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Source document· January 30, 2026

Orchid Island ORC Q4 2025 Earnings Call Transcript

View original at finance.yahoo.com

Orchid Island ORC Q4 2025 Earnings Call Transcript Image source: The Motley Fool. DATE Friday, Jan. 30, 2026 at 10 a.m. ET CALL PARTICIPANTS Chairman, Chief Executive Officer, and President — Robert E…

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Portfolio positioned for flat rates and defensively for bear steepening scenario, with focus on hedging inflation reignition
80% confidence
Company doubled in size during 2025 with equity and total assets up more than 100%
80% confidence
Current MBS spreads are at tightest levels since 2013 taper tantrum through COVID period, with current coupon mortgage to 10-year Treasury at 80-90bp compared to historic range of approximately 75bp
80% confidence
Current book value as of call date is up approximately 1.6% including dividend accrual
80% confidence
Debate exists on whether GSE announcement represents actual increase in MBS purchases versus current run rate
80% confidence
Investment grade corporate spreads at or near tightest levels since late 1990s, with high yield spreads also tight
80% confidence
If no Fed cuts are expected, 2-year yield should rise from 3.54% and 10-year could move to 4.50%+ from 4.25%, pushing mortgage rates to borrowers to 6.5-7%
80% confidence
Prepayment speeds expected to moderate modestly, improving carry. Current high speeds of 50-60 CPR in rolls are inconsistent with rate outlook
80% confidence
Swaption volatility declined throughout Q4 and into 2026 to levels comparable to Fed QE rate suppression regime from 10+ years ago
80% confidence
Mortgages could tighten further despite already tight levels, with potential for GSEs to remain or become more active
80% confidence
Expense ratio trending asymptotically toward 1% with scale, comparable to substantially larger peers
80% confidence
Spread to borrower remains at approximately 200bp over 10-year Treasury and has not tightened as much as MBS spreads
80% confidence
Economic data during Q4 was suspect due to government shutdown on October 1 and delayed/suspect data after government reopening
80% confidence