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]

Financial Data and Key Metrics Changes - GAAP net income for Q2 2025 was $14 million or $0.17 per share, with a GAAP book value of $20.91 per share at the end of the quarter [12] - Economic return on GAAP book value for Q2 was 0.5%, while year-to-date return was 9.8% [12] - Economic net interest income for Q2 was $69 million, with a yield on average interest-earning assets of 6% and a net interest spread of 1.5% [13] - Total leverage for Q2 was 4.5:1, with recourse leverage at 1.8:1 [13] Business Line Data and Key Metrics Changes - The company has focused on residential mortgage credit, enhancing expertise through acquisitions like the Palisades Group and Home Express [7][10] - The acquisition of Home Express is expected to be accretive, contributing to earnings growth in 2026 and 2027 [11] - The company has started selling some assets and acquiring Agency RMBS to support REIT compliance and liquidity [8] Market Data and Key Metrics Changes - Economic data showed resilience despite trade concerns, with employment statistics meeting or exceeding expectations [18] - Existing home sales were at their weakest year-to-date activity in nearly 27 years, with home price forecasts moderating [20] - The non-QM market continues to grow, with originations expected to reach the highest post-crisis levels [20] Company Strategy and Development Direction - The company aims to diversify its portfolio and income streams while focusing on residential mortgage credit as its core competency [10] - Future growth will involve both organic growth and strategic acquisitions, maintaining a focus on complementary capabilities [10] - The company is committed to disciplined risk management and evaluating liquidity-generating opportunities within its portfolio [26] Management's Comments on Operating Environment and Future Outlook - Management noted that the trajectory of growth may not be linear, with potential short-term earnings decreases due to capital redeployment for acquisitions [11] - The company is optimistic about the future, expecting strong earnings contributions from the Home Express acquisition and ongoing portfolio repositioning [11][28] - Management emphasized the importance of balancing dividend growth with reinvestment in the business for long-term returns [46] Other Important Information - The company ended Q2 with $561 million in total cash and unencumbered assets [14] - The company has a stable funding structure, with 61% of portfolio liabilities comprised of non-recourse term financing [21] - The company is actively analyzing callable securitization deals to enhance earnings power while considering book value impacts [26] Q&A Session Summary Question: Future acquisition opportunities - Management indicated openness to further acquisitions that align with their core competency in residential credit [30] Question: Potential for double-digit ROE post Home Express acquisition - Management expressed confidence in achieving double-digit ROE, citing Home Express as a critical component for earnings power [32] Question: Long-term capital allocation mix - Management discussed the need for a diversified portfolio across sectors, with MSRs expected to represent 15% to 25% of capital allocation in the future [40] Question: Dividend strategy post Home Express acquisition - Management highlighted the importance of balancing immediate dividend payouts with reinvestment for future growth [45] Question: Changes in book value and market conditions - Management noted a slight decline in book value due to flat loan portfolio performance and tightening spreads on securitized debt [49] Question: Impact of potential Fed rate cuts - Management acknowledged that rate cuts could improve net interest margins and make some callable securitizations more actionable [52]

New York Mortgage Trust (NYMT) Q2 2025 Earnings Call July 31, 2025 09:00 AM ET Speaker0Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the New York Mortgage Trust Second Quarter twenty twenty five Results Conference Call. During today's presentation, all parties will be in a listen only mode. Following the presentation, the conference will be open for questions. If you have a question, please press the star key followed by one, one on your touch tone phone.If you would like to ...

New York Mortgage Trust, Inc. 2025 Second Quarter Financial Summary Forward Looking Statements This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These beliefs, assumptions and expectations are subject to risks and uncertainties an ...

Core Viewpoint - New York Mortgage Trust, Inc. reported a net loss for the second quarter of 2025, but highlighted strong recurring earnings that exceeded dividends, indicating effective capital allocation and liquidity management [2][8]. Financial Performance - The net loss attributable to common stockholders was $3.486 million, translating to a loss of $0.04 per share [2]. - Earnings available for distribution were $20.024 million, or $0.22 per share [2]. - Interest income increased to $140.901 million, up from $90.775 million in the same quarter of the previous year [37]. - Interest expense rose to $104.454 million, compared to $71.731 million in the prior year [37]. - Net interest income for the quarter was $36.447 million, compared to $19.044 million in the same quarter last year [37]. - The book value per common share at the end of the period was $9.11, while the adjusted book value was $10.26 [2]. Investment Activities - The company acquired approximately $503.7 million in Agency investments with an average coupon of 5.29% and $280.2 million in residential loans with an average gross coupon of 9.76% [7]. - On July 8, 2025, the company completed the issuance of $90 million in Senior Notes due 2030, raising approximately $86.6 million in net proceeds [6]. - The acquisition of Constructive Loans, LLC for approximately $38.4 million is expected to enhance the company's position in residential business purpose lending [10]. Capital Allocation - As of June 30, 2025, the total investment portfolio carrying value was $8.609 billion, with significant allocations in residential loans and investment securities [9]. - The company reported a recourse leverage ratio of 3.8x and a portfolio recourse leverage ratio of 3.6x [9]. Subsequent Events - On July 24, 2025, the company completed a securitization of residential loans, resulting in approximately $345.9 million in net proceeds [10].

Financial Data and Key Metrics Changes - The company experienced a total economic return of negative 14.5% for the second quarter, and negative 1.4% excluding a loss contingency accrual of $1.92 per share [5][16] - The book value decreased to $12.14 per share, reflecting the impact of the loss contingency accrual [16] - A comprehensive loss of $221.8 million or $2.13 per share was reported, which would have been $21.9 million or 21¢ per share without the accrual [16] Business Line Data and Key Metrics Changes - First lien originations increased to $48 million UPB in Q2, up 68% from $29 million UPB in Q1, outpacing the nationwide trend of 16% [8] - Second liens brokered amounted to $44 million UPB, with the company beginning to originate second liens in its own name [9] Market Data and Key Metrics Changes - The 30-year fixed mortgage rate rose from 6.6% to a high near 6.9%, stabilizing in the 6.7% to 6.8% range by the end of the quarter [6][7] - The volume of MSR available in the bulk market has decreased by about 30% year over year [26] Company Strategy and Development Direction - The company is enhancing its direct-to-consumer originations platform to recapture loans in its portfolio that may refinance [8] - Significant investments in AI technologies are being made to improve efficiencies and customer experiences [11][12] - The core strategy focuses on low coupon MSR paired with agency RMBS to benefit from stable prepayments and wide agency spreads [31] Management's Comments on Operating Environment and Future Outlook - The management noted ongoing tariff threats and geopolitical tensions as potential market weighers, but also highlighted opportunities in the current environment [30] - The company expects RMBS and MSR portfolios to respond positively if the Federal Reserve cuts rates later in the year [7] Other Important Information - The company issued $115 million in senior notes due in 2030 for net proceeds of $110.8 million, part of which will be used for refinancing [19] - The economic debt to equity ratio increased to 7x, which is within the historical leverage range of 5 to 8 [20] Q&A Session Summary Question: Is the current leverage level a new standard? - Management confirmed that the leverage of 7x is within the historical range and reflects current market conditions [34][35] Question: Update on economic return performance in July? - The company reported an economic return of about 1.5% for July [36] Question: Differences between expected returns and EAD metric? - Management explained that EAD is based on historical purchase yields, while expected returns reflect forward-looking market conditions [43] Question: Thoughts on financing strategy and shift from repo to unsecured? - The issuance of a baby bond was primarily to prefinance the maturity of existing convertible debt [63] Question: Impact of steepening yield curve on the portfolio? - Management indicated that a steepening yield curve could have counterbalancing effects on MSR values, affecting both float income and prepayment assumptions [70] Question: Plans for second liens in the investment portfolio? - The company is open to retaining second liens if yields are attractive, but will also consider selling them [55] Question: Expense structure and AI investment impact? - Most AI-related expenses will be recognized as operational expenses rather than capitalized, affecting the expense ratio [88][92]

Financial Performance - The company's book value per share was $12.14 [6] - The comprehensive loss per share was $(2.13) [6] - Excluding the loss contingency accrual, the economic return on book value was (1.4)% [6] - Including the loss contingency accrual, the economic return on book value was (14.5)% [6] - The company declared a common stock dividend of $0.39 per share [6, 19] Portfolio Composition - The investment portfolio totaled $14.4 billion [6] - The economic debt-to-equity ratio was 7.0x [6] - The fair value of MSR (Mortgage Servicing Rights) was $3.016 billion [47] - The UPB (Unpaid Principal Balance) of the MSR portfolio was $200.363 billion [47] RoundPoint Operations - RoundPoint serviced UPB (Unpaid Principal Balance) was $204 billion [13] - Direct-to-consumer originations funded first lien loans of $48.6 million UPB [13] - Direct-to-consumer originations brokered second lien loans of $44.0 million UPB [13]

Financial Performance - The company reported a net loss of $0.29 per share for Q2 2025, compared to a net income of $0.18 per share in Q1 2025 [11] - Book value decreased from $7.94 in Q1 2025 to $7.21 in Q2 2025 [11] - Average MBS balances increased from $5,996 million in Q1 2025 to $6,866 million in Q2 2025 [15] - Economic leverage ratio remained constant at 7.8 in both Q1 and Q2 2025 [15] - Liquidity increased from 52.2% in Q1 2025 to 54.0% in Q2 2025 [15] Portfolio & Hedging - The company increased its allocation to 30yr 5.5%, 6.0%, and 6.5% coupons by $555 million, $145 million, and $86 million, respectively, while decreasing allocation to 30yr 4.0% and 5.0% by $334 million and $137 million, respectively [47] - Total notional balance of hedge positions was $(4,881.8) million [59] - Interest rate swaps had a notional balance of $(3,843.3) million with a weighted average pay fix rate of 3.30% [59] - The company's hedge positions covered 58% of its repo funding liability [59]

Financial Data and Key Metrics Changes - The economic return for the quarter was negative 4.8%, consisting of a $0.34 dividend per common share and a $0.76 decline in book value per common share [7] - The debt to equity ratio decreased from 7.1x at the end of March to 6.5x at the end of June, indicating a more defensive posture due to elevated near-term uncertainty [7] - As of July 18, 2025, the estimated book value per common share is between $7.99 and $8.31, reflecting a slight recovery in performance [8][25] Business Line Data and Key Metrics Changes - The Agency RMBS portfolio decreased by 15% quarter over quarter as the company managed risk amid trade policy uncertainty [18] - The allocation to Agency CMBS increased from 15% at the end of Q1 to just over 17% as of June 30, 2025, due to the decline in the Agency RMBS portfolio [20] Market Data and Key Metrics Changes - Interest rates declined across the front end of the Treasury yield curve during Q2, while long-term rates increased, reflecting expectations for accommodative policy from the FOMC [6][11] - The two-year Treasury yield declined by 16 basis points, while the thirty-year yield increased by 20 basis points, leading to the steepest two-thirty spread in nearly 3.5 years [11][12] Company Strategy and Development Direction - The company maintains a cautious near-term outlook but is optimistic about the long-term demand for Agency mortgages due to attractive valuations and stabilization in interest rate volatility [8][25] - The focus remains on specified pools with predictable prepayment behavior, particularly in lower loan balance collateral [18] Management's Comments on Operating Environment and Future Outlook - Management noted that financial conditions were volatile in Q2 but ended modestly accommodative, with expectations for two rate cuts by year-end and additional cuts in 2026 [5][25] - The company believes that further easing of monetary policy will lead to a steeper yield curve and a decline in interest rate volatility, supporting long-term demand for agency mortgages [25] Other Important Information - The company’s liquidity position is strong, providing a cushion for potential market stress while allowing for capital deployment as the investment environment improves [25] - The financing market for Agency CMBS remains robust, with no concerns about deterioration during a widening event [62] Q&A Session Summary Question: How does the company view the relative risk versus reward for high coupon RMBS? - The company believes that spreads reflect the risk accurately and has reduced exposure to higher coupon RMBS due to their sensitivity to interest rate volatility [29][30] Question: What is the company's comfort level on leverage? - The company is comfortable with its current leverage, which is lower than in Q1, and does not feel the need to increase leverage to meet return goals [33][34] Question: What is the outlook for swap spreads and the mix of hedges? - The company anticipates that swap spreads will widen, which would be beneficial, and is currently at maximum allocation to interest rate swaps [37][38] Question: What are the views on core earnings and dividends? - The company expects ROEs to remain attractive, supporting the current dividend without significant changes in the near term [41][45] Question: How does the company feel about CMBS spreads when the Fed cuts rates? - The company is comfortable with the financing market for Agency CMBS and expects spreads to tighten as the Fed cuts rates [60][62]

Second Quarter 2025 Earnings Call Invesco Mortgage Capital Inc. July 25, 2025 John Anzalone Kevin Collins Mark Gregson David Lyle Brian Norris Chief Executive Officer President Chief Financial Officer Chief Operating Officer Chief Investment Officer Cautionary Notice Regarding Forward-Looking Statements 2 Q2 2025 Results | Financial Results | | | | | Investment Allocation | | --- | --- | --- | --- | --- | --- | | | Q2 25 | Q1 25 | | | | | Net income (loss) per common share | ($0.40) | $0.26 | | | | | Earnin ...