{"id":954406,"date":"2026-04-23T16:33:51","date_gmt":"2026-04-23T20:33:51","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/orchid-island-capital-announces-first-quarter-2026-results\/"},"modified":"2026-04-23T16:33:51","modified_gmt":"2026-04-23T20:33:51","slug":"orchid-island-capital-announces-first-quarter-2026-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/orchid-island-capital-announces-first-quarter-2026-results\/","title":{"rendered":"Orchid Island Capital Announces First Quarter 2026 Results"},"content":{"rendered":"<div class=\"mw_release\">\n<p>VERO BEACH, Fla., April  23, 2026  (GLOBE NEWSWIRE) &#8212; Orchid Island Capital, Inc. (NYSE:ORC) (&#8220;Orchid\u201d or the &#8220;Company&#8221;), a real estate investment trust (&#8220;REIT&#8221;), today announced results of operations for the three month period ended March 31, 2026.<\/p>\n<p>\n        <strong>First Quarter\u00a02026 Results<\/strong>\n      <\/p>\n<ul>\n<li>Net loss of $(20.0) million, or $0.11 per common share, which consists of:<\/li>\n<li>Net interest income of $57.1 million, or $0.30 per common share<\/li>\n<li>Total expenses of $7.4 million, or $0.04 per common share<\/li>\n<li>Net realized and unrealized losses of $69.6 million, or $0.37 per common share, on RMBS and derivative instruments, including net interest income on interest rate swaps<\/li>\n<li>First quarter dividends declared and paid of $0.36 per common share<\/li>\n<li>Book value per common share of $7.08 at March 31, 2026<\/li>\n<li>Total return of (1.33)%, comprised of $0.36 dividend per common share and $0.46 decrease in book value per common share, divided by beginning book value per common share\n<\/li>\n<\/ul>\n<p>\n        <strong>Other Financial Highlights<\/strong>\n      <\/p>\n<ul>\n<li>Orchid maintained a strong liquidity position of $759.0 million in cash and cash equivalents and unpledged securities, or approximately 55% of stockholders&#8217; equity as of March 31, 2026<\/li>\n<li>Borrowing capacity in excess of March 31, 2026 outstanding repurchase agreement balances of $10.9 billion, spread across 28 active lenders<\/li>\n<li>Company to discuss results on Friday, April 24, 2026, at 10:00 AM ET<\/li>\n<li>Supplemental materials to be discussed on the call can be downloaded from the investor relations section of the Company\u2019s website at https:\/\/ir.orchidislandcapital.com<\/li>\n<\/ul>\n<p>\n        <strong><br \/>\n          <br \/>Management Commentary<\/strong>\n      <\/p>\n<p>Commenting on the first quarter results, Robert E. Cauley, Chairman and Chief Executive Officer, said, \u201cOn February 28, 2026, the markets turned sharply when war broke out in the Middle East after Israel and the United States attacked Iran. Up to that point, the Agency RMBS market was performing very well, the catalyst being a pronouncement by President Trump on January 8, 2026 that the GSEs would seek to buy $200 billion of Agency RMBS in an effort to drive mortgage rates down and the affordability of housing higher. Interest rate volatility continued to decline, as it has since April of 2025, supportive of the sector as well. Away from the mortgage market, there were troubling signs in the economy as private credit concerns mounted, artificial intelligence began to emerge as a significant threat to software developers and many tech firms, previously the leaders of market performance over the last year or so, sold off dramatically. Interest rates, particularly the 10-year U.S. Treasury, declined in yield over the course of February, falling below 4% and mortgage rates declined towards 6%. Prepayment fears mounted quickly, and in fact speeds did increase dramatically in March. These later developments began to erode the strong performance of the sector triggered by the President\u2019s announcement on January 8, 2026.<\/p>\n<p>\u201cThe onset of war dramatically changed things. The immediate reaction was for interest rates to increase, risk markets \u2013 particularly the stock market \u2013 sold off, and implied interest rate volatility increased dramatically. Mortgage sector performance deteriorated quickly as well. Mortgage spreads widened and ended the quarter slightly wider than the end of 2025. Orchid generated a negative 1.3% economic return for the quarter as our book value decline, caused by the widening of mortgages, offset our dividend by $0.10 on a per share basis. Since quarter end, the sector has recovered as implied interest rate volatility has retraced nearly all of the increase triggered by the onset of war and mortgages have tightened, reversing approximately half the war-induced widening as well. A final observation on the impact of the war would be to point out that the market seems equally concerned with the impact of the war on growth, as inflation and longer maturity rates have remained near the levels that existed at the beginning of the war. Conversely, shorter term rates remain elevated, and market pricing of future policy changes on the part of the Fed are at or near zero, resulting in a flatter rate curve. This leaves us with slightly lower return prospects in the mortgage market going forward, but returns are still quite attractive in a historical context. We feel comfortable with our slightly revised dividend rate and view current market conditions as still quite conducive to the performance of levered Agency RMBS investing.\u201d<\/p>\n<p>\n        <strong>Details of First Quarter\u00a02026 Results of Operations<\/strong>\n      <\/p>\n<p>The Company reported net loss\u00a0of $(20.0) million\u00a0for the three month period ended\u00a0March 31, 2026, compared with a net income of $17.1 million\u00a0for the three month period ended March 31, 2025. Interest income on the portfolio in the\u00a0first quarter was up approximately $25.7 million\u00a0from the fourth quarter of 2025. The yield on our average Agency RMBS increased from 5.57% in the fourth quarter of 2025\u00a0to 5.75% for the\u00a0first quarter of\u00a02026, and our repurchase agreement borrowing costs decreased from 4.14% for the fourth quarter of 2025\u00a0to 3.84% for the\u00a0first quarter of 2026. Book value decreased by $0.46\u00a0per share in the first\u00a0quarter of 2026. The decrease in book value reflects our net loss of $0.11\u00a0per share and the dividend distribution of $0.36\u00a0per share. The Company recorded net realized and unrealized\u00a0losses\u00a0of\u00a0$69.6 million on Agency RMBS assets and derivative instruments, including net interest income on interest rate swaps.<\/p>\n<p>\n        <strong>Prepayments<\/strong>\n      <\/p>\n<p>For the quarter ended\u00a0March 31, 2026, Orchid received $404.7 million\u00a0in scheduled and unscheduled principal repayments and prepayments, which equated to a 3-month constant prepayment rate (\u201cCPR\u201d) of approximately 14.7%. Prepayment rates on the two RMBS sub-portfolios were as follows (in CPR):<\/p>\n<table style=\"border-collapse: collapse;width:99%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:85%;width:85%;min-width:85%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Total<\/strong><br \/>\n            <strong><br \/>\n              <br \/>\n            <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Three Months Ended<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Portfolio (%)<\/strong><br \/>\n            <strong><br \/>\n              <br \/>\n            <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">March 31, 2026<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">14.7<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">December 31, 2025<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">15.7<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">September 30, 2025<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">10.1<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">June 30, 2025<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">10.1<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">March 31, 2025<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">7.8<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong><br \/>\n          <br \/>Portfolio<\/strong>\n      <\/p>\n<p>The following tables summarize certain characteristics of Orchid\u2019s PT RMBS (as defined below) and structured RMBS as of\u00a0March 31, 2026 and\u00a0December 31, 2025:<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:38%;width:37.5865%;min-width:38%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>($ in thousands)<\/em>\n          <\/td>\n<td style=\"max-width:1%;width:0.961515%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1.04893%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:10%;width:9.96479%;min-width:10%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.961515%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"max-width:1%;width:0.961515%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.961515%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:10%;width:9.96479%;min-width:10%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1.48598%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"max-width:1%;width:0.961515%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.961515%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:10%;width:9.87738%;min-width:10%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1.48598%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"max-width:1%;width:0.961515%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.961515%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:10%;width:9.87738%;min-width:10%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.961515%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"max-width:10%;width:9.96479%;min-width:10%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:37.5865%;text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Asset Category<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:11.0137%;text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Fair<\/strong><br \/>\n            <br \/>\n            <strong>Value<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:10.9263%;text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Percentage<\/strong><br \/>\n            <br \/>\n            <strong>of<\/strong><br \/>\n            <br \/>\n            <strong>Entire<\/strong><br \/>\n            <br \/>\n            <strong>Portfolio<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.48598%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:10.8389%;text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Weighted<\/strong><br \/>\n            <br \/>\n            <strong>Average<\/strong><br \/>\n            <br \/>\n            <strong>Coupon<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.48598%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:10.8389%;text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Weighted<\/strong><br \/>\n            <br \/>\n            <strong>Average<\/strong><br \/>\n            <br \/>\n            <strong>Maturity<\/strong><br \/>\n            <br \/>\n            <strong>in<\/strong><br \/>\n            <br \/>\n            <strong>Months<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.96479%;text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Longest<\/strong><br \/>\n            <br \/>\n            <strong>Maturity<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:37.5865%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>March 31, 2026<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.96479%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.96479%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.48598%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.87738%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.48598%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.87738%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:9.96479%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:37.5865%;vertical-align: bottom\">Fixed Rate RMBS<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">$<\/td>\n<td style=\"width:9.96479%;text-align: right;vertical-align: middle;vertical-align: bottom\">11,326,089<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.96479%;text-align: right;vertical-align: middle;vertical-align: bottom\">99.9<\/td>\n<td style=\"width:1.48598%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.87738%;text-align: right;vertical-align: middle;vertical-align: bottom\">5.60<\/td>\n<td style=\"width:1.48598%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.87738%;text-align: right;vertical-align: middle;vertical-align: bottom\">339<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.96479%;text-align: right;vertical-align: middle;vertical-align: bottom\">1-Mar-56<\/td>\n<\/tr>\n<tr>\n<td style=\"width:37.5865%;border-bottom: solid black 1pt;vertical-align: bottom\">Other<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.96479%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">12,452<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.96479%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">0.1<\/td>\n<td style=\"width:1.48598%;border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.87738%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3.35<\/td>\n<td style=\"width:1.48598%;border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.87738%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">207<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.96479%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">25-Jul-48<\/td>\n<\/tr>\n<tr>\n<td style=\"width:37.5865%;border-bottom: double black 3pt;vertical-align: bottom\">Total Mortgage Assets<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:9.96479%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">11,338,541<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.96479%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">100.0<\/td>\n<td style=\"width:1.48598%;border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.87738%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">5.58<\/td>\n<td style=\"width:1.48598%;border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.87738%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">338<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.96479%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1-Mar-56<\/td>\n<\/tr>\n<tr>\n<td style=\"width:37.5865%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>December 31, 2025<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.96479%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.96479%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.48598%;border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.87738%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.48598%;border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.87738%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:9.96479%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:37.5865%;vertical-align: bottom\">Fixed Rate RMBS<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">$<\/td>\n<td style=\"width:9.96479%;text-align: right;vertical-align: middle;vertical-align: bottom\">10,615,570<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.96479%;text-align: right;vertical-align: middle;vertical-align: bottom\">99.9<\/td>\n<td style=\"width:1.48598%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.87738%;text-align: right;vertical-align: middle;vertical-align: bottom\">5.67<\/td>\n<td style=\"width:1.48598%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.87738%;text-align: right;vertical-align: middle;vertical-align: bottom\">341<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.96479%;text-align: right;vertical-align: middle;vertical-align: bottom\">1-Jan-56<\/td>\n<\/tr>\n<tr>\n<td style=\"width:37.5865%;border-bottom: solid black 1pt;vertical-align: bottom\">Other<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.96479%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">13,088<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.96479%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">0.1<\/td>\n<td style=\"width:1.48598%;border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.87738%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3.25<\/td>\n<td style=\"width:1.48598%;border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.87738%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">210<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.96479%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">25-Jul-48<\/td>\n<\/tr>\n<tr>\n<td style=\"width:37.5865%;border-bottom: double black 3pt;vertical-align: bottom\">Total Mortgage Assets<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:9.96479%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">10,628,658<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.96479%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">100.0<\/td>\n<td style=\"width:1.48598%;border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.87738%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">5.64<\/td>\n<td style=\"width:1.48598%;border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.87738%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">340<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.96479%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1-Jan-56<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:44%;width:43.3556%;min-width:44%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>($ in thousands)<\/em>\n          <\/td>\n<td style=\"max-width:1%;width:0.961515%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1.04893%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:10.9263%;min-width:11%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.961515%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"max-width:1%;width:0.961515%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.961515%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:10.9263%;min-width:11%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1.48598%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"max-width:1%;width:0.961515%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1.04893%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:10.9263%;min-width:11%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.961515%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"max-width:1%;width:0.961515%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.961515%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:10.9263%;min-width:11%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1.48598%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:43.3556%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"width:25.7861%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>March 31, 2026<\/strong>\n          <\/td>\n<td style=\"width:1.48598%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"width:25.7861%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>December 31, 2025<\/strong>\n          <\/td>\n<td style=\"width:1.48598%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:43.3556%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Agency<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:11.9752%;text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Fair Value<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:11.8878%;text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Percentage of<\/strong><br \/>\n            <br \/>\n            <strong>Entire Portfolio<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.48598%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:11.9752%;text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Fair Value<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:11.8878%;text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Percentage of<\/strong><br \/>\n            <br \/>\n            <strong>Entire Portfolio<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:1.48598%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:43.3556%;vertical-align: bottom\">Fannie Mae<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">$<\/td>\n<td style=\"width:10.9263%;text-align: right;vertical-align: middle;vertical-align: bottom\">5,900,504<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.9263%;text-align: right;vertical-align: middle;vertical-align: bottom\">52.0<\/td>\n<td style=\"width:1.48598%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">$<\/td>\n<td style=\"width:10.9263%;text-align: right;vertical-align: middle;vertical-align: bottom\">5,675,461<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.9263%;text-align: right;vertical-align: middle;vertical-align: bottom\">53.4<\/td>\n<td style=\"width:1.48598%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:43.3556%;border-bottom: solid black 1pt;vertical-align: bottom\">Freddie Mac<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.9263%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">5,438,037<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.9263%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">48.0<\/td>\n<td style=\"width:1.48598%;border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.9263%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">4,953,197<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.9263%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">46.6<\/td>\n<td style=\"width:1.48598%;border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:43.3556%;border-bottom: double black 3pt;vertical-align: bottom\">Total Portfolio<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:10.9263%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">11,338,541<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.9263%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">100.0<\/td>\n<td style=\"width:1.48598%;border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:10.9263%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">10,628,658<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.9263%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">100.0<\/td>\n<td style=\"width:1.48598%;border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<\/table>\n<p>\n        <br \/>As of\u00a0March 31, 2026, the Company&#8217;s portfolio had an\u00a0effective duration of\u00a03.005, indicating that an interest rate increase of 1.0% would be expected to cause a 3.005% decrease in the value of the RMBS in the Company\u2019s investment portfolio.\u00a0As of\u00a0December 31, 2025, the Company&#8217;s portfolio had an\u00a0effective duration of\u00a02.513, indicating that an interest rate increase of 1.0% would be expected to cause a\u00a02.513% decrease in the value of the RMBS in the Company\u2019s investment portfolio.\u00a0<\/p>\n<p>\n        <strong>Financing, Leverage and Liquidity<\/strong>\n      <\/p>\n<p>As of March 31, 2026, the Company had outstanding repurchase obligations of approximately $10.9 billion with a net weighted average borrowing rate of 3.79%. These agreements were collateralized by RMBS with a fair value, including accrued interest, of approximately $11.3 billion and cash pledged to counterparties of approximately $82.6 million. The Company\u2019s adjusted leverage ratio, defined as the balance of repurchase agreement liabilities divided by stockholders&#8217; equity, at March 31, 2026 was 7.8 to 1. At March 31, 2026, the Company\u2019s liquidity was approximately $759.0 million consisting of cash and cash equivalents and unpledged securities. Below is a list of our outstanding borrowings under repurchase obligations at March 31, 2026.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:44%;width:44%;min-width:44%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>($ in thousands)<\/em>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Counterparty<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Total<\/strong><br \/>\n            <br \/>\n            <strong>Outstanding<\/strong><br \/>\n            <br \/>\n            <strong>Balances<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>% of<\/strong><br \/>\n            <br \/>\n            <strong>Total<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Weighted<\/strong><br \/>\n            <br \/>\n            <strong>Average<\/strong><br \/>\n            <br \/>\n            <strong>Borrowing<\/strong><br \/>\n            <br \/>\n            <strong>Rate<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Weighted<\/strong><br \/>\n            <br \/>\n            <strong>Average<\/strong><br \/>\n            <br \/>\n            <strong>Maturity<\/strong><br \/>\n            <br \/>\n            <strong>in Days<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Wells Fargo Securities, LLC<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">548,008<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">5.02<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.79<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">18<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Citigroup Global Markets Inc<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">505,729<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4.65<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.78<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">11<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Marex Capital Markets Inc.<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">504,786<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4.65<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.76<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">24<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Hidden Road Partners Civ US LLC<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">501,964<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4.62<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.78<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">51<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">ABN AMRO Bank N.V.<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">497,665<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4.58<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.77<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">52<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">ASL Capital Markets Inc.<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">489,064<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4.50<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.80<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">72<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">StoneX Financial Inc.<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">488,036<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4.49<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.79<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">155<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">The Bank of Nova Scotia<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">482,071<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4.44<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.79<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">20<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">South Street Securities, LLC<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">477,914<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4.40<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.83<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">106<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">J.P. Morgan Securities LLC<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">470,564<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4.33<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.78<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">24<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">RBC Capital Markets, LLC<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">454,708<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4.19<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.83<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">97<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">DV Securities, LLC Repo<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">450,719<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4.15<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.78<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">71<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Cantor Fitzgerald &amp; Co<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">445,482<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4.10<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.79<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">26<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Clear Street LLC<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">437,924<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4.03<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.79<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">69<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Daiwa Securities America Inc.<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">432,054<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.98<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.79<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">66<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Banco Santander SA<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">428,017<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.94<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.79<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">38<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Bank of Montreal<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">424,162<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.90<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.80<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">13<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Goldman, Sachs &amp; Co<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">412,584<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.80<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.80<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">25<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Merrill Lynch, Pierce, Fenner &amp; Smith<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">384,964<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.54<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.81<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">16<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">ING Financial Markets LLC<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">376,852<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.47<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.80<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">13<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Mirae Asset Securities (USA) Inc.<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">332,010<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.06<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.80<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">37<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Brean Capital, LLC<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">286,317<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2.64<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.79<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">17<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Mitsubishi UFJ Securities (USA), Inc.<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">246,498<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2.27<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.80<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">22<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">MUFG Securities Canada, Ltd.<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">236,975<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2.18<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.78<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Nomura Securities International, Inc.<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">222,189<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2.05<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.79<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">71<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Mizuho Securities USA LLC<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">197,403<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1.82<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.78<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">33<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Natixis, New York Branch<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">97,612<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">0.90<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.79<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">27<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Lucid Prime Fund, LLC<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">32,452<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">0.30<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3.79<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">16<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">Total \/ Weighted Average<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">10,864,723<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">100.00<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3.79<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">46<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong><br \/>\n          <br \/>Hedging<\/strong>\n      <\/p>\n<p>In connection with its interest rate risk management strategy, the Company economically hedges a portion of the cost of its repurchase agreement funding against a rise in interest rates by entering into derivative financial instrument contracts. The Company has not elected hedging treatment under U.S. generally accepted accounting principles (\u201cGAAP\u201d) in order to align the accounting treatment of its derivative instruments with the treatment of its portfolio assets under the fair value option election. As such, all gains or losses on these instruments are reflected in earnings for all periods presented. At\u00a0March 31, 2026, such instruments were comprised of U.S. Treasury note (\u201cT-Note\u201d) and Secured Overnight Financing Rate (&#8220;SOFR&#8221;) futures contracts, interest rate swap agreements\u00a0and contracts to sell to-be-announced (&#8220;TBA&#8221;) securities.<\/p>\n<p>The table below presents information related to the Company\u2019s T-Note and SOFR futures contracts at\u00a0March 31, 2026.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:44%;width:44%;min-width:44%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>($ in thousands)<\/em>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"14\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>March 31, 2026<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Expiration Year<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Average<\/strong><br \/>\n            <br \/>\n            <strong>Contract<\/strong><br \/>\n            <br \/>\n            <strong>Notional<\/strong><br \/>\n            <br \/>\n            <strong>Amount<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Weighted<\/strong><br \/>\n            <br \/>\n            <strong>Average<\/strong><br \/>\n            <br \/>\n            <strong>Entry<\/strong><br \/>\n            <br \/>\n            <strong>Rate<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Weighted<\/strong><br \/>\n            <br \/>\n            <strong>Average<\/strong><br \/>\n            <br \/>\n            <strong>Effective<\/strong><br \/>\n            <br \/>\n            <strong>Rate<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Open<\/strong><br \/>\n            <br \/>\n            <strong>Equity<\/strong><br \/>\n            <sup><br \/>\n              <strong>(<\/strong><br \/>\n            <\/sup><br \/>\n            <sup><br \/>\n              <strong>1)<\/strong><br \/>\n            <\/sup><br \/>\n            \n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>U.S. Treasury Note Futures Contracts (Short Positions)<\/strong><br \/>\n            <sup><br \/>\n              <strong>(<\/strong><br \/>\n            <\/sup><br \/>\n            <sup><br \/>\n              <strong>2)<\/strong><br \/>\n            <\/sup>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">June 2026 5-year T-Note futures (Jun 2026 &#8211; Jun 2031 Hedge Period)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">180,000<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.86<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.93<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">520<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">June 2026 10-year T-Note futures (Jun 2026 &#8211; Jun 2036 Hedge Period)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">53,000<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.85<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4.13<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">977<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\">June 2026 10-year Ultra futures (Jun 2026 &#8211; Jun 2036 Hedge Period)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">60,000<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">4.09<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">4.32<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,223<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>SOFR Futures Contracts (Short Positions)<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">June 2026 3-Month SOFR futures (Mar 2026 &#8211; Jun 2026 Hedge Period)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">97,500<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.55<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.68<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">123<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">September 2026 3-Month SOFR futures (Jun 2026 &#8211; Sep 2026 Hedge Period)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">97,500<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.38<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.67<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">280<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">December 2026 3-Month SOFR futures (Sep 2026 &#8211; Dec 2026 Hedge Period)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">97,500<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.27<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.67<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">386<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">March 2027 3-Month SOFR futures (Dec 2026 &#8211; Mar 2027 Hedge Period)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">97,500<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.22<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.64<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">407<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\">June 2027 3-Month SOFR futures (Mar 2027 &#8211; Jun 2027 Hedge Period)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">97,500<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3.21<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3.61<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">397<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>ERIS SOFR Swap Futures Contracts (Short Positions)<\/strong><br \/>\n            <sup><br \/>\n              <strong>(<\/strong><br \/>\n            <\/sup><br \/>\n            <sup><br \/>\n              <strong>3)<\/strong><br \/>\n            <\/sup>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\">June 2026 5-Year Term, 3.75% fixed rate, (Jun 2026 &#8211; June 2031 Hedge Period)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">10,000<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3.42<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3.63<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">88<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:2%;width:2%;min-width:2%;text-align: right;vertical-align: middle;vertical-align: top\">(1<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: top\">)<\/td>\n<td style=\"max-width:96%;width:96%;min-width:96%;vertical-align: top\">Open equity represents the cumulative gains (losses) recorded on open futures positions from inception.<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(2<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: top\">)<\/td>\n<td style=\"vertical-align: top\">5-Year T-Note futures contracts were valued at a price of\u00a0$108.18\u00a0at\u00a0March 31, 2026. The aggregate contract values of the short positions were\u00a0$194.7 million\u00a0at\u00a0March 31, 2026. 10-Year T-Note futures contracts were valued at a price of\u00a0$111.05\u00a0at\u00a0March 31, 2026. The aggregate contract values of the short positions were $58.9 million\u00a0at\u00a0March 31, 2026. 10-Year Ultra futures contracts were valued at a price of\u00a0$113.52\u00a0at\u00a0March 31, 2026. The aggregate contract values of the short positions were $68.1 million\u00a0at\u00a0March 31, 2026.<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(3<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: top\">)<\/td>\n<td style=\"vertical-align: top\">ERIS swap futures are exchange traded futures that replicate the cash flows of an underlying swap position.<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>The table below presents information related to the Company\u2019s interest rate swap positions at\u00a0March 31, 2026.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:44%;width:44%;min-width:44%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>($ in thousands)<\/em>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Notional<\/strong><br \/>\n            <br \/>\n            <strong>Amount<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Average<\/strong><br \/>\n            <br \/>\n            <strong>Fixed<\/strong><br \/>\n            <br \/>\n            <strong>Pay<\/strong><br \/>\n            <br \/>\n            <strong>Rate<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Average<\/strong><br \/>\n            <br \/>\n            <strong>Receive<\/strong><br \/>\n            <br \/>\n            <strong>Rate<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Average<\/strong><br \/>\n            <br \/>\n            <strong>Maturity<\/strong><br \/>\n            <br \/>\n            <strong>(Years)<\/strong><br \/>\n            \n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Expiration &gt; 1 to \u2264 5 years<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4,792,800<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.40<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.68<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Expiration &gt; 5 years<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2,221,400<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3.90<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3.68<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">8.0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">7,014,200<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3.56<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3.68<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">4.6<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <br \/>The following table summarizes our contracts to sell TBA securities as of\u00a0March 31, 2026.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"1\" style=\"max-width:44%;width:44%;min-width:44%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>($ in thousands)<\/em>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Notional<\/strong><br \/>\n            <br \/>\n            <strong>Amount<\/strong><br \/>\n            <br \/>\n            <strong>Long<\/strong><br \/>\n            <br \/>\n            <strong>(Short)(1)<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Cost<\/strong><br \/>\n            <br \/>\n            <strong>Basis(2)<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Market<\/strong><br \/>\n            <br \/>\n            <strong>Value(3)<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Net<\/strong><br \/>\n            <br \/>\n            <strong>Carrying<\/strong><br \/>\n            <br \/>\n            <strong>Value(4)<\/strong><br \/>\n            \n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>March 31, 2026<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\n            <strong><br \/>\n              <em>15-Year TBA securities:<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\n            <strong><br \/>\n              <em>\u00a0<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\n            <strong><br \/>\n              <em>\u00a0<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\n            <strong><br \/>\n              <em>\u00a0<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">\n            <strong><br \/>\n              <em>\u00a0<\/em><br \/>\n            <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:30%;min-width:30%;padding-right: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">4.5%<\/td>\n<td style=\"max-width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:11%;min-width:11%;text-align: right;vertical-align: middle;vertical-align: bottom\">250,000<\/td>\n<td style=\"max-width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:11%;min-width:11%;text-align: right;vertical-align: middle;vertical-align: bottom\">248,506<\/td>\n<td style=\"max-width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:11%;min-width:11%;text-align: right;vertical-align: middle;vertical-align: bottom\">247,871<\/td>\n<td style=\"max-width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:11%;min-width:11%;text-align: right;vertical-align: middle;vertical-align: bottom\">(635<\/td>\n<td style=\"max-width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" style=\"vertical-align: bottom\">\n            <strong><br \/>\n              <em>30-Year TBA securities:<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\n            <strong><br \/>\n              <em>\u00a0<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\n            <strong><br \/>\n              <em>\u00a0<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\n            <strong><br \/>\n              <em>\u00a0<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">\n            <strong><br \/>\n              <em>\u00a0<\/em><br \/>\n            <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">6.5%<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(155,000<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(160,595<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(160,214<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">381<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">95,000<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">87,911<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">87,657<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(254<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">)<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(1<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: top\">)<\/td>\n<td style=\"max-width:96%;width:96%;min-width:96%;vertical-align: top\">Notional amount represents the par value (or principal balance) of the underlying Agency RMBS.<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">(2<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: top\">)<\/td>\n<td style=\"vertical-align: top\">Cost basis represents the forward price to be paid (received) for the underlying Agency RMBS.<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">(3<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: top\">)<\/td>\n<td style=\"vertical-align: top\">Market value represents the current market value of the TBA securities (or of the underlying Agency RMBS) as of period-end.<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">(4<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: top\">)<\/td>\n<td style=\"vertical-align: top\">Net carrying value represents the difference between the market value and the cost basis of the TBA securities as of period-end and is reported in derivative assets (liabilities) at fair value in our balance sheets.<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>Dividends<\/strong>\n      <\/p>\n<p>In addition to other requirements that must be satisfied to qualify as a REIT, we must pay annual dividends to our stockholders of at least 90% of our REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gains. We intend to pay regular monthly dividends to our stockholders and have declared the following dividends since our February 2013 IPO.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"8\" style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>(in thousands, except per share data)<\/em>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Year<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Per Share <br \/>Amount<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Total<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:66%;width:66%;min-width:66%;vertical-align: bottom\">2013<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;text-align: right;vertical-align: middle;vertical-align: bottom\">6.975<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:14%;width:14%;min-width:14%;text-align: right;vertical-align: middle;vertical-align: bottom\">4,662<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">2014<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">10.800<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">22,643<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">2015<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">9.600<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">38,748<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">2016<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8.400<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">41,388<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">2017<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8.400<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">70,717<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">2018<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">5.350<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">55,814<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">2019<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4.800<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">54,421<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">2020<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.950<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">53,570<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">2021<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3.900<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">97,601<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">2022<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2.475<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">87,906<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">2023<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1.800<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">81,127<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">2024<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1.440<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">96,309<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">2025<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1.440<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">190,930<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">2026 &#8211; YTD<sup>(<\/sup><sup>1)<\/sup><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">0.460<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">89,100<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">Totals<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">69.790<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">984,936<\/td>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(1<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<td style=\"max-width:96%;width:96%;min-width:96%;vertical-align: top\">On April 15, 2026, the Company declared a dividend of $0.10\u00a0per share to be paid on May 28, 2026. The effect of this\u00a0dividend is included in the table above but is\u00a0not reflected in the Company\u2019s financial statements as of March 31, 2026.<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <strong>Book Value Per Share<\/strong>\n      <\/p>\n<p>The Company&#8217;s book value per share at March 31, 2026 was $7.08. The Company computes book value per share by dividing total stockholders&#8217; equity by the total number of shares outstanding of the Company&#8217;s common stock. At March 31, 2026, the Company&#8217;s stockholders&#8217; equity was $1,391.8 million\u00a0with 196,700,226\u00a0shares of common stock outstanding.<\/p>\n<p>\n        <strong>Stock Offerings<\/strong>\n      <\/p>\n<p>On June 11, 2024, we entered into an equity distribution agreement (the \u201cJune 2024\u00a0Equity Distribution Agreement\u201d) with three sales agents pursuant to which we could offer and sell, from time to time, up to an aggregate amount of $250,000,000 of gross proceeds from the sales of shares of our common stock in transactions that were deemed to be \u201cat the market\u201d offerings and privately negotiated transactions. We issued a total of 30,513,253 shares under the June 2024 Equity Distribution Agreement for aggregate gross proceeds of approximately $250.0 million\u00a0and net proceeds of approximately $245.8\u00a0million, after commissions and fees, prior to its termination in February 2025.<\/p>\n<p>On February 24, 2025, we entered into an equity distribution agreement (the \u201cFebruary 2025 Equity Distribution Agreement\u201d) with four sales agents pursuant to which we could offer and sell, from time to time, up to an aggregate amount of $350,000,000 of gross proceeds from the sales of shares of our common stock in transactions that were deemed to be \u201cat the market\u201d offerings and privately negotiated transactions. On July 28, 2025, the February 2025 Equity Distribution Agreement was amended to increase the aggregate amount of gross proceeds from the sales of shares that may be offered by $150,000,000 to a total of $500,000,000. During the three months ended December 31, 2025, we issued a total of 3,472,759 shares under the February 2025 Equity Distribution Agreement for aggregate gross proceeds of approximately $24.9 million and net proceeds of approximately $24.5 million, after commissions and fees. We issued a total of 59,492,504 shares under the February 2025 Equity Distribution Agreement for aggregate gross proceeds of approximately $445.1 million and net proceeds of approximately $438.0 million, after commissions and fees, prior to its termination in October 2025.<\/p>\n<p>On October 27, 2025, we entered into an equity distribution agreement (the \u201cOctober 2025 Equity Distribution Agreement\u201d) with four sales agents pursuant to which we may offer and sell, from time to time, up to an aggregate amount of $500,000,000 of gross proceeds from the sales of shares of our common stock in transactions that are deemed to be \u201cat the market\u201d offerings and privately negotiated transactions. From inception through March 31, 2026, we\u00a0issued a total of 44,824,644\u00a0shares under the October 2025\u00a0Equity Distribution Agreement for aggregate gross proceeds of approximately $332.7 million, and net proceeds of approximately $327.5 million, after commissions and fees.\u00a0For the three months ended March 31, 2026, we\u00a0issued a total of 14,558,681\u00a0shares under the October 2025\u00a0Equity Distribution Agreement for aggregate gross proceeds of approximately $109.5 million, and net proceeds of approximately $107.8 million, after commissions and fees.\u00a0Subsequent to\u00a0March 31, 2026, we\u00a0issued a total of\u00a04,000,000\u00a0shares under the October 2025\u00a0Equity Distribution Agreement for aggregate gross proceeds of approximately $28.2 million, and net proceeds of approximately $27.8 million, after commissions and fees.<\/p>\n<p>\n        <strong>Stock Repurchase Program<\/strong>\n      <\/p>\n<p>On July 29, 2015, the Company\u2019s Board of Directors authorized the repurchase of up to 400,000 shares of our common stock. The timing, manner, price and amount of any repurchases is determined by the Company in its discretion and is subject to economic and market conditions, stock price, applicable legal requirements and other factors. The authorization does not obligate the Company to acquire any particular amount of common stock and the program may be suspended or discontinued at the Company\u2019s discretion without prior notice. On February 8, 2018, the Board of Directors approved an increase in the stock repurchase\u00a0program for up to an additional 904,564 shares of the Company\u2019s common stock. Coupled with the 156,751 shares remaining from the original 400,000 share authorization, the increased authorization brought the total authorization to 1,061,316 shares, representing 10% of the Company\u2019s then outstanding share count. On December 9, 2021, the Board of Directors approved an increase in the number of shares of the Company\u2019s common stock available in the stock repurchase program for up to an additional 3,372,399 shares, bringing the remaining authorization under the stock repurchase program to 3,539,861 shares, representing approximately 10% of the Company\u2019s then outstanding shares of common stock. On October 12, 2022, the Board of Directors approved an increase in the number of shares of the Company\u2019s common stock available in the stock repurchase program for up to an additional 4,300,000 shares, bringing the remaining authorization under the stock repurchase program to 6,183,601 shares, representing approximately 18% of the Company\u2019s then outstanding shares of common stock. This stock repurchase program has no termination date.<\/p>\n<p>From the inception of the stock repurchase program through March 31, 2026, the Company repurchased a total of 6,257,826\u00a0shares at an aggregate cost of approximately $84.8 million, including commissions and fees, for a weighted average price of $13.55\u00a0per share. There were no shares repurchased during the three months ended March 31, 2026. The remaining authorization under the stock repurchase program as of\u00a0April 24, 2026\u00a0was\u00a02,719,137\u00a0shares.<\/p>\n<p>\n        <strong>Earnings Conference Call Details<\/strong>\n      <\/p>\n<p>An earnings conference call and live audio webcast will be hosted Friday, April 24, 2026, at 10:00 AM ET. Participants can register and receive dial-in information\u00a0at\u00a0https:\/\/register-conf.media-server.com\/register\/BI266e379979aa4520a3ba4758231f2955.\u00a0A live audio webcast of the conference call can be accessed at\u00a0https:\/\/edge.media-server.com\/mmc\/p\/pp74w7ci\u00a0or via the investor relations section of the Company&#8217;s website at https:\/\/ir.orchidislandcapital.com. An audio archive of the webcast will be available for 30 days after the call.<\/p>\n<p>\n        <strong>About Orchid Island Capital, Inc.<\/strong>\n      <\/p>\n<p>Orchid Island Capital, Inc. is a specialty finance company that invests on a leveraged basis in Agency RMBS. Our investment strategy focuses on, and our portfolio consists of, two categories of Agency RMBS: (i) traditional pass-through Agency RMBS, such as mortgage pass-through certificates, and CMOs issued by the GSEs, and (ii) structured Agency RMBS, such as IOs, IIOs and principal only securities, among other types of structured Agency RMBS. Orchid is managed by Bimini Advisors, LLC, a registered investment adviser with the Securities and Exchange Commission.<\/p>\n<p>\n        <strong>Forward Looking Statements<\/strong>\n      <\/p>\n<p>Statements herein relating to matters that are not historical facts, including, but not limited to statements regarding interest rates, inflation, liquidity, pledging of our structured RMBS, funding levels and spreads, prepayment speeds, portfolio composition, positioning and repositioning, hedging levels, leverage ratio, dividends, investment and return opportunities, the supply and demand for Agency RMBS and the performance of the Agency RMBS sector generally, the effect of actual or expected actions of the U.S. government, including the Fed, market expectations, capital raising, future opportunities and prospects of the Company, the stock repurchase program, geopolitical uncertainty and general economic conditions (including the effects of artificial intelligence, wars, tariffs, trade wars, inflation, the U.S. deficit, U.S. government shutdowns, and the strength of the U.S. dollar), are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned that such forward-looking statements are based on information available at the time and on management&#8217;s good faith belief 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 Orchid Island Capital, Inc.&#8217;s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Orchid Island Capital, Inc. assumes no obligation to update forward-looking statements to reflect subsequent results, changes in assumptions or changes in other factors affecting forward-looking statements.<\/p>\n<p>\n        <strong>Summarized Financial Statements<\/strong>\n      <\/p>\n<p>The following is a summarized presentation of the unaudited balance sheets as of March 31, 2026, and December 31, 2025, and the unaudited quarterly statements of operations for the three months ended March 31, 2026 and 2025. Amounts presented are subject to change.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"9\" style=\"width:99.9976%\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"width:99.9976%;text-align: center;vertical-align: middle\">\n            <strong>ORCHID ISLAND CAPITAL, INC.<br \/>BALANCE SHEETS<br \/>($ in thousands, except per share data)<br \/>(Unaudited &#8211; Amounts Subject to Change)<br \/><\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"width:99.9976%\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.0835%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>March 31, 2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.961515%;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.0835%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>December 31, 2025<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:66%;width:65.9075%;min-width:66%;vertical-align: bottom\">\n            <strong>ASSETS:<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:0.961515%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1.04893%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:13%;width:13.0242%;min-width:13%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:2%;width:2.01044%;min-width:2%;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:0.961515%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1.04893%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:13%;width:13.0242%;min-width:13%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:2%;width:2.01044%;min-width:2%;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Mortgage-backed securities, at fair value<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">$<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">11,338,541<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">$<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">10,628,658<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">U.S. Treasury securities, available-for-sale<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">155,095<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">135,133<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Cash, cash equivalents and restricted cash<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">760,134<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">724,561<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Accrued interest receivable<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">53,880<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">49,127<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Derivative assets, at fair value<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">3,008<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">9,253<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Reverse repurchase agreements<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">358,740<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">128,613<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Receivable for investment securities and TBA transactions<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">597<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;border-bottom: solid black 1pt;vertical-align: bottom\">Other assets<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,396<\/td>\n<td style=\"width:2.01044%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">648<\/td>\n<td style=\"width:2.01044%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;border-bottom: double black 3pt;vertical-align: bottom\">\n            <strong>Total Assets<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:13.0242%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">12,671,391<\/td>\n<td style=\"width:2.01044%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:13.0242%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">11,675,993<\/td>\n<td style=\"width:2.01044%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">\n            <strong>LIABILITIES AND STOCKHOLDERS&#8217; EQUITY<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Repurchase agreements<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">$<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">10,864,723<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">$<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">10,115,466<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Payable for investment securities and TBA transactions<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">1,519<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Dividends payable<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">23,629<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">21,865<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Derivative liabilities, at fair value<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">635<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">1,846<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Accrued interest payable<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">28,458<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">31,397<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Due to affiliates<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">1,788<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">1,661<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Obligation to return securities borrowed under reverse repurchase agreements, at fair value<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">359,202<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">128,724<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;border-bottom: solid black 1pt;vertical-align: bottom\">Other liabilities<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,148<\/td>\n<td style=\"width:2.01044%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,567<\/td>\n<td style=\"width:2.01044%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Total Liabilities<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">11,279,583<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">10,304,045<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Total Stockholders&#8217; Equity<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,391,808<\/td>\n<td style=\"width:2.01044%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,371,948<\/td>\n<td style=\"width:2.01044%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;border-bottom: double black 3pt;vertical-align: bottom\">\n            <strong>Total Liabilities and Stockholders&#8217; Equity<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:13.0242%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">12,671,391<\/td>\n<td style=\"width:2.01044%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:13.0242%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">11,675,993<\/td>\n<td style=\"width:2.01044%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Common shares outstanding<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">196,700,226<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">181,985,900<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;border-bottom: solid black 1pt;vertical-align: bottom\">Book value per share<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:13.0242%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">7.08<\/td>\n<td style=\"width:2.01044%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: solid black 1pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:13.0242%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">7.54<\/td>\n<td style=\"width:2.01044%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"9\" style=\"width:99.9976%\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"width:99.9976%;text-align: center;vertical-align: middle\">\n            <strong>ORCHID ISLAND CAPITAL, INC.<br \/>STATEMENTS OF COMPREHENSIVE INCOME (LOSS)<br \/>($ in thousands, except per share data)<br \/>(Unaudited &#8211; Amounts Subject to Change)<br \/><\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"width:99.9976%\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"width:33.1286%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Three Months Ended March 31,<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.0835%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.0835%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:66%;width:65.9075%;min-width:66%;vertical-align: bottom\">Interest income<\/td>\n<td style=\"max-width:1%;width:0.961515%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1.04893%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:13%;width:13.0242%;min-width:13%;text-align: right;vertical-align: middle;vertical-align: bottom\">157,838<\/td>\n<td style=\"max-width:2%;width:2.01044%;min-width:2%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.961515%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1.04893%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:13%;width:13.0242%;min-width:13%;text-align: right;vertical-align: middle;vertical-align: bottom\">81,090<\/td>\n<td style=\"max-width:2%;width:2.01044%;min-width:2%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;border-bottom: solid black 1pt;vertical-align: bottom\">Interest expense<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(100,775<\/td>\n<td style=\"width:2.01044%;border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(61,377<\/td>\n<td style=\"width:2.01044%;border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Net interest income<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">57,063<\/td>\n<td style=\"width:2.01044%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">19,713<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;border-bottom: solid black 1pt;vertical-align: bottom\">Losses (gains) on RMBS and derivative contracts<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(69,621<\/td>\n<td style=\"width:2.01044%;border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,635<\/td>\n<td style=\"width:2.01044%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Net portfolio (loss) income<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">(12,558<\/td>\n<td style=\"width:2.01044%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">21,348<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;border-bottom: solid black 1pt;vertical-align: bottom\">Expenses<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">7,397<\/td>\n<td style=\"width:2.01044%;border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">4,226<\/td>\n<td style=\"width:2.01044%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">\n            <strong>Net (loss) income<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">$<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">(19,955<\/td>\n<td style=\"width:2.01044%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">$<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">17,122<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;border-bottom: solid black 1pt;vertical-align: bottom\">Other comprehensive income<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(279<\/td>\n<td style=\"width:2.01044%;border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">250<\/td>\n<td style=\"width:2.01044%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;border-bottom: double black 3pt;vertical-align: bottom\">\n            <strong>Comprehensive net<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:13.0242%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(20,234<\/td>\n<td style=\"width:2.01044%;border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.961515%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:13.0242%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">17,372<\/td>\n<td style=\"width:2.01044%;border-bottom: double black 3pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">\n            <strong>Basic and diluted net (loss) income per share<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">$<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.11<\/td>\n<td style=\"width:2.01044%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">$<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">0.18<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">\n            <strong>Weighted Average Shares Outstanding<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">189,259,574<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">95,174,719<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">\n            <strong>Dividends Declared Per Common Share:<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">$<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">0.36<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">$<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">0.36<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"width:65.9075%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"width:33.1286%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Three Months Ended March 31,<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Key Balance Sheet Metrics<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.0835%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:16.0835%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:66%;width:65.9075%;min-width:66%;vertical-align: bottom\">Average RMBS<sup>(<\/sup><sup>1)<\/sup><\/td>\n<td style=\"max-width:1%;width:0.961515%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1.04893%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:13%;width:13.0242%;min-width:13%;text-align: right;vertical-align: middle;vertical-align: bottom\">10,983,600<\/td>\n<td style=\"max-width:2%;width:2.01044%;min-width:2%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.961515%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1.04893%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:13%;width:13.0242%;min-width:13%;text-align: right;vertical-align: middle;vertical-align: bottom\">5,995,702<\/td>\n<td style=\"max-width:2%;width:2.01044%;min-width:2%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Average repurchase agreements<sup>(<\/sup><sup>1)<\/sup><\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">10,490,095<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">5,722,092<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Average stockholders&#8217; equity<sup>(<\/sup><sup>1)<\/sup><\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">1,381,878<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">762,190<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Adjusted leverage ratio<sup>(<\/sup><sup>2)<\/sup><\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:14.0731%;text-align: right;vertical-align: middle;vertical-align: bottom\">7.8:1<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:14.0731%;text-align: right;vertical-align: middle;vertical-align: bottom\">7.5:1<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Economic leverage ratio<sup>(<\/sup><sup>3)<\/sup><\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:14.0731%;text-align: right;vertical-align: middle;vertical-align: bottom\">7.9:1<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:14.0731%;text-align: right;vertical-align: middle;vertical-align: bottom\">7.8:1<\/td>\n<td style=\"width:2.01044%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.01044%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">\n            <strong>Key Performance Metrics<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.01044%;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2.01044%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Average yield on RMBS<sup>(<\/sup><sup>4)<\/sup><\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">5.75<\/td>\n<td style=\"width:2.01044%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">5.41<\/td>\n<td style=\"width:2.01044%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Average cost of funds<sup>(<\/sup><sup>4)<\/sup><\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">3.84<\/td>\n<td style=\"width:2.01044%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">4.29<\/td>\n<td style=\"width:2.01044%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Average economic cost of funds<sup>(<\/sup><sup>5)<\/sup><\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">3.28<\/td>\n<td style=\"width:2.01044%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">2.83<\/td>\n<td style=\"width:2.01044%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;vertical-align: bottom\">Average interest rate spread<sup>(<\/sup><sup>6)<\/sup><\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">1.91<\/td>\n<td style=\"width:2.01044%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.961515%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;text-align: right;vertical-align: middle;vertical-align: bottom\">1.12<\/td>\n<td style=\"width:2.01044%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:65.9075%;border-bottom: solid black 1pt;vertical-align: bottom\">Average economic interest rate spread<sup>(<\/sup><sup>7)<\/sup><\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2.47<\/td>\n<td style=\"width:2.01044%;border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<td style=\"width:0.961515%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1.04893%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:13.0242%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2.58<\/td>\n<td style=\"width:2.01044%;border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:99%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:2%;width:2%;min-width:2%;text-align: right;vertical-align: middle;vertical-align: top\">(1<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;text-align: left;vertical-align: middle;padding-left: 0;vertical-align: top\">)<\/td>\n<td style=\"max-width:96%;width:96%;min-width:96%;vertical-align: top\">Average RMBS, borrowings and stockholders\u2019\u00a0equity balances are calculated using two data points, the beginning and ending balances.<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">(2<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: top\">)<\/td>\n<td style=\"vertical-align: top\">The adjusted leverage ratio is calculated by dividing ending repurchase agreement liabilities by ending stockholders\u2019 equity.<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(3<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: top\">)<\/td>\n<td style=\"vertical-align: top\">The economic leverage ratio is calculated by dividing ending total liabilities, adjusted for net notional TBA positions and securities borrowed, by ending stockholders&#8217; equity.<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(4<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: top\">)<\/td>\n<td style=\"vertical-align: top\">Portfolio yields and costs of funds are calculated based on the average balances of the underlying investment portfolio\/borrowings balances and are annualized for the quarterly periods presented.<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">(5<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: top\">)<\/td>\n<td style=\"vertical-align: top\">Represents the interest cost of our borrowings and the effect of derivative agreements attributed to the period related to hedging activities, divided by average borrowings.<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">(6<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: top\">)<\/td>\n<td style=\"vertical-align: top\">Average interest rate spread is calculated by subtracting average cost of funds from average yield on RMBS.<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: top\">(7<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;vertical-align: top\">)<\/td>\n<td style=\"vertical-align: top\">Average economic interest rate spread is calculated by subtracting average economic cost of funds from average yield on RMBS.<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTY5NjEzMiM3NTUyNjc2IzIwMDkyMDc=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/NDY4Yjg1YTEtZjRmNC00ZmMyLTgyYjgtZmJmOWE5YTY3NDcyLTEwMjA3ODAtMjAyNi0wNC0yMy1lbg==\/tiny\/Orchid-Island-Capital-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\">\n<pre>CONTACT:\r\nOrchid Island Capital, Inc.\r\nRobert E. Cauley\r\nChairman and Chief Executive Officer\r\n772-231-1400\r\nhttps:\/\/ir.orchidislandcapital.com<\/pre>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>VERO BEACH, Fla., April 23, 2026 (GLOBE NEWSWIRE) &#8212; Orchid Island Capital, Inc. (NYSE:ORC) (&#8220;Orchid\u201d or the &#8220;Company&#8221;), a real estate investment trust (&#8220;REIT&#8221;), today announced results of operations for the three month period ended March 31, 2026. First Quarter\u00a02026 Results Net loss of $(20.0) million, or $0.11 per common share, which consists of: Net interest income of $57.1 million, or $0.30 per common share Total expenses of $7.4 million, or $0.04 per common share Net realized and unrealized losses of $69.6 million, or $0.37 per common share, on RMBS and derivative instruments, including net interest income on interest rate swaps First quarter dividends declared and paid of $0.36 per common share Book value per common share of $7.08 at &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/orchid-island-capital-announces-first-quarter-2026-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Orchid Island Capital Announces First Quarter 2026 Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-954406","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Orchid Island Capital Announces First Quarter 2026 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/orchid-island-capital-announces-first-quarter-2026-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Orchid Island Capital Announces First Quarter 2026 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"VERO BEACH, Fla., April 23, 2026 (GLOBE NEWSWIRE) &#8212; Orchid Island Capital, Inc. (NYSE:ORC) (&#8220;Orchid\u201d or the &#8220;Company&#8221;), a real estate investment trust (&#8220;REIT&#8221;), today announced results of operations for the three month period ended March 31, 2026. First Quarter\u00a02026 Results Net loss of $(20.0) million, or $0.11 per common share, which consists of: Net interest income of $57.1 million, or $0.30 per common share Total expenses of $7.4 million, or $0.04 per common share Net realized and unrealized losses of $69.6 million, or $0.37 per common share, on RMBS and derivative instruments, including net interest income on interest rate swaps First quarter dividends declared and paid of $0.36 per common share Book value per common share of $7.08 at &hellip; Continue reading &quot;Orchid Island Capital Announces First Quarter 2026 Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/orchid-island-capital-announces-first-quarter-2026-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2026-04-23T20:33:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTY5NjEzMiM3NTUyNjc2IzIwMDkyMDc=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"18 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/orchid-island-capital-announces-first-quarter-2026-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/orchid-island-capital-announces-first-quarter-2026-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Orchid Island Capital Announces First Quarter 2026 Results\",\"datePublished\":\"2026-04-23T20:33:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/orchid-island-capital-announces-first-quarter-2026-results\\\/\"},\"wordCount\":3556,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/orchid-island-capital-announces-first-quarter-2026-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=OTY5NjEzMiM3NTUyNjc2IzIwMDkyMDc=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/orchid-island-capital-announces-first-quarter-2026-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/orchid-island-capital-announces-first-quarter-2026-results\\\/\",\"name\":\"Orchid Island Capital Announces First Quarter 2026 Results - 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First Quarter\u00a02026 Results Net loss of $(20.0) million, or $0.11 per common share, which consists of: Net interest income of $57.1 million, or $0.30 per common share Total expenses of $7.4 million, or $0.04 per common share Net realized and unrealized losses of $69.6 million, or $0.37 per common share, on RMBS and derivative instruments, including net interest income on interest rate swaps First quarter dividends declared and paid of $0.36 per common share Book value per common share of $7.08 at &hellip; Continue reading \"Orchid Island Capital Announces First Quarter 2026 Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/orchid-island-capital-announces-first-quarter-2026-results\/","og_site_name":"Market Newsdesk","article_published_time":"2026-04-23T20:33:51+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTY5NjEzMiM3NTUyNjc2IzIwMDkyMDc=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"18 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/orchid-island-capital-announces-first-quarter-2026-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/orchid-island-capital-announces-first-quarter-2026-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Orchid Island Capital Announces First Quarter 2026 Results","datePublished":"2026-04-23T20:33:51+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/orchid-island-capital-announces-first-quarter-2026-results\/"},"wordCount":3556,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/orchid-island-capital-announces-first-quarter-2026-results\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTY5NjEzMiM3NTUyNjc2IzIwMDkyMDc=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/orchid-island-capital-announces-first-quarter-2026-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/orchid-island-capital-announces-first-quarter-2026-results\/","name":"Orchid Island Capital Announces First Quarter 2026 Results - 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