-- Estimated Book Value Per Share as of December 31, 2025 of $7.54
-- Estimated GAAP net income of $0.62 per share for the quarter
ended December 31, 2025, including an estimated $0.43 per share of net
realized and unrealized gains on RMBS and derivative instruments
-- Estimated 7.8% total return on equity for the quarter ended December 31,
2025
-- Estimated book value, net income and total return on equity amounts are
preliminary, subject to change, and subject to review by the Company's
independent registered public accounting firm
-- RMBS Portfolio Characteristics as of December 31, 2025
VERO BEACH, Fla., Jan. 14, 2026 (GLOBE NEWSWIRE) -- Orchid Island Capital, Inc. (the "Company") (NYSE: ORC) announced today its estimated fourth quarter 2025 results and portfolio characteristics as of December 31, 2025.
Shares Outstanding
As of January 14, 2026, the Company had 183,345,932 shares of common stock outstanding. As of December 31, 2025, the Company had 181,985,900 shares of common stock outstanding. As of September 30, 2025, the Company had 148,239,401 shares of common stock outstanding.
Estimated December 31, 2025 Book Value Per Share
The Company's estimated book value per share as of December 31, 2025 was $7.54. The Company computes book value per share by dividing total stockholders' equity by the total number of outstanding shares of common stock. At December 31, 2025, the Company's preliminary estimated total stockholders' equity was approximately $1.4 billion with 181,985,900 shares of common stock outstanding. These figures and the resulting estimated book value per share are preliminary, subject to change, and subject to review by the Company's independent registered public accounting firm.
Estimated Net Income Per Share and Realized and Unrealized Gains on RMBS and Derivative Instruments
The Company estimates it generated net income per share of $0.62 for the quarter ended December 31, 2025, which includes an estimated $0.43 per share of net realized and unrealized gains on RMBS and derivative instruments. These amounts compare to total dividends declared during the quarter of $0.36 per share. Net income per common share calculated under generally accepted accounting principles can, and does, differ from our real estate investment trust ("REIT") taxable income. The Company views REIT taxable income as a better indication of income to be paid in the form of a dividend rather than net income. Many components of REIT taxable income can only be estimated at this time and our monthly dividends declared are based on both estimates of REIT taxable income to be earned over the course of the current quarter and calendar year and a longer-term estimate of the REIT taxable income of the Company. These figures are preliminary, subject to change, and subject to review by the Company's independent registered public accounting firm.
Estimated Total Return on Equity
The Company's estimated total return on equity for the quarter ended December 31, 2025 was 7.8%. The Company calculates total return on equity as the sum of dividends declared and paid during the quarter plus changes in book value during the quarter, divided by the Company's stockholders' equity at the beginning of the quarter. The total return was $0.57 per share, comprised of dividends per share of $0.36 and an increase in book value per share of $0.21 from September 30, 2025.
RMBS Portfolio Characteristics
Details of the RMBS portfolio as of December 31, 2025 are presented below. These figures are preliminary and subject to change and, with respect to figures that will appear in the Company's financial statements and associated footnotes as of and for the quarter ended December 31, 2025, are subject to review by the Company's independent registered public accounting firm:
-- RMBS Valuation Characteristics -- RMBS Assets by Agency -- Investment Company Act of 1940 (Whole Pool) Test Results -- Repurchase Agreement Exposure by Counterparty -- RMBS Risk Measures
About Orchid Island Capital, Inc.
Orchid Island Capital, Inc. is a specialty finance company that invests on a leveraged basis in Agency RMBS. Our investment strategy focuses on, and our portfolio consists of, two categories of Agency RMBS: (i) traditional pass-through Agency RMBS, such as mortgage pass-through certificates and collateralized mortgage obligations issued by Fannie Mae, Freddie Mac or Ginnie Mae, and (ii) structured Agency RMBS. The Company is managed by Bimini Advisors, LLC, a registered investment adviser with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon Orchid Island Capital, Inc.'s present expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
RMBS Valuation Characteristics
($ in thousands)
------------------------------------------------------- ------- -------- ---- --- -------- --------- --------- ------- --------
Realized
Realized Oct-25 -
Dec-25 Dec-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 Jan) in Jan) (-50 BPS) (+50 BPS)
------------- ----------- ----------- --------- ------- -------- ---- --- -------- --------- --------- ----------- ---------
Fixed Rate
RMBS
-------------
15yr 4.5 TBA $ 250,000 $ 250,239 2.30% 100.10 4.50% 5.41% 6 174 n/a n/a $ 3,166 $ (3,884)
-------------- ---------- ---------- --------- ------- -------- ---- --- -------- --------- --------- ------- --------
15yr Total 250,000 250,239 2.30% 100.10 4.50% 5.41% 6 174 n/a n/a 3,166 (3,884)
-------------- ---------- ---------- --------- ------- -------- ---- --- -------- --------- --------- ------- --------
30yr 3.0 $ 331,323 $ 298,535 2.74% 90.10 3.00% 3.52% 56 297 8.4% 7.2% $ 8,908 $ (8,971)
30yr 3.5 38,078 35,320 0.32% 92.76 3.50% 4.30% 75 266 1.0% 3.6% 1,047 (1,063)
30yr 4.0 50,951 49,040 0.45% 96.25 4.00% 4.77% 79 277 9.2% 13.1% 1,213 (1,256)
30yr 4.5 269,222 264,933 2.44% 98.41 4.50% 5.44% 42 313 8.4% 11.2% 5,249 (5,932)
30yr 5.0 1,307,603 1,314,406 12.08% 100.52 5.00% 5.99% 13 345 6.0% 8.1% 23,000 (28,319)
30yr 5.5 3,210,601 3,293,958 30.28% 102.60 5.50% 6.46% 10 347 7.7% 9.7% 40,662 (57,200)
30yr 6.0 3,253,257 3,377,940 31.05% 103.83 6.00% 6.93% 13 343 15.1% 17.0% 23,948 (39,091)
30yr 6.5 1,663,678 1,748,401 16.07% 105.09 6.50% 7.39% 16 340 20.6% 23.8% 7,396 (12,727)
30yr 7.0 220,316 233,037 2.14% 105.77 7.00% 7.95% 26 325 46.1% 40.5% 1,439 (1,713)
-------------- ---------- ---------- --------- ------- -------- ---- --- -------- --------- --------- ------- --------
30yr Total 10,345,029 10,615,570 97.58% 102.62 5.67% 6.59% 16 341 12.7% 15.8% 112,862 (156,272)
-------------- ---------- ---------- --------- ------- -------- ---- --- -------- --------- --------- ------- --------
Total
Pass-Through
RMBS 10,595,029 10,865,809 99.88% 102.56 5.64% 6.57% 15 337 12.7% 15.8% 116,028 (160,156)
-------------- ---------- ---------- --------- ------- -------- ---- --- -------- --------- --------- ------- --------
Structured
RMBS
-------------
IO 20yr 4.0 5,363 428 0.00% 7.98 4.00% 4.56% 167 67 10.9% 10.9% 2 (2)
IO 30yr 4.0 63,370 11,682 0.11% 18.44 4.00% 4.60% 135 215 6.0% 8.1% (249) 141
IO 30yr 4.5 2,776 501 0.00% 18.04 4.50% 4.99% 186 161 7.7% 7.4% (4) 1
IO 30yr 5.0 1,440 291 0.00% 20.18 5.00% 5.37% 186 161 2.3% 5.7% (5) 2
-------------- ---------- ---------- --------- ------- -------- ---- --- -------- --------- --------- ------- --------
IO Total 72,949 12,902 0.12% 17.69 4.04% 4.62% 141 201 6.3% 8.3% (256) 142
-------------- ---------- ---------- --------- ------- -------- ---- --- -------- --------- --------- ------- --------
IIO 30yr 4.0 17,704 186 0.00% 1.05 0.00% 4.40% 99 249 25.8% 10.1% 117 (83)
-------------- ---------- ---------- --------- ------- -------- ---- --- -------- --------- --------- ------- --------
Total
Structured
RMBS 90,653 13,088 0.12% 14.44 3.25% 4.58% 133 210 10.1% 8.6% (139) 59
-------------- ---------- ---------- --------- ------- -------- ---- --- -------- --------- --------- ------- --------
Total Mortgage
Assets $10,685,682 $10,878,897 100.00% 5.62% 6.55% 16 336 12.7% 15.7% $ 115,889 $(160,097)
============== ========== ========== ========= ======= ======== ==== === ======== ========= ========= ======= ========
Hedge Modeled Interest
Notional Period Rate Sensitivity (1)
Hedge Balance End (-50 BPS) (+50 BPS)
----------- ----------- ------ ------------- -----------
3-Month SOFR
Futures $ (390,000) Sep-26 $ (2,925) $ 2,925
5-Year
Treasury
Future(2) (122,500) May-30 (2,586) 2,509
10-Year
Treasury
Future(3) (90,000) Nov-32 (2,967) 2,883
10-Year
Ultra
Treasury
Future(4) (60,000) Aug-35 (2,711) 2,589
ERIS SOFR
Swap
Futures (10,000) Mar-31 (231) 224
Swaps (5,858,300) Apr-30 (117,421) 113,973
TBA Short (430,000) Jan-26 (2,945) 4,907
------------ ---------- ------ --------- -------
Hedge Total $(6,960,800) $ (131,786) $ 130,010
============ ========== ====== ========= =======
Rate Shock
Grand
Total $ (15,897) $ (30,087)
============ ========== ====== ========= =======
(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 $109.30 at December 31, 2025. The market
value of the short position was $133.9 million.
(3 ) Ten-year Treasury futures contracts were valued at
prices of $112.44 at December 31, 2025. The market
value of the short position was $101.2 million.
(4 ) Ten-year Ultra futures contracts were valued at prices
of $115.02 at December 31, 2025. The market value
of the short position was $69.0 million.
RMBS Assets by Agency
($ in thousands)
------------------------ ---------- ----------
Percentage
Fair of
Asset Category Value Portfolio
------------------------ ----------- ----------
As of December 31, 2025
Fannie Mae $ 5,690,965 53.5%
Freddie Mac 4,937,693 46.5%
------------------------- ---------- ----------
Total Mortgage Assets $10,628,658 100.0%
========================= ========== ==========
Investment Company Act of 1940 Whole Pool Test
($ in thousands)
Percentage
Fair of
Asset Category Value Portfolio
----------------------------- --------------- ----------
As of December 31, 2025
Non-Whole Pool Assets $ 634,687 6.0%
Whole Pool Assets 9,993,971 94.0%
------------------------------ ----------- ----------
Total Mortgage Assets $ 10,628,658 100.0%
============================== =========== ==========
Borrowings By
Counterparty
($ in thousands)
----------------- ---------- ----- -------- -------- ----------
Weighted Weighted
% of Average Average
Total Total Repo Maturity Longest
As of December
31, 2025 Borrowings Debt Rate in Days Maturity
----------------- ----------- ----- -------- -------- ----------
Citigroup Global
Markets Inc $ 527,566 5.2% 4.03% 27 2/25/2026
ABN AMRO Bank N.V. 507,961 5.0% 4.01% 33 3/2/2026
South Street
Securities, LLC 501,372 5.0% 4.02% 102 11/13/2026
J.P. Morgan
Securities LLC 495,300 4.9% 3.94% 26 1/26/2026
Marex Capital
Markets Inc. 494,150 4.9% 4.03% 21 1/23/2026
Wells Fargo
Securities, LLC 489,749 4.8% 3.99% 9 1/29/2026
Hidden Road
Partners Civ US
LLC 469,978 4.6% 4.02% 22 2/27/2026
Merrill Lynch,
Pierce, Fenner &
Smith 466,235 4.6% 4.09% 43 2/23/2026
RBC Capital
Markets, LLC 464,617 4.6% 4.04% 53 6/26/2026
Daiwa Securities
America Inc. 455,124 4.5% 4.05% 54 3/23/2026
StoneX Financial
Inc. 438,478 4.3% 3.92% 54 2/23/2026
ASL Capital
Markets Inc. 413,468 4.1% 3.80% 93 9/21/2026
Clear Street LLC 405,479 4.0% 3.97% 21 2/2/2026
Goldman, Sachs &
Co 394,876 3.9% 3.94% 25 1/29/2026
DV Securities, LLC
Repo 391,259 3.9% 3.93% 55 2/27/2026
The Bank of Nova
Scotia 372,871 3.7% 3.90% 53 2/23/2026
Mirae Asset
Securities $(USA)$
Inc. 333,950 3.3% 3.96% 21 1/22/2026
Cantor Fitzgerald
& Co 321,162 3.2% 4.06% 26 1/26/2026
Banco Santander SA 309,950 3.1% 3.97% 21 2/13/2026
Bank of Montreal 292,462 2.9% 4.02% 14 1/14/2026
ING Financial
Markets LLC 284,938 2.8% 4.07% 48 2/17/2026
Mitsubishi UFJ
Securities (USA),
Inc. 258,582 2.6% 3.95% 21 1/21/2026
MUFG Securities
Canada, Ltd. 243,227 2.4% 3.88% 30 1/30/2026
Brean Capital, LLC 238,050 2.4% 3.96% 40 2/12/2026
Mizuho Securities
USA LLC 205,269 2.0% 4.03% 33 2/17/2026
Nomura Securities
International,
Inc. 202,259 2.0% 3.92% 75 3/16/2026
Natixis, New York
Branch 103,725 1.0% 3.90% 29 1/29/2026
Lucid Prime Fund,
LLC 33,409 0.3% 4.00% 15 1/15/2026
------------------ ---------- ----- -------- -------- ----------
Total Borrowings $10,115,466 100.0% 3.98% 39 11/13/2026
================== ========== ===== ======== ======== ==========
Contact:
Orchid Island Capital, Inc.
Robert E. Cauley
3305 Flamingo Drive, Vero Beach, Florida 32963
Telephone: (772) 231-1400
(END) Dow Jones Newswires
January 14, 2026 16:27 ET (21:27 GMT)
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