Orchid Island Capital(ORC) - 2025 Q4 - Annual Results

Financial Performance - Estimated book value per share as of December 31, 2025, is $7.54, with total stockholders' equity approximately $1.4 billion[4] - Estimated net income per share for the quarter ended December 31, 2025, is $0.62, including $0.43 per share of net realized and unrealized gains on RMBS and derivative instruments[5] - Total dividends declared during the quarter were $0.36 per share, indicating a payout ratio of approximately 58% based on estimated net income[5] - Estimated total return on equity for the quarter ended December 31, 2025, is 7.8%, comprising $0.57 per share from dividends and an increase in book value[6] - The estimated total return on equity includes a $0.21 increase in book value per share from September 30, 2025[6] Shareholder Information - The company had 181,985,900 shares of common stock outstanding as of December 31, 2025, up from 148,239,401 shares as of September 30, 2025[3] RMBS Portfolio - The RMBS portfolio characteristics include a total of $10.68 billion in mortgage assets with an average coupon of 5.62%[11] - The company’s RMBS portfolio is primarily composed of Agency RMBS, focusing on traditional pass-through and structured RMBS[8] - Total mortgage assets amounted to $10,628.7 million, with Fannie Mae assets at $5,690.965 million (53.5%) and Freddie Mac assets at $4,937.693 million (46.5%)[14] - Whole pool assets represented 94.0% of total mortgage assets, amounting to $9,993.971 million[15] - Non-whole pool assets accounted for 6.0% of total mortgage assets, valued at $634.687 million[15] Borrowings - Total borrowings reached $10,115.466 million with a weighted average rate of 3.98%[16] - The largest counterparty for borrowings was Citigroup Global Markets Inc. with $527.566 million, accounting for 5.2% of total borrowings[16] - The longest maturity of borrowings is 11/13/2026, with an average maturity of 39 days[16] - The average repo rate across borrowings was 4.03%[16] Futures Contracts - Five-year Treasury futures contracts valued at $109.30 with a market value of the short position at $133.9 million[12] - Ten-year Treasury futures contracts valued at $112.44 with a market value of the short position at $101.2 million[12] Risk Factors - Forward-looking statements indicate that actual results may differ and are subject to review by the company's independent registered public accounting firm[9] - Rate shock grand total recorded at $(30,087) thousand[13] Investment Management - The company’s investment strategy is managed by Bimini Advisors, LLC, a registered investment adviser[8]