0001437749-24-011661.txt : 20240410 0001437749-24-011661.hdr.sgml : 20240410 20240410171430 ACCESSION NUMBER: 0001437749-24-011661 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240410 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240410 DATE AS OF CHANGE: 20240410 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Orchid Island Capital, Inc. CENTRAL INDEX KEY: 0001518621 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] ORGANIZATION NAME: 05 Real Estate & Construction 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: 24836573 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 orc20240409_8k.htm FORM 8-K orc20240409_8k.htm
false 0001518621 0001518621 2024-04-10 2024-04-10
 
 
 
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): April 10, 2024
 
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 April 10, 2024, Orchid Island Capital, Inc. (the “Company”) announced its estimated book value of $9.12 per share as of March 31, 2024, certain details of its RMBS portfolio as of March 31, 2024, and estimated GAAP net income per share of $0.38, including an estimated $0.50 per share of net realized and unrealized gains on RMBS and derivative instruments, for the quarter ended March 31, 2024.  These figures and the estimated book value per share and estimated GAAP net income per share are preliminary, subject to change, and subject to review by the Company's independent registered public accounting firm.
 
Item 8.01. Other Events.
 
On April 10, 2024, the Company announced that the Board of Directors of the Company declared a dividend for the month of April 2024 of $0.12 per share of the Company’s common stock, to be paid on May 30, 2024 to holders of record on April 30, 2024, with an ex-dividend date of April 29, 2024. In addition, the Company announced certain details of its RMBS portfolio as of  March 31, 2024 as well as certain other information regarding the Company. A copy of the Company’s press release announcing the dividend and the other information regarding the Company is attached hereto as Exhibit 99.1 and incorporated herein by this reference.
 
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 about the Company’s distributions. 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, 2023. 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: April 10, 2024
 
 ORCHID ISLAND CAPITAL, INC.
   
   
 
By:
/s/ Robert E. Cauley
   
Robert E. Cauley
   
Chairman and Chief Executive Officer
 
 
 EX-99.1 2 ex_651362.htm EXHIBIT 99.1 ex_651362.htm

Exhibit 99.1

 

ORCHID ISLAND CAPITAL ANNOUNCES

ESTIMATED FIRST QUARTER 2024 RESULTS,

APRIL 2024 MONTHLY DIVIDEND AND

MARCH 31, 2024 RMBS PORTFOLIO CHARACTERISTICS

 

 

●

April 2024 Monthly Dividend of $0.12 Per Share of Common Stock
  ● Estimated Book Value Per Share as of March 31, 2024 of $9.12
  ● Estimated GAAP net income of $0.38 per share for the quarter ended March 31, 2024, including an estimated $0.50 per share of net realized and unrealized gains on RMBS and derivative instruments. 
  ● Estimated 4.2% total return on equity for the quarter
  ● 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 March 31, 2024
 

●

Next Dividend Announcement Expected May 8, 2024

 

Vero Beach, Fla., April 10, 2024 - 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 April 2024. The dividend of $0.12 per share will be paid May 30, 2024 to holders of record of the Company’s common stock on April 30, 2024, with an ex-dividend date of April 29, 2024. The Company plans on announcing its next common stock dividend on May 8, 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 April 10, 2024, the Company had 52,973,989 shares of common stock outstanding. As of March 31, 2024, the Company had 52,826,169 shares of common stock outstanding. As of December 31, 2023, the Company had 51,636,074 shares of common stock outstanding. 

 

Estimated March 31, 2024 Book Value Per Share

 

The Company’s estimated book value per share as of March 31, 2024 was $9.12.  The Company computes book value per share by dividing total stockholders' equity by the total number of outstanding shares of common stock. At March 31, 2024, the Company's preliminary estimated total stockholders' equity was approximately $481.6 million with 52,826,169 shares of common stock outstanding. These figures and the resulting estimated book value per share are preliminary, subject to change, and subject to review by the Company’s independent registered public accounting firm. 

 

Estimated Net Income Per Share and Realized and Unrealized Gains and Losses on RMBS and Derivative Instruments

 

The Company estimates it generated a net income per share of $0.38, which includes $0.50 per share of net realized and unrealized gains on RMBS and derivative instruments for the quarter ended March 31, 2024.  These amounts compare to total dividends declared during the quarter of $0.36 per share.  Net income per common share calculated under generally accepted accounting principles can, and does, differ from our REIT taxable income.  The Company views REIT taxable income as a better indication of income to be paid in the form of a dividend rather than net income. Many components of REIT taxable income can only be estimated at this time and our monthly dividends declared are based on both estimates of REIT taxable income to be earned over the course of the current quarter and calendar year and a longer-term estimate of the REIT taxable income of the Company. These figures are preliminary, subject to change, and subject to review by the Company’s independent registered public accounting firm. 

 

Estimated Total Return on Equity

 

The Company’s estimated total return on equity for the quarter ended March 31, 2024 was 4.2%. 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 $0.38 per share, comprised of dividends per share of $0.36 and an increase in book value per share of $0.02 from December 31, 2023.

 

 
 

 

 

RMBS Portfolio Characteristics

 

Details of the RMBS portfolio as of March 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 March 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

    

Jan-24 -

        
                                                                    Mar-24     Mar-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 Apr)

    

in Apr)

    

(-50 BPS)

    

(+50 BPS)

  

Fixed Rate RMBS

                                                                                                

30yr 3.0

   $ 1,370,656     $ 1,197,253       30.85 %     87.35       3.00 %     3.46 %     36       318       4.9 %     5.3 %   $ 37,486     $ (37,854 )

30yr 3.5

     190,371       174,067       4.49 %     91.44       3.50 %     4.04 %     49       300       5.1 %     5.7 %     4,893       (4,937 )

30yr 4.0

     557,000       518,393       13.36 %     93.07       4.00 %     4.78 %     26       331       10.5 %     4.8 %     13,316       (14,203 )

30yr 4.5

     332,189       318,003       8.19 %     95.73       4.50 %     5.45 %     21       337       7.1 %     8.9 %     6,505       (7,154 )

30yr 5.0

     543,831       532,646       13.72 %     97.94       5.00 %     5.93 %     19       338       6.0 %     5.2 %     10,158       (11,510 )

30yr 5.5

     268,684       269,800       6.95 %     100.42       5.50 %     6.43 %     12       346       0.6 %     2.9 %     4,375       (5,199 )

30yr 6.0

     436,455       443,168       11.42 %     101.54       6.00 %     7.00 %     10       346       2.7 %     5.2 %     5,215       (6,510 )

30yr 6.5

     325,991       334,343       8.61 %     102.56       6.50 %     7.39 %     8       349       13.8 %     11.5 %     2,835       (3,738 )

30yr 7.0

     73,934       76,832       1.98 %     103.92       7.00 %     7.94 %     6       350       22.7 %     10.9 %     483       (625 )

30yr Total

     4,099,111       3,864,505       99.57 %     94.28       4.38 %     5.12 %     25       331       6.5 %     6.0 %     85,266       (91,730 )

Total Pass Through RMBS

     4,099,111       3,864,505       99.57 %     94.28       4.38 %     5.12 %     25       331       6.5 %     6.0 %     85,266       (91,730 )

Structured RMBS

                                                                                                

IO 20yr 4.0

     8,320       822       0.02 %     9.88       4.00 %     4.57 %     147       86       6.4 %     8.1 %     5       (4 )

IO 30yr 3.0

     2,798       378       0.01 %     13.50       3.00 %     3.63 %     110       241       2.2 %     18.1 %     1       (1 )

IO 30yr 4.0

     78,587       14,069       0.36 %     17.90       4.00 %     4.60 %     115       236       5.4 %     6.2 %     (187 )     144  

IO 30yr 4.5

     3,385       665       0.02 %     19.65       4.50 %     4.99 %     165       181       6.5 %     5.3 %     (3 )     1  

IO 30yr 5.0

     1,851       392       0.01 %     21.17       5.00 %     5.36 %     165       183       1.1 %     1.8 %     (5 )     3  

IO Total

     94,941       16,326       0.42 %     17.20       4.01 %     4.60 %     120       220       5.3 %     6.6 %     (190 )     142  

IIO 30yr 4.0

     25,768       247       0.01 %     0.96       0.00 %     4.40 %     78       270       1.6 %     3.4 %     87       (70 )

Total Structured RMBS

     120,709       16,573       0.43 %     13.73       3.15 %     4.55 %     111       231       4.5 %     5.9 %     (103 )     72  
                                                                                                 

Total Mortgage Assets

   $ 4,219,820     $ 3,881,078       100.00 %             4.34 %     5.10 %     27       328       6.5 %     6.0 %   $ 85,163     $ (91,658 )

 

   

Average

  

Hedge

  

Modeled Interest

  
   

Notional

  

Period

  

Rate Sensitivity (1)

  

Hedge

  

Balance

  

End

  

(-50 BPS)

    

(+50 BPS)

  

3-Month SOFR Futures

   $ (100,000 )

Mar-26

   $ (750 )   $ 750  

5-Year Treasury Future(2)

     (421,500 )

Jun-24

     (8,556 )     8,423  

10-Year Treasury Future(3)

     (320,000 )

Jun-24

     (10,360 )     10,006  

Swaps

     (2,531,800 )

Dec-29

     (62,066 )     59,907  

TBA

     (370,700 )

Apr-24

     (10,045 )     10,490  

Swaptions

     (809,400 )

May-24

     (169 )     508  

Hedge Total

   $ (4,553,400 )     $ (91,946 )   $ 90,084  

Rate Shock Grand Total

             $ (6,783 )   $ (1,574 )

 

(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 $107.02 at March 31, 2024. The market value of the short position was $451.1 million.

(3)

Ten-year Treasury futures contracts were valued at prices of $110.80 at March 31, 2024. The market value of the short position was $354.6 million.

 

 
 

RMBS Assets by Agency

                

($ in thousands)

                
           

Percentage

  
   

Fair

    

of

  

Asset Category

  

Value

    

Portfolio

  

As of March 31, 2024

                

Fannie Mae

   $ 2,719,139       70.1 %

Freddie Mac

     1,161,939       29.9 %

Total Mortgage Assets

   $ 3,881,078       100.0 %

 

 

Investment Company Act of 1940 Whole Pool Test

  

($ in thousands)

                
           

Percentage

  
   

Fair

    

of

  

Asset Category

  

Value

    

Portfolio

  

As of March 31, 2024

                

Non-Whole Pool Assets

   $ 137,811       3.6 %

Whole Pool Assets

     3,743,267       96.4 %

Total Mortgage Assets

   $ 3,881,078       100.0 %

 

 

Borrowings By Counterparty

                                  

($ in thousands)

                                  
                   

Weighted

    

Weighted

    
           

% of

    

Average

    

Average

    
   

Total

    

Total

    

Repo

    

Maturity

  

Longest

As of March 31, 2024

  

Borrowings

    

Debt

    

Rate

    

in Days

  

Maturity

RBC Capital Markets, LLC

   $ 290,315       7.8 %     5.46 %     11  

4/11/2024

ASL Capital Markets Inc.

     265,535       7.2 %     5.43 %     33  

7/15/2024

Mitsubishi UFJ Securities (USA), Inc

     255,330       6.9 %     5.47 %     12  

4/26/2024

J.P. Morgan Securities LLC

     252,936       6.8 %     5.46 %     22  

4/22/2024

Citigroup Global Markets Inc

     243,960       6.6 %     5.46 %     24  

4/24/2024

Cantor Fitzgerald & Co

     224,172       6.0 %     5.46 %     11  

4/11/2024

ABN AMRO Bank N.V.

     223,932       6.0 %     5.46 %     25  

5/31/2024

Wells Fargo Bank, N.A.

     204,977       5.5 %     5.45 %     19  

4/19/2024

Mirae Asset Securities (USA) Inc.

     193,164       5.2 %     5.46 %     26  

6/18/2024

Merrill Lynch, Pierce, Fenner & Smith

     191,904       5.2 %     5.47 %     15  

4/26/2024

Daiwa Securities America Inc.

     175,179       4.7 %     5.47 %     24  

4/24/2024

Bank of Montreal

     164,564       4.4 %     5.46 %     11  

4/11/2024

StoneX Financial Inc.

     163,354       4.4 %     5.46 %     16  

4/16/2024

Marex Capital Markets Inc.

     156,953       4.2 %     5.46 %     20  

4/26/2024

Goldman, Sachs & Co

     154,197       4.2 %     5.46 %     18  

4/18/2024

Banco Santander SA

     150,450       4.1 %     5.47 %     19  

4/22/2024

ING Financial Markets LLC

     124,790       3.4 %     5.47 %     22  

4/22/2024

DV Securities, LLC Repo

     112,001       3.0 %     5.46 %     40  

5/14/2024

South Street Securities, LLC

     101,890       2.7 %     5.46 %     54  

5/28/2024

Clear Street LLC

     44,558       1.2 %     5.45 %     37  

5/13/2024

Lucid Cash Fund USG LLC

     17,337       0.5 %     5.46 %     18  

4/18/2024

Total Borrowings

   $ 3,711,498       100.0 %     5.46 %     21  

7/15/2024

 

Contact:

 

Orchid Island Capital, Inc.

Robert E. Cauley

3305 Flamingo Drive, Vero Beach, Florida 32963

Telephone: (772) 231-1400

 

 
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