Orchid Island Capital Announces Estimated First Quarter 2025 Results, April 2025 Monthly Dividend and March 31, 2025 RMBS Portfolio Characteristics
Rhea-AI Summary
Orchid Island Capital (NYSE: ORC) has announced its estimated first quarter 2025 results and April 2025 monthly dividend. The company declared a monthly cash dividend of $0.12 per share, payable May 29, 2025, to stockholders of record as of April 30, 2025.
Key financial highlights include:
- Estimated book value per share of $7.94 as of March 31, 2025
- Estimated GAAP net income of $0.18 per share for Q1 2025
- Net realized and unrealized gains on RMBS and derivative instruments of approximately $0.17 per share
- Total return on equity of 2.6% for the quarter
The company's total stockholders' equity stands at approximately $855.9 million with 107,786,614 outstanding shares. The next dividend announcement is expected on May 7, 2025.
Positive
- Monthly dividend maintained at $0.12 per share
- Positive net income of $0.18 per share in Q1 2025
- Net realized and unrealized gains of $0.17 per share on RMBS and derivatives
- Positive total return on equity of 2.6% for Q1 2025
Negative
- Book value per share decreased by $0.15 from December 31, 2024
- Quarterly dividend payments ($0.36) exceeded net income ($0.18) by 100%
News Market Reaction – ORC
In the trading session that priced this news, ORC declined 6.35%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
- April 2025 Monthly Dividend of
$0.12 Per Share of Common Stock - Estimated Book Value Per Share as of March 31, 2025 of
$7.94 - Estimated GAAP net income of
$0.18 per share for the quarter ended March 31, 2025, including an estimated$0.17 per share of net realized and unrealized gains on RMBS and derivative instruments - Estimated
2.6% total return on equity for the quarter ended March 31, 2025 - Estimated book value, net income and total return on equity amounts are preliminary, subject to change, and subject to review by the Company’s independent registered public accounting firm
- RMBS Portfolio Characteristics as of March 31, 2025
- Next Dividend Announcement Expected May 7, 2025
VERO BEACH, Fla., April 09, 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 April 2025. The dividend of
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
As of April 9, 2025, the Company had 107,673,390 shares of common stock outstanding. As of March 31, 2025, the Company had 107,786,614 shares of common stock outstanding. As of December 31, 2024, the Company had 82,622,464 shares of common stock outstanding.
Estimated March 31, 2025 Book Value Per Share
The Company’s estimated book value per share as of March 31, 2025 was
Estimated Net Income Per Share and Realized and Unrealized Gains on RMBS and Derivative Instruments
The Company estimates it generated net income per share of
Estimated Total Return on Equity
The Company’s estimated total return on equity for the quarter ended March 31, 2025 was
RMBS Portfolio Characteristics
Details of the RMBS portfolio as of March 31, 2025 are presented below. These figures are preliminary and subject to change and, with respect to figures that will appear in the Company’s financial statements and associated footnotes as of and for the quarter ended March 31, 2025, are subject to review by the Company’s independent registered public accounting firm:
- 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 | Jan 25 - | ||||||||||||||||||||||||||||||||||||||||||||||
| Mar-25 | Mar-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 Apr) | in Apr) | (-50 BPS) | (+50 BPS) | |||||||||||||||||||||||||||||||||||
| Fixed Rate RMBS | |||||||||||||||||||||||||||||||||||||||||||||||
| 15yr 5.0 TBA | $ | 200,000 | $ | 200,773 | 2.89 | % | 100.39 | 5.00 | % | 5.85 | % | 8 | 168 | n/a | n/a | $ | 2,592 | $ | (3,014 | ) | |||||||||||||||||||||||||||
| 15yr Total | 200,000 | 200,773 | 2.89 | % | 100.39 | 5.00 | % | 5.85 | % | 8 | 168 | n/a | n/a | 2,592 | (3,014 | ) | |||||||||||||||||||||||||||||||
| 30yr 3.0 | 875,220 | 772,957 | 11.14 | % | 88.32 | 3.00 | % | 3.48 | % | 49 | 303 | 6.0 | % | 6.0 | % | 23,161 | (23,362 | ) | |||||||||||||||||||||||||||||
| 30yr 3.5 | 172,340 | 158,014 | 2.28 | % | 91.69 | 3.50 | % | 4.04 | % | 61 | 286 | 7.6 | % | 5.7 | % | 4,443 | (4,481 | ) | |||||||||||||||||||||||||||||
| 30yr 4.0 | 518,378 | 484,743 | 6.99 | % | 93.51 | 4.00 | % | 4.78 | % | 38 | 317 | 3.9 | % | 3.2 | % | 12,251 | (13,042 | ) | |||||||||||||||||||||||||||||
| 30yr 4.5 | 297,917 | 286,165 | 4.12 | % | 96.06 | 4.50 | % | 5.44 | % | 33 | 323 | 15.9 | % | 9.9 | % | 6,048 | (6,592 | ) | |||||||||||||||||||||||||||||
| 30yr 5.0 | 562,764 | 554,076 | 7.99 | % | 98.46 | 5.00 | % | 5.94 | % | 28 | 327 | 3.4 | % | 5.9 | % | 10,803 | (12,181 | ) | |||||||||||||||||||||||||||||
| 30yr 5.5 | 695,902 | 701,378 | 10.11 | % | 100.79 | 5.50 | % | 6.47 | % | 12 | 344 | 6.5 | % | 5.0 | % | 12,295 | (14,581 | ) | |||||||||||||||||||||||||||||
| 30yr 6.0 | 2,080,487 | 2,133,047 | 30.74 | % | 102.53 | 6.00 | % | 6.96 | % | 9 | 347 | 8.1 | % | 8.4 | % | 27,623 | (35,067 | ) | |||||||||||||||||||||||||||||
| 30yr 6.5 | 1,272,142 | 1,323,906 | 19.08 | % | 104.07 | 6.50 | % | 7.44 | % | 12 | 344 | 12.9 | % | 9.2 | % | 11,992 | (16,298 | ) | |||||||||||||||||||||||||||||
| 30yr 7.0 | 293,776 | 308,725 | 4.45 | % | 105.09 | 7.00 | % | 7.94 | % | 17 | 336 | 28.4 | % | 22.5 | % | 2,349 | (3,009 | ) | |||||||||||||||||||||||||||||
| 30yr Total | 6,768,926 | 6,723,011 | 96.89 | % | 99.32 | 5.33 | % | 6.20 | % | 22 | 333 | 9.1 | % | 7.8 | % | 110,965 | (128,613 | ) | |||||||||||||||||||||||||||||
| Total Pass-Through MBS | 6,968,926 | 6,923,784 | 99.78 | % | 99.35 | 5.32 | % | 6.19 | % | 21 | 329 | 9.1 | % | 7.8 | % | 113,557 | (131,627 | ) | |||||||||||||||||||||||||||||
| Structured MBS | |||||||||||||||||||||||||||||||||||||||||||||||
| IO 20yr 4.0 | 6,605 | 585 | 0.01 | % | 8.86 | 4.00 | % | 4.57 | % | 158 | 75 | 11.6 | % | 9.8 | % | (3 | ) | (6 | ) | ||||||||||||||||||||||||||||
| IO 30yr 3.0 | 2,569 | 356 | 0.01 | % | 13.84 | 3.00 | % | 3.64 | % | 122 | 228 | 22.7 | % | 8.8 | % | (2 | ) | (4 | ) | ||||||||||||||||||||||||||||
| IO 30yr 4.0 | 69,604 | 12,990 | 0.19 | % | 18.66 | 4.00 | % | 4.60 | % | 127 | 224 | 2.7 | % | 3.8 | % | 114 | 180 | ||||||||||||||||||||||||||||||
| IO 30yr 4.5 | 3,026 | 588 | 0.01 | % | 19.43 | 4.50 | % | 4.99 | % | 177 | 170 | 7.8 | % | 7.6 | % | - | (2 | ) | |||||||||||||||||||||||||||||
| IO 30yr 5.0 | 1,579 | 331 | 0.00 | % | 20.99 | 5.00 | % | 5.37 | % | 177 | 170 | 1.4 | % | 16.8 | % | 2 | 2 | ||||||||||||||||||||||||||||||
| IO Total | 83,383 | 14,850 | 0.21 | % | 17.81 | 4.01 | % | 4.59 | % | 132 | 209 | 4.2 | % | 4.8 | % | 111 | 170 | ||||||||||||||||||||||||||||||
| IIO 30yr 4.0 | 21,343 | 234 | 0.00 | % | 1.09 | 0.00 | % | 4.40 | % | 90 | 258 | 7.8 | % | 3.0 | % | (75 | ) | (129 | ) | ||||||||||||||||||||||||||||
| Total Structured RMBS | 104,726 | 15,084 | 0.22 | % | 14.40 | 3.19 | % | 4.55 | % | 123 | 219 | 4.9 | % | 4.5 | % | 36 | 41 | ||||||||||||||||||||||||||||||
| Total Mortgage Assets | $ | 7,073,652 | $ | 6,938,868 | 100.00 | % | 5.29 | % | 6.16 | % | 23 | 327 | 9.0 | % | 7.8 | % | $ | 113,593 | $ | (131,586 | ) | ||||||||||||||||||||||||||
| 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 | (7,873 | ) | 7,756 | |||||||||
| 10-Year Treasury Future(3) | (193,500 | ) | Jun-25 | (6,139 | ) | 6,049 | |||||||||
| 10-Year Ultra Treasury Future(4) | (137,500 | ) | Jun-25 | (6,162 | ) | 5,884 | |||||||||
| Swaps | (3,909,300 | ) | Mar-31 | (103,903 | ) | 100,210 | |||||||||
| Hedge Total | $ | (4,732,800 | ) | $ | (125,227 | ) | $ | 121,049 | |||||||
| Rate Shock Grand Total | $ | (11,634 | ) | $ | (10,537 | ) | |||||||||
| (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 |
| (3) | Ten-year Treasury futures contracts were valued at prices of |
| (4) | Ten-year Ultra futures contracts were valued at prices of |
| RMBS Assets by Agency | |||||||
| ($ in thousands) | |||||||
| Percentage | |||||||
| Fair | of | ||||||
| Asset Category | Value | Portfolio | |||||
| As of March 31, 2025 | |||||||
| Fannie Mae | $ | 4,343,326 | 62.6 | % | |||
| Freddie Mac | 2,595,542 | 37.4 | % | ||||
| Total Mortgage Assets | $ | 6,938,868 | 100.0 | % | |||
| Investment Company Act of 1940 Whole Pool Test | |||||||
| ($ in thousands) | |||||||
| Percentage | |||||||
| Fair | of | ||||||
| Asset Category | Value | Portfolio | |||||
| As of March 31, 2025 | |||||||
| Non-Whole Pool Assets | $ | 200,839 | 2.9 | % | |||
| Whole Pool Assets | 6,738,029 | 97.1 | % | ||||
| Total Mortgage Assets | $ | 6,938,868 | 100.0 | % | |||
| Borrowings By Counterparty | |||||||||||||||||||
| ($ in thousands) | |||||||||||||||||||
| Weighted | Weighted | ||||||||||||||||||
| % of | Average | Average | |||||||||||||||||
| Total | Total | Repo | Maturity | Longest | |||||||||||||||
| As of March 31, 2025 | Borrowings | Debt | Rate | in Days | Maturity | ||||||||||||||
| J.P. Morgan Securities LLC | $ | 360,622 | 5.6 | % | 4.46 | % | 44 | 5/21/2025 | |||||||||||
| Wells Fargo Bank, N.A. | 357,342 | 5.6 | % | 4.45 | % | 20 | 5/13/2025 | ||||||||||||
| MUFG Securities Canada, Ltd. | 339,814 | 5.3 | % | 4.42 | % | 14 | 4/22/2025 | ||||||||||||
| Merrill Lynch, Pierce, Fenner & Smith | 337,229 | 5.3 | % | 4.47 | % | 31 | 6/13/2025 | ||||||||||||
| ABN AMRO Bank N.V. | 335,085 | 5.2 | % | 4.46 | % | 25 | 5/13/2025 | ||||||||||||
| Citigroup Global Markets Inc | 316,891 | 4.9 | % | 4.46 | % | 27 | 4/28/2025 | ||||||||||||
| RBC Capital Markets, LLC | 315,802 | 4.9 | % | 4.46 | % | 82 | 6/23/2025 | ||||||||||||
| Mirae Asset Securities (USA) Inc. | 301,984 | 4.7 | % | 4.48 | % | 94 | 9/15/2025 | ||||||||||||
| Clear Street LLC | 298,418 | 4.6 | % | 4.46 | % | 40 | 5/20/2025 | ||||||||||||
| DV Securities, LLC Repo | 297,854 | 4.6 | % | 4.45 | % | 56 | 5/28/2025 | ||||||||||||
| Cantor Fitzgerald & Co | 297,090 | 4.6 | % | 4.46 | % | 41 | 5/22/2025 | ||||||||||||
| ASL Capital Markets Inc. | 295,968 | 4.6 | % | 4.45 | % | 43 | 5/21/2025 | ||||||||||||
| StoneX Financial Inc. | 291,477 | 4.5 | % | 4.45 | % | 51 | 5/28/2025 | ||||||||||||
| Daiwa Securities America Inc. | 278,700 | 4.3 | % | 4.46 | % | 31 | 5/21/2025 | ||||||||||||
| South Street Securities, LLC | 271,723 | 4.2 | % | 4.45 | % | 31 | 6/13/2025 | ||||||||||||
| Goldman, Sachs & Co | 269,917 | 4.2 | % | 4.46 | % | 28 | 4/28/2025 | ||||||||||||
| Marex Capital Markets Inc. | 268,736 | 4.2 | % | 4.45 | % | 57 | 5/29/2025 | ||||||||||||
| ING Financial Markets LLC | 255,390 | 4.0 | % | 4.46 | % | 33 | 5/8/2025 | ||||||||||||
| Bank of Montreal | 236,865 | 3.7 | % | 4.47 | % | 23 | 4/25/2025 | ||||||||||||
| Mitsubishi UFJ Securities (USA), Inc. | 201,119 | 3.1 | % | 4.46 | % | 71 | 6/12/2025 | ||||||||||||
| The Bank of Nova Scotia | 191,609 | 3.0 | % | 4.47 | % | 21 | 4/21/2025 | ||||||||||||
| Banco Santander SA | 140,103 | 2.2 | % | 4.46 | % | 17 | 4/17/2025 | ||||||||||||
| Nomura Securities International, Inc. | 122,879 | 1.9 | % | 4.46 | % | 30 | 5/12/2025 | ||||||||||||
| Lucid Prime Fund, LLC | 36,024 | 0.6 | % | 4.47 | % | 16 | 4/16/2025 | ||||||||||||
| Total Borrowings | $ | 6,418,641 | 100.0 | % | 4.46 | % | 40 | 9/15/2025 | |||||||||||
Contact: Orchid Island Capital, Inc. Robert E. Cauley 3305 Flamingo Drive, Vero Beach, Florida 32963 Telephone: (772) 231-1400