Orchid Island Capital, Inc. announces a $0.12 monthly dividend for December 2024, payable January 30, 2025.
Quiver AI Summary
Orchid Island Capital, Inc. has declared a monthly cash dividend of $0.12 per share for December 2024, to be paid on January 30, 2025, to shareholders of record as of December 31, 2024. The ex-dividend date is also set for December 31, 2024. The company, which focuses on investing in Agency residential mortgage-backed securities (RMBS), plans to announce the next dividend on January 8, 2025. As of November 30, 2024, Orchid Island had a total of 79,849,645 shares of common stock outstanding and reported significant details regarding their RMBS portfolio, along with insights into their portfolio characteristics and risk measures. They are required to distribute at least 90% of their taxable income annually to maintain their status as a real estate investment trust (REIT). The company has not set a minimum distribution payment level, and future dividend payments are not guaranteed.
Potential Positives
- The Board of Directors declared a monthly cash dividend of $0.12 per share, signaling a commitment to returning value to shareholders.
- The company intends to maintain regular monthly cash distributions, highlighting financial stability and a strong cash-flow position.
- As a real estate investment trust (REIT), Orchid Island Capital, Inc. must distribute a substantial portion of its income, indicating a focus on shareholder returns and compliance with REIT regulations.
Potential Negatives
- The company has not established a minimum distribution payment level, raising concerns about its long-term ability to maintain consistent dividends.
- The forward-looking statements in the press release indicate uncertainty regarding the company's future distributions, potentially undermining investor confidence.
- The requirement for the company to distribute at least 90% of its REIT taxable income to avoid taxes could pressure financial stability, particularly in fluctuating market conditions.
FAQ
What is the December 2024 dividend for Orchid Island Capital, Inc.?
The dividend for December 2024 is $0.12 per share of common stock.
When is the ex-dividend date for the December dividend?
The ex-dividend date is December 31, 2024.
When will the next dividend announcement occur?
The next dividend announcement is expected on January 8, 2025.
How many shares of common stock are outstanding as of December 2024?
As of December 10, 2024, there are 79,849,645 shares of common stock outstanding.
What investment strategy does Orchid Island Capital, Inc. follow?
Orchid Island Capital, Inc. focuses on investing in Agency RMBS, including traditional and structured Agency RMBS.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
- December 2024 Monthly Dividend of $0.12 Per Share of Common Stock
- RMBS Portfolio Characteristics as of November 30, 2024
- Next Dividend Announcement Expected January 8, 2025
VERO BEACH, Fla., Dec. 10, 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 December 2024. The dividend of $0.12 per share will be paid January 30, 2025 to holders of record of the Company’s common stock on December 31, 2024, with an ex-dividend date of December 31, 2024. The Company plans on announcing its next common stock dividend on January 8, 2025.
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 December 10, 2024 and November 30, 2024, the Company had 79,849,645 shares of common stock outstanding. As of September 30, 2024, the Company had 78,082,645 shares of common stock outstanding.
RMBS Portfolio Characteristics
Details of the RMBS portfolio as of November 30, 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 | Sep-24 - | |||||||||||||||||||||||||||||||||||||||||||||||
Nov-24 | Nov-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 Dec) | in Dec) | (-50 BPS) | (+50 BPS) | ||||||||||||||||||||||||||||||||||||
Fixed Rate RMBS | ||||||||||||||||||||||||||||||||||||||||||||||||
15yr 5.0 TBA | $ | 50,000 | $ | 50,113 | 0.94 | % | 100.23 | 5.00 | % | 5.87 | % | 6 | 170 | n/a | n/a | $ | 651 | $ | (746 | ) | ||||||||||||||||||||||||||||
15yr Total | 50,000 | 50,113 | 0.94 | % | 100.23 | 5.00 | % | 5.87 | % | 6 | 170 | n/a | n/a | 651 | (746 | ) | ||||||||||||||||||||||||||||||||
30yr 3.0 | 1,104,053 | 976,396 | 18.40 | % | 88.44 | 3.00 | % | 3.47 | % | 44 | 309 | 6.2 | % | 6.3 | % | 29,637 | (29,960 | ) | ||||||||||||||||||||||||||||||
30yr 3.5 | 177,113 | 163,207 | 3.08 | % | 92.15 | 3.50 | % | 4.04 | % | 57 | 290 | 6.2 | % | 7.1 | % | 4,518 | (4,564 | ) | ||||||||||||||||||||||||||||||
30yr 4.0 | 528,702 | 496,826 | 9.36 | % | 93.97 | 4.00 | % | 4.64 | % | 70 | 283 | 3.9 | % | 5.4 | % | 12,085 | (12,898 | ) | ||||||||||||||||||||||||||||||
30yr 4.5 | 307,807 | 296,925 | 5.59 | % | 96.46 | 4.50 | % | 5.44 | % | 29 | 327 | 5.6 | % | 6.3 | % | 5,932 | (6,512 | ) | ||||||||||||||||||||||||||||||
30yr 5.0 | 578,068 | 569,631 | 10.73 | % | 98.54 | 5.00 | % | 5.94 | % | 24 | 331 | 5.6 | % | 6.7 | % | 10,533 | (11,985 | ) | ||||||||||||||||||||||||||||||
30yr 5.5 | 281,760 | 284,083 | 5.35 | % | 100.82 | 5.50 | % | 6.40 | % | 18 | 338 | 1.8 | % | 3.2 | % | 4,683 | (5,579 | ) | ||||||||||||||||||||||||||||||
30yr 6.0 | 1,211,604 | 1,236,362 | 23.30 | % | 102.04 | 6.00 | % | 6.98 | % | 11 | 344 | 8.1 | % | 12.4 | % | 15,602 | (19,624 | ) | ||||||||||||||||||||||||||||||
30yr 6.5 | 854,817 | 881,122 | 16.60 | % | 103.08 | 6.50 | % | 7.43 | % | 10 | 347 | 15.3 | % | 19.1 | % | 8,028 | (10,523 | ) | ||||||||||||||||||||||||||||||
30yr 7.0 | 323,885 | 336,969 | 6.35 | % | 104.04 | 7.00 | % | 7.94 | % | 13 | 340 | 33.7 | % | 32.6 | % | 2,656 | (3,356 | ) | ||||||||||||||||||||||||||||||
30yr Total | 5,367,809 | 5,241,521 | 98.76 | % | 97.65 | 5.02 | % | 5.83 | % | 28 | 327 | 9.2 | % | 11.1 | % | 93,674 | (105,001 | ) | ||||||||||||||||||||||||||||||
Total Pass-Through MBS | 5,417,809 | 5,291,634 | 99.71 | % | 97.67 | 5.02 | % | 5.83 | % | 28 | 325 | 9.2 | % | 11.1 | % | 94,325 | (105,747 | ) | ||||||||||||||||||||||||||||||
Structured MBS | ||||||||||||||||||||||||||||||||||||||||||||||||
IO 20yr 4.0 | 7,135 | 680 | 0.01 | % | 9.53 | 4.00 | % | 4.57 | % | 155 | 79 | 9.6 | % | 10.0 | % | 4 | (4 | ) | ||||||||||||||||||||||||||||||
IO 30yr 3.0 | 2,608 | 311 | 0.01 | % | 11.94 | 3.00 | % | 3.64 | % | 118 | 231 | 0.7 | % | 9.7 | % | - | (1 | ) | ||||||||||||||||||||||||||||||
IO 30yr 4.0 | 72,153 | 13,445 | 0.25 | % | 18.63 | 4.00 | % | 4.60 | % | 123 | 228 | 5.1 | % | 6.2 | % | (131 | ) | 194 | ||||||||||||||||||||||||||||||
IO 30yr 4.5 | 3,155 | 583 | 0.01 | % | 18.49 | 4.50 | % | 4.99 | % | 173 | 174 | 6.7 | % | 7.3 | % | (4 | ) | 1 | ||||||||||||||||||||||||||||||
IO 30yr 5.0 | 1,703 | 346 | 0.01 | % | 20.33 | 5.00 | % | 5.37 | % | 173 | 174 | 14.2 | % | 8.8 | % | (6 | ) | 3 | ||||||||||||||||||||||||||||||
IO Total | 86,754 | 15,365 | 0.29 | % | 17.71 | 4.01 | % | 4.60 | % | 128 | 213 | 5.6 | % | 6.7 | % | (137 | ) | 193 | ||||||||||||||||||||||||||||||
IIO 30yr 4.0 | 22,184 | 225 | 0.00 | % | 1.01 | 0.00 | % | 4.40 | % | 86 | 262 | 0.6 | % | 7.3 | % | (70 | ) | (122 | ) | |||||||||||||||||||||||||||||
Total Structured RMBS | 108,938 | 15,590 | 0.29 | % | 14.31 | 3.19 | % | 4.56 | % | 120 | 223 | 4.6 | % | 6.8 | % | (207 | ) | 71 | ||||||||||||||||||||||||||||||
Total Mortgage Assets | $ | 5,526,747 | $ | 5,307,224 | 100.00 | % | 4.99 | % | 5.80 | % | 29 | 323 | 9.1 | % | 11.0 | % | $ | 94,118 | $ | (105,676 | ) |
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 | ||||
5-Year Treasury Future(3) | $ | (62,500 | ) | Mar-25 | $ | (1,281 | ) | $ | 1,252 | ||||
10-Year Treasury Future(4) | $ | (22,500 | ) | Mar-25 | $ | (725 | ) | $ | 711 | ||||
10-Year Ultra Treasury Future(5) | $ | (32,500 | ) | Mar-25 | $ | (1,484 | ) | $ | 1,413 | ||||
Swaps | (3,516,800 | ) | Jun-30 | (86,811 | ) | 83,823 | |||||||
TBA | (200,000 | ) | Dec-24 | (5,687 | ) | 5,862 | |||||||
Hedge Total | $ | (4,290,200 | ) | $ | (101,687 | ) | $ | 98,760 | |||||
Rate Shock Grand Total | $ | (7,569 | ) | $ | (6,916 | ) |
(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 | ) | Five-year Treasury futures contracts were valued at prices of $107.60 at November 30, 2024. The market value of the short position was $67.3 million. |
(4 | ) | Ten-year Treasury futures contracts were valued at prices of $111.19 at November 30, 2024. The market value of the short position was $25.0 million. |
(5 | ) | Ten-year Ultra Treasury futures contracts were valued at prices of $114.80 at November 30, 2024. The market value of the short position was $37.3 million. |
RMBS Assets by Agency | ||||||||
($ in thousands) | ||||||||
Percentage | ||||||||
Fair | of | |||||||
Asset Category | Value | Portfolio | ||||||
As of November 30, 2024 | ||||||||
Fannie Mae | $ | 3,709,848 | 69.9 | % | ||||
Freddie Mac | 1,597,376 | 30.1 | % | |||||
Total Mortgage Assets | $ | 5,307,224 | 100.0 | % |
Investment Company Act of 1940 Whole Pool Test | ||||||||
($ in thousands) | ||||||||
Percentage | ||||||||
Fair | of | |||||||
Asset Category | Value | Portfolio | ||||||
As of November 30, 2024 | ||||||||
Non-Whole Pool Assets | $ | 207,178 | 3.9 | % | ||||
Whole Pool Assets | 5,100,046 | 96.1 | % | |||||
Total Mortgage Assets | $ | 5,307,224 | 100.0 | % |
Borrowings By Counterparty | |||||||||||||||||
($ in thousands) | |||||||||||||||||
Weighted | Weighted | ||||||||||||||||
% of | Average | Average | |||||||||||||||
Total | Total | Repo | Maturity | Longest | |||||||||||||
As of November 30, 2024 | Borrowings | Debt | Rate | in Days | Maturity | ||||||||||||
Merrill Lynch, Pierce, Fenner & Smith | $ | 363,741 | 7.3 | % | 4.79 | % | 18 | 12/23/2024 | |||||||||
ABN AMRO Bank N.V. | 339,329 | 6.8 | % | 4.75 | % | 16 | 12/16/2024 | ||||||||||
ASL Capital Markets Inc. | 303,988 | 6.1 | % | 4.77 | % | 14 | 12/16/2024 | ||||||||||
Cantor Fitzgerald & Co | 257,867 | 5.2 | % | 4.80 | % | 9 | 12/9/2024 | ||||||||||
DV Securities, LLC Repo | 254,866 | 5.1 | % | 4.77 | % | 19 | 12/26/2024 | ||||||||||
Mitsubishi UFJ Securities (USA), Inc | 251,062 | 5.0 | % | 4.79 | % | 20 | 12/23/2024 | ||||||||||
J.P. Morgan Securities LLC | 241,736 | 4.8 | % | 4.82 | % | 9 | 12/26/2024 | ||||||||||
Daiwa Securities America Inc. | 237,672 | 4.8 | % | 4.77 | % | 23 | 12/23/2024 | ||||||||||
Goldman, Sachs & Co | 235,394 | 4.7 | % | 4.79 | % | 19 | 12/23/2024 | ||||||||||
Citigroup Global Markets Inc | 232,657 | 4.7 | % | 4.77 | % | 26 | 12/26/2024 | ||||||||||
Wells Fargo Bank, N.A. | 228,473 | 4.6 | % | 4.76 | % | 48 | 1/17/2025 | ||||||||||
Banco Santander SA | 219,810 | 4.4 | % | 4.78 | % | 18 | 12/18/2024 | ||||||||||
ING Financial Markets LLC | 217,067 | 4.4 | % | 4.82 | % | 19 | 12/19/2024 | ||||||||||
Marex Capital Markets Inc. | 215,013 | 4.3 | % | 4.75 | % | 19 | 12/19/2024 | ||||||||||
RBC Capital Markets, LLC | 206,603 | 4.1 | % | 4.81 | % | 26 | 1/21/2025 | ||||||||||
Bank of Montreal | 195,180 | 3.9 | % | 4.81 | % | 12 | 12/12/2024 | ||||||||||
South Street Securities, LLC | 186,535 | 3.7 | % | 4.85 | % | 29 | 1/24/2025 | ||||||||||
Mirae Asset Securities (USA) Inc. | 177,867 | 3.6 | % | 4.76 | % | 170 | 5/19/2025 | ||||||||||
Clear Street LLC | 166,849 | 3.3 | % | 4.78 | % | 12 | 12/12/2024 | ||||||||||
StoneX Financial Inc. | 153,466 | 3.1 | % | 4.75 | % | 19 | 12/19/2024 | ||||||||||
The Bank of Nova Scotia | 145,151 | 2.9 | % | 4.80 | % | 16 | 12/16/2024 | ||||||||||
Nomura Securities International, Inc. | 73,140 | 1.5 | % | 4.90 | % | 16 | 12/16/2024 | ||||||||||
Lucid Prime Fund, LLC | 61,924 | 1.2 | % | 4.79 | % | 12 | 12/12/2024 | ||||||||||
Wells Fargo Securities, LLC | 22,686 | 0.5 | % | 4.88 | % | 54 | 1/23/2025 | ||||||||||
Total Borrowings | $ | 4,988,076 | 100.0 | % | 4.79 | % | 25 | 5/19/2025 |
Contact:
Orchid Island Capital, Inc.
Robert E. Cauley
3305 Flamingo Drive, Vero Beach, Florida 32963
Telephone: (772) 231-1400