Orchid Island Capital Announces February 2019 Monthly Dividend and January 31, 2019 RMBS Portfolio Characteristics

• February 2019 Monthly Dividend of $0.08 Per Share
  
  
• RMBS Portfolio Characteristics as of January 31, 2019
• Repurchased 469,975 shares through stock repurchase plan during January 2019.
• Next Dividend Announcement Expected March 13, 2019

VERO BEACH, Fla., Feb. 13, 2019 (GLOBE NEWSWIRE) -- Orchid Island Capital, Inc. (the “Company”) (NYSE:ORC) announced today that the Board of Directors (the “Board”) declared a monthly cash dividend for the month of February 2019. The dividend of $0.08 per share will be paid March 29, 2019, to holders of record on February 28, 2019, with an ex-dividend date of February 27, 2019.  The Company plans on announcing its next dividend after the Board’s meeting on March 13, 2019.

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 February 13, 2019, the Company had 48,662,448 shares outstanding. At December 31, 2018, the Company had 49,132,423 shares outstanding.

RMBS Portfolio Characteristics

Details of the RMBS portfolio as of January 31, 2019 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, 2017.

(1)  Amounts in the tables above include assets with a fair value of approximately $210.0 million purchased in January 2019, which settle in February 2019, and exclude assets with a fair value of approximately $240.0 million sold in January 2019, which settle in February 2019.

(2)  Modeled results from Citigroup Global Markets Inc. Yield Book. Interest rate shocks assume instantaneous parallel shifts and horizon prices are calculated assuming constant LIBOR option-adjusted spreads. These results are for illustrative purposes only and actual results may differ materially.

(3)  Five year treasury futures contracts were valued at prices of $114.86 at January 31, 2019.  The notional contract value of the short position was $189.5 million.

(1)   Amounts in the tables above include assets with a fair value of approximately $210.0 million purchased in January 2019, which settle in February 2019, and exclude assets with a fair value of approximately $240.0 million sold in January 2019, which settle in February 2019.

(1)  In January 2019, the Company sold assets with a fair value of approximately $240.0 million, which settle in February 2019 that collateralize approximately $221.7 million of repurchase agreements included in the table above. 

Contact:

Orchid Island Capital, Inc.

Robert E. Cauley

3305 Flamingo Drive, Vero Beach, Florida 32963

Telephone: (772) 231-1400