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8Q4 2025 Earnings Supplemental MaterialsJanuary 30, 2025 1
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DisclaimersForward-Looking InformationThis presentation contains forward-looking statements and information. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “intend” and similar expressions. These statements include, among others, statements regarding our portfolio and targeted assets, expected performance, dividends, anticipated returns on our investments, interest rates, the mortgage backed securities markets, financing and hedging opportunities, funding costs, book value, interest rate sensitivity, prepayments, the economy, inflation, capital raising and actual or anticipated actions of the Federal Reserve (the “Fed”), and the impact of those actual or anticipated actions on the Company.The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. You should not place undue reliance on these forward-looking statements. These beliefs, assumptions and expectations can change as a result ofmany possible events or factors, not all of which are known to us. Some of these factors are described under the caption ‘‘Risk Factors’’ in our Annual Report on Form 10-K. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward looking statements, whether as a result of new information, future events or otherwise.2
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Table of ContentsTopic PointFinancial Results 4 - 8Market Developments 9 - 15Portfolio Characteristics & Hedge Positions 16 - 26Appendix 27 - 423 Slide(s)
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4Financial Results
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5 Financial Highlights for the Quarter Ended December 31, 2025Net Income (Loss)1 Book Value1Dividend Declared1Total Return2Q4 25Q3 25Q4 25Q3 25Q4 25Q3 25Q4 25Q3 25$7.54$7.33$0.62 $0.53$0.36$ 0.367.8% 6.7%1. Data is on a per share basis2. Equal to (a) the sum of dividends declared and paid during the quarter and changes in book value during the quarter, divided by (b) book value at the beginning of the quarterSource: Company Press Releases
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6 Portfolio Highlights for the Quarter Ended December 31, 2025Average MBS Balances(in millions)Economic Leverage Ratio1Liquidity2Speeds(3mo. Portfolio CPR)Q4 25Q3 25Q4 25Q3 25Q4 25Q3 25Q4 25Q3 25Source: Company Press Releases 7.4$9,492 $ 7,67557.7% 57.1%10.11. The economic leverage ratio is calculated by dividing ending total liabilities adjusted for net notional TBA positions by ending stockholders' equity2. Liquidity is calculated as the percentage of unrestricted cash, cash equivalents, unpledged RMBS and unpledged U.S. Treasury securities to stockholders’ equity15.77.4
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Orchid Island Capital Financial Results for the Quarter Ended December 31, 2025 7Source: Company Financials Income Statement($ in thousands, except for per share data)Balance Sheet($ in thousands, except for per share data)Three Months Ended December 31,2024202571,996$132,188$Interest income(63,853)(93,705)Interest expense8,14338,483Net interest (expense) income(5,112)2,967Realized gains (losses) on mortgage-backed securities(153,541)53,727Unrealized gains (losses) on mortgage-backed securities and U.S. Treasury securities160,41214,048Gains (losses) on derivative and other hedging instruments9,902109,225Net portfolio income (loss)4,3575,817Expenses5,545$103,408$Net Income (loss)84(1)Other comprehensive income5,629103,407Comprehensive net income (loss)0.07$0.62$Basic and diluted net income (loss) per share79,590,498166,072,451Weighted Average Shares Outstanding0.36 $0.36 $Dividends Declared Per Common Share31-Dec-2431-Dec-25ASSETS:5,253,310$10,628,658$Mortgage-backed securities100,551135,133U.S. Treasury securities335,053724,561Cash, cash equivalents and restricted cash23,04449,127Accrued interest receivable9,2779,253Derivative assets, at fair value-128,613Reverse repurchase agreements392648Other assets5,721,627$11,675,993$Total AssetsLIABILITIES AND STOCKHOLDERS' EQUITY5,025,543$10,115,466$Repurchase agreements-1,519Payable for investment securities and TBA transactions9,94021,865Dividends payable3321,846Derivative liabilities, at fair value10,75031,397Accrued interest payable1,1671,661Due to affiliates-128,724Obligation to return securities borrowed under reverse repurchase agreements, at fair value5,3951,567Other liabilities5,053,12710,304,045Total Liabilities668,5001,371,948Total Stockholders' Equity5,721,627$11,675,993$Total Liabilities and Stockholders' Equity82,622,464181,985,900Common shares outstanding8.09$7.54$Book value per share
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Orchid Island Capital Financial Results for the Year Ended December 31, 2025 8Source: Company Financials Income Statement($ in thousands, except for per share data)Year Ended December 31,20242025241,577$414,001$Interest income(236,281)(305,732)Interest expense5,296108,269Net interest (expense) income(4,602)(6,321)Realized gains (losses) on mortgage-backed securities(79,842)200,231Unrealized gains (losses) on mortgage-backed securities and U.S. Treasury securities133,554(122,669)Gains (losses) on derivative and other hedging instruments54,406179,510Net portfolio income (loss)16,74420,480 Expenses37,662$159,030 $Net Income (loss)122279Other comprehensive income37,784159,309Comprehensive net income (loss)0.57$1.24$Basic and diluted net income (loss) per share65,449,149 128,302,423 Weighted Average Shares Outstanding1.44 $1.44 $Dividends Declared Per Common Share
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Market Developments9
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1Mo3Mo6Mo1Yr2Yr3Yr5Yr7Yr10Yr30Yr3.0%3.5%4.0%4.5%5.0%09/30/2512/31/2501/23/261Mo3Mo6Mo1Yr2Yr3Yr5Yr7Yr10Yr30Yr3.0%3.5%4.0%4.5%5.0%09/30/2512/31/2501/23/26U.S. Treasury, U.S. Dollar Swap, Yield Spread CurveYield (%)10Source: Bloomberg Data Yield (%)U.S. Treasury Curve SOFR Swap Curve Low: -1.868% 05/03/2301/23/26: 0.557%-2.0%-1.0%0.0%1.0%2.0%3.0%Jun-15Dec-15Jun-16Dec-16Jun-17Dec-17Jun-18Dec-18Jun-19Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24Jun-25Dec-25 Yield (%)3-Month Treasury Bill vs 10-Year Treasury Note Yield Spread
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-2-10123456Roll Close in ticks (1/32)1 Year FNCL Roll30Y 3s UMBS/FNMA30Y 4s UMBS/FNMA30Y 5s UMBS/FNMA30Y 6s UMBS/FNMA99.0100.0101.0102.0FNCL ChangeFNCL 3.0FNCL 4.0FNCL 5.0FNCL 6.0 10-Year U.S. Treasury Note vs MBS Current Coupon 11Source: Bloomberg Data 2010 – Current: 10Yr Treasury Note/Current Coupon Spread03/19/20: 165 bps12/13/22: 190 bps05/26/23: 200 bps01/23/26: 80 bps050100150200Jan-2010 Jan-2011 Jan-2012 Jan-2013 Jan-2014 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2019 Jan-2020 Jan-2021 Jan-2022 Jan-2023 Jan-2024 Jan-2025 Jan-2026
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Swaption Implied Volatility 12Source: Citi Velocity, Bloomberg Data60708090100110120Dec-24 Mar-25 Jun-25 Sep-25 Dec-253m x 10Y Normal Vol3M x 10Y USD Normal Annual RFR Vol (BPS/ANNUM)20406080100120140160180200Swaption Implied Volatility (MOVE Index)
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13Source: Bloomberg Data, Company Press Releases Swap Spreads *DV01 for Orchid hedge portfolio as of 12/31/2025Weighted average maturity of 4 years, 4 months-60.00-50.00-40.00-30.00-20.00-10.000.007/1/2025 8/1/2025 9/1/2025 10/1/2025 11/1/2025 12/1/2025 1/1/2026Swap Spread by Tenor USSFCT02 BGN CurncyUSSFCT05 BGN CurncyUSSFCT07 BGN CurncyUSSFCT10 BGN Curncy2.2%6.4%88.4%3.0%Hedge Weight by DV01SOFR FuturesTreasury FuturesSwapsTBA Shorts
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14 Refinancing ActivityRefi Index vs. Mortgage RatesRefi Index vs. Percent In-The-Money (“ITM”)Primary – Secondary Spreads Source: Wells Fargo Securities bps2.53.03.54.04.55.05.56.06.57.07.58.08.501,0002,0003,0004,0005,0006,0007,000 Mortgage Rate (%) Refi IndexAggregate Refi Index - 1,581Mortgage Rates (0-pt) - 6.38%0102030405060708001,0002,0003,0004,0005,0006,000Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 %ITM Refi IndexPcnt ITM (All 30-yr) - 9.9%Aggregate Refi Index - 1,58150100150200250
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15 U.S. Economy Source: Bloomberg Data0.05.010.015.020.025.030.035.02009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025Tillions ($)U.S. GDP vs Money Supply U.S. Money Supply - M2U.S. GDP - Nominal Dollars
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16Portfolio Characteristics & Hedge Positions
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The year 2025 ended with interest rates range bound and implied volatility in rate options steadily declining. Agency RMBS spreads continually tightened into year end. The potential for Fannie Mae and Freddie Mac to accelerate their purchases of Agency RMBS caused spreads to tighten further. Into early 2026, interest rate cuts by the Federal Reserve were supportive of thesector as well, and the market expects additional cuts in 2026, although recent economic data has cast doubt on that outcome. In spite of spreads at multi-year tights, the prospect for further tightening seems likely over the near term as spreads on investment grade and sub-investment grade corporate debt are at even tighter levels versus historical norms. Absent a breakout of interest rates materially higher or lower, these conditions are likely to persist. 17 Investment PortfolioTargeted assets:•Orchid Island Capital’s portfolio consists entirely of highly liquid Agency fixed-rate pass-through securities, interest-only securities, and inverse interest-only securities•Agency pass-throughs are generally fixed-rate 30-year and 15-year securities in specified pools or TBA form•Orchid retains ample access to financing sources in excess of needs via the repurchase agreement funding market•Orchid self-clears all security buys and sells and manages all margin activity related to the funding of assets and hedging our interest rate exposureSource: Company Press ReleasesDevelopments During the Quarter:•Continued to increase the weighted average coupon of the fixed-rate MBS portfolio from 5.50% to 5.64% at September 30, 2025 and December 31, 2025, respectively•Realized yield1on portfolio decreased from 5.65% to 5.57% at September 30, 2025 and December 31, 2025, respectively•Inclusive of hedge instruments, economic net interest spread2for the fourth quarter was 2.30% from 2.40% for the third quarter of 2025•Increased allocation to 30yr RMBS 5.0% and 5.5% by 6.89% and 8.56%, respectively•Reduced allocation to 30yr RMBS 3.0% by 5.96%1. Defined as GAAP interest income divided by average of the beginning and ending balance of the MBS portfolio2. See appendix for calculations and reconciliation to net interest income
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60708090100110120130140 - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 1/1/2025 2/1/2025 3/1/2025 4/1/2025 5/1/2025 6/1/2025 7/1/2025 8/1/2025 9/1/2025 10/1/2025 11/1/2025 12/1/2025 1/1/2026 Net MBS Purchases ($ Millions)MS Current Coupon ZV Spread (RHS)18 Opportunistic Portfolio Growth Source: Bloomberg Data, Internal Data
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Lower coupon securities outperformed early in the fourth quarter of 2025 and were replaced with higher coupon, specified pools with attractive call protection characteristics acquired at attractive valuations. Over the course of 2025, shareholders’ equity and portfolio more than doubled in size and the deployment of the equity raising proceeds facilitated the transition of the coupon profile of the portfolio. The portfolio is currently concentrated in par to low-premium, specified pools with hedge positions skewed towards interest rate swaps in anticipation of further swap spread widening. 19 Investment Portfolio Pass-Through Holdings *The above excludes U.S. Treasury Notes and Bills valued at $135.1 million as of 12/31/2025Source: Company Press Releases$0$500$1,000$1,500$2,000$2,500$3,000$3,5003.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0%Portfolio Holdings 12/31/202530-Year Fixed Rate RMBS15-Year Fixed Rate RMBSTBADeriv$0$500$1,000$1,500$2,000$2,500$3,000$3,5003.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0%Portfolio Holdings 9/30/202530-Year Fixed Rate RMBS15-Year Fixed Rate RMBSTBADeriv$0$500$1,000$1,500$2,000$2,500$3,000$3,5003.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0%Portfolio Holdings 12/31/202430-Year Fixed Rate RMBS15-Year Fixed Rate RMBSTBADeriv
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Interest RateAmount ($ in thousands)Term4.00%6,544,072Repo Funding ≤30 days3.95%3,571,394Repo Funding >30 days3.98%10,115,466Total3.53%5,858,300Swaps (Pay Fixed vs. Receive SOFR)3.82%15,973,766Blended Cost of Funds20 Investment Portfolio Funding Costs as of December 31, 2025•The weighted average repo rate at December 31, 2025, was 3.98% compared to 4.33% as of September 30, 2025•Repurchase obligation weighted average maturity as of December 31, 2025, was 39 days compared to 39 days as of September 30, 2025•Orchid’s average economic cost of funds1, inclusive of interest rate swaps, swaptions, and U.S. Treasury future short positions was 3.27% for the quarter ended December 31, 2025, vs 3.25% for the quarter ended September 30, 2025•Orchid’s adjusted leverage ratio was 7.4 to 1 as of December 31, 2025, vs 7.4 to 1 as of September 30, 2025 (adjusted leverage ratio is calculated as repurchase agreement balance divided by shareholders’ equity)Source: Company Press Releases Funding spreads in the repo market were far less elevated around December 31, 2025 than the third quarter and earlier in 2025. The Federal Reserve’s introduction of its Reserve Management Purchases and the transformation of the Standing Repurchase Facility into the Standing Repurchase Agreement Operations have calmed the funding markets considerably. Paydowns of the Fed’s Agency RMBS holdings are now being used to acquire U.S. Treasury Bills – freeing up cash for the funding markets.Agency Repurchase Agreements1. See appendix for calculations and reconciliations0.00%1.00%2.00%3.00%4.00%5.00%6.00%Avg 1M SOFRCost of fundsEconomic Cost of Funds
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Mark to Market Gain (Loss) / Share*Mark to Market Gain (Loss) ($ in thousands)Hedge Period Average EndNotional($ in thousands)$0.13$20,862Apr-30$(5,858,300)Interest Rate Swaps$(0.02)$(3,493)Jan-29$(672,500)Short Future Positions$(0.02)$(3,478)n/a$(430,000)Short TBAs$0.08$13,891$(6,960,800)Totals21 Hedging Positions•Total notional balance of hedge positions of $(6,960.8) million•Interest rate swaps with a notional balance of $(5,858.3) million at December 31, 2025•Covered 58% of our repo funding liability•Weighted average pay fix rate of 3.53%•SOFR, U.S. Treasury, and ERIS swap future short position of $(672.5) million at December 31, 2025•Short TBA positions of $(430.0) million at December 31,2025•As of December 31, 2025, there are no swaption positions in Orchid Island’s portfolioHedge Positions – Summary MetricsOrchid has hedge positions equal to approximately 69% of our repo funding liability with continued emphasis on interest rate swaps and a longer duration bias. The continued migration of the pass-through portfolio into higher coupon, lower duration assets hedged with slightly longer duration hedges has yielded lower notional balance of our hedges in relation to our repo liability. *Weighted average shares for the quarter ended 12/31/2025 was 166,072,451Three Months Ended December 31, 2025Source: Company Press Releases
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22 Hedging PositionsTBA Positions Net Carrying ValueMarket ValueCost BasisNotional Amount (Short)($ in thousands)As of December 31, 2025(1,300)(278,996)(277,696)(275,000)FNCL 5.5 1/26(24)(161,127)(161,103)(155,000)FNCL 6.5 2/26(1,184)$(440,123)$(438,939)$(430,000)As of September 30, 2025(427)(284,445)(284,018)(282,000)FNCL 5.5 10/25(427)$(284,445)$(284,018)$(282,000)$ Swap AgreementsWeighted Avg Maturity (Years)Net Estimated Fair ValueAverage Receive RateAverage Fixed Pay RateNotional Amount($ in thousands)As of December 31, 20253.2397 3.87%3.38%4,162,500 $Expiration > 1 to ≤ 5 years7.1(29,991)3.87%3.87%1,695,800 Expiration > 5 years4.3(29,594)$3.87%3.53%5,858,300 $As of September 30, 20253.740,950 4.24%2.90%1,922,500 $Expiration > 1 to ≤ 5 years7.0(22,762)4.27%3.69%2,020,800 Expiration > 5 years5.418,188 $4.25%3.31%3,943,300 $Interest Rate FuturesOpen Equity(1)Weighted Average Effective RateWeighted Average Entry RateContract Notional Amount($ in thousands)(Short Position)As of December 31, 2025(449)3.32%3.39%(390,000)3-Month SOFR Future(3)10 3.65%3.65%(122,500)Mar 2026 5-year T-Note(2)739 3.91%3.79%(90,000)Mar 2026 10-year T-Note(2)575 4.14%4.03%(60,000)Mar 2026 10-year Ultra(2)(13)3.45%3.48%(10,000)ERIS Swap Futures861 (672,500)$(Short Position)As of September 30, 2025(500)3.41%3.48%(390,000)3-Month SOFR Future(3)54 3.67%3.67%(562,500)Dec 2025 5-year T-Note(2)(997)3.91%3.97%(228,500)Dec 2025 10-year T-Note(2)(1,855)4.13%4.23%(197,500)Dec 2025 10-year Ultra(2)78 3.36%3.20%(10,000)ERIS Swap Futures(3,222)(1,388,500)$Source: Company Press Releases1. Open equity represents the cumulative gains (losses) recorded on open futures positions from inception.2. 5-year T-Note futures contracts, 10-year T-Note futures contracts, and 10-year Ultra futures contracts were valued at prices of $109.30, $112.44, and $115.02 as of December 31, 2025.3. 3-Month SOFR futures expire every 3 months starting March 2026 and ending June 2027.4. ERIS swap futures are exchange traded futures that replicate the cash flows of an underlying swap position.
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Interest Rate SensitivitiesORC Portfolio Allocation5Bear Flattener4Bull Steepener4+50 bps3-50 bps3Effective Convexity2Effective Duration2OAS 2Current Price 1 ($)Coupon2.8%-3.563.61-3.503.42-0.336.9249.7388.483.0 0.3%-3.413.39-3.253.06-0.706.3328.7392.493.5 0.5%-3.163.05-2.912.65-1.025.5742.2794.894.0 2.5%-2.892.56-2.582.17-1.674.7941.3797.644.5 12.4%-2.441.89-2.081.55-2.063.6547.4099.775.0 31.0%-1.841.16-1.460.90-2.442.3356.76101.415.5 31.8%-1.260.70-0.910.49-1.741.3360.66102.676.0 16.5%-0.830.45-0.510.25-1.040.6757.02103.926.5 2.2%-0.760.60-0.440.35-0.320.7062.60105.217.0 100%-1.631.09-1.280.85-1.802.0856.27Total Weighted Average23 Current Agency Conventional 30-year Fixed Rate Risk MetricsBelow are the return projections under various scenarios of conventional 30-year fixed rate Agency RMBS, option adjusted spreads, effective duration and convexity figures, as well as Orchid’s portfolio allocation to each. All figures are as of December 31, 2025. 1. TBA prices at 12/31/252. Per YieldBook3. Parallel 50bp interest rate shifts4. Represents YieldBook’s default scenario Bull Steepener (+50) and Bear Flattener (-50)5. Table excludes TBA long positions and interest only securitiesSource: Yieldbook
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Model Interest Rate SensitivityOrchid’s Agency RMBS portfolio consists predominantly of 30-year, fixed-rate pass-through securities with a bias towards securities with favorable convexity characteristics and expected returns in various interest rate scenarios. Combined with our hedge positions, the portfolio has a very modest sensitivity to interest rates. 24 Investment Portfolio Interest Rate Sensitivity+50 bps($)-50 bps($)Dollar Duration (per .01% change in yield)Market Value /NotionalAgency RMBS Assets(3,884)3,16570$250,18615-year MBS(156,272)112,8622,672$10,615,57030-year MBS59(138)(2)$13,088IO/IIO Securities(160,097)115,8892,740$10,878,844Total RMBS Assets130,010(131,786)(2,618)$6,960,800Hedge Position(30,087)(15,897)122Net Duration Gap(2.19%)(1.16%)Duration Gap / Total Equity1Source: Company Press Releases ($ in thousands)1. Total equity of $1,371.9 million at 12/31/25
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Orchid’s higher coupon holdings continued to increase during the fourth quarter. The coupon profile of the portfolio continued to migrate into higher coupon securities with call protection. Mortgage rates available to borrowers declined during the quarter and prepayments on our premium securities were on average higher in the fourth quarter versus the third, although slowed into year-end. 25 Investment Portfolio Prepayment ExperienceQ4 20252Q3 20252December 2025November 2025October 2025WALA1Securities (by coupon)30-year MBS7.4%7.2%8.4%6.4%7.4%563.0 5.2%8.3%1.0%4.4%10.1%753.5 8.7%8.1%9.2%8.3%8.6%794.0 11.1%11.0%8.4%13.1%11.9%424.5 7.4%7.5%6.0%6.5%9.6%135.0 8.8%6.2%7.7%9.0%9.8%105.5 16.2%9.5%15.1%16.9%16.6%136.0 22.9%13.2%20.6%21.6%26.4%166.5 38.8%23.5%46.1%38.8%31.4%267.0IO/IION/A9.8%N/A26.1%1.0%N/A3.0 9.3%7.5%25.8%0.7%1.5%993.7458.0%7.5%6.4%6.1%11.5%1354.0 7.4%7.1%7.7%5.4%9.1%1864.5 5.6%11.9%2.3%1.1%13.3%1865.0 13.9%9.6%12.7%13.7%15.4%Total Prepayment Speeds (CPR) Source: Bloomberg Data1. Weighted average loan age in months as of 12/31/20252. Calculated as the average of 1-month CPR during the quarter
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26 Orchid Island Capital – Q4 Wrap-up and OutlookLooking back:•Orchid Island doubled in size over the course of 2025 as Agency RMBS spreads continued to tighten and the market was very conducive to our strategy, resulting in a 7.8% total return in the fourth quarter and 11% for the year.•As prepayment rates increased, driven by lower available mortgage rates resulting from the tightening, we used the proceeds of new capital and the strategic reallocation of existing capital to position the portfolio away from lower coupon securities that had benefitted from strong performance into higher coupon, specified pools with attractively priced call protection,.Looking forward:•As a result of Orchid doubling in size and our ability to contain costs, our current run rate of general and administrative expenses as a percentage of our equity ended 2025 at 1.7%, which is close to levels of significantly larger peers.•We believe our current portfolio positioning should perform well in an elevated prepayment environment that appears to be at hand.•We believe funding pressures have subsided, and monetary policy may provide additional support to the extent the economy weakens. This could act as a buffer to the yield compression resulting from lower mortgage rates and faster prepayment speeds. As the year turned from 2025 to 2026, the Agency RMBS market transitioned from trading at spread levels far above historical norms to spread levels in line with these same norms and may continue tightening. The cause is debatable – years of excessive fiscal accommodation, risk sentiment buoyed by the prospects for artificial intelligence and surging productivity or an extremely pro-growth, pro-business administration focused on driving mortgage rates lower. Interest rate volatility has continued to decline as well, and the Fed has lowered over-night rates, which are both supportive for the sector.
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Appendix27
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28Source: Bloomberg Data ACM 10 Year Treasury Term Premia01/21/26: 0.55%-2.00%-1.00%0.00%1.00%2.00%3.00%4.00%2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
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29Source: Bloomberg Data Current Coupon Mortgage Spreads 70110150190Dec-2022 Dec-2023 Dec-2024 Dec-20257 Yr Swap Spread10 Yr U.S. Treasury Spread
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30Source: Federal Reserve Commercial Bank & Federal Reserve MBS Holdings Note: Data include the following types of institutions in the fifty states and the District of Columbia: domestically chartered commercial banks; U.S. branches and agencies of foreign banks; and Edge Act and agreement corporations. Data exclude International Banking Facilities. Weekly levels are Wednesday values; monthly levels are pro rata averages of Wednesday values. The data for domestically chartered commercial banks and U.S. branches and agencies of foreign banks are estimated by benchmarking weekly data provided by a sample of banks to quarter-end reports of condition (Call Reports). Large domestically chartered commercial banks are defined as the top 25 domestically chartered commercial banks, ranked by domestic assets as of the previous commercial bank Call Report to which the H.8 release data have been benchmarked. Small domestically chartered commercial banks are defined as all domestically chartered commercial banks not included in the top 25. The data for large and small domestically chartered banks are adjusted to remove the estimated effects of mergers and panel shifts between these two bank groups. (Seewww.federalreserve.gov/releases/h8/about.htmfor more information on how these data were constructed.) High: $2,987 02/01/2201/07/26: $2,706.6High: $2,718 08/01/2201/07/26: $2,039.0$1,200$1,400$1,600$1,800$2,000$2,200$2,400$2,600$2,800$3,000$3,200Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26$ billionsCommercial Banks & Federal Reserve Holdings of MBS Bank HoldingsFed Holdings
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31 Cross Asset Fixed Income Performance by U.S. Aggregate Bond Index Component Source: Bloomberg Data5.93%8.58%6.32%7.75%7.91%7.30%7.77%4.25%9.45%7.01%8.62%13.93%17.86%0%4%8%12%16%20%YTD 2025 Returns as of 12/31/251.25%1.70%0.91%1.34%1.12%1.10%0.83%1.57%0.98%0.13%1.31%4.85%2.65%-5%-3%-1%1%3%5%7%Q4 2025 Returns
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Orchid Island Capital Leverage Ratio History 32Source: Company Press Releases1. The adjusted leverage ratio is calculated by dividing ending repurchase agreement liabilities by ending stockholders’ equity2. The economic leverage ratio is calculated by dividing ending total liabilities adjusted for net notional TBA positions by ending stockholders’ equity7.47.45.06.07.08.09.010.011.0Dec-15Jun-16Dec-16Jun-17Dec-17Jun-18Dec-18Jun-19Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24Jun-25Dec-25 Leverage RatioAdjusted Leverage (1)Economic Leverage (2)
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Orchid Island Capital Expense Ratio History 33Source: Company Press Releases1. The expense ratio is calculated as the annualized expenses divided by stockholders’ equity12/31/25: 1.7%1.0%2.0%3.0%4.0%5.0%6.0%Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25ORC
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Int Rate Sensitivity (+50 BPS) Int Rate Sensitivity (-50 BPS) 3m CPR1m CPRWA MatAGEGWACCPNCurrent PricePercent of PortfolioFMVFaceTypeFixed Rate MBS(3,883,713)3,165,527 17465.41%4.50%100.102.30%250,185,525250,000,00015yr TBA 4.5(3,883,713)3,165,527 17465.41%4.50%100.102.30%250,185,525250,000,00015yr Total(8,970,904)8,908,395 7.2%8.4%297563.52%3.00%90.102.74%298,534,802331,322,61130yr 3.0(1,062,744)1,047,212 3.6%1.0%266754.30%3.50%92.760.32%35,319,81338,078,36130yr 3.5(1,256,383)1,212,817 13.1%9.2%277794.77%4.00%96.250.45%49,040,24750,950,56030yr 4.0(5,931,684)5,248,536 11.2%8.4%313425.44%4.50%98.412.44%264,932,586269,221,96630yr 4.5(28,319,171)23,000,269 8.1%6.0%345135.99%5.00%100.5212.08%1,314,406,1811,307,603,01630yr 5.0(57,200,230)40,661,628 9.7%7.7%347106.46%5.50%102.6030.28%3,293,958,2723,210,600,57830yr 5.5(39,091,109)23,948,299 17.0%15.1%343136.93%6.00%103.8331.05%3,377,940,3803,253,257,45830yr 6.0(12,726,504)7,395,528 23.8%20.6%340167.39%6.50%105.0916.07%1,748,400,7141,663,677,80430yr 6.5(1,713,248)1,439,059 40.5%46.1%325267.95%7.00%105.772.14%233,036,921220,316,47030yr 7.0(156,271,978)112,861,743 15.82%12.73%341166.59%5.67%102.6297.58%10,615,569,91710,345,028,82630yr Total(160,155,690)116,027,26915.82%12.73%337156.57%5.64%102.5699.88%10,865,755,44210,595,028,826Total Pass-Through MBSStructured MBS(2,168)2,042 10.9%10.9%671674.56%4.00%7.980.00%428,0275,363,274IO 20yr 4.0141,196 (248,718)8.1%6.0%2151354.60%4.00%18.440.11%11,682,53763,369,511IO 30yr 4.0972 (4,383)7.4%7.7%1611864.99%4.50%18.040.00%500,8712,775,853IO 30yr 4.52,136 (4,562)5.7%2.3%1611865.37%5.00%20.180.00%290,5841,440,182IO 30yr 5.0142,135 (255,621)8.3%6.3%2011414.62%4.04%17.690.12%12,902,01872,948,820IO Total(83,109)117,442 10.1%25.8%249994.40%0.00%1.050.00%186,07117,704,172IIO 30yr 4.059,027 (138,178)8.6%10.1%2101334.58%3.25%14.440.12%13,088,08990,652,991Total Structured MBSMortgage Assets(160,096,663)$115,889,091 $15.73%12.71%336166.55%5.62%100%10,878,843,531$10,685,681,817$Total Mortgage AssetsInt Rate Sensitivity (+50 BPS) Int Rate Sensitivity (-50 BPS) Hedge Period Average End Notional Balance Hedge2,925,000 (2,925,000)Sep-2026(390,000,000)3-Month SOFR Futures2,509,395 (2,586,018)May-2030(122,500,000)5-Year Treasury Futures2,882,813 (2,967,188)Nov-2032(90,000,000)10-Year Treasury Futures2,588,907 (2,710,848)Aug-2035(60,000,000)10-Year Ultra Treasury Futures224,000 (231,072)Mar-2031(10,000,000)ERIS Swap Futures113,972,840 (117,421,153)Apr-2030(5,858,300,000)Swaps4,906,745 (2,944,503)n/a(430,000,000)TBA Short130,009,699 (131,785,781)(6,960,800,000)$Hedge Total(30,086,965)$(15,896,690)$Rate Shock Grand Total Orchid Island Capital MBS Portfolio Characteristics as of December 31, 2025 34Source: Company Press ReleasesNote: Above table excludes U.S. Treasury Notes and Bills valued at $135.1 million. The U.S. Treasury Notes and Bills were purchased to post as collateral for hedge positions. (1) Modeled results from Yield Book. Interest rate shocks assume instantaneous parallel shifts and horizon prices are calculated assuming constant SOFR option-adjusted spreads. These results are for illustrative purposes only and actual results may differ materially.(2) See slide 20 for additional hedge detail
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Int Rate Sensitivity (+50 BPS) Int Rate Sensitivity (-50 BPS) 3m CPR1m CPRWA MatAGEGWACCPNCurrent PricePercent of PortfolioFMVFaceTypeFixed Rate MBS(3,459,666)2,827,879 17355.84%5.00%101.092.94%252,714,850250,000,00015yr TBA 5.0(3,459,666)2,827,879 17355.84%5.00%101.092.94%252,714,850250,000,00015yr Total(21,982,295)21,717,347 7.3%7.2%297553.48%3.00%89.748.70%748,804,448834,429,92230yr 3.0(4,125,214)4,076,793 8.4%4.9%279674.04%3.50%92.981.76%151,190,325162,599,87130yr 3.5(3,920,193)3,745,392 8.4%9.5%302534.70%4.00%95.331.73%148,920,317156,219,04630yr 4.0(6,127,026)5,499,234 11.1%8.6%317395.44%4.50%97.693.16%272,291,522278,734,57930yr 4.5(9,859,306)8,556,541 8.2%6.2%323325.93%5.00%99.835.19%446,473,154447,224,24230yr 5.0(35,803,043)28,021,059 6.1%6.3%345116.45%5.50%101.8721.72%1,870,044,4751,835,700,78930yr 5.5(40,189,632)28,121,923 10.0%9.7%344126.94%6.00%103.1333.60%2,892,624,1802,804,916,66130yr 6.0(15,382,435)9,805,945 13.5%13.9%340157.39%6.50%104.3718.04%1,553,110,4641,488,120,10430yr 6.5(2,260,949)1,781,959 24.3%28.2%328237.94%7.00%105.163.00%258,440,318245,768,57230yr 7.0(139,650,093)111,326,194 10.08%9.68%334216.39%5.51%101.0796.90%8,341,899,2028,253,713,78630yr Total(143,109,759)114,154,07310.08%9.68%329206.37%5.50%101.0799.84%8,594,614,0528,503,713,786Total Pass-Through MBSStructured MBS(2,141)1,916 12.5%11.6%701644.57%4.00%8.230.01%472,5495,743,143IO 20yr 4.0(1,042)(594)10.6%1.5%2221283.64%3.00%13.280.00%317,5802,391,187IO 30yr 3.0180,967 (286,250)7.7%9.9%2181334.60%4.00%18.700.14%12,318,32965,885,491IO 30yr 4.02,670 (6,589)7.2%9.1%1641834.99%4.50%19.310.01%552,7442,862,107IO 30yr 4.53,319 (5,932)12.2%19.0%1641835.37%5.00%20.870.00%313,6961,503,387IO 30yr 5.0183,772 (297,449)8.2%10.0%2041384.59%4.01%17.830.16%13,974,89878,385,315IO Total(81,164)115,322 7.7%0.6%252964.40%0.00%1.120.00%205,56118,392,351IIO 30yr 4.0102,609 (182,127)8.1%8.2%2131304.56%3.25%14.650.16%14,180,45996,777,666Total Structured MBSMortgage Assets(143,007,150)$113,971,946 $10.06%9.66%328226.35%5.47%100%8,608,794,511$8,600,491,452$Total Mortgage AssetsInt Rate Sensitivity (+50 BPS) Int Rate Sensitivity (-50 BPS) Hedge Period Average End Notional Balance Hedge3,412,500 (3,412,500)Sep-2026(390,000,000)3-Month SOFR Futures11,521,090 (11,784,932)Feb-2030(562,500,000)5-Year Treasury Futures7,350,760 (7,529,176)Aug-2032(228,500,000)10-Year Treasury Futures8,506,792 (8,938,296)May-2035(197,500,000)10-Year Ultra Treasury Futures226,371 (233,508)Dec-2030(10,000,000)ERIS Swap Futures94,426,072 (97,662,621)Feb-2031(3,943,300,000)Swaps4,628,083 (3,295,215)n/a(282,000,000)TBA Short130,071,669 (132,856,250)(5,613,800,000)$Hedge Total(12,935,482)$(18,884,304)$Rate Shock Grand Total Orchid Island Capital MBS Portfolio Characteristics as of September 30, 2025 35Source: Company Press ReleasesNote: Above table excludes U.S. Treasury Notes and Bills valued at $125.4 million. The U.S. Treasury Notes and Bills were purchased to post as collateral for hedge positions. (1) Modeled results from Yield Book. Interest rate shocks assume instantaneous parallel shifts and horizon prices are calculated assuming constant SOFR option-adjusted spreads. These results are for illustrative purposes only and actual results may differ materially.(2) See slide 20 for additional hedge detail
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Orchid Island Capital MBS Portfolio Characteristics as of December 31, 2024 36Source: Company Press ReleasesNote: Above table excludes U.S. Treasury Notes valued at $100.6 million. The U.S. Treasury Notes were purchased to post as collateral for hedge positions. (1) Modeled results from Yield Book. Interest rate shocks assume instantaneous parallel shifts and horizon prices are calculated assuming constant SOFR option-adjusted spreads. These results are for illustrative purposes only and actual results may differ materially.(2) See slide 20 for additional hedge detail Int Rate Sensitivity (+50 BPS) Int Rate Sensitivity (-50 BPS) 3m CPR1m CPRWA MatAGEGWACCPNCurrent PricePercent of PortfolioFMVFaceTypeFixed Rate MBS(816,767)741,656 17065.85%5.00%99.480.94%49,742,19050,000,00015yr 5.0 TBA(816,767)741,656 17065.85%5.00%99.480.94%49,742,19050,000,00015yr Total(29,973,315)29,548,661 6.5%6.2%308453.47%3.00%86.2617.83%945,376,1351,095,966,56630yr 3.0(4,558,832)4,508,680 6.6%5.9%289584.04%3.50%90.072.99%158,323,973175,770,35930yr 3.5(13,432,329)12,738,248 5.3%5.7%282714.64%4.00%91.839.11%483,035,971526,005,51330yr 4.0(6,971,344)6,479,663 8.5%12.1%326305.44%4.50%94.555.45%289,216,115305,898,11530yr 4.5(12,912,745)11,854,829 5.6%4.9%330255.94%5.00%96.9010.49%556,504,515574,297,36030yr 5.0(8,617,269)7,676,601 3.9%5.2%342156.45%5.50%99.417.46%395,366,630397,697,70530yr 5.5(22,443,381)19,253,690 11.6%8.8%343126.98%6.00%101.3722.97%1,218,206,0451,201,764,05030yr 6.0(12,404,126)10,019,802 17.3%9.0%346117.43%6.50%102.8916.33%866,182,372841,820,17330yr 6.5(3,728,242)3,015,324 32.2%21.1%339147.94%7.00%104.346.14%325,600,981312,054,65730yr 7.0(115,041,584)105,095,498 10.59%8.14%326285.84%5.03%96.4498.77%5,237,812,7365,431,274,49730yr Total(115,858,351)105,837,15410.59%8.14%325285.84%5.03%96.4799.71%5,287,554,9265,481,274,497Total Pass-Through MBSStructured MBS(3,470)3,791 9.3%9.0%781564.57%4.00%9.190.01%643,3566,998,386IO 20yr 4.0(1,759)1,532 9.8%1.2%2301193.64%3.00%14.070.01%365,6672,598,910IO 30yr 3.086,312 (130,309)6.6%6.8%2271244.60%4.00%18.690.25%13,341,78071,388,240IO 30yr 4.0(1,141)(392)7.5%9.3%1731744.99%4.50%19.320.01%603,7043,125,341IO 30yr 4.5774 (2,257)9.3%2.8%1731745.37%5.00%21.090.01%353,2521,674,678IO 30yr 5.080,716 (127,636)7.0%6.8%2121294.60%4.01%17.840.29%15,307,75985,785,555IO Total(66,417)97,302 7.3%0.4%261874.40%0.00%0.860.00%189,81221,970,921IIO 30yr 4.014,299 (30,334)7.0%5.5%2221214.56%3.19%14.380.29%15,497,571107,756,476Total Structured MBSMortgage Assets(115,844,052)$105,806,820 $10.52%8.09%323305.81%4.99%100%5,303,052,498$5,589,030,973$Total Mortgage AssetsInt Rate Sensitivity (+50 BPS) Int Rate Sensitivity (-50 BPS) Hedge Period Average End Notional Balance Hedge6,173,668 (6,369,658)Mar-2025(312,500,000)5-Year Treasury Future2,877,910 (2,966,009)Mar-2025(93,500,000)10-Year Treasury Future1,362,447 (1,429,033)Mar-2025(32,500,000)10-Year Ultra Treasury Future81,039,370 (83,890,324)Jun-2030(3,516,800,000)Swaps5,976,969 (5,785,892)Jan-2025(200,000,000)TBA Short97,430,364 (100,440,916)(4,155,300,000)$Hedge Total(18,413,688)$5,365,904 $Rate Shock Grand Total
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Orchid Credit Counterparties 37Source: Company Press Releases As of December 31, 2025Longest MaturityWeighted Average Maturity in Days% of TotalTotal Outstanding Balances ($ in thousands)Counterparty2/25/2026275.22%527,566Citigroup Global Markets Inc3/2/2026335.02%507,961ABN AMRO Bank N.V.11/13/20261024.96%501,372South Street Securities, LLC1/26/2026264.90%495,300J.P. Morgan Securities LLC1/23/2026214.89%494,150Marex Capital Markets Inc.1/29/202694.84%489,749Wells Fargo Securities, LLC2/27/2026224.65%469,978Hidden Road Partners Civ US LLC2/23/2026434.61%466,235Merrill Lynch, Pierce, Fenner & Smith6/26/2026534.59%464,617RBC Capital Markets, LLC3/23/2026544.50%455,124Daiwa Securities America Inc.2/23/2026544.33%438,478StoneX Financial Inc.9/21/2026934.09%413,468ASL Capital Markets Inc.2/2/2026214.01%405,479Clear Street LLC1/29/2026253.90%394,876Goldman, Sachs & Co2/27/2026553.87%391,259DV Securities, LLC Repo2/23/2026533.69%372,871The Bank of Nova Scotia1/22/2026213.30%333,950Mirae Asset Securities (USA) Inc.1/26/2026263.17%321,162Cantor Fitzgerald & Co2/13/2026213.06%309,950Banco Santander SA1/14/2026142.89%292,462Bank of Montreal2/17/2026482.82%284,938ING Financial Markets LLC1/21/2026212.56%258,582Mitsubishi UFJ Securities (USA), Inc.1/30/2026302.40%243,227MUFG Securities Canada, Ltd.2/12/2026402.35%238,050Brean Capital, LLC2/17/2026332.03%205,269Mizuho Securities USA LLC3/16/2026752.00%202,259Nomura Securities International, Inc.1/29/2026291.03%103,725Natixis, New York Branch1/15/2026150.33%33,409Lucid Prime Fund, LLC11/13/202639100.0%10,115,466$Total / Weighted Average
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Gains (Losses) on Derivative Instruments 38Source: Company Financials1. Reflects the effect of derivative instrument hedges for only the period presented.2. Calculated by adding the effect of derivative instrument hedges attributed to the period presented to GAAP interest expense.3. Calculated by adding the effect of derivative instrument hedges attributed to the period presented to GAAP net interest income. The tables to the left present a reconciliation of the adjustments to interest expense shown for each period relative to our derivative instruments, and the income statement line item, gains (losses) on derivative instruments, calculated in accordance with GAAP for each quarter of 2025 and 2024.
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Economic Net Interest Spread 39Source: Company Financials1. Portfolio yields and costs of borrowings presented in the tables above are calculated based on the average balances of the underlying investment portfolio/borrowings balances and are annualized for the periods presented. Average balances for quarterly periods are calculated using two data points, the beginning and ending balances.2. Economic interest expense and economic net interest income presented in the tables above includes the effect of our derivative instrument hedges for only the periods presented.3. Represents interest cost of our borrowings and the effect of derivative instrument hedges attributed to the period divided by average RMBS.4. Economic net interest spread is calculated by subtracting average economic cost of funds from realized yield on average RMBS. The tables below provide information on our portfolio average balances, interest income, yield on assets, average borrowings,interest expense, cost of funds, net interest income and net interest spread for each quarter of 2025 and 2024 on both a GAAP and economic basis.
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40 Securitized Products Returns December 2025Last 12 months from November 2024 return summary – sorted by total returnsLast 12 months from November 2024 returns summary – sorted by excess return12/31/20252024Last 12 Mo. (As of 12/31/25)Current Spread / PriceExcess Return (vs. Swaps/Libor)Total ReturnExcess Return (vs. Swaps/Libor)Total ReturnSector30711N/A25.9%N/A21.0%NDX 10015220N/A25.0%N/A17.9%S&P 5001963.4%8.0%5.7%9.7%Legacy RMBS70514.4%17.6%3.6%9.4%CMBS BBB63515.2%20.6%5.2%9.3%CLO 2.0/3.0 BB2815.2%8.2%2.7%8.5%HY Corporate21-0.1%1.3%2.6%8.3%Agency MBSNA12.0%16.1%4.3%8.2%SP down in credit indicator2808.2%13.3%4.2%8.1%CLO 2.0/3.0 BBB792.6%2.8%2.5%7.8%IG Corporate1153.6%5.9%1.6%7.6%CMBS341.3%3.0%1.3%7.5%Agency CMBS1804.6%9.6%2.9%6.9%CLO 2.0/3.0 A1907.5%12.7%2.8%6.8%CRT B11553.8%8.7%2.5%6.6%CLO 2.0/3.0 AANA3.3%7.3%1.9%6.5%SP return indicator1614.0%8.9%2.5%6.5%CLO 2.0/3.0 Total-10.0%0.5%1.1%6.2%US Treasury1554.4%9.4%2.2%6.2%CRT M2/Old M31202.7%7.6%1.9%6.0%CLO 2.0/3.0 AAANA3.3%6.2%1.4%6.0%SP AAA indicatorNA4.0%9.0%1.9%5.9%Leveraged Loans1103.4%8.4%1.8%5.8%CRT M1962.0%5.9%0.6%5.7%Fixed ABS-212.1%7.0%1.2%5.2%Floating ABS 12/31/20252024Last 12 Mo. (As of 12/31/25)Current Spread / PriceExcess Return (vs. Swaps/Libor)Total ReturnExcess Return (vs. Swaps/Libor)Total ReturnSector30711N/A25.9%N/A21.0%NDX 10015220N/A25.0%N/A17.9%S&P 5001963.4%8.0%5.7%9.7%Legacy RMBS63515.2%20.6%5.2%9.3%CLO 2.0/3.0 BBNA12.0%16.1%4.3%8.2%SP down in credit indicator2808.2%13.3%4.2%8.1%CLO 2.0/3.0 BBB70514.4%17.6%3.6%9.4%CMBS BBB1804.6%9.6%2.9%6.9%CLO 2.0/3.0 A1907.5%12.7%2.8%6.8%CRT B12815.2%8.2%2.7%8.5%HY Corporate21-0.1%1.3%2.6%8.3%Agency MBS1553.8%8.7%2.5%6.6%CLO 2.0/3.0 AA1614.0%8.9%2.5%6.5%CLO 2.0/3.0 Total792.6%2.8%2.5%7.8%IG Corporate1554.4%9.4%2.2%6.2%CRT M2/Old M3NA4.0%9.0%1.9%5.9%Leveraged LoansNA3.3%7.3%1.9%6.5%SP return indicator1202.7%7.6%1.9%6.0%CLO 2.0/3.0 AAA1103.4%8.4%1.8%5.8%CRT M11153.6%5.9%1.6%7.6%CMBSNA3.3%6.2%1.4%6.0%SP AAA indicator341.3%3.0%1.3%7.5%Agency CMBS-212.1%7.0%1.2%5.2%Floating ABS-10.0%0.5%1.1%6.2%US Treasury962.0%5.9%0.6%5.7%Fixed ABSSource: BofA Global Research - Securitized Products Returns for December 2025/ Securitized Products Strategy / 02 January 2026
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Securitized Products Returns December 2025 41Source: BofA Global Research - Securitized Products Returns for December 2025/ Securitized Products Strategy / 02 January 2026 Securitized products total and excess returns versus swaps
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Orchid Island Capital Dividend Tax Characterization 42Source: Company Website Section 199A DividendNondividendDistributionsTotal Capital Gain DistributionQualified DividendTotal Ordinary DividendsDistribution Rate Per SharePayment DateRecord DateBox 5Box 3Box 2aBox 1bBox 1aForm 1099 - DIV$ 0.115200 $ 0.004800 $ -$ -$ 0.115200 $ 0.120000 1/29/202412/29/2023$ 0.115200 $ 0.004800 $ -$ -$ 0.115200 $ 0.120000 2/27/20241/31/2024$ 0.115200 $ 0.004800 $ -$ -$ 0.115200 $ 0.120000 3/27/20242/29/2024$ 0.115200 $ 0.004800 $ -$ -$ 0.115200 $ 0.120000 4/26/20243/28/2024$ 0.115200 $ 0.004800 $ -$ -$ 0.115200 $ 0.120000 5/30/20244/30/2024$ 0.115200 $ 0.004800 $ -$ -$ 0.115200 $ 0.120000 6/27/20245/31/2024$ 0.115200 $ 0.004800 $ -$ -$ 0.115200 $ 0.120000 7/30/20246/28/2024$ 0.115200 $ 0.004800 $ -$ -$ 0.115200 $ 0.120000 8/29/20247/31/2024$ 0.115200 $ 0.004800 $ -$ -$ 0.115200 $ 0.120000 9/27/20248/30/2024$ 0.115200 $ 0.004800 $ -$ -$ 0.115200 $ 0.120000 10/30/20249/30/2024$ 0.115200 $ 0.004800 $ -$ -$ 0.115200 $ 0.120000 11/27/202410/31/2024$ 0.115200 $ 0.004800 $ -$ -$ 0.115200 $ 0.120000 12/30/202411/29/2024$ 1.382400 $ 0.057600 $ -$ -$ 1.382400 $ 1.440000 TotalSection 199A DividendNondividendDistributionsTotal Capital Gain DistributionQualified DividendTotal Ordinary DividendsDistribution Rate Per SharePayment DateRecord DateBox 5Box 3Box 2aBox 1bBox 1aForm 1099 - DIV$ 0.114000 $ 0.006000 $ -$ -$ 0.114000 $ 0.120000 1/30/202512/31/2024$ 0.114000 $ 0.006000 $ -$ -$ 0.114000 $ 0.120000 2/27/20251/31/2025$ 0.114000 $ 0.006000 $ -$ -$ 0.114000 $ 0.120000 3/28/20252/28/2025$ 0.114000 $ 0.006000 $ -$ -$ 0.114000 $ 0.120000 4/29/20253/31/2025$ 0.114000 $ 0.006000 $ -$ -$ 0.114000 $ 0.120000 5/29/20254/30/2025$ 0.114000 $ 0.006000 $ -$ -$ 0.114000 $ 0.120000 6/27/20255/30/2025$ 0.114000 $ 0.006000 $ -$ -$ 0.114000 $ 0.120000 7/30/20256/30/2025$ 0.114000 $ 0.006000 $ -$ -$ 0.114000 $ 0.120000 8/28/20257/31/2025$ 0.114000 $ 0.006000 $ -$ -$ 0.114000 $ 0.120000 9/29/20258/29/2025$ 0.114000 $ 0.006000 $ -$ -$ 0.114000 $ 0.120000 10/30/20259/30/2025$ 0.114000 $ 0.006000 $ -$ -$ 0.114000 $ 0.120000 11/26/202510/31/2025$ 0.114000 $ 0.006000 $ -$ -$ 0.114000 $ 0.120000 12/30/202511/28/2025$ 1.368000 $ 0.072000 $ -$ -$ 1.368000 $ 1.440000 Total