And as a result, we record the change in estimated fair value as a component of the net gain or loss on interest rate derivatives.Operating expenses were $3.4 million for the quarter. At this time we will be conducting a question-and-answer session. I'll never forget June of 2013, that Wednesday and the taper tantrum. We had not grown that portfolio since the initial purchase several years ago.

And so we're very in tune to that and try to maintain a balanced mortgage backed securities portfolio relative to coupon.Right, right.

I'm assuming it's going to cause a significant decline in servicing costs, especially with elevated forbearance that's going on right now?Well, remember, it was only -- hey, Kevin, how are you?

So hopefully, that helps with respect to your question.Yes. Absent the stock dividend, book value for the second quarter was essentially flat. Reclassification of net realized gain on RMBS included in earnings Returns as of 08/14/2020. But we're still in the middle innings of all this.

Core earnings attributable to common stockholders for the second quarter of 2020 were Your forecast...The forecast aren't there yet.

I think it was -- it's a great fact pattern that we can actually trade that asset instead of held for investment or held to maturity. And so core income is one component of that, and we had a feeling that core might exceed the dividend in the short-term. Are there any opportunities in the market relative to our core competencies and when and where should we invest in those. (MFTranscribers) And just thinking about the decision the Board made in June to cut the div from $0.40 to $0.27, pretty meaningful cut. Or just sitting here, generating the kind of returns that you are, growing book value, is that the worst possible thing you could do with the next nine months?After what we just witnessed over the last five months, no.I mean just -- I know it's a lot more conservative than my colleagues are talking about. All in all, our team's efforts remain squarely focused on proactively managing our portfolio, keeping our balance sheet strong and preserving our book value to enable us to emerge from the pandemic to take advantage of the opportunities we believe will be present once the economy rebounds.With that, I'll turn the call over to Julian, who will cover more details regarding our investment portfolio and its performance over the second quarter.Thank you, Jay. Cherry Hill Mortgage Investment Corporation Announces Second Quarter 2020 Results Business Wire FARMINGDALE, N.J. -- August 10, 2020 Cherry Hill Mortgage … The conference call may be accessed by dialing 1-877-407-9716 (from within the

It was helpful.

We haven't been shy about that.

Given where we are with forbearance, we think our forbearance statistics are very good, relative to what we thought might happen.

And today, we're comfortable with where we are.

But are you seeing any other ideas or maybe some other diversification or possibilities?That's actually a great question. But I would say that, that is probably more of a fourth quarter question than a third quarter question or second quarter question.Yes.

Do they start to come down now that you've sold these assets?

It's never been a major strategy for us. Speeds were elevated from the first quarter, given historically low interest rates and mortgage rates.Similar to MSR speeds, the RMBS portfolio posted a weighted average three month CPR of approximately 13.7%, elevated from the prior quarter.