Financial Performance - Net income for the year ended December 31, 2024, was $37.7 million, or $0.57 per share, compared to a net loss of $39.2 million, or $0.89 per share, for 2023, and a net loss of $258.5 million, or $6.90 per share, for 2022[288]. - For the three months ended December 31, 2024, net earnings were $5,545,000, with a net loss excluding realized and unrealized gains and losses of $3,786,000, resulting in a per share loss of $0.05[295]. - The total net earnings for the year ended December 31, 2024, were $37,662,000, with a net loss of $11,448,000, translating to a per share loss of $0.18[295]. - The company reported a significant net loss of $80,132,000 for the three months ended September 30, 2023, with a per share loss of $1.68[295]. - The company reported total gains of $49,110 for the year ended December 31, 2024, a substantial improvement from $3,654 in 2023[328]. - The company declared cash dividends of $96.3 million in 2024, compared to $81.1 million in 2023, reflecting a 19% increase[450]. Interest Income and Expense - Interest income increased to $241.6 million in 2024 from $177.6 million in 2023 and $144.6 million in 2022, while interest expense rose to $236.3 million in 2024 from $201.9 million in 2023 and $61.7 million in 2022[288]. - The net interest income for 2024 was $5.3 million, a recovery from a net interest loss of $24.3 million in 2023, and a net interest income of $82.9 million in 2022[288]. - Economic interest expense for the years ended December 31, 2024, 2023, and 2022 was $119.5 million, $109.6 million, and $48.1 million, respectively[314]. - The company incurred $24.4 million of net interest expense for the year ended December 31, 2023, compared to $82.9 million of net interest income for the year ended December 31, 2022[313]. - The average cost of funds for the year ended December 31, 2024, was 5.35%, compared to 5.07% in 2023, indicating a significant increase in borrowing costs[321]. Asset Management and Portfolio - The company aims to provide attractive risk-adjusted total returns through capital appreciation and regular monthly distributions by investing in Agency RMBS[276]. - The RMBS portfolio as of December 31, 2024, consisted of $5,253.3 million of Agency RMBS at fair value, with a weighted average coupon of 4.99%[345]. - Total mortgage assets increased to $5,253.3 million as of December 31, 2024, up from $3,894.0 million as of December 31, 2023, representing a growth of approximately 35%[348]. - The company plans to continue selling existing assets to acquire new assets with potentially higher risk-adjusted returns, aligning with its asset/liability management strategy[328]. - The average yield on RMBS for the year ended December 31, 2024, was 5.25%, compared to 4.28% in 2023[335]. Shareholder Actions - The company issued a total of 24,675,497 shares under the March 2023 Equity Distribution Agreement for gross proceeds of approximately $228.8 million and net proceeds of approximately $225.0 million[280]. - The stock repurchase program has authorized the repurchase of up to 6,183,601 shares, representing approximately 18% of the then outstanding shares of common stock[284]. - From the inception of the stock repurchase program through December 31, 2024, the company repurchased a total of 5,144,602 shares at an aggregate cost of approximately $77.5 million, with a weighted average price of $15.07 per share[285]. Risk Management - The company utilizes various derivative and hedging instruments to manage interest rate risk, including Fed Funds, SOFR, and T-Note futures contracts[299]. - The company has not elected hedge accounting treatment for its derivative holdings, meaning changes in fair value are presented separately in financial statements[300]. - The company faces prepayment risk, which can lead to a faster return of principal on investments than anticipated, affecting net interest income[423]. - Liquidity risk arises from financing long-term assets with shorter-term borrowings, with potential margin calls increasing if the value of pledged assets decreases[425]. - Counterparty credit risk is present due to potential losses from counterparties failing to perform under repurchase agreements and derivative contracts[428]. Economic Environment - The 30-year fixed-rate mortgage rate as of December 31, 2024, was 6.85%, compared to 6.61% in 2023, showing an upward trend in mortgage rates[330]. - Economic activity remains resilient, with inflation above the Fed's 2% target, potentially impacting future rate decisions[394]. - The Fed lowered the Fed Funds rate by 100 basis points during the fourth quarter of 2024, with expectations for less than two additional 25 basis point reductions in the near future[392][393]. Financial Position - Total assets rose to $5.7 billion in 2024, compared to $4.3 billion in 2023, marking a 34% growth[444]. - Total liabilities increased to $5.1 billion in 2024, up from $3.8 billion in 2023, reflecting a 34% rise[444]. - Cash and cash equivalents grew to $309.3 million in 2024, up from $171.9 million in 2023, representing an 80% increase[444]. - The company had outstanding obligations under repurchase agreements of approximately $5,025.5 million with a net weighted average borrowing cost of 4.66% as of December 31, 2024[353].

Group 1 - Orchid Island Capital, Inc. declared a monthly cash dividend of $0.12 per share for February 2025, payable on March 28, 2025, to shareholders of record as of February 28, 2025 [1] - The company intends to make regular monthly cash distributions to its common stockholders, adhering to the requirement of distributing at least 90% of its REIT taxable income annually [2] - As of February 12, 2025, the company had 93,293,628 shares of common stock outstanding, an increase from 90,344,128 shares as of January 31, 2025, and 82,622,464 shares as of December 31, 2024 [3] Group 2 - The company's investment strategy focuses on Agency RMBS, including traditional pass-through Agency RMBS and structured Agency RMBS [4] - As of January 31, 2025, the total mortgage assets amounted to $5,615,131, with Fannie Mae assets representing 70.8% and Freddie Mac assets representing 29.2% of the portfolio [11] - The company has not established a minimum distribution payment level and is not assured of its ability to make future distributions [2] Group 3 - The RMBS portfolio characteristics as of January 31, 2025, include various fixed-rate RMBS with a total face value of $5,742,155 and a fair value of $5,599,708 [6] - The weighted average coupon rate for the portfolio is 5.21%, with a weighted average maturity of 331 months [6] - The company has significant borrowings, totaling $5,316,591, with an average interest rate of 4.45% [13][14]

The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. You should not place undue reliance on these forward-looking statements. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. Some of these factors are described under the caption ''Risk Factors'' in our Annual Report on Form 10-K. If a change occurs, ...

Dividends and Returns - The Company declared a monthly cash dividend of $0.12 per share for January 2025, payable on February 27, 2025[2]. - Total dividends declared during the quarter were $0.36 per share, resulting in an estimated total return on equity of 0.6%[7]. - The estimated total return on equity for the quarter was $0.05 per share, comprised of dividends per share of $0.36 and a decrease in book value per share of $0.31[7]. - The next dividend announcement is expected on February 12, 2025[8]. - The Company must distribute at least 90% of its REIT taxable income annually to qualify as a REIT[3]. Financial Position - As of December 31, 2024, the estimated book value per share was $8.09, with total stockholders' equity approximately $668.5 million[5]. - The Company had 84,613,638 shares of common stock outstanding as of January 8, 2025, an increase from 82,622,464 shares as of December 31, 2024[4]. Income and Gains - Estimated net income per share for the quarter ended December 31, 2024, was $0.07, including $0.02 per share of net realized and unrealized gains on RMBS and derivative instruments[6]. Mortgage Assets - Total mortgage assets as of December 31, 2024, amounted to $5,303,052,000, with a fair value portfolio of $5,287,554,000[14]. - Fannie Mae assets represented 70.6% of the total mortgage assets, totaling $3,742,774,000, while Freddie Mac assets accounted for 29.4%, totaling $1,560,278,000[14]. - Whole pool assets comprised 96.2% of the total mortgage assets, valued at $5,099,706,000, while non-whole pool assets were $203,346,000, representing 3.8%[15]. - The total pass-through MBS portfolio had a fair value of $5,287,554,000, with a weighted average age of 326 months[12]. - The 30-year 3.0% fixed-rate MBS represented 17.83% of the portfolio, with a fair value of $945,375,000[12]. - The weighted average coupon for the 30-year fixed-rate mortgage-backed securities (MBS) was 5.03%, with a current price of 96.44[12]. Borrowings and Counterparties - Total borrowings as of December 31, 2024, amount to $5,025,543,000, with an average interest rate of 4.66%[16]. - The largest counterparty is Merrill Lynch, with borrowings of $360,113,000, representing 7.2% of total borrowings[16]. - The second-largest counterparty is ABN AMRO Bank N.V., with borrowings of $335,584,000, accounting for 6.7% of total borrowings[16]. - The third-largest counterparty is RBC Capital Markets, with borrowings of $267,565,000, which is 5.3% of total borrowings[16]. - The borrowings from Cantor Fitzgerald & Co total $254,445,000, making up 5.1% of total borrowings[16]. - The borrowings from DV Securities, LLC Repo amount to $251,638,000, representing 5.0% of total borrowings[16]. - The borrowings from MUFG Securities Canada, Ltd. total $248,084,000, accounting for 4.9% of total borrowings[16]. - The borrowings from Mitsubishi UFJ Securities (USA), Inc. are $244,546,000, which is also 4.9% of total borrowings[16]. - The average maturity of borrowings is 26 days, with the longest maturity extending to May 19, 2025[16]. - The weighted average repo rate across all borrowings is 4.66%[16]. Market Sensitivity - The company reported a modeled interest rate sensitivity of $105,810,000 for a -50 basis points shock and $(115,842,000) for a +50 basis points shock[12]. - The market value of the short position for five-year Treasury futures contracts was $332.2 million as of December 31, 2024[13]. - The market value of the short position for ten-year Treasury futures contracts was $101.7 million as of December 31, 2024[13]. - The market value of the short position for ten-year Ultra futures contracts was $93.5 million as of December 31, 2024[13]. Management - The Company is managed by Bimini Advisors, LLC, focusing on investments in Agency RMBS[9]. Forward-Looking Statements - Forward-looking statements indicate that future distributions are not guaranteed and depend on various factors[10].

Core Viewpoint - Orchid Island Capital, Inc. reported its financial results for the fourth quarter and full year of 2024, highlighting a positive return despite challenging market conditions in the Agency RMBS sector [5][6][7]. Fourth Quarter 2024 Results - The company achieved a net income of $5.6 million, or $0.07 per common share, compared to $27.1 million for the same period in 2023 [9]. - Net interest income for the quarter was $8.1 million, with total expenses of $4.4 million [6]. - The total return for the fourth quarter was 0.60%, consisting of $0.36 in dividends and a $0.31 decrease in book value per share [6][10]. - The average Agency RMBS portfolio increased from $5.0 billion in Q3 2024 to $5.3 billion in Q4 2024 [9]. Full-Year 2024 Results - For the full year, net income was $37.8 million, or $0.57 per common share, a significant recovery from a net loss of $39.2 million in 2023 [11]. - Interest income for the year was approximately $241.6 million, with a yield on the average Agency RMBS of 5.25% [11]. - The total return for 2024 was 4.73%, compared to (8.63)% in 2023 [7]. Other Financial Highlights - The book value per common share was $8.09 as of December 31, 2024, reflecting a decrease of $1.01 for the year [12][34]. - The company maintained a strong liquidity position with $353.6 million in cash and cash equivalents, representing 53% of stockholder's equity [6][19]. - The adjusted leverage ratio was 7.5:1, with outstanding repurchase obligations of approximately $5,025.5 million [19]. Management Commentary - The CEO noted a shift in the fixed income market outlook, with inflation remaining above the Federal Reserve's target and a pro-growth agenda following the Republican party's national election success [5]. - The company adopted a bar-bell strategy in its Agency RMBS portfolio, focusing on higher coupon holdings while maintaining significant lower coupon securities [8]. Prepayments - For Q4 2024, the company received $185.0 million in principal repayments and prepayments, resulting in a 3-month constant prepayment rate (CPR) of approximately 10.5% [13]. Portfolio Characteristics - As of December 31, 2024, the total fair value of the mortgage assets was $5.25 billion, with fixed-rate RMBS making up 99.7% of the portfolio [15][16]. - The weighted average coupon for the fixed-rate RMBS was 5.03%, with an average maturity of 330 months [15]. Stock Offerings and Repurchase Program - The company issued 19,842,089 shares under an equity distribution agreement for gross proceeds of approximately $164.9 million through December 31, 2024 [42]. - Since the inception of the stock repurchase program, the company repurchased a total of 5,144,602 shares at an aggregate cost of approximately $77.5 million [44].

Group 1 - David A. Johnson is the founder and principal of Endurance Capital Management, a New Jersey Limited Liability Company, with over 30 years of investment experience [1] - David invests in a diverse range of assets including stocks, bonds, options, ETFs, REITs, real estate, closed-end funds, hedge funds, and private credit [1] - He holds a Master of Science (MS) Degree in Finance with a concentration in Investment Analysis from Boston University, a Certificate in Financial Planning, and an MBA from Fordham University [1]

Core Viewpoint - Orchid Island Capital, Inc. will release its fourth quarter 2024 results on January 30, 2025, after market close [1] Earnings Conference Call Details - An earnings conference call will take place on January 31, 2025, at 10:00 AM ET, with registration available online [2] - A live audio webcast of the conference call can be accessed through the company's investor relations website [3] Company Overview - Orchid Island Capital, Inc. is a specialty finance company that invests in Agency RMBS on a leveraged basis, focusing on traditional pass-through Agency RMBS and structured Agency RMBS [4]

Core Points - Orchid Island Capital, Inc. declared a monthly cash dividend of $0.12 per share for January 2025, payable on February 27, 2025, to shareholders of record as of January 31, 2025, with an ex-dividend date of January 31, 2025 [1] - The company aims to make regular monthly cash distributions to its common stockholders and must distribute at least 90% of its REIT taxable income annually to qualify as a real estate investment trust (REIT) [2] - As of January 8, 2025, the company had 84,613,638 shares of common stock outstanding, an increase from 82,622,464 shares as of December 31, 2024 [3] Financial Metrics - The estimated book value per share as of December 31, 2024, was $8.09, calculated by dividing total stockholders' equity of approximately $668.5 million by the total number of outstanding shares [4] - The estimated net income per share for the quarter ended December 31, 2024, was $0.07, which includes an estimated $0.02 per share of net realized and unrealized gains on RMBS and derivative instruments [5] - The estimated total return on equity for the quarter ended December 31, 2024, was 0.6%, calculated as the sum of dividends declared and changes in book value divided by the stockholders' equity at the beginning of the quarter [6] RMBS Portfolio - The company invests in Agency RMBS, focusing on traditional pass-through Agency RMBS and structured Agency RMBS [7] - As of December 31, 2024, the total mortgage assets amounted to $5,303,052 thousand, with Fannie Mae accounting for 70.6% and Freddie Mac for 29.4% of the portfolio [15][16] - The company has a significant amount of borrowings, totaling $5,025,543 thousand, with a weighted average interest rate of 4.66% [17]

Dividend Announcement - The company declared a monthly cash dividend of $0.12 per share for January 2025, payable on February 27, 2025, to shareholders of record as of January 31, 2025 [1] - The next common stock dividend announcement is planned for February 12, 2025 [1] - The company intends to make regular monthly cash distributions to common stockholders, as required to maintain REIT status [2] Share and Equity Information - As of January 8, 2025, the company had 84,613,638 shares of common stock outstanding, up from 82,622,464 on December 31, 2024, and 78,082,645 on September 30, 2024 [3] - Estimated book value per share was $8.09 as of December 31, 2024, based on preliminary total stockholders' equity of approximately $668.5 million [4] Financial Performance - Estimated net income per share was $0.07 for Q4 2024, including $0.02 per share from net realized and unrealized gains on RMBS and derivative instruments [5] - Total return on equity for Q4 2024 was estimated at 0.6%, consisting of $0.36 per share in dividends and a $0.31 decrease in book value per share [6] RMBS Portfolio - The company's RMBS portfolio consists of traditional pass-through Agency RMBS and structured Agency RMBS, managed by Bimini Advisors, LLC [7] - As of December 31, 2024, the RMBS portfolio was valued at $5,303,052,000, with 70.6% in Fannie Mae and 29.4% in Freddie Mac assets [14] - The portfolio included $5,099,706,000 in Whole Pool Assets (96.2%) and $203,346,000 in Non-Whole Pool Assets (3.8%) [16] Hedging and Borrowings - The company maintained significant hedging positions, including $3,516,800,000 in swaps and $312,500,000 in 5-Year Treasury Futures [12] - Total borrowings as of December 31, 2024, were $5,025,543,000, with a weighted average repo rate of 4.66% and weighted average maturity of 26 days [16]

Group 1 - The article does not provide specific insights or analysis on any companies or industries, focusing instead on disclosures and disclaimers [1][2][3]