Two Harbors Investment Corp

Good day and welcome to the Two Harbors Investment Corp. Second Quarter 2020 Financial Results Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Margaret Kerr with Investor Relations. Please go ahead.

Thank you and good morning, everyone. Thank you for joining our call to discuss Two Harbors Second Quarter 2020 Financial Results. With me on the call this morning are Bill Greenberg, our President and CEO, Mary Riske, our CFO, and Matt Kepin, our CIO. The press release and financial tables associated with today's call were filed yesterday with the SEC. If you do not have a copy, you may find them on our website or on the SEC's website at sec.gov. In our earnings release and slides, we have provided a reconciliation of GAAP to non-GAAP financial measures. We urge you to review this information in conjunction with today's call. I would also like to mention that this call is being webcast and may be accessed in the investor relations section of our website. I would like to remind you that remarks made by management during this conference call and the supporting slides may include forward-looking statements. Forward-looking statements are based on the current beliefs and expectations of management and actual results may be materially different because of a variety of risks and other factors. we caution investors not to rely unduly on forward-looking statements. Except this may be required by law, TrueHarvest does not update forward-looking statements and expressly disclaims any obligation to do so. I will now turn the call over to Bill.

Thank you, Maggie, and good morning, everyone. I'd like to welcome you all to our second quarter 2020 earnings call. First and foremost, we hope each of you and your families are safe and healthy. We also want to express our heartfelt sympathies if you or any of your loved ones have been affected by the virus. Lastly, we want to convey our tremendous gratitude to the heroes who are on the front lines of COVID-19, especially our fearless healthcare workers. Please turn to slide three, where you can view a summary of our results. Our book value at June 30th was $6.70 per share, compared to $6.96 per share on March 31st. Excluding the previously anticipated one-time cost associated with the termination of the management agreement of $0.54 per share, our book value would have been $7.24 per share. After including both the interim and regular second quarter dividends amounting to $0.19 per share, this represents a 6.8% return on book value.