Core Points - Orchid Island Capital, Inc. declared a monthly cash dividend of $0.12 per share for October 2025, payable on November 26, 2025, to shareholders of record on October 31, 2025 [1] - The company aims to make regular monthly cash distributions to its common stockholders, adhering to the REIT requirement of distributing at least 90% of its taxable income annually [2] - As of October 15, 2025, the company had 151,711,940 shares of common stock outstanding, an increase from 148,239,401 shares as of September 30, 2025 [3] Financial Performance - The estimated book value per share as of September 30, 2025, was $7.33, with total stockholders' equity approximately $1,086.1 million [4] - The estimated net income per share for the quarter ended September 30, 2025, was $0.53, which includes $0.37 per share from net realized and unrealized gains on RMBS and derivative instruments [5] - The estimated total return on equity for the same quarter was 6.6%, comprising $0.36 in dividends per share and a $0.12 increase in book value per share [6] RMBS Portfolio - The company invests primarily in Agency RMBS, focusing on traditional pass-through Agency RMBS and structured Agency RMBS [7] - As of September 30, 2025, the total mortgage assets amounted to $8,356.1 million, with 56.7% from Fannie Mae and 43.3% from Freddie Mac [15] - The company’s borrowings totaled $8,006.978 million, with an average interest rate of 4.33% [17]

Core Viewpoint - Orchid Island Capital, Inc. will release its third quarter 2025 results on October 23, 2025, after market close [1] Earnings Conference Call Details - An earnings conference call and live audio webcast is scheduled for October 24, 2025, at 10:00 AM ET [2] - Participants can register for the call and receive dial-in information through the provided registration link [2] - A live audio webcast of the conference call will be accessible via the company's investor relations website, with an audio archive available for 30 days post-call [3] Company Overview - Orchid Island Capital, Inc. is a specialty finance company that invests in Agency RMBS on a leveraged basis [4] - The company's investment strategy focuses on two categories of Agency RMBS: traditional pass-through Agency RMBS and structured Agency RMBS [4] - Orchid Island Capital is managed by Bimini Advisors, LLC, a registered investment adviser with the SEC [4]

Core Insights - Orchid Island Capital, Inc. (NYSE:ORC) is recognized as one of the safest monthly dividend stocks to buy, offering a monthly dividend of $0.12 per share, resulting in a dividend yield of 20.54% as of September 23 [4]. Group 1: Company Overview - Orchid Island Capital, Inc. is a specialty finance company that invests in residential mortgage-backed securities (RMBS), with a portfolio that includes traditional mortgage pass-through certificates, collateralized mortgage obligations, and structured Agency RMBS [2]. Group 2: Recent Performance and Strategy - In the latest earnings update, CEO Robert Cauley highlighted two significant events affecting the quarter: the reciprocal tariffs announced in April and the passage of the "One Big beautiful bill" in July, which contributed to market volatility and influenced investor sentiment [3]. - The company maintained a strong position by holding high cash reserves and keeping leverage at the low end of its range, which limited the need for deleveraging and allowed for the repurchase of over 1.1 million shares at a steep discount early in the quarter [3]. - Despite a defensive stance, the company generated a cash buffer through selective share sales [3].

Core Insights - Orchid Island Capital (ORC) and AGNC Investment Corp. (AGNC) are prominent players in the mortgage real estate investment trusts (mREITs) sector, both providing attractive long-term returns and substantial dividend yields. The analysis aims to determine which company presents a better investment opportunity at this time [1]. AGNC Investment Corp. - AGNC employs an active portfolio-management strategy, regularly adjusting its holdings and implementing hedges to adapt to market changes, which positions it defensively against volatility [2]. - As of June 30, 2025, AGNC has hedged 89% of its outstanding balance in Investment Securities Repo, TBA position, and other debt, which may enhance cash flow stability and support long-term growth [3]. - The company holds $73.3 billion in Agency mortgage-backed securities (MBS), benefiting from GSE guarantees, which makes these investments relatively safer despite market volatility [4]. - AGNC's liquidity, including unencumbered cash and Agency MBS, stood at $6.4 billion as of June 30, 2025, with a modest increase in leverage to 7.6 times [5]. - The current dividend yield for AGNC is 14.4%, although it has not increased its dividend in the past five years [6]. Orchid Island Capital - ORC focuses exclusively on Agency residential MBS, which limits credit risks but increases sensitivity to interest rate changes and prepayments [7]. - The recent decline in mortgage rates is expected to improve ORC's book value as spreads in the Agency market tighten, enhancing net interest spread and overall portfolio yield [8]. - ORC currently boasts a dividend yield of 20.6% and has increased its dividend three times in the past five years, supported by a strong liquidity position of $492.5 million [10]. - Earnings for ORC are projected to surge by 450% in 2025 and 40% in 2026, significantly outpacing AGNC's expected declines [9][24]. Performance and Valuation - Over the past year, AGNC shares rose by 8.1%, while ORC shares increased by 4.3%, compared to the industry's growth of 5.2% [11]. - ORC is trading at a 12-month forward price-to-tangible book (P/TB) ratio of 0.88X, which is a discount compared to the industry average of 1.07X, while AGNC trades at a premium with a P/TB of 1.24X [13][16]. - The Zacks Consensus Estimate indicates AGNC's earnings will decline by 15.4% in 2025 and 0.9% in 2026, while ORC's earnings are expected to rise by 450% and 39.7% in the same years [19][20][21]. Conclusion - While AGNC remains a reliable mREIT with a disciplined strategy and steady dividends, ORC presents a more compelling opportunity for income-seeking investors due to its higher dividend yield, strong liquidity, and significant earnings growth potential [22][24].

Core Insights - Mortgage rates have decreased to 6.26%, the lowest since October 2024, driven by a decline in U.S. Treasury yields and a Federal Reserve rate cut [1][11] - The reduction in mortgage rates has led to a significant increase in mortgage loan application volume by 43% and a 58% rise in refinancing activity [2] - The favorable environment for mortgage rates is expected to benefit mortgage REITs (mREITs) such as Ellington Financial, Annaly Capital Management, and Orchid Island Capital [3][4] Mortgage Market Trends - The Federal Reserve's indication of two additional rate cuts by the end of 2025 suggests further declines in mortgage rates, which will likely enhance mREIT profitability and asset prices [4] - As net interest spreads expand, mREITs are positioned for stronger profitability and increased dividend payouts, appealing to income-focused investors [5] Company-Specific Insights Ellington Financial (EFC) - EFC is diversified across residential and commercial mortgage loans, contributing to stable growth and income [6][7] - The company employs dynamic hedging strategies and maintains a balanced portfolio to navigate market volatility [8] - EFC's 2025 earnings estimates remain at $1.74 per share, reflecting a year-over-year growth of 19.2% [9] Annaly Capital Management (NLY) - NLY manages an $89.5 billion portfolio, focusing on diversified investment strategies to reduce volatility and enhance risk-adjusted returns [12][13] - The company's net interest income (NII) surged to $493.2 million in the first half of 2025, up from $47.1 million year-over-year, positioning it for book value gains [14] - NLY's 2025 earnings estimates are stable at $2.89 per share, indicating a year-over-year growth of 7% [15] Orchid Island Capital (ORC) - ORC focuses on Agency residential mortgage-backed securities (RMBS), targeting traditional and structured Agency RMBS [18][19] - The company's NII increased to $42.9 million in the first half of 2025, with expectations for further improvement due to favorable mortgage rates [21] - ORC's 2025 earnings estimates remain at 63 cents per share, reflecting a substantial year-over-year increase of 450% [21]

Group 1 - The individual investor tends toward value investing while also exploring new strategies [1] - The investor has experience teaching financial management, focusing on financial statement and project financial analysis [1] - The investor has contributed to Seeking Alpha as a Top 40 REIT Contributor and Top 100 Mutual Funds and Financials contributor [1] Group 2 - The analyst has a beneficial long position in ORC through stock ownership, options, or other derivatives [2] - The article expresses the analyst's own opinions and is not compensated beyond Seeking Alpha [2] - The analyst does not have any open cash-secured puts or buy orders but may add to the position later [3] Group 3 - Seeking Alpha emphasizes that past performance is not indicative of future results and does not provide specific investment advice [4] - The views expressed may not reflect those of Seeking Alpha as a whole, and analysts may not be licensed or certified [4]

Core Points - Orchid Island Capital, Inc. declared a monthly cash dividend of $0.12 per share for September 2025, payable on October 30, 2025, to shareholders of record as of September 30, 2025 [1][7] - The company aims to make regular monthly cash distributions to its common stockholders, adhering to the requirement of distributing at least 90% of its REIT taxable income annually to qualify as a real estate investment trust [2] - As of September 8, 2025, the company had 146,130,135 shares of common stock outstanding, an increase from 141,863,067 shares as of August 31, 2025 [3] RMBS Portfolio Characteristics - Orchid Island Capital focuses on investing in Agency RMBS, including traditional pass-through Agency RMBS and structured Agency RMBS [4] - As of August 31, 2025, the total mortgage assets amounted to $7,966,555, with Fannie Mae accounting for 59.3% and Freddie Mac for 40.7% of the portfolio [11] - The company reported that 93.5% of its mortgage assets were whole pool assets, while 6.5% were non-whole pool assets [12] RMBS Valuation Characteristics - The company’s RMBS portfolio as of August 31, 2025, included various fixed-rate RMBS with a weighted average coupon of 5.49% and a weighted average maturity of 334 days [6] - The total pass-through RMBS was valued at $8,204,742, representing 99.82% of the portfolio [6] - The company has exposure to various repurchase agreements, with total borrowings amounting to $7,488,079 as of August 31, 2025 [13]

Mortgage Market Overview - Mortgage rates are currently at the lowest levels of 2025, with the average 30-year mortgage rate at 6.58% as of August 21, 2025, unchanged from the previous week and down from 6.91% at the start of 2025 [1][9] - The decline in mortgage rates reflects market optimism for potential Federal Reserve rate cuts later in the year, along with changing inflation and bond market dynamics [4] mREITs Performance and Outlook - mREITs such as Apollo Commercial Real Estate Finance (ARI), Annaly Capital Management (NLY), and Orchid Island Capital (ORC) are expected to benefit from lower mortgage rates, which are lifting mortgage originations and driving stronger refinancing activity [5][9] - With improving purchase originations and refinancing activities, mREITs are likely to see book value improvement as Agency market spreads tighten, enhancing net interest spread and financial performance [7][9] Apollo Commercial Real Estate Finance (ARI) - Apollo Commercial has a portfolio of $8.6 billion in loans, primarily secured by properties in the U.S. and European gateway cities, with 96% of its lending consisting of floating-rate loans [10] - Despite a 23.9% year-over-year decline in net interest income (NII) in the first half of 2025, NII is expected to rise due to declining mortgage rates, with a current dividend yield of 9.9% and a payout ratio of 96% [11] Annaly Capital Management (NLY) - Annaly manages an $89.5 billion portfolio, with a focus on residential credit, mortgage servicing rights (MSRs), and Agency mortgage-backed securities (MBS), which helps reduce volatility and interest rate sensitivity [14][15] - NLY's NII increased to $493.2 million in the first half of 2025 from $47.1 million a year ago, supported by improving purchase originations and refinancing, with a current dividend yield of 13.6% and a payout ratio of 99% [16][17] Orchid Island Capital (ORC) - Orchid focuses on Agency residential mortgage-backed securities (RMBS) and has seen its NII rise to $42.9 million in the first half of 2025, compared to net interest expenses of $3.2 million in the same period last year [22] - The company currently offers a dividend yield of 20.4% and has increased its dividend twice in the past five years, with earnings estimates indicating significant year-over-year growth of 450% and 39.7% for 2025 and 2026, respectively [23]

Summary of Orchid Island Capital, Inc. News Core Viewpoint Orchid Island Capital, Inc. has declared a monthly cash dividend of $0.12 per share for August 2025, with plans for regular monthly distributions to its common stockholders. The company is focused on maintaining its status as a real estate investment trust (REIT) by distributing at least 90% of its taxable income. Group 1: Dividend Announcement - The Board of Directors declared a monthly cash dividend of $0.12 per share for August 2025, payable on September 29, 2025, to stockholders of record as of August 29, 2025, with an ex-dividend date of August 29, 2025 [1] - The next common stock dividend announcement is expected on September 8, 2025 [7] Group 2: REIT Compliance and Distribution Strategy - To qualify as a REIT, the company must distribute annually at least 90% of its REIT taxable income, excluding net capital gains [2] - The company has not established a minimum distribution payment level and does not guarantee future distributions [2] Group 3: Shareholder Information - As of August 13, 2025, the company had 133,172,673 shares of common stock outstanding, an increase from 130,595,848 shares as of July 31, 2025 [3] Group 4: RMBS Portfolio Characteristics - Orchid Island Capital, Inc. invests in Agency RMBS, focusing on traditional pass-through Agency RMBS and structured Agency RMBS [4] - The company is managed by Bimini Advisors, LLC, a registered investment adviser [4] Group 5: RMBS Valuation and Characteristics - As of July 31, 2025, the total mortgage assets amounted to $7,350,578,000, with Fannie Mae and Freddie Mac representing 60.1% and 39.9% of the portfolio, respectively [11] - The company holds a significant portion of its assets in whole pool RMBS, accounting for 94.3% of total mortgage assets [12]

PART I [Financial Statements](index=4&type=section&id=ITEM%201.%20Financial%20Statements) This section presents Orchid Island Capital, Inc.'s unaudited condensed financial statements as of June 30, 2025, including balance sheets, income statements, equity statements, cash flows, and explanatory notes [Condensed Balance Sheets](index=4&type=section&id=Condensed%20Balance%20Sheets) Total assets grew to **$7.61 billion** by June 30, 2025, driven by mortgage-backed securities and funded by repurchase agreements and equity, with stockholders' equity reaching **$912.0 million** Condensed Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$7,610,631** | **$5,721,627** | | Mortgage-backed securities, at fair value | $6,993,359 | $5,253,310 | | Cash and cash equivalents | $440,756 | $309,330 | | **Total Liabilities** | **$6,698,671** | **$5,053,127** | | Repurchase agreements | $6,655,879 | $5,025,543 | | **Total Stockholders' Equity** | **$911,960** | **$668,500** | [Condensed Statements of Comprehensive Income (Loss)](index=5&type=section&id=Condensed%20Statements%20of%20Comprehensive%20Income%20(Loss)) The company reported a **$16.5 million** net loss for the six months ended June 30, 2025, primarily due to derivative losses, contrasting with a **$14.8 million** net income in the prior year Statement of Comprehensive Income (Loss) Summary (in thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net interest income (expense) | $42,867 | $(3,187) | $23,154 | $(697) | | (Losses) gains on derivative instruments | $(127,945) | $113,967 | $(53,286) | $26,068 | | **Net (loss) income** | **$(16,456)** | **$14,797** | **$(33,578)** | **$(4,979)** | | **Basic and diluted net (loss) income per share** | **$(0.16)** | **$0.27** | **$(0.29)** | **$(0.09)** | [Condensed Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Statements%20of%20Stockholders%27%20Equity) Stockholders' equity increased to **$912.0 million** by June 30, 2025, driven by **$344.8 million** in common stock issuances, offsetting a **$16.5 million** net loss and **$78.4 million** in dividends - For the six months ended June 30, 2025, the company issued common stock generating net proceeds of **$344.8 million** (**$205.4 million** in Q1 and **$139.4 million** in Q2)[16](index=16&type=chunk) - Cash dividends declared for the first six months of 2025 totaled **$78.4 million** (**$35.7 million** in Q1 and **$42.6 million** in Q2)[16](index=16&type=chunk) - The company repurchased and retired **1,113,000** shares for a total cost of **$7.26 million** in the second quarter of 2025[16](index=16&type=chunk) [Condensed Statements of Cash Flows](index=7&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Net cash increased by **$121.3 million** for the six months ended June 30, 2025, with **$44.2 million** from operations, **$1.82 billion** used in investing, and **$1.89 billion** provided by financing activities Cash Flow Summary (in thousands) | Cash Flow Category | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $44,222 | $64,300 | | Net Cash Used in Investing Activities | $(1,817,749) | $(719,723) | | Net Cash Provided by Financing Activities | $1,894,802 | $712,145 | | **Net Increase in Cash** | **$121,275** | **$56,722** | [Notes to Condensed Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) Notes detail accounting policies, RMBS investments, capital raising via 'at the market' offerings, portfolio composition, repurchase agreements, derivative hedging, and related party transactions - The company is engaged in managing a leveraged investment portfolio of residential mortgage-backed securities (RMBS)[20](index=20&type=chunk) - Through June 30, 2025, the company issued **34,355,086** shares under its February 2025 Equity Distribution Agreement for net proceeds of approximately **$261.2 million**[23](index=23&type=chunk) Mortgage-Backed Securities Portfolio (in thousands) | Security Type | Fair Value (June 30, 2025) | Fair Value (Dec 31, 2024) | | :--- | :--- | :--- | | Pass-Through RMBS | $6,978,561 | $5,237,812 | | Structured RMBS | $14,798 | $15,498 | | **Total** | **$6,993,359** | **$5,253,310** | Repurchase Agreements by Maturity (in thousands) | Maturity | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Between 2 and 30 days | $4,657,644 | $4,656,303 | | Between 31 and 90 days | $1,781,505 | $192,338 | | Greater than 90 days | $216,730 | $176,902 | | **Total** | **$6,655,879** | **$5,025,543** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, including a net loss driven by derivative losses, growth in the RMBS portfolio, and an outlook on market volatility and investment opportunities [Results of Operations](index=28&type=section&id=Results%20of%20Operations) The company reported a **$16.5 million** net loss for the six months ended June 30, 2025, primarily due to derivative losses, despite improved net interest income of **$42.9 million** Net (Loss) Income Summary (in thousands) | Component | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Net interest income (expense) | $42,867 | $(3,187) | $46,054 | | (Losses) gains on RMBS and derivative contracts | $(50,101) | $26,102 | $(76,203) | | Expenses | $(9,222) | $(8,118) | $(1,104) | | **Net (loss) income** | **$(16,456)** | **$14,797** | **$(31,253)** | GAAP vs. Economic Net Interest Income (in thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | GAAP Net Interest Income (Expense) | $42,867 | $(3,187) | | Economic Net Interest Income | $84,716 | $53,859 | [Financial Condition](index=37&type=section&id=Financial%20Condition) The RMBS portfolio grew to **$7.0 billion** by June 30, 2025, financed by **$6.7 billion** in repurchase agreements, maintaining a stable **7.3:1** economic leverage ratio Portfolio and Leverage Metrics | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Mortgage Assets (Fair Value) | $6,993,359 thousand | $5,253,310 thousand | | Repurchase Agreements | $6,655,879 thousand | $5,025,543 thousand | | Stockholders' Equity | $911,959 thousand | $668,500 thousand | | Economic Leverage | 7.3:1 | 7.3:1 | | Adjusted Leverage | 7.3:1 | 7.5:1 | [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains liquidity through internal cash and RMBS cash flows, supplemented by external repurchase agreements and equity offerings, which are deemed sufficient for obligations - As of June 30, 2025, the company had cash and cash equivalents of **$440.8 million**[211](index=211&type=chunk) - Primary external liquidity sources are master repurchase agreements, the TBA security market, and public or private equity/debt offerings[205](index=205&type=chunk) - The company has utilized a series of equity distribution agreements to raise capital, with the latest February 2025 agreement allowing for up to **$350 million** in share offerings[216](index=216&type=chunk) [Outlook](index=41&type=section&id=Outlook) Q2 2025 was turbulent due to tariff announcements and new legislation, yet the economy remained resilient, creating attractive investment opportunities in the Agency RMBS market - Q2 2025 market volatility was driven by the announcement of 'reciprocal' tariffs and the signing of the 'One Big Beautiful Bill Act'[217](index=217&type=chunk)[218](index=218&type=chunk) - Despite initial expectations of a slowdown, the economy has remained resilient, supported by fiscal deficits, and expectations for Fed rate cuts have been pushed further into the future[219](index=219&type=chunk)[238](index=238&type=chunk) - The Agency RMBS market has lagged but offers elevated returns, and the company has increased its capital base to capitalize on these favorable investment opportunities[239](index=239&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=46&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risks include interest rate, prepayment, spread, liquidity, extension, and counterparty credit risks, with hedging strategies and sensitivity analysis presented - The company's primary market risks include interest rate risk, prepayment risk, spread risk, liquidity risk, extension risk, and counterparty credit risk[244](index=244&type=chunk) Interest Rate Sensitivity Analysis (as of June 30, 2025) | Change in Interest Rate | Estimated Change in Portfolio Market Value | Estimated Change in Book Value | | :--- | :--- | :--- | | -100 Basis Points | (0.94)% | (7.22)% | | -50 Basis Points | (0.31)% | (2.38)% | | **Base** | **0.00%** | **0.00%** | | +50 Basis Points | (0.03)% | (0.23)% | | +100 Basis Points | (0.38)% | (2.92)% | [Controls and Procedures](index=49&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no significant changes to internal control over financial reporting - Based on an evaluation as of June 30, 2025, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[266](index=266&type=chunk) - No significant changes to internal control over financial reporting occurred during the quarter ended June 30, 2025[267](index=267&type=chunk) PART II [Legal Proceedings](index=51&type=section&id=ITEM%201.%20Legal%20Proceedings) The company is not involved in any material pending legal proceedings - The company is not party to any material pending legal proceedings[269](index=269&type=chunk) [Risk Factors](index=51&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred since the December 31, 2024 Annual Report on Form 10-K - As of June 30, 2025, there have been no material changes in risk factors from those set forth in the Annual Report on Form 10-K for the year ended December 31, 2024[270](index=270&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=51&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company had no unregistered equity sales in Q2 2025 but repurchased **1,113,224** shares at a weighted average price of **$6.52** under its stock repurchase program Share Repurchase Activity (Q2 2025) | Period | Total Shares Repurchased | Weighted Average Price Paid Per Share | Shares Purchased as Part of Program | | :--- | :--- | :--- | :--- | | April 2025 | 1,113,224 | $6.52 | 1,113,224 | | May 2025 | - | - | - | | June 2025 | 2,786 | $7.01 | - | | **Total** | **1,116,010** | **$6.52** | **1,113,224** | - As of the end of April 2025, **2,719,137** shares remained available for repurchase under the authorized program[273](index=273&type=chunk) [Defaults upon Senior Securities](index=51&type=section&id=ITEM%203.%20Defaults%20upon%20Senior%20Securities) The company reports no defaults on senior securities - None[274](index=274&type=chunk) [Mine Safety Disclosures](index=51&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not Applicable[275](index=275&type=chunk) [Other Information](index=51&type=section&id=ITEM%205.%20Other%20Information) No directors or officers adopted, modified, or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q2 2025 - No directors or officers adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the second quarter of 2025[276](index=276&type=chunk) [Exhibits](index=52&type=section&id=ITEM%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents, officer certifications, and XBRL data files - Exhibits filed include Articles of Amendment, Amended and Restated Bylaws, CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act, and Inline XBRL documents[278](index=278&type=chunk)