0001437749-24-004187.txt : 20240214 0001437749-24-004187.hdr.sgml : 20240214 20240214170531 ACCESSION NUMBER: 0001437749-24-004187 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20240214 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240214 DATE AS OF CHANGE: 20240214 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: 24640278 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 orc20240212_8k.htm FORM 8-K orc20240212_8k.htm
false 0001518621 0001518621 2024-02-14 2024-02-14
 
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 14, 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 8.01. Other Events.
 
On February 14, 2024, Orchid Island Capital, Inc. ( the "Company") announced that the Board of Directors of the Company declared a dividend for the month of February 2024 of $0.12 per share of the Company’s common stock, to be paid on March 26, 2024 to holders of record on February 29, 2024, with an ex-dividend date of February 28, 2024. In addition, the Company announced certain details of its RMBS portfolio as of January 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, 2022. 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 14, 2024
 
 ORCHID ISLAND CAPITAL, INC.
   
   
 
By:
/s/ Robert E. Cauley
   
Robert E. Cauley
   
Chairman and Chief Executive Officer
 
 
 EX-99.1 2 ex_625351.htm EXHIBIT 99.1 ex_625351.htm

Exhibit 99.1

 

ORCHID ISLAND CAPITAL ANNOUNCES

FEBRUARY 2024 MONTHLY DIVIDEND AND

JANUARY 31, 2024 RMBS PORTFOLIO CHARACTERISTICS

 

 

●

February 2024 Monthly Dividend of $0.12 Per Share of Common Stock
 

●

RMBS Portfolio Characteristics as of January 31, 2024
 

●

Next Dividend Announcement Expected March 13, 2024 

 

Vero Beach, Fla., February 14, 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 February 2024. The dividend of $0.12 per share will be paid March 26, 2024 to holders of record of the Company’s common stock on February 29, 2024, with an ex-dividend date of February 28, 2024. The Company plans on announcing its next common stock dividend on March 13, 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 February 14, 2024 and January 31, 2024, the Company had 51,303,301 shares of common stock outstanding. As of December 31, 2023, the Company had 51,636,074 shares outstanding. 

 

RMBS Portfolio Characteristics

 

Details of the RMBS portfolio as of January 31, 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, 2022.

 
 

 

RMBS Valuation Characteristics

  

($ in thousands)

                                                                                                
                                                                         

Realized

        
                                                                   

Realized

    

Nov-23 -

        
                                                                    Jan-24     Jan-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 Feb)

    

in Feb)

    

(-50 BPS)

    

(+50 BPS)

  

Fixed Rate RMBS

                                                                                                

30yr 3.0

     1,390,175       1,235,739       32.07 %     88.89       3.00 %     3.46 %     34       320       6.3 %     5.1 %     38,816       (39,284 )

30yr 3.5

     193,119       179,633       4.66 %     93.02       3.50 %     4.04 %     47       302       6.0 %     5.8 %     5,074       (5,125 )

30yr 4.0

     560,307       529,874       13.75 %     94.57       4.00 %     4.78 %     24       333       2.7 %     2.3 %     13,366       (14,338 )

30yr 4.5

     338,732       329,019       8.54 %     97.13       4.50 %     5.45 %     19       339       7.4 %     6.2 %     6,431       (7,159 )

30yr 5.0

     549,488       544,218       14.12 %     99.04       5.00 %     5.93 %     17       340       3.4 %     3.8 %     9,978       (11,435 )

30yr 5.5

     271,070       274,239       7.12 %     101.17       5.50 %     6.43 %     10       349       5.1 %     3.5 %     4,246       (5,126 )

30yr 6.0

     318,989       324,586       8.42 %     101.75       6.00 %     6.99 %     10       345       7.5 %     8.6 %     3,802       (4,738 )

30yr 6.5

     332,433       341,679       8.87 %     102.78       6.50 %     7.39 %     6       351       11.0 %     8.7 %     2,770       (3,680 )

30yr 7.0

     74,593       77,362       2.01 %     103.71       7.00 %     7.94 %     4       354       2.4 %     4.5 %     518       (647 )

Total Pass Through RMBS

     4,028,906       3,836,349       99.55 %     95.22       4.33 %     5.06 %     23       333       5.8 %     5.1 %     85,001       (91,532 )

Structured RMBS

                                                                                                

IO 20yr 4.0

     8,613       892       0.02 %     10.36       4.00 %     4.57 %     145       88       10.0 %     10.2 %     5       (5 )

IO 30yr 3.0

     2,952       356       0.01 %     12.05       3.00 %     3.64 %     108       240       24.3 %     9.4 %     -       (1 )

IO 30yr 4.0

     80,114       14,756       0.38 %     18.42       4.00 %     4.60 %     113       238       6.2 %     8.4 %     (241 )     187  

IO 30yr 4.5

     3,440       643       0.02 %     18.69       4.50 %     4.99 %     163       183       4.4 %     5.5 %     (4 )     2  

IO 30yr 5.0

     1,871       374       0.01 %     20.00       5.00 %     5.36 %     163       185       3.7 %     5.0 %     (6 )     4  

IO Total

     96,990       17,021       0.44 %     17.55       4.01 %     4.60 %     119       222       7.0 %     8.5 %     (245 )     186  

IIO 30yr 4.0

     26,509       327       0.01 %     1.23       0.00 %     4.40 %     76       272       7.6 %     7.0 %     103       (84 )

Total Structured RMBS

     123,499       17,348       0.45 %     14.05       3.15 %     4.55 %     109       232       7.1 %     8.1 %     (142 )     102  
                                                                                                 

Total Mortgage Assets

   $ 4,152,405     $ 3,853,697       100.00 %             4.30 %     5.05 %     26       330       5.9 %     5.2 %   $ 84,859     $ (91,430 )

 

   

Average

  

Hedge

  

Modeled Interest

  
   

Notional

  

Period

  

Rate Sensitivity (1)

  

Hedge

  

Balance

  

End

  

(-50 BPS)

    

(+50 BPS)

  

3-Month SOFR Futures

   $ (100,000 )

Mar-26

   $ (1,000 )   $ 1,000  

5-Year Treasury Future(2)

     (421,500 )

Mar-24

     (8,823 )     8,624  

10-Year Treasury Future(3)

     (320,000 )

Mar-24

     (10,306 )     9,902  

Swaps

     (2,326,500 )

Nov-29

     (58,747 )     56,657  

TBA

     (645,700 )

Feb-24

     (10,774 )     12,812  

Swaptions

     (800,000 )

May-24

     (28 )     256  

Hedge Total

   $ (4,613,700 )     $ (89,678 )   $ 89,251  

Rate Shock Grand Total

             $ (4,819 )   $ (2,179 )

 

(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 $108.39 at January 31, 2024. The market value of the short position was $456.9 million.

(3)

Ten-year Treasury futures contracts were valued at prices of $112.33 at January 31, 2024. The market value of the short position was $359.5 million.

 

 
 

RMBS Assets by Agency

                

($ in thousands)

                
           

Percentage

  
   

Fair

    

of

  

Asset Category

  

Value

    

Portfolio

  

As of January 31, 2024

                

Fannie Mae

   $ 2,684,927       69.7 %

Freddie Mac

     1,168,770       30.3 %

Total Mortgage Assets

   $ 3,853,697       100.0 %

 

 

Investment Company Act of 1940 Whole Pool Test

  

($ in thousands)

                
           

Percentage

  
   

Fair

    

of

  

Asset Category

  

Value

    

Portfolio

  

As of January 31, 2024

                

Non-Whole Pool Assets

   $ 141,882       3.7 %

Whole Pool Assets

     3,711,815       96.3 %

Total Mortgage Assets

   $ 3,853,697       100.0 %

 

 

Borrowings By Counterparty

                                  

($ in thousands)

                                  
                   

Weighted

    

Weighted

    
           

% of

    

Average

    

Average

    
   

Total

    

Total

    

Repo

    

Maturity

  

Longest

As of January 31, 2024

  

Borrowings

    

Debt

    

Rate

    

in Days

  

Maturity

RBC Capital Markets, LLC

   $ 295,473       8.0 %     5.48 %     13  

2/13/2024

Mitsubishi UFJ Securities (USA), Inc.

     280,200       7.6 %     5.49 %     23  

2/29/2024

J.P. Morgan Securities LLC

     264,928       7.2 %     5.46 %     20  

2/20/2024

Cantor Fitzgerald & Co

     255,902       7.0 %     5.54 %     13  

2/13/2024

Citigroup Global Markets Inc.

     247,472       6.7 %     5.46 %     26  

2/26/2024

ASL Capital Markets Inc.

     241,703       6.6 %     5.47 %     38  

3/12/2024

Wells Fargo Bank, N.A.

     208,284       5.7 %     5.47 %     54  

3/25/2024

Merrill Lynch, Pierce, Fenner & Smith

     198,201       5.4 %     5.48 %     16  

2/27/2024

Mirae Asset Securities (USA) Inc.

     198,045       5.4 %     5.49 %     60  

4/22/2024

ABN AMRO Bank N.V.

     178,201       4.9 %     5.48 %     50  

3/28/2024

Daiwa Securities America Inc.

     176,370       4.8 %     5.47 %     84  

4/24/2024

Bank of Montreal

     166,942       4.5 %     5.49 %     42  

3/13/2024

StoneX Financial Inc.

     166,206       4.5 %     5.48 %     16  

2/16/2024

Marex Capital Markets Inc.

     160,119       4.4 %     5.49 %     43  

4/26/2024

Goldman, Sachs & Co.

     157,780       4.3 %     5.47 %     18  

2/29/2024

Banco Santander SA

     152,412       4.1 %     5.53 %     40  

3/22/2024

ING Financial Markets LLC

     130,630       3.6 %     5.48 %     50  

3/21/2024

DV Securities, LLC Repo

     96,129       2.6 %     5.54 %     18  

2/29/2024

South Street Securities, LLC

     80,184       2.2 %     5.57 %     28  

2/28/2024

Lucid Cash Fund USG LLC

     9,699       0.3 %     5.49 %     15  

2/15/2024

Lucid Prime Fund, LLC

     8,489       0.2 %     5.49 %     15  

2/15/2024

Total Borrowings

   $ 3,673,369       100.0 %     5.49 %     33  

4/26/2024

 

Contact:

 

Orchid Island Capital, Inc.

Robert E. Cauley

3305 Flamingo Drive, Vero Beach, Florida 32963

Telephone: (772) 231-1400

 

 
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