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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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.56 | 2,094 | 13:31:36 |
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 March 2024. The dividend of $0.12 per share will be paid April 26, 2024 to holders of record of the Company’s common stock on March 28, 2024, with an ex-dividend date of March 27, 2024. The Company plans on announcing its next common stock dividend on April 10, 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 March 13, 2024, the Company had 51,358,301 shares of common stock outstanding. As of February 29, 2024, the Company had 51,303,301 shares of common stock outstanding. As of December 31, 2023, the Company had 51,636,074 shares of common stock outstanding.
RMBS Portfolio Characteristics
Details of the RMBS portfolio as of February 29, 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
Dec-23 -
Feb-24
Feb-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 Mar)
in Mar)
(-50 BPS)
(+50 BPS)
Fixed Rate RMBS
15yr 5.0 TBA
$
50,000
$
49,695
1.25
%
99.39
5.00
%
5.80
%
9
166
n/a
n/a
$
648
$
(749
)
15yr 5.5 TBA
50,000
50,137
1.26
%
100.27
5.50
%
6.26
%
8
167
n/a
n/a
534
(646
)
15yr Total
100,000
99,832
2.51
%
99.83
5.25
%
6.03
%
9
167
n/a
n/a
1,182
(1,395
)
30yr 3.0
1,379,958
1,195,575
30.07
%
86.64
3.00
%
3.46
%
35
319
6.3
%
5.1
%
37,519
(37,915
)
30yr 3.5
191,733
173,898
4.37
%
90.70
3.50
%
4.04
%
48
301
6.0
%
5.8
%
4,909
(4,962
)
30yr 4.0
558,154
515,043
12.96
%
92.28
4.00
%
4.78
%
25
332
2.7
%
2.3
%
13,385
(14,249
)
30yr 4.5
336,108
319,163
8.03
%
94.96
4.50
%
5.45
%
20
338
7.4
%
6.2
%
6,670
(7,308
)
30yr 5.0
547,247
531,880
13.38
%
97.19
5.00
%
5.93
%
18
339
3.4
%
3.8
%
10,510
(11,802
)
30yr 5.5
269,605
268,567
6.76
%
99.61
5.50
%
6.43
%
11
347
5.1
%
3.5
%
4,609
(5,389
)
30yr 6.0
438,333
441,729
11.11
%
100.77
6.00
%
7.00
%
9
348
5.4
%
8.6
%
5,722
(6,991
)
30yr 6.5
328,935
335,782
8.45
%
102.08
6.50
%
7.39
%
7
350
10.9
%
8.7
%
3,200
(4,137
)
30yr 7.0
74,392
76,799
1.93
%
103.23
7.00
%
7.94
%
5
351
2.4
%
4.5
%
564
(750
)
30yr Total
4,124,465
3,858,436
97.05
%
93.55
4.38
%
5.12
%
24
332
5.6
%
5.1
%
87,088
(93,503
)
Total Pass Through RMBS
4,224,465
3,958,268
99.57
%
93.70
4.40
%
5.14
%
23
328
5.6
%
5.1
%
88,270
(94,898
)
Structured RMBS
IO 20yr 4.0
8,456
866
0.02
%
10.24
4.00
%
4.57
%
146
87
10.0
%
10.2
%
5
(4
)
IO 30yr 3.0
2,876
345
0.01
%
11.99
3.00
%
3.63
%
109
241
24.3
%
9.4
%
-
(1
)
IO 30yr 4.0
79,341
14,790
0.37
%
18.64
4.00
%
4.60
%
114
237
6.2
%
8.4
%
(205
)
155
IO 30yr 4.5
3,412
636
0.02
%
18.65
4.50
%
4.99
%
164
182
4.4
%
5.5
%
(2
)
-
IO 30yr 5.0
1,859
372
0.01
%
20.01
5.00
%
5.36
%
164
184
3.7
%
5.0
%
(4
)
2
IO Total
95,944
17,009
0.43
%
17.73
4.01
%
4.60
%
119
221
7.0
%
8.5
%
(206
)
152
IIO 30yr 4.0
25,989
279
0.01
%
1.08
0.00
%
4.40
%
77
271
7.6
%
7.0
%
89
(73
)
Total Structured RMBS
121,933
17,288
0.43
%
14.18
3.15
%
4.55
%
110
231
7.1
%
8.1
%
(117
)
79
Total Mortgage Assets
$
4,346,398
$
3,975,556
100.00
%
4.37
%
5.12
%
26
326
5.7
%
5.2
%
$
88,153
$
(94,819
)
Average
Hedge
Modeled Interest
Notional
Period
Rate Sensitivity (1)
Hedge
Balance
End
(-50 BPS)
(+50 BPS)
3-Month SOFR Futures
$
(100,000
)
Mar-26
$
(875
)
$
875
5-Year Treasury Future(2)
(491,500
)
Jun-24
(10,050
)
9,743
10-Year Treasury Future(3)
(320,000
)
Jun-24
(10,365
)
10,016
Swaps
(2,531,800
)
Dec-29
(62,894
)
60,682
TBA
(370,700
)
Mar-24
(8,955
)
9,587
Swaptions
(800,000
)
May-24
(130
)
936
Hedge Total
$
(4,614,000
)
$
(93,269
)
$
91,839
Rate Shock Grand Total
$
(5,116
)
$
(2,980
)
(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 $106.91 at March 13, 2024. The market value of the short position was $525.5 million.
(3)
Ten-year Treasury futures contracts were valued at prices of $110.44 at March 13, 2024. The market value of the short position was $353.4 million.
RMBS Assets by Agency
($ in thousands)
Percentage
Fair
of
Asset Category
Value
Portfolio
As of February 29, 2024
Fannie Mae
$
2,815,792
70.8
%
Freddie Mac
1,159,764
29.2
%
Total Mortgage Assets
$
3,975,556
100.0
%
Investment Company Act of 1940 Whole Pool Test
($ in thousands)
Percentage
Fair
of
Asset Category
Value
Portfolio
As of February 29, 2024
Non-Whole Pool Assets
$
138,580
3.5
%
Whole Pool Assets
3,836,976
96.5
%
Total Mortgage Assets
$
3,975,556
100.0
%
Borrowings By Counterparty
($ in thousands)
Weighted
Weighted
% of
Average
Average
Total
Total
Repo
Maturity
Longest
As of February 29, 2024
Borrowings
Debt
Rate
in Days
Maturity
RBC Capital Markets, LLC
$
290,394
7.8
%
5.47
%
13
3/13/2024
ASL Capital Markets Inc.
266,916
7.1
%
5.45
%
44
7/15/2024
J.P. Morgan Securities LLC
257,401
6.9
%
5.46
%
20
3/20/2024
Mitsubishi UFJ Securities (USA), Inc
254,957
6.8
%
5.48
%
23
4/1/2024
Cantor Fitzgerald & Co
250,237
6.7
%
5.46
%
13
3/13/2024
Citigroup Global Markets Inc
242,522
6.5
%
5.45
%
26
3/26/2024
ABN AMRO Bank N.V.
227,266
6.1
%
5.47
%
26
4/15/2024
Wells Fargo Bank, N.A.
206,994
5.5
%
5.47
%
25
3/25/2024
Mirae Asset Securities (USA) Inc.
193,807
5.2
%
5.46
%
46
4/22/2024
Merrill Lynch, Pierce, Fenner & Smith
190,974
5.1
%
5.48
%
15
3/27/2024
Daiwa Securities America Inc.
175,179
4.7
%
5.47
%
55
4/24/2024
Bank of Montreal
166,942
4.5
%
5.49
%
13
3/13/2024
StoneX Financial Inc.
163,248
4.4
%
5.46
%
47
4/16/2024
Marex Capital Markets Inc.
158,597
4.2
%
5.48
%
33
4/26/2024
Goldman, Sachs & Co
154,577
4.1
%
5.45
%
19
3/28/2024
Banco Santander SA
152,076
4.1
%
5.51
%
29
4/15/2024
ING Financial Markets LLC
130,630
3.5
%
5.48
%
21
3/21/2024
DV Securities, LLC Repo
112,001
3.0
%
5.46
%
71
5/14/2024
South Street Securities, LLC
103,491
2.8
%
5.46
%
39
5/13/2024
Clear Street LLC
19,000
0.5
%
5.45
%
60
4/29/2024
Lucid Cash Fund USG LLC
17,745
0.5
%
5.46
%
14
3/14/2024
Total Borrowings
$
3,734,954
100.0
%
5.47
%
29
7/15/2024
View source version on businesswire.com: https://www.businesswire.com/news/home/20240313204503/en/
Orchid Island Capital, Inc. Robert E. Cauley Telephone: (772) 231-1400
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