Orchid Island Capital Announces Estimated Third Quarter 2024 Results, October 2024 Monthly Dividend and September 30, 2024 RMBS Portfolio Characteristics
Rhea-AI Summary
Orchid Island Capital (NYSE: ORC) announced its estimated third quarter 2024 results, October 2024 monthly dividend, and September 30, 2024 RMBS portfolio characteristics. Key points include:
- October 2024 monthly dividend of $0.12 per share of common stock, payable on November 27, 2024
- Estimated book value per share as of September 30, 2024 of $8.40
- Estimated GAAP net income of $0.24 per share for Q3 2024, including $0.29 per share of net realized and unrealized gains on RMBS and derivative instruments
- Estimated 2.1% total return on equity for Q3 2024
- 78,414,645 shares of common stock outstanding as of October 16, 2024
The company's estimated total stockholders' equity was approximately $656.0 million as of September 30, 2024. These figures are preliminary and subject to review.
Positive
- Monthly dividend of $0.12 per share announced for October 2024
- Estimated GAAP net income of $0.24 per share for Q3 2024
- Estimated 2.1% total return on equity for Q3 2024
- Net realized and unrealized gains of $0.29 per share on RMBS and derivative instruments
Negative
- Decrease in book value per share of $0.18 from June 30, 2024 to September 30, 2024
- Total dividends declared ($0.36) exceed estimated net income ($0.24) for Q3 2024
News Market Reaction – ORC
On the day this news was published, ORC gained 0.37%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
- October 2024 Monthly Dividend of
$0.12 Per Share of Common Stock - Estimated Book Value Per Share as of September 30, 2024 of
$8.40 - Estimated GAAP net income of
$0.24 per share for the quarter ended September 30, 2024, including an estimated$0.29 per share of net realized and unrealized gains on RMBS and derivative instruments - Estimated
2.1% total return on equity for the quarter ended September 30, 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 September 30, 2024
- Next Dividend Announcement Expected November 13, 2024
VERO BEACH, Fla., Oct. 16, 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 October 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 October 16, 2024, the Company had 78,414,645 shares of common stock outstanding. As of September 30, 2024, the Company had 78,082,645 shares of common stock outstanding. As of June 30, 2024, the Company had 64,824,374 shares of common stock outstanding.
Estimated September 30, 2024 Book Value Per Share
The Company’s estimated book value per share as of September 30, 2024 was
Estimated Net Income Per Share and Realized and Unrealized Gains and Losses on RMBS and Derivative Instruments
The Company estimates it generated a net income per share of
Estimated Total Return on Equity
The Company’s estimated total return on equity for the quarter ended September 30, 2024 was
RMBS Portfolio Characteristics
Details of the RMBS portfolio as of September 30, 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 September 30, 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 | Jul -24 - | ||||||||||||||||||||||||||||||||||
| Sep-24 | Sep-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 Oct) | in Oct) | (-50 BPS) | (+50 BPS) | |||||||||||||||||||||||
| Fixed Rate RMBS | |||||||||||||||||||||||||||||||||||
| 30yr 3.0 | 1,313,569 | 1,192,650 | 21.91 | % | 90.79 | 3.00 | % | 3.46 | % | 42 | 312 | 4.9 | % | 6.4 | % | 36,156 | (37,050 | ) | |||||||||||||||||
| 30yr 3.5 | 180,159 | 170,463 | 3.13 | % | 94.62 | 3.50 | % | 4.04 | % | 55 | 293 | 7.3 | % | 8.6 | % | 4,631 | (4,728 | ) | |||||||||||||||||
| 30yr 4.0 | 534,812 | 515,427 | 9.47 | % | 96.38 | 4.00 | % | 4.64 | % | 68 | 285 | 3.2 | % | 4.6 | % | 11,715 | (12,733 | ) | |||||||||||||||||
| 30yr 4.5 | 312,192 | 308,236 | 5.66 | % | 98.73 | 4.50 | % | 5.44 | % | 27 | 330 | 5.5 | % | 6.8 | % | 5,377 | (6,191 | ) | |||||||||||||||||
| 30yr 5.0 | 517,497 | 518,746 | 9.53 | % | 100.24 | 5.00 | % | 5.93 | % | 25 | 330 | 7.9 | % | 7.0 | % | 7,905 | (9,531 | ) | |||||||||||||||||
| 30yr 5.5 | 259,123 | 265,083 | 4.87 | % | 102.30 | 5.50 | % | 6.43 | % | 18 | 338 | 3.3 | % | 5.8 | % | 3,498 | (4,475 | ) | |||||||||||||||||
| 30yr 6.0 | 1,248,052 | 1,287,954 | 23.66 | % | 103.20 | 6.00 | % | 6.98 | % | 9 | 347 | 11.7 | % | 9.5 | % | 8,892 | (12,035 | ) | |||||||||||||||||
| 30yr 6.5 | 776,146 | 806,065 | 14.81 | % | 103.85 | 6.50 | % | 7.43 | % | 9 | 348 | 15.8 | % | 11.9 | % | 5,418 | (7,020 | ) | |||||||||||||||||
| 30yr 7.0 | 346,282 | 362,445 | 6.66 | % | 104.67 | 7.00 | % | 7.94 | % | 11 | 343 | 22.4 | % | 22.7 | % | 2,291 | (2,777 | ) | |||||||||||||||||
| 30yr Total | 5,487,832 | 5,427,069 | 99.71 | % | 98.89 | 4.94 | % | 5.72 | % | 27 | 327 | 9.3 | % | 8.8 | % | 85,883 | (96,540 | ) | |||||||||||||||||
| Total Pass Through RMBS | 5,487,832 | 5,427,069 | 99.71 | % | 98.89 | 4.94 | % | 5.72 | % | 27 | 327 | 9.3 | % | 8.8 | % | 85,883 | (96,540 | ) | |||||||||||||||||
| Structured RMBS | |||||||||||||||||||||||||||||||||||
| IO 20yr 4.0 | 7,414 | 693 | 0.01 | % | 9.35 | 4.00 | % | 4.57 | % | 153 | 81 | 11.0 | % | 11.5 | % | 3 | (4 | ) | |||||||||||||||||
| IO 30yr 3.0 | 2,690 | 376 | 0.01 | % | 13.98 | 3.00 | % | 3.64 | % | 116 | 234 | 0.9 | % | 1.2 | % | (2 | ) | - | |||||||||||||||||
| IO 30yr 4.0 | 73,719 | 13,339 | 0.25 | % | 18.09 | 4.00 | % | 4.60 | % | 121 | 230 | 5.8 | % | 6.3 | % | (424 | ) | 302 | |||||||||||||||||
| IO 30yr 4.5 | 3,218 | 620 | 0.01 | % | 19.26 | 4.50 | % | 4.99 | % | 171 | 176 | 8.6 | % | 7.8 | % | (11 | ) | 7 | |||||||||||||||||
| IO 30yr 5.0 | 1,733 | 354 | 0.01 | % | 20.45 | 5.00 | % | 5.37 | % | 171 | 177 | 1.1 | % | 4.4 | % | (10 | ) | 7 | |||||||||||||||||
| IO Total | 88,774 | 15,382 | 0.28 | % | 17.33 | 4.01 | % | 4.60 | % | 126 | 214 | 6.1 | % | 6.6 | % | (444 | ) | 312 | |||||||||||||||||
| IIO 30yr 4.0 | 23,450 | 353 | 0.01 | % | 1.50 | 0.00 | % | 4.40 | % | 84 | 264 | 0.6 | % | 5.7 | % | 121 | (99 | ) | |||||||||||||||||
| Total Structured RMBS | 112,224 | 15,735 | 0.29 | % | 14.02 | 3.17 | % | 4.55 | % | 117 | 225 | 4.9 | % | 6.4 | % | (323 | ) | 213 | |||||||||||||||||
| Total Mortgage Assets | $ | 5,600,056 | $ | 5,442,804 | 100.00 | % | 4.90 | % | 5.70 | % | 29 | 325 | 9.2 | % | 8.8 | % | $ | 85,560 | $ | (96,327 | ) | ||||||||||||||
| 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) | (12,500 | ) | Dec-24 | (410 | ) | 397 | ||||||||
| Swaps | (3,486,800 | ) | Jun-30 | (91,274 | ) | 88,057 | ||||||||
| TBA | (300,000 | ) | Oct-24 | (8,387 | ) | 8,827 | ||||||||
| Swaptions | - | Jan-00 | - | - | ||||||||||
| Hedge Total | $ | (4,255,200 | ) | $ | (105,770 | ) | $ | 102,980 | ||||||
| Rate Shock Grand Total | $ | (20,210 | ) | $ | 6,653 | |||||||||
| (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 |
| RMBS Assets by Agency | ||||||
| ($ in thousands) | ||||||
| Percentage | ||||||
| Fair | of | |||||
| Asset Category | Value | Portfolio | ||||
| As of September 30, 2024 | ||||||
| Fannie Mae | $ | 3,692,047 | 67.8 | % | ||
| Freddie Mac | 1,750,757 | 32.2 | % | |||
| Total Mortgage Assets | $ | 5,442,804 | 100.0 | % | ||
| Investment Company Act of 1940 Whole Pool Test | ||||||
| ($ in thousands) | ||||||
| Percentage | ||||||
| Fair | of | |||||
| Asset Category | Value | Portfolio | ||||
| As of September 30, 2024 | ||||||
| Non-Whole Pool Assets | $ | 161,835 | 3.0 | % | ||
| Whole Pool Assets | 5,280,969 | 97.0 | % | |||
| Total Mortgage Assets | $ | 5,442,804 | 100.0 | % | ||
| Borrowings By Counterparty | |||||||||||||
| ($ in thousands) | |||||||||||||
| Weighted | Weighted | ||||||||||||
| % of | Average | Average | |||||||||||
| Total | Total | Repo | Maturity | Longest | |||||||||
| As of September 30, 2024 | Borrowings | Debt | Rate | in Days | Maturity | ||||||||
| ABN AMRO Bank N.V. | $ | 381,192 | 7.3 | % | 5.37 | % | 15 | 10/15/2024 | |||||
| Merrill Lynch, Pierce, Fenner & Smith | 379,748 | 7.3 | % | 5.20 | % | 35 | 11/15/2024 | ||||||
| ASL Capital Markets Inc. | 346,397 | 6.6 | % | 5.35 | % | 31 | 11/15/2024 | ||||||
| Cantor Fitzgerald & Co | 289,468 | 5.5 | % | 5.30 | % | 11 | 10/18/2024 | ||||||
| DV Securities, LLC Repo | 274,284 | 5.2 | % | 5.24 | % | 19 | 10/28/2024 | ||||||
| Mitsubishi UFJ Securities (USA), Inc | 263,580 | 5.0 | % | 5.35 | % | 23 | 10/28/2024 | ||||||
| J.P. Morgan Securities LLC | 254,798 | 4.9 | % | 5.33 | % | 9 | 10/25/2024 | ||||||
| Banco Santander SA | 248,472 | 4.8 | % | 5.33 | % | 49 | 11/18/2024 | ||||||
| Daiwa Securities America Inc. | 247,191 | 4.7 | % | 5.04 | % | 28 | 11/19/2024 | ||||||
| Citigroup Global Markets Inc | 244,746 | 4.7 | % | 5.04 | % | 25 | 10/25/2024 | ||||||
| Wells Fargo Bank, N.A. | 241,641 | 4.6 | % | 5.29 | % | 16 | 10/16/2024 | ||||||
| ING Financial Markets LLC | 225,593 | 4.3 | % | 5.01 | % | 39 | 11/8/2024 | ||||||
| Marex Capital Markets Inc. | 223,192 | 4.3 | % | 5.00 | % | 21 | 10/21/2024 | ||||||
| Goldman, Sachs & Co | 208,485 | 4.0 | % | 5.32 | % | 16 | 10/16/2024 | ||||||
| Bank of Montreal | 204,522 | 3.9 | % | 5.31 | % | 15 | 10/15/2024 | ||||||
| South Street Securities, LLC | 194,516 | 3.7 | % | 5.20 | % | 19 | 10/24/2024 | ||||||
| Clear Street LLC | 193,535 | 3.7 | % | 5.21 | % | 48 | 11/20/2024 | ||||||
| Mirae Asset Securities (USA) Inc. | 193,120 | 3.7 | % | 5.26 | % | 26 | 11/18/2024 | ||||||
| StoneX Financial Inc. | 159,098 | 3.0 | % | 5.03 | % | 21 | 10/21/2024 | ||||||
| The Bank of Nova Scotia | 149,958 | 2.9 | % | 5.29 | % | 15 | 10/15/2024 | ||||||
| RBC Capital Markets, LLC | 143,225 | 2.7 | % | 5.31 | % | 45 | 11/14/2024 | ||||||
| Nomura Securities International, Inc. | 75,278 | 1.4 | % | 5.31 | % | 15 | 10/15/2024 | ||||||
| Lucid Prime Fund, LLC | 48,322 | 0.9 | % | 5.29 | % | 17 | 10/17/2024 | ||||||
| Wells Fargo Securities, LLC | 23,004 | 0.4 | % | 5.06 | % | 25 | 10/25/2024 | ||||||
| Lucid Cash Fund USG LLC | 17,506 | 0.3 | % | 5.31 | % | 17 | 10/17/2024 | ||||||
| Total Borrowings | $ | 5,230,871 | 100.0 | % | 5.24 | % | 25 | 11/20/2024 | |||||
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) estimated book value per share as of September 30, 2024?
What is the October 2024 monthly dividend announced by Orchid Island Capital (ORC)?
What was Orchid Island Capital's (ORC) estimated total return on equity for Q3 2024?
When will Orchid Island Capital (ORC) announce its next common stock dividend?
