Sign in

You're signed outSign in or to get full access.

Trevor J. Cranston

Director and Senior Equity Research Analyst at Citizens JMP Securities

Trevor J. Cranston is a Director and Senior Equity Research Analyst at Citizens JMP Securities, specializing in the mortgage finance industry with a focus on mortgage REITs, residential mortgage lenders, and specialty finance companies. He covers companies such as Ellington Financial and Chimera Investment, though his performance track record shows a 46.25% success rate and an average return of -1.48% according to stock analysis platforms. Cranston began his financial services career in the mid-2000s, previously serving as an Equity Research Associate at Flagstone Securities before joining JMP Securities, and holds a Bachelor of Arts in Economics with honors from the University of Saskatchewan along with the Chartered Financial Analyst designation and FINRA registration.

Trevor J. Cranston's questions to TWO HARBORS INVESTMENT (TWO) leadership

Question · Q4 2025

Trevor J. Cranston asked for an update on the prospective return outlook following additional spread tightening in January and its implications for the near-term dividend level. He also questioned any material changes in coupon exposures in January and the strategy for the coupon stack given GSE buying announcements.

Answer

Nick Letica, CIO, noted that tighter spreads since December would marginally lower the return potential. William Dellal, CFO, stated it was too early in the quarter to comment on the dividend. Nick Letica added that overall mortgage exposure was lowered, but coupon exposures haven't materially changed, observing GSE buying focused on current coupons and varied impacts across the coupon stack.

Ask follow-up questions

Fintool

Fintool can predict TWO HARBORS INVESTMENT logo TWO's earnings beat/miss a week before the call