Orchid Island Capital Announces February 2025 Monthly Dividend and January 31, 2025 RMBS Portfolio Characteristics
Rhea-AI Summary
Orchid Island Capital (NYSE: ORC) has declared a monthly cash dividend of $0.12 per share for February 2025, payable on March 28, 2025, to stockholders of record as of February 28, 2025. The company plans to announce its next dividend on March 19, 2025.
As of February 12, 2025, ORC had 93,293,628 outstanding common shares, showing an increase from 90,344,128 shares on January 31, 2025, and 82,622,464 shares on December 31, 2024. As a REIT, the company must distribute at least 90% of its taxable income annually to maintain its status, though it has not established a minimum distribution level and cannot guarantee future distributions.
Positive
- Consistent monthly dividend payment maintained at $0.12 per share
- Significant growth in outstanding shares from 82.6M to 93.3M in 1.5 months
Negative
- No minimum distribution level established
- Company explicitly states uncertainty about future distribution ability
- Rapid share count increase suggests potential dilution
News Market Reaction – ORC
On the day this news was published, ORC gained 2.51%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
- February 2025 Monthly Dividend of
$0.12 Per Share of Common Stock - RMBS Portfolio Characteristics as of January 31, 2025
- Next Dividend Announcement Expected March 19, 2025
VERO BEACH, Fla., Feb. 12, 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 February 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 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 | |
| (3) | Ten-year Treasury futures contracts were valued at prices of | |
| (4) | Ten-year Ultra Treasury futures contracts were valued at prices of |
| 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. Cauley
3305 Flamingo Drive, Vero Beach, Florida 32963
Telephone: (772) 231-1400
FAQ
What is Orchid Island Capital's (ORC) February 2025 dividend amount?
When is ORC's ex-dividend date for February 2025 dividend?
How many shares of ORC were outstanding as of February 12, 2025?
What percentage of taxable income must ORC distribute to maintain REIT status?
When will ORC announce its next dividend?
