Orchid Island Capital Q3 earnings jump as mortgage REIT prepares for lower rates

seekingalpha10-25

Orchid Island Capital's (NYSE:ORC) Q3 bottom line, released Thursday, swung to a gain both sequentially and from a year ago as the mortgage REIT continued to position itself for lower borrowing costs....

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Cauley. Such positioning, he added, \"was not optimal during the current quarter, as interest rates decreased significantly, leading to a modest decline in our book value, but we made modest changes to our positioning since quarter end to better balance the anticipated outcomes for different rate movements.\" Going forward, Orchid (ORC) expects investment opportunities to remain attractive, he said, as total returns could improve further if the Federal Reserve continues to cut rates. Q3 GAAP EPS of $0.24, which may not be comparable to the -$0.08 average analyst estimate, advanced from -$0.09 in Q2 and -$1.68 in Q3 2023. (ORC) shares gained 0.9% in after-hours trading. Total economic return of 2.10%, comprised of $0.36 dividend per share and $0.18 decrease in book value per share, compared with -1.97% in Q2, comprised of $0.36 per share dividend and $0.54 declined in book value per share Net realized and unrealized gains of $21.2M on Agency RMBS assets and derivative instruments, including net interest income on interest rate swaps. That's well above the $0.1M gain in Q2. Book value per share was $8.40 at Sept. 30, down from $8.58 at June 30. 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