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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.
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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