兰花岛资本有限公司2025年季度报告

THE SECURITIES EXCHANGE ACT OF 1934 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF Commission File Number:001-35236 3305 Flamingo Drive,Vero Beach,Florida32963 (Address of principal executive offices) (Zip Code) Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smallerreporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act. Check one: CASH FLOWS FROM OPERATING ACTIVITIES:Net (loss) income Adjustments to reconcile net (loss) income to net cash provided by operating activities:Stock based compensation Net discount accretion on U.S. Treasury securities(316)Realized losses on mortgage-backed securities9,288Unrealized (gains) losses on mortgage-backed securities and U.S. Treasury securities(87,132)Realized and unrealized losses (gains) on derivative instruments144,349Changes in operating assets and liabilities: Due to affiliates182NET CASH PROVIDED BY OPERATING ACTIVITIES44,222CASH FLOWS FROM INVESTING ACTIVITIES:From mortgage-backed securities investments: Proceeds from maturity of U.S. Treasury securities, available-for-sale50,000Net payments on derivative instruments(131,446)NET CASH USED IN INVESTING ACTIVITIES(1,817,749) Proceeds from issuance of common stock, net of issuance costs344,840Common stock repurchases, including shares withheld from employee stock awards for payment of(7,348)NET CASH PROVIDED BY FINANCING ACTIVITIES1,894,802NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH121,275 Interest See Notes to Financial Statements4 Organization and Business Description Orchid Island Capital, Inc. (“Orchid” or the “Company”) was incorporated in Maryland onAugust 17, 2010for the purpose ofcreating and managing a leveraged investment portfolio consisting of residential mortgage-backed securities (“RMBS”).Fromincorporation to the completion of Orchid’s initial public offering of its common stock onFebruary 20, 2013,Orchid was a whollyowned subsidiary of Bimini Capital Management, Inc. (“Bimini”).Orchid began operations onNovember 24, 2010 (the date of OnMarch 7, 2023,Orchid entered into an equity distribution agreement (the“March 2023Equity Distribution Agreement”)withthreesales agents pursuant to which the Company could offer and sell, from time to time, up to an aggregate amount of $250,000,000of shares of the Company’s common stock in transactions that were deemed to be “at the market” offerings andprivately negotiated transactions. The Company issued a total of24,675,497shares under theMarch 2023Equity DistributionAgreement for aggregate gross proceeds of approximately $228.8millionand net proceeds of approximately $225.0million, aftercommissions and fees, prior to its termination inJune 2024. $250,000,000of shares of the Company’s common stock in transactions that were deemed to be “at the market” offerings andprivately negotiated transactions. The Company issued a total of30,513,253shares under theJune 2024Equity Distribution commissions and fees, prior to its termination inFebruary 2025. and privately negotiated transactions. ThroughJune 30, 2025, the Company issued a total of34,355,086shares under theFebruary2025Equity Distribution Agreement for aggregate gross proceeds of approximately $265.4million, and net proceeds ofapproximately $261.2million, after commissions and fees. Subsequent toJune 30, 2025, the Company issued a total of statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fairstatement of results for the interim periodhave been included. Operating results for thesixandthreemonth periods endedJune 30,2025arenotnecessarily indicative of the results thatmaybe expected for the year endingDecember 31, 2025.The balance sheet atDecember 31, 2024has been derived from the audited financial statements at that date but doesnot derivatives. Management believes the estimates and assumptions underlying the financial statements are reasonable based on theinformation available as ofJune 30, 2025.Variable Interest Entities (“VIEs”) these VIEs are passive in nature and arenotexpected to result in the Company obtaining a controlling financial interest in theseVIEs in the future. As a result, the Company doesnotconsolidate these VIEs and accounts for these interests in these VIEs asmortgage-backed securities. See Note2for additional information regarding the Company’s investments in mortgage-backed Cash and cash equivalents include cash on deposit with financial institutions and highly liquid investments with originalmaturities ofthreemonths or less at the time of purchase. Restricted cash includes cash pledged as collateral for repurchase agreements and other borrowings, and interest rate swaps and other derivative instruments.The following table provides a reconcilia