Orchid Island Capital Announces Estimated Fourth Quarter 2024 Results January 2025 Monthly Dividend and December 31, 2024 RMBS Portfolio Characteristics
Orchid Island Capital (NYSE: ORC) has announced its financial results for Q4 2024 and dividend plans. The company declared a monthly dividend of $0.12 per share for January 2025, payable on February 27, 2025. The estimated book value per share as of December 31, 2024, stands at $8.09, with total stockholders' equity of approximately $668.5 million.
The company reported estimated GAAP net income of $0.07 per share for Q4 2024, including $0.02 per share in net realized and unrealized gains on RMBS and derivative instruments. The total return on equity for the quarter was 0.6%, comprising dividends of $0.36 per share and a decrease in book value per share of $0.31. As of January 8, 2025, the company had 84,613,638 shares outstanding.
Orchid Island Capital (NYSE: ORC) ha annunciato i risultati finanziari per il Q4 2024 e i piani di dividendo. L'azienda ha dichiarato un dividendo mensile di 0,12 $ per azione per gennaio 2025, pagabile il 27 febbraio 2025. Il valore contabile stimato per azione al 31 dicembre 2024 è di 8,09 $, con un patrimonio netto totale degli azionisti di circa 668,5 milioni di $.
L'azienda ha riportato un reddito netto stimato GAAP di 0,07 $ per azione per il Q4 2024, inclusi 0,02 $ per azione in guadagni netti realizzati e non realizzati su RMBS e strumenti derivati. Il rendimento totale sul capitale per il trimestre è stato 0,6%, composto da dividendi di 0,36 $ per azione e una diminuzione del valore contabile per azione di 0,31 $. Al 8 gennaio 2025, l'azienda aveva 84.613.638 azioni in circolazione.
Orchid Island Capital (NYSE: ORC) ha anunciado sus resultados financieros para el Q4 2024 y los planes de dividendos. La empresa declaró un dividendo mensual de 0,12 $ por acción para enero de 2025, pagadero el 27 de febrero de 2025. El valor contable estimado por acción al 31 de diciembre de 2024 es de 8,09 $, con un patrimonio total de los accionistas de aproximadamente 668,5 millones de $.
La empresa reportó un ingreso neto estimado GAAP de 0,07 $ por acción para el Q4 2024, incluyendo 0,02 $ por acción en ganancias netas realizadas y no realizadas sobre RMBS y instrumentos derivados. El retorno total sobre el capital para el trimestre fue de 0,6%, compuesto por dividendos de 0,36 $ por acción y una disminución en el valor contable por acción de 0,31 $. Al 8 de enero de 2025, la empresa tenía 84.613.638 acciones en circulación.
오키드 아일랜드 캐피탈 (NYSE: ORC)은 2024년 4분기 재무 결과 및 배당금 계획을 발표했습니다. 회사는 2025년 1월에 주당 0.12 달러의 월별 배당금을 선언했으며, 이는 2025년 2월 27일에 지급될 예정입니다. 2024년 12월 31일 기준으로 주당 추정 장부 가치는 8.09 달러이며, 총 주주 자산은 약 6억 6천 8백 50만 달러입니다.
회사는 2024년 4분기 동안 주당 0.07 달러의 GAAP 순이익을 보고했으며, 여기에는 RMBS와 파생 상품에 대한 주당 0.02 달러의 실현 및 미실현 이익이 포함됩니다. 분기당 자기자본 총 수익률은 0.6%로, 주당 0.36 달러의 배당금과 주당 0.31 달러의 장부 가치 감소로 구성됩니다. 2025년 1월 8일 현재 회사는 84,613,638 주식을 발행했습니다.
Orchid Island Capital (NYSE: ORC) a annoncé ses résultats financiers pour le T4 2024 et ses projets de dividende. La société a déclaré un dividende mensuel de 0,12 $ par action pour janvier 2025, payable le 27 février 2025. La valeur comptable estimée par action au 31 décembre 2024 s'élève à 8,09 $, avec un total des capitaux propres des actionnaires d'environ 668,5 millions de $.
La société a rapporté un revenu net estimé GAAP de 0,07 $ par action pour le T4 2024, comprenant 0,02 $ par action en gains nets réalisés et non réalisés sur des RMBS et des instruments dérivés. Le retour total sur capitaux propres pour le trimestre était de 0,6%, comprenant des dividendes de 0,36 $ par action et une diminution de la valeur comptable par action de 0,31 $. Au 8 janvier 2025, la société avait 84.613.638 actions en circulation.
Orchid Island Capital (NYSE: ORC) hat seine Finanzergebnisse für das 4. Quartal 2024 und die Dividendenpläne bekannt gegeben. Das Unternehmen erklärte eine monatliche Dividende von 0,12 $ pro Aktie für Januar 2025, die am 27. Februar 2025 zahlbar ist. Der geschätzte Buchwert pro Aktie zum 31. Dezember 2024 beträgt 8,09 $, mit einem Gesamteigenkapital von etwa 668,5 Millionen $.
Das Unternehmen berichtete über einen geschätzten GAAP-Nettogewinn von 0,07 $ pro Aktie für das 4. Quartal 2024, einschließlich 0,02 $ pro Aktie an realisierten und nicht realisierten Gewinnen aus RMBS und Derivaten. Die Gesamtrendite auf das Eigenkapital für das Quartal betrug 0,6%, bestehend aus Dividenden von 0,36 $ pro Aktie und einem Rückgang des Buchwerts pro Aktie um 0,31 $. Am 8. Januar 2025 hatte das Unternehmen 84.613.638 ausstehende Aktien.
- Monthly dividend maintained at $0.12 per share
- Positive GAAP net income of $0.07 per share in Q4 2024
- Net realized and unrealized gains of $0.02 per share on RMBS and derivatives
- Positive total return on equity of 0.6% for Q4 2024
- Book value per share decreased by $0.31 during Q4 2024
- Quarterly earnings of $0.07 per share fell short of $0.36 dividend payout
Insights
Orchid Island Capital's Q4 2024 results present a mixed financial picture. The estimated book value per share of
The dividend sustainability requires scrutiny - the monthly dividend of
The increase in outstanding shares from 78.08M to 82.62M during Q4 indicates dilutive capital raising, which could pressure per-share metrics. While maintaining REIT status requires distributing
The operational metrics reveal concerning trends in Orchid's mortgage REIT business model. The stockholders' equity of approximately
The gap between GAAP earnings and dividend payments is particularly troubling. While REITs often distribute based on taxable income rather than GAAP earnings, the significant shortfall between the
The expanded share count through Q4 suggests reliance on equity issuance to support operations, which can be dilutive to existing shareholders if not deployed accretively. The company's careful wording about future distributions ("not assured of its ability to make distributions") may signal management's own concerns about maintaining the current dividend level.
- January 2025 Monthly Dividend of
$0.12 Per Share of Common Stock - Estimated Book Value Per Share as of December 31, 2024 of
$8.09 - Estimated GAAP net income of
$0.07 per share for the quarter ended December 31, 2024, including an estimated$0.02 per share of net realized and unrealized gains on RMBS and derivative instruments - Estimated
0.6% total return on equity for the quarter ended December 31, 2024 - Estimated book value, net income and total return on equity amounts are preliminary, subject to change, and subject to review by the Company’s independent registered public accounting firm
- RMBS Portfolio Characteristics as of December 31, 2024
- Next Dividend Announcement Expected February 12, 2025
VERO BEACH, Fla., Jan. 08, 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 January 2025. 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 January 8, 2025, the Company had 84,613,638 shares of common stock outstanding. As of December 31, 2024, the Company had 82,622,464 shares of common stock outstanding. As of September 30, 2024, the Company had 78,082,645 shares of common stock outstanding.
Estimated December 31, 2024 Book Value Per Share
The Company’s estimated book value per share as of December 31, 2024 was
Estimated Net Income Per Share and Realized and Unrealized Gains on RMBS and Derivative Instruments
The Company estimates it generated net income per share of
Estimated Total Return on Equity
The Company’s estimated total return on equity for the quarter ended December 31, 2024 was
RMBS Portfolio Characteristics
Details of the RMBS portfolio as of December 31, 2024 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 December 31, 2024, 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. 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 | Oct-24 - | |||||||||||||||||||||||||
| Dec-24 | Dec-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 Jan) | in Jan) | (-50 BPS) | (+50 BPS) | ||||||||||||||
| Fixed Rate RMBS | ||||||||||||||||||||||||||
| 15yr 5.0 TBA | $ | 50,000 | $ | 49,742 | 0.94 | % | 99.48 | 5.00 | % | 5.85 | % | 6 | 170 | n/a | n/a | $ | 742 | $ | (817 | ) | ||||||
| 15yr Total | 50,000 | 49,742 | 0.94 | % | 99.48 | 5.00 | % | 5.85 | % | 6 | 170 | n/a | n/a | 742 | (817 | ) | ||||||||||
| 30yr 3.0 | 1,095,967 | 945,375 | 17.83 | % | 86.26 | 3.00 | % | 3.47 | % | 45 | 308 | 6.2 | % | 6.5 | % | 29,549 | (29,973 | ) | ||||||||
| 30yr 3.5 | 175,770 | 158,324 | 2.99 | % | 90.07 | 3.50 | % | 4.04 | % | 58 | 289 | 5.9 | % | 6.6 | % | 4,509 | (4,559 | ) | ||||||||
| 30yr 4.0 | 526,006 | 483,036 | 9.11 | % | 91.83 | 4.00 | % | 4.64 | % | 71 | 282 | 5.7 | % | 5.3 | % | 12,738 | (13,432 | ) | ||||||||
| 30yr 4.5 | 305,898 | 289,216 | 5.45 | % | 94.55 | 4.50 | % | 5.44 | % | 30 | 326 | 12.1 | % | 8.5 | % | 6,480 | (6,971 | ) | ||||||||
| 30yr 5.0 | 574,297 | 556,505 | 10.49 | % | 96.90 | 5.00 | % | 5.94 | % | 25 | 330 | 4.9 | % | 5.6 | % | 11,855 | (12,913 | ) | ||||||||
| 30yr 5.5 | 397,698 | 395,367 | 7.46 | % | 99.41 | 5.50 | % | 6.45 | % | 15 | 342 | 5.2 | % | 3.9 | % | 7,677 | (8,617 | ) | ||||||||
| 30yr 6.0 | 1,201,764 | 1,218,206 | 22.97 | % | 101.37 | 6.00 | % | 6.98 | % | 12 | 343 | 8.8 | % | 11.6 | % | 19,254 | (22,443 | ) | ||||||||
| 30yr 6.5 | 841,820 | 866,182 | 16.33 | % | 102.89 | 6.50 | % | 7.43 | % | 11 | 346 | 9.0 | % | 17.3 | % | 10,020 | (12,404 | ) | ||||||||
| 30yr 7.0 | 312,055 | 325,601 | 6.14 | % | 104.34 | 7.00 | % | 7.94 | % | 14 | 339 | 21.1 | % | 32.2 | % | 3,015 | (3,728 | ) | ||||||||
| 30yr Total | 5,431,275 | 5,237,812 | 98.77 | % | 96.44 | 5.03 | % | 5.84 | % | 28 | 326 | 8.1 | % | 10.6 | % | 105,097 | (115,040 | ) | ||||||||
| Total Pass-Through MBS | 5,481,275 | 5,287,554 | 99.71 | % | 96.47 | 5.03 | % | 5.84 | % | 28 | 325 | 8.1 | % | 10.6 | % | 105,839 | (115,857 | ) | ||||||||
| Structured MBS | ||||||||||||||||||||||||||
| IO 20yr 4.0 | 6,998 | 643 | 0.01 | % | 9.19 | 4.00 | % | 4.57 | % | 156 | 78 | 9.0 | % | 9.3 | % | 4 | (3 | ) | ||||||||
| IO 30yr 3.0 | 2,599 | 366 | 0.01 | % | 14.07 | 3.00 | % | 3.64 | % | 119 | 230 | 1.2 | % | 9.8 | % | 2 | (2 | ) | ||||||||
| IO 30yr 4.0 | 71,388 | 13,342 | 0.25 | % | 18.69 | 4.00 | % | 4.60 | % | 124 | 227 | 6.8 | % | 6.6 | % | (130 | ) | 86 | ||||||||
| IO 30yr 4.5 | 3,125 | 604 | 0.01 | % | 19.32 | 4.50 | % | 4.99 | % | 174 | 173 | 9.3 | % | 7.5 | % | - | (1 | ) | ||||||||
| IO 30yr 5.0 | 1,675 | 353 | 0.01 | % | 21.09 | 5.00 | % | 5.37 | % | 174 | 173 | 2.8 | % | 9.3 | % | (2 | ) | 1 | ||||||||
| IO Total | 85,785 | 15,308 | 0.29 | % | 17.84 | 4.01 | % | 4.60 | % | 129 | 212 | 6.8 | % | 7.0 | % | (126 | ) | 81 | ||||||||
| IIO 30yr 4.0 | 21,971 | 190 | 0.00 | % | 0.86 | 0.00 | % | 4.40 | % | 87 | 261 | 0.4 | % | 7.3 | % | 97 | (66 | ) | ||||||||
| Total Structured RMBS | 107,756 | 15,498 | 0.29 | % | 14.38 | 3.19 | % | 4.56 | % | 121 | 222 | 5.5 | % | 7.0 | % | (29 | ) | 15 | ||||||||
| Total Mortgage Assets | $ | 5,589,031 | $ | 5,303,052 | 100.00 | % | 4.99 | % | 5.81 | % | 30 | 323 | 8.1 | % | 10.5 | % | $ | 105,810 | $ | (115,842 | ) | |||||
| Hedge | Modeled Interest | ||||||||||||
| Notional | Period | Rate Sensitivity (1) | |||||||||||
| Hedge | Balance | End | (-50 BPS) | (+50 BPS) | |||||||||
| 5-Year Treasury Future(2) | $ | (312,500 | ) | Mar-25 | $ | (6,370 | ) | $ | 6,174 | ||||
| 10-Year Treasury Future(3) | $ | (93,500 | ) | Mar-25 | $ | (2,966 | ) | $ | 2,878 | ||||
| 10-Year Ultra Treasury Future(4) | $ | (32,500 | ) | Mar-25 | $ | (1,429 | ) | $ | 1,362 | ||||
| Swaps | (3,516,800 | ) | Jun-30 | (83,890 | ) | 81,039 | |||||||
| TBA | (200,000 | ) | Jan-25 | (5,786 | ) | 5,977 | |||||||
| Hedge Total | $ | (4,155,300 | ) | $ | (100,441 | ) | $ | 97,430 | |||||
| Rate Shock Grand Total | $ | 5,369 | $ | (18,412 | ) | ||||||||
| (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 |
| (3 | ) | Ten-year Treasury futures contracts were valued at prices of |
| (4 | ) | Ten-year Ultra futures contracts were valued at prices of |
| RMBS Assets by Agency | ||||||||
| ($ in thousands) | ||||||||
| Percentage | ||||||||
| Fair | of | |||||||
| Asset Category | Value | Portfolio | ||||||
| As of December 31, 2024 | ||||||||
| Fannie Mae | $ | 3,742,774 | 70.6 | % | ||||
| Freddie Mac | 1,560,278 | 29.4 | % | |||||
| Total Mortgage Assets | $ | 5,303,052 | 100.0 | % | ||||
| Investment Company Act of 1940 Whole Pool Test | ||||||||
| ($ in thousands) | ||||||||
| Percentage | ||||||||
| Fair | of | |||||||
| Asset Category | Value | Portfolio | ||||||
| As of December 31, 2024 | ||||||||
| Non-Whole Pool Assets | $ | 203,346 | 3.8 | % | ||||
| Whole Pool Assets | 5,099,706 | 96.2 | % | |||||
| Total Mortgage Assets | $ | 5,303,052 | 100.0 | % | ||||
| Borrowings By Counterparty | |||||||||
| ($ in thousands) | |||||||||
| Weighted | Weighted | ||||||||
| % of | Average | Average | |||||||
| Total | Total | Repo | Maturity | Longest | |||||
| As of December 31, 2024 | Borrowings | Debt | Rate | in Days | Maturity | ||||
| Merrill Lynch, Pierce, Fenner & Smith | $ | 360,113 | 7.2 | % | 4.67 | % | 21 | 1/21/2025 | |
| ABN AMRO Bank N.V. | 335,584 | 6.7 | % | 4.60 | % | 17 | 1/17/2025 | ||
| RBC Capital Markets, LLC | 267,565 | 5.3 | % | 4.68 | % | 21 | 1/21/2025 | ||
| Cantor Fitzgerald & Co | 254,445 | 5.1 | % | 4.74 | % | 8 | 1/8/2025 | ||
| DV Securities, LLC Repo | 251,638 | 5.0 | % | 4.63 | % | 28 | 1/28/2025 | ||
| MUFG Securities Canada, Ltd. | 248,084 | 4.9 | % | 4.62 | % | 13 | 1/13/2025 | ||
| Mitsubishi UFJ Securities (USA), Inc. | 244,546 | 4.9 | % | 4.66 | % | 13 | 1/21/2025 | ||
| J.P. Morgan Securities LLC | 241,633 | 4.8 | % | 4.77 | % | 8 | 1/27/2025 | ||
| Daiwa Securities America Inc. | 232,972 | 4.6 | % | 4.62 | % | 23 | 1/23/2025 | ||
| Goldman, Sachs & Co | 232,011 | 4.6 | % | 4.63 | % | 27 | 1/27/2025 | ||
| Wells Fargo Bank, N.A. | 227,854 | 4.5 | % | 4.76 | % | 17 | 1/17/2025 | ||
| Citigroup Global Markets Inc | 226,627 | 4.5 | % | 4.62 | % | 27 | 1/27/2025 | ||
| Marex Capital Markets Inc. | 211,474 | 4.2 | % | 4.62 | % | 21 | 1/21/2025 | ||
| ASL Capital Markets Inc. | 210,826 | 4.2 | % | 4.63 | % | 24 | 2/12/2025 | ||
| ING Financial Markets LLC | 208,713 | 4.2 | % | 4.63 | % | 30 | 1/30/2025 | ||
| The Bank of Nova Scotia | 192,117 | 3.8 | % | 4.66 | % | 21 | 1/21/2025 | ||
| Bank of Montreal | 191,010 | 3.8 | % | 4.60 | % | 21 | 1/21/2025 | ||
| South Street Securities, LLC | 184,014 | 3.7 | % | 4.71 | % | 22 | 1/24/2025 | ||
| Mirae Asset Securities (USA) Inc. | 176,902 | 3.5 | % | 4.76 | % | 139 | 5/19/2025 | ||
| Clear Street LLC | 163,116 | 3.2 | % | 4.54 | % | 79 | 3/20/2025 | ||
| StoneX Financial Inc. | 151,169 | 3.0 | % | 4.63 | % | 17 | 1/17/2025 | ||
| Banco Santander SA | 90,417 | 1.8 | % | 4.75 | % | 17 | 1/17/2025 | ||
| Nomura Securities International, Inc. | 70,878 | 1.4 | % | 4.64 | % | 17 | 1/17/2025 | ||
| Lucid Prime Fund, LLC | 29,149 | 0.6 | % | 4.70 | % | 16 | 1/16/2025 | ||
| Wells Fargo Securities, LLC | 22,686 | 0.5 | % | 4.88 | % | 23 | 1/23/2025 | ||
| Total Borrowings | $ | 5,025,543 | 100.0 | % | 4.66 | % | 26 | 5/19/2025 | |
Contact:
Orchid Island Capital, Inc.
Robert E. Cauley
3305 Flamingo Drive, Vero Beach, Florida 32963
Telephone: (772) 231-1400
FAQ
What is ORC's dividend payment for January 2025?
What was ORC's estimated book value per share as of December 31, 2024?
How much net income per share did ORC generate in Q4 2024?
What was ORC's total return on equity for Q4 2024?
How many shares of ORC were outstanding as of January 8, 2025?
