ORC Form 4: Frank Filipps receives 3,566 deferred units; stake 43,256

Rhea-AI Filing Summary

Frank P. Filipps, a director of Orchid Island Capital, Inc. (ORC), reported a Form 4 showing he was granted 3,566 deferred stock units on 10/01/2025. Each deferred stock unit represents a right to receive one share of the company’s common stock and the units are stated to be 100% vested. The deferred units do not become payable until the earlier of a change of control or the reporting person’s death, disability, or separation from service as a director. After this grant, the Form 4 reports total beneficial ownership of 43,256 shares. The filing was signed on 10/02/2025.

Positive

• 3,566 deferred stock units granted to the director, increasing equity alignment
• Units are 100% vested, so the director has an unconditional right to the units
• Total beneficial ownership of 43,256 shares indicates meaningful insider stake

Negative

• Deferred payout timing: units payable only on change of control, death, disability, or separation, so no immediate liquidity
• Price reported as $0 for the units, indicating they were granted rather than purchased

Insights

Corporate Governance Analyst

Director received vested deferred stock units that remain payable only on specific events.

The Form 4 records a grant of 3,566 deferred stock units to director Frank P. Filipps on 10/01/2025, increasing his reported beneficial ownership to 43,256 shares. The filing explicitly states each unit equals one share and the units are 100% vested.

Because the units are payable only upon a change of control or the director’s death, disability, or separation from service, the grant aligns the director with long‑term events that trigger payment rather than providing immediate liquid equity. This structure preserves alignment with shareholder outcomes while delaying actual share delivery until specified events occur.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

FILIPPS FRANK P

(Last) (First) (Middle)

125 VIA PALACIO

(Street)

PALM BEACH GARDENS FL 33418

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Orchid Island Capital, Inc. [ ORC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Stock Units	(1)	10/01/2025		A		3,566		(2)	(2)	Common Stock	3,566	$0	43,256	D

Explanation of Responses:

1. Each deferred stock unit represents a right to receive one share of the Issuer's common stock.

2. The deferred stock units are 100% vested but do not become payable until the earlier to occur of a change of control or the reporting person's death, disability, or separation from service as a director of the Issuer.

	/s/ Frank P. Filipps	10/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Frank P. Filipps report on the Form 4 for ORC?

The Form 4 reports a grant of 3,566 deferred stock units on 10/01/2025, and total beneficial ownership of 43,256 shares.

When do the deferred stock units become payable?

The units do not become payable until the earlier of a change of control, the reporting person’s death, disability, or separation from service as a director.

Are the deferred stock units vested?

Yes. The filing states the deferred stock units are 100% vested.

What is the transaction date and filing signature date?

The transaction date is 10/01/2025 and the Form 4 is signed on 10/02/2025.

Does each deferred stock unit equal one share?

Yes. The filing explains that each deferred stock unit represents a right to receive one share of the issuer’s common stock.