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

1. Orchid Island Capital declared a monthly dividend of $0.12 per share. 2. Estimated book value per share is $7.94 as of March 31, 2025. 3. Net income per share is estimated at $0.18 for Q1 2025. 4. Company anticipates a total return on equity of 2.6% for Q1 2025. 5. The next dividend announcement is expected on May 7, 2025.

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$6.4604/09 10:07 PM EDTEvent Start
$6.0504/11 04:31 AM EDTLatest Updated
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FAQ

Why Bullish?

Regular dividends and profit margins signal stable operations. Historical data shows dividends often support share prices.

How important is it?

Dividends influence investor confidence and stock valuation, essential for REITs like ORC.

Why Short Term?

Immediate dividend declaration positively influences investor sentiment, likely boosting stock in the coming quarter.

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AGNCNLYCIM
April 2025 Monthly Dividend of $0.12 Per Share of Common StockEstimated Book Value Per Share as of March 31, 2025 of $7.94Estimated 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 instrumentsEstimated 2.6% total return on equity for the quarter ended March 31, 2025Estimated 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 firmRMBS Portfolio Characteristics as of March 31, 2025Next Dividend Announcement Expected May 7, 2025 VERO BEACH, Fla., April 09, 2025 (GLOBE NEWSWIRE) -- Orchid Island Capital, Inc. (the “Company”) (NYSE: 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 $0.15 from December 31, 2024. RMBS Portfolio Characteristics Details of the RMBS portfolio as of March 31, 2025 are presented below. These figures are preliminary and subject to change and, with respect to figures that will appear in the Company’s financial statements and associated footnotes as of and for the quarter ended March 31, 2025, are subject to review by the Company’s independent registered public accounting firm: RMBS Valuation CharacteristicsRMBS Assets by AgencyInvestment Company Act of 1940 (Whole Pool) Test ResultsRepurchase Agreement Exposure by CounterpartyRMBS Risk Measures About Orchid Island Capital, Inc. Orchid Island Capital, Inc. is a specialty finance company that invests on a leveraged basis in Agency RMBS. Our investment strategy focuses on, and our portfolio consists of, two categories of Agency RMBS: (i) traditional pass-through Agency RMBS, such as mortgage pass-through certificates and collateralized mortgage obligations issued by Fannie Mae, Freddie Mac or Ginnie Mae, and (ii) structured Agency RMBS. The Company is managed by Bimini Advisors, LLC, a registered investment adviser with the Securities and Exchange Commission. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements include, but are not limited to, statements about the Company’s distributions. These forward-looking statements are based upon Orchid Island Capital, Inc.’s present expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.   RMBS Valuation Characteristics ($ 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)TypeFace 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  $(131,586)                                                     Hedge Modeled Interest Notional Period Rate Sensitivity (1)HedgeBalance End (-50 BPS) (+50 BPS)3-Month SOFR Futures$(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 ofAsset CategoryValue PortfolioAs 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 ofAsset CategoryValue PortfolioAs 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 LongestAs of March 31, 2025Borrowings Debt Rate in Days MaturityJ.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), 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                     

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