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Two Harbors Investment Corp (TWO) Presents at Barclays Global Financial Services 2019 Broker Conference Call (Transcript)

Sep. 10, 2019 5:50 PM ETTwo Harbors Investment Corp. (TWO)5 Comments
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Two Harbors Investment Corp (NYSE:TWO) Barclays Global Financial Services Conference Call September 10, 2019 11:15 AM ET

Company Participants

Thomas Siering - CEO, President & Director

Matthew Koeppen - MD & Co-Deputy CIO

William Greenberg - MD & Co-Deputy CIO

Conference Call Participants

Mark DeVries - Barclays Bank

Mark DeVries

Okay. We're going to get started. Thank you for joining us. I'm very pleased to be joined from -- by the team from Two Harbors. Up on the stage, we've got in the middle CEO, Tom Siering; and then surrounding him his two new co-CIOs, Bill Greenberg, who I guess was previously the co-CIO, but now we've got Matt Koeppen who's new to that role. So, we're going to do a fireside chat format. I've got a number of questions and then towards the end, we'll open it up to the audience to see if they have any.

Question-and-Answer Session

Q - Mark DeVries

Starting off, just kind of given the rate outlook, can you talk about the impact to book value and net income, if we see any rate cuts?

Thomas Siering

Firstly, I'd like to [Technical Difficulty] Matt's point about book value.

Matthew Koeppen

Sure thanks, Mark. While there's certainly a lot of rate cuts pricing into the market stand, we find ourselves in a lower rate environment. We're in a period where we see expectations for Fed cuts along the magnitude of about 3x going through January. In general, we position ourselves from an overall risk standpoint and portfolio hedging standpoint to perform well in any interest rate environment that we find ourselves in, whether it's lower rates or higher rates, we tried to keep the -- keep our exposures to things like interest rate, duration, and curve durations low in general.

Thomas Siering

Yes. I'd just make

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