Two Harbors Investment Corp (TWO) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. My name is Taryn, and I will be your conference facilitator. At this time, I would like to welcome everyone to the two third quarter 2025 earnings call. All participants will be in a listen-only mode. After the speaker's remarks, there will be a question and answer period. I would now like to turn the call over to Maggie Carr. Good morning, everyone, and welcome to our call to discuss two third quarter 2025 financial results. With me on the call this morning are Bill Greenberg, our President and Chief Executive Officer, Nick Letica, our Chief Investment Officer, and William DeLall, 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 2imv.com. In our earnings release and presentation, we have provided reconciliations 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 two of the presentation and in our Form 10-K and subsequent reports filed with the SEC. except as may be required by law to does not update forward-looking statements and disclaims any obligation to do so. I will now turn the call over to Bill. Thank you, Maggie. Good morning, everyone, and welcome to our third quarter earnings call. In August, we reached a settlement in the litigation with our former external manager arising from our internalization in 2020. In particular, we agreed to make a one-time payment of $375 million in exchange for a...