-- June 2025 Monthly Dividend of $0.12 Per Share of Common Stock -- RMBS Portfolio Characteristics as of May 31, 2025 -- Next Dividend Announcement Expected July 9, 2025
Vero Beach, Fla., June 10, 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 June 2025. The dividend of $0.12 per share will be paid July 30, 2025 to holders of record of the Company's common stock on June 30, 2025, with an ex-dividend date of June 30, 2025. The Company plans on announcing its next common stock dividend on July 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 June 10, 2025, the Company had 121,210,845 shares of common stock outstanding. As of May 31, 2025, the Company had 119,072,481 shares of common stock outstanding. As of March 31, 2025, the Company had 107,786,614 shares of common stock outstanding.
RMBS Portfolio Characteristics
Details of the RMBS portfolio as of May 31, 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 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, the offer and sale of shares of common stock under the Equity Distribution Agreement or follow-on offerings. 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 Mar 25 -
Jun-25 Jun-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 Jun) in Jun) (-50 BPS) (+50 BPS)
------------- ---------- ---------- ----------- ------- ---------- -------- --- -------- ----------- ----------- --------- ------------
Fixed Rate
RMBS
-------------
15yr 5.0 TBA $ 250,000 $ 249,951 3.75% 99.98 5.00% 5.85% 10 165 n/a n/a $ 3,252 $ (3,789)
15yr Total 250,000 249,951 3.75% 99.98 5.00% 5.85% 10 165 n/a n/a 3,252 (3,789)
30yr 3.0 861,726 746,897 11.21% 86.67 3.00% 3.48% 51 301 6.5% 6.6% 22,295 (22,828)
30yr 3.5 169,289 152,575 2.29% 90.13 3.50% 4.04% 63 284 7.0% 7.5% 4,206 (4,297)
30yr 4.0 160,895 148,817 2.23% 92.49 4.00% 4.70% 49 306 3.9% 6.4% 3,862 (4,051)
30yr 4.5 291,390 276,107 4.14% 94.76 4.50% 5.44% 35 320 10.2% 10.8% 6,103 (6,645)
30yr 5.0 428,300 416,608 6.25% 97.27 5.00% 5.92% 30 324 12.2% 7.2% 8,760 (9,681)
30yr 5.5 1,008,504 1,007,274 15.12% 99.88 5.50% 6.44% 11 345 7.7% 7.3% 19,338 (22,476)
30yr 6.0 2,046,921 2,083,373 31.27% 101.78 6.00% 6.96% 11 344 9.4% 8.6% 27,658 (34,815)
30yr 6.5 1,238,228 1,280,378 19.22% 103.40 6.50% 7.44% 14 342 14.6% 14.3% 11,816 (16,067)
30yr 7.0 273,306 286,323 4.30% 104.76 7.00% 7.94% 19 334 30.2% 33.0% 2,291 (2,961)
-------------- --------- --------- ------- ------- ----- ---- --- -------- ------ ------ ------- --------
30yr Total 6,478,559 6,398,352 96.02% 98.76 5.41% 6.28% 22 333 10.6% 10.4% 106,329 (123,821)
-------------- --------- --------- ------- ------- ----- ---- --- -------- ------ ------ ------- --------
Total
Pass-Through
MBS 6,728,559 6,648,303 99.78% 98.81 5.40% 6.26% 22 327 10.6% 10.4% 109,581 (127,610)
-------------- --------- --------- ------- ------- ----- ---- --- -------- ------ ------ ------- --------
Structured
MBS
-------------
IO 20yr 4.0 6,317 563 0.01% 8.91 4.00% 4.57% 160 73 12.2% 11.7% 3 (3)
IO 30yr 3.0 2,491 303 0.00% 12.15 3.00% 3.64% 124 226 1.0% 9.7% - (1)
IO 30yr 4.0 68,512 12,959 0.19% 18.91 4.00% 4.60% 129 222 3.9% 4.1% (214) 144
IO 30yr 4.5 2,970 546 0.01% 18.39 4.50% 4.99% 179 168 6.8% 7.1% (4) 1
IO 30yr 5.0 1,563 329 0.00% 21.05 5.00% 5.37% 179 168 1.6% 1.4% (4) 2
-------------- --------- --------- ------- ------- ----- ---- --- -------- ------ ------ ------- --------
IO Total 81,853 14,700 0.22% 17.96 4.01% 4.59% 134 207 4.5% 4.9% (219) 143
-------------- --------- --------- ------- ------- ----- ---- --- -------- ------ ------ ------- --------
IIO 30yr 4.0 20,327 240 0.00% 1.18 0.00% 4.40% 92 256 7.0% 7.6% (74) (130)
-------------- --------- --------- ------- ------- ----- ---- --- -------- ------ ------ ------- --------
Total
Structured
RMBS 102,180 14,940 0.22% 14.62 3.21% 4.56% 126 217 5.0% 5.4% (293) 13
-------------- --------- --------- ------- ------- ----- ---- --- -------- ------ ------ ------- --------
Total Mortgage
Assets $6,830,739 $6,663,243 100.00% 5.36% 6.24% 23 325 10.5% 10.3% $109,288 $(127,597)
============== ========= ========= ======= ======= ===== ==== === ======== ====== ====== ======= ========
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) (487,500) Sep-25 (10,081) 9,928
10-Year
Treasury
Future(3) (333,500) Sep-25 (10,869) 10,451
10-Year
Ultra
Treasury
Future(4) (197,500) Sep-25 (8,569) 8,229
ERIS Swap
Futures (10,000) Jun-25 (228) 222
Swaps (3,517,800) Jan-31 (88,542) 85,510
TBAs (200,000) Jun-25 (5,037) 5,435
----------- ---------- ------ -------- -------
Hedge Total $(4,861,300) $(124,476) $120,925
=========== ========== ====== ======== =======
Rate Shock
Grand
Total $ (15,188) $ (6,672)
=========== ========== ====== ======== =======
(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 $108.19 at May 31, 2025. The market value
of the short position was $527.4 million.
(3) Ten-year Treasury futures contracts were valued at
prices of $110.75 at May 31, 2025. The market value
of the short position was $369.4 million.
(4) Ten-year Ultra Treasury futures contracts were valued
at prices of $112.55 at May 31, 2025. The market value
of the short position was $222.3 million.
RMBS Assets by Agency
($ in thousands)
-------------------------------------------------
Percentage
Fair of
Asset Category Value Portfolio
---------------------- ---------- ------------
As of May 31, 2025
Fannie Mae $3,938,461 61.4%
Freddie Mac 2,474,831 38.6%
----------------------- --------- --------
Total Mortgage Assets $6,413,292 100.0%
======================= ========= ========
Investment Company Act of 1940 Whole Pool Test
($ in thousands)
----------------------------------------------------------
Percentage
Fair of
Asset Category Value Portfolio
--------------------------- -------------- ------------
As of May 31, 2025
Non-Whole Pool Assets $ 231,057 3.6%
Whole Pool Assets 6,182,235 96.4%
---------------------------- ---------- --------
Total Mortgage Assets $ 6,413,292 100.0%
============================ ========== ========
Borrowings By Counterparty
($ in thousands)
-------------------------------------------------------------------------
Weighted Weighted
% of Average Average
Total Total Repo Maturity Longest
As of May 31,
2025 Borrowings Debt Rate in Days Maturity
--------------- ---------- --------- ---------- -------- ----------
J.P. Morgan
Securities LLC $ 348,713 5.7% 4.48% 15 6/23/2025
Merrill Lynch,
Pierce, Fenner
& Smith 330,918 5.4% 4.49% 21 6/23/2025
Wells Fargo
Bank, N.A. 312,141 5.1% 4.47% 37 7/16/2025
Goldman, Sachs &
Co 307,973 5.0% 4.47% 29 6/30/2025
Citigroup Global
Markets Inc 306,527 5.0% 4.48% 29 6/30/2025
DV Securities,
LLC Repo 299,120 4.9% 4.48% 45 7/28/2025
ING Financial
Markets LLC 297,873 4.9% 4.48% 20 6/23/2025
ABN AMRO Bank
N.V. 291,423 4.7% 4.48% 22 6/23/2025
Mirae Asset
Securities
$(USA)$ Inc. 285,682 4.7% 4.43% 135 11/13/2025
Marex Capital
Markets Inc. 284,682 4.6% 4.47% 21 6/23/2025
StoneX Financial
Inc. 284,312 4.6% 4.47% 17 6/18/2025
Clear Street LLC 281,457 4.6% 4.48% 25 7/14/2025
ASL Capital
Markets Inc. 276,480 4.5% 4.47% 46 7/18/2025
Daiwa Securities
America Inc. 271,816 4.4% 4.48% 21 6/23/2025
South Street
Securities,
LLC 267,923 4.4% 4.46% 27 7/29/2025
MUFG Securities
Canada, Ltd. 259,157 4.2% 4.46% 11 6/20/2025
Mitsubishi UFJ
Securities
$(USA.UK)$, Inc. 255,687 4.2% 4.47% 21 7/21/2025
RBC Capital
Markets, LLC 251,928 4.1% 4.46% 21 6/27/2025
Cantor
Fitzgerald &
Co 250,496 4.1% 4.49% 11 6/12/2025
Bank of Montreal 196,402 3.2% 4.49% 22 6/23/2025
The Bank of Nova
Scotia 186,245 3.0% 4.48% 30 7/21/2025
Banco Santander
SA 137,790 2.2% 4.50% 16 6/16/2025
Nomura
Securities
International,
Inc. 118,935 1.9% 4.49% 16 6/20/2025
Lucid Prime
Fund, LLC 34,901 0.6% 4.49% 12 6/12/2025
---------------- --------- ----- ----- -------- ----------
Total Borrowings $6,138,581 100.0% 4.47% 29 11/13/2025
================ ========= ===== ===== ======== ==========
Contact:
Orchid Island Capital, Inc.
Robert E. Cauley
3305 Flamingo Drive, Vero Beach, Florida 32963
Telephone: (772) 231-1400
(END) Dow Jones Newswires
June 10, 2025 16:10 ET (20:10 GMT)
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