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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Orchid Island Capital Inc | NYSE:ORC | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.05 | 0.64% | 7.81 | 7.82 | 7.70 | 7.765 | 1,106,174 | 00:09:56 |
From May 2024 to Nov 2024
Orchid Island Capital, Inc. (the “Company”) (NYSE: ORC) announced today that the Board of Directors of the Company declared a monthly cash dividend for the month of August 2024. The dividend of $0.12 per share will be paid September 27, 2024 to holders of record of the Company’s common stock on August 30, 2024, with an ex-dividend date of August 30, 2024. The Company plans on announcing its next common stock dividend on September 9, 2024.
The Company intends to make regular monthly cash distributions to its holders of common stock. In order to qualify as a real estate investment trust (“REIT”), the Company must distribute annually to its stockholders an amount at least equal to 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gain. The Company will be subject to income tax on taxable income that is not distributed and to an excise tax to the extent that a certain percentage of its taxable income is not distributed by specified dates. The Company has not established a minimum distribution payment level and is not assured of its ability to make distributions to stockholders in the future.
As of August 14, 2024 and July 31, 2024, the Company had 71,338,574 shares of common stock outstanding. As of June 30, 2024, the Company had 64,824,374 shares of common stock outstanding.
RMBS Portfolio Characteristics
Details of the RMBS portfolio as of July 31, 2024 are presented below. These figures are preliminary and subject to change. The information contained herein is an intra-quarter update created by the Company based upon information that the Company believes is accurate:
About Orchid Island Capital, Inc.
Orchid Island Capital, Inc. is a specialty finance company that invests on a leveraged basis in Agency RMBS. Our investment strategy focuses on, and our portfolio consists of, two categories of Agency RMBS: (i) traditional pass-through Agency RMBS, such as mortgage pass-through certificates and collateralized mortgage obligations issued by Fannie Mae, Freddie Mac or Ginnie Mae, and (ii) structured Agency RMBS. The Company is managed by Bimini Advisors, LLC, a registered investment adviser with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements include, but are not limited to, statements about the Company’s distributions. These forward-looking statements are based upon Orchid Island Capital, Inc.’s present expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
RMBS Valuation Characteristics
($ in thousands)
Realized
Realized
May-24 -
Jul-24
Jul-24
Net
Weighted
CPR
CPR
Weighted
Average
(1-Month)
(3-Month)
Modeled Interest
Current
Fair
% of
Current
Average
Maturity
(Reported
(Reported
Rate Sensitivity (1)
Type
Face
Value
Portfolio
Price
Coupon
GWAC
Age
(Months)
in Aug)
in Aug)
(-50 BPS)
(+50 BPS)
Fixed Rate RMBS
30yr 3.0
$
1,335,136
$
1,177,040
22.91
%
88.16
3.00
%
3.46
%
40
314
7.0
%
6.0
%
$
35,980
$
(36,469
)
30yr 3.5
183,829
169,086
3.29
%
91.98
3.50
%
4.04
%
53
295
9.5
%
9.7
%
4,622
(4,679
)
30yr 4.0
542,422
508,658
9.90
%
93.78
4.00
%
4.78
%
30
326
7.4
%
5.7
%
12,177
(12,999
)
30yr 4.5
317,163
305,894
5.95
%
96.45
4.50
%
5.44
%
25
332
7.4
%
11.5
%
5,890
(6,512
)
30yr 5.0
524,616
517,127
10.07
%
98.57
5.00
%
5.93
%
23
333
3.9
%
9.4
%
9,116
(10,415
)
30yr 5.5
262,800
264,835
5.16
%
100.77
5.50
%
6.43
%
16
341
7.0
%
8.0
%
4,177
(4,988
)
30yr 6.0
966,079
985,781
19.19
%
102.04
6.00
%
6.99
%
8
348
6.4
%
7.7
%
11,626
(14,657
)
30yr 6.5
791,343
815,206
15.87
%
103.02
6.50
%
7.43
%
7
350
7.9
%
8.7
%
7,001
(9,191
)
30yr 7.0
362,322
376,835
7.34
%
104.01
7.00
%
7.95
%
9
346
11.2
%
13.4
%
2,725
(3,460
)
30yr Total
5,285,710
5,120,462
99.68
%
96.87
4.88
%
5.67
%
23
333
7.2
%
7.8
%
93,314
(103,370
)
Total Pass Through RMBS
5,285,710
5,120,462
99.68
%
96.87
4.88
%
5.67
%
23
333
7.2
%
7.8
%
93,314
(103,370
)
Structured RMBS
IO 20yr 4.0
7,736
757
0.01
%
9.78
4.00
%
4.57
%
151
83
11.6
%
11.2
%
4
(5
)
IO 30yr 3.0
2,712
324
0.01
%
11.96
3.00
%
3.64
%
114
236
1.2
%
0.9
%
(1
)
(1
)
IO 30yr 4.0
75,253
14,021
0.27
%
18.63
4.00
%
4.60
%
119
232
6.0
%
8.0
%
(306
)
194
IO 30yr 4.5
3,281
608
0.01
%
18.52
4.50
%
4.99
%
169
178
7.6
%
5.4
%
(6
)
2
IO 30yr 5.0
1,764
378
0.01
%
21.40
5.00
%
5.37
%
169
179
1.6
%
12.5
%
(7
)
4
IO Total
90,746
16,088
0.31
%
17.73
4.01
%
4.60
%
124
216
6.3
%
8.0
%
(316
)
195
IIO 30yr 4.0
24,525
269
0.01
%
1.10
0.00
%
4.40
%
82
266
5.7
%
4.7
%
90
(73
)
Total Structured RMBS
115,271
16,357
0.32
%
14.19
3.15
%
4.55
%
115
227
6.2
%
7.3
%
(226
)
122
Total Mortgage Assets
$
5,400,981
$
5,136,819
100.00
%
4.84
%
5.65
%
25
330
7.1
%
7.8
%
$
93,088
$
(103,248
)
Hedge
Modeled Interest
Notional
Period
Rate Sensitivity (1)
Hedge
Balance
End
(-50 BPS)
(+50 BPS)
3-Month SOFR Futures(2)
$
(113,625
)
Dec-26
$
(1,261
)
$
1,261
5-Year Treasury Future(3)
(421,500
)
Sep-24
(8,718
)
8,523
Swaps
(3,386,800
)
Jul-30
(91,762
)
88,443
TBA
(400,000
)
Sep-24
(11,285
)
11,644
Swaptions
(9,400
)
Sep-24
(30
)
90
Hedge Total
$
(4,331,325
)
$
(113,056
)
$
109,961
Rate Shock Grand Total
$
(19,968
)
$
6,713
(1)
Modeled results from Citigroup Global Markets Inc. 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)
Amounts for SOFR futures contracts represents the average quarterly notional amount.
(3)
Five-year Treasury futures contracts were valued at prices of $107.89 at July 31, 2024. The market value of the short position was $454.8 million.
RMBS Assets by Agency
($ in thousands)
Percentage
Fair
of
Asset Category
Value
Portfolio
As of July 31, 2024
Fannie Mae
$
3,482,907
67.8
%
Freddie Mac
1,653,912
32.2
%
Total Mortgage Assets
$
5,136,819
100.0
%
Investment Company Act of 1940 Whole Pool Test
($ in thousands)
Percentage
Fair
of
Asset Category
Value
Portfolio
As of July 31, 2024
Non-Whole Pool Assets
$
134,637
2.6
%
Whole Pool Assets
5,002,182
97.4
%
Total Mortgage Assets
$
5,136,819
100.0
%
Borrowings By Counterparty
($ in thousands)
Weighted
Weighted
% of
Average
Average
Total
Total
Repo
Maturity
Longest
As of July 31, 2024
Borrowings
Debt
Rate
in Days
Maturity
ABN AMRO Bank N.V.
$
378,676
7.7
%
5.44
%
28
10/15/2024
Merrill Lynch, Pierce, Fenner & Smith
373,612
7.6
%
5.48
%
17
8/27/2024
ASL Capital Markets Inc.
345,633
7.0
%
5.44
%
66
11/15/2024
DV Securities, LLC Repo
274,576
5.6
%
5.46
%
43
9/27/2024
Mitsubishi UFJ Securities (USA), Inc
263,791
5.4
%
5.48
%
22
8/29/2024
J.P. Morgan Securities LLC
249,090
5.1
%
5.48
%
8
8/26/2024
Banco Santander SA
245,402
5.0
%
5.48
%
17
8/19/2024
Citigroup Global Markets Inc
244,095
5.0
%
5.47
%
23
8/26/2024
Wells Fargo Bank, N.A.
242,624
4.9
%
5.46
%
12
8/12/2024
Cantor Fitzgerald & Co
239,691
4.9
%
5.46
%
13
8/13/2024
Marex Capital Markets Inc.
220,831
4.5
%
5.45
%
19
8/19/2024
Goldman, Sachs & Co
208,296
4.2
%
5.49
%
15
8/15/2024
Bank of Montreal
206,519
4.2
%
5.47
%
13
8/13/2024
ING Financial Markets LLC
197,103
4.0
%
5.47
%
6
8/19/2024
Daiwa Securities America Inc.
195,131
4.0
%
5.47
%
22
8/23/2024
Clear Street LLC
190,851
3.9
%
5.46
%
24
9/20/2024
Mirae Asset Securities (USA) Inc.
189,185
3.9
%
5.47
%
48
9/18/2024
StoneX Financial Inc.
157,395
3.2
%
5.48
%
50
9/19/2024
South Street Securities, LLC
150,210
3.1
%
5.46
%
34
9/24/2024
The Bank of Nova Scotia
150,196
3.1
%
5.47
%
15
8/15/2024
RBC Capital Markets, LLC
141,432
2.9
%
5.49
%
13
8/13/2024
Lucid Prime Fund, LLC
23,658
0.5
%
5.50
%
15
8/15/2024
Lucid Cash Fund USG LLC
17,078
0.3
%
5.50
%
15
8/15/2024
Total Borrowings
$
4,905,075
100.0
%
5.47
%
25
11/15/2024
View source version on businesswire.com: https://www.businesswire.com/news/home/20240814518099/en/
Orchid Island Capital, Inc. Robert E. Cauley 3305 Flamingo Drive, Vero Beach, Florida 32963 Telephone: (772) 231-1400
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