ORC Orchid Island Capital Inc

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 February 2025. The dividend of $0.12 per share will be paid March 28, 2025 to holders of record of the Company’s common stock on February 28, 2025, with an ex-dividend date of February 28, 2025. The Company plans on announcing its next common stock dividend on March 19, 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 February 12, 2025, the Company had 93,293,628 shares of common stock outstanding. As of January 31, 2025, the Company had 90,344,128 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 January 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. 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, 2023.

RMBS Valuation Characteristics
($ in thousands)
																																						Realized
																																		Realized				Nov-24 -
																																		Jan-25				Jan-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 Feb)				in Feb)				(-50 BPS)				(+50 BPS)
Fixed Rate RMBS
30yr 3.0		$	887,865			$	768,917				13.69	%			86.60				3.00	%			3.48	%			47				306				5.8	%			6.6	%		$	23,425			$	(23,693	)
30yr 3.5			174,490				156,934				2.79	%			89.94				3.50	%			4.04	%			59				288				5.4	%			5.9	%			4,486				(4,521	)
30yr 4.0			522,535				479,803				8.54	%			91.82				4.00	%			4.78	%			36				320				2.8	%			4.3	%			12,775				(13,411	)
30yr 4.5			302,188				285,596				5.09	%			94.51				4.50	%			5.44	%			31				325				4.9	%			7.6	%			6,477				(6,945	)
30yr 5.0			571,127				553,519				9.86	%			96.92				5.00	%			5.94	%			26				329				7.4	%			6.2	%			11,914				(12,969	)
30yr 5.5			580,027				577,435				10.28	%			99.55				5.50	%			6.47	%			12				345				4.6	%			4.6	%			11,753				(13,147	)
30yr 6.0			1,191,167				1,209,426				21.54	%			101.53				6.00	%			6.98	%			13				342				6.0	%			7.8	%			19,215				(22,516	)
30yr 6.5			1,207,302				1,247,854				22.22	%			103.36				6.50	%			7.43	%			10				346				5.7	%			10.1	%			14,480				(18,205	)
30yr 7.0			305,454				320,224				5.70	%			104.84				7.00	%			7.94	%			15				337				18.8	%			25.6	%			2,837				(3,584	)
30yr Total			5,742,155				5,599,708				99.73	%			97.52				5.21	%			6.06	%			23				331				6.2	%			8.2	%			107,362				(118,991	)
Total Pass-Through MBS			5,742,155				5,599,708				99.73	%			97.52				5.21	%			6.06	%			23				331				6.2	%			8.2	%			107,362				(118,991	)
Structured MBS
IO 20yr 4.0			6,870				636				0.01	%			9.27				4.00	%			4.57	%			157				77				9.2	%			9.3	%			4				(4	)
IO 30yr 3.0			2,588				308				0.01	%			11.91				3.00	%			3.64	%			120				230				0.7	%			0.9	%			1				(2	)
IO 30yr 4.0			70,724				13,399				0.24	%			18.95				4.00	%			4.60	%			125				226				4.7	%			5.6	%			(124	)			74
IO 30yr 4.5			3,092				567				0.01	%			18.34				4.50	%			4.99	%			175				171				8.3	%			8.1	%			-				(1	)
IO 30yr 5.0			1,664				340				0.01	%			20.40				5.00	%			5.37	%			175				173				36.5	%			19.1	%			(2	)			-
IO Total			84,938				15,250				0.27	%			17.95				4.01	%			4.59	%			130				211				5.7	%			6.1	%			(121	)			67
IIO 30yr 4.0			21,763				172				0.00	%			0.79				0.00	%			4.40	%			88				260				0.5	%			0.5	%			94				(62	)
Total Structured RMBS			106,701				15,422				0.27	%			14.45				3.19	%			4.55	%			122				221				4.6	%			5.0	%			(27	)			5
Total Mortgage Assets		$	5,848,856			$	5,615,130				100.00	%							5.17	%			6.03	%			25				329				6.2	%			8.2	%		$	107,335			$	(118,986	)

					Hedge		Modeled Interest
		Notional			Period		Rate Sensitivity (1)
Hedge		Balance			End		(-50 BPS)				(+50 BPS)
5-Year Treasury Future(2)		$	(277,500	)	Mar-25		$	(5,584	)		$	5,498
10-Year Treasury Future(3)		$	(193,500	)	Mar-25		$	(6,177	)		$	5,966
10-Year Ultra Treasury Future(4)		$	(117,500	)	Mar-25		$	(5,189	)		$	4,951
Swaps			(3,386,800	)	May-31			(91,761	)			88,467
Hedge Total		$	(3,975,300	)			$	(108,711	)		$	104,882
Rate Shock Grand Total							$	(1,376	)		$	(14,104	)

(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 $106.39 at January 31, 2025. The market value of the short position was $295.2 million.
(3)		Ten-year Treasury futures contracts were valued at prices of $108.84 at January 31, 2025. The market value of the short position was $210.6 million .
(4)		Ten-year Ultra Treasury futures contracts were valued at prices of $111.38 at January 31, 2025. The market value of the short position was $130.9 million.

RMBS Assets by Agency
($ in thousands)
						Percentage
		Fair				of
Asset Category		Value				Portfolio
As of January 31, 2025
Fannie Mae		$	3,978,208				70.8	%
Freddie Mac			1,636,923				29.2	%
Total Mortgage Assets		$	5,615,131				100.0	%

Investment Company Act of 1940 Whole Pool Test
($ in thousands)
						Percentage
		Fair				of
Asset Category		Value				Portfolio
As of January 31, 2025
Non-Whole Pool Assets		$	200,372				3.6	%
Whole Pool Assets			5,414,759				96.4	%
Total Mortgage Assets		$	5,615,131				100.0	%

Borrowings By Counterparty
($ in thousands)
										Weighted				Weighted
						% of				Average				Average
		Total				Total				Repo				Maturity			Longest
As of January 31, 2025		Borrowings				Debt				Rate				in Days			Maturity
MUFG Securities Canada, Ltd.		$	336,704				6.3	%			4.42	%			16		2/24/2025
Citigroup Global Markets Inc			318,047				6.0	%			4.44	%			26		2/27/2025
ABN AMRO Bank N.V.			295,020				5.5	%			4.42	%			18		2/18/2025
Wells Fargo Bank, N.A.			291,347				5.5	%			4.43	%			18		3/28/2025
Goldman, Sachs & Co			270,979				5.1	%			4.45	%			27		2/28/2025
Merrill Lynch, Pierce, Fenner & Smith			270,124				5.1	%			4.45	%			21		2/21/2025
RBC Capital Markets, LLC			266,646				5.0	%			4.45	%			20		2/20/2025
DV Securities, LLC Repo			250,076				4.7	%			4.45	%			56		3/28/2025
Cantor Fitzgerald & Co			247,994				4.7	%			4.46	%			38		3/10/2025
Marex Capital Markets Inc.			242,454				4.6	%			4.43	%			48		3/24/2025
J.P. Morgan Securities LLC			233,790				4.4	%			4.48	%			7		2/27/2025
South Street Securities, LLC			228,248				4.3	%			4.45	%			35		4/29/2025
Mirae Asset Securities (USA) Inc.			221,243				4.2	%			4.44	%			89		5/19/2025
Clear Street LLC			209,391				3.9	%			4.52	%			48		3/20/2025
ASL Capital Markets Inc.			208,451				3.9	%			4.47	%			44		3/21/2025
ING Financial Markets LLC			205,471				3.9	%			4.45	%			48		3/20/2025
Mitsubishi UFJ Securities (USA), Inc.			201,481				3.8	%			4.49	%			13		2/18/2025
Daiwa Securities America Inc.			199,237				3.7	%			4.45	%			24		2/24/2025
StoneX Financial Inc.			197,637				3.7	%			4.44	%			48		3/28/2025
The Bank of Nova Scotia			192,152				3.6	%			4.45	%			49		3/21/2025
Bank of Montreal			189,078				3.6	%			4.45	%			24		2/24/2025
Banco Santander SA			141,954				2.7	%			4.44	%			18		2/18/2025
Nomura Securities International, Inc.			70,278				1.3	%			4.45	%			18		2/18/2025
Lucid Prime Fund, LLC			28,789				0.5	%			4.46	%			13		2/13/2025
Total Borrowings		$	5,316,591				100.0	%			4.45	%			32		5/19/2025

Contact:

Orchid Island Capital, Inc.Robert E. Cauley3305 Flamingo Drive, Vero Beach, Florida 32963Telephone: (772) 231-1400