Impac Mortgage Holdings, Inc. Common Stock

At this time, I would like to welcome everyone to the Impact Mortgage Third Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, if you should need any further assistance, please press star zero and an operator will come online to assist you. I would now like to turn the call over to Mr. Joe Joffrion, General Counsel. Please go ahead.

good morning everyone and thank you for joining impact mortgage holdings third quarter 2022 earnings conference call during this call we will make projections and other forward-looking statements in regards to but not limited to gap and taxable earnings cash flows interest rate and market risk exposure mortgage production and general market conditions i would like to refer you to the business risk factors in our most recently filed form 10k and form 10Qs filed under the Securities and Exchange Act of 1934. These documents contain and identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements. This presentation, including any outlook and guidance, is effective as of the date given, and we expressly disclaim any duty to update the information herein. I'd like to get started by introducing George Mangiarossia, Chairman and CEO of Impact Mortgage Holdings. George.

Thank you, Joe. Also with us this morning are John Glockner, our principal accounting officer, Justin Moisio, our chief administrative officer, and Tiffany Etzminger, our chief operating officer. Interest rate and credit spread pressures with attendant market volatility and illiquidity were unrelenting in the third quarter of 2022. The company adopted a defensive risk-off posture in the fourth quarter of 2021 and remains measured and disciplined in its origination and capital markets activities. Layered risks cannot be effectively hedged in times of acute market dislocation, and we have no visibility as to when such dislocation will abate and return the industry to normalized volumes and margins. John Glockner will discuss our operating results later on in this call. In October, the company announced the completion of the exchange offers and the redemption of its Series B and Series C preferred stock. These are significant achievements for the company. They align our equity stakeholder interests and simultaneously bring closure to the costly legal proceedings and distractions that have impeded the company since 2009. The company may now focus on exploring corporate finance and strategic opportunities absent an intractable legacy capital structure. Joe Jafrion will now provide additional detail on our exchange offer and preferred litigation. Joe?