Orchid Island Capital Announces December 2024 Monthly Dividend and November 30, 2024 RMBS Portfolio Characteristics
-- 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") $(ORC)$ 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)
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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
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15yr 5.0 TBA $ 50,000 $ 50,113 0.94% 100.23 5.00% 5.87% 6 170 n/a n/a $ 651 $ (746)
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15yr Total 50,000 50,113 0.94% 100.23 5.00% 5.87% 6 170 n/a n/a 651 (746)
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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)
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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)
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Structured MBS
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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)
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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)
(MORE TO FOLLOW) Dow Jones Newswires
December 10, 2024 16:05 ET (21:05 GMT)
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