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Eric Hagan

**Managing Director and Mortgage & Specialty Finance Analyst** at BTIG

Eric Hagen is a **Managing Director and Mortgage & Specialty Finance Analyst** at BTIG, specializing in research on mortgage and specialty finance companies. He covers sectors including residential mortgage securitization and related financial instruments, with prior experience publishing research at KBW for six years as a Director and serving as an Analyst at the U.S. Department of the Treasury. Hagen holds a BBA in finance from George Washington University, a master’s degree in real estate finance from Georgetown University, and is a CFA charterholder.

Eric Hagan's questions to TWO HARBORS INVESTMENT (TWO) leadership

Question · Q4 2025

Eric Hagan asked for a rough breakdown of the MSR portfolio's channel mix (broker vs. retail) and how it influences prepayment behavior. He also questioned the impact of increased GSE cash window activity on volatility and MSR valuations.

Answer

CEO Bill Greenberg stated that specific channel mix numbers were not readily available but confirmed that different prepayment characteristics are factored into MSR acquisition prices. He described the MSR market as diversified with robust demand, despite lower volumes, and denied that GSE cash window activity reflects MSR valuations.

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Question · Q4 2025

Eric Hagan asked for a breakdown of the channel mix (broker vs. retail) for the current MSR portfolio and how the origination channel influences prepayment behavior. He also questioned the impact of GSE cash window activity on volatility and MSR valuations.

Answer

Bill Greenberg, CEO, stated he did not have specific channel mix numbers but confirmed that different prepayment characteristics are reflected in MSR acquisition prices. He added that the MSR market is diversified with robust demand, despite lower volumes, and does not believe GSE cash window activity reflects MSR valuations.

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