May 2025 Monthly Dividend of $0.12 Per Share of Common Stock
RMBS Portfolio Characteristics as of April 30, 2025
Next Dividend Announcement Expected June 10, 2025


Vero Beach, Fla., May 07, 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 May 2025. The dividend of $0.12 per share will be paid June 27, 2025 to holders of record of the Company’s common stock on May 30, 2025, with an ex-dividend date of May 30, 2025. The Company plans on announcing its next common stock dividend on June 10, 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 May 7, 2025, the Company had 109,219,994 shares of common stock outstanding. As of April 30, 2025, the Company had 108,823,792 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 April 30, 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. 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 Feb 25 -
Apr-25 Apr-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 May) in May) (-50 BPS) (+50 BPS)
Fixed Rate RMBS
15yr 5.0 TBA $ 100,000 $ 100,238 1.62 % 100.24 5.00 % 5.85 % 9 166 n/a n/a $ 1,220 $ (1,435 )
15yr Total 100,000 100,238 1.62 % 100.24 5.00 % 5.85 % 9 166 n/a n/a 1,220 (1,435 )
30yr 3.0 868,857 766,169 12.38 % 88.18 3.00 % 3.48 % 50 302 6.0 % 6.0 % 22,624 (23,153 )
30yr 3.5 170,830 156,440 2.53 % 91.58 3.50 % 4.04 % 62 285 7.6 % 5.7 % 4,264 (4,360 )
30yr 4.0 162,336 152,389 2.46 % 93.87 4.00 % 4.70 % 48 307 7.0 % 4.3 % 3,833 (4,046 )
30yr 4.5 293,146 281,168 4.54 % 95.91 4.50 % 5.44 % 34 322 15.9 % 9.8 % 5,889 (6,476 )
30yr 5.0 430,517 423,705 6.85 % 98.42 5.00 % 5.92 % 29 325 4.2 % 6.0 % 8,345 (9,398 )
30yr 5.5 575,097 578,901 9.35 % 100.66 5.50 % 6.45 % 14 341 7.6 % 5.8 % 9,891 (11,763 )
30yr 6.0 2,063,362 2,110,887 34.11 % 102.30 6.00 % 6.96 % 10 345 8.0 % 8.0 % 24,905 (32,234 )
30yr 6.5 1,256,119 1,304,023 21.07 % 103.81 6.50 % 7.44 % 13 343 12.9 % 9.1 % 10,175 (14,243 )
30yr 7.0 284,983 299,139 4.83 % 104.97 7.00 % 7.95 % 18 334 28.1 % 22.4 % 2,170 (2,783 )
30yr Total 6,105,247 6,072,821 98.13 % 99.47 5.41 % 6.27 % 22 333 9.7 % 8.2 % 92,096 (108,456 )
Total Pass-Through MBS 6,205,247 6,173,059 99.75 % 99.48 5.40 % 6.27 % 22 330 9.7 % 8.2 % 93,316 (109,891 )
Structured MBS
IO 20yr 4.0 6,460 584 0.01 % 9.04 4.00 % 4.57 % 159 74 11.6 % 9.8 % 3 (3 )
IO 30yr 3.0 2,507 307 0.00 % 12.23 3.00 % 3.64 % 123 227 22.7 % 8.8 % (1 ) -
IO 30yr 4.0 69,142 13,154 0.21 % 19.03 4.00 % 4.60 % 128 223 2.7 % 3.8 % (271 ) 195
IO 30yr 4.5 3,000 556 0.01 % 18.53 4.50 % 4.99 % 178 169 7.8 % 7.6 % (6 ) 3
IO 30yr 5.0 1,571 333 0.01 % 21.19 5.00 % 5.37 % 178 169 1.4 % 16.8 % (5 ) 3
IO Total 82,680 14,934 0.24 % 18.06 4.01 % 4.59 % 133 208 4.2 % 4.8 % (280 ) 198
IIO 30yr 4.0 20,837 322 0.01 % 1.54 0.00 % 4.40 % 91 257 7.8 % 3.0 % 114 (91 )
Total Structured RMBS 103,517 15,256 0.25 % 14.74 3.20 % 4.56 % 125 218 4.9 % 4.5 % (166 ) 107
Total Mortgage Assets $ 6,308,764 $ 6,188,315 100.00 % 5.37 % 6.24 % 24 328 9.6 % 8.2 % $ 93,150 $ (109,784 )



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) (377,500 ) Jun-25 (7,967 ) 7,789
10-Year Treasury Future(3) (193,500 ) Jun-25 (6,199 ) 6,138
10-Year Ultra Treasury Future(4) (137,500 ) Jun-25 (6,170 ) 5,909
Swaps (3,435,300 ) Jan-31 (88,630 ) 85,559
TBA (200,000 ) May-25 (4,884 ) 5,297
Hedge Total $ (4,458,800 ) $ (115,000 ) $ 111,842
Rate Shock Grand Total $ (21,850 ) $ 2,058


(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 April 30, 2025. The market value of the short position was $412.2 million.
(3 ) Ten-year Treasury futures contracts were valued at prices of $112.22 at April 30, 2025. The market value of the short position was $217.2 million.
(4 ) Ten-year Ultra Treasury futures contracts were valued at prices of $114.73 at April 30, 2025. The market value of the short position was $157.8 million.



RMBS Assets by Agency
($ in thousands)
Percentage
Fair of
Asset Category Value Portfolio
As of April 30, 2025
Fannie Mae $ 3,783,477 61.1 %
Freddie Mac 2,404,838 38.9 %
Total Mortgage Assets $ 6,188,315 100.0 %



Investment Company Act of 1940 Whole Pool Test
($ in thousands)
Percentage
Fair of
Asset Category Value Portfolio
As of April 30, 2025
Non-Whole Pool Assets $ 299,950 4.8 %
Whole Pool Assets 5,888,365 95.2 %
Total Mortgage Assets $ 6,188,315 100.0 %



Borrowings By Counterparty
($ in thousands)
Weighted Weighted
% of Average Average
Total Total Repo Maturity Longest
As of April 30, 2025 Borrowings Debt Rate in Days Maturity
J.P. Morgan Securities LLC $ 358,603 6.2 % 4.46 % 15 5/21/2025
Merrill Lynch, Pierce, Fenner & Smith 332,720 5.7 % 4.50 % 25 6/13/2025
Wells Fargo Bank, N.A. 313,708 5.4 % 4.46 % 59 7/16/2025
Citigroup Global Markets Inc 313,483 5.4 % 4.50 % 27 5/28/2025
ABN AMRO Bank N.V. 291,937 5.0 % 4.48 % 48 6/23/2025
StoneX Financial Inc. 290,202 5.0 % 4.45 % 21 5/28/2025
Clear Street LLC 287,102 4.9 % 4.47 % 19 5/28/2025
Daiwa Securities America Inc. 276,183 4.7 % 4.49 % 22 5/23/2025
South Street Securities, LLC 267,923 4.6 % 4.46 % 58 7/29/2025
Goldman, Sachs & Co 265,935 4.6 % 4.50 % 28 5/28/2025
MUFG Securities Canada, Ltd. 260,466 4.5 % 4.47 % 14 5/22/2025
ING Financial Markets LLC 257,355 4.4 % 4.48 % 9 5/13/2025
DV Securities, LLC Repo 253,937 4.4 % 4.45 % 25 5/28/2025
RBC Capital Markets, LLC 251,948 4.3 % 4.46 % 52 6/23/2025
ASL Capital Markets Inc. 249,316 4.3 % 4.45 % 21 6/13/2025
Marex Capital Markets Inc. 242,091 4.2 % 4.45 % 27 5/29/2025
Mirae Asset Securities (USA) Inc. 241,484 4.2 % 4.52 % 74 9/15/2025
Cantor Fitzgerald & Co 224,831 3.9 % 4.46 % 12 5/22/2025
Bank of Montreal 200,551 3.4 % 4.50 % 22 5/23/2025
Mitsubishi UFJ Securities (USA), Inc. 200,503 3.4 % 4.46 % 42 6/12/2025
The Bank of Nova Scotia 140,934 2.4 % 4.50 % 21 5/21/2025
Banco Santander SA 139,659 2.4 % 4.50 % 16 5/16/2025
Nomura Securities International, Inc. 120,432 2.1 % 4.48 % 34 6/20/2025
Lucid Prime Fund, LLC 35,296 0.6 % 4.50 % 15 5/15/2025
Total Borrowings $ 5,816,599 100.0 % 4.47 % 30 9/15/2025



Contact:

Orchid Island Capital, Inc.
Robert E. Cauley
3305 Flamingo Drive, Vero Beach, Florida 32963
Telephone: (772) 231-1400