Orchid Island Capital Announces Estimated Fourth Quarter 2024 Results January 2025 Monthly Dividend and December 31, 2024 RMBS Portfolio Characteristics
Rhea-AI Summary
Orchid Island Capital (NYSE: ORC) has announced its financial results for Q4 2024 and dividend plans. The company declared a monthly dividend of $0.12 per share for January 2025, payable on February 27, 2025. The estimated book value per share as of December 31, 2024, stands at $8.09, with total stockholders' equity of approximately $668.5 million.
The company reported estimated GAAP net income of $0.07 per share for Q4 2024, including $0.02 per share in net realized and unrealized gains on RMBS and derivative instruments. The total return on equity for the quarter was 0.6%, comprising dividends of $0.36 per share and a decrease in book value per share of $0.31. As of January 8, 2025, the company had 84,613,638 shares outstanding.
Positive
- Monthly dividend maintained at $0.12 per share
- Positive GAAP net income of $0.07 per share in Q4 2024
- Net realized and unrealized gains of $0.02 per share on RMBS and derivatives
- Positive total return on equity of 0.6% for Q4 2024
Negative
- Book value per share decreased by $0.31 during Q4 2024
- Quarterly earnings of $0.07 per share fell short of $0.36 dividend payout
News Market Reaction
On the day this news was published, ORC declined 0.77%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
- January 2025 Monthly Dividend of
$0.12 Per Share of Common Stock - Estimated Book Value Per Share as of December 31, 2024 of
$8.09 - Estimated GAAP net income of
$0.07 per share for the quarter ended December 31, 2024, including an estimated$0.02 per share of net realized and unrealized gains on RMBS and derivative instruments - Estimated
0.6% total return on equity for the quarter ended December 31, 2024 - Estimated book value, net income and total return on equity amounts are preliminary, subject to change, and subject to review by the Company’s independent registered public accounting firm
- RMBS Portfolio Characteristics as of December 31, 2024
- Next Dividend Announcement Expected February 12, 2025
VERO BEACH, Fla., Jan. 08, 2025 (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 January 2025. 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 January 8, 2025, the Company had 84,613,638 shares of common stock outstanding. As of December 31, 2024, the Company had 82,622,464 shares of common stock outstanding. As of September 30, 2024, the Company had 78,082,645 shares of common stock outstanding.
Estimated December 31, 2024 Book Value Per Share
The Company’s estimated book value per share as of December 31, 2024 was
Estimated Net Income Per Share and Realized and Unrealized Gains on RMBS and Derivative Instruments
The Company estimates it generated net income per share of
Estimated Total Return on Equity
The Company’s estimated total return on equity for the quarter ended December 31, 2024 was
RMBS Portfolio Characteristics
Details of the RMBS portfolio as of December 31, 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 December 31, 2024, are subject to review by the Company’s independent registered public accounting firm:
- 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 | Oct-24 - | |||||||||||||||||||||||||
| Dec-24 | Dec-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 Jan) | in Jan) | (-50 BPS) | (+50 BPS) | ||||||||||||||
| Fixed Rate RMBS | ||||||||||||||||||||||||||
| 15yr 5.0 TBA | $ | 50,000 | $ | 49,742 | 0.94 | % | 99.48 | 5.00 | % | 5.85 | % | 6 | 170 | n/a | n/a | $ | 742 | $ | (817 | ) | ||||||
| 15yr Total | 50,000 | 49,742 | 0.94 | % | 99.48 | 5.00 | % | 5.85 | % | 6 | 170 | n/a | n/a | 742 | (817 | ) | ||||||||||
| 30yr 3.0 | 1,095,967 | 945,375 | 17.83 | % | 86.26 | 3.00 | % | 3.47 | % | 45 | 308 | 6.2 | % | 6.5 | % | 29,549 | (29,973 | ) | ||||||||
| 30yr 3.5 | 175,770 | 158,324 | 2.99 | % | 90.07 | 3.50 | % | 4.04 | % | 58 | 289 | 5.9 | % | 6.6 | % | 4,509 | (4,559 | ) | ||||||||
| 30yr 4.0 | 526,006 | 483,036 | 9.11 | % | 91.83 | 4.00 | % | 4.64 | % | 71 | 282 | 5.7 | % | 5.3 | % | 12,738 | (13,432 | ) | ||||||||
| 30yr 4.5 | 305,898 | 289,216 | 5.45 | % | 94.55 | 4.50 | % | 5.44 | % | 30 | 326 | 12.1 | % | 8.5 | % | 6,480 | (6,971 | ) | ||||||||
| 30yr 5.0 | 574,297 | 556,505 | 10.49 | % | 96.90 | 5.00 | % | 5.94 | % | 25 | 330 | 4.9 | % | 5.6 | % | 11,855 | (12,913 | ) | ||||||||
| 30yr 5.5 | 397,698 | 395,367 | 7.46 | % | 99.41 | 5.50 | % | 6.45 | % | 15 | 342 | 5.2 | % | 3.9 | % | 7,677 | (8,617 | ) | ||||||||
| 30yr 6.0 | 1,201,764 | 1,218,206 | 22.97 | % | 101.37 | 6.00 | % | 6.98 | % | 12 | 343 | 8.8 | % | 11.6 | % | 19,254 | (22,443 | ) | ||||||||
| 30yr 6.5 | 841,820 | 866,182 | 16.33 | % | 102.89 | 6.50 | % | 7.43 | % | 11 | 346 | 9.0 | % | 17.3 | % | 10,020 | (12,404 | ) | ||||||||
| 30yr 7.0 | 312,055 | 325,601 | 6.14 | % | 104.34 | 7.00 | % | 7.94 | % | 14 | 339 | 21.1 | % | 32.2 | % | 3,015 | (3,728 | ) | ||||||||
| 30yr Total | 5,431,275 | 5,237,812 | 98.77 | % | 96.44 | 5.03 | % | 5.84 | % | 28 | 326 | 8.1 | % | 10.6 | % | 105,097 | (115,040 | ) | ||||||||
| Total Pass-Through MBS | 5,481,275 | 5,287,554 | 99.71 | % | 96.47 | 5.03 | % | 5.84 | % | 28 | 325 | 8.1 | % | 10.6 | % | 105,839 | (115,857 | ) | ||||||||
| Structured MBS | ||||||||||||||||||||||||||
| IO 20yr 4.0 | 6,998 | 643 | 0.01 | % | 9.19 | 4.00 | % | 4.57 | % | 156 | 78 | 9.0 | % | 9.3 | % | 4 | (3 | ) | ||||||||
| IO 30yr 3.0 | 2,599 | 366 | 0.01 | % | 14.07 | 3.00 | % | 3.64 | % | 119 | 230 | 1.2 | % | 9.8 | % | 2 | (2 | ) | ||||||||
| IO 30yr 4.0 | 71,388 | 13,342 | 0.25 | % | 18.69 | 4.00 | % | 4.60 | % | 124 | 227 | 6.8 | % | 6.6 | % | (130 | ) | 86 | ||||||||
| IO 30yr 4.5 | 3,125 | 604 | 0.01 | % | 19.32 | 4.50 | % | 4.99 | % | 174 | 173 | 9.3 | % | 7.5 | % | - | (1 | ) | ||||||||
| IO 30yr 5.0 | 1,675 | 353 | 0.01 | % | 21.09 | 5.00 | % | 5.37 | % | 174 | 173 | 2.8 | % | 9.3 | % | (2 | ) | 1 | ||||||||
| IO Total | 85,785 | 15,308 | 0.29 | % | 17.84 | 4.01 | % | 4.60 | % | 129 | 212 | 6.8 | % | 7.0 | % | (126 | ) | 81 | ||||||||
| IIO 30yr 4.0 | 21,971 | 190 | 0.00 | % | 0.86 | 0.00 | % | 4.40 | % | 87 | 261 | 0.4 | % | 7.3 | % | 97 | (66 | ) | ||||||||
| Total Structured RMBS | 107,756 | 15,498 | 0.29 | % | 14.38 | 3.19 | % | 4.56 | % | 121 | 222 | 5.5 | % | 7.0 | % | (29 | ) | 15 | ||||||||
| Total Mortgage Assets | $ | 5,589,031 | $ | 5,303,052 | 100.00 | % | 4.99 | % | 5.81 | % | 30 | 323 | 8.1 | % | 10.5 | % | $ | 105,810 | $ | (115,842 | ) | |||||
| Hedge | Modeled Interest | ||||||||||||
| Notional | Period | Rate Sensitivity (1) | |||||||||||
| Hedge | Balance | End | (-50 BPS) | (+50 BPS) | |||||||||
| 5-Year Treasury Future(2) | $ | (312,500 | ) | Mar-25 | $ | (6,370 | ) | $ | 6,174 | ||||
| 10-Year Treasury Future(3) | $ | (93,500 | ) | Mar-25 | $ | (2,966 | ) | $ | 2,878 | ||||
| 10-Year Ultra Treasury Future(4) | $ | (32,500 | ) | Mar-25 | $ | (1,429 | ) | $ | 1,362 | ||||
| Swaps | (3,516,800 | ) | Jun-30 | (83,890 | ) | 81,039 | |||||||
| TBA | (200,000 | ) | Jan-25 | (5,786 | ) | 5,977 | |||||||
| Hedge Total | $ | (4,155,300 | ) | $ | (100,441 | ) | $ | 97,430 | |||||
| Rate Shock Grand Total | $ | 5,369 | $ | (18,412 | ) | ||||||||
| (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 |
| (3 | ) | Ten-year Treasury futures contracts were valued at prices of |
| (4 | ) | Ten-year Ultra futures contracts were valued at prices of |
| RMBS Assets by Agency | ||||||||
| ($ in thousands) | ||||||||
| Percentage | ||||||||
| Fair | of | |||||||
| Asset Category | Value | Portfolio | ||||||
| As of December 31, 2024 | ||||||||
| Fannie Mae | $ | 3,742,774 | 70.6 | % | ||||
| Freddie Mac | 1,560,278 | 29.4 | % | |||||
| Total Mortgage Assets | $ | 5,303,052 | 100.0 | % | ||||
| Investment Company Act of 1940 Whole Pool Test | ||||||||
| ($ in thousands) | ||||||||
| Percentage | ||||||||
| Fair | of | |||||||
| Asset Category | Value | Portfolio | ||||||
| As of December 31, 2024 | ||||||||
| Non-Whole Pool Assets | $ | 203,346 | 3.8 | % | ||||
| Whole Pool Assets | 5,099,706 | 96.2 | % | |||||
| Total Mortgage Assets | $ | 5,303,052 | 100.0 | % | ||||
| Borrowings By Counterparty | |||||||||
| ($ in thousands) | |||||||||
| Weighted | Weighted | ||||||||
| % of | Average | Average | |||||||
| Total | Total | Repo | Maturity | Longest | |||||
| As of December 31, 2024 | Borrowings | Debt | Rate | in Days | Maturity | ||||
| Merrill Lynch, Pierce, Fenner & Smith | $ | 360,113 | 7.2 | % | 4.67 | % | 21 | 1/21/2025 | |
| ABN AMRO Bank N.V. | 335,584 | 6.7 | % | 4.60 | % | 17 | 1/17/2025 | ||
| RBC Capital Markets, LLC | 267,565 | 5.3 | % | 4.68 | % | 21 | 1/21/2025 | ||
| Cantor Fitzgerald & Co | 254,445 | 5.1 | % | 4.74 | % | 8 | 1/8/2025 | ||
| DV Securities, LLC Repo | 251,638 | 5.0 | % | 4.63 | % | 28 | 1/28/2025 | ||
| MUFG Securities Canada, Ltd. | 248,084 | 4.9 | % | 4.62 | % | 13 | 1/13/2025 | ||
| Mitsubishi UFJ Securities (USA), Inc. | 244,546 | 4.9 | % | 4.66 | % | 13 | 1/21/2025 | ||
| J.P. Morgan Securities LLC | 241,633 | 4.8 | % | 4.77 | % | 8 | 1/27/2025 | ||
| Daiwa Securities America Inc. | 232,972 | 4.6 | % | 4.62 | % | 23 | 1/23/2025 | ||
| Goldman, Sachs & Co | 232,011 | 4.6 | % | 4.63 | % | 27 | 1/27/2025 | ||
| Wells Fargo Bank, N.A. | 227,854 | 4.5 | % | 4.76 | % | 17 | 1/17/2025 | ||
| Citigroup Global Markets Inc | 226,627 | 4.5 | % | 4.62 | % | 27 | 1/27/2025 | ||
| Marex Capital Markets Inc. | 211,474 | 4.2 | % | 4.62 | % | 21 | 1/21/2025 | ||
| ASL Capital Markets Inc. | 210,826 | 4.2 | % | 4.63 | % | 24 | 2/12/2025 | ||
| ING Financial Markets LLC | 208,713 | 4.2 | % | 4.63 | % | 30 | 1/30/2025 | ||
| The Bank of Nova Scotia | 192,117 | 3.8 | % | 4.66 | % | 21 | 1/21/2025 | ||
| Bank of Montreal | 191,010 | 3.8 | % | 4.60 | % | 21 | 1/21/2025 | ||
| South Street Securities, LLC | 184,014 | 3.7 | % | 4.71 | % | 22 | 1/24/2025 | ||
| Mirae Asset Securities (USA) Inc. | 176,902 | 3.5 | % | 4.76 | % | 139 | 5/19/2025 | ||
| Clear Street LLC | 163,116 | 3.2 | % | 4.54 | % | 79 | 3/20/2025 | ||
| StoneX Financial Inc. | 151,169 | 3.0 | % | 4.63 | % | 17 | 1/17/2025 | ||
| Banco Santander SA | 90,417 | 1.8 | % | 4.75 | % | 17 | 1/17/2025 | ||
| Nomura Securities International, Inc. | 70,878 | 1.4 | % | 4.64 | % | 17 | 1/17/2025 | ||
| Lucid Prime Fund, LLC | 29,149 | 0.6 | % | 4.70 | % | 16 | 1/16/2025 | ||
| Wells Fargo Securities, LLC | 22,686 | 0.5 | % | 4.88 | % | 23 | 1/23/2025 | ||
| Total Borrowings | $ | 5,025,543 | 100.0 | % | 4.66 | % | 26 | 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 ORC's dividend payment for January 2025?
What was ORC's estimated book value per share as of December 31, 2024?
How much net income per share did ORC generate in Q4 2024?
What was ORC's total return on equity for Q4 2024?
How many shares of ORC were outstanding as of January 8, 2025?
