Orchid Island Capital Announces May 2025 Monthly Dividend and April 30, 2025 RMBS Portfolio Characteristics
Orchid Island Capital (NYSE: ORC) has declared a monthly cash dividend of $0.12 per share for May 2025, payable on June 27, 2025, to stockholders of record on May 30, 2025. The company's RMBS portfolio characteristics as of April 30, 2025, show total mortgage assets of $6.19 billion, with 61.1% in Fannie Mae and 38.9% in Freddie Mac securities. The portfolio has a weighted average coupon of 5.37% and consists primarily of 30-year fixed-rate RMBS (98.13% of portfolio). The company maintains significant hedging positions with total borrowings of $5.82 billion across 24 counterparties at a weighted average repo rate of 4.47%.
Orchid Island Capital (NYSE: ORC) ha annunciato un dividendo in contanti mensile di 0,12 $ per azione per maggio 2025, pagabile il 27 giugno 2025 agli azionisti registrati al 30 maggio 2025. Le caratteristiche del portafoglio RMBS della società al 30 aprile 2025 mostrano un totale di attività ipotecarie di 6,19 miliardi di dollari, con il 61,1% investito in titoli Fannie Mae e il 38,9% in titoli Freddie Mac. Il portafoglio ha un coupon medio ponderato del 5,37% ed è composto principalmente da RMBS a tasso fisso di 30 anni (98,13% del portafoglio). La società mantiene posizioni di copertura significative con un totale di prestiti pari a 5,82 miliardi di dollari distribuiti su 24 controparti, a un tasso medio ponderato di pronti contro termine del 4,47%.
Orchid Island Capital (NYSE: ORC) ha declarado un dividendo en efectivo mensual de
Orchid Island Capital (NYSE: ORC)는 2025년 5월에 주당 0.12달러의 월간 현금 배당을 선언했으며, 2025년 6월 27일에 2025년 5월 30일 기준 주주에게 지급될 예정입니다. 2025년 4월 30일 기준 회사의 RMBS 포트폴리오 특성은 총 모기지 자산이 61억 9천만 달러이며, 이 중 61.1%는 패니메이(Fannie Mae), 38.9%는 프레디맥(Freddie Mac) 증권으로 구성되어 있습니다. 포트폴리오는 가중 평균 쿠폰율 5.37%를 보이며, 주로 30년 고정 금리 RMBS(포트폴리오의 98.13%)로 구성되어 있습니다. 회사는 24개 거래 상대방과 총 차입금 58억 2천만 달러를 보유하며, 가중 평균 환매조건부채권 금리는 4.47%입니다.
Orchid Island Capital (NYSE : ORC) a déclaré un dividende en espèces mensuel de 0,12 $ par action pour mai 2025, payable le 27 juin 2025 aux actionnaires inscrits au 30 mai 2025. Les caractéristiques du portefeuille RMBS de la société au 30 avril 2025 indiquent un total d’actifs hypothécaires de 6,19 milliards de dollars, avec 61,1 % en titres Fannie Mae et 38,9 % en titres Freddie Mac. Le portefeuille présente un coupon moyen pondéré de 5,37 % et est principalement composé de RMBS à taux fixe de 30 ans (98,13 % du portefeuille). La société maintient des positions de couverture importantes avec un endettement total de 5,82 milliards de dollars réparti sur 24 contreparties, à un taux moyen pondéré de pension de 4,47 %.
Orchid Island Capital (NYSE: ORC) hat eine monatliche Bardividende von 0,12 $ pro Aktie für Mai 2025 angekündigt, zahlbar am 27. Juni 2025 an die zum 30. Mai 2025 eingetragenen Aktionäre. Die Merkmale des RMBS-Portfolios des Unternehmens zum 30. April 2025 zeigen Gesamt-Hypothekenvermögen von 6,19 Milliarden Dollar, davon 61,1 % in Fannie Mae- und 38,9 % in Freddie Mac-Wertpapieren. Das Portfolio weist einen gewichteten durchschnittlichen Kupon von 5,37 % auf und besteht hauptsächlich aus 30-jährigen festverzinslichen RMBS (98,13 % des Portfolios). Das Unternehmen hält bedeutende Absicherungspositionen mit Gesamtverschuldung von 5,82 Milliarden Dollar bei 24 Gegenparteien zu einem gewichteten durchschnittlichen Repo-Satz von 4,47 %.
- Monthly dividend maintained at $0.12 per share
- Strong portfolio diversification with 95.2% in whole pool assets
- Comprehensive hedging strategy in place to manage interest rate risk
- Well-diversified borrowing base across 24 counterparties
- High leverage with $5.82 billion in borrowings against $6.19 billion in assets
- Relatively high borrowing costs with average repo rate of 4.47%
- Portfolio concentrated in 30-year fixed-rate RMBS (98.13%), limiting diversification
| ● | May 2025 Monthly Dividend of | |
| ● | RMBS Portfolio Characteristics as of April 30, 2025 | |
| ● | Next Dividend Announcement Expected June 10, 2025 |
Vero Beach, Fla., May 07, 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 May 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 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:
| ● | 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 | 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 |
| (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 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
FAQ
What is ORC's dividend payment for May 2025?
What is the composition of ORC's RMBS portfolio as of April 2025?
How does ORC finance its RMBS portfolio?
What is ORC's hedging strategy for interest rate risk?
