Orchid Island Capital declares a $0.12 monthly dividend, payable March 28, 2025, to common stockholders.
Quiver AI Summary
Orchid Island Capital, Inc. has declared a monthly cash dividend of $0.12 per share for February 2025, payable on March 28, 2025, to shareholders on record as of February 28, 2025, with the ex-dividend date also set for February 28, 2025. The company plans to announce its next dividend on March 19, 2025. As of February 12, 2025, Orchid Island Capital had 93,293,628 common shares outstanding, up from 90,344,128 shares at the end of January 2025. The company focuses on investing in Agency residential mortgage-backed securities (RMBS) and is required to distribute at least 90% of its taxable income to qualify as a real estate investment trust (REIT). The press release also includes financial details and characteristics of the company's RMBS portfolio as of January 31, 2025.
Potential Positives
- The company declared a monthly cash dividend of $0.12 per share, demonstrating commitment to returning value to shareholders.
- The planned payment date for the dividend is March 28, 2025, providing potential income for investors.
- The announcement indicates a structured approach to regular monthly distributions, aligning with the operational framework of a real estate investment trust (REIT).
Potential Negatives
- The press release highlights the absence of a minimum distribution payment level, which could deter investors seeking reliable income from their investments.
- The company indicated it is not assured of its ability to make distributions to stockholders in the future, raising concerns about its financial stability.
FAQ
What is the monthly dividend for February 2025?
The monthly dividend for February 2025 is $0.12 per share of common stock.
When will the dividend be paid?
The dividend will be paid on March 28, 2025, to holders of record as of February 28, 2025.
What is the next dividend announcement date?
The next dividend announcement is expected on March 19, 2025.
How many shares of common stock are outstanding?
As of February 12, 2025, there are 93,293,628 shares of common stock outstanding.
What is Orchid Island Capital's investment focus?
Orchid Island Capital focuses on investing in Agency RMBS, including traditional pass-through and structured 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.
$ORC Hedge Fund Activity
We have seen 79 institutional investors add shares of $ORC stock to their portfolio, and 48 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- TWO SIGMA ADVISERS, LP removed 1,013,100 shares (-94.9%) from their portfolio in Q3 2024, for an estimated $8,327,682
- TWO SIGMA INVESTMENTS, LP removed 659,510 shares (-58.8%) from their portfolio in Q3 2024, for an estimated $5,421,172
- BLACKROCK, INC. added 535,013 shares (+7.9%) to their portfolio in Q4 2024, for an estimated $4,162,401
- AMERIPRISE FINANCIAL INC added 500,542 shares (+inf%) to their portfolio in Q3 2024, for an estimated $4,114,455
- VANGUARD GROUP INC added 456,209 shares (+12.1%) to their portfolio in Q4 2024, for an estimated $3,549,306
- RENAISSANCE TECHNOLOGIES LLC added 368,125 shares (+1192.1%) to their portfolio in Q3 2024, for an estimated $3,025,987
- WOLVERINE ASSET MANAGEMENT LLC removed 320,212 shares (-67.4%) from their portfolio in Q4 2024, for an estimated $2,491,249
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
- February 2025 Monthly Dividend of $0.12 Per Share of Common Stock
- RMBS Portfolio Characteristics as of January 31, 2025
- Next Dividend Announcement Expected March 19, 2025
VERO BEACH, Fla., Feb. 12, 2025 (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 February 2025. The dividend of $0.12 per share will be paid March 28, 2025 to holders of record of the Company’s common stock on February 28, 2025, with an ex-dividend date of February 28, 2025. The Company plans on announcing its next common stock dividend on March 19, 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 February 12, 2025, the Company had 93,293,628 shares of common stock outstanding. As of January 31, 2025, the Company had 90,344,128 shares of common stock outstanding, As of December 31, 2024, the Company had 82,622,464 shares of common stock outstanding.
RMBS Portfolio Characteristics
Details of the RMBS portfolio as of January 31, 2025 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 | Nov-24 - | |||||||||||||||||||||||||||||||||||||||||||||||
| Jan-25 | Jan-25 | |||||||||||||||||||||||||||||||||||||||||||||||
| 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 Feb) | in Feb) | (-50 BPS) | (+50 BPS) | ||||||||||||||||||||||||||||||||||||
| Fixed Rate RMBS | ||||||||||||||||||||||||||||||||||||||||||||||||
| 30yr 3.0 | $ | 887,865 | $ | 768,917 | 13.69 | % | 86.60 | 3.00 | % | 3.48 | % | 47 | 306 | 5.8 | % | 6.6 | % | $ | 23,425 | $ | (23,693 | ) | ||||||||||||||||||||||||||
| 30yr 3.5 | 174,490 | 156,934 | 2.79 | % | 89.94 | 3.50 | % | 4.04 | % | 59 | 288 | 5.4 | % | 5.9 | % | 4,486 | (4,521 | ) | ||||||||||||||||||||||||||||||
| 30yr 4.0 | 522,535 | 479,803 | 8.54 | % | 91.82 | 4.00 | % | 4.78 | % | 36 | 320 | 2.8 | % | 4.3 | % | 12,775 | (13,411 | ) | ||||||||||||||||||||||||||||||
| 30yr 4.5 | 302,188 | 285,596 | 5.09 | % | 94.51 | 4.50 | % | 5.44 | % | 31 | 325 | 4.9 | % | 7.6 | % | 6,477 | (6,945 | ) | ||||||||||||||||||||||||||||||
| 30yr 5.0 | 571,127 | 553,519 | 9.86 | % | 96.92 | 5.00 | % | 5.94 | % | 26 | 329 | 7.4 | % | 6.2 | % | 11,914 | (12,969 | ) | ||||||||||||||||||||||||||||||
| 30yr 5.5 | 580,027 | 577,435 | 10.28 | % | 99.55 | 5.50 | % | 6.47 | % | 12 | 345 | 4.6 | % | 4.6 | % | 11,753 | (13,147 | ) | ||||||||||||||||||||||||||||||
| 30yr 6.0 | 1,191,167 | 1,209,426 | 21.54 | % | 101.53 | 6.00 | % | 6.98 | % | 13 | 342 | 6.0 | % | 7.8 | % | 19,215 | (22,516 | ) | ||||||||||||||||||||||||||||||
| 30yr 6.5 | 1,207,302 | 1,247,854 | 22.22 | % | 103.36 | 6.50 | % | 7.43 | % | 10 | 346 | 5.7 | % | 10.1 | % | 14,480 | (18,205 | ) | ||||||||||||||||||||||||||||||
| 30yr 7.0 | 305,454 | 320,224 | 5.70 | % | 104.84 | 7.00 | % | 7.94 | % | 15 | 337 | 18.8 | % | 25.6 | % | 2,837 | (3,584 | ) | ||||||||||||||||||||||||||||||
| 30yr Total | 5,742,155 | 5,599,708 | 99.73 | % | 97.52 | 5.21 | % | 6.06 | % | 23 | 331 | 6.2 | % | 8.2 | % | 107,362 | (118,991 | ) | ||||||||||||||||||||||||||||||
| Total Pass-Through MBS | 5,742,155 | 5,599,708 | 99.73 | % | 97.52 | 5.21 | % | 6.06 | % | 23 | 331 | 6.2 | % | 8.2 | % | 107,362 | (118,991 | ) | ||||||||||||||||||||||||||||||
| Structured MBS | ||||||||||||||||||||||||||||||||||||||||||||||||
| IO 20yr 4.0 | 6,870 | 636 | 0.01 | % | 9.27 | 4.00 | % | 4.57 | % | 157 | 77 | 9.2 | % | 9.3 | % | 4 | (4 | ) | ||||||||||||||||||||||||||||||
| IO 30yr 3.0 | 2,588 | 308 | 0.01 | % | 11.91 | 3.00 | % | 3.64 | % | 120 | 230 | 0.7 | % | 0.9 | % | 1 | (2 | ) | ||||||||||||||||||||||||||||||
| IO 30yr 4.0 | 70,724 | 13,399 | 0.24 | % | 18.95 | 4.00 | % | 4.60 | % | 125 | 226 | 4.7 | % | 5.6 | % | (124 | ) | 74 | ||||||||||||||||||||||||||||||
| IO 30yr 4.5 | 3,092 | 567 | 0.01 | % | 18.34 | 4.50 | % | 4.99 | % | 175 | 171 | 8.3 | % | 8.1 | % | - | (1 | ) | ||||||||||||||||||||||||||||||
| IO 30yr 5.0 | 1,664 | 340 | 0.01 | % | 20.40 | 5.00 | % | 5.37 | % | 175 | 173 | 36.5 | % | 19.1 | % | (2 | ) | - | ||||||||||||||||||||||||||||||
| IO Total | 84,938 | 15,250 | 0.27 | % | 17.95 | 4.01 | % | 4.59 | % | 130 | 211 | 5.7 | % | 6.1 | % | (121 | ) | 67 | ||||||||||||||||||||||||||||||
| IIO 30yr 4.0 | 21,763 | 172 | 0.00 | % | 0.79 | 0.00 | % | 4.40 | % | 88 | 260 | 0.5 | % | 0.5 | % | 94 | (62 | ) | ||||||||||||||||||||||||||||||
| Total Structured RMBS | 106,701 | 15,422 | 0.27 | % | 14.45 | 3.19 | % | 4.55 | % | 122 | 221 | 4.6 | % | 5.0 | % | (27 | ) | 5 | ||||||||||||||||||||||||||||||
| Total Mortgage Assets | $ | 5,848,856 | $ | 5,615,130 | 100.00 | % | 5.17 | % | 6.03 | % | 25 | 329 | 6.2 | % | 8.2 | % | $ | 107,335 | $ | (118,986 | ) | |||||||||||||||||||||||||||
| Hedge | Modeled Interest | ||||||||||||
| Notional | Period | Rate Sensitivity (1) | |||||||||||
| Hedge | Balance | End | (-50 BPS) | (+50 BPS) | |||||||||
| 5-Year Treasury Future(2) | $ | (277,500 | ) | Mar-25 | $ | (5,584 | ) | $ | 5,498 | ||||
| 10-Year Treasury Future(3) | $ | (193,500 | ) | Mar-25 | $ | (6,177 | ) | $ | 5,966 | ||||
| 10-Year Ultra Treasury Future(4) | $ | (117,500 | ) | Mar-25 | $ | (5,189 | ) | $ | 4,951 | ||||
| Swaps | (3,386,800 | ) | May-31 | (91,761 | ) | 88,467 | |||||||
| Hedge Total | $ | (3,975,300 | ) | $ | (108,711 | ) | $ | 104,882 | |||||
| Rate Shock Grand Total | $ | (1,376 | ) | $ | (14,104 | ) | |||||||
| (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 $106.39 at January 31, 2025. The market value of the short position was $295.2 million. | |
| (3) | Ten-year Treasury futures contracts were valued at prices of $108.84 at January 31, 2025. The market value of the short position was $210.6 million . | |
| (4) | Ten-year Ultra Treasury futures contracts were valued at prices of $111.38 at January 31, 2025. The market value of the short position was $130.9 million. |
| RMBS Assets by Agency | ||||||||
| ($ in thousands) | ||||||||
| Percentage | ||||||||
| Fair | of | |||||||
| Asset Category | Value | Portfolio | ||||||
| As of January 31, 2025 | ||||||||
| Fannie Mae | $ | 3,978,208 | 70.8 | % | ||||
| Freddie Mac | 1,636,923 | 29.2 | % | |||||
| Total Mortgage Assets | $ | 5,615,131 | 100.0 | % | ||||
| Investment Company Act of 1940 Whole Pool Test | ||||||||
| ($ in thousands) | ||||||||
| Percentage | ||||||||
| Fair | of | |||||||
| Asset Category | Value | Portfolio | ||||||
| As of January 31, 2025 | ||||||||
| Non-Whole Pool Assets | $ | 200,372 | 3.6 | % | ||||
| Whole Pool Assets | 5,414,759 | 96.4 | % | |||||
| Total Mortgage Assets | $ | 5,615,131 | 100.0 | % | ||||
| Borrowings By Counterparty | |||||||||||||||||
| ($ in thousands) | |||||||||||||||||
| Weighted | Weighted | ||||||||||||||||
| % of | Average | Average | |||||||||||||||
| Total | Total | Repo | Maturity | Longest | |||||||||||||
| As of January 31, 2025 | Borrowings | Debt | Rate | in Days | Maturity | ||||||||||||
| MUFG Securities Canada, Ltd. | $ | 336,704 | 6.3 | % | 4.42 | % | 16 | 2/24/2025 | |||||||||
| Citigroup Global Markets Inc | 318,047 | 6.0 | % | 4.44 | % | 26 | 2/27/2025 | ||||||||||
| ABN AMRO Bank N.V. | 295,020 | 5.5 | % | 4.42 | % | 18 | 2/18/2025 | ||||||||||
| Wells Fargo Bank, N.A. | 291,347 | 5.5 | % | 4.43 | % | 18 | 3/28/2025 | ||||||||||
| Goldman, Sachs & Co | 270,979 | 5.1 | % | 4.45 | % | 27 | 2/28/2025 | ||||||||||
| Merrill Lynch, Pierce, Fenner & Smith | 270,124 | 5.1 | % | 4.45 | % | 21 | 2/21/2025 | ||||||||||
| RBC Capital Markets, LLC | 266,646 | 5.0 | % | 4.45 | % | 20 | 2/20/2025 | ||||||||||
| DV Securities, LLC Repo | 250,076 | 4.7 | % | 4.45 | % | 56 | 3/28/2025 | ||||||||||
| Cantor Fitzgerald & Co | 247,994 | 4.7 | % | 4.46 | % | 38 | 3/10/2025 | ||||||||||
| Marex Capital Markets Inc. | 242,454 | 4.6 | % | 4.43 | % | 48 | 3/24/2025 | ||||||||||
| J.P. Morgan Securities LLC | 233,790 | 4.4 | % | 4.48 | % | 7 | 2/27/2025 | ||||||||||
| South Street Securities, LLC | 228,248 | 4.3 | % | 4.45 | % | 35 | 4/29/2025 | ||||||||||
| Mirae Asset Securities (USA) Inc. | 221,243 | 4.2 | % | 4.44 | % | 89 | 5/19/2025 | ||||||||||
| Clear Street LLC | 209,391 | 3.9 | % | 4.52 | % | 48 | 3/20/2025 | ||||||||||
| ASL Capital Markets Inc. | 208,451 | 3.9 | % | 4.47 | % | 44 | 3/21/2025 | ||||||||||
| ING Financial Markets LLC | 205,471 | 3.9 | % | 4.45 | % | 48 | 3/20/2025 | ||||||||||
| Mitsubishi UFJ Securities (USA), Inc. | 201,481 | 3.8 | % | 4.49 | % | 13 | 2/18/2025 | ||||||||||
| Daiwa Securities America Inc. | 199,237 | 3.7 | % | 4.45 | % | 24 | 2/24/2025 | ||||||||||
| StoneX Financial Inc. | 197,637 | 3.7 | % | 4.44 | % | 48 | 3/28/2025 | ||||||||||
| The Bank of Nova Scotia | 192,152 | 3.6 | % | 4.45 | % | 49 | 3/21/2025 | ||||||||||
| Bank of Montreal | 189,078 | 3.6 | % | 4.45 | % | 24 | 2/24/2025 | ||||||||||
| Banco Santander SA | 141,954 | 2.7 | % | 4.44 | % | 18 | 2/18/2025 | ||||||||||
| Nomura Securities International, Inc. | 70,278 | 1.3 | % | 4.45 | % | 18 | 2/18/2025 | ||||||||||
| Lucid Prime Fund, LLC | 28,789 | 0.5 | % | 4.46 | % | 13 | 2/13/2025 | ||||||||||
| Total Borrowings | $ | 5,316,591 | 100.0 | % | 4.45 | % | 32 | 5/19/2025 | |||||||||
Contact:
Orchid Island Capital, Inc.
Robert E. Cauley
3305 Flamingo Drive, Vero Beach, Florida 32963
Telephone: (772) 231-1400
