We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|
0.01 | 0.13% | 7.84 | 7.855 | 7.67 | 7.85 | 2,353,497 | 00:40:13 |
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 July 2024. The dividend of $0.12 per share will be paid August 29, 2024 to holders of record of the Company’s common stock on July 31, 2024, with an ex-dividend date of July 31, 2024. The Company plans on announcing its next common stock dividend on August 14, 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 July 10, 2024, the Company had 66,849,374 shares of common stock outstanding. As of June 30, 2024, the Company had 64,824,374 shares of common stock outstanding. As of March 31, 2024, the Company had 52,826,169 shares of common stock outstanding.
Estimated June 30, 2024 Book Value Per Share
The Company’s estimated book value per share as of June 30, 2024 was $8.58. The Company computes book value per share by dividing total stockholders' equity by the total number of outstanding shares of common stock. At June 30, 2024, the Company's preliminary estimated total stockholders' equity was approximately $555.9 million with 64,824,374 shares of common stock outstanding. These figures and the resulting estimated book value per share are preliminary, subject to change, and subject to review by the Company’s independent registered public accounting firm.
Estimated Net Loss Per Share and Realized and Unrealized Gains and Losses on RMBS and Derivative Instruments
The Company estimates it generated a net loss per share of $0.09 for the quarter ended June 30, 2024, which includes an estimated $0.1 million of net realized and unrealized gains on RMBS and derivative instruments. These amounts compare to total dividends declared during the quarter of $0.36 per share. Net income (loss) per common share calculated under generally accepted accounting principles can, and does, differ from our REIT taxable income. The Company views REIT taxable income as a better indication of income to be paid in the form of a dividend rather than net income. Many components of REIT taxable income can only be estimated at this time and our monthly dividends declared are based on both estimates of REIT taxable income to be earned over the course of the current quarter and calendar year and a longer-term estimate of the REIT taxable income of the Company. These figures are preliminary, subject to change, and subject to review by the Company’s independent registered public accounting firm.
Estimated Total Return on Equity
The Company’s estimated total return on equity for the quarter ended June 30, 2024 was (2.0)%. The Company calculates total return on equity as the sum of dividends declared and paid during the quarter plus changes in book value during the quarter, divided by the Company’s stockholders’ equity at the beginning of the quarter. The total return was $(0.18) per share, comprised of dividends per share of $0.36 and a decrease in book value per share of $0.54 from March 31, 2024.
RMBS Portfolio Characteristics
Details of the RMBS portfolio as of June 30, 2024 are presented below. These figures are preliminary and subject to change and, with respect to figures that will appear in the Company's financial statements and associated footnotes as of and for the quarter ended June 30, 2024, are subject to review by the Company's independent registered public accounting firm:
About Orchid Island Capital, Inc.
Orchid Island Capital, Inc. is a specialty finance company that invests on a leveraged basis in Agency RMBS. Our investment strategy focuses on, and our portfolio consists of, two categories of Agency RMBS: (i) traditional pass-through Agency RMBS, such as mortgage pass-through certificates and collateralized mortgage obligations issued by Fannie Mae, Freddie Mac or Ginnie Mae, and (ii) structured Agency RMBS. The Company is managed by Bimini Advisors, LLC, a registered investment adviser with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements include, but are not limited to, statements about the Company’s distributions. These forward-looking statements are based upon Orchid Island Capital, Inc.’s present expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
RMBS Valuation Characteristics
($ in thousands)
Realized
Realized
Apr-24 -
Jun-24
Jun-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 July)
in July)
(-50 BPS)
(+50 BPS)
Fixed Rate RMBS
30yr 3.0
$
1,344,063
$
1,163,056
25.70
%
86.53
3.00
%
3.46
%
39
315
5.4
%
5.5
%
$
36,664
$
(37,298
)
30yr 3.5
185,861
167,726
3.71
%
90.24
3.50
%
4.04
%
52
296
9.8
%
8.6
%
4,725
(4,792
)
30yr 4.0
545,532
502,031
11.09
%
92.03
4.00
%
4.78
%
29
327
4.8
%
4.3
%
12,984
(13,772
)
30yr 4.5
322,297
305,678
6.75
%
94.84
4.50
%
5.45
%
24
333
15.3
%
13.0
%
6,432
(6,940
)
30yr 5.0
533,332
517,506
11.43
%
97.03
5.00
%
5.93
%
22
334
15.8
%
9.5
%
10,381
(11,385
)
30yr 5.5
263,728
262,431
5.80
%
99.51
5.50
%
6.43
%
15
342
2.9
%
6.7
%
4,731
(5,306
)
30yr 6.0
617,207
622,737
13.76
%
100.90
6.00
%
6.98
%
11
344
6.9
%
11.5
%
8,768
(10,054
)
30yr 6.5
620,611
635,540
14.04
%
102.41
6.50
%
7.42
%
8
350
9.4
%
7.2
%
6,818
(8,068
)
30yr 7.0
320,972
332,378
7.34
%
103.55
7.00
%
7.95
%
8
347
12.4
%
12.4
%
2,780
(3,359
)
30yr Total
4,753,603
4,509,083
99.63
%
94.86
4.72
%
5.49
%
24
331
8.4
%
7.6
%
94,283
(100,974
)
Total Pass Through RMBS
4,753,603
4,509,083
99.63
%
94.86
4.72
%
5.49
%
24
331
8.4
%
7.6
%
94,283
(100,974
)
Structured RMBS
IO 20yr 4.0
7,890
763
0.02
%
9.67
4.00
%
4.57
%
150
84
11.0
%
10.4
%
4
(3
)
IO 30yr 3.0
2,722
373
0.01
%
13.70
3.00
%
3.64
%
113
237
0.7
%
6.9
%
1
(1
)
IO 30yr 4.0
76,265
14,285
0.32
%
18.73
4.00
%
4.60
%
118
233
9.3
%
7.9
%
(193
)
173
IO 30yr 4.5
3,302
642
0.01
%
19.45
4.50
%
4.99
%
168
178
3.2
%
5.0
%
(2
)
1
IO 30yr 5.0
1,827
384
0.01
%
21.04
5.00
%
5.36
%
168
180
31.3
%
12.3
%
(3
)
2
IO Total
92,006
16,447
0.36
%
17.88
4.01
%
4.60
%
123
217
9.4
%
8.1
%
(193
)
172
IIO 30yr 4.0
25,049
224
0.00
%
0.90
0.00
%
4.40
%
81
267
7.8
%
3.3
%
79
(62
)
Total Structured RMBS
117,055
16,671
0.37
%
14.24
3.15
%
4.55
%
114
228
9.0
%
7.1
%
(114
)
110
Total Mortgage Assets
$
4,870,658
$
4,525,754
100.00
%
4.68
%
5.47
%
26
329
8.4
%
7.6
%
$
94,169
$
(100,864
)
Average
Hedge
Modeled Interest
Notional
Period
Rate Sensitivity (1)
Hedge
Balance
End
(-50 BPS)
(+50 BPS)
3-Month SOFR Futures
$
(100,000
)
Mar-26
$
(750
)
$
750
5-Year Treasury Future(2)
(421,500
)
Sep-24
(8,616
)
8,353
Swaps
(3,136,800
)
Jul-30
(80,573
)
77,666
TBA
(400,000
)
Jul-24
(11,206
)
11,479
Swaptions
(9,400
)
Sep-24
(83
)
53
Hedge Total
$
(4,067,700
)
$
(101,228
)
$
98,301
Rate Shock Grand Total
$
(7,059
)
$
(2,563
)
(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)
Five-year Treasury futures contracts were valued at prices of $106.58 at June 30, 2024. The market value of the short position was $449.2 million.
RMBS Assets by Agency
($ in thousands)
Percentage
Fair
of
Asset Category
Value
Portfolio
As of June 30, 2024
Fannie Mae
$
2,906,690
64.2
%
Freddie Mac
1,619,064
35.8
%
Total Mortgage Assets
$
4,525,754
100.0
%
Investment Company Act of 1940 Whole Pool Test
($ in thousands)
Percentage
Fair
of
Asset Category
Value
Portfolio
As of June 30, 2024
Non-Whole Pool Assets
$
133,303
2.9
%
Whole Pool Assets
4,392,451
97.1
%
Total Mortgage Assets
$
4,525,754
100.0
%
Borrowings By Counterparty
($ in thousands)
Weighted
Weighted
% of
Average
Average
Total
Total
Repo
Maturity
Longest
As of June 30, 2024
Borrowings
Debt
Rate
in Days
Maturity
ABN AMRO Bank N.V.
$
292,120
6.7
%
5.45
%
40
8/29/2024
DV Securities, LLC Repo
276,688
6.4
%
5.45
%
28
9/27/2024
Mitsubishi UFJ Securities (USA), Inc
264,103
6.1
%
5.47
%
33
8/29/2024
J.P. Morgan Securities LLC
248,837
5.7
%
5.46
%
8
7/24/2024
Wells Fargo Bank, N.A.
245,795
5.7
%
5.46
%
14
7/15/2024
Banco Santander SA
244,119
5.6
%
5.47
%
36
8/19/2024
Citigroup Global Markets Inc
243,766
5.6
%
5.45
%
22
7/24/2024
Cantor Fitzgerald & Co
240,022
5.5
%
5.45
%
15
7/15/2024
RBC Capital Markets, LLC
230,733
5.3
%
5.47
%
15
7/15/2024
Marex Capital Markets Inc.
220,831
5.1
%
5.45
%
50
8/19/2024
ASL Capital Markets Inc.
213,654
4.9
%
5.44
%
17
7/29/2024
Goldman, Sachs & Co
207,923
4.8
%
5.46
%
15
7/15/2024
Bank of Montreal
206,039
4.7
%
5.47
%
15
7/15/2024
Clear Street LLC
190,252
4.4
%
5.46
%
40
9/20/2024
Mirae Asset Securities (USA) Inc.
189,247
4.4
%
5.47
%
64
9/18/2024
Merrill Lynch, Pierce, Fenner & Smith
187,004
4.3
%
5.48
%
15
7/29/2024
Daiwa Securities America Inc.
169,261
3.9
%
5.47
%
54
8/23/2024
StoneX Financial Inc.
159,516
3.7
%
5.46
%
16
7/16/2024
South Street Securities, LLC
150,210
3.5
%
5.46
%
65
9/24/2024
ING Financial Markets LLC
124,998
2.9
%
5.47
%
32
8/1/2024
Lucid Prime Fund, LLC
23,454
0.5
%
5.46
%
18
7/18/2024
Lucid Cash Fund USG LLC
17,132
0.4
%
5.47
%
18
7/18/2024
Total Borrowings
$
4,345,704
100.0
%
5.46
%
29
9/27/2024
View source version on businesswire.com: https://www.businesswire.com/news/home/20240710332037/en/
Orchid Island Capital, Inc. Robert E. Cauley Telephone: (772) 231-1400
1 Year Orchid Island Capital Chart |
1 Month Orchid Island Capital Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions