Workflow
Orchid Island Capital(ORC) - 2024 Q4 - Annual Results
ORCOrchid Island Capital(ORC)2025-01-30 21:44

Dividends and Returns - The Company declared a monthly cash dividend of 0.12pershareforJanuary2025,payableonFebruary27,2025[2].−Totaldividendsdeclaredduringthequarterwere0.12 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 0.05pershare,comprisedofdividendspershareof0.05 per share, comprised of dividends per share of 0.36 and a decrease in book value per share of 0.31[7].−ThenextdividendannouncementisexpectedonFebruary12,2025[8].−TheCompanymustdistributeatleast900.31[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 668.5million[5].−TheCompanyhad84,613,638sharesofcommonstockoutstandingasofJanuary8,2025,anincreasefrom82,622,464sharesasofDecember31,2024[4].IncomeandGains−EstimatednetincomepershareforthequarterendedDecember31,2024,was668.5 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 0.02pershareofnetrealizedandunrealizedgainsonRMBSandderivativeinstruments[6].MortgageAssets−TotalmortgageassetsasofDecember31,2024,amountedto0.02 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].−FannieMaeassetsrepresented70.65,287,554,000[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].−Wholepoolassetscomprised96.21,560,278,000[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,representing3.8203,346,000, 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].−Theweightedaveragecouponforthe30−yearfixed−ratemortgage−backedsecurities(MBS)was5.03945,375,000[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,representing7.2360,113,000, 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,whichis5.3267,565,000, 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,representing5.0251,638,000, 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,whichisalso4.9244,546,000, 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)fora+50basispointsshock[12].−Themarketvalueoftheshortpositionforfive−yearTreasuryfuturescontractswas(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 101.7millionasofDecember31,2024[13].−Themarketvalueoftheshortpositionforten−yearUltrafuturescontractswas101.7 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].