Orchid Island Capital, Inc.

Listed Company

ORCCIK 0001518621NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$159.03M

Total Assets

$11.68B

Equity

$1.37B

Shares Out

200.70M

Op. Cash Flow

$120.45M

Business

Orchid Island Capital, Inc. is a specialty finance company that invests primarily in residential mortgage-backed securities (Agency RMBS) guaranteed by government-sponsored entities and Ginnie Mae. It offers investments in pass-through Agency RMBS, collateralized mortgage obligations (CMOs), and structured Agency RMBS such as interest-only (IOs), inverse IOs (IIOs) and principal-only (POs), and trades in To-Be-Announced (TBA) contracts. The company is externally managed by Bimini Advisors and operates investment, capital allocation and risk management functions. It conducts business in U.S. mortgage and capital markets, funding positions largely through repurchase agreements and derivative transactions.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest income	414	242	178	145	135
Interest expense	−306	−236	−202	−62	—
Net interest income (expense)	108	5	−24	83	128
Realized losses on mortgage-backed securities	−6	−5	−23	−134	−6
Unrealized gains (losses) on mortgage-backed securities and U.S. Treasury securities	200	−80	−19	−643	−198
(Losses) gains on derivative instruments	−123	134	45	452	26
Net portfolio income (loss)	180	54	−21	−241	−50
Management fees	13	9	10	10	8
Allocated overhead	3	3	2	2	2
Incentive compensation	450,000	723,000	1	957,000	1
Directors' fees and liability insurance	1	1	1	1	1
Audit, legal and other professional fees	1	1	1	1	1
Direct REIT operating expenses	1	787,000	715,000	831,000	1
Other administrative	639,000	537,000	700,000	778,000	575,000
Total expenses	20	17	19	17	15
Net income (loss)	159	38	−39	−258	−65
Unrealized gains on U.S. Treasury securities measured at fair value through other comprehensive net income (loss)	279,000	122,000	17,000	0	0
Comprehensive net income (loss)	159	38	−39	−258	−65
Basic and diluted net income (loss) per share (in dollars per share)	1.24	0.57	−0.89	−6.9	−2.67
Weighted Average Shares Outstanding (in shares)	128	65	45	37	24

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Mortgage-backed securities, at fair value (includes pledged assets of $10,502,743 and $5,209,068, respectively)	10,629	5,253	3,894	3,540	6,511
U.S. Treasury securities, available-for-sale (amortized cost of $134,715 and $100,412; includes pledged assets of $135,133 and $100,551, respectively)	135	101	—	—	—
Cash and cash equivalents	666	309	172	206	385
Restricted cash	59	26	28	32	65
Accrued interest receivable	49	23	15	12	19
Derivative assets	9	9	6	40	51
Reverse repurchase agreements	129	0	—	—	—
Other assets	648,000	392,000	455,000	442,000	320,000
Total Assets	11,676	5,722	4,265	3,866	7,069
Repurchase agreements	10,115	5,026	3,706	3,378	6,244
Payable for investment securities and TBA transactions	2	0	—	—	—
Dividends payable	22	10	6	6	12
Derivative liabilities	2	332,000	13	7	8
Accrued interest payable	31	11	8	9	788,000
Obligation to return securities borrowed under reverse repurchase agreements, at fair value	129	0	—	—	—
Other liabilities	2	5	1	25	36
Total Liabilities	10,304	5,053	3,795	3,427	6,301
COMMITMENTS AND CONTINGENCIES	—	—	—	—	—
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued and outstanding as of December 31, 2025 and December 31, 2024	0	0	0	0	0
Common Stock, $0.01 par value; 400,000,000 shares authorized, 181,985,900 shares issued and outstanding as of December 31, 2025 and 82,622,464 shares issued and outstanding as of December 31, 2024	2	826,000	516,000	368,000	354,000
Additional paid-in capital	1,553	1,010	850	780	850
Accumulated deficit	−184	−343	−380	−341	−83
Accumulated other comprehensive income	418,000	139,000	17,000	0	—
Total Stockholders' Equity	1,372	669	470	439	768
Total Liabilities and Stockholders' Equity	11,676	5,722	4,265	3,866	7,069

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock based compensation	309,000	553,000	1	685,000	772,000
Net discount accretion on U.S. Treasury securities	−693,000	−5	−2	0	0
Unrealized (gains) losses on mortgage-backed securities and U.S. Treasury securities	−200	80	19	643	198
Realized and unrealized losses (gains) on derivative instruments	160	−46	11	−245	−35
Accrued interest receivable	−26	−8	−3	7	−9
Other assets	−41,000	63,000	−7,000	−128,000	196,000
Accrued interest payable	21	3	−1	8	−369,000
Other liabilities	668,000	650,000	534,000	454,000	663,000
Due to affiliates	494,000	154,000	−118,000	69,000	430,000
NET CASH PROVIDED BY OPERATING ACTIVITIES	120	67	8	289	96
Sales and maturities	1,380	454	798	2,760	—
Maturity of U.S. Treasury securities	75	450	38	0	0
Net payments on reverse repurchase agreements	−129	0	0	—	—
Net (payments on) proceeds from derivative instruments	−32	24	16	245	9
NET CASH USED IN INVESTING ACTIVITIES	−5,376	−1,415	−441	2,441	−3,017
Proceeds from repurchase agreements	65,831	45,597	37,761	40,040	35,950
Principal payments on repurchase agreements	−60,741	−44,277	−37,434	−42,906	−33,302
Cash dividends paid	−179	−93	−81	−93	−91
Proceeds from issuance of common stock, net of issuance costs	741	259	159	41	514
Common stock repurchases, including shares withheld from employee stock awards for payment of taxes	−7	−3	−10	−25	−299,000
NET CASH PROVIDED BY FINANCING ACTIVITIES	5,645	1,483	396	−2,943	3,071
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	390	135	−37	−213	151
Interest	285	233	203	53	7

Filings

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