Cypress Sharpridge Investments, Inc. (CYS) Q2 2012 Earnings Call July 19, 2012 9:00 am ET Executives Kevin Grant – Chief Executive Officer Frances Spark – Chief Financial Officer Richard Cleary – Chief Operating Officer William Sheehan – Managing Director of Investments Analysts Steve Delaney – JMP Securities Mark Devries – Barclays Douglas Harter – Credit Suisse Stephen Laws – Deutsche Bank Jim Young – West Family Investments Vic Agarwal [ph] – Wells Fargo Securities Arren Cyganovich – Evercore Partners PresentationOperator
Good morning and welcome to the CYS Investments, Inc. 2012 Second Quarter Earnings conference call. During management’s presentation, your line will be in a listen-only mode. At the conclusion of management’s remarks, there will be a question and answer session. I will provide you with the instructions to enter the Q&A queue after management’s comments. Management has asked me to remind you that certain information presented and certain statements made during management’s presentation with respect to the future financial or business performance, strategies or expectations may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements indicate or are based on management’s beliefs, assumptions and expectations of CYS’ future performance, taking into account information currently in the Company’s possession. Beliefs, assumptions and expectations are subject to change, risk and uncertainty as a result of possible events or factors, not all of which are known to management or within its control. If management’s underlying beliefs, assumptions and expectations prove incorrect or change, then the Company’s performance and its business, financial condition, liquidity and results of operations may vary materially from those expressed, anticipated or contemplated in any of their forward-looking statements. In any event, actual results may differ. Management invites you to refer to the forward-looking statement disclaimer contained in the Company’s annual report on Form 10-K filed with the SEC which provides a description of some of the factors that could have a material impact on the Company’s performance and could cause actual results to differ from those that may be expressed in the forward-looking statements.