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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 | |
---|---|---|---|---|---|---|---|---|
-0.0201 | -0.24% | 8.4299 | 8.45 | 8.37 | 8.41 | 919,654 | 01:00:00 |
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 October 2023. The dividend of $0.12 per share will be paid November 28, 2023 to holders of record of the Company’s common stock on October 31, 2023, with an ex-dividend date of October 30, 2023. The Company plans on announcing its next common stock dividend on November 15, 2023.
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 October 11, 2023 and September 30, 2023 the Company had 52,332,306 shares of common stock outstanding. As of June 30, 2023, the Company had 43,896,709 shares of common stock outstanding.
Estimated September 30, 2023 Book Value Per Share
The Company’s estimated book value per share as of September 30, 2023 was $8.92. The Company computes book value per share by dividing total stockholders' equity by the total number of outstanding shares of common stock. At September 30, 2023, the Company's preliminary estimated total stockholders' equity was approximately $466.9 million with 52,332,306 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 $1.68, which includes $1.40 per share of net realized and unrealized losses on RMBS and derivative instruments for the quarter ended September 30, 2023. These amounts compare to total dividends declared during the quarter of $0.48 per share. Net 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 loss. 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 September 30, 2023 was (15.8)%. 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 $(1.76) per share, comprised of dividends per share of $0.48 and a decrease in book value per share of $2.24 from June 30, 2023.
RMBS Portfolio Characteristics
Details of the RMBS portfolio as of September 30, 2023 are presented below. These figures are preliminary and subject to change and, with respect to figures that will appear in the Company's financial statements and associated footnotes as of and for the quarter ended September 30, 2023, are subject to review by the Company's independent registered public accounting firm:
About Orchid Island Capital, Inc.
Orchid Island Capital, Inc. is a specialty finance company that invests on a leveraged basis in Agency RMBS. Our investment strategy focuses on, and our portfolio consists of, two categories of Agency RMBS: (i) traditional pass-through Agency RMBS, such as mortgage pass-through certificates and collateralized mortgage obligations issued by Fannie Mae, Freddie Mac or Ginnie Mae, and (ii) structured Agency RMBS. The Company is managed by Bimini Advisors, LLC, a registered investment adviser with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements include, but are not limited to, statements about the Company’s distributions. These forward-looking statements are based upon Orchid Island Capital, Inc.’s present expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
RMBS Valuation Characteristics
($ in thousands)
Realized
Realized
Jul-23 -
Sep-23
Sep-23
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 Oct)
in Oct)
(-50 BPS)
(+50 BPS)
Fixed Rate RMBS
15yr 4.0
$
374
$
355
0.01
%
$
95.01
4.00
%
4.54
%
65
113
0.8
%
0.8
%
$
6
$
(6
)
15yr 5.0 TBA
100,000
97,387
2.11
%
97.39
5.00
%
5.78
%
5
172
n/a
n/a
1,467
(1,608
)
15yr Total
100,374
97,742
2.12
%
97.38
5.00
%
5.78
%
5
172
0.8
%
0.8
%
1,473
(1,614
)
30yr 3.0
2,421,227
2,019,909
43.74
%
83.43
3.00
%
3.44
%
29
326
5.4
%
6.0
%
67,796
(67,825
)
30yr 3.5
199,300
175,165
3.79
%
87.89
3.50
%
4.04
%
43
307
6.1
%
6.3
%
5,098
(5,128
)
30yr 4.0
569,907
509,542
11.03
%
89.41
4.00
%
4.78
%
20
338
3.7
%
4.9
%
14,065
(14,762
)
30yr 4.5
348,368
321,249
6.96
%
92.22
4.50
%
5.45
%
15
344
6.6
%
6.8
%
7,355
(7,946
)
30yr 5.0
560,993
530,416
11.49
%
94.55
5.00
%
5.93
%
13
345
7.0
%
7.3
%
11,758
(12,796
)
30yr 5.5
275,551
267,837
5.80
%
97.20
5.50
%
6.43
%
6
354
1.3
%
3.4
%
5,324
(5,918
)
30yr 6.0
331,922
328,697
7.12
%
99.03
6.00
%
7.00
%
6
351
13.1
%
8.0
%
5,184
(5,975
)
30yr 6.5
346,228
348,945
7.56
%
100.78
6.50
%
7.39
%
2
357
14.8
%
n/a
4,336
(5,215
)
30yr Total
5,053,496
4,501,760
97.49
%
89.08
4.03
%
4.69
%
21
335
6.4
%
6.0
%
120,916
(125,565
)
Total Pass Through RMBS
5,153,870
4,599,502
99.61
%
89.24
4.05
%
4.72
%
21
332
6.4
%
6.0
%
122,388
(127,181
)
Structured RMBS
IO 20yr 4.0
9,233
953
0.02
%
10.32
4.00
%
4.57
%
141
92
8.7
%
7.4
%
4
(4
)
IO 30yr 3.0
2,994
394
0.01
%
13.18
3.00
%
3.64
%
104
245
0.8
%
0.7
%
-
(1
)
IO 30yr 4.0
83,645
15,358
0.33
%
18.36
4.00
%
4.60
%
109
242
5.9
%
6.0
%
(195
)
137
IO 30yr 4.5
3,585
714
0.02
%
19.91
4.50
%
4.99
%
159
187
9.2
%
8.2
%
(2
)
-
IO 30yr 5.0
1,956
414
0.01
%
21.16
5.00
%
5.36
%
159
190
6.4
%
10.2
%
(4
)
2
IO Total
101,413
17,833
0.39
%
17.58
4.01
%
4.60
%
115
225
6.1
%
7.2
%
(197
)
135
IIO 30yr 4.0
28,677
277
0.01
%
0.97
0.00
%
4.40
%
72
277
10.9
%
4.1
%
80
(68
)
Total Structured RMBS
130,090
18,110
0.39
%
13.92
3.12
%
4.55
%
105
237
7.2
%
5.7
%
(116
)
67
Total Mortgage Assets
$
5,283,960
$
4,617,612
100.00
%
4.03
%
4.71
%
23
330
6.4
%
6.0
%
$
122,272
$
(127,113
)
Average
Hedge
Modeled Interest
Notional
Period
Rate Sensitivity (1)
Hedge
Balance
End
(-50 BPS)
(+50 BPS)
5-Year Treasury Future(2)
$
(471,500
)
Dec-23
$
(9,468
)
$
9,320
10-Year Treasury Future(3)
(395,000
)
Dec-23
(12,518
)
12,019
Swaps
(2,026,500
)
Apr-30
(70,127
)
67,406
TBA
(602,500
)
Nov-23
(12,631
)
13,534
Swaptions
(1,000,000
)
Dec-24
(1,610
)
2,395
Hedge Total
$
(4,495,500
)
$
(106,354
)
$
104,674
Rate Shock Grand Total
$
15,918
$
(22,439
)
(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 $105.36 at September 30, 2023. The market value of the short position was $496.8 million.
(3)
Ten-year Treasury futures contracts were valued at prices of $108.06 at September 30, 2023. The market value of the short position was $426.8 million.
RMBS Assets by Agency
($ in thousands)
Percentage
Fair
of
Asset Category
Value
Portfolio
As of September 30, 2023
Fannie Mae
$
3,087,227
66.9
%
Freddie Mac
1,530,385
33.1
%
Total Mortgage Assets
$
4,617,612
100.0
%
Investment Company Act of 1940 Whole Pool Test
($ in thousands)
Percentage
Fair
of
Asset Category
Value
Portfolio
As of September 30, 2023
Non-Whole Pool Assets
$
139,702
3.0
%
Whole Pool Assets
4,477,910
97.0
%
Total Mortgage Assets
$
4,617,612
100.0
%
Borrowings By Counterparty
($ in thousands)
Weighted
Weighted
% of
Average
Average
Total
Total
Repo
Maturity
Longest
As of September 30, 2023
Borrowings
Debt
Rate
in Days
Maturity
Cantor Fitzgerald & Co
$
354,817
8.0
%
5.48
%
28
11/13/2023
Wells Fargo Bank, N.A.
353,817
8.0
%
5.47
%
26
11/7/2023
Mirae Asset Securities (USA) Inc.
337,442
7.6
%
5.51
%
42
12/22/2023
ASL Capital Markets Inc.
321,162
7.3
%
5.49
%
39
11/13/2023
J.P. Morgan Securities LLC
320,537
7.2
%
5.47
%
16
10/16/2023
Mitsubishi UFJ Securities (USA), Inc
312,097
7.0
%
5.51
%
50
12/11/2023
Citigroup Global Markets Inc
294,638
6.7
%
5.45
%
10
10/25/2023
RBC Capital Markets, LLC
293,169
6.6
%
5.52
%
46
11/17/2023
Daiwa Securities America Inc.
232,596
5.3
%
5.49
%
17
10/17/2023
Marex Capital Markets Inc.
222,216
5.0
%
5.44
%
9
10/20/2023
ING Financial Markets LLC
212,132
4.8
%
5.48
%
33
11/2/2023
ABN AMRO Bank N.V.
211,135
4.8
%
5.52
%
45
11/14/2023
Merrill Lynch, Pierce, Fenner & Smith
196,295
4.4
%
5.54
%
46
11/15/2023
Banco Santander SA
182,495
4.1
%
5.49
%
35
11/24/2023
Goldman, Sachs & Co
173,371
3.9
%
5.47
%
18
10/25/2023
StoneX Financial Inc.
167,366
3.8
%
5.54
%
63
12/14/2023
South Street Securities, LLC
111,871
2.5
%
5.51
%
57
11/29/2023
Bank of Montreal
110,904
2.5
%
5.47
%
12
10/12/2023
Lucid Cash Fund USG LLC
10,575
0.2
%
5.50
%
19
10/19/2023
Lucid Prime Fund, LLC
8,312
0.2
%
5.50
%
19
10/19/2023
Total Borrowings
$
4,426,947
100.0
%
5.49
%
32
12/22/2023
View source version on businesswire.com: https://www.businesswire.com/news/home/20231011692849/en/
Orchid Island Capital, Inc. Robert E. Cauley Telephone: (772) 231-1400
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