ex_812538.htm

EX-99.1 2 ex_812538.htm EXHIBIT 99.1 ex_812538.htm

Exhibit 99.1

ORCHID ISLAND CAPITAL ANNOUNCES

MAY 2025 MONTHLY DIVIDEND AND

APRIL 30, 2025 RMBS PORTFOLIO CHARACTERISTICS

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May 2025 Monthly Dividend of $0.12 Per Share of Common Stock

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RMBS Portfolio Characteristics as of April 30, 2025

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Next Dividend Announcement Expected June 10, 2025

Vero Beach, Fla., May 7, 2025 - 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:

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RMBS Valuation Characteristics

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RMBS Assets by Agency

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Investment Company Act of 1940 (Whole Pool) Test Results

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Repurchase Agreement Exposure by Counterparty

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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