Orchid Island Capital, Inc.

Good morning and welcome to the fourth quarter 2024 earnings conference call for Orchid Island Capital. This call is being recorded today, January 31st, 2025. At this time, the company would like to remind the listeners that statements made during today's conference call relating to matters that are not historical facts are forward-looking statements subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Listeners are cautioned that such forward-looking statements are based on information currently available on the management's good faith, belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in such forward-looking statements. Important factors that could cause such differences are described in the company's filings with the Securities and Exchange Commission, including the company's most recent annual report on Form 10-K. The company assumes no obligation to update such forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking statements. Now, I would like to turn the conference over to the company's chairman and chief executive officer, Mr. Robert Colley. Please go ahead, sir.

Thank you, operator, and good morning. Thank you for joining us today. Hopefully everybody has had a chance to download the slide deck and they can follow along with us during the call. As usual, we'll be following the slide deck loosely. And just to give you kind of an intro of how we plan to proceed, we are going to make one slight change this quarter. Jerry Sintes, our controller, has joined us. He will go over the financial results. I'll walk you through the market developments, which are the things that occurred in the market that shaped our decision-making and the positioning of the portfolio. And then Hunter, the chief investment officer, will walk you through the portfolio and hedge positions and things that we did during the quarter with the portfolio. So with that, I will turn it over to Jerry, and he will walk us through the financial highlights. Thank you.

um starting on page five um we're showing a net income of seven cents per share for the fourth quarter um compared to 24 cents per share for the third quarter a book value decreased from 8.40 cents at q3n to 8.9 cents at 1231. um total return per quarter was 0.6 percent on annualized And that includes a 36-cent dividend that we declared during the period. On page six, we present some other portfolio metrics. At the fourth quarter, we had $5.3 billion in MBS assets. Our leverage ratio decreased slightly to 7.3 times equity. pre-paying speeds increased to 10.5 CPR compared to 8.8 CPR in Q3. And our liquidity at 1231 was approximately 53% of that. On page seven, we present year to date, full year income of 57 cents per share compared to a loss of 89 cents per share for 2023. Book income, book value went down from $9.10 at the end of 23 to $8.09 at the end of 24. Our total return for the year was 4.73%. And our dividend for the year was $1.44. Our initial calculations show that 96% of that was paid out of re-taxable income and 4% out of return of capital. On page 8, we present our financial statements for your review. We're not going to get into the detail of that here. And with that, I'll turn it back over to Bob.