-- October 2025 Monthly Dividend of $0.12 Per Share of Common Stock
-- Estimated Book Value Per Share as of September 30, 2025 of $7.33
-- Estimated GAAP net income of $0.53 per share for the quarter ended
September 30, 2025, including an estimated $0.37 per share of net
realized and unrealized gains on RMBS and derivative instruments
-- Estimated 6.6% total return on equity for the quarter ended September 30,
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 September 30, 2025
-- Next Dividend Announcement Expected November 12, 2025
VERO BEACH, Fla., Oct. 15, 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 October 2025. The dividend of $0.12 per share will be paid November 26, 2025 to holders of record of the Company's common stock on October 31, 2025, with an ex-dividend date of October 31, 2025. The Company plans on announcing its next common stock dividend on November 12, 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 October 15, 2025, the Company has 151,711,940 shares of common stock outstanding. As of September 30, 2025, the Company had 148,239,401 shares of common stock outstanding. As of June 30, 2025, the Company had 126,566,926 shares of common stock outstanding.
Estimated September 30, 2025 Book Value Per Share
The Company's estimated book value per share as of September 30, 2025 was $7.33. The Company computes book value per share by dividing total stockholders' equity by the total number of outstanding shares of common stock. At September 30, 2025, the Company's preliminary estimated total stockholders' equity was approximately $1,086.1 million with 148,239,401 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 a net income per share of $0.53 for the quarter ended September 30, 2025, which includes an estimated $0.37 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 September 30, 2025 was 6.6%. 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 $0.48 per share, comprised of dividends per share of $0.36 and an increase in book value per share of $0.12 from June 30, 2025.
RMBS Portfolio Characteristics
Details of the RMBS portfolio as of September 30, 2025 are presented below. These figures are preliminary and subject to change and, with respect to figures that will appear in the Company's financial statements and associated footnotes as of and for the quarter ended September 30, 2025, are subject to review by the Company's independent registered public accounting firm:
-- RMBS Valuation Characteristics -- RMBS Assets by Agency -- Investment Company Act of 1940 (Whole Pool) Test Results -- Repurchase Agreement Exposure by Counterparty -- RMBS Risk Measures
About Orchid Island Capital, Inc.
Orchid Island Capital, Inc. is a specialty finance company that invests on a leveraged basis in Agency RMBS. Our investment strategy focuses on, and our portfolio consists of, two categories of Agency RMBS: (i) traditional pass-through Agency RMBS, such as mortgage pass-through certificates and collateralized mortgage obligations issued by Fannie Mae, Freddie Mac or Ginnie Mae, and (ii) structured Agency RMBS. The Company is managed by Bimini Advisors, LLC, a registered investment adviser with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements include, but are not limited to, statements about the Company's distributions. These forward-looking statements are based upon Orchid Island Capital, Inc.'s present expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
RMBS Valuation Characteristics
($ in thousands)
---------------------------------------------------------------------------------------------------------------------------------------------------
Realized
Realized Jul-25 -
Sep-25 Sep-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 Oct) in Oct) (-50 BPS) (+50 BPS)
------------- ---------- ---------- ----------- ------- ---------- -------- --- -------- ----------- ----------- --------- ------------
Fixed Rate
RMBS
-------------
15yr 5.0 TBA $ 250,000 $ 252,715 2.94% 101.09 5.00% 5.84% 5 173 n/a n/a $ 2,828 $ (3,460)
15yr Total 250,000 252,715 2.94% 101.09 5.00% 5.84% 5 173 n/a n/a 2,828 (3,460)
30yr 3.0 $ 834,430 $ 748,807 8.70% 89.74 3.00% 3.48% 55 297 7.2% 7.3% $ 21,717 $ (21,982)
30yr 3.5 162,600 151,190 1.76% 92.98 3.50% 4.04% 67 279 4.9% 8.4% 4,077 (4,125)
30yr 4.0 156,219 148,920 1.73% 95.33 4.00% 4.70% 53 302 9.5% 8.4% 3,745 (3,920)
30yr 4.5 278,735 272,292 3.16% 97.69 4.50% 5.44% 39 317 8.6% 11.1% 5,499 (6,127)
30yr 5.0 447,224 446,473 5.19% 99.83 5.00% 5.93% 32 323 6.2% 8.2% 8,557 (9,859)
30yr 5.5 1,835,701 1,870,044 21.72% 101.87 5.50% 6.45% 11 345 6.3% 6.1% 28,021 (35,803)
30yr 6.0 2,804,917 2,892,624 33.60% 103.13 6.00% 6.94% 12 344 9.7% 10.0% 28,122 (40,190)
30yr 6.5 1,488,120 1,553,110 18.04% 104.37 6.50% 7.39% 15 340 13.9% 13.5% 9,806 (15,382)
30yr 7.0 245,769 258,440 3.00% 105.16 7.00% 7.94% 23 328 28.2% 24.3% 1,782 (2,261)
------------- --------- --------- ------- ------- ----- ---- --- -------- ------ ------ ------- --------
30yr Total 8,253,715 8,341,900 96.90% 101.07 5.51% 6.39% 21 334 9.7% 10.1% 111,326 (139,649)
------------- --------- --------- ------- ------- ----- ---- --- -------- ------ ------ ------- --------
Total
Pass-Through
RMBS 8,503,715 8,594,615 99.84% 101.07 5.50% 6.37% 20 329 9.7% 10.1% 114,154 (143,109)
------------- --------- --------- ------- ------- ----- ---- --- -------- ------ ------ ------- --------
Structured
RMBS
-------------
IO 20yr 4.0 5,743 473 0.01% 8.23 4.00% 4.57% 164 70 11.6% 12.5% 2 (2)
IO 30yr 3.0 2,391 318 0.00% 13.28 3.00% 3.64% 128 222 1.5% 10.6% (1) (1)
IO 30yr 4.0 65,885 12,316 0.14% 18.70 4.00% 4.60% 133 218 9.9% 7.7% (286) 181
IO 30yr 4.5 2,862 553 0.01% 19.31 4.50% 4.99% 183 164 9.1% 7.2% (7) 3
IO 30yr 5.0 1,503 314 0.00% 20.87 5.00% 5.37% 183 164 19.0% 12.2% (6) 3
------------- --------- --------- ------- ------- ----- ---- --- -------- ------ ------ ------- --------
IO Total 78,384 13,974 0.16% 17.83 4.01% 4.59% 138 204 10.0% 8.2% (298) 184
------------- --------- --------- ------- ------- ----- ---- --- -------- ------ ------ ------- --------
IIO 30yr 4.0 18,392 206 0.00% 1.12 0.00% 4.40% 96 252 0.6% 7.7% 115 (81)
------------- --------- --------- ------- ------- ----- ---- --- -------- ------ ------ ------- --------
Total
Structured
RMBS 96,776 14,180 0.16% 14.65 3.25% 4.56% 130 213 8.2% 8.1% (183) 103
------------- --------- --------- ------- ------- ----- ---- --- -------- ------ ------ ------- --------
Total
Mortgage
Assets $8,600,491 $8,608,795 100.00% 5.47% 6.35% 22 328 9.7% 10.1% $113,971 $(143,006)
============= ========= ========= ======= ======= ===== ==== === ======== ====== ====== ======= ========
Hedge Modeled Interest
Notional Period Rate Sensitivity (1)
Hedge Balance End (-50 BPS) (+50 BPS)
-------------- ------------ ------ ------------- -----------
3-Month SOFR
Futures $ (390,000) Sep-26 $ (3,413) $ 3,413
5-Year
Treasury
Future(2) (562,500) Dec-25 (11,785) 11,521
10-Year
Treasury
Future(3) (228,500) Dec-25 (7,529) 7,351
10-Year Ultra
Treasury
Future(4) (197,500) Dec-25 (8,938) 8,507
5-Year ERIS
SOFR Swap
Futures (10,000) Dec-25 (234) 226
Swaps (3,943,300) Feb-31 (97,663) 94,426
-------------- ---------- ------ -------- -------
TBA Short (282,000) Oct-25 (3,295) 4,628
Hedge Total $(5,613,800) $ (132,857) $130,072
============== ========== ====== ======== =======
Rate Shock
Grand Total $ (18,886) $(12,934)
============== ========== ====== ======== =======
(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 $109.20 at September 30, 2025. The market
value of the short position was $614.3 million.
(3) Ten-year Treasury futures contracts were valued at
prices of $112.50 at September 30, 2025. The market
value of the short position was $257.1 million.
(4) Ten-year Ultra futures contracts were valued at prices
of $115.08 at September 30, 2025. The market value
of the short position was $227.3 million.
RMBS Assets by Agency
($ in thousands)
---------------------------------------------------
Percentage
Fair of
Asset Category Value Portfolio
------------------------- ---------- ------------
As of September 30, 2025
Fannie Mae $4,741,968 56.7%
Freddie Mac 3,614,112 43.3%
------------------------- --------- --------
Total Mortgage Assets $8,356,080 100.0%
========================= ========= ========
Investment Company Act of 1940 Whole Pool Test
($ in thousands)
------------------------------------------------------------
Percentage
Fair of
Asset Category Value Portfolio
------------------------------ -------------- ------------
As of September 30, 2025
Non-Whole Pool Assets $ 654,750 7.8%
Whole Pool Assets 7,701,330 92.2%
------------------------------ ---------- --------
Total Mortgage Assets $ 8,356,080 100.0%
============================== ========== ========
Borrowings By Counterparty
($ in thousands)
------------------------------------------------------------------------
Weighted Weighted
% of Average Average
Total Total Repo Maturity Longest
As of September
30, 2025 Borrowings Debt Rate in Days Maturity
--------------- ---------- --------- ---------- -------- ----------
J.P. Morgan
Securities
LLC $ 511,662 6.4% 4.34% 20 10/23/2025
Citigroup
Global Markets
Inc 437,979 5.5% 4.42% 34 12/1/2025
DV Securities,
LLC Repo 389,984 4.9% 4.37% 36 11/25/2025
ABN AMRO Bank
N.V. 377,931 4.7% 4.25% 42 12/15/2025
Wells Fargo
Securities,
LLC 371,202 4.6% 4.45% 14 10/28/2025
The Bank of
Nova Scotia 369,533 4.6% 4.39% 20 10/23/2025
Merrill Lynch,
Pierce, Fenner
& Smith 362,023 4.5% 4.34% 70 2/13/2026
ASL Capital
Markets Inc. 359,654 4.5% 4.16% 126 9/21/2026
Bank of
Montreal 358,926 4.5% 4.38% 30 11/28/2025
South Street
Securities,
LLC 344,604 4.3% 4.31% 81 8/27/2026
Goldman, Sachs
& Co 337,376 4.2% 4.34% 27 10/29/2025
StoneX
Financial
Inc. 332,143 4.1% 4.30% 20 10/20/2025
Mirae Asset
Securities
$(USA)$ Inc. 331,786 4.1% 4.29% 35 11/13/2025
Daiwa
Securities
America Inc. 329,915 4.1% 4.17% 135 3/23/2026
Cantor
Fitzgerald &
Co 319,230 4.0% 4.34% 25 10/27/2025
Clear Street
LLC 307,707 3.8% 4.35% 20 10/31/2025
Marex Capital
Markets Inc. 302,480 3.8% 4.32% 31 12/11/2025
RBC Capital
Markets, LLC 298,220 3.7% 4.27% 56 11/25/2025
ING Financial
Markets LLC 291,011 3.6% 4.32% 17 10/17/2025
Banco Santander
SA 265,981 3.3% 4.38% 16 10/16/2025
MUFG Securities
Canada, Ltd. 255,958 3.2% 4.38% 8 10/8/2025
Mitsubishi UFJ
Securities
(USA), Inc. 246,210 3.1% 4.44% 16 10/20/2025
Mizuho
Securities USA
LLC 207,561 2.6% 4.34% 23 10/27/2025
Nomura
Securities
International,
Inc. 158,100 2.0% 4.41% 14 10/14/2025
Natixis, New
York Branch 104,895 1.3% 4.34% 29 10/29/2025
Lucid Prime
Fund, LLC 34,907 0.4% 4.34% 16 10/16/2025
--------------- --------- ----- ----- -------- ----------
Total
Borrowings $8,006,978 100.0% 4.33% 39 9/21/2026
=============== ========= ===== ===== ======== ==========
Contact:
Orchid Island Capital, Inc.
Robert E. Cauley
3305 Flamingo Drive, Vero Beach, Florida 32963
Telephone: (772) 231-1400
(END) Dow Jones Newswires
October 15, 2025 17:00 ET (21:00 GMT)