Orchid Island Capital, Inc.

and thank you for standing by. Welcome to the Orchid Island Capital Third Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 11 on your telephone. You will then hear an automated message advising you your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Melissa Alfonso. Please go ahead.

Good morning, and welcome to the third quarter 2025 earnings conference call for Orchid Island Capital. This call is being recorded today, October 24, 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 Delegation Reform Act of 1995. Listeners are cautioned that such forward-looking statements are based on information currently available on the management's good faith, believe 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.

Thanks, Melissa. Good morning. I hope everybody's doing well, and I hope everybody's had a chance to download our deck. As usual, that's what we'll be focusing on this morning. And also, as usual, it's on page three, just to give you an outline of what we'll do. The first thing we'll do is have our controller, Jerry Sintes, go over our summary financial results. I'll then walk through the market developments and try to discuss what happened in the quarter and how that affected us as a levered mortgage investor. Then Hunter, I will turn over to Hunter. He'll go through the portfolio characteristics and our hedge positions and trading activity. And then we'll kind of go over our outlook going forward. And then we'll turn it over to the operator and you for questions. So with that, turn to slide five, Jerry.