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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 | |
|---|---|---|---|---|---|---|---|---|
| -0.10 | -1.20% | 8.23 | 8.4069 | 8.18 | 8.35 | 2,815,169 | 00:00:00 |
From Mar 2024 to Mar 2025
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 September 2024. The dividend of $0.12 per share will be paid October 30, 2024 to holders of record of the Company’s common stock on September 30, 2024, with an ex-dividend date of September 30, 2024. The Company plans on announcing its next common stock dividend on October 16, 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 September 9, 2024, the Company had 73,997,050 shares of common stock outstanding. As of August 31, 2024, the Company had 73,947,050 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 August 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
Jun -24 -
Aug-24
Aug-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 Sep)
in Sep)
(-50 BPS)
(+50 BPS)
Fixed Rate RMBS
15yr 5.0 TBA
$
50,000
$
50,371
0.94
%
100.74
5.00
%
5.80
%
14
158
n/a
n/a
$
567
$
(660
)
15yr 6.0
64,324
66,483
1.24
%
103.36
6.00
%
6.83
%
9
167
n/a
n/a
619
(715
)
15yr Total
114,324
116,854
2.18
%
102.21
5.56
%
6.38
%
11
163
n/a
n/a
1,186
(1,375
)
30yr 3.0
1,324,371
1,190,283
22.24
%
89.88
3.00
%
3.46
%
41
313
7.1
%
6.6
%
36,235
(36,948
)
30yr 3.5
181,918
170,266
3.18
%
93.60
3.50
%
4.04
%
54
294
8.7
%
9.5
%
4,633
(4,710
)
30yr 4.0
538,115
512,716
9.58
%
95.28
4.00
%
4.78
%
31
325
5.3
%
5.9
%
11,870
(12,790
)
30yr 4.5
314,643
307,763
5.75
%
97.81
4.50
%
5.44
%
26
331
7.3
%
10.4
%
5,571
(6,283
)
30yr 5.0
522,185
520,141
9.72
%
99.61
5.00
%
5.93
%
24
331
8.7
%
9.9
%
8,560
(10,002
)
30yr 5.5
260,884
265,358
4.96
%
101.72
5.50
%
6.43
%
17
340
6.5
%
5.6
%
3,777
(4,673
)
30yr 6.0
1,036,826
1,064,828
19.90
%
102.70
6.00
%
6.98
%
9
347
8.5
%
8.0
%
11,040
(14,436
)
30yr 6.5
785,181
813,423
15.20
%
103.60
6.50
%
7.43
%
8
349
11.3
%
10.4
%
5,954
(7,777
)
30yr 7.0
358,307
374,435
7.00
%
104.50
7.00
%
7.95
%
10
344
31.4
%
19.7
%
2,444
(3,024
)
30yr Total
5,322,430
5,219,213
97.52
%
98.06
4.90
%
5.69
%
23
332
9.7
%
8.8
%
90,084
(100,643
)
Total Pass Through RMBS
5,436,754
5,336,067
99.70
%
98.15
4.91
%
5.71
%
23
328
9.7
%
8.8
%
91,270
(102,018
)
Structured RMBS
IO 20yr 4.0
7,576
688
0.01
%
9.08
4.00
%
4.57
%
152
82
11.7
%
11.5
%
3
(4
)
IO 30yr 3.0
2,702
325
0.01
%
12.03
3.00
%
3.64
%
115
235
1.5
%
1.1
%
(1
)
-
IO 30yr 4.0
74,480
13,544
0.25
%
18.19
4.00
%
4.60
%
120
231
7.0
%
7.5
%
(388
)
275
IO 30yr 4.5
3,250
605
0.01
%
18.62
4.50
%
4.99
%
170
177
7.1
%
6.0
%
(9
)
5
IO 30yr 5.0
1,755
358
0.01
%
20.38
5.00
%
5.37
%
170
178
10.3
%
15.4
%
(9
)
6
IO Total
89,763
15,520
0.29
%
17.29
4.01
%
4.60
%
125
215
7.3
%
7.7
%
(403
)
282
IIO 30yr 4.0
24,095
325
0.01
%
1.35
0.00
%
4.40
%
83
265
10.6
%
8.0
%
105
(87
)
Total Structured RMBS
113,858
15,845
0.30
%
13.92
3.16
%
4.55
%
116
226
8.0
%
7.8
%
(298
)
195
Total Mortgage Assets
$
5,550,612
$
5,351,912
100.00
%
4.87
%
5.68
%
25
326
9.6
%
8.7
%
$
90,972
$
(101,823
)
Hedge
Modeled Interest
Notional
Period
Rate Sensitivity (1)
Hedge
Balance
End
(-50 BPS)
(+50 BPS)
3-Month SOFR Futures(2)
$
(455,900
)
Oct-25
$
(5,699
)
$
5,699
10-Year Treasury Future(3)
(30,000
)
Dec-24
(981
)
953
Swaps
(3,486,800
)
Jun-30
(91,321
)
88,080
TBA
(300,000
)
Sep-24
(8,524
)
8,875
Swaptions
(9,400
)
Sep-24
-
-
Hedge Total
$
(4,282,100
)
$
(106,525
)
$
103,607
Rate Shock Grand Total
$
(15,553
)
$
1,784
(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)
Ten-year Treasury futures contracts were valued at prices of $113.56 at August 31, 2024. The market value of the short position was $34.1 million. RMBS Assets by Agency
($ in thousands)
Percentage
Fair
of
Asset Category
Value
Portfolio
As of August 31, 2024
Fannie Mae
$
3,536,652
66.7
%
Freddie Mac
1,764,889
33.3
%
Total Mortgage Assets
$
5,301,541
100.0
%
Investment Company Act of 1940 Whole Pool Test
($ in thousands)
Percentage
Fair
of
Asset Category
Value
Portfolio
As of August 31, 2024
Non-Whole Pool Assets
$
135,189
2.5
%
Whole Pool Assets
5,166,352
97.5
%
Total Mortgage Assets
$
5,301,541
100.0
%
Borrowings By Counterparty
($ in thousands)
Weighted
Weighted
% of
Average
Average
Total
Total
Repo
Maturity
Longest
As of August 31, 2024
Borrowings
Debt
Rate
in Days
Maturity
ABN AMRO Bank N.V.
$
381,192
7.7
%
5.37
%
45
10/15/2024
Merrill Lynch, Pierce, Fenner & Smith
378,678
7.7
%
5.42
%
47
11/15/2024
ASL Capital Markets Inc.
345,938
7.0
%
5.41
%
49
11/15/2024
DV Securities, LLC Repo
274,167
5.5
%
5.46
%
18
9/27/2024
Mitsubishi UFJ Securities (USA), Inc
267,897
5.4
%
5.43
%
40
10/28/2024
J.P. Morgan Securities LLC
255,942
5.2
%
5.49
%
9
9/25/2024
Banco Santander SA
249,044
5.0
%
5.33
%
79
11/18/2024
Citigroup Global Markets Inc
247,802
5.0
%
5.44
%
26
9/26/2024
Wells Fargo Bank, N.A.
242,414
4.9
%
5.48
%
13
9/13/2024
Cantor Fitzgerald & Co
241,698
4.9
%
5.49
%
12
9/12/2024
Marex Capital Markets Inc.
223,955
4.5
%
5.49
%
19
9/19/2024
Goldman, Sachs & Co
208,828
4.2
%
5.50
%
16
9/16/2024
Bank of Montreal
207,521
4.2
%
5.50
%
16
9/16/2024
ING Financial Markets LLC
197,936
4.0
%
5.50
%
19
9/19/2024
Daiwa Securities America Inc.
197,391
4.0
%
5.48
%
23
9/23/2024
Clear Street LLC
193,286
3.9
%
5.49
%
17
9/20/2024
Mirae Asset Securities (USA) Inc.
190,665
3.9
%
5.47
%
17
9/18/2024
StoneX Financial Inc.
158,481
3.2
%
5.48
%
19
9/19/2024
The Bank of Nova Scotia
150,360
3.0
%
5.50
%
17
9/17/2024
South Street Securities, LLC
148,337
3.0
%
5.48
%
19
9/24/2024
RBC Capital Markets, LLC
143,316
2.9
%
5.51
%
16
9/16/2024
Lucid Prime Fund, LLC
23,749
0.5
%
5.50
%
12
9/12/2024
Lucid Cash Fund USG LLC
17,261
0.3
%
5.50
%
12
9/12/2024
Total Borrowings
$
4,945,858
100.0
%
5.45
%
28
11/18/2024
View source version on businesswire.com: https://www.businesswire.com/news/home/20240909279001/en/
Orchid Island Capital, Inc. Robert E. Cauley 3305 Flamingo Drive, Vero Beach, Florida 32963 Telephone: (772) 231-1400
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