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Orchid Island Capital (ORC) investor relations material

Orchid Island Capital Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary25 Jul, 2025

Executive summary

  • Reported a Q2 2025 net loss of $33.6 million ($0.29 per share), reversing a Q1 profit, with book value per share declining to $7.21 from $7.94.

  • Total return for Q2 was -4.66%, with dividends steady at $0.36 per share.

  • Portfolio shifted to higher coupon, lower duration assets, and longer duration hedges, reducing leverage and limiting forced deleveraging to less than 10%.

  • Raised $140 million in new equity and increased capital base, with strong liquidity maintained.

  • Management cited significant market volatility from reciprocal tariffs and legislative changes, with Agency RMBS underperforming risk assets.

Financial highlights

  • Interest income rose to $92.3 million in Q2 2025, with net interest income of $23.2 million and net realized/unrealized losses on RMBS and derivatives totaling $51.7 million.

  • Average MBS holdings increased to $6.9 billion, with leverage ratio down to 7.3x and liquidity at 54%.

  • Prepayment speeds rose to 10.1% in Q2 2025.

  • Repo funding stable with a blended rate of 4.48% and average maturity of 35 days.

  • Book value per share declined by $0.73 during the quarter.

Outlook and guidance

  • Agency RMBS market seen as attractive due to wide spreads and stable funding, but volatility and policy uncertainty expected to persist.

  • Management expects continued volatility from tariffs and fiscal policy, with Fed policy remaining data-dependent.

  • Portfolio positioned for resilience and flexibility in changing rate environments.

  • Prepayment speeds expected to remain muted, supporting carry on higher coupons.

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Frequently asked questions

Orchid Island Capital Inc is a specialty finance company that invests in residential mortgage-backed securities. The company's portfolio is composed primarily of Agency RMBS backed by single-family residential mortgages and structured through U.S. government-sponsored enterprises. It aims to generate returns through a combination of interest income and capital appreciation. The company is headquartered in Vero Beach, Florida, and its shares are listed on the NYSE.

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