Orchid Island Capital, Inc. Announces February 2025 Monthly Dividend of $0.12 per Share
Vero Beach, Fla., Feb. 12, 2025 (GLOBE NEWSWIRE) — Orchid Island Capital, Inc. (the “Company”) (NYSE: ORC) has declared a monthly cash dividend for February 2025. The Board of Directors has set the dividend at $0.12 per share, which will be distributed on March 28, 2025, to shareholders on record as of February 28, 2025. The ex-dividend date is also February 28, 2025. The Company plans to announce its next dividend for common stock on March 19, 2025. Orchid Island Capital is committed to providing regular monthly cash distributions to its shareholders.
REIT Distribution Requirements
To maintain its status as a real estate investment trust (REIT), the Company must distribute at least 90% of its taxable income to stockholders annually. This requirement is calculated without considering the dividends paid deduction and excludes any net capital gains. Should the Company fail to distribute a required percentage of its taxable income by specific deadlines, it could face income tax liabilities on the undistributed income, in addition to potential excise taxes. There is currently no established minimum distribution level, and future distributions to stockholders are not guaranteed.
Current Share Metrics
As of February 12, 2025, Orchid Island Capital had 93,293,628 shares of common stock outstanding. For comparison, the number of shares outstanding was 90,344,128 as of January 31, 2025, and 82,622,464 as of December 31, 2024.
RMBS Portfolio Overview
The characteristics of the RMBS portfolio as of January 31, 2025, are provided in the following sections. Please note that these figures are preliminary and may be subject to adjustments. The information presented is an intra-quarter update based on data that the Company believes to be accurate.
RMBS Valuation Characteristics and Risk Measures
The Company focuses on investing in Agency Residential Mortgage-Backed Securities (RMBS) on a leveraged basis. The portfolio primarily consists of two types of Agency RMBS: traditional pass-through securities, including mortgage pass-through certificates and collateralized mortgage obligations from Fannie Mae, Freddie Mac, or Ginnie Mae, and structured Agency RMBS. Orchid Island Capital is managed by Bimini Advisors, LLC, which is a registered investment adviser with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995 and other federal securities regulations. These statements encompass expectations regarding the Company’s distributions and other operational aspects. However, these projections are not guaranteed and should not be overly relied upon by investors. For a detailed discussion on potential risks and uncertainties that could affect these outcomes, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2023.
RMBS Valuation Characteristics (in thousands)
The following table presents various RMBS valuation characteristics, including realized net values, weighted average coupon rates, and current fair values across multiple categories of fixed-rate RMBS, all reported in thousands.
RMBS Assets by Agency
As of January 31, 2025, the portfolio breakdown by agency is as follows: Fannie Mae accounts for approximately 70.8% of total mortgage assets valued at $3,978,208, while Freddie Mac represents 29.2% with assets totaling $1,636,923. The total mortgage assets amount to $5,615,131.
Borrowing and Counterparty Information
The Company’s borrowings and the respective counterparties are detailed with weighted average rates and maturities. For instance, MUFG Securities Canada, Ltd. has borrowings of $336,704 at a weighted average rate of 4.42%, with a maturity of 16 days. Overall, the total borrowings amount to $5,316,591, with an average rate of 4.45%.
