Orchid Island Capital, Inc.

Good morning and welcome to the second quarter 2025 earnings conference call for Orchid Island Capital. This call is being recorded today, July 25th, 2025. At this time, the company would like to remind listeners that statements made during today's conference call related to matters that are not historical facts or 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 company's management's good faith. Belief with respect to future events 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 assumption, 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 Carley. Please go ahead, sir.

Thank you, operator, and good morning. As usual, we'll be going through our deck over the course of the call. Hopefully you've had a chance to download that from our website. We placed it up there yesterday afternoon. With me today is Hunter Haas, our chief investment officer and chief financial officer. and Jerry Sintes, our controller. As usual, following the table of contents, first thing we will do is go over our financial highlights. Jerry will handle that for us. I will go through the market developments and focus on what happened, how that impacted us, our performance, and our decision-making. And then Hunter will go over the portfolio characteristics and our hedge positions. before we open up the call to questions. So with that, I will turn the call over to Jerry.

Thank you, Bob. If you turn to page five, we'll start with the financial highlights of the quarter. During the quarter, we reported a loss of 29 cents per share compared to income of 18 cents per share in Q1. It should be noted that excluding realized and unrealized losses, that was a net income of 16 cents per share, which is the same as Q1. Book value decreased from 794 per share at 331 to 721 at 630. Our total return per quarter was negative 4.66% compared to 2.6% in Q1, and we reported 36 cents of dividends in both quarters. Turning to page six, we'll go to portfolio highlights. We had average MBS during the quarter of $6.9 billion compared to just under $6 billion in Q1. We had our leverage ratio at 6.30 was 7.3, which is down from 7.8 at 3.30 to 1. Pre-payment speeds during Q2 was 10.1% compared to 7.8% in Q1, and our liquidity at 630 was up to 54% from 52%. On page seven is our summarized financial statements. These are the same as what was in our earnings release last night, and we'll have more detail presented with our 10Q that will be filed today. So with that, I'll turn it back over to Bob.