Orchid Island Capital Announces May 2025听Monthly Dividend and April 30, 2025听RMBS Portfolio Characteristics

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Orchid Island Capital (NYSE: ORC) has declared a monthly cash dividend of $0.12 per share for May 2025, payable on June 27, 2025, to stockholders of record on May 30, 2025. The company's RMBS portfolio characteristics as of April 30, 2025, show total mortgage assets of $6.19 billion, with 61.1% in Fannie Mae and 38.9% in Freddie Mac securities. The portfolio has a weighted average coupon of 5.37% and consists primarily of 30-year fixed-rate RMBS (98.13% of portfolio). The company maintains significant hedging positions with total borrowings of $5.82 billion across 24 counterparties at a weighted average repo rate of 4.47%.

Positive

Monthly dividend maintained at $0.12 per share
Strong portfolio diversification with 95.2% in whole pool assets
Comprehensive hedging strategy in place to manage interest rate risk
Well-diversified borrowing base across 24 counterparties

Negative

High leverage with $5.82 billion in borrowings against $6.19 billion in assets
Relatively high borrowing costs with average repo rate of 4.47%
Portfolio concentrated in 30-year fixed-rate RMBS (98.13%), limiting diversification

05/07/2025 - 04:42 PM

听	鈼�	May 2025听Monthly Dividend of $0.12听Per Share of Common Stock
听	鈼�	RMBS Portfolio Characteristics as of听April 30, 2025
听	鈼�	Next Dividend Announcement Expected听June 10, 2025

Vero Beach, Fla., May 07, 2025 (GLOBE NEWSWIRE) -- Orchid Island Capital, Inc. (the 鈥淐ompany鈥�) (NYSE: ORC) announced today that the Board of Directors of the Company declared a monthly cash dividend for the month of May 2025. The dividend of $0.12听per share will be paid June 27, 2025听to holders of record of the Company鈥檚 common stock on May 30, 2025, with an ex-dividend date of听May 30, 2025. The Company plans on announcing its next common stock dividend on June 10, 2025.

The Company intends to make regular monthly cash distributions to its holders of common stock. In order to qualify as a real estate investment trust (鈥淩EIT鈥�), the Company must distribute annually to its stockholders an amount at least equal to 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gain. The Company will be subject to income tax on taxable income that is not distributed and to an excise tax to the extent that a certain percentage of its taxable income is not distributed by specified dates. The Company has not established a minimum distribution payment level and is not assured of its ability to make distributions to stockholders in the future.

As of May 7, 2025, the Company had听109,219,994听shares of common stock outstanding. As of April 30, 2025, the Company had听108,823,792听shares of common stock outstanding.听As of March 31, 2025, the Company had听107,786,614 shares of common stock outstanding.

RMBS Portfolio Characteristics

Details of the RMBS portfolio as of听April 30, 2025听are presented below.听These figures are preliminary and subject to change. The information contained herein is an intra-quarter update created by the Company based upon information that the Company believes is accurate:

听	鈼�	RMBS Valuation Characteristics
听	鈼�	RMBS Assets by Agency
听	鈼�	Investment Company Act of 1940 (Whole Pool) Test Results
听	鈼�	Repurchase Agreement Exposure by Counterparty
听	鈼�	RMBS Risk Measures

About Orchid Island Capital, Inc.

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 collateralized mortgage obligations issued by Fannie Mae, Freddie Mac or Ginnie Mae, and (ii) structured Agency RMBS. The Company is managed by Bimini Advisors, LLC, a registered investment adviser with the Securities and Exchange Commission.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements include, but are not limited to, statements about the Company鈥檚 distributions. These forward-looking statements are based upon Orchid Island Capital, Inc.鈥檚 present expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the 鈥淩isk Factors鈥� section of the Company鈥檚 Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

RMBS Valuation Characteristics

听

($ in thousands)

听

AG真人官方ized

听

AG真人官方ized

听

Feb 25 -

听

Apr-25

听

Apr-25

听

Net

听

Weighted

听

CPR

听

CPR

听

Weighted

听

Average

听

(1-Month)

听

(3-Month)

听

Modeled Interest

听

Current

听

Fair

听

% of

听

Current

听

Average

听

Maturity

听

(Reported

听

(Reported

听

Rate Sensitivity (1)

听

Type

听

Face

听

Value

听

Portfolio

听

Price

听

Coupon

听

GWAC

听

Age

听

(Months)

听

in May)

听

in May)

听

(-50 BPS)

听

(+50 BPS)

听

Fixed Rate RMBS

听

15yr 5.0 TBA

听

100,000

听

100,238

听

1.62

听

100.24

听

5.00

听

5.85

听

166

听

n/a

听

n/a

听

1,220

听

(1,435

)

15yr Total

听

100,000

听

100,238

听

1.62

听

100.24

听

5.00

听

5.85

听

166

听

n/a

听

n/a

听

1,220

听

(1,435

)

30yr 3.0

听

868,857

听

766,169

听

12.38

听

88.18

听

3.00

听

3.48

听

302

听

6.0

听

6.0

听

22,624

听

(23,153

)

30yr 3.5

听

170,830

听

156,440

听

2.53

听

91.58

听

3.50

听

4.04

听

285

听

7.6

听

5.7

听

4,264

听

(4,360

)

30yr 4.0

听

162,336

听

152,389

听

2.46

听

93.87

听

4.00

听

4.70

听

307

听

7.0

听

4.3

听

3,833

听

(4,046

)

30yr 4.5

听

293,146

听

281,168

听

4.54

听

95.91

听

4.50

听

5.44

听

322

听

15.9

听

9.8

听

5,889

听

(6,476

)

30yr 5.0

听

430,517

听

423,705

听

6.85

听

98.42

听

5.00

听

5.92

听

325

听

4.2

听

6.0

听

8,345

听

(9,398

)

30yr 5.5

听

575,097

听

578,901

听

9.35

听

100.66

听

5.50

听

6.45

听

341

听

7.6

听

5.8

听

9,891

听

(11,763

)

30yr 6.0

听

2,063,362

听

2,110,887

听

34.11

听

102.30

听

6.00

听

6.96

听

345

听

8.0

听

8.0

听

24,905

听

(32,234

)

30yr 6.5

听

1,256,119

听

1,304,023

听

21.07

听

103.81

听

6.50

听

7.44

听

343

听

12.9

听

9.1

听

10,175

听

(14,243

)

30yr 7.0

听

284,983

听

299,139

听

4.83

听

104.97

听

7.00

听

7.95

听

334

听

28.1

听

22.4

听

2,170

听

(2,783

)

30yr Total

听

6,105,247

听

6,072,821

听

98.13

听

99.47

听

5.41

听

6.27

听

333

听

9.7

听

8.2

听

92,096

听

(108,456

)

Total Pass-Through MBS

听

6,205,247

听

6,173,059

听

99.75

听

99.48

听

5.40

听

6.27

听

330

听

9.7

听

8.2

听

93,316

听

(109,891

)

Structured MBS

听

IO 20yr 4.0

听

6,460

听

584

听

0.01

听

9.04

听

4.00

听

4.57

听

159

听

11.6

听

9.8

听

)

IO 30yr 3.0

听

2,507

听

307

听

0.00

听

12.23

听

3.00

听

3.64

听

123

听

227

听

22.7

听

8.8

听

)

听

IO 30yr 4.0

听

69,142

听

13,154

听

0.21

听

19.03

听

4.00

听

4.60

听

128

听

223

听

2.7

听

3.8

听

(271

)

听

195

听

IO 30yr 4.5

听

3,000

听

556

听

0.01

听

18.53

听

4.50

听

4.99

听

178

听

169

听

7.8

听

7.6

听

)

听

IO 30yr 5.0

听

1,571

听

333

听

0.01

听

21.19

听

5.00

听

5.37

听

178

听

169

听

1.4

听

16.8

听

)

听

IO Total

听

82,680

听

14,934

听

0.24

听

18.06

听

4.01

听

4.59

听

133

听

208

听

4.2

听

4.8

听

(280

)

听

198

听

IIO 30yr 4.0

听

20,837

听

322

听

0.01

听

1.54

听

0.00

听

4.40

听

257

听

7.8

听

3.0

听

114

听

(91

)

Total Structured RMBS

听

103,517

听

15,256

听

0.25

听

14.74

听

3.20

听

4.56

听

125

听

218

听

4.9

听

4.5

听

(166

)

听

107

听

Total Mortgage Assets

听

6,308,764

听

6,188,315

听

100.00

听

5.37

听

6.24

听

328

听

9.6

听

8.2

听

93,150

听

(109,784

)

听

Hedge

听

Modeled Interest

听

Notional

听

Period

听

Rate Sensitivity (1)

听

Hedge

听

Balance

听

End

听

(-50 BPS)

听

(+50 BPS)

听

3-Month SOFR Futures

听

(115,000

)

Aug-26

听

(1,150

)

听

1,150

听

5-Year Treasury Future(2)

听

(377,500

)

Jun-25

听

(7,967

)

听

7,789

听

10-Year Treasury Future(3)

听

(193,500

)

Jun-25

听

(6,199

)

听

6,138

听

10-Year Ultra Treasury Future(4)

听

(137,500

)

Jun-25

听

(6,170

)

听

5,909

听

Swaps

听

(3,435,300

)

Jan-31

听

(88,630

)

听

85,559

听

TBA

听

(200,000

)

May-25

听

(4,884

)

听

5,297

听

Hedge Total

听

(4,458,800

)

听

(115,000

)

听

111,842

听

Rate Shock Grand Total

听

(21,850

)

听

2,058

听

(1	)	Modeled results from Citigroup Global Markets Inc. Yield Book. Interest rate shocks assume instantaneous parallel shifts and horizon prices are calculated assuming constant SOFR听option-adjusted spreads. These results are for illustrative purposes only and actual results may differ materially.
(2	)	Five-year Treasury futures contracts were valued at prices of听$109.20听at听April 30, 2025. The market value of the short position was听$412.2 million.
(3	)	Ten-year Treasury futures contracts were valued at prices of听$112.22 at听April 30, 2025. The market value of the short position was听$217.2 million.
(4	)	Ten-year Ultra Treasury futures contracts were valued at prices of听$114.73听at听April 30, 2025. The market value of the short position was听$157.8 million.

RMBS Assets by Agency	听	听	听	听	听	听	听	听
($ in thousands)	听	听	听	听	听	听	听	听
听	听	听	听	听	听	Percentage		听
听	听	Fair		听	听	of		听
Asset Category	听	Value		听	听	Portfolio		听
As of April 30, 2025	听	听	听	听	听	听	听	听
Fannie Mae	听	$	3,783,477	听	听	听	61.1	%
Freddie Mac	听	听	2,404,838	听	听	听	38.9	%
Total Mortgage Assets	听	$	6,188,315	听	听	听	100.0	%

Investment Company Act of 1940 Whole Pool Test								听
($ in thousands)	听	听	听	听	听	听	听	听
听	听	听	听	听	听	Percentage		听
听	听	Fair		听	听	of		听
Asset Category	听	Value		听	听	Portfolio		听
As of April 30, 2025	听	听	听	听	听	听	听	听
Non-Whole Pool Assets	听	$	299,950	听	听	听	4.8	%
Whole Pool Assets	听	听	5,888,365	听	听	听	95.2	%
Total Mortgage Assets	听	$	6,188,315	听	听	听	100.0	%

Borrowings By Counterparty

听

($ in thousands)

听

Weighted

听

Weighted

听

% of

听

Average

听

Average

听

Total

听

Total

听

Repo

听

Maturity

听

Longest

As of April 30, 2025

听

Borrowings

听

Debt

听

Rate

听

in Days

听

Maturity

J.P. Morgan Securities LLC

听

358,603

听

6.2

听

4.46

听

5/21/2025

Merrill Lynch, Pierce, Fenner & Smith

听

332,720

听

5.7

听

4.50

听

6/13/2025

Wells Fargo Bank, N.A.

听

313,708

听

5.4

听

4.46

听

7/16/2025

Citigroup Global Markets Inc

听

313,483

听

5.4

听

4.50

听

5/28/2025

ABN AMRO Bank N.V.

听

291,937

听

5.0

听

4.48

听

6/23/2025

StoneX Financial Inc.

听

290,202

听

5.0

听

4.45

听

5/28/2025

Clear Street LLC

听

287,102

听

4.9

听

4.47

听

5/28/2025

Daiwa Securities America Inc.

听

276,183

听

4.7

听

4.49

听

5/23/2025

South Street Securities, LLC

听

267,923

听

4.6

听

4.46

听

7/29/2025

Goldman, Sachs & Co

听

265,935

听

4.6

听

4.50

听

5/28/2025

MUFG Securities Canada, Ltd.

听

260,466

听

4.5

听

4.47

听

5/22/2025

ING Financial Markets LLC

听

257,355

听

4.4

听

4.48

听

5/13/2025

DV Securities, LLC Repo

听

253,937

听

4.4

听

4.45

听

5/28/2025

RBC Capital Markets, LLC

听

251,948

听

4.3

听

4.46

听

6/23/2025

ASL Capital Markets Inc.

听

249,316

听

4.3

听

4.45

听

6/13/2025

Marex Capital Markets Inc.

听

242,091

听

4.2

听

4.45

听

5/29/2025

Mirae Asset Securities (USA) Inc.

听

241,484

听

4.2

听

4.52

听

9/15/2025

Cantor Fitzgerald & Co

听

224,831

听

3.9

听

4.46

听

5/22/2025

Bank of Montreal

听

200,551

听

3.4

听

4.50

听

5/23/2025

Mitsubishi UFJ Securities (USA), Inc.

听

200,503

听

3.4

听

4.46

听

6/12/2025

The Bank of Nova Scotia

听

140,934

听

2.4

听

4.50

听

5/21/2025

Banco Santander SA

听

139,659

听

2.4

听

4.50

听

5/16/2025

Nomura Securities International, Inc.

听

120,432

听

2.1

听

4.48

听

6/20/2025

Lucid Prime Fund, LLC

听

35,296

听

0.6

听

4.50

听

5/15/2025

Total Borrowings

听

5,816,599

听

100.0

听

4.47

听

9/15/2025

Contact:

Orchid Island Capital, Inc.
Robert E. Cauley
3305 Flamingo Drive, Vero Beach, Florida 32963
Telephone: (772) 231-1400

FAQ

What is ORC's dividend payment for May 2025?

Orchid Island Capital (ORC) declared a monthly dividend of $0.12 per share for May 2025, payable on June 27, 2025, to stockholders of record on May 30, 2025.

What is the composition of ORC's RMBS portfolio as of April 2025?

ORC's portfolio consists of $6.19 billion in mortgage assets, with 61.1% in Fannie Mae and 38.9% in Freddie Mac securities. The portfolio is primarily composed of 30-year fixed-rate RMBS (98.13%).

How does ORC finance its RMBS portfolio?

ORC finances its portfolio through $5.82 billion in borrowings from 24 different counterparties at a weighted average repo rate of 4.47% with an average maturity of 30 days.

What is ORC's hedging strategy for interest rate risk?

ORC uses a combination of SOFR futures, Treasury futures, swaps, and TBA positions totaling $4.46 billion in notional value to hedge against interest rate movements.

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