recorded comprehensive income of $0.60 per share. We are pleased to report total stockholder return of nearly 79% since our launch in October 2009. Our book value increased $0.27 to $9.94 per share during the second quarter. Finally, we generated core earnings of $0.35 per share. Brad will provide additional comments regarding our financials in a few moments.

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