Orchid Island Capital Announces Estimated Third Quarter 2025 Results, October 2025 Monthly Dividend and September 30, 2025 RMBS Portfolio Characteristics

Rhea-AI Summary

Orchid Island Capital (NYSE: ORC) announced an October 2025 monthly cash dividend of $0.12 per share payable November 26, 2025 to holders of record October 31, 2025. The company reported an estimated book value per share of $7.33 as of September 30, 2025 based on approximately $1,086.1 million in preliminary total stockholders' equity and 148,239,401 shares outstanding.

The company estimated GAAP net income of $0.53 per share for Q3 2025, including $0.37 per share of net realized and unrealized gains on RMBS and derivatives, and an estimated total return on equity of 6.6% for the quarter. All figures are preliminary and subject to review.

Positive

• Monthly dividend declared of $0.12 per share
• Estimated book value per share of $7.33 as of Sep 30, 2025
• Estimated GAAP net income of $0.53 per share for Q3 2025
• Estimated net gains of $0.37 per share from RMBS and derivatives
• Estimated total ROE of 6.6% for the quarter ended Sep 30, 2025

Negative

• Shares outstanding increased to 148,239,401 from 126,566,926 on Jun 30, 2025 (+17.1%), indicating dilution

• October 2025 Monthly Dividend of $0.12 Per Share of Common Stock
• Estimated Book Value Per Share as of September 30, 2025 of $7.33
• Estimated GAAP net income of $0.53 per share for the quarter ended September 30, 2025, including an estimated $0.37 per share of net realized and unrealized gains on RMBS and derivative instruments
• Estimated 6.6% total return on equity for the quarter ended September 30, 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 September 30, 2025
• Next Dividend Announcement Expected November 12, 2025

VERO BEACH, Fla., Oct. 15, 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 October 2025. The dividend of $0.12 per share will be paid November 26, 2025 to holders of record of the Company’s common stock on October 31, 2025, with an ex-dividend date of October 31, 2025. The Company plans on announcing its next common stock dividend on November 12, 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 October 15, 2025, the Company has 151,711,940 shares of common stock outstanding. As of September 30, 2025, the Company had 148,239,401 shares of common stock outstanding. As of June 30, 2025, the Company had 126,566,926 shares of common stock outstanding.

Estimated September 30, 2025 Book Value Per Share

The Company’s estimated book value per share as of September 30, 2025 was $7.33.  The Company computes book value per share by dividing total stockholders' equity by the total number of outstanding shares of common stock. At September 30, 2025, the Company's preliminary estimated total stockholders' equity was approximately $1,086.1 million with 148,239,401 shares of common stock outstanding. These figures and the resulting estimated book value per share are preliminary, subject to change, and subject to review by the Company’s independent registered public accounting firm. 

Estimated Net Income Per Share and Realized and Unrealized Gains on RMBS and Derivative Instruments

The Company estimates it generated a net income per share of $0.53 for the quarter ended September 30, 2025, which includes an estimated $0.37 per share of net realized and unrealized gains on RMBS and derivative instruments. These amounts compare to total dividends declared during the quarter of $0.36 per share. Net income per common share calculated under generally accepted accounting principles can, and does, differ from our REIT taxable income.  The Company views REIT taxable income as a better indication of income to be paid in the form of a dividend rather than net income. Many components of REIT taxable income can only be estimated at this time and our monthly dividends declared are based on both estimates of REIT taxable income to be earned over the course of the current quarter and calendar year and a longer-term estimate of the REIT taxable income of the Company. These figures are preliminary, subject to change, and subject to review by the Company’s independent registered public accounting firm. 

Estimated Total Return on Equity

The Company’s estimated total return on equity for the quarter ended September 30, 2025 was 6.6%. 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 $0.48 per share, comprised of dividends per share of $0.36 and an increase in book value per share of $0.12 from June 30, 2025.

RMBS Portfolio Characteristics

Details of the RMBS portfolio as of September 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 September 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				Jul-25 -
																																	Sep-25				Sep-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 Oct)				in Oct)				(-50 BPS)				(+50 BPS)
Fixed Rate RMBS
15yr 5.0 TBA	$	250,000			$	252,715				2.94	%			101.09				5.00	%			5.84	%			5				173				n/a				n/a			$	2,828			$	(3,460	)
15yr Total		250,000				252,715				2.94	%			101.09				5.00	%			5.84	%			5				173				n/a				n/a				2,828				(3,460	)
30yr 3.0	$	834,430			$	748,807				8.70	%			89.74				3.00	%			3.48	%			55				297				7.2	%			7.3	%		$	21,717			$	(21,982	)
30yr 3.5		162,600				151,190				1.76	%			92.98				3.50	%			4.04	%			67				279				4.9	%			8.4	%			4,077				(4,125	)
30yr 4.0		156,219				148,920				1.73	%			95.33				4.00	%			4.70	%			53				302				9.5	%			8.4	%			3,745				(3,920	)
30yr 4.5		278,735				272,292				3.16	%			97.69				4.50	%			5.44	%			39				317				8.6	%			11.1	%			5,499				(6,127	)
30yr 5.0		447,224				446,473				5.19	%			99.83				5.00	%			5.93	%			32				323				6.2	%			8.2	%			8,557				(9,859	)
30yr 5.5		1,835,701				1,870,044				21.72	%			101.87				5.50	%			6.45	%			11				345				6.3	%			6.1	%			28,021				(35,803	)
30yr 6.0		2,804,917				2,892,624				33.60	%			103.13				6.00	%			6.94	%			12				344				9.7	%			10.0	%			28,122				(40,190	)
30yr 6.5		1,488,120				1,553,110				18.04	%			104.37				6.50	%			7.39	%			15				340				13.9	%			13.5	%			9,806				(15,382	)
30yr 7.0		245,769				258,440				3.00	%			105.16				7.00	%			7.94	%			23				328				28.2	%			24.3	%			1,782				(2,261	)
30yr Total		8,253,715				8,341,900				96.90	%			101.07				5.51	%			6.39	%			21				334				9.7	%			10.1	%			111,326				(139,649	)
Total Pass-Through RMBS		8,503,715				8,594,615				99.84	%			101.07				5.50	%			6.37	%			20				329				9.7	%			10.1	%			114,154				(143,109	)
Structured RMBS
IO 20yr 4.0		5,743				473				0.01	%			8.23				4.00	%			4.57	%			164				70				11.6	%			12.5	%			2				(2	)
IO 30yr 3.0		2,391				318				0.00	%			13.28				3.00	%			3.64	%			128				222				1.5	%			10.6	%			(1	)			(1	)
IO 30yr 4.0		65,885				12,316				0.14	%			18.70				4.00	%			4.60	%			133				218				9.9	%			7.7	%			(286	)			181
IO 30yr 4.5		2,862				553				0.01	%			19.31				4.50	%			4.99	%			183				164				9.1	%			7.2	%			(7	)			3
IO 30yr 5.0		1,503				314				0.00	%			20.87				5.00	%			5.37	%			183				164				19.0	%			12.2	%			(6	)			3
IO Total		78,384				13,974				0.16	%			17.83				4.01	%			4.59	%			138				204				10.0	%			8.2	%			(298	)			184
IIO 30yr 4.0		18,392				206				0.00	%			1.12				0.00	%			4.40	%			96				252				0.6	%			7.7	%			115				(81	)
Total Structured RMBS		96,776				14,180				0.16	%			14.65				3.25	%			4.56	%			130				213				8.2	%			8.1	%			(183	)			103
Total Mortgage Assets	$	8,600,491			$	8,608,795				100.00	%							5.47	%			6.35	%			22				328				9.7	%			10.1	%		$	113,971			$	(143,006	)

					Hedge		Modeled Interest
	Notional				Period		Rate Sensitivity (1)
Hedge	Balance				End		(-50 BPS)				(+50 BPS)
3-Month SOFR Futures	$	(390,000	)		Sep-26		$	(3,413	)		$	3,413
5-Year Treasury Future(2)		(562,500	)		Dec-25			(11,785	)			11,521
10-Year Treasury Future(3)		(228,500	)		Dec-25			(7,529	)			7,351
10-Year Ultra Treasury Future(4)		(197,500	)		Dec-25			(8,938	)			8,507
5-Year ERIS SOFR Swap Futures		(10,000	)		Dec-25			(234	)			226
Swaps		(3,943,300	)		Feb-31			(97,663	)			94,426
TBA Short		(282,000	)		Oct-25			(3,295	)			4,628
Hedge Total	$	(5,613,800	)				$	(132,857	)		$	130,072
Rate Shock Grand Total							$	(18,886	)		$	(12,934	)

(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 September 30, 2025. The market value of the short position was  $614.3 million.
(3)	Ten-year Treasury futures contracts were valued at prices of $112.50 at September 30, 2025. The market value of the short position was $257.1 million.
(4)	Ten-year Ultra futures contracts were valued at prices of $115.08 at September 30, 2025. The market value of the short position was $227.3 million.

RMBS Assets by Agency
($ in thousands)
					Percentage
	Fair				of
Asset Category	Value				Portfolio
As of September 30, 2025
Fannie Mae	$	4,741,968				56.7	%
Freddie Mac		3,614,112				43.3	%
Total Mortgage Assets	$	8,356,080				100.0	%

Investment Company Act of 1940 Whole Pool Test
($ in thousands)
					Percentage
	Fair				of
Asset Category	Value				Portfolio
As of September 30, 2025
Non-Whole Pool Assets	$	654,750				7.8	%
Whole Pool Assets		7,701,330				92.2	%
Total Mortgage Assets	$	8,356,080				100.0	%

Borrowings By Counterparty
($ in thousands)
									Weighted				Weighted
					% of				Average				Average
	Total				Total				Repo				Maturity				Longest
As of September 30, 2025	Borrowings				Debt				Rate				in Days				Maturity
J.P. Morgan Securities LLC	$	511,662				6.4	%			4.34	%			20			10/23/2025
Citigroup Global Markets Inc		437,979				5.5	%			4.42	%			34			12/1/2025
DV Securities, LLC Repo		389,984				4.9	%			4.37	%			36			11/25/2025
ABN AMRO Bank N.V.		377,931				4.7	%			4.25	%			42			12/15/2025
Wells Fargo Securities, LLC		371,202				4.6	%			4.45	%			14			10/28/2025
The Bank of Nova Scotia		369,533				4.6	%			4.39	%			20			10/23/2025
Merrill Lynch, Pierce, Fenner & Smith		362,023				4.5	%			4.34	%			70			2/13/2026
ASL Capital Markets Inc.		359,654				4.5	%			4.16	%			126			9/21/2026
Bank of Montreal		358,926				4.5	%			4.38	%			30			11/28/2025
South Street Securities, LLC		344,604				4.3	%			4.31	%			81			8/27/2026
Goldman, Sachs & Co		337,376				4.2	%			4.34	%			27			10/29/2025
StoneX Financial Inc.		332,143				4.1	%			4.30	%			20			10/20/2025
Mirae Asset Securities (USA) Inc.		331,786				4.1	%			4.29	%			35			11/13/2025
Daiwa Securities America Inc.		329,915				4.1	%			4.17	%			135			3/23/2026
Cantor Fitzgerald & Co		319,230				4.0	%			4.34	%			25			10/27/2025
Clear Street LLC		307,707				3.8	%			4.35	%			20			10/31/2025
Marex Capital Markets Inc.		302,480				3.8	%			4.32	%			31			12/11/2025
RBC Capital Markets, LLC		298,220				3.7	%			4.27	%			56			11/25/2025
ING Financial Markets LLC		291,011				3.6	%			4.32	%			17			10/17/2025
Banco Santander SA		265,981				3.3	%			4.38	%			16			10/16/2025
MUFG Securities Canada, Ltd.		255,958				3.2	%			4.38	%			8			10/8/2025
Mitsubishi UFJ Securities (USA), Inc.		246,210				3.1	%			4.44	%			16			10/20/2025
Mizuho Securities USA LLC		207,561				2.6	%			4.34	%			23			10/27/2025
Nomura Securities International, Inc.		158,100				2.0	%			4.41	%			14			10/14/2025
Natixis, New York Branch		104,895				1.3	%			4.34	%			29			10/29/2025
Lucid Prime Fund, LLC		34,907				0.4	%			4.34	%			16			10/16/2025
Total Borrowings	$	8,006,978				100.0	%			4.33	%			39			9/21/2026

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

FAQ

What dividend did Orchid Island Capital (ORC) declare for October 2025 and when is it payable?

ORC declared a monthly cash dividend of $0.12 per share for October 2025, payable November 26, 2025 to holders of record on October 31, 2025.

What was Orchid Island Capital's estimated book value per share as of September 30, 2025 (ORC)?

Estimated book value per share was $7.33 as of September 30, 2025, based on approximately $1,086.1 million in preliminary equity and 148,239,401 shares outstanding.

How much net income per share did Orchid Island Capital (ORC) estimate for Q3 2025?

ORC estimated GAAP net income of $0.53 per share for the quarter ended September 30, 2025.

How large were the estimated RMBS and derivative gains included in ORC's Q3 2025 results?

The company estimated $0.37 per share of net realized and unrealized gains on RMBS and derivative instruments for Q3 2025.

What was Orchid Island Capital's estimated total return on equity for Q3 2025 (ORC)?

Estimated total return on equity for the quarter ended September 30, 2025 was 6.6%, combining dividends and book value change.

Did Orchid Island Capital (ORC) report any significant share count changes in 2025?

Yes. Shares outstanding increased to 148,239,401 on September 30, 2025 from 126,566,926 on June 30, 2025, a rise of about 17.1%.