Orchid Island Capital Announces September 2024 Monthly Dividend and August 31, 2024 RMBS Portfolio Characteristics
-- September 2024 Monthly Dividend of $0.12 Per Share of Common Stock -- RMBS Portfolio Characteristics as of August 31, 2024 -- Next Dividend Announcement Expected October 16, 2024 VERO BEACH, Fla.--(BUSINESS WIRE)--September 09, 2024--
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 September 2024. The dividend of $0.12 per share will be paid October 30, 2024 to holders of record of the Company's common stock on September 30, 2024, with an ex-dividend date of September 30, 2024. The Company plans on announcing its next common stock dividend on October 16, 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 September 9, 2024, the Company had 73,997,050 shares of common stock outstanding. As of August 31, 2024, the Company had 73,947,050 shares of common stock outstanding. As of June 30, 2024, the Company had 64,824,374 shares of common stock outstanding.
RMBS Portfolio Characteristics
Details of the RMBS portfolio as of August 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)
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Realized
Realized Jun -24 -
Aug-24 Aug-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 Sep) in Sep) (-50 BPS) (+50 BPS)
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Fixed Rate RMBS
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15yr 5.0 TBA $ 50,000 $ 50,371 0.94% 100.74 5.00% 5.80% 14 158 n/a n/a $ 567 $ (660)
15yr 6.0 64,324 66,483 1.24% 103.36 6.00% 6.83% 9 167 n/a n/a 619 (715)
15yr Total 114,324 116,854 2.18% 102.21 5.56% 6.38% 11 163 n/a n/a 1,186 (1,375)
30yr 3.0 1,324,371 1,190,283 22.24% 89.88 3.00% 3.46% 41 313 7.1% 6.6% 36,235 (36,948)
30yr 3.5 181,918 170,266 3.18% 93.60 3.50% 4.04% 54 294 8.7% 9.5% 4,633 (4,710)
30yr 4.0 538,115 512,716 9.58% 95.28 4.00% 4.78% 31 325 5.3% 5.9% 11,870 (12,790)
30yr 4.5 314,643 307,763 5.75% 97.81 4.50% 5.44% 26 331 7.3% 10.4% 5,571 (6,283)
30yr 5.0 522,185 520,141 9.72% 99.61 5.00% 5.93% 24 331 8.7% 9.9% 8,560 (10,002)
30yr 5.5 260,884 265,358 4.96% 101.72 5.50% 6.43% 17 340 6.5% 5.6% 3,777 (4,673)
30yr 6.0 1,036,826 1,064,828 19.90% 102.70 6.00% 6.98% 9 347 8.5% 8.0% 11,040 (14,436)
30yr 6.5 785,181 813,423 15.20% 103.60 6.50% 7.43% 8 349 11.3% 10.4% 5,954 (7,777)
30yr 7.0 358,307 374,435 7.00% 104.50 7.00% 7.95% 10 344 31.4% 19.7% 2,444 (3,024)
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30yr Total 5,322,430 5,219,213 97.52% 98.06 4.90% 5.69% 23 332 9.7% 8.8% 90,084 (100,643)
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Total Pass Through
RMBS 5,436,754 5,336,067 99.70% 98.15 4.91% 5.71% 23 328 9.7% 8.8% 91,270 (102,018)
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Structured RMBS
-----------------
IO 20yr 4.0 7,576 688 0.01% 9.08 4.00% 4.57% 152 82 11.7% 11.5% 3 (4)
IO 30yr 3.0 2,702 325 0.01% 12.03 3.00% 3.64% 115 235 1.5% 1.1% (1) -
IO 30yr 4.0 74,480 13,544 0.25% 18.19 4.00% 4.60% 120 231 7.0% 7.5% (388) 275
IO 30yr 4.5 3,250 605 0.01% 18.62 4.50% 4.99% 170 177 7.1% 6.0% (9) 5
IO 30yr 5.0 1,755 358 0.01% 20.38 5.00% 5.37% 170 178 10.3% 15.4% (9) 6
------------------ --------- --------- --------- ------- -------- ---- --- -------- --------- --------- ------- --------
IO Total 89,763 15,520 0.29% 17.29 4.01% 4.60% 125 215 7.3% 7.7% (403) 282
------------------ --------- --------- --------- ------- -------- ---- --- -------- --------- --------- ------- --------
IIO 30yr 4.0 24,095 325 0.01% 1.35 0.00% 4.40% 83 265 10.6% 8.0% 105 (87)
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Total Structured
RMBS 113,858 15,845 0.30% 13.92 3.16% 4.55% 116 226 8.0% 7.8% (298) 195
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Total Mortgage
Assets $5,550,612 $5,351,912 100.00% 4.87% 5.68% 25 326 9.6% 8.7% $ 90,972 $(101,823)
(MORE TO FOLLOW) Dow Jones Newswires
September 09, 2024 16:05 ET (20:05 GMT)
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