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Orchid Island Capital Announces March 2025 Monthly Dividend and February 28, 2025 RMBS Portfolio Characteristics

1. Orchid Island Capital declared a $0.12 monthly dividend for March 2025. 2. Dividend paid on April 29, 2025, with an ex-dividend date of March 31, 2025. 3. The company must distribute 90% of taxable income as a REIT. 4. Shares outstanding increased from 82M to 105M within a year. 5. Next dividend announcement is expected on April 9, 2025.

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Why Bullish?

The declaration of a consistent dividend can attract income-focused investors. Historically, sustained dividends have positively influenced share prices of REITs, similar to other dividend stocks.

How important is it?

The announcement of dividends directly impacts investor sentiment, which is crucial for REITs. Given their reliance on consistent cash distributions, this news holds significant weight.

Why Short Term?

Immediate interest from investors will likely boost demand around the dividend announcement dates. Previous similar announcements showed a price uptick within weeks.

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AGNCNLYBNL
March 2025 Monthly Dividend of $0.12 Per Share of Common StockRMBS Portfolio Characteristics as of February 28, 2025Next Dividend Announcement Expected April 9, 2025 VERO BEACH, Fla., March 19, 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 March 2025. The dividend of $0.12 per share will be paid April 29, 2025 to holders of record of the Company’s common stock on March 31, 2025, with an ex-dividend date of March 31, 2025. The Company plans on announcing its next common stock dividend on April 9, 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 March 19, 2025, the Company had 105,873,628 shares of common stock outstanding. As of February 28, 2025, the Company had 98,853,628 shares of common stock outstanding. As of December 31, 2024, the Company had 82,622,464 shares of common stock outstanding. RMBS Portfolio Characteristics Details of the RMBS portfolio as of February 28, 2025 are presented below. 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: 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 Dec 24 -                                     Feb-25 Feb-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 Mar) in Mar) (-50 BPS) (+50 BPS)Fixed Rate RMBS                                                15yr 5.0 TBA $200,000  $201,031   3.17%  100.52   5.00%  5.85%  7   169   n/a   n/a  $2,583  $(2,979)15yr Total  200,000   201,031   3.17%  100.52   5.00%  5.85%  7   169   n/a   n/a   2,583   (2,979)30yr 3.0  881,599   782,764   12.34%  88.79   3.00%  3.48%  48   304   6.0%  6.4%  23,328   (23,485)30yr 3.5  173,314   159,742   2.52%  92.17   3.50%  4.04%  60   287   4.1%  5.2%  4,469   (4,503)30yr 4.0  520,477   489,830   7.72%  94.11   4.00%  4.78%  37   319   2.9%  3.8%  12,148   (12,929)30yr 4.5  300,514   290,541   4.58%  96.68   4.50%  5.44%  32   324   8.3%  8.5%  5,944   (6,505)30yr 5.0  566,664   559,269   8.81%  98.69   5.00%  5.94%  27   328   6.5%  6.4%  10,575   (11,968)30yr 5.5  698,599   704,919   11.11%  100.90   5.50%  6.47%  11   346   3.3%  4.5%  11,959   (14,282)30yr 6.0  1,458,465   1,495,198   23.56%  102.52   6.00%  6.97%  12   344   9.2%  8.0%  18,565   (23,726)30yr 6.5  1,282,166   1,331,458   20.98%  103.84   6.50%  7.44%  11   345   8.1%  7.4%  11,730   (15,849)30yr 7.0  299,681   315,040   4.97%  105.13   7.00%  7.94%  16   337   17.3%  19.6%  2,272   (2,864)30yr Total  6,181,479   6,128,761   96.59%  99.15   5.26%  6.12%  23   332   7.3%  7.3%  100,990   (116,111)Total Pass-Through MBS  6,381,479   6,329,792   99.76%  99.19   5.26%  6.12%  22   327   7.3%  7.3%  103,573   (119,090)Structured MBS                                                IO 20yr 4.0  6,731   620   0.01%  9.20   4.00%  4.57%  157   76   8.5%  8.9%  3   (4)IO 30yr 3.0  2,579   309   0.00%  11.97   3.00%  3.64%  121   229   1.0%  1.0%  -   (1)IO 30yr 4.0  70,162   13,190   0.21%  18.80   4.00%  4.60%  126   225   4.0%  5.2%  (238)  143 IO 30yr 4.5  3,058   562   0.01%  18.38   4.50%  4.99%  176   171   6.5%  8.0%  (4)  1 IO 30yr 5.0  1,596   335   0.01%  21.01   5.00%  5.37%  176   171   7.9%  17.2%  (5)  3 IO Total  84,126   15,016   0.24%  17.85   4.01%  4.59%  131   210   4.5%  5.7%  (244)  142 IIO 30yr 4.0  21,553   219   0.00%  1.02   0.00%  4.40%  89   259   0.4%  0.4%  102   (72)Total Structured RMBS  105,679   15,235   0.24%  14.42   3.19%  4.55%  122   220   3.6%  4.6%  (142)  70                                                  Total Mortgage Assets $6,487,158  $6,345,027   100.00%      5.22%  6.09%  24   325   7.3%  7.2% $103,431  $(119,020)                                                      Hedge Modeled Interest Notional Period Rate Sensitivity (1)HedgeBalance End (-50 BPS) (+50 BPS)3-Month SOFR Futures$(115,000)  Aug-26  $(1,150) $1,150 5-Year Treasury Future(2) (377,500)  Jun-25   (7,861)  7,743 10-Year Treasury Future(3) (193,500)  Jun-25   (6,097)  6,036 10-Year Ultra Treasury Future(4) (137,500)  Jun-25   (6,152)  5,893 Swaps (3,459,300)  May-31   (95,789)  92,325 TBA (185,000)  Mar-25   (2,452)  3,158 Hedge Total$(4,467,800)     $(119,501) $116,305 Rate Shock Grand Total        $(16,070) $(2,715) (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 $107.94 at February 28, 2025. The market value of the short position was $407.5 million.(3)Ten-year Treasury futures contracts were valued at prices of $111.09 at February 28, 2025. The market value of the short position was $215.0 million.(4)Ten-year Ultra Treasury futures contracts were valued at prices of $114.25 at February 28, 2025. The market value of the short position was $157.1 million.   RMBS Assets by Agency  ($ in thousands)       Percentage Fair ofAsset CategoryValue PortfolioAs of February 28, 2025       Fannie Mae$4,385,021   69.1%Freddie Mac 1,960,006   30.9%Total Mortgage Assets$6,345,027   100.0%         Investment Company Act of 1940 Whole Pool Test($ in thousands)       Percentage Fair ofAsset CategoryValue PortfolioAs of February 28, 2025       Non-Whole Pool Assets$403,993   6.4%Whole Pool Assets 5,941,034   93.6%Total Mortgage Assets$6,345,027   100.0%         Borrowings By Counterparty    ($ in thousands)             Weighted Weighted         % of Average Average     Total Total Repo Maturity LongestAs of February 28, 2025Borrowings Debt Rate in Days MaturityMUFG Securities Canada, Ltd.$337,100   6.0%  4.41%  15   3/21/2025 Citigroup Global Markets Inc 319,721   5.7%  4.45%  26   3/27/2025 RBC Capital Markets, LLC 318,416   5.7%  4.45%  19   3/20/2025 ABN AMRO Bank N.V. 295,023   5.3%  4.46%  53   4/22/2025 Wells Fargo Bank, N.A. 290,712   5.2%  4.45%  43   4/21/2025 Goldman, Sachs & Co 272,372   4.9%  4.45%  27   3/27/2025 Merrill Lynch, Pierce, Fenner & Smith 271,034   4.8%  4.46%  21   3/21/2025 Marex Capital Markets Inc. 269,938   4.8%  4.43%  38   5/29/2025 ING Financial Markets LLC 254,173   4.5%  4.45%  25   4/14/2025 DV Securities, LLC Repo 250,076   4.5%  4.45%  28   3/28/2025 StoneX Financial Inc. 249,992   4.5%  4.44%  22   3/28/2025 Cantor Fitzgerald & Co 247,994   4.4%  4.46%  10   3/10/2025 Mirae Asset Securities (USA) Inc. 247,658   4.4%  4.51%  108   8/21/2025 Clear Street LLC 235,753   4.2%  4.51%  24   4/28/2025 ASL Capital Markets Inc. 235,735   4.2%  4.44%  19   3/21/2025 J.P. Morgan Securities LLC 235,127   4.2%  4.45%  10   3/27/2025 South Street Securities, LLC 227,340   4.1%  4.45%  29   4/29/2025 Mitsubishi UFJ Securities (USA), Inc. 202,871   3.6%  4.48%  13   3/20/2025 Daiwa Securities America Inc. 201,167   3.6%  4.45%  24   3/24/2025 The Bank of Nova Scotia 191,841   3.4%  4.45%  21   3/21/2025 Bank of Montreal 188,122   3.4%  4.46%  27   3/27/2025 Banco Santander SA 142,592   2.6%  4.47%  18   3/18/2025 Nomura Securities International, Inc. 70,497   1.3%  4.46%  52   4/21/2025 Lucid Prime Fund, LLC 36,032   0.6%  4.47%  13   3/13/2025 Total Borrowings$5,591,286   100.0%  4.45%  29   8/21/2025                      Contact: Orchid Island Capital, Inc.Robert E. Cauley3305 Flamingo Drive, Vero Beach, Florida 32963Telephone: (772) 231-1400

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