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Orchid Island Capital Announces November 2024 Monthly Dividend and October 31, 2024 RMBS Portfolio Characteristics

• November 2024听Monthly Dividend of $0.12听Per Share of Common Stock听听
• Estimated Book Value Per Share as of November 8, 2024 of approximately $8.30 to $8.34
• RMBS Portfolio Characteristics as of听October 31, 2024
• Next Dividend Announcement Expected听December 10, 2024

VERO BEACH, Fla., Nov. 13, 2024 (GLOBE NEWSWIRE) -- Orchid Island Capital, Inc. (the 鈥淐ompany鈥�) (NYSE: ORC) announced today that the Board of Directors of the Company declared a monthly cash dividend for the month of November 2024. The dividend of $0.12听per share will be paid December 30, 2024听to holders of record of the Company鈥檚 common stock on November 29, 2024, with an ex-dividend date of November 29, 2024. The Company plans on announcing its next common stock dividend on December 10, 2024.

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 (鈥淩EIT鈥�), 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 November 13, 2024听and听October 31, 2024, the Company had听78,539,645 shares of common stock outstanding. As of September 30, 2024, the Company had听78,082,645听shares of common stock outstanding.

Estimated听November 8, 2024听Book Value Per Share

The Company鈥檚 estimated book value per share as of November 8, 2024听was approximately $8.30 to $8.34, a decrease of 0.7% to 1.0% from the book value per share at September 30, 2024 of $8.40. The estimated book value per share includes a deduction for today's dividend declaration that will be paid on December 30, 2024.听The Company computes book value per share by dividing total stockholders' equity by the total number of outstanding shares of common stock. At November 8, 2024, the Company's estimated total stockholders' equity was approximately $652.0 million to $655.0 million, with听78,539,645听shares of common stock outstanding. These figures and the resulting estimated book value per share are unaudited and will not be verified or reviewed by the Company鈥檚 independent registered public accounting firm听or any third听party. The Company is providing these figures intraperiod due to recent market volatility, and undertakes no obligation to update or听revise such figures or to provide any such intraperiod updates in the future.

RMBS Portfolio Characteristics

Details of the RMBS portfolio as of听October 31, 2024听are presented below.听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鈥檚 distributions. These forward-looking statements are based upon Orchid Island Capital, Inc.鈥檚 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 鈥淩isk Factors鈥� section of the Company鈥檚 Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Contact:

Orchid Island Capital, Inc.
Robert E. Cauley
3305 Flamingo Drive, Vero Beach, Florida 32963
Telephone: (772) 231-1400