Orchid Island Capital Inc. plans to sell up to $125 million of shares of its common stock through an at-the-market program.

The company plans to use the net proceeds for general corporate purposes, including making new investments or repaying its debts.

Sales may be made directly on the NYSE or through a market maker other than an exchange, or via negotiated transactions. The shares may be offered through Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc.

Vero Beach, Fla.-based Orchid Island Capital invests in residential mortgage-backed securities.