Orchid Island Capital Announces Estimated Second Quarter 2025 Results, July 2025 Monthly Dividend and June 30, 2025 RMBS Portfolio Characteristics
Rhea-AI Summary
Orchid Island Capital (NYSE:ORC) has announced its estimated Q2 2025 results and July 2025 dividend. The company declared a monthly cash dividend of $0.12 per share, payable on August 28, 2025, to stockholders of record as of July 31, 2025.
Key financial metrics include an estimated book value per share of $7.21 as of June 30, 2025, and an estimated GAAP net loss of $0.29 per share for Q2 2025. The quarter's performance was impacted by $0.45 per share in net realized and unrealized losses on RMBS and derivative instruments. The company reported a negative total return on equity of (4.7)% for the quarter, with total stockholders' equity at approximately $912.0 million.
Positive
- Monthly dividend maintained at $0.12 per share
- Total stockholders' equity of approximately $912.0 million
- Commitment to regular monthly distributions to maintain REIT status
Negative
- Net loss of $0.29 per share in Q2 2025
- Significant losses of $0.45 per share on RMBS and derivative instruments
- Negative total return on equity of (4.7)% for the quarter
- Book value per share decreased by $0.73 from previous quarter
News Market Reaction – ORC
In the trading session that priced this news, ORC declined 0.96%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
- July 2025 Monthly Dividend of
$0.12 Per Share of Common Stock - Estimated Book Value Per Share as of June 30, 2025 of
$7.21 - Estimated GAAP net loss of
$0.29 per share for the quarter ended June 30, 2025, including an estimated$0.45 per share of net realized and unrealized losses on RMBS and derivative instruments - Estimated (4.7)% total return on equity for the quarter ended June 30, 2025
- Estimated book value, net loss 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 June 30, 2025
- Next Dividend Announcement Expected August 13, 2025
Vero Beach, Fla., July 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 July 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 July 9, 2025, the Company had 126,715,437 shares of common stock outstanding. As of June 30, 2025, the Company had 126,566,926 shares of common stock outstanding. As of March 31, 2025, the Company had 107,786,614 shares of common stock outstanding.
Estimated June 30, 2025 Book Value Per Share
The Company’s estimated book value per share as of June 30, 2025 was
Estimated Net Loss Per Share and Realized and Unrealized Losses on RMBS and Derivative Instruments
The Company estimates it generated a net loss per share of
Estimated Total Return on Equity
The Company’s estimated total return on equity for the quarter ended June 30, 2025 was (4.7)%. The Company calculates total return on equity as the sum of dividends declared and paid during the quarter plus changes in book value during the quarter, divided by the Company’s stockholders’ equity at the beginning of the quarter. The total return was
RMBS Portfolio Characteristics
Details of the RMBS portfolio as of June 30, 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 June 30, 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 | Apr 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 Jul) | in Jul) | (-50 BPS) | (+50 BPS) | ||||||||||||||||||||||||
| Fixed Rate RMBS | ||||||||||||||||||||||||||||||||||||
| 30yr 3.0 | $ | 855,065 | $ | 755,430 | 88.35 | 52 | 300 | $ | 21,888 | $ | (22,219 | ) | ||||||||||||||||||||||||
| 30yr 3.5 | 167,884 | 153,788 | 91.60 | 64 | 282 | 4,139 | (4,199 | ) | ||||||||||||||||||||||||||||
| 30yr 4.0 | 160,080 | 150,339 | 93.92 | 50 | 305 | 3,788 | (3,964 | ) | ||||||||||||||||||||||||||||
| 30yr 4.5 | 288,330 | 277,819 | 96.35 | 36 | 319 | 5,744 | (6,310 | ) | ||||||||||||||||||||||||||||
| 30yr 5.0 | 422,972 | 417,113 | 98.61 | 31 | 323 | 8,328 | (9,327 | ) | ||||||||||||||||||||||||||||
| 30yr 5.5 | 1,243,786 | 1,256,498 | 101.02 | 12 | 343 | 21,985 | (26,073 | ) | ||||||||||||||||||||||||||||
| 30yr 6.0 | 2,222,321 | 2,278,329 | 102.52 | 11 | 344 | 26,209 | (34,298 | ) | ||||||||||||||||||||||||||||
| 30yr 6.5 | 1,354,906 | 1,409,903 | 104.06 | 14 | 342 | 10,788 | (15,377 | ) | ||||||||||||||||||||||||||||
| 30yr 7.0 | 264,463 | 279,342 | 105.63 | 20 | 332 | 1,778 | (2,358 | ) | ||||||||||||||||||||||||||||
| 30yr Total | 6,979,807 | 6,978,561 | 99.98 | 22 | 333 | 104,647 | (124,125 | ) | ||||||||||||||||||||||||||||
| Total Pass-Through RMBS | 6,979,807 | 6,978,561 | 99.98 | 22 | 333 | 104,647 | (124,125 | ) | ||||||||||||||||||||||||||||
| Structured RMBS | ||||||||||||||||||||||||||||||||||||
| IO 20yr 4.0 | 6,178 | 524 | 8.48 | 161 | 73 | 2 | (2 | ) | ||||||||||||||||||||||||||||
| IO 30yr 3.0 | 2,481 | 340 | 13.72 | 125 | 225 | (1 | ) | (1 | ) | |||||||||||||||||||||||||||
| IO 30yr 4.0 | 67,972 | 12,807 | 18.84 | 130 | 221 | (261 | ) | 178 | ||||||||||||||||||||||||||||
| IO 30yr 4.5 | 2,941 | 552 | 18.78 | 180 | 167 | (5 | ) | 2 | ||||||||||||||||||||||||||||
| IO 30yr 5.0 | 1,555 | 327 | 21.04 | 180 | 167 | (5 | ) | 3 | ||||||||||||||||||||||||||||
| IO Total | 81,127 | 14,550 | 17.93 | 135 | 206 | (270 | ) | 180 | ||||||||||||||||||||||||||||
| IIO 30yr 4.0 | 19,860 | 248 | 1.25 | 93 | 255 | 106 | (79 | ) | ||||||||||||||||||||||||||||
| Total Structured RMBS | 100,987 | 14,798 | 14.65 | 127 | 216 | (164 | ) | 101 | ||||||||||||||||||||||||||||
| Total Mortgage Assets | $ | 7,080,794 | $ | 6,993,359 | 23 | 331 | $ | 104,483 | $ | (124,024 | ) | |||||||||||||||||||||||||
| 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 | (10,210 | ) | 9,980 | |||||||
| 10-Year Treasury Future(3) | (228,500 | ) | Sep-25 | (7,505 | ) | 7,288 | |||||||
| 10-Year Ultra Treasury Future(4) | (197,500 | ) | Sep-25 | (8,719 | ) | 8,376 | |||||||
| ERIS Swap Futures | (10,000 | ) | Sep-25 | (231 | ) | 224 | |||||||
| Swaps | (3,843,300 | ) | Feb-31 | (98,874 | ) | 95,484 | |||||||
| Hedge Total | $ | (4,881,800 | ) | $ | (126,689 | ) | $ | 122,502 | |||||
| Rate Shock Grand Total | $ | (22,206 | ) | $ | (1,522 | ) | |||||||
| (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 June 30, 2025 | ||||||||
| Fannie Mae | $ | 4,421,357 | 63.2 | % | ||||
| Freddie Mac | 2,572,002 | 36.8 | % | |||||
| Total Mortgage Assets | $ | 6,993,359 | 100.0 | % | ||||
Investment Company Act of 1940 Whole Pool Test | ||||||||
| ($ in thousands) | ||||||||
| Percentage | ||||||||
| Fair | of | |||||||
| Asset Category | Value | Portfolio | ||||||
| As of June 30, 2025 | ||||||||
| Non-Whole Pool Assets | $ | 286,847 | 4.1 | % | ||||
| Whole Pool Assets | 6,706,512 | 95.9 | % | |||||
| Total Mortgage Assets | $ | 6,993,359 | 100.0 | % | ||||
Borrowings By Counterparty | |||||||||||||||||
| ($ in thousands) | |||||||||||||||||
| Weighted | Weighted | ||||||||||||||||
| % of | Average | Average | |||||||||||||||
| Total | Total | Repo | Maturity | Longest | |||||||||||||
| As of June 30, 2025 | Borrowings | Debt | Rate | in Days | Maturity | ||||||||||||
| Wells Fargo Bank, N.A. | $ | 385,253 | 5.8 | % | 4.47 | % | 18 | 7/30/2025 | |||||||||
| RBC Capital Markets, LLC | 382,428 | 5.7 | % | 4.47 | % | 18 | 7/28/2025 | ||||||||||
| J.P. Morgan Securities LLC | 348,072 | 5.2 | % | 4.48 | % | 16 | 7/23/2025 | ||||||||||
| Mirae Asset Securities (USA) Inc. | 338,514 | 5.1 | % | 4.42 | % | 110 | 11/13/2025 | ||||||||||
| ASL Capital Markets Inc. | 329,804 | 5.0 | % | 4.47 | % | 24 | 9/12/2025 | ||||||||||
| ABN AMRO Bank N.V. | 324,113 | 4.9 | % | 4.47 | % | 67 | 9/22/2025 | ||||||||||
| Marex Capital Markets Inc. | 310,890 | 4.7 | % | 4.47 | % | 59 | 9/25/2025 | ||||||||||
| Citigroup Global Markets Inc | 307,521 | 4.6 | % | 4.49 | % | 29 | 7/30/2025 | ||||||||||
| Goldman, Sachs & Co | 306,838 | 4.6 | % | 4.48 | % | 29 | 7/30/2025 | ||||||||||
| DV Securities, LLC Repo | 298,080 | 4.5 | % | 4.48 | % | 41 | 9/23/2025 | ||||||||||
| ING Financial Markets LLC | 295,129 | 4.4 | % | 4.48 | % | 31 | 7/31/2025 | ||||||||||
| Daiwa Securities America Inc. | 294,156 | 4.4 | % | 4.48 | % | 21 | 7/23/2025 | ||||||||||
| StoneX Financial Inc. | 284,546 | 4.3 | % | 4.47 | % | 17 | 7/18/2025 | ||||||||||
| South Street Securities, LLC | 281,970 | 4.2 | % | 4.47 | % | 62 | 9/23/2025 | ||||||||||
| Clear Street LLC | 281,435 | 4.2 | % | 4.48 | % | 68 | 9/22/2025 | ||||||||||
| Cantor Fitzgerald & Co | 278,749 | 4.2 | % | 4.47 | % | 16 | 8/27/2025 | ||||||||||
| Merrill Lynch, Pierce, Fenner & Smith | 260,220 | 3.9 | % | 4.50 | % | 21 | 7/23/2025 | ||||||||||
| MUFG Securities Canada, Ltd. | 256,787 | 3.9 | % | 4.45 | % | 8 | 7/8/2025 | ||||||||||
| Mitsubishi UFJ Securities (USA), Inc. | 250,750 | 3.8 | % | 4.49 | % | 16 | 7/21/2025 | ||||||||||
| The Bank of Nova Scotia | 246,144 | 3.7 | % | 4.48 | % | 28 | 8/12/2025 | ||||||||||
| Bank of Montreal | 228,211 | 3.4 | % | 4.48 | % | 21 | 7/23/2025 | ||||||||||
| Banco Santander SA | 186,933 | 2.8 | % | 4.48 | % | 16 | 7/16/2025 | ||||||||||
| Nomura Securities International, Inc. | 144,308 | 2.2 | % | 4.47 | % | 56 | 9/8/2025 | ||||||||||
| Lucid Prime Fund, LLC | 35,028 | 0.5 | % | 4.48 | % | 17 | 7/17/2025 | ||||||||||
| Total Borrowings | $ | 6,655,879 | 100.0 | % | 4.47 | % | 35 | 11/13/2025 | |||||||||
Contact:
Orchid Island Capital, Inc.
Robert E. Cauley
3305 Flamingo Drive, Vero Beach, Florida 32963
Telephone: (772) 231-1400
