EX-99.1 2 ex_897083.htm EXHIBIT 99.1 ex_897083.htm

Exhibit 99.1

 

ORCHID ISLAND CAPITAL ANNOUNCES

 DECEMBER 2025 MONTHLY DIVIDEND AND

NOVEMBER 30, 2025 RMBS PORTFOLIO CHARACTERISTICS

 

 

December 2025 Monthly Dividend of $0.12 Per Share of Common Stock

 

RMBS Portfolio Characteristics as of November 30, 2025

 

Next Dividend Announcement Expected January 7, 2026

 

Vero Beach, Fla., December 9, 2025 - 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 December 2025. The dividend of $0.12 per share will be paid January 29, 2026 to holders of record of the Company’s common stock on December 31, 2025, with an ex-dividend date of December 31, 2025. The Company plans on announcing its next common stock dividend on January 7, 2026.

 

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 December 9, 2025, the Company had 179,058,553 shares of common stock outstanding. As of November 30, 2025, the Company had 174,548,004 shares of common stock outstanding. As of September 30, 2025, the Company had 148,239,401 shares of common stock outstanding.

 

RMBS Portfolio Characteristics

 

Details of the RMBS portfolio as of November 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

   

Sep-25 -

       
                                                                    Nov-25     Nov-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 Dec)

   

in Dec)

   

(-50 BPS)

   

(+50 BPS)

 

Fixed Rate RMBS

                                                                                               

15yr 4.5 TBA

  $ 250,000     $ 250,098       2.53 %     100.04       4.50 %     5.41 %     4       174       n/a       n/a     $ 3,124     $ (3,804 )

15yr Total

    250,000       250,098       2.53 %     100.04       4.50 %     5.41 %     4       174       n/a       n/a       3,124       (3,804 )

30yr 3.0

  $ 820,289     $ 742,864       7.51 %     90.56       3.00 %     3.48 %     57       295       6.4 %     7.0 %   $ 21,460     $ (21,533 )

30yr 3.5

    159,755       150,291       1.52 %     94.08       3.50 %     4.04 %     69       277       4.4 %     6.6 %     4,078       (4,105 )

30yr 4.0

    153,143       147,527       1.49 %     96.33       4.00 %     4.70 %     55       299       8.3 %     9.3 %     3,633       (3,821 )

30yr 4.5

    272,878       269,110       2.72 %     98.62       4.50 %     5.44 %     41       314       13.1 %     11.3 %     5,123       (5,844 )

30yr 5.0

    758,505       762,519       7.71 %     100.53       5.00 %     5.98 %     20       336       6.5 %     7.8 %     13,353       (16,297 )

30yr 5.5

    2,630,409       2,691,634       27.23 %     102.33       5.50 %     6.46 %     11       346       9.0 %     9.1 %     32,806       (45,296 )

30yr 6.0

    2,978,967       3,084,196       31.20 %     103.53       6.00 %     6.93 %     13       343       16.9 %     15.3 %     22,752       (35,370 )

30yr 6.5

    1,462,319       1,530,870       15.49 %     104.69       6.50 %     7.39 %     17       338       21.6 %     21.3 %     6,989       (11,266 )

30yr 7.0

    230,369       242,648       2.45 %     105.33       7.00 %     7.95 %     25       326       38.8 %     34.4 %     1,528       (1,797 )

30yr Total

    9,466,634       9,621,659       97.33 %     101.64       5.50 %     6.39 %     20       335       13.8 %     13.8 %     111,722       (145,329 )

Total Pass-Through RMBS

    9,716,634       9,871,757       99.86 %     101.60       5.48 %     6.37 %     20       331       13.8 %     13.8 %     114,846       (149,133 )

Structured RMBS

                                                                                               

IO 20yr 4.0

    5,481       442       0.00 %     8.07       4.00 %     4.57 %     166       68       10.4 %     11.2 %     2       (2 )

IO 30yr 3.0

    2,371       285       0.00 %     12.00       3.00 %     3.64 %     130       220       26.1 %     10.4 %     (1 )     (1 )

IO 30yr 4.0

    63,973       11,863       0.12 %     18.54       4.00 %     4.60 %     134       216       5.7 %     9.7 %     (286 )     176  

IO 30yr 4.5

    2,799       508       0.01 %     18.16       4.50 %     4.99 %     185       162       5.4 %     7.9 %     (5 )     2  

IO 30yr 5.0

    1,448       300       0.00 %     20.72       5.00 %     5.37 %     185       162       1.1 %     11.4 %     (5 )     3  

IO Total

    76,072       13,398       0.14 %     17.61       4.01 %     4.59 %     139       202       6.6 %     9.8 %     (295 )     178  

IIO 30yr 4.0

    17,923       200       0.00 %     1.12       0.00 %     4.40 %     98       250       0.7 %     0.9 %     117       (82 )

Total Structured RMBS

    93,995       13,598       0.14 %     14.47       3.24 %     4.56 %     132       212       5.5 %     8.1 %     (178 )     96  
                                                                                                 

Total Mortgage Assets

  $ 9,810,629     $ 9,885,355       100.00 %             5.46 %     6.35 %     21       330       13.7 %     13.8 %   $ 114,668     $ (149,037 )

 

       

Hedge

 

Modeled Interest

 
   

Notional

 

Period

 

Rate Sensitivity (1)

 

Hedge

 

Balance

 

End

 

(-50 BPS)

   

(+50 BPS)

 

3-Month SOFR Futures

  $ (390,000 )

Sep-26

  $ (3,087 )   $ 3,087  

5-Year Treasury Future(2)

    (562,500 )

May-30

    (11,896 )     11,631  

10-Year Treasury Future(3)

    (90,000 )

Nov-32

    (2,989 )     2,905  

10-Year Ultra Treasury Future(4)

    (60,000 )

Aug-35

    (2,737 )     2,624  

5-Year ERIS SOFR Swap Futures

    (10,000 )

Dec-30

    (228 )     221  

Swaps

    (4,433,300 )

Feb-31

    (106,796 )     103,367  

TBA Short

    (644,900 )

Dec-25

    (5,994 )     9,442  

Hedge Total

  $ (6,190,700 )     $ (133,727 )   $ 133,277  

Rate Shock Grand Total

            $ (19,059 )   $ (15,760 )

 

(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 $109.77 at November 30, 2025. The market value of the short position was $617.4 million.
(3) Ten-year Treasury futures contracts were valued at prices of $113.34 at November 30, 2025. The market value of the short position was $102.0 million.

(4)

Ten-year Ultra futures contracts were valued at prices of $116.20 at November 30, 2025. The market value of the short position was $69.7 million.

 

 

RMBS Assets by Agency

               

($ in thousands)

               
           

Percentage

 
   

Fair

   

of

 

Asset Category

 

Value

   

Portfolio

 

As of November 30, 2025

               

Fannie Mae

  $ 5,428,964       56.3 %

Freddie Mac

    4,206,293       43.7 %

Total Mortgage Assets

  $ 9,635,257       100.0 %

 

 

Investment Company Act of 1940 Whole Pool Test

 

($ in thousands)

               
           

Percentage

 
   

Fair

   

of

 

Asset Category

 

Value

   

Portfolio

 

As of November 30, 2025

               

Non-Whole Pool Assets

  $ 644,016       6.7 %

Whole Pool Assets

    8,991,241       93.3 %

Total Mortgage Assets

  $ 9,635,257       100.0 %

 

 

Borrowings By Counterparty

                                 

($ in thousands)

                                 
                   

Weighted

   

Weighted

   
           

% of

   

Average

   

Average

   
   

Total

   

Total

   

Repo

   

Maturity

 

Longest

As of November 30, 2025

 

Borrowings

   

Debt

   

Rate

   

in Days

 

Maturity

Citigroup Global Markets Inc

  $ 529,451       5.8 %     4.08 %     48  

2/25/2026

J.P. Morgan Securities LLC

    502,011       5.5 %     4.14 %     21  

12/24/2025

Merrill Lynch, Pierce, Fenner & Smith

    465,998       5.1 %     4.17 %     48  

2/13/2026

South Street Securities, LLC

    423,391       4.7 %     4.04 %     147  

11/13/2026

Wells Fargo Securities, LLC

    387,082       4.3 %     4.14 %     10  

12/29/2025

DV Securities, LLC Repo

    381,437       4.2 %     4.09 %     43  

2/20/2026

Hidden Road Partners Civ US LLC

    379,212       4.2 %     4.11 %     30  

2/24/2026

Daiwa Securities America Inc.

    377,886       4.2 %     4.10 %     86  

3/23/2026

ASL Capital Markets Inc.

    377,675       4.2 %     4.16 %     63  

9/21/2026

ABN AMRO Bank N.V.

    368,418       4.1 %     4.14 %     41  

1/26/2026

Marex Capital Markets Inc.

    367,575       4.1 %     4.13 %     41  

1/23/2026

StoneX Financial Inc.

    365,735       4.0 %     4.13 %     21  

12/22/2025

The Bank of Nova Scotia

    362,385       4.0 %     4.13 %     23  

12/23/2025

Clear Street LLC

    350,740       3.9 %     4.12 %     14  

12/18/2025

Bank of Montreal

    346,435       3.8 %     4.10 %     31  

1/14/2026

Goldman, Sachs & Co

    327,932       3.6 %     4.12 %     28  

12/29/2025

Mirae Asset Securities (USA) Inc.

    327,016       3.6 %     4.12 %     22  

1/15/2026

RBC Capital Markets, LLC

    322,041       3.6 %     4.09 %     57  

1/26/2026

Banco Santander SA

    315,820       3.5 %     4.13 %     27  

2/13/2026

Cantor Fitzgerald & Co

    308,472       3.4 %     4.09 %     51  

1/26/2026

ING Financial Markets LLC

    284,938       3.1 %     4.07 %     79  

2/17/2026

MUFG Securities Canada, Ltd.

    251,521       2.8 %     4.13 %     5  

12/5/2025

Mitsubishi UFJ Securities (USA), Inc.

    239,322       2.6 %     4.13 %     15  

12/15/2025

Nomura Securities International, Inc.

    207,915       2.3 %     4.16 %     15  

12/15/2025

Mizuho Securities USA LLC

    206,505       2.3 %     4.09 %     43  

1/26/2026

Brean Capital, LLC

    149,905       1.7 %     4.14 %     11  

12/11/2025

Natixis, New York Branch

    105,592       1.2 %     4.20 %     1  

12/1/2025

Lucid Prime Fund, LLC

    33,925       0.4 %     4.12 %     11  

12/11/2025

Total Borrowings

  $ 9,066,335       100.0 %     4.12 %     41  

11/13/2026

 

Contact:

 

Orchid Island Capital, Inc.

Robert E. Cauley

3305 Flamingo Drive, Vero Beach, Florida 32963

Telephone: (772) 231-1400