Orchid Island Capital Announces June 2025 Monthly Dividend and May 31, 2025 RMBS Portfolio Characteristics
10-Jun-2025 16:10:16 EDT
Orchid Island Capital Announces June 2025 Monthly Dividend and May 31, 2025 RMBS Portfolio Characteristics
GlobeNewswire June 10, 2025
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), 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
