0001437749-23-004426.txt : 20230223 0001437749-23-004426.hdr.sgml : 20230223 20230223172730 ACCESSION NUMBER: 0001437749-23-004426 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20230223 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230223 DATE AS OF CHANGE: 20230223 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Orchid Island Capital, Inc. CENTRAL INDEX KEY: 0001518621 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 273269228 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35236 FILM NUMBER: 23661150 BUSINESS ADDRESS: STREET 1: 3305 FLAMINGO DRIVE CITY: VERO BEACH STATE: FL ZIP: 32963 BUSINESS PHONE: 772-231-1400 MAIL ADDRESS: STREET 1: 3305 FLAMINGO DRIVE CITY: VERO BEACH STATE: FL ZIP: 32963 8-K 1 orc20221206_8k.htm FORM 8-K orc20221206_8k.htm
false 0001518621 0001518621 2023-02-23 2023-02-23
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): February 23, 2023
 
Orchid Island Capital, Inc.
(Exact Name of Registrant as Specified in Charter)
 
Maryland
001-35236
27-3269228
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
 
3305 Flamingo Drive, Vero Beach, Florida 32963
(Address of Principal Executive Offices) (Zip Code)
 
Registrant’s telephone number, including area code (772) 231-1400
 
N/A
(Former Name or Former Address, if Changed Since Last Report)
 
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class:
Trading symbol:         
Name of each exchange on which registered:
Common Stock, par value $0.01 per share
ORC
NYSE
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 
 
 
Item 2.02. Results of Operations and Financial Condition.
 
On February 23, 2023, Orchid Island Capital, Inc. (the “Company”) issued the press release attached hereto as Exhibit 99.1 announcing the Company’s results of operations for the period ended December 31, 2022. In addition, the Company posted supplemental financial information on the investor relations section of its website (https://ir.orchidislandcapital.com). The press release, attached as Exhibit 99.1, is being furnished under this “Item 2.02 Results of Operations and Financial Condition,” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any disclosure document of the Company, except as shall be expressly set forth by specific reference in such document.
 
Caution About Forward-Looking Statements.
 
This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including, but not limited to, statements regarding interest rates, inflation, liquidity, pledging of our structured RMBS, funding levels and spreads, prepayment speeds, portfolio positioning and repositioning, hedging levels, leverage ratio, dividends, growth, the supply and demand for Agency RMBS and the performance of the Agency RMBS sector generally, the effect of actual or expected actions of the U.S. government, including the Federal Reserve, market expectations, future opportunities and prospects of the Company, the stock repurchase program and general economic conditions. These forward-looking statements are based upon the Company’s present expectations, but the Company cannot assure investors that actual results will not vary from the expectations contained in the forward-looking statements. 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, 2021, which has been filed with the Securities and Exchange Commission ("SEC"), and other documents that the Company files with the SEC. All forward-looking statements speak only as of the date on which they are made. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect the Company. Except as required by law, the Company is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
 
Item 9.01. Financial Statements and Exhibits.
 
(d) Exhibits
 
Exhibit No.
  
Description
99.1
  
104
  
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
 
Signatures
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: February 23, 2023
 
 ORCHID ISLAND CAPITAL, INC.
   
   
 
By:
/s/ Robert E. Cauley
   
Robert E. Cauley
   
Chairman and Chief Executive Officer
 
 
 EX-99.1 2 ex_453578.htm EXHIBIT 99.1 ex_453578.htm

Exhibit 99.1

 

oilogo.jpg

 

ORCHID ISLAND CAPITAL ANNOUNCES FOURTH QUARTER 2022 RESULTS

 

VERO BEACH, Fla. (February 23, 2023) – Orchid Island Capital, Inc. (NYSE:ORC) ("Orchid” or the "Company"), a real estate investment trust ("REIT"), today announced results of operations for the three and twelve month periods ended December 31, 2022.

 

Fourth Quarter 2022 Results

 

●

Net income of $34.9 million, or $0.95 per common share, which consists of:
 

●

Net interest income of $2.4 million, or $0.06 per common share
 

●

Total expenses of $5.9 million, or $0.16 per common share
 

●

Net realized and unrealized gains of $38.4 million, or $1.04 per common share, on RMBS and derivative instruments, including net interest income on interest rate swaps
 

●

Fourth quarter and full year total dividends declared and paid of $0.48 and $2.475 per common share, respectively
 

●

Book value per common share of $11.93 at December 31, 2022
 

●

Total return of 8.67%, comprised of $0.48 dividend per common share and $0.51 increase in book value per common share, divided by beginning book value per common share

 

Other Financial Highlights

 

●

Orchid maintained a strong liquidity position of $233.0 million in cash and cash equivalents and unpledged RMBS, or 53% of stockholder’s equity as of December 31, 2022
 

●

Borrowing capacity in excess of December 31, 2022 outstanding repurchase agreement balances of $3,378.5 million, spread across 20 active lenders
 

●

Company to discuss results on Friday, February 24, 2023, at 10:00 AM ET
 

●

Supplemental materials to be discussed on the call can be downloaded from the investor relations section of the Company’s website at https://ir.orchidislandcapital.com

 

Management Commentary 

 

Commenting on the fourth quarter results, Robert E. Cauley, Chairman and Chief Executive Officer, said, “As 2022 came to an end the markets and the Federal Reserve’s (“Fed”) outlook for the economy, inflation and the path of monetary policy began to diverge.  The seeds for the divergence were planted as the third quarter came to an end and the Fed had finally succeeded in convincing the market that they had much work to do in slowing the economy and inflation and that the process would take longer than the market had expected.  In fact, the Fed was so successful at convincing the market it would aggressively remove accommodation and slow inflation that the market began to look beyond this step in the process and instead focus on the ramifications of such policy removal – namely a slowing of the economy.  The change of focus – or “pivot” – on the part of the market occurred in late October/early November due to inflation data.  The consumer price index data for October and November were much lower than previous months - although this data was revised higher in early February of 2023.  The market interpreted this development as evidence that inflation had peaked and was coming down quite quickly. 

 

“As incoming data over the course of the fourth quarter of 2022 and early first quarter of 2023 appeared to be consistent with the markets' thesis that inflation had peaked and the economy was slowing, confidence grew that the Fed would need to pivot and start to reduce monetary policy later in 2023.  This led to a material change in risk sentiment during the fourth quarter and risk assets performed very well.  The Agency RMBS market returns for 2022 were negative – down 11.9%.  However, the sector posted positive returns for the fourth quarter of 2.1%, which was 110 basis points higher than comparable duration swaps.  The performance of the Agency RMBS sector was not uniformly positive for the fourth quarter.  Early in the quarter U.S. Treasury yields reached their highest levels in many years in late October of 2022.  Agency RMBS spreads to comparable duration U.S. Treasuries also reached their widest levels since the great financial crisis, easily surpassing the levels observed in March of 2020.  As market sentiment turned mid-quarter and risk appetite improved, Agency RMBS, like most other asset classes, were viewed as very attractive.  The sector’s rebound was likely triggered by the extreme spread levels reached in late October, and the rebound has continued into early 2023. However, the absence of the largest of the traditional buyers of the asset class – banks, and since March of 2020, the Fed, may result in the sector recovering more slowly towards pre-pandemic levels, if it can do so at all.

 

 
 

 

“For Orchid, our performance during the fourth quarter benefited from our exposure to lower coupon, longer duration securities that we owned throughout 2022. While such securities generate less interest income, they have contributed significantly to our book value performance over the last two months of 2022 and into 2023.  In conjunction with the Company’s short positions in lower coupon TBAs we have been able to manage our risk to higher rates while also capturing book value appreciation as the market has rallied since late October, all the while maintaining an economic leverage ratio on the low end of our typical range. We anticipate maintaining these lower coupon holdings as a core position for the time being and have added higher coupons with new capital and pay-downs, while still maintaining a lower coupon bias.  As always, if market conditions change, we expect to adapt our positions accordingly. With the incoming data and market reaction observed so far in February this may indeed be occurring.”

 

Details of Fourth Quarter 2022 Results of Operations

 

The Company reported net income of $34.9 million for the three month period ended December 31, 2022, compared with a net loss of $44.6 million for the three month period ended December 31, 2021. The Company decreased its Agency RMBS portfolio over the course of 2022, from $6.5 billion at December 31, 2021 to $3.5 billion at December 31, 2022. Interest income on the portfolio in the fourth quarter was down approximately $3.7 million from the third quarter of 2022. The yield on our average Agency RMBS decreased from 3.99% in the third quarter of 2022 to 3.79% for the fourth quarter of 2022, repurchase agreement borrowing costs increased from 2.48% for the third quarter of 2022 to 3.63% for the fourth quarter of 2022, and our net interest spread decreased from 1.51% in the third quarter of 2022 to 0.16% in the fourth quarter of 2022.

 

Book value increased by $0.51 per share in the fourth quarter of 2022. The increase in book value reflects our net income of $0.95 per share and the dividend distribution of $0.48 per share. The Company recorded net realized and unrealized gains of $1.04 per share on Agency RMBS assets and derivative instruments, including net interest income on interest rate swaps.

 

Details of Full Year 2022 Results of Operations

 

The Company reported a net loss of $258.5 million for the year ended December 31, 2022, compared with a net loss of $64.8 million for the year ended December 31, 2021. Interest income on the portfolio in the year ended December 31, 2022 was approximately $144.6 million and the yield on our average Agency RMBS was 3.45%. Repurchase agreement interest expense was $61.7 million during 2022 with an average cost of 1.53%.

 

Prepayments

 

For the quarter ended December 31, 2022, Orchid received $63.9 million in scheduled and unscheduled principal repayments and prepayments, which equated to a 3-month constant prepayment rate (“CPR”) of approximately 5.0%. Prepayment rates on the two RMBS sub-portfolios were as follows (in CPR):

 

           

Structured

          
   

PT RMBS

    

RMBS

    

Total

  

Three Months Ended

  

Portfolio (%)

    

Portfolio (%)

    

Portfolio (%)

  

December 31, 2022

     4.9       6.0       5.0  

September 30, 2022

     6.1       10.4       6.5  

June 30, 2022

     8.3       13.7       9.4  

March 31, 2022

     8.1       19.5       10.7  

December 31, 2021

     9.0       24.6       11.4  

September 30, 2021

     9.8       25.1       12.4  

June 30, 2021

     10.9       29.9       12.9  

March 31, 2021

     9.9       40.3       12.0  

 

 

 
 

 

Portfolio

 

The following tables summarize certain characteristics of Orchid’s PT RMBS (as defined below) and structured RMBS as of December 31, 2022 and December 31, 2021:

 

($ in thousands)

                                  
                           

Weighted

    
           

Percentage

            

Average

    
           

of

    

Weighted

    

Maturity

    
   

Fair

    

Entire

    

Average

    

in

  

Longest

Asset Category

  

Value

    

Portfolio

    

Coupon

    

Months

  

Maturity

December 31, 2022

                                  

Fixed Rate RMBS

   $ 3,519,906       99.4 %     3.47 %     339  

1-Nov-52

Interest-Only Securities

     19,669       0.6 %     4.01 %     234  

25-Jul-48

Inverse Interest-Only Securities

     427       0.0 %     0.00 %     286  

15-Jun-42

Total Mortgage Assets

   $ 3,540,002       100.0 %     3.46 %     336  

1-Nov-52

December 31, 2021

                                  

Fixed Rate RMBS

   $ 6,298,189       96.7 %     2.93 %     342  

1-Dec-51

Interest-Only Securities

     210,382       3.2 %     3.40 %     263  

25-Jan-52

Inverse Interest-Only Securities

     2,524       0.1 %     3.75 %     300  

15-Jun-42

Total Mortgage Assets

   $ 6,511,095       100.0 %     3.03 %     325  

25-Jan-52

 

($ in thousands)

                                
   

December 31, 2022

    

December 31, 2021

  
           

Percentage of

            

Percentage of

  

Agency

  

Fair Value

    

Entire Portfolio

    

Fair Value

    

Entire Portfolio

  

Fannie Mae

   $ 2,320,960       65.6 %   $ 4,719,349       72.5 %

Freddie Mac

     1,219,042       34.4 %     1,791,746       27.5 %

Total Portfolio

   $ 3,540,002       100.0 %   $ 6,511,095       100.0 %

 

   

December 31, 2022

    

December 31, 2021

  

Weighted Average Pass-through Purchase Price

   $ 106.41     $ 107.19  

Weighted Average Structured Purchase Price

   $ 18.74     $ 15.21  

Weighted Average Pass-through Current Price

   $ 91.46     $ 105.31  

Weighted Average Structured Current Price

   $ 14.05     $ 14.08  

Effective Duration (1)

     5.580       3.390  

 

(1)

Effective duration of 5.580 indicates that an interest rate increase of 1.0% would be expected to cause a 5.580% decrease in the value of the RMBS in the Company’s investment portfolio at December 31, 2022. An effective duration of 3.390 indicates that an interest rate increase of 1.0% would be expected to cause a 3.390% decrease in the value of the RMBS in the Company’s investment portfolio at December 31, 2021. These figures include the structured securities in the portfolio, but do not include the effect of the Company’s funding cost hedges. Effective duration quotes for individual investments are obtained from The Yield Book, Inc.

 

 

 
 

 

Financing, Leverage and Liquidity

 

As of December 31, 2022, the Company had outstanding repurchase obligations of approximately $3,378.4 million with a net weighted average borrowing rate of 4.44%. These agreements were collateralized by RMBS with a fair value, including accrued interest, of approximately $3,524.1 million and cash pledged to counterparties of approximately $13.3 million. The Company’s adjusted leverage ratio, defined as the balance of repurchase agreement liabilities divided by stockholders' equity, at December 31, 2022 was 7.7 to 1. At December 31, 2022, the Company’s liquidity was approximately $233.0 million consisting of cash and cash equivalents and unpledged RMBS (not including unsettled securities purchases). To enhance our liquidity even further, we may pledge more of our structured RMBS as part of a repurchase agreement funding, but retain the cash in lieu of acquiring additional assets.  In this way we can, at a modest cost, retain higher levels of cash on hand and decrease the likelihood we will have to sell assets in a distressed market in order to raise cash. Below is a list of our outstanding borrowings under repurchase obligations at December 31, 2022.

 

($ in thousands)

                                        
                   

Weighted

            

Weighted

  
   

Total

            

Average

            

Average

  
   

Outstanding

    

% of

    

Borrowing

    

Amount

    

Maturity

  

Counterparty

  

Balances

    

Total

    

Rate

    

at Risk(1)

    

in Days

  

Mirae Asset Securities (USA) Inc.

     312,989       9.1 %     4.23 %   $ 14,741       76  

RBC Capital Markets, LLC

     274,790       8.1 %     4.50 %     8,379       29  

Daiwa Capital Markets America, Inc.

     251,854       7.5 %     4.48 %     10,024       17  

ED&F Man Capital Markets Inc.

     240,587       7.1 %     4.49 %     9,729       28  

ING Financial Markets LLC

     238,212       7.1 %     4.47 %     9,677       33  

Cantor Fitzgerald & Co.

     229,444       6.8 %     4.46 %     11,805       29  

ABN AMRO Bank N.V.

     227,888       6.7 %     4.48 %     5,672       13  

J.P. Morgan Securities LLC

     219,283       6.5 %     4.49 %     12,507       12  

Merrill Lynch, Pierce, Fenner & Smith Inc.

     192,467       5.7 %     4.47 %     6,910       9  

Citigroup Global Markets, Inc.

     190,956       5.7 %     4.32 %     10,354       9  

StoneX Financial Inc.

     184,375       5.5 %     4.45 %     9,299       26  

Mitsubishi UFJ Securities (USA), Inc.

     178,394       5.3 %     4.36 %     5,603       21  

ASL Capital Markets Inc.

     165,172       4.9 %     4.50 %     9,075       35  

Goldman Sachs & Co. LLC

     124,821       3.7 %     4.53 %     7,944       26  

Santander Bank, N.A.

     115,477       3.4 %     4.39 %     5,749       24  

Wells Fargo Bank, N.A.

     95,366       2.8 %     4.46 %     5,071       12  

BMO Capital Markets Corp.

     77,708       2.3 %     4.37 %     4,365       23  

South Street Securities, LLC

     37,198       1.1 %     4.48 %     1,834       17  

Lucid Cash Fund USG, LLC

     18,703       0.6 %     4.38 %     883       12  

Lucid Prime Fund, LLC

     2,761       0.1 %     4.38 %     123       12  

Total / Weighted Average

   $ 3,378,445       100.0 %     4.44 %   $ 149,744       27  

 

(1)

Equal to the sum of the fair value of securities sold, accrued interest receivable and cash posted as collateral (if any), minus the sum of repurchase agreement liabilities, accrued interest payable and the fair value of securities posted by the counterparties (if any).

 

Hedging

 

In connection with its interest rate risk management strategy, the Company economically hedges a portion of the cost of its repurchase agreement funding against a rise in interest rates by entering into derivative financial instrument contracts. The Company has not elected hedging treatment under U.S. generally accepted accounting principles (“GAAP”) in order to align the accounting treatment of its derivative instruments with the treatment of its portfolio assets under the fair value option election. As such, all gains or losses on these instruments are reflected in earnings for all periods presented. At December 31, 2022, such instruments were comprised of U.S. Treasury note (“T-Note”) futures contracts, interest rate swap agreements, interest rate swaption agreements, interest rate caps and contracts to sell to-be-announced ("TBA") securities.

 

 
 

 

The table below presents information related to the Company’s T-Note futures contracts at December 31, 2022.

 

($ in thousands)

                                
   

December 31, 2022

  
   

Average

    

Weighted

    

Weighted

          
   

Contract

    

Average

    

Average

          
   

Notional

    

Entry

    

Effective

    

Open

  

Expiration Year

  

Amount

    

Rate

    

Rate

    

Equity(1)

  

U.S. Treasury Note Futures Contracts (Short Positions)(2)

                                

March 2023 5-year T-Note futures (Mar 2023 - Mar 2028 Hedge Period)

   $ 750,500       4.20 %     4.22 %   $ (100 )

March 2023 10-year Ultra futures (Mar 2023 - Mar 2033 Hedge Period)

   $ 174,500       3.66 %     3.79 %   $ 965  

 

(1)

Open equity represents the cumulative gains (losses) recorded on open futures positions from inception.

(2)

5-Year T-Note futures contracts were valued at a price of $107.93 at December 31, 2022. The contract values of the short positions were $810.0 million at December 31, 2022. 10-Year Ultra futures contracts were valued at a price of $118.28 at December 31, 2022. The contract value of the short position was $206.4 million at December 31, 2022.

 

The table below presents information related to the Company’s interest rate swap positions at December 31, 2022.

 

($ in thousands)

                                        
           

Average

            

Net

          
           

Fixed

    

Average

    

Estimated

    

Average

  
   

Notional

    

Pay

    

Receive

    

Fair

    

Maturity

  
    Amount     Rate     Rate     Value     (Years)  

Expiration > 3 to ≤ 5 years

   $ 500,000       0.84 %     4.75 %   $ 56,764      

3.7

  

Expiration > 5 years

     900,000       1.70 %     4.23 %     105,638      

6.6

  
    $ 1,400,000       1.39 %     4.41 %   $ 162,402      

5.6

  

 

The following table presents information related to our interest rate swaption positions as of December 31, 2022.

 

($ in thousands)

                                                  
   

Option

    

Underlying Swap

  
                   

Weighted

                  

Average

  

Weighted

  
                   

Average

            

Average

  

Adjustable

  

Average

  
           

Fair

    

Months to

    

Notional

    

Fixed

  

Rate

  

Term

  

Expiration

  

Cost

    

Value

    

Expiration

    

Amount

    

Rate

  

(LIBOR)

  

(Years)

  

Payer Swaptions (long positions)

                                                  

≤ 1 year

   $ 36,685     $ 21,253       9.6     $ 1,250,000       4.09 %

3 Month

     10.0  

> 10 years

     11,021       12,145       239.5       120,000       2.05 %

3 Month

     10.0  
    $ 47,706     $ 33,398       29.8     $ 1,370,000       3.91 %

3 Month

     10.0  

Payer Swaptions (short positions)

                                                  

≤ 1 year

   $ (17,800 )   $ (5,982 )     3.6     $ (917,000 )     4.09 %

3 Month

     10.0  

 

The following table presents information related to our interest cap positions as of December 31, 2022.

 

($ in thousands)

                                  
                             

Net

  
                   

Strike

      

Estimated

  
   

Notional

            

Swap

  

Curve

  

Fair

  

Expiration

  

Amount

    

Cost

    

Rate

  

Spread

  

Value

  

February 8, 2024

   $ 200,000     $ 1,450       0.09 %

2Y10Y

   $ 1,119  

 

 

 
 

 

The following table summarizes our contracts to sell TBA securities as of December 31, 2022.

 

($ in thousands)

                                  
     

Notional

                    

Net

  
     

Amount

    

Cost

    

Market

    

Carrying

  
     

Long (Short)(1)

    

Basis(2)

    

Value(3)

    

Value(4)

  

December 31, 2022

                                  

30-Year TBA securities:

                                  

2.00%

     $ (175,000 )   $ (142,268 )   $ (143,145 )   $ (877 )

3.00%

       (500,000 )     (440,644 )     (440,274 )     370  
      $ (675,000 )   $ (582,912 )   $ (583,419 )   $ (507 )

 

(1)

Notional amount represents the par value (or principal balance) of the underlying Agency RMBS.

(2)

Cost basis represents the forward price to be paid (received) for the underlying Agency RMBS.

(3)

Market value represents the current market value of the TBA securities (or of the underlying Agency RMBS) as of period-end.

(4)

Net carrying value represents the difference between the market value and the cost basis of the TBA securities as of period-end and is reported in derivative assets (liabilities) at fair value in our balance sheets.

 

Dividends

 

In addition to other requirements that must be satisfied to qualify as a REIT, we must pay annual dividends to our stockholders of at least 90% of our REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gains. We intend to pay regular monthly dividends to our stockholders and have declared the following dividends since our February 2013 IPO.

 

(in thousands, except per share amounts)

                

Year

  

Per Share Amount

    

Total

  

2013

   $ 6.975     $ 4,662  

2014

     10.800       22,643  

2015

     9.600       38,748  

2016

     8.400       41,388  

2017

     8.400       70,717  

2018

     5.350       55,814  

2019

     4.800       54,421  

2020

     3.950       53,570  

2021

     3.900       97,601  

2022

     2.475       87,906  

2023 YTD(1)

     0.320       12,540  

Totals

   $ 64.970     $ 540,010  

 

(1)

On January 11, 2023, the Company declared a dividend of $0.16 per share to be paid on February 24, 2023. On February 15, 2023, the Company declared a dividend of $0.16 per share to be paid on March 29, 2023. The effect of these dividends are included in the table above but are not reflected in the Company’s financial statements as of December 31, 2022.

 

Book Value Per Share

 

The Company's book value per share at December 31, 2022 was $11.93. The Company computes book value per share by dividing total stockholders' equity by the total number of shares outstanding of the Company's common stock. At December 31, 2022, the Company's stockholders' equity was $438.8 million with 36,764,983 shares of common stock outstanding.

 

 
 

 

Capital Allocation and Return on Invested Capital

 

The Company allocates capital to two RMBS sub-portfolios, the pass-through RMBS portfolio, consisting of mortgage pass-through certificates issued by Fannie Mae, Freddie Mac or Ginnie Mae (the “GSEs”) and collateralized mortgage obligations (“CMOs”) issued by the GSEs (“PT RMBS”), and the structured RMBS portfolio, consisting of interest-only (“IO”) and inverse interest-only (“IIO”) securities. As of September 30, 2022, approximately 85.4% of the Company’s investable capital (which consists of equity in pledged PT RMBS, available cash and unencumbered assets) was deployed in the PT RMBS portfolio. At December 31, 2022, the allocation to the PT RMBS portfolio increased to approximately 95.0%.

 

The table below details the changes to the respective sub-portfolios during the quarter.

 

(in thousands)

  

Portfolio Activity for the Quarter

  
           

Structured Security Portfolio

          
   

Pass-Through

    

Interest-Only

    

Inverse Interest

                  
   

Portfolio

    

Securities

    

Only Securities

    

Sub-total

    

Total

  

Market value - September 30, 2022

   $ 3,150,403     $ 50,274     $ 537     $ 50,811     $ 3,201,214  

Securities purchased

     381,991       -       -       -       381,991  

Securities sold

     -       (28,422 )     -       (28,422 )     (28,422 )

Losses on sales

     -       (1,023 )     -       (1,023 )     (1,023 )

Return of investment

     n/a       (933 )     38       (895 )     (895 )

Pay-downs

     (62,670 )     n/a       -       n/a       (62,670 )

Discount accretion due to pay-downs

     6,748       n/a       -       n/a       6,748  

Mark to market gains (losses)

     43,434       (227 )     (148 )     (375 )     43,059  

Market value - December 31, 2022

   $ 3,519,906     $ 19,669     $ 427     $ 20,096     $ 3,540,002  

 

The tables below present the allocation of capital between the respective portfolios at December 31, 2022 and September 30, 2022, and the return on invested capital for each sub-portfolio for the three month period ended December 31, 2022.

 

($ in thousands)

  

Capital Allocation

  
           

Structured Security Portfolio

          
   

Pass-Through

    

Interest-Only

    

Inverse Interest

                  
   

Portfolio

    

Securities

    

Only Securities

    

Sub-total

    

Total

  

December 31, 2022

                                        

Market value

   $ 3,519,906     $ 19,669     $ 427     $ 20,096     $ 3,540,002  

Cash

     237,219       -       -       -       237,219  

Borrowings(1)

     (3,378,445 )     -       -       -       (3,378,445 )

Total

   $ 378,680     $ 19,669     $ 427     $ 20,096     $ 398,776  

% of Total

     95.0 %     4.9 %     0.1 %     5.0 %     100.0 %

September 30, 2022

                                        

Market value

   $ 3,150,403     $ 50,274     $ 537     $ 50,811     $ 3,201,214  

Cash

     280,952       -       -       -       280,952  

Borrowings(2)

     (3,133,861 )     -       -       -       (3,133,861 )

Total

   $ 297,494     $ 50,274     $ 537     $ 50,811     $ 348,305  

% of Total

     85.4 %     14.4 %     0.2 %     14.6 %     100.0 %

 

(1)

At December 31, 2022, there were outstanding repurchase agreement balances of $15.5 million secured by IO securities and $0.4 million secured by IIO securities. We entered into these arrangements to generate additional cash available to meet margin calls on PT RMBS; therefore, we have not considered these balances to be allocated to the structured securities strategy.

(2)

At September 30, 2022, there were outstanding repurchase agreement balances of $41.0 million secured by IO securities and $0.5 million secured by IIO securities. We entered into these arrangements to generate additional cash available to meet margin calls on PT RMBS; therefore, we have not considered these balances to be allocated to the structured securities strategy.

 

 
 

 

The return on invested capital in the PT RMBS and structured RMBS portfolios was approximately 12.3% and (2.0)%, respectively, for the fourth quarter of 2022. The combined portfolio generated a return on invested capital of approximately 10.9%.

 

($ in thousands)

  

Returns for the Quarter Ended December 31, 2022

  
           

Structured Security Portfolio

          
   

Pass-Through

    

Interest-Only

    

Inverse Interest

                  
   

Portfolio

    

Securities

    

Only Securities

    

Sub-total

    

Total

  

Income (net of borrowing cost)

   $ 1,692     $ 594     $ 100     $ 694     $ 2,386  

Realized and unrealized gains (losses)

     50,446       (1,250 )     (148 )     (1,398 )     49,048  

Derivative losses

     (10,658 )     n/a       n/a       n/a       (10,658 )

Total Return

   $ 41,480     $ (656 )   $ (48 )   $ (704 )   $ 40,776  

Beginning Capital Allocation

   $ 297,494     $ 50,274     $ 537     $ 50,811     $ 348,305  

Return on Invested Capital for the Quarter(1)

     13.9 %     (1.3 )%     (8.9 )%     (1.4 )%     11.7 %

Average Capital Allocation(2)

   $ 338,087     $ 34,972     $ 482     $ 35,454     $ 373,541  

Return on Average Invested Capital for the Quarter(3)

     12.3 %     (1.9 )%     (10.0 )%     (2.0 )%     10.9 %

 

(1)

Calculated by dividing the Total Return by the Beginning Capital Allocation, expressed as a percentage.

(2)

Calculated using two data points, the Beginning and Ending Capital Allocation balances.

(3)

Calculated by dividing the Total Return by the Average Capital Allocation, expressed as a percentage.

 

Stock Offerings

 

On October 29, 2021, we entered into an equity distribution agreement (the “October 2021 Equity Distribution Agreement”) with four sales agents pursuant to which we may offer and sell, from time to time, up to an aggregate amount of $250,000,000 of shares of our common stock in transactions that are deemed to be “at the market” offerings and privately negotiated transactions. Through December 31, 2022, we issued a total of 7,052,188 shares under the October 2021 Equity Distribution Agreement for aggregate gross proceeds of approximately $119.6 million, and net proceeds of approximately $117.6 million, after commissions and fees. Subsequent to December 31, 2022 and through February 23, 2023, we issued a total of 2,690,000 shares under the October 2021 Equity Distribution Agreement for aggregate gross proceeds of approximately $32.2 million, and net proceeds of approximately $31.7 million, after commissions and fees.

 

Stock Repurchase Program

 

On July 29, 2015, the Company’s Board of Directors authorized the repurchase of up to 400,000 shares of our common stock. The timing, manner, price and amount of any repurchases is determined by the Company in its discretion and is subject to economic and market conditions, stock price, applicable legal requirements and other factors. The authorization does not obligate the Company to acquire any particular amount of common stock and the program may be suspended or discontinued at the Company’s discretion without prior notice. On February 8, 2018, the Board of Directors approved an increase in the stock repurchase program for up to an additional 904,564 shares of the Company’s common stock. Coupled with the 156,751 shares remaining from the original 400,000 share authorization, the increased authorization brought the total authorization to 1,061,316 shares, representing 10% of the Company’s then outstanding share count. On December 9, 2021, the Board of Directors approved an increase in the number of shares of the Company’s common stock available in the stock repurchase program for up to an additional 3,372,399 shares, bringing the remaining authorization under the stock repurchase program to 3,539,861 shares, representing approximately 10% of the Company’s then outstanding shares of common stock. On October 12, 2022, the Board of Directors approved an increase in the number of shares of the Company’s common stock available in the stock repurchase program for up to an additional 4,300,000 shares, bringing the remaining authorization under the stock repurchase program to 6,183,601 shares, representing approximately 18% of the Company’s then outstanding shares of common stock. This stock repurchase program has no termination date.

 

From the inception of the stock repurchase program through December 31, 2022, the Company repurchased a total of 3,675,572 shares at an aggregate cost of approximately $64.8 million, including commissions and fees, for a weighted average price of $17.63 per share. During the year ended December 31, 2022, the Company repurchased a total of 2,538,470 shares at an aggregate cost of approximately $24.5 million, including commissions and fees, for a weighted average price of $9.63 per share. Subsequent to December 31, 2022, the Company repurchased a total of 373,041 shares at an aggregate cost of approximately $4.0 million, including commissions and fees, for a weighted average price of $10.62 per share.

 

 
 

 

Earnings Conference Call Details

 

An earnings conference call and live audio webcast will be hosted Friday, February 24, 2023, at 10:00 AM ET. The conference call may be accessed by dialing toll free (888) 510-2356. The conference passcode is 8493186. The supplemental materials may be downloaded from the investor relations section of the Company’s website at https://ir.orchidislandcapital.com. A live audio webcast of the conference call can be accessed via the investor relations section of the Company’s website at https://ir.orchidislandcapital.com, and an audio archive of the webcast will be available until March 26, 2023.

 

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 CMOs issued by the GSEs, and (ii) structured Agency RMBS, such as IOs, IIOs and principal only securities, among other types of structured Agency RMBS. Orchid is managed by Bimini Advisors, LLC, a registered investment adviser with the Securities and Exchange Commission.

 

Forward Looking Statements

 

Statements herein relating to matters that are not historical facts, including, but not limited to statements regarding interest rates, inflation, liquidity, pledging of our structured RMBS, funding levels and spreads, prepayment speeds, portfolio positioning and repositioning, hedging levels, leverage ratio, dividends, growth, the supply and demand for Agency RMBS and the performance of the Agency RMBS sector generally, the effect of actual or expected actions of the U.S. government, including the Fed, market expectations, future opportunities and prospects of the Company, the stock repurchase program and general economic conditions, are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned that such forward-looking statements are based on information available at the time and on management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in such forward-looking statements. Important factors that could cause such differences are described in Orchid Island Capital, Inc.'s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Orchid Island Capital, Inc. assumes no obligation to update forward-looking statements to reflect subsequent results, changes in assumptions or changes in other factors affecting forward-looking statements.

 

CONTACT:

Orchid Island Capital, Inc.

Robert E. Cauley, 772-231-1400

Chairman and Chief Executive Officer

https://ir.orchidislandcapital.com

 

 
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Document And Entity Information
Feb. 23, 2023
Document Information [Line Items]  
Entity, Registrant Name Orchid Island Capital, Inc.
Document, Type 8-K
Document, Period End Date Feb. 23, 2023
Entity, Incorporation, State or Country Code MD
Entity, File Number 001-35236
Entity, Tax Identification Number 27-3269228
Entity, Address, Address Line One 3305 Flamingo Drive
Entity, Address, City or Town Vero Beach
Entity, Address, State or Province FL
Entity, Address, Postal Zip Code 32963
City Area Code 772
Local Phone Number 231-1400
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol ORC
Security Exchange Name NYSE
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0001518621
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