"In the first quarter, our book value declined as interest rate volatility increased hedging costs and spreads widened rapidly," stated Bill Greenberg, Two Harbors’ President and Chief Executive Officer. "Importantly, funding for both RMBS and MSR remains stable and well supported, and we have more than ample liquidity. We are committed to and confident in our portfolio construction of Agency RMBS paired with MSR and believe that over time this strategy will deliver attractive long-term, risk-adjusted returns."
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