ORC — what changed in the latest 10-Q
A section-by-section comparison of ORC's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-24 vs the prior 10-Q · 2026-04-24
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +33 | −29 | ~25 | 70 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~3 | 20 |
| Controls & procedures | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-24
On June 22, 2026, the Board of Directors approved an increase in the number of shares of the Company’s common stock available in the stock repurchase program for up to an additional 25,000,000 shares, bringing the remaining authorization under the stock repurchase program to 26,612,580 shares, repre…
From the inception of the stock repurchase program through June 30, 2026, the Company repurchased a total of 7,364,383 shares at an aggregate cost of approximately $92.1 million, including commissions and fees, for a weighted average price of $12.51 per share. During the six and three months ended J…
Net income for the six months ended June 30, 2026 was $69.2 million, or $0.35 per share. Net loss for the six months ended June 30, 2025 was $16.5 million, or $0.16 per share. Net income for the three months ended June 30, 2026 was $89.2 million, or $0.44 per share. Net loss for the three months end…
During the three months ended June 30, 2026, we earned net interest income of $60.0 million consisting of $164.2 million of interest income from RMBS assets offset by $104.2 million of interest expense on borrowings. For the comparable period ended June 30, 2025, we earned $23.2 million of net inter…
On an economic basis, our interest expense on borrowings for the six months ended June 30, 2026 and 2025 was $177.4 million and $88.7 million, respectively, resulting in $144.6 million and $84.7 million of economic net interest income, respectively.
Text removed vs the prior filing · source: 10-Q · 2026-04-24
From the inception of the stock repurchase program through March 31, 2026, the Company repurchased a total of 6,257,826 shares at an aggregate cost of approximately $84.8 million, including commissions and fees, for a weighted average price of $13.55 per share. The Company did not repurchase any sha…
Net loss for the three months ended March 31, 2026 was $20.0 million, or $0.11 per share. Net income for the three months ended March 31, 2025 was $17.1 million, or $0.18 per share. The components of net (loss) income for the three months ended March 31, 2026 and 2025, along with the changes in thos…
On an economic basis, our interest expense on borrowings for the three months ended March 31, 2026 and 2025 was $86.1 million and $40.5 million, respectively, resulting in $71.7 million and $40.6 million of economic net interest income, respectively.
The tables below provide information on our portfolio average balances, interest income, yield on assets, average borrowings, interest expense, cost of funds, net interest income and net interest spread for each quarter in 2026 to date and 2025 on both a GAAP and economic basis.
Portfolio yields and costs of borrowings presented in the tables above and the tables on page 30 are calculated based on the average balances of the underlying investment portfolio/borrowings balances and are annualized for the periods presented. Average balances for quarterly periods are calculated…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice