0001518621-20-000116.txt : 20201113 0001518621-20-000116.hdr.sgml : 20201113 20201112184045 ACCESSION NUMBER: 0001518621-20-000116 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20201112 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20201113 DATE AS OF CHANGE: 20201112 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: 201308501 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 orc8k20201112.htm ORC FORM 8-K 2020-11-20 ORC 8-K 2020-11-12
false 0001518621 ☐ ☐ ☐ ☐ ☐ 0001518621 2020-11-12 2020-11-12
 
 
 
 
 
 
 
 
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):
November 12, 2020
 
 
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 November 12, 2020,
 
Orchid Island Capital, Inc.
 
(the “Company”) announced that
 
the Board of Directors
 
of the Company
declared a dividend for the month of November 2020 of
 
$0.065 per share to be paid on December
 
29, 2020 to holders of record
on November 30, 2020, with
 
an ex-dividend date of November
 
27, 2020. In addition, the
 
Company announced certain details
of its RMBS
 
portfolio as
 
of October
 
31, 2020
 
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 most recent Annual Report
 
on Form 10-K for the fiscal
year ended December 31, 2019 and Quarterly Report on Form 10-Q for the three months ended March 31, 2020.
 
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: November 12, 2020
 
ORCHID ISLAND CAPITAL,
 
INC.
By:
/s/ Robert E. Cauley
Robert E. Cauley
Chairman and Chief Executive Officer
 
 
 
 
 
 EX-99.1 2 orc8k20201112x991.htm EXHIBIT 99.1  

 

ORCHID ISLAND CAPITAL ANNOUNCES

NOVEMBER 2020 MONTHLY DIVIDEND AND

OCTOBER 31, 2020 RMBS PORTFOLIO CHARACTERISTICS

 

·        November 2020 Monthly Dividend of $0.065 Per Share of Common Stock

·        RMBS Portfolio Characteristics as of October 31, 2020

·        Next Dividend Announcement Expected December 15, 2020

 

Vero Beach, Fla., November 12, 2020 - Orchid Island Capital, Inc. (the “Company”) (NYSE:ORC) announced today that the Board of Directors (the “Board”) declared a monthly cash dividend for the month of November 2020. The dividend of $0.065 per share will be paid December 29, 2020, to holders of record of the Company’s common stock on November 30, 2020, with an ex-dividend date of November 27, 2020.  The Company plans on announcing its next common stock dividend on December 15, 2020.

 

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 November 12, 2020, October 31, 2020 and September 30, 2020, the Company had 69,295,962 shares of common stock outstanding.

 

RMBS Portfolio Characteristics

 

Details of the RMBS portfolio as of October 31, 2020 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, 2019 and Quarterly Report on Form 10-Q for the three months ended March 31, 2020.

 

 

 

RMBS Valuation Characteristics

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized

Realized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oct 2020

Aug - Oct

 

Modeled

 

Modeled

 

 

 

 

 

 

 

 

Net

 

 

Weighted

CPR

2020 CPR

 

Interest

 

Interest

 

 

 

 

 

%

 

 

Weighted

 

 

Average

(1-Month)

(3-Month)

 

Rate

 

Rate

 

 

Current

 

Fair

of

 

Current

Average

 

 

Maturity

(Reported

(Reported

 

Sensitivity

 

Sensitivity

Type

 

Face

 

Value(1)

Portfolio

 

Price

Coupon

GWAC

Age

(Months)

in Nov)

in Nov)

 

(-50 BPS)(2)

 

(+50 BPS)(2)

Pass Through RMBS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Post Reset ARM

$

924

$

956

0.02%

$

103.50

3.39%

3.84%

 195  

 166  

65.71%

51.63%

$

3

$

(2)

Fixed Rate CMO

 

135,894

 

145,172

3.60%

 

106.83

4.00%

4.40%

 40  

 315  

11.02%

20.49%

 

(86)

 

(137)

15yr 4.0

 

692

 

742

0.02%

 

107.24

4.00%

4.49%

 30  

 125  

6.41%

89.68%

 

7

 

(8)

15yr Total

 

692

 

742

0.02%

 

107.24

4.00%

4.49%

 30  

 125  

6.41%

89.68%

 

7

 

(8)

20yr 2.0

 

100,000

 

103,397

2.56%

 

103.40

2.00%

2.88%

 1  

 239  

0.70%

6.16%

 

984

 

(1,646)

20yr 2.5

 

147,250

 

153,647

3.81%

 

104.34

2.50%

3.34%

 4  

 236  

8.46%

4.30%

 

579

 

(1,151)

20yr Total

 

247,250

 

257,044

6.37%

 

103.96

2.30%

3.15%

 3  

 237  

5.32%

4.99%

 

1,563

 

(2,797)

30yr 2.5

 

247,618

 

259,497

6.43%

 

104.80

2.50%

3.36%

 3  

 357  

5.44%

n/a

 

2,245

 

(4,152)

30yr 3.0

 

605,480

 

662,434

16.42%

 

109.41

3.00%

3.56%

 4  

 355  

17.76%

18.52%

 

11,463

 

(14,265)

30yr 3.5

 

1,446,206

 

1,600,002

39.66%

 

110.63

3.50%

3.99%

 11  

 345  

15.02%

13.74%

 

15,437

 

(22,471)

30yr 4.0

 

204,193

 

229,733

5.69%

 

112.51

4.00%

4.52%

 27  

 327  

20.09%

17.83%

 

3,632

 

(4,114)

30yr 4.5

 

279,005

 

316,470

7.84%

 

113.43

4.50%

5.01%

 17  

 340  

21.57%

21.15%

 

2,703

 

(3,212)

30yr 5.0

 

46,897

 

53,024

1.31%

 

113.06

5.00%

5.65%

 33  

 321  

23.95%

28.06%

 

480

 

(486)

30yr Total

 

2,829,399

 

3,121,160

77.37%

 

110.31

3.47%

4.01%

 11  

 346  

15.69%

15.87%

 

35,960

 

(48,700)

Total Pass Through RMBS

 

3,214,159

 

3,525,074

87.38%

 

109.67

3.40%

3.96%

 12  

 336  

14.60%

14.50%

 

37,447

 

(51,644)

Structured RMBS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-Only Securities

 

285,612

 

30,517

0.76%

 

10.68

4.00%

4.60%

 77  

 269  

45.15%

42.46%

 

(2,805)

 

4,546

Total Structured RMBS

 

285,612

 

30,517

0.76%

 

10.68

4.00%

4.60%

 77  

 269  

45.15%

42.46%

 

(2,805)

 

4,546

Long TBA Positions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FNCL 2.0 TBA

 

465,000

 

478,514

11.86%

 

102.91

2.00%

 

 

 

 

 

 

7,273

 

(10,599)

Total Long TBA

 

465,000

 

478,514

11.86%

 

102.91

2.00%

 

 

 

 

 

 

7,273

 

(10,599)

Total Mortgage Assets

$

3,964,771

$

4,034,105

100.00%

 

 

3.28%

4.01%

 17  

 331  

17.35%

17.25%

$

41,915

$

(57,697)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

Interest

 

 

Average

 

Hedge

 

 

 

 

 

 

 

 

 

 

Rate

 

Rate

 

 

Notional

 

Period

 

 

 

 

 

 

 

 

 

 

Sensitivity

 

Sensitivity

Hedge

 

Balance

 

End

 

 

 

 

 

 

 

 

 

 

(-50 BPS)(2)

 

(+50 BPS)(2)

Eurodollar Futures

$

(50,000)

 

Dec-2021

 

 

 

 

 

 

 

 

 

 

(313)

 

313

Swaps

 

(820,000)

 

Apr-2025

 

 

 

 

 

 

 

 

 

 

(9,790)

 

19,564

5-Year Treasury Futures

 

(69,000)

 

Dec-2020(3)

 

 

 

 

 

 

 

 

 

 

(2,455)

 

1,979

TBA

 

(328,000)

 

Nov-2020

 

 

 

 

 

 

 

 

 

 

(2,472)

 

4,111

Swaptions

 

(667,300)

 

May-2021

 

 

 

 

 

 

 

 

 

 

(3,810)

 

4,712

Hedge Total

$

(1,934,300)

 

 

 

 

 

 

 

 

 

 

 

$

(18,840)

$

30,679

Rate Shock Grand Total

 

 

 

 

 

 

 

 

 

 

 

 

 

$

23,075

$

(27,018)

 

 

 

(1)    Amounts in the tables above include assets with a fair value of approximately $362.0 million purchased in October 2020, which settle in November 2020.

(2)    Modeled results from Citigroup Global Markets Inc. Yield Book. Interest rate shocks assume instantaneous parallel shifts and horizon prices are calculated assuming constant LIBOR option-adjusted spreads. These results are for illustrative purposes only and actual results may differ materially.

(3)    Five year treasury futures contracts were valued at prices of $125.60 at October 31, 2020.  The market value of the short position was $86.7 million.

 

RMBS Assets by Agency

 

 

 

 

Investment Company Act of 1940 Whole Pool Test

($ in thousands)

 

 

 

 

($ in thousands)

 

 

 

 

 

 

Percentage

 

 

 

 

Percentage

 

 

Fair

of

 

 

 

Fair

of

Asset Category

 

Value(1)(2)

Portfolio

 

Asset Category

 

Value(1)(2)

Portfolio

As of October 31, 2020

 

 

 

 

As of October 31, 2020

 

 

 

Fannie Mae

$

2,087,940

58.7%

 

Non-Whole Pool Assets

$

777,779

21.9%

Freddie Mac

 

1,467,651

41.3%

 

Whole Pool Assets

 

2,777,812

78.1%

Total Mortgage Assets

$

3,555,591

100.0%

 

Total Mortgage Assets

$

3,555,591

100.0%

 

(1)    Amounts in the tables above include assets with a fair value of approximately $362.0 million purchased in October 2020, which settle in November 2020.

(2)    Amounts in the tables above exclude long TBA positions with a market value of approximately $478.5 million.

 

 

 

 

Borrowings By Counterparty

 

 

 

 

 

 

 

 

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

Weighted

 

 

 

 

 

% of

 

Average

Average

 

 

 

Total

 

Total

 

Repo

Maturity

Longest

As of October 31, 2020

 

Borrowings

 

Debt

 

Rate

in Days

Maturity

Mirae Asset Securities (USA) Inc.

$

367,343

 

11.8%

 

0.24%

90

2/11/2021

Mitsubishi UFJ Securities (USA), Inc

 

341,477

 

11.1%

 

0.24%

60

1/26/2021

Merrill Lynch, Pierce, Fenner & Smith

 

282,037

 

9.2%

 

0.25%

44

12/14/2020

Wells Fargo Bank, N.A.

 

282,011

 

9.2%

 

0.23%

60

1/19/2021

J.P. Morgan Securities LLC

 

259,243

 

8.5%

 

0.25%

130

3/12/2021

RBC Capital Markets, LLC

 

205,128

 

6.7%

 

0.22%

61

1/12/2021

Citigroup Global Markets Inc

 

199,862

 

6.5%

 

0.23%

75

1/21/2021

ED&F Man Capital Markets Inc

 

164,703

 

5.4%

 

0.22%

61

1/22/2021

ABN AMRO Bank N.V.

 

162,034

 

5.3%

 

0.22%

58

1/13/2021

ASL Capital Markets Inc.

 

153,278

 

5.0%

 

0.23%

71

1/20/2021

ING Financial Markets LLC

 

133,587

 

4.4%

 

0.22%

75

1/14/2021

Cantor Fitzgerald & Co.

 

129,520

 

4.2%

 

0.24%

70

1/13/2021

Daiwa Securities America Inc.

 

121,359

 

4.0%

 

0.25%

44

1/15/2021

South Street Securities, LLC

 

76,724

 

2.5%

 

0.28%

135

5/13/2021

Bank of Montreal

 

72,242

 

2.4%

 

0.24%

41

12/11/2020

Lucid Cash Fund USG LLC

 

54,433

 

1.8%

 

0.26%

12

11/12/2020

Goldman, Sachs & Co.

 

27,563

 

0.9%

 

0.20%

16

11/16/2020

J.V.B. Financial Group, LLC

 

25,024

 

0.8%

 

0.23%

76

1/15/2021

AAAMCO

 

9,713

 

0.3%

 

0.26%

4

11/4/2020

Total Borrowings

$

3,067,281

 

100.0%

 

0.24%

70

5/13/2021

 

Contact:

 

Orchid Island Capital, Inc.

Robert E. Cauley

3305 Flamingo Drive, Vero Beach, Florida 32963

Telephone: (772) 231-1400

 

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