Orchid Island Capital Announces November 2024 Monthly Dividend and October 31, 2024 RMBS Portfolio Characteristics
-- 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") $(ORC)$ 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)
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