Orchid Island Capital Announces Estimated First Quarter 2025 Results, April 2025 Monthly Dividend and March 31, 2025 RMBS Portfolio Characteristics

   -- April 2025 Monthly Dividend of $0.12 Per Share of Common Stock 
 
   -- Estimated Book Value Per Share as of March 31, 2025 of $7.94 
 
   -- Estimated GAAP net income of $0.18 per share for the quarter ended March 
      31, 2025, including an estimated $0.17 per share of net realized and 
      unrealized gains on RMBS and derivative instruments 
 
   -- Estimated 2.6% total return on equity for the quarter ended March 31, 
      2025 
 
   -- Estimated book value, net income and total return on equity amounts are 
      preliminary, subject to change, and subject to review by the Company's 
      independent registered public accounting firm 
 
   -- RMBS Portfolio Characteristics as of March 31, 2025 
 
   -- Next Dividend Announcement Expected May 7, 2025 

VERO BEACH, Fla., April 09, 2025 (GLOBE NEWSWIRE) -- Orchid Island Capital, Inc. (the "Company") $(ORC)$ announced today that the Board of Directors of the Company declared a monthly cash dividend for the month of April 2025. The dividend of $0.12 per share will be paid May 29, 2025 to holders of record of the Company's common stock on April 30, 2025, with an ex-dividend date of April 30, 2025. The Company plans on announcing its next common stock dividend on May 7, 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 ("REIT"), 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 April 9, 2025, the Company had 107,673,390 shares of common stock outstanding. As of March 31, 2025, the Company had 107,786,614 shares of common stock outstanding. As of December 31, 2024, the Company had 82,622,464 shares of common stock outstanding.

Estimated March 31, 2025 Book Value Per Share

The Company's estimated book value per share as of March 31, 2025 was $7.94. The Company computes book value per share by dividing total stockholders' equity by the total number of outstanding shares of common stock. At March 31, 2025, the Company's preliminary estimated total stockholders' equity was approximately $855.9 million with 107,786,614 shares of common stock outstanding. These figures and the resulting estimated book value per share are preliminary, subject to change, and subject to review by the Company's independent registered public accounting firm.

Estimated Net Income Per Share and Realized and Unrealized Gains on RMBS and Derivative Instruments

The Company estimates it generated net income per share of $0.18 for the quarter ended March 31, 2025, which includes an estimated $0.17 per share of net realized and unrealized gains on RMBS and derivative instruments. These amounts compare to total dividends declared during the quarter of $0.36 per share. Net income per common share calculated under generally accepted accounting principles can, and does, differ from our REIT taxable income. The Company views REIT taxable income as a better indication of income to be paid in the form of a dividend rather than net income. Many components of REIT taxable income can only be estimated at this time and our monthly dividends declared are based on both estimates of REIT taxable income to be earned over the course of the current quarter and calendar year and a longer-term estimate of the REIT taxable income of the Company. These figures are preliminary, subject to change, and subject to review by the Company's independent registered public accounting firm.

Estimated Total Return on Equity

The Company's estimated total return on equity for the quarter ended March 31, 2025 was 2.6%. The Company calculates total return on equity as the sum of dividends declared and paid during the quarter plus changes in book value during the quarter, divided by the Company's stockholders' equity at the beginning of the quarter. The total return was $0.21 per share, comprised of dividends per share of $0.36 and a decrease in book value per share of $0.15 from December 31, 2024.

RMBS Portfolio Characteristics

Details of the RMBS portfolio as of March 31, 2025 are presented below. These figures are preliminary and subject to change and, with respect to figures that will appear in the Company's financial statements and associated footnotes as of and for the quarter ended March 31, 2025, are subject to review by the Company's independent registered public accounting firm:

   -- RMBS Valuation Characteristics 
 
   -- RMBS Assets by Agency 
 
   -- Investment Company Act of 1940 (Whole Pool) Test Results 
 
   -- Repurchase Agreement Exposure by Counterparty 
 
   -- 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's distributions. These forward-looking statements are based upon Orchid Island Capital, Inc.'s 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 "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

 
 
RMBS Valuation Characteristics 
($ in thousands) 
                                                                                                                Realized 
                                                                                                   Realized     Jan 25 - 
                                                                                                    Mar-25       Mar-25 
                                                                Net                     Weighted      CPR          CPR 
                                                              Weighted                  Average    (1-Month)    (3-Month)      Modeled Interest 
                Current       Fair        % of      Current   Average                   Maturity   (Reported    (Reported    Rate Sensitivity (1) 
Type              Face       Value      Portfolio    Price     Coupon      GWAC    Age  (Months)    in Apr)      in Apr)    (-50 BPS)   (+50 BPS) 
-------------  ----------  ----------  -----------  -------  ----------  --------  ---  --------  -----------  -----------  ---------  ------------ 
Fixed Rate 
RMBS 
------------- 
15yr 5.0 TBA   $  200,000  $  200,773     2.89%      100.39   5.00%      5.85%       8       168     n/a          n/a       $  2,592   $  (3,014) 
-------------   ---------   ---------  -------      -------  -----       ----      ---  --------  ------  ---  ------  ---   -------    -------- 
15yr Total        200,000     200,773     2.89%      100.39   5.00%      5.85%       8       168     n/a          n/a          2,592      (3,014) 
-------------   ---------   ---------  -------      -------  -----       ----      ---  --------  ------  ---  ------  ---   -------    -------- 
30yr 3.0          875,220     772,957    11.14%       88.32   3.00%      3.48%      49       303     6.0%         6.0%        23,161     (23,362) 
30yr 3.5          172,340     158,014     2.28%       91.69   3.50%      4.04%      61       286     7.6%         5.7%         4,443      (4,481) 
30yr 4.0          518,378     484,743     6.99%       93.51   4.00%      4.78%      38       317     3.9%         3.2%        12,251     (13,042) 
30yr 4.5          297,917     286,165     4.12%       96.06   4.50%      5.44%      33       323    15.9%         9.9%         6,048      (6,592) 
30yr 5.0          562,764     554,076     7.99%       98.46   5.00%      5.94%      28       327     3.4%         5.9%        10,803     (12,181) 
30yr 5.5          695,902     701,378    10.11%      100.79   5.50%      6.47%      12       344     6.5%         5.0%        12,295     (14,581) 
30yr 6.0        2,080,487   2,133,047    30.74%      102.53   6.00%      6.96%       9       347     8.1%         8.4%        27,623     (35,067) 
30yr 6.5        1,272,142   1,323,906    19.08%      104.07   6.50%      7.44%      12       344    12.9%         9.2%        11,992     (16,298) 
30yr 7.0          293,776     308,725     4.45%      105.09   7.00%      7.94%      17       336    28.4%        22.5%         2,349      (3,009) 
-------------   ---------   ---------  -------      -------  -----       ----      ---  --------  ------       ------        -------    -------- 
30yr Total      6,768,926   6,723,011    96.89%       99.32   5.33%      6.20%      22       333     9.1%         7.8%       110,965    (128,613) 
-------------   ---------   ---------  -------      -------  -----       ----      ---  --------  ------       ------        -------    -------- 
Total 
 Pass-Through 

 MBS            6,968,926   6,923,784    99.78%       99.35   5.32%      6.19%      21       329     9.1%         7.8%       113,557    (131,627) 
-------------   ---------   ---------  -------      -------  -----       ----      ---  --------  ------       ------        -------    -------- 
 Structured 
     MBS 
------------- 
IO 20yr 4.0         6,605         585     0.01%        8.86   4.00%      4.57%     158        75    11.6%         9.8%            (3)         (6) 
IO 30yr 3.0         2,569         356     0.01%       13.84   3.00%      3.64%     122       228    22.7%         8.8%            (2)         (4) 
IO 30yr 4.0        69,604      12,990     0.19%       18.66   4.00%      4.60%     127       224     2.7%         3.8%           114         180 
IO 30yr 4.5         3,026         588     0.01%       19.43   4.50%      4.99%     177       170     7.8%         7.6%             -          (2) 
IO 30yr 5.0         1,579         331     0.00%       20.99   5.00%      5.37%     177       170     1.4%        16.8%             2           2 
-------------   ---------   ---------  -------      -------  -----       ----      ---  --------  ------       ------        -------    -------- 
IO Total           83,383      14,850     0.21%       17.81   4.01%      4.59%     132       209     4.2%         4.8%           111         170 
-------------   ---------   ---------  -------      -------  -----       ----      ---  --------  ------       ------        -------    -------- 
IIO 30yr 4.0       21,343         234     0.00%        1.09   0.00%      4.40%      90       258     7.8%         3.0%           (75)       (129) 
-------------   ---------   ---------  -------      -------  -----       ----      ---  --------  ------       ------        -------    -------- 
Total 
 Structured 
 RMBS             104,726      15,084     0.22%       14.40   3.19%      4.55%     123       219     4.9%         4.5%            36          41 
-------------   ---------   ---------  -------      -------  -----       ----      ---  --------  ------       ------        -------    -------- 
 
Total 
 Mortgage 
 Assets        $7,073,652  $6,938,868   100.00%               5.29%      6.16%      23       327     9.0%         7.8%      $113,593   $(131,586) 
=============   =========   =========  =======      =======  =====       ====      ===  ========  ======       ======        =======    ======== 
 
 
 
                          Hedge        Modeled Interest 
              Notional    Period     Rate Sensitivity (1) 
Hedge         Balance      End      (-50 BPS)     (+50 BPS) 
----------  ------------  ------  -------------  ----------- 
3-Month 
 SOFR 
 Futures    $  (115,000)  Aug-26   $    (1,150)  $  1,150 
5-Year 
 Treasury 
 Future(2)     (377,500)  Jun-25        (7,873)     7,756 
10-Year 
 Treasury 
 Future(3)     (193,500)  Jun-25        (6,139)     6,049 
10-Year 
 Ultra 
 Treasury 
 Future(4)     (137,500)  Jun-25        (6,162)     5,884 
Swaps        (3,909,300)  Mar-31      (103,903)   100,210 
----------   ----------   ------      --------    ------- 
Hedge 
 Total      $(4,732,800)           $  (125,227)  $121,049 
==========   ==========   ======      ========    ======= 
Rate Shock 
 Grand 
 Total                             $   (11,634)  $(10,537) 
==========   ==========   ======      ========    ======= 
 
 
(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 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 $108.16 at March 31, 2025. The market value 
      of the short position was $408.3 million. 
(3)  Ten-year Treasury futures contracts were valued at 
      prices of $111.22 at March 31, 2025. The market value 
      of the short position was $215.2 million. 
(4)  Ten-year Ultra futures contracts were valued at prices 
      of $114.13 at March 31, 2025. The market value of 
      the short position was $156.9 million. 
 
 
 
RMBS Assets by Agency 
($ in thousands) 
------------------------------------------------ 
                                     Percentage 
                           Fair          of 
Asset Category            Value      Portfolio 
----------------------  ----------  ------------ 
As of March 31, 2025 
Fannie Mae              $4,343,326      62.6% 
Freddie Mac              2,595,542      37.4% 
----------------------   ---------  -------- 
Total Mortgage Assets   $6,938,868     100.0% 
======================   =========  ======== 
 
 
 
Investment Company Act of 1940 Whole Pool Test 
($ in thousands) 
                                              Percentage 
                                  Fair            of 
Asset Category                   Value        Portfolio 
---------------------------  --------------  ------------ 
As of March 31, 2025 
Non-Whole Pool Assets         $     200,839       2.9% 
Whole Pool Assets                 6,738,029      97.1% 
---------------------------      ----------  -------- 
Total Mortgage Assets         $   6,938,868     100.0% 
===========================      ==========  ======== 
 
 
 
Borrowings By Counterparty 
($ in thousands) 
------------------------------------------------------------------------- 
                                         Weighted   Weighted 
                               % of      Average    Average 
                   Total       Total       Repo     Maturity    Longest 
As of March 31, 
2025             Borrowings    Debt        Rate     in Days    Maturity 
---------------  ----------  ---------  ----------  --------  ----------- 
J.P. Morgan 
 Securities 
 LLC             $  360,622    5.6%      4.46%            44  5/21/2025 
Wells Fargo 
 Bank, N.A.         357,342    5.6%      4.45%            20  5/13/2025 
MUFG Securities 
 Canada, Ltd.       339,814    5.3%      4.42%            14  4/22/2025 
Merrill Lynch, 
 Pierce, Fenner 
 & Smith            337,229    5.3%      4.47%            31  6/13/2025 
ABN AMRO Bank 
 N.V.               335,085    5.2%      4.46%            25  5/13/2025 
Citigroup 
 Global Markets 
 Inc                316,891    4.9%      4.46%            27  4/28/2025 
RBC Capital 
 Markets, LLC       315,802    4.9%      4.46%            82  6/23/2025 
Mirae Asset 
 Securities 
 $(USA)$ Inc.         301,984    4.7%      4.48%            94  9/15/2025 
Clear Street 
 LLC                298,418    4.6%      4.46%            40  5/20/2025 
DV Securities, 
 LLC Repo           297,854    4.6%      4.45%            56  5/28/2025 
Cantor 
 Fitzgerald & 
 Co                 297,090    4.6%      4.46%            41  5/22/2025 
ASL Capital 
 Markets Inc.       295,968    4.6%      4.45%            43  5/21/2025 
StoneX 
 Financial 
 Inc.               291,477    4.5%      4.45%            51  5/28/2025 
Daiwa 
 Securities 
 America Inc.       278,700    4.3%      4.46%            31  5/21/2025 
South Street 
 Securities, 
 LLC                271,723    4.2%      4.45%            31  6/13/2025 
Goldman, Sachs 
 & Co               269,917    4.2%      4.46%            28  4/28/2025 
Marex Capital 
 Markets Inc.       268,736    4.2%      4.45%            57  5/29/2025 
ING Financial 
 Markets LLC        255,390    4.0%      4.46%            33   5/8/2025 
Bank of 
 Montreal           236,865    3.7%      4.47%            23  4/25/2025 
Mitsubishi UFJ 
 Securities 
 $(USA.UK)$, Inc.        201,119    3.1%      4.46%            71  6/12/2025 
The Bank of 
 Nova Scotia        191,609    3.0%      4.47%            21  4/21/2025 
Banco Santander 
 SA                 140,103    2.2%      4.46%            17  4/17/2025 
Nomura 
 Securities 
 International, 
 Inc.               122,879    1.9%      4.46%            30  5/12/2025 
Lucid Prime 
 Fund, LLC           36,024    0.6%      4.47%            16  4/16/2025 
---------------   ---------  -----      -----       --------  --------- 
Total 
 Borrowings      $6,418,641  100.0%      4.46%            40  9/15/2025 
===============   =========  =====      =====       ========  ========= 
 
 
Contact: 
 
Orchid Island Capital, Inc. 
Robert E. Cauley 
3305 Flamingo Drive, Vero Beach, Florida 32963 
Telephone: (772) 231-1400 

(END) Dow Jones Newswires

April 09, 2025 17:10 ET (21:10 GMT)