Orchid Island Capital Announces November 2024 Monthly Dividend and October 31, 2024 RMBS Portfolio Characteristics

Rhea-AI Summary

Orchid Island Capital (NYSE: ORC) has declared a monthly cash dividend of $0.12 per share for November 2024, payable on December 30, 2024, to stockholders of record on November 29, 2024. The company's estimated book value per share as of November 8, 2024, was approximately $8.30 to $8.34, representing a decrease of 0.7% to 1.0% from the September 30, 2024 book value of $8.40. The company currently has 78,539,645 shares outstanding, with estimated total stockholders' equity between $652.0 million and $655.0 million.

Positive

• Monthly dividend maintained at $0.12 per share
• Substantial stockholders' equity of $652.0-655.0 million

Negative

• Book value per share decreased by 0.7-1.0% from September 30, 2024

• November 2024 Monthly Dividend of $0.12 Per Share of Common Stock  
• Estimated Book Value Per Share as of November 8, 2024 of approximately $8.30 to $8.34
• RMBS Portfolio Characteristics as of October 31, 2024
• Next Dividend Announcement Expected December 10, 2024

VERO BEACH, Fla., Nov. 13, 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 November 2024. The dividend of $0.12 per share will be paid December 30, 2024 to holders of record of the Company’s common stock on November 29, 2024, with an ex-dividend date of November 29, 2024. The Company plans on announcing its next common stock dividend on December 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 November 13, 2024 and October 31, 2024, the Company had 78,539,645 shares of common stock outstanding. As of September 30, 2024, the Company had 78,082,645 shares of common stock outstanding.

Estimated November 8, 2024 Book Value Per Share

The Company’s estimated book value per share as of November 8, 2024 was approximately $8.30 to $8.34, a decrease of 0.7% to 1.0% from the book value per share at September 30, 2024 of $8.40. The estimated book value per share includes a deduction for today's dividend declaration that will be paid on December 30, 2024. The Company computes book value per share by dividing total stockholders' equity by the total number of outstanding shares of common stock. At November 8, 2024, the Company's estimated total stockholders' equity was approximately $652.0 million to $655.0 million, with 78,539,645 shares of common stock outstanding. These figures and the resulting estimated book value per share are unaudited and will not be verified or reviewed by the Company’s independent registered public accounting firm or any third party. The Company is providing these figures intraperiod due to recent market volatility, and undertakes no obligation to update or revise such figures or to provide any such intraperiod updates in the future.

RMBS Portfolio Characteristics

Details of the RMBS portfolio as of October 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:

• 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				Aug-24 -
																									Oct-24				Oct-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 Nov)				in Nov)			(-50 BPS)				(+50 BPS)
Fixed Rate RMBS
15yr 5.0 TBA	$	50,000		$	49,867			0.93%			99.73			5.00%			5.89%			6			171			n/a				n/a		$	708			$	(709	)
15yr Total		50,000			49,867			0.93%			99.73			5.00%			5.89%			6			171			n/a				n/a			708				(709	)
30yr 3.0		1,305,404			1,139,084			21.31%			87.26			3.00%			3.46%			43			311			7.1%				6.4%			38,513				(32,934	)
30yr 3.5		178,632			162,656			3.04%			91.06			3.50%			4.04%			56			292			7.4%				7.9%			4,851				(4,226	)
30yr 4.0		532,180			494,025			9.24%			92.83			4.00%			4.64%			69			284			8.8%				5.6%			13,065				(12,364	)
30yr 4.5		310,301			296,031			5.54%			95.40			4.50%			5.44%			28			328			7.7%				6.9%			6,498				(6,367	)
30yr 5.0		527,991			514,883			9.63%			97.52			5.00%			5.93%			25			330			5.4%				7.4%			10,308				(10,771	)
30yr 5.5		283,161			283,208			5.30%			100.02			5.50%			6.40%			17			339			5.0%				5.1%			5,216				(5,879	)
30yr 6.0		1,232,925			1,251,996			23.42%			101.55			6.00%			6.98%			10			346			16.9%				14.0%			17,554				(21,618	)
30yr 6.5		764,238			785,164			14.69%			102.74			6.50%			7.43%			10			347			23.7%				17.4%			7,196				(10,475	)
30yr 7.0		338,430			353,181			6.61%			104.36			7.00%			7.94%			12			342			39.0%				31.8%			2,215				(4,037	)
30yr Total		5,473,262			5,280,228			98.77%			96.47			4.93%			5.72%			28			327			13.6%				11.1%			105,416				(108,671	)
Total Pass-Through MBS		5,523,262			5,330,095			99.70%			96.50			4.93%			5.72%			28			325			13.6%				11.1%			106,124				(109,380	)
Structured MBS
IO 20yr 4.0		7,275			696			0.01%			9.57			4.00%			4.57%			154			80			9.4%				10.7%			(38	)			(45	)
IO 30yr 3.0		2,680			322			0.01%			12.00			3.00%			3.64%			117			233			25.3%				10.0%			(7	)			(8	)
IO 30yr 4.0		72,950			13,700			0.26%			18.78			4.00%			4.60%			122			229			7.5%				6.8%			(501	)			(171	)
IO 30yr 4.5		3,186			597			0.01%			18.75			4.50%			4.99%			172			175			6.6%				7.4%			(17	)			(15	)
IO 30yr 5.0		1,725			354			0.01%			20.54			5.00%			5.37%			172			176			10.6%				7.4%			(13	)			(7	)
IO Total		87,816			15,669			0.29%			17.84			4.01%			4.60%			127			214			8.2%				7.3%			(576	)			(246	)
IIO 30yr 4.0		23,236			248			0.00%			1.07			0.00%			4.40%			85			263			19.5%				10.6%			79				(88	)
Total Structured RMBS		111,052			15,917			0.30%			14.33			3.17%			4.55%			118			224			10.6%				8.0%			(497	)			(334	)
Total Mortgage Assets	$	5,634,314		$	5,346,012			100.00%						4.90%			5.70%			30			323			13.5%				11.1%		$	105,627			$	(109,714	)

				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			(394	)			394
Swaps		(3,486,800	)	Jun-30			(87,485	)			84,461
TBA		(200,000	)	Nov-24			(6,063	)			5,408
Hedge Total	$	(4,155,200	)			$	(99,641	)		$	95,962
Rate Shock Grand Total						$	5,986			$	(13,752	)

(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 $110.47 at October 31, 2024. The market value of the short position was $13.8 million.

RMBS Assets by Agency
($ in thousands)
				Percentage
	Fair			of
Asset Category	Value			Portfolio
As of October 31, 2024
Fannie Mae	$	3,627,479		67.9	%
Freddie Mac		1,718,533		32.1	%
Total Mortgage Assets	$	5,346,012		100.0	%

Investment Company Act of 1940 Whole Pool Test
($ in thousands)
				Percentage
	Fair			of
Asset Category	Value			Portfolio
As of October 31, 2024
Non-Whole Pool Assets	$	206,643		3.9	%
Whole Pool Assets		5,139,369		96.1	%
Total Mortgage Assets	$	5,346,012		100.0	%

Borrowings By Counterparty
($ in thousands)
						Weighted		Weighted
				% of		Average		Average
	Total			Total		Repo		Maturity		Longest
As of October 31, 2024	Borrowings			Debt		Rate		in Days		Maturity
Merrill Lynch, Pierce, Fenner & Smith	$	376,573		7.3%		5.15%		20		11/25/2024
ABN AMRO Bank N.V.		368,037		7.2%		5.00%		15		11/15/2024
ASL Capital Markets Inc.		341,650		6.7%		5.22%		14		11/15/2024
Cantor Fitzgerald & Co		281,564		5.5%		5.01%		8		11/8/2024
DV Securities, LLC Repo		266,219		5.2%		5.02%		19		11/29/2024
Mitsubishi UFJ Securities (USA), Inc		256,092		5.0%		4.99%		21		11/25/2024
J.P. Morgan Securities LLC		247,234		4.8%		5.03%		8		11/25/2024
Banco Santander SA		246,554		4.8%		5.33%		18		11/18/2024
Daiwa Securities America Inc.		241,139		4.7%		5.00%		24		11/25/2024
Wells Fargo Bank, N.A.		236,880		4.6%		5.00%		18		11/18/2024
Citigroup Global Markets Inc		236,331		4.6%		4.93%		25		11/25/2024
ING Financial Markets LLC		225,593		4.4%		5.01%		8		11/8/2024
Marex Capital Markets Inc.		218,101		4.3%		5.00%		21		11/21/2024
Goldman, Sachs & Co		202,206		3.9%		5.02%		18		11/18/2024
Bank of Montreal		200,535		3.9%		5.03%		14		11/14/2024
Clear Street LLC		193,535		3.8%		5.21%		17		11/20/2024
South Street Securities, LLC		190,161		3.7%		4.97%		41		1/24/2025
Mirae Asset Securities (USA) Inc.		189,233		3.7%		5.08%		18		11/18/2024
StoneX Financial Inc.		155,898		3.0%		5.01%		21		11/21/2024
The Bank of Nova Scotia		147,479		2.9%		5.03%		15		11/15/2024
RBC Capital Markets, LLC		143,022		2.8%		5.31%		14		11/14/2024
Nomura Securities International, Inc.		73,140		1.4%		4.90%		46		12/16/2024
Lucid Prime Fund, LLC		47,591		0.9%		5.03%		14		11/14/2024
Wells Fargo Securities, LLC		22,686		0.4%		4.88%		84		1/23/2025
Lucid Cash Fund USG LLC		17,131		0.3%		5.03%		14		11/14/2024
Total Borrowings	$	5,124,584		100.0%		5.06%		18		1/24/2025

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 November 2024?

Orchid Island Capital (ORC) declared a monthly dividend of $0.12 per share for November 2024, payable on December 30, 2024.

What is ORC's estimated book value per share as of November 8, 2024?

ORC's estimated book value per share as of November 8, 2024, was approximately $8.30 to $8.34.

When is ORC's November 2024 dividend payment date?

The November 2024 dividend will be paid on December 30, 2024, to stockholders of record on November 29, 2024.

How many shares of ORC were outstanding as of November 13, 2024?

Orchid Island Capital had 78,539,645 shares of common stock outstanding as of November 13, 2024.