ORC director W. Coleman Bitting granted 3,566 vested deferred units

Rhea-AI Filing Summary

W. Coleman Bitting, a director of Orchid Island Capital, Inc. (ORC), reported receiving 3,566 deferred stock units on 10/01/2025. Each unit represents a right to one share of the company's common stock and carries a stated price of $0. After this grant, Mr. Bitting beneficially owns 43,256 shares (direct). The deferred stock units are fully vested but are payable only upon a specified triggering event: the earlier of a change of control or the reporting person’s death, disability, or separation from service as a director. The Form is signed on 10/02/2025.

Positive

• 3,566 deferred stock units granted are 100% vested, indicating immediate entitlement
• Grant aligns director incentives with long-term outcomes by paying only on change of control or separation events

Negative

• Deferred units payable only on triggering events mean no immediate liquidity or voting changes for shareholders
• The grant increases potential future dilution by 3,566 shares if units convert to common stock

Insights

Corporate Governance Analyst

Director received vested deferred stock units payable on specific triggering events.

This filing shows a non-cash grant of 3,566 deferred stock units to director W. Coleman Bitting on 10/01/2025. The units are 100% vested, which means the director has earned the entitlement to these shares but will not receive them until a triggering event occurs.

Because the units are payable only upon a change of control or the director's death, disability, or separation from service, there is no immediate change to the company’s outstanding common shares or cash flows. This is a compensation design that preserves retention and aligns potential future dilution with specific events.

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^*

Bitting W Coleman

(Last) (First) (Middle)

849 STONE BRIDGE SPRINGS DR.

(Street)

WILDWOOD MO 63005

(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/ W Coleman Bitting	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 Orchid Island Capital (ORC) disclose in this Form 4?

W. Coleman Bitting reported receiving 3,566 deferred stock units on 10/01/2025, increasing his beneficial ownership to 43,256 shares; the units are fully vested but payable only on listed triggering events.

When do the 3,566 deferred stock units become payable?

The units are payable upon the earlier of a change of control, the reporting person's death, disability, or separation from service as a director.

Does this Form 4 report any cash transaction or exercise price?

No cash changed hands; the deferred stock units show a price of $0 and are non-cash compensation.

How many shares does Mr. Bitting beneficially own after this transaction?

The filing reports a total beneficial ownership of 43,256 shares following the reported grant.

What is the effective date of the reported transaction?

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