Orchid Island Capital Announces Estimated First Quarter 2021 Results, April 2021 Monthly Dividend and March 31, 2021 RMBS Portfolio Characteristics
Orchid Island Capital (NYSE:ORC) announced a monthly cash dividend of $0.065 per share for April 2021, payable on May 26, 2021. The ex-dividend date is April 29, 2021. The Company reported an estimated book value per share of $4.94 as of March 31, 2021, with total stockholders' equity around $466.2 million. However, the Company estimates a net loss per share of $0.34 due to net losses on RMBS and derivatives, which exceeds the $0.195 in dividends declared during the quarter.
- Monthly cash dividend of $0.065 per share announced for April 2021
- Estimated book value per share of $4.94 as of March 31, 2021
- Total stockholders' equity estimated at $466.2 million
- Estimated net loss per share of $0.34 for the quarter ended March 31, 2021
- Net realized and unrealized losses of $0.60 per share on RMBS and derivatives
- Total return on equity estimated at (6.0)% for the quarter
Orchid Island Capital, Inc. (the “Company”) (NYSE:ORC) announced today that the Board of Directors (the “Board”) declared a monthly cash dividend for the month of April 2021. The dividend of
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
As of April 14, 2021 and March 31, 2021, the Company had 94,410,960 shares of common stock outstanding. As of December 31, 2020, the Company had 76,073,317 shares of common stock outstanding.
Estimated March 31, 2021 Book Value Per Share
The Company’s estimated book value per share as of March 31, 2021 was
Estimated Net Loss Per Share and Realized and Unrealized Gains and Losses on RMBS and Derivative Instruments
The Company estimates it generated a net loss per share of
Estimated Total Return on Equity
The Company’s estimated total return on equity for the quarter ended March 31, 2021 was (6.0)%. The Company calculates total return on equity as the sum of dividends declared and paid during the quarter plus changes in book value during the quarter, divided by the Company’s stockholders’ equity at the beginning of the quarter. The total return was
RMBS Portfolio Characteristics
Details of the RMBS portfolio as of March 31, 2021 are presented below. These figures are preliminary and subject to change and, with respect to figures that will appear in the Company’s financial statements and associated footnotes as of and for the quarter ended March 31, 2021, are subject to review by the Company’s independent registered public accounting firm.
- 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 and the expected funding of purchased assets. 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, 2020.
RMBS Valuation Characteristics |
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($ in thousands) |
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Realized |
Realized |
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Mar 2021 |
Jan - Mar |
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Modeled |
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Modeled |
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Net |
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Weighted |
CPR |
2021 CPR |
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Interest |
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Interest |
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% |
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Weighted |
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Average |
(1-Month) |
(3-Month) |
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Rate |
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Rate |
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Current |
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Fair |
of |
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Current |
Average |
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Maturity |
(Reported |
(Reported |
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Sensitivity |
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Sensitivity |
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Type |
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Face |
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Value(1) |
Portfolio |
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Price |
Coupon |
GWAC |
Age |
(Months) |
in Apr) |
in Apr) |
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(-50 BPS)(2) |
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(+50 BPS)(2) |
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Pass Through RMBS |
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15yr 2.5 |
$ |
236,589 |
$ |
249,068 |
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$ |
105.27 |
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3 |
173 |
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|
$ |
4,298 |
$ |
(4,917) |
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15yr 4.0 |
|
620 |
|
668 |
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107.72 |
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35 |
121 |
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8 |
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(9) |
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15yr Total |
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237,209 |
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249,736 |
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105.28 |
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4 |
173 |
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4,306 |
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(4,926) |
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20yr 2.0 |
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148,817 |
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151,037 |
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|
101.49 |
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3 |
237 |
|
|
|
2,645 |
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(3,469) |
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20yr Total |
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148,817 |
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151,037 |
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|
101.49 |
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3 |
237 |
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2,645 |
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(3,469) |
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30yr 2.5 |
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1,075,521 |
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1,107,883 |
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|
103.01 |
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5 |
353 |
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20,906 |
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(28,734) |
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30yr 3.0 |
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1,731,780 |
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1,847,507 |
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|
106.68 |
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4 |
355 |
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37,904 |
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(47,815) |
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30yr 3.5 |
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594,616 |
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648,660 |
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|
109.09 |
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16 |
338 |
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9,711 |
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(13,677) |
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30yr 4.0 |
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173,450 |
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193,855 |
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|
111.76 |
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31 |
321 |
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3,603 |
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(4,090) |
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30yr 4.5 |
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87,902 |
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99,054 |
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112.69 |
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22 |
334 |
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961 |
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(1,467) |
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30yr Total |
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3,663,269 |
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3,896,959 |
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106.38 |
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8 |
349 |
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73,085 |
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(95,783) |
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Total Pass Through RMBS |
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4,049,295 |
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4,297,732 |
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106.14 |
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8 |
335 |
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80,036 |
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(104,178) |
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Structured RMBS |
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Interest-Only Securities |
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228,272 |
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35,521 |
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15.34 |
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81 |
264 |
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(4,784) |
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4,207 |
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Inverse Interest-Only Securities |
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66,732 |
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5,283 |
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7.91 |
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43 |
311 |
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n/a |
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(293) |
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(316) |
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Total Structured RMBS |
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295,004 |
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40,804 |
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13.83 |
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72 |
275 |
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(5,077) |
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3,891 |
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Total Mortgage Assets |
$ |
4,344,299 |
$ |
4,338,536 |
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12 |
331 |
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$ |
74,959 |
$ |
(100,287) |
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Interest |
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Interest |
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Average |
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Hedge |
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Rate |
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Rate |
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Notional |
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Period |
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Sensitivity |
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Sensitivity |
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Hedge |
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Balance |
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End |
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(-50 BPS)(2) |
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(+50 BPS)(2) |
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Eurodollar Futures |
$ |
(50,000) |
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Dec-2021 |
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$ |
(188) |
$ |
188 |
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Swaps |
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(1,355,000) |
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Dec-2026 |
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(39,062) |
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39,062 |
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5-Year Treasury Future |
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(69,000) |
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Jun-2021(3) |
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(2,525) |
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1,878 |
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TBA |
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(1,312,000) |
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Apr-2021 |
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(17,275) |
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26,628 |
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Swaptions |
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(244,350) |
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Jun-2022 |
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"name": "Orchid Island Capital Announces Estimated First Quarter 2021 Results, April 2021 Monthly Dividend and March 31, 2021 RMBS Portfolio Characteristics FAQs",
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{
"@type": "Question",
"name": "What is the dividend amount for Orchid Island Capital in April 2021?",
"acceptedAnswer": {
"@type": "Answer",
"text": "The dividend amount for Orchid Island Capital in April 2021 is $0.065 per share."
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{
"@type": "Question",
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"acceptedAnswer": {
"@type": "Answer",
"text": "Orchid Island Capital will pay its April 2021 dividend on May 26, 2021."
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},
{
"@type": "Question",
"name": "What is the ex-dividend date for Orchid Island Capital's April 2021 dividend?",
"acceptedAnswer": {
"@type": "Answer",
"text": "The ex-dividend date for Orchid Island Capital's April 2021 dividend is April 29, 2021."
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"@type": "Answer",
"text": "Orchid Island Capital's estimated book value per share as of March 31, 2021, was $4.94."
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},
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"@type": "Question",
"name": "What is the significance of a REIT distributing 90% of its taxable income?",
"acceptedAnswer": {
"@type": "Answer",
"text": "To qualify as a REIT, Orchid Island Capital must distribute at least 90% of its REIT taxable income to avoid income tax on undistributed earnings."
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}
FAQ
What is the dividend amount for Orchid Island Capital in April 2021?
The dividend amount for Orchid Island Capital in April 2021 is $0.065 per share.
When will Orchid Island Capital pay its April 2021 dividend?
Orchid Island Capital will pay its April 2021 dividend on May 26, 2021.
What is the ex-dividend date for Orchid Island Capital's April 2021 dividend?
The ex-dividend date for Orchid Island Capital's April 2021 dividend is April 29, 2021.
What was Orchid Island Capital's estimated book value per share as of March 31, 2021?
Orchid Island Capital's estimated book value per share as of March 31, 2021, was $4.94.
What is the significance of a REIT distributing 90% of its taxable income?
To qualify as a REIT, Orchid Island Capital must distribute at least 90% of its REIT taxable income to avoid income tax on undistributed earnings.
Orchid Island Capital, Inc.
NYSE:ORCORC RankingsORC Latest NewsORC Stock Data
621.64M
78.21M
0.27%
31.22%
8.68%
REIT - Mortgage
Real Estate Investment Trusts
United States of America
VERO BEACH
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