Orchid Island Capital Announces December 2024 Monthly Dividend and November 30, 2024 RMBS Portfolio Characteristics
Rhea-AI Summary
Orchid Island Capital (NYSE: ORC) has declared a monthly cash dividend of $0.12 per share for December 2024, payable on January 30, 2025, to stockholders of record as of December 31, 2024. The ex-dividend date is set for December 31, 2024. The company, which operates as a Real Estate Investment Trust (REIT), must distribute at least 90% of its REIT taxable income annually to maintain its status. As of December 10, 2024, the company had 79,849,645 shares of common stock outstanding, an increase from 78,082,645 shares as of September 30, 2024.
Positive
- Monthly dividend maintained at $0.12 per share
- Increase in outstanding shares from 78.08M to 79.85M indicates successful capital raising
Negative
- No minimum distribution payment level established
- Company explicitly states it cannot assure future distributions to stockholders
News Market Reaction
On the day this news was published, ORC gained 0.50%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
- December 2024 Monthly Dividend of
$0.12 Per Share of Common Stock
- RMBS Portfolio Characteristics as of November 30, 2024
- Next Dividend Announcement Expected January 8, 2025
VERO BEACH, Fla., Dec. 10, 2024 (GLOBE NEWSWIRE) -- 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 December 2024. The dividend of
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
As of December 10, 2024 and November 30, 2024, the Company had 79,849,645 shares of common stock outstanding. As of September 30, 2024, the Company had 78,082,645 shares of common stock outstanding.
RMBS Portfolio Characteristics
Details of the RMBS portfolio as of November 30, 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:
- RMBS Valuation Characteristics
- RMBS Assets by Agency
- Investment Company Act of 1940 (Whole Pool) Test Results
- Repurchase Agreement Exposure by Counterparty
- RMBS Risk Measures
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 | Sep-24 - | |||||||||||||||||||||||||||||||||||||||||||||||
| Nov-24 | Nov-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 Dec) | in Dec) | (-50 BPS) | (+50 BPS) | ||||||||||||||||||||||||||||||||||||
| Fixed Rate RMBS | ||||||||||||||||||||||||||||||||||||||||||||||||
| 15yr 5.0 TBA | $ | 50,000 | $ | 50,113 | 0.94 | % | 100.23 | 5.00 | % | 5.87 | % | 6 | 170 | n/a | n/a | $ | 651 | $ | (746 | ) | ||||||||||||||||||||||||||||
| 15yr Total | 50,000 | 50,113 | 0.94 | % | 100.23 | 5.00 | % | 5.87 | % | 6 | 170 | n/a | n/a | 651 | (746 | ) | ||||||||||||||||||||||||||||||||
| 30yr 3.0 | 1,104,053 | 976,396 | 18.40 | % | 88.44 | 3.00 | % | 3.47 | % | 44 | 309 | 6.2 | % | 6.3 | % | 29,637 | (29,960 | ) | ||||||||||||||||||||||||||||||
| 30yr 3.5 | 177,113 | 163,207 | 3.08 | % | 92.15 | 3.50 | % | 4.04 | % | 57 | 290 | 6.2 | % | 7.1 | % | 4,518 | (4,564 | ) | ||||||||||||||||||||||||||||||
| 30yr 4.0 | 528,702 | 496,826 | 9.36 | % | 93.97 | 4.00 | % | 4.64 | % | 70 | 283 | 3.9 | % | 5.4 | % | 12,085 | (12,898 | ) | ||||||||||||||||||||||||||||||
| 30yr 4.5 | 307,807 | 296,925 | 5.59 | % | 96.46 | 4.50 | % | 5.44 | % | 29 | 327 | 5.6 | % | 6.3 | % | 5,932 | (6,512 | ) | ||||||||||||||||||||||||||||||
| 30yr 5.0 | 578,068 | 569,631 | 10.73 | % | 98.54 | 5.00 | % | 5.94 | % | 24 | 331 | 5.6 | % | 6.7 | % | 10,533 | (11,985 | ) | ||||||||||||||||||||||||||||||
| 30yr 5.5 | 281,760 | 284,083 | 5.35 | % | 100.82 | 5.50 | % | 6.40 | % | 18 | 338 | 1.8 | % | 3.2 | % | 4,683 | (5,579 | ) | ||||||||||||||||||||||||||||||
| 30yr 6.0 | 1,211,604 | 1,236,362 | 23.30 | % | 102.04 | 6.00 | % | 6.98 | % | 11 | 344 | 8.1 | % | 12.4 | % | 15,602 | (19,624 | ) | ||||||||||||||||||||||||||||||
| 30yr 6.5 | 854,817 | 881,122 | 16.60 | % | 103.08 | 6.50 | % | 7.43 | % | 10 | 347 | 15.3 | % | 19.1 | % | 8,028 | (10,523 | ) | ||||||||||||||||||||||||||||||
| 30yr 7.0 | 323,885 | 336,969 | 6.35 | % | 104.04 | 7.00 | % | 7.94 | % | 13 | 340 | 33.7 | % | 32.6 | % | 2,656 | (3,356 | ) | ||||||||||||||||||||||||||||||
| 30yr Total | 5,367,809 | 5,241,521 | 98.76 | % | 97.65 | 5.02 | % | 5.83 | % | 28 | 327 | 9.2 | % | 11.1 | % | 93,674 | (105,001 | ) | ||||||||||||||||||||||||||||||
| Total Pass-Through MBS | 5,417,809 | 5,291,634 | 99.71 | % | 97.67 | 5.02 | % | 5.83 | % | 28 | 325 | 9.2 | % | 11.1 | % | 94,325 | (105,747 | ) | ||||||||||||||||||||||||||||||
| Structured MBS | ||||||||||||||||||||||||||||||||||||||||||||||||
| IO 20yr 4.0 | 7,135 | 680 | 0.01 | % | 9.53 | 4.00 | % | 4.57 | % | 155 | 79 | 9.6 | % | 10.0 | % | 4 | (4 | ) | ||||||||||||||||||||||||||||||
| IO 30yr 3.0 | 2,608 | 311 | 0.01 | % | 11.94 | 3.00 | % | 3.64 | % | 118 | 231 | 0.7 | % | 9.7 | % | - | (1 | ) | ||||||||||||||||||||||||||||||
| IO 30yr 4.0 | 72,153 | 13,445 | 0.25 | % | 18.63 | 4.00 | % | 4.60 | % | 123 | 228 | 5.1 | % | 6.2 | % | (131 | ) | 194 | ||||||||||||||||||||||||||||||
| IO 30yr 4.5 | 3,155 | 583 | 0.01 | % | 18.49 | 4.50 | % | 4.99 | % | 173 | 174 | 6.7 | % | 7.3 | % | (4 | ) | 1 | ||||||||||||||||||||||||||||||
| IO 30yr 5.0 | 1,703 | 346 | 0.01 | % | 20.33 | 5.00 | % | 5.37 | % | 173 | 174 | 14.2 | % | 8.8 | % | (6 | ) | 3 | ||||||||||||||||||||||||||||||
| IO Total | 86,754 | 15,365 | 0.29 | % | 17.71 | 4.01 | % | 4.60 | % | 128 | 213 | 5.6 | % | 6.7 | % | (137 | ) | 193 | ||||||||||||||||||||||||||||||
| IIO 30yr 4.0 | 22,184 | 225 | 0.00 | % | 1.01 | 0.00 | % | 4.40 | % | 86 | 262 | 0.6 | % | 7.3 | % | (70 | ) | (122 | ) | |||||||||||||||||||||||||||||
| Total Structured RMBS | 108,938 | 15,590 | 0.29 | % | 14.31 | 3.19 | % | 4.56 | % | 120 | 223 | 4.6 | % | 6.8 | % | (207 | ) | 71 | ||||||||||||||||||||||||||||||
| Total Mortgage Assets | $ | 5,526,747 | $ | 5,307,224 | 100.00 | % | 4.99 | % | 5.80 | % | 29 | 323 | 9.1 | % | 11.0 | % | $ | 94,118 | $ | (105,676 | ) | |||||||||||||||||||||||||||
| 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 | ||||
| 5-Year Treasury Future(3) | $ | (62,500 | ) | Mar-25 | $ | (1,281 | ) | $ | 1,252 | ||||
| 10-Year Treasury Future(4) | $ | (22,500 | ) | Mar-25 | $ | (725 | ) | $ | 711 | ||||
| 10-Year Ultra Treasury Future(5) | $ | (32,500 | ) | Mar-25 | $ | (1,484 | ) | $ | 1,413 | ||||
| Swaps | (3,516,800 | ) | Jun-30 | (86,811 | ) | 83,823 | |||||||
| TBA | (200,000 | ) | Dec-24 | (5,687 | ) | 5,862 | |||||||
| Hedge Total | $ | (4,290,200 | ) | $ | (101,687 | ) | $ | 98,760 | |||||
| Rate Shock Grand Total | $ | (7,569 | ) | $ | (6,916 | ) | |||||||
| (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 |
| (4 | ) | Ten-year Treasury futures contracts were valued at prices of |
| (5 | ) | Ten-year Ultra Treasury futures contracts were valued at prices of |
| RMBS Assets by Agency | ||||||||
| ($ in thousands) | ||||||||
| Percentage | ||||||||
| Fair | of | |||||||
| Asset Category | Value | Portfolio | ||||||
| As of November 30, 2024 | ||||||||
| Fannie Mae | $ | 3,709,848 | 69.9 | % | ||||
| Freddie Mac | 1,597,376 | 30.1 | % | |||||
| Total Mortgage Assets | $ | 5,307,224 | 100.0 | % | ||||
| Investment Company Act of 1940 Whole Pool Test | ||||||||
| ($ in thousands) | ||||||||
| Percentage | ||||||||
| Fair | of | |||||||
| Asset Category | Value | Portfolio | ||||||
| As of November 30, 2024 | ||||||||
| Non-Whole Pool Assets | $ | 207,178 | 3.9 | % | ||||
| Whole Pool Assets | 5,100,046 | 96.1 | % | |||||
| Total Mortgage Assets | $ | 5,307,224 | 100.0 | % | ||||
| Borrowings By Counterparty | |||||||||||||||||
| ($ in thousands) | |||||||||||||||||
| Weighted | Weighted | ||||||||||||||||
| % of | Average | Average | |||||||||||||||
| Total | Total | Repo | Maturity | Longest | |||||||||||||
| As of November 30, 2024 | Borrowings | Debt | Rate | in Days | Maturity | ||||||||||||
| Merrill Lynch, Pierce, Fenner & Smith | $ | 363,741 | 7.3 | % | 4.79 | % | 18 | 12/23/2024 | |||||||||
| ABN AMRO Bank N.V. | 339,329 | 6.8 | % | 4.75 | % | 16 | 12/16/2024 | ||||||||||
| ASL Capital Markets Inc. | 303,988 | 6.1 | % | 4.77 | % | 14 | 12/16/2024 | ||||||||||
| Cantor Fitzgerald & Co | 257,867 | 5.2 | % | 4.80 | % | 9 | 12/9/2024 | ||||||||||
| DV Securities, LLC Repo | 254,866 | 5.1 | % | 4.77 | % | 19 | 12/26/2024 | ||||||||||
| Mitsubishi UFJ Securities (USA), Inc | 251,062 | 5.0 | % | 4.79 | % | 20 | 12/23/2024 | ||||||||||
| J.P. Morgan Securities LLC | 241,736 | 4.8 | % | 4.82 | % | 9 | 12/26/2024 | ||||||||||
| Daiwa Securities America Inc. | 237,672 | 4.8 | % | 4.77 | % | 23 | 12/23/2024 | ||||||||||
| Goldman, Sachs & Co | 235,394 | 4.7 | % | 4.79 | % | 19 | 12/23/2024 | ||||||||||
| Citigroup Global Markets Inc | 232,657 | 4.7 | % | 4.77 | % | 26 | 12/26/2024 | ||||||||||
| Wells Fargo Bank, N.A. | 228,473 | 4.6 | % | 4.76 | % | 48 | 1/17/2025 | ||||||||||
| Banco Santander SA | 219,810 | 4.4 | % | 4.78 | % | 18 | 12/18/2024 | ||||||||||
| ING Financial Markets LLC | 217,067 | 4.4 | % | 4.82 | % | 19 | 12/19/2024 | ||||||||||
| Marex Capital Markets Inc. | 215,013 | 4.3 | % | 4.75 | % | 19 | 12/19/2024 | ||||||||||
| RBC Capital Markets, LLC | 206,603 | 4.1 | % | 4.81 | % | 26 | 1/21/2025 | ||||||||||
| Bank of Montreal | 195,180 | 3.9 | % | 4.81 | % | 12 | 12/12/2024 | ||||||||||
| South Street Securities, LLC | 186,535 | 3.7 | % | 4.85 | % | 29 | 1/24/2025 | ||||||||||
| Mirae Asset Securities (USA) Inc. | 177,867 | 3.6 | % | 4.76 | % | 170 | 5/19/2025 | ||||||||||
| Clear Street LLC | 166,849 | 3.3 | % | 4.78 | % | 12 | 12/12/2024 | ||||||||||
| StoneX Financial Inc. | 153,466 | 3.1 | % | 4.75 | % | 19 | 12/19/2024 | ||||||||||
| The Bank of Nova Scotia | 145,151 | 2.9 | % | 4.80 | % | 16 | 12/16/2024 | ||||||||||
| Nomura Securities International, Inc. | 73,140 | 1.5 | % | 4.90 | % | 16 | 12/16/2024 | ||||||||||
| Lucid Prime Fund, LLC | 61,924 | 1.2 | % | 4.79 | % | 12 | 12/12/2024 | ||||||||||
| Wells Fargo Securities, LLC | 22,686 | 0.5 | % | 4.88 | % | 54 | 1/23/2025 | ||||||||||
| Total Borrowings | $ | 4,988,076 | 100.0 | % | 4.79 | % | 25 | 5/19/2025 | |||||||||
Contact:
Orchid Island Capital, Inc.
Robert E. Cauley
3305 Flamingo Drive, Vero Beach, Florida 32963
Telephone: (772) 231-1400
FAQ
What is Orchid Island Capital's (ORC) dividend amount for December 2024?
When is ORC's December 2024 dividend payment date?
What is the ex-dividend date for ORC's December 2024 dividend?
How many shares of ORC were outstanding as of December 10, 2024?
