- June 2024 Monthly Dividend of $0.12 Per Share of Common
Stock
- RMBS Portfolio Characteristics as of May 31, 2024
- Next Dividend Announcement Expected July 10, 2024
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 June 2024. The dividend of
$0.12 per share will be paid July 30, 2024 to holders of record of
the Company’s common stock on June 28, 2024, with an ex-dividend
date of June 28, 2024. The Company plans on announcing its next
common stock dividend on July 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 June 11, 2024, the Company had 62,821,552 shares of common
stock outstanding. As of May 31, 2024, the Company had 62,269,788
shares of common stock outstanding. As of March 31, 2024, the
Company had 52,826,169 shares of common stock outstanding.
The Company also announced that it and Bimini Advisors, LLC
(“Bimini”) entered into an equity distribution agreement (the
“Equity Distribution Agreement”) with J.P. Morgan Securities LLC,
Citizens JMP Securities, LLC and JonesTrading Institutional
Services LLC (collectively, the “Sales Agents”) on June 11, 2024,
pursuant to which the Company may offer and sell, from time to
time, up to an aggregate amount of $250,000,000 of shares of common
stock (the “Shares”).
Pursuant to the Equity Distribution Agreement, the Shares may be
offered and sold through the Sales Agents in transactions that are
deemed to be “at the market” offerings as defined in Rule 415 under
the Securities Act of 1933, as amended, including sales made
directly on the New York Stock Exchange or sales made to or through
a market maker other than on an exchange or in negotiated
transactions (which may include block trades). Under the Equity
Distribution Agreement, the Sales Agents will be entitled to
compensation of up to 2.0% of the gross proceeds from the sale of
the Shares sold through the Sales Agents. The Company has no
obligation to sell any of the Shares under the Equity Distribution
Agreement and may at any time suspend solicitations and offers
under the Equity Distribution Agreement.
The Company has used "at the market" offering programs in the
past as a low-cost and effective method to raise equity capital to
be strategically deployed into Agency RMBS in conjunction with the
Company’s core investment strategy. The Company generally prefers
such programs over more costly follow-on offerings absent
extenuating circumstances and market conditions.
RMBS Portfolio Characteristics
Details of the RMBS portfolio as of May 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, the offer and sale of shares of common stock under
the Equity Distribution Agreement or follow-on offerings. 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
Mar-24 -
May-24
May-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 June)
in June)
(-50 BPS)
(+50 BPS)
Fixed
Rate RMBS
30yr 3.0
$
1,353,113
$
1,153,213
26.12
%
85.23
3.00
%
3.46
%
38
316
5.5
%
5.3
%
$
36,254
$
(36,597
)
30yr 3.5
187,768
167,711
3.80
%
89.32
3.50
%
4.04
%
51
297
9.3
%
7.0
%
4,748
(4,794
)
30yr 4.0
548,681
499,290
11.31
%
91.00
4.00
%
4.78
%
28
329
4.9
%
6.3
%
13,391
(14,162
)
30yr 4.5
325,706
305,911
6.93
%
93.92
4.50
%
5.45
%
23
334
10.2
%
9.9
%
6,692
(7,305
)
30yr 5.0
537,372
517,844
11.73
%
96.37
5.00
%
5.93
%
21
335
7.3
%
5.9
%
10,775
(11,967
)
30yr 5.5
267,218
264,504
5.99
%
98.98
5.50
%
6.43
%
14
344
13.3
%
6.0
%
4,840
(5,550
)
30yr 6.0
622,308
625,714
14.17
%
100.55
6.00
%
6.98
%
10
345
8.5
%
9.5
%
8,586
(10,361
)
30yr 6.5
514,683
524,928
11.89
%
101.99
6.50
%
7.41
%
8
349
8.1
%
9.8
%
5,505
(6,907
)
30yr 7.0
328,309
339,004
7.68
%
103.26
7.00
%
7.95
%
7
349
23.5
%
19.3
%
2,513
(3,391
)
30yr Total
4,685,158
4,398,119
99.63
%
93.87
4.68
%
5.45
%
24
332
7.9
%
7.1
%
93,304
(101,034
)
Total Pass Through RMBS
4,685,158
4,398,119
99.63
%
93.87
4.68
%
5.45
%
24
332
7.9
%
7.1
%
93,304
(101,034
)
Structured RMBS
IO 20yr 4.0
8,044
759
0.02
%
9.43
4.00
%
4.57
%
149
85
10.9
%
8.9
%
4
(4
)
IO 30yr 3.0
2,731
323
0.01
%
11.82
3.00
%
3.64
%
112
238
0.8
%
7.4
%
1
(1
)
IO 30yr 4.0
77,188
14,159
0.32
%
18.34
4.00
%
4.60
%
117
234
8.1
%
6.6
%
(146
)
107
IO 30yr 4.5
3,327
612
0.01
%
18.40
4.50
%
4.99
%
167
179
5.5
%
6.1
%
(1
)
(1
)
IO 30yr 5.0
1,835
364
0.01
%
19.82
5.00
%
5.36
%
167
181
0.9
%
1.0
%
(3
)
1
IO Total
93,125
16,217
0.37
%
17.41
4.01
%
4.60
%
122
218
7.9
%
6.7
%
(144
)
102
IIO 30yr 4.0
25,268
188
0.00
%
0.75
0.00
%
4.40
%
80
268
0.7
%
1.2
%
72
(57
)
Total Structured RMBS
118,393
16,405
0.37
%
13.86
3.15
%
4.55
%
113
229
6.4
%
5.5
%
(72
)
45
Total Mortgage Assets
$
4,803,551
$
4,414,524
100.00
%
4.64
%
5.42
%
26
329
7.8
%
7.0
%
$
93,232
$
(100,989
)
Average
Hedge
Modeled Interest
Notional
Period
Rate Sensitivity (1)
Hedge
Balance
End
(-50 BPS)
(+50 BPS)
3-Month SOFR Futures
$
(100,000
)
Mar-26
$
(750
)
$
750
5-Year Treasury Future(2)
(421,500
)
Sep-24
(8,480
)
8,282
10-Year Treasury Future(3)
(62,500
)
Sep-24
(1,945
)
1,906
Swaps
(2,936,800
)
Jun-30
(75,255
)
72,523
TBA
(500,000
)
Jun-24
(13,860
)
14,216
Swaptions
(9,400
)
Sep-24
508
86
Hedge Total
$
(4,030,200
)
$
(99,782
)
$
97,763
Rate Shock Grand Total
$
(6,550
)
$
(3,226
)
(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
$105.80 at May 31, 2024. The market value of the short position was
$446.0 million.
(3)
Ten-year Treasury futures contracts were valued at prices of
$108.80 at May 31, 2024. The market value of the short position was
$68.0 million.
RMBS Assets by Agency
($ in thousands)
Percentage
Fair
of
Asset Category
Value
Portfolio
As of May 31, 2024
Fannie Mae
$
2,792,509
63.3
%
Freddie Mac
1,622,015
36.7
%
Total Mortgage Assets
$
4,414,524
100.0
%
Investment Company Act of 1940 Whole
Pool Test
($ in thousands)
Percentage
Fair
of
Asset Category
Value
Portfolio
As of May 31, 2024
Non-Whole Pool Assets
$
133,198
3.0
%
Whole Pool Assets
4,281,326
97.0
%
Total Mortgage Assets
$
4,414,524
100.0
%
Borrowings By Counterparty
($ in thousands)
Weighted
Weighted
% of
Average
Average
Total
Total
Repo
Maturity
Longest
As of May 31, 2024
Borrowings
Debt
Rate
in Days
Maturity
RBC Capital Markets, LLC
$
269,405
6.8
%
5.46
%
13
6/13/2024
J.P. Morgan Securities LLC
246,914
6.2
%
5.46
%
6
6/24/2024
Banco Santander SA
244,038
6.1
%
5.46
%
30
7/22/2024
Cantor Fitzgerald & Co
240,022
6.0
%
5.45
%
45
7/15/2024
DV Securities, LLC Repo
226,883
5.7
%
5.45
%
43
7/15/2024
Marex Capital Markets Inc.
219,708
5.5
%
5.45
%
15
6/17/2024
ABN AMRO Bank N.V.
218,149
5.5
%
5.46
%
30
8/29/2024
ASL Capital Markets Inc.
213,654
5.4
%
5.44
%
47
7/29/2024
Bank of Montreal
206,351
5.2
%
5.45
%
13
6/13/2024
Mitsubishi UFJ Securities (USA), Inc
206,193
5.2
%
5.47
%
61
8/29/2024
Wells Fargo Bank, N.A.
200,100
5.0
%
5.46
%
45
7/15/2024
Citigroup Global Markets Inc
197,910
5.0
%
5.45
%
24
6/24/2024
Mirae Asset Securities (USA) Inc.
189,441
4.8
%
5.46
%
20
6/24/2024
Merrill Lynch, Pierce, Fenner &
Smith
185,916
4.7
%
5.48
%
14
6/27/2024
Daiwa Securities America Inc.
165,971
4.2
%
5.45
%
24
6/24/2024
StoneX Financial Inc.
159,516
4.0
%
5.46
%
46
7/16/2024
Goldman, Sachs & Co
150,734
3.8
%
5.44
%
20
6/20/2024
South Street Securities, LLC
150,292
3.8
%
5.45
%
48
8/13/2024
Clear Street LLC
149,939
3.8
%
5.45
%
37
7/15/2024
ING Financial Markets LLC
124,310
3.1
%
5.46
%
13
6/13/2024
Lucid Cash Fund USG LLC
16,896
0.4
%
5.46
%
13
6/13/2024
Total Borrowings
$
3,982,342
100.0
%
5.46
%
29
8/29/2024
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240611851647/en/
Orchid Island Capital, Inc. Robert E. Cauley Telephone: (772)
231-1400
Grafico Azioni Orchid Island Capital (NYSE:ORC)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Orchid Island Capital (NYSE:ORC)
Storico
Da Gen 2024 a Gen 2025
