Two Harbors Investment Corp. (NYSE:TWO) Q1 2022 Results Conference Call May 5, 2022 9:00 AM ET
Company Participants
Paulina Sims - Head, IR
Bill Greenberg - President, Chief Executive Officer and Chief Investment Officer
Mary Riskey - Chief Financial Officer
Conference Call Participants
Rick Shane - JPMorgan
Kenneth Lee - RBC Capital Markets
Trevor Cranston - JMP Securities
Eric Hagen - BTIG
Bose George - KBW
Doug Harter - Credit Suisse
Arren Cyganovich - Citi
Operator
Greetings, and welcome to the Two Harbors Investment Corp., First Quarter 2022 Financial Results Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this call is being recorded.
I would now like to turn the conference over to your host, Paulina Sims, Head of Investor Relations for Two Harbors Investment Corp. Thank you. You may begin.
Paulina Sims
Good morning, everyone, and welcome to our call to discuss Two Harbors First Quarter 2022 Financial Results. With me on the call this morning are Bill Greenberg, our President, Chief Executive Officer and 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 harbors investment.com. In our earnings release and presentation, we have provided a reconciliation of GAAP to non-GAAP financial measures, and we urge you to review this information in conjunction with today's call.
As a reminder, our comments today will include forward-looking statements, which are subject to risks and uncertainties that may cause our results to differ materially from expectations. These are described on Page 2 of the presentation and in our Form 10-K and subsequent reports filed with the SEC. Except as may be required by law, Two Harbors does not update forward-looking statements and disclaims any obligation to do so.
I will now turn the call over to Bill.
Bill Greenberg
Thank you, Paulina. Good morning, everyone, and welcome to our first quarter earnings call. Please turn to Slide 3. At quarter end, book value was $5.53 per share, representing a negative 2.9% total economic quarterly return. The speed and magnitude with which the bond market repriced this quarter was historic by many measures as the market rapidly adjusted its expectations that the Federal Reserve will move aggressively to contain rising inflation.