Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-01

Orchid Island Capital (ORC)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$0
Robert Cauley total, FY2025
CEO pay percentile vs peers
CEO-to-median pay ratio
90.82%
Say-on-pay support, latest vote
Companies that benchmark against ORC
4 companies name ORC as a compensation peer

Each company listed discloses ORC in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named ORC in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Robert Cauley$0$0$0$0$0$0$0$0
Chairman, President and Chief Executive Officer
George Haas00000000
Chief Financial Officer and Chief Investment Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Robert Cauley$0$220,000$615,621−220,000
George Haas0205,000469,143−205,000

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Ava L. ParkerDirector2026-04-30A1,877$7$13,195Derivative, Class A CommonForm 4 ↗
Ava L. ParkerDirector2026-05-29A1,660711,537Derivative, Class A CommonForm 4 ↗
G. Hunter Haas IVDirector2026-06-26A3,03100CommonForm 4 ↗
G. Hunter Haas IVDirector2026-06-26D1,19378,184CommonForm 4 ↗
G. Hunter Haas IVDirector2026-06-26D3,031.7200Derivative, Class A CommonForm 4 ↗
Robert E. CauleyDirector2026-06-26D3,694.1800Derivative, Class A CommonForm 4 ↗
Robert E. CauleyDirector2026-06-26A3,69400CommonForm 4 ↗
Ava L. ParkerDirector2026-06-30A3,58600Derivative, Class A CommonForm 4 ↗
Ava L. ParkerDirector2026-06-30A1,679711,703Derivative, Class A CommonForm 4 ↗
W Coleman BittingDirector2026-07-01A3,58600Derivative, Class A CommonForm 4 ↗
Paula MorabitoDirector2026-07-01A3,58600Derivative, Class A CommonForm 4 ↗
Frank P. FilippsDirector2026-07-01A3,58600Derivative, Class A CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
George HaasPSU7,134$51,365
Robert CauleyPSU7,65755,128
Robert CauleyPSU4,83634,820
George HaasPSU3,68526,535
05

Incentive-plan design — the Compensation Discussion & Analysis

We seek superior risk-adjusted returns for our stockholders relative to other returns available to fixed income and equity investors. We are willing to accept lesser returns in order to mitigate the volatility and possible loss of stockholders equity.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultant
Clawback policyTrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-0961,130,9746,179,1791,374,56890.82%Passed
20252025-06-1030,927,6782,997,457898,35491.16%Passed
20242024-06-1111,943,5292,278,519518,86183.98%Passed
20232023-06-1410,828,7771,501,445414,83487.82%Passed
20222022-06-1435,936,6727,605,2152,247,05082.53%Passed
20212021-06-1535,319,3322,716,395995,10892.86%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-0990.82%a
20252025-06-1091.16%b
20242024-06-1183.98%c

a. Approved under the standard stated in the filing — “For purposes of the vote on Proposal 3, abstentions and broker non-votes will not be counted as votes cast and will have no effect on the result of the vote.”.

b. Approved under the standard stated in the filing — “For purposes of the vote on Proposal 3, abstentions and broker non-votes will not be counted as votes cast and will have no effect on the result of the vote.”.

c. Approved under the standard stated in the filing — “For purposes of the vote on Proposal 3, abstentions and broker non-votes will not be counted as votes cast and will have no effect on the result of the vote.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Frank P. FilippsIndependent · Lead Independent Director · Audit · Compensation · Nominating and Corporate Governance$140,000$100,000$0$0$0$240,000
Paula MorabitoIndependent · Audit (Chair) · Nominating and Corporate Governance125,000100,000000225,000
Ava L. ParkerIndependent · Compensation · Nominating and Corporate Governance (Chair)115,000100,000000215,000
W Coleman BittingIndependent · Audit · Compensation (Chair)115,000100,000000215,000
George H. Haas, IVEmployee director00000
Robert E. CauleyEmployee director · Board Chair00000
09

Board fee structure and ownership guideline

Annual cash retainer$18,750
Annual equity retainer$100,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)17,500 / 10,000 / 10,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$495,000
Equity awards (grant-date value)$400,000
All other compensation$0
Total cost of the board$895,000

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Orchid Island Capital names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Orchid Island Capital.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Annaly Capital Management, Inc.2025David Finkelstein$1,000,000$9,483,629$0$0$19,270,629
2AGNC Investment Corp.2025Peter Federico900,0005,750,000014,208,500
3Dynex Capital, Inc.2025Byron Boston900,0003,122,24803,192,4807,771,011
4Cherry Hill Mortgage Investment Corporation2025Jeffrey Lown1,235,0000001,235,000
5ARMOUR Residential REIT, Inc.2025Scott Ulm00000
6Orchid Island Capital2025Robert Cauley00000
Invesco Mortgage Capital Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Orchid Island Capitalnot disclosedOther 50 · LTIP Units 50Nonot disclosed
AGNC Investment Corp.not disclosedPSU 67 · RSU 33NoFW Cook
Annaly Capital Management, Inc.142%PSU 60 · RSU 40NoSemler Brossy
ARMOUR Residential REIT, Inc.not disclosedRSU 100not disclosednot disclosed
Cherry Hill Mortgage Investment Corporationnot disclosednot disclosednot disclosedFerguson Partners Consulting
Dynex Capital, Inc.355%PSU 60 · RSU 40NoFPC
Invesco Mortgage Capital Inc.not disclosedOther 100not disclosedFerguson Partners Consulting L.P.

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Robert CauleyDEF 14A2026-04-270001437749-26-013358Section “Summary Compensation Table” · page 38. As printed: 0. Filing ↗
2Section 01, George HaasDEF 14A2026-04-270001437749-26-013358Section “Summary Compensation Table” · page 38. As printed: 0. Filing ↗
3Section 07, pay ratioDEF 14A2026-04-270001437749-26-013358Section “CEO Pay Ratio”. As printed: —. Filing ↗
4Section 08, Frank P. FilippsDEF 14A2026-04-270001437749-26-013358Section “Director Compensation”. As printed: 240,000. Filing ↗machine: t61 · r5 · c11 · span 316508–316515
5Section 08, Paula MorabitoDEF 14A2026-04-270001437749-26-013358Section “Director Compensation”. As printed: 225,000. Filing ↗machine: t61 · r7 · c11 · span 319798–319805
6Section 08, Ava L. ParkerDEF 14A2026-04-270001437749-26-013358Section “Director Compensation”. As printed: 215,000. Filing ↗machine: t61 · r6 · c11 · span 318182–318189
7Section 08, W Coleman BittingDEF 14A2026-04-270001437749-26-013358Section “Director Compensation”. As printed: 215,000. Filing ↗machine: t61 · r4 · c11 · span 314890–314897
8Section 08, George H. Haas, IVDEF 14A2026-04-270001437749-26-013358Section “Director Compensation”. As printed: 0. Filing ↗
9Section 08, Robert E. CauleyDEF 14A2026-04-270001437749-26-013358Section “Director Compensation”. As printed: 0. Filing ↗
10Section 02, Ava L. Parker 2026-04-30Form 42026-05-050001437749-26-014980Insider equity transaction reported since the proxy statement. Filing ↗
11Section 02, Ava L. Parker 2026-05-29Form 42026-06-010001437749-26-019080Insider equity transaction reported since the proxy statement. Filing ↗
12Section 02, G. Hunter Haas IV 2026-06-26Form 42026-06-290001437749-26-021993Insider equity transaction reported since the proxy statement. Filing ↗
13Section 02, G. Hunter Haas IV 2026-06-26Form 42026-06-290001437749-26-021993Insider equity transaction reported since the proxy statement. Filing ↗
14Section 02, G. Hunter Haas IV 2026-06-26Form 42026-06-290001437749-26-021993Insider equity transaction reported since the proxy statement. Filing ↗
15Section 02, Robert E. Cauley 2026-06-26Form 42026-06-290001437749-26-021995Insider equity transaction reported since the proxy statement. Filing ↗
16Section 02, Robert E. Cauley 2026-06-26Form 42026-06-290001437749-26-021995Insider equity transaction reported since the proxy statement. Filing ↗
17Section 02, Ava L. Parker 2026-06-30Form 42026-07-010001437749-26-022376Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, Ava L. Parker 2026-06-30Form 42026-07-010001437749-26-022376Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, W Coleman Bitting 2026-07-01Form 42026-07-010001437749-26-022372Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Paula Morabito 2026-07-01Form 42026-07-010001437749-26-022374Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Frank P. Filipps 2026-07-01Form 42026-07-010001437749-26-022379Insider equity transaction reported since the proxy statement. Filing ↗
22Section 06, 2026 voteForm 8-K2026-06-100001437749-26-020089Item 5.07 · say-on-pay result. As reported: 90.82% (votes for as printed: 61,130,974). Filing ↗
23Section 06, 2025 voteForm 8-K2025-06-100001437749-25-019981Item 5.07 · say-on-pay result. As reported: 91.16% (votes for as printed: 30,927,678). Filing ↗
24Section 06, 2024 voteForm 8-K2024-06-110001437749-24-019950Item 5.07 · say-on-pay result. As reported: 83.98% (votes for as printed: 11,943,529). Filing ↗
25Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
26Section 09b board cost (computed)ComputedcomputedCash 495,000 + equity 400,000 + all other 0 = 895,000, summed across the director compensation table rows.machine: formula: Σ = 895,000
27Annaly Capital Management, Inc., Section 10b CEO totalDEF 14A2026-04-300001104659-26-052954CEO total compensation as printed in Annaly Capital Management, Inc.'s own proxy. As printed: 19,270,629. Filing ↗machine: t91 · r1 · c36 · span 1399922–1399932
28AGNC Investment Corp., Section 10b CEO totalDEF 14A2026-03-060001423689-26-000058CEO total compensation as printed in AGNC Investment Corp.'s own proxy. As printed: 14,208,500. Filing ↗machine: r2 · c18 · span 710764–710774
29Dynex Capital, Inc., Section 10b CEO totalDEF 14A2026-04-070001104659-26-040189CEO total compensation as printed in Dynex Capital, Inc.'s own proxy. As printed: 7,771,011. Filing ↗machine: t104 · r2 · c19 · span 1099489–1099498
30Cherry Hill Mortgage Investment Corporation, Section 10b CEO totalDEF 14A2026-04-210001140361-26-015895CEO total compensation as printed in Cherry Hill Mortgage Investment Corporation's own proxy. As printed: 1,235,000. Filing ↗machine: t97 · r2 · c6 · span 479823–479832
31ARMOUR Residential REIT, Inc., Section 10b CEO totalDEF 14A2026-03-190001428205-26-000040CEO total compensation as printed in ARMOUR Residential REIT, Inc.'s own proxy. As printed: 0. Filing ↗
32Orchid Island Capital (subject), Section 10b CEO totalDEF 14A2026-04-270001437749-26-013358CEO total compensation as printed in Orchid Island Capital's own proxy. As printed: 0. Filing ↗
33Section 10a, Dynex Capital, Inc. reciprocityDEF 14A0001104659-26-040189Dynex Capital, Inc.'s most recent proxy was read; its disclosed peer group does not include Orchid Island Capital. Filing ↗
34Section 10a, AGNC Investment Corp. reciprocityDEF 14A0001423689-26-000058AGNC Investment Corp. names Orchid Island Capital in its own disclosed peer group (read from its most recent proxy). Filing ↗
35Section 10a, Annaly Capital Management, Inc. reciprocityDEF 14A0001104659-26-052954Annaly Capital Management, Inc.'s most recent proxy was read; its disclosed peer group does not include Orchid Island Capital. Filing ↗
36Section 10a, ARMOUR Residential REIT, Inc. reciprocityDEF 14A0001428205-26-000040ARMOUR Residential REIT, Inc. names Orchid Island Capital in its own disclosed peer group (read from its most recent proxy). Filing ↗