Market Overview

Orchid Island Capital Announces November 2017 Monthly Dividend and October 31, 2017 RMBS Portfolio Characteristics

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  • November 2017 Monthly Dividend of $0.14 Per Share
  • RMBS Portfolio Characteristics as of October 31, 2017

VERO BEACH, Fla., Nov. 08, 2017 (GLOBE NEWSWIRE) -- Orchid Island Capital, Inc. (the "Company") (NYSE:ORC) announced today that the Board of Directors declared a monthly cash dividend for the month of November 2017. The dividend of $0.14 per share will be paid December 8, 2017, to holders of record on November 30, 2017, with an ex-dividend date of November 29, 2017. 

The Company intends to make regular monthly cash distributions to its stockholders. In order to qualify as a real estate investment trust ("REIT"), 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 8, 2017, the Company had 46,175,846 shares outstanding. At September 30, 2017, the Company had 45,309,169 shares outstanding.

RMBS Portfolio Characteristics

Details of the RMBS portfolio as of October 31, 2017 are presented below. 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 in Agency RMBS that are either traditional pass-through Agency RMBS or structured Agency RMBS. Orchid Island Capital, Inc. has elected to be taxed as a REIT for federal income tax purposes.

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's distributions and the expected funding of purchased assets and anticipated borrowings. These forward-looking statements are based upon Orchid Island Capital, Inc.'s 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 "Risk Factors" section of the Company's Form 10-K for the year ended December 31, 2016.

                       
RMBS Valuation Characteristics                      
($ in thousands)                      
                  Percentage Weighted Realized
    Current     Fair     Current of Average Oct 2017 CPR
Asset Category   Face     Value(1)     Price Portfolio Coupon (Reported in Nov)
As of October 31, 2017                      
Adjustable Rate RMBS $ 1,671   $ 1,775   $ 106.20 0.04 % 3.94 % 0.01 %
10-1 Hybrid Rate RMBS   40,971     41,897     102.26 1.04 % 2.55 % 7.85 %
Hybrid Adjustable Rate RMBS   40,971     41,897     102.26 1.04 % 2.55 % 7.85 %
15 Year Fixed Rate RMBS   40,470     42,329     104.59 1.05 % 3.50 % 12.50 %
20 Year Fixed Rate RMBS   294,940     313,115     106.16 7.75 % 4.00 % 3.41 %
30 Year Fixed Rate RMBS   3,246,222     3,499,085     107.79 86.62 % 4.40 % 9.33 %
Total Fixed Rate RMBS   3,581,632     3,854,529     107.62 95.42 % 4.36 % 8.93 %
Total Pass-through RMBS   3,624,274     3,898,201     107.56 96.50 % 4.34 % 8.91 %
Interest-Only Securities   733,084     89,260     12.18 2.21 % 3.75 % 14.41 %
Inverse Interest-Only Securities   352,266     52,285     14.84 1.29 % 4.46 % 10.90 %
Structured RMBS   1,085,350     141,545     13.04 3.50 % 4.02 % 13.27 %
Total Mortgage Assets $ 4,709,624   $ 4,039,746       100.00 % 4.33 % 9.96 %
                             


RMBS Assets by Agency           Investment Company Act of 1940 Whole Pool Test
($ in thousands)           ($ in thousands)        
        Percentage           Percentage
    Fair   of       Fair   of
Asset Category   Value(1)   Portfolio   Asset Category   Value(1)   Portfolio
As of October 31, 2017           As of October 31, 2017        
Fannie Mae $ 2,539,588   62.9 %   Whole Pool Assets $ 3,407,2
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