Orchid Island Capital, Inc.

Good morning and welcome to the first quarter 2025 earnings conference call for Orchid Island Capital. This call is being recorded today, April 25th, 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 respects to future events, and are subject to risk 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 Cauley. Please go ahead, sir.

Thank you, operator, and good morning. Thank you for joining us today. I'm sitting here with Jerry Sintes, our controller, and Hunter Haas, our chief investment officer and chief financial officer. We will follow... Oh, by the way, before we start, I hope everybody had a chance to download the deck, which we'll be following over the course of the call. So, assuming you have that with you, we will be proceeding in chronological order. Just to give you a summary of what we'll do, we'll first have Jerry go over our financial results for the quarter. I'll then discuss the market developments that shaped the decisions we did and the performance of the portfolio. Then Hunter will dive into the portfolio. and hedging positions, describe where we stand and what we've done. And then finally, I will do a kind of wrap-up, and then we'll open the call up to questions and answers. So with that, I will turn the call over to Jerry Sintes.

Thank you. If we turn to page five, we'll start with the financial highlights for the quarter. For Q1, we earned 18 cents per share compared to 7 cents in Q4. Book value at 3.31 was $7.94 per share compared to 8.09 at 12.31. Total return per quarter was 2.6% unannualized compared to 0.6% for Q4. And we declared and paid dividends of 36 cents per share for each quarter. Return to page six, we'll go over some portfolio highlights. For Q1, the average portfolio was just under $6 billion compared to $5.3 billion in Q4. Our leverage ratio at 331 was 7.8 compared to 7.3 at 1231. And prepayment speeds were 7.8% at Q1 compared to 10.5% at Q4. 331 was 52.2% compared to 52.9% at 1231. On page 7 is our summarized financial statements, which you can read at your convenience. And now I'll turn it back over to Bob for market development discussion.