0001518621-21-000024.txt : 20210210 0001518621-21-000024.hdr.sgml : 20210210 20210210173034 ACCESSION NUMBER: 0001518621-21-000024 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20210210 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210210 DATE AS OF CHANGE: 20210210 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: 21615274 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 orc8k20210210.htm ORC FORM 8-K 2021-02-10 ORC 8-K 2021-02-10
false 0001518621 0001518621 2021-02-10 2021-02-10
 
 
 
 
 
 
 
 
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):
February 10, 2021
 
 
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 10,
 
2021, Orchid Island
 
Capital, Inc. (the
 
“Company”) announced that
 
the Board of
 
Directors of the
 
Company
declared a dividend for the month of February 2021 of $0.065 per share of the Company’s
 
common stock to be paid on March
29, 2021 to holders of record on February
 
26, 2021, with an ex-dividend date of
 
February 25, 2021. In addition, the Company
announced certain
 
details of
 
its RMBS portfolio
 
as of
 
January 31,
 
2021 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 and expected funding of
 
purchased assets and anticipated borrowings.
 
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: February 10, 2021
 
ORCHID ISLAND CAPITAL,
 
INC.
By:
/s/ Robert E. Cauley
Robert E. Cauley
Chairman and Chief Executive Officer
 
 
 
 
 
 EX-99.1 2 orc8k20210210x991.htm EXHIBIT 99.1  

 

ORCHID ISLAND CAPITAL ANNOUNCES

FEBRUARY 2021 MONTHLY DIVIDEND AND

JANUARY 31, 2021 RMBS PORTFOLIO CHARACTERISTICS

 

·        February 2021 Monthly Dividend of $0.065 Per Share of Common Stock

·        RMBS Portfolio Characteristics as of January 31, 2021

·        Next Dividend Announcement Expected March 17, 2021

 

Vero Beach, Fla., February 10, 2021 - 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 February 2021. The dividend of $0.065 per share will be paid March 29, 2021, to holders of record of the Company’s common stock on February 26, 2021, with an ex-dividend date of February 25, 2021.  The Company plans on announcing its next common stock dividend on March 17, 2021.

 

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 10, 2021 and January 31, 2021, the Company had 85,121,365 shares of common stock outstanding. As of December 31, 2020, the Company had 76,073,317 shares of common stock outstanding.

 

RMBS Portfolio Characteristics

 

Details of the RMBS portfolio as of January 31, 2021 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 and the expected funding of purchased assets and anticipated borrowings. 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan 2021

Nov - Jan

 

Modeled

 

Modeled

 

 

 

 

 

 

 

 

Net

 

 

Weighted

CPR

2021 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 Feb)

in Feb)

 

(-50 BPS)(2)

 

(+50 BPS)(2)

Pass Through RMBS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Rate CMO

$

72,203

$

76,982

1.73%

$

106.62

4.00%

4.40%

 41  

 313  

28.80%

32.06%

$

(201)

$

(346)

15yr 2.5

 

239,845

 

257,515

5.78%

 

107.37

2.50%

2.87%

 1  

 176  

2.83%

n/a

 

3,026

 

(4,597)

15yr 4.0

 

647

 

697

0.02%

 

107.67

4.00%

4.50%

 33  

 122  

23.80%

22.91%

 

5

 

(9)

15yr Total

 

240,492

 

258,212

5.79%

 

107.37

2.50%

2.88%

 2  

 176  

2.88%

22.91%

 

3,031

 

(4,606)

20yr 2.0

 

397,839

 

413,008

9.26%

 

103.81

2.00%

2.86%

 2  

 238  

2.63%

2.73%

 

3,109

 

(6,803)

20yr Total

 

397,839

 

413,008

9.26%

 

103.81

2.00%

2.86%

 2  

 238  

2.63%

2.73%

 

3,109

 

(6,803)

30yr 2.5

 

1,236,221

 

1,315,433

29.50%

 

106.41

2.50%

3.31%

 3  

 355  

2.58%

4.36%

 

13,390

 

(26,285)

30yr 3.0

 

809,658

 

891,249

19.99%

 

110.08

3.00%

3.48%

 5  

 354  

6.41%

6.90%

 

14,818

 

(21,213)

30yr 3.5

 

617,482

 

683,643

15.33%

 

110.71

3.50%

4.00%

 14  

 340  

16.22%

18.60%

 

5,280

 

(11,056)

30yr 4.0

 

180,120

 

203,249

4.56%

 

112.84

4.00%

4.51%

 29  

 324  

21.94%

19.18%

 

2,929

 

(4,179)

30yr 4.5

 

93,291

 

105,442

2.37%

 

113.02

4.50%

5.00%

 20  

 336  

26.50%

25.98%

 

588

 

(1,301)

30yr Total

 

2,936,772

 

3,199,016

71.75%

 

108.93

3.00%

3.63%

 8  

 349  

8.45%

11.64%

 

37,005

 

(64,034)

Total Pass Through RMBS

 

3,647,306

 

3,947,218

88.53%

 

108.22

2.88%

3.51%

 8  

 325  

7.92%

11.91%

 

42,944

 

(75,789)

Structured RMBS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-Only Securities

 

249,787

 

29,573

0.66%

 

11.84

3.98%

4.57%

 79  

 267  

38.55%

42.56%

 

(3,926)

 

3,629

Total Structured RMBS

 

249,787

 

29,573

0.66%

 

11.84

3.98%

4.57%

 79  

 267  

38.55%

42.56%

 

(3,926)

 

3,629

Long TBA Positions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FNCL 2.0 TBA

 

365,000

 

376,349

8.44%

 

103.11

2.00%

 

 

 

 

 

 

4,983

 

(8,295)

FNCL 2.5 TBA

 

100,000

 

105,234

2.36%

 

105.23

2.50%

 

 

 

 

 

 

636

 

(1,700)

Total Long TBA

 

465,000

 

481,583

10.80%

 

103.57

2.11%

 

 

 

 

 

 

5,619

 

(9,995)

Total Mortgage Assets

$

4,362,093

$

4,458,374

100.00%

 

 

2.86%

3.58%

 12  

 321  

9.90%

14.87%

$

44,637

$

(82,155)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

$

(250)

$

250

Swaps

 

(855,000)

 

Apr-2026

 

 

 

 

 

 

 

 

 

 

(10,103)

 

22,356

5-Year Treasury Futures

 

(69,000)

 

Mar-2021(3)

 

 

 

 

 

 

 

 

 

 

(2,217)

 

2,340

TBA

 

(528,000)

 

Feb-2021

 

 

 

 

 

 

 

 

 

 

(2,478)

 

6,912

Swaptions

 

(733,450)

 

Feb-2022

 

 

 

 

 

 

 

 

 

 

(5,848)

 

6,329

Hedge Total

$

(2,235,450)

 

 

 

 

 

 

 

 

 

 

 

$

(20,896)

$

38,187

Rate Shock Grand Total

 

 

 

 

 

 

 

 

 

 

 

 

 

$

23,741

$

(43,968)

 

 

 

(1)    Amounts in the tables above include assets with a fair value of approximately $46.7 million purchased in January 2021, which settle in February 2021, and exclude assets with a fair value of approximately $80.5 million sold in January 2021, which settle in February 2021.

(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 $125.88 at January 31, 2021.  The market value of the short position was $86.9 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 January 31, 2021

 

 

 

 

As of January 31, 2021

 

 

 

Fannie Mae

$

3,087,564

77.6%

 

Non-Whole Pool Assets

$

569,507

14.3%

Freddie Mac

 

889,228

22.4%

 

Whole Pool Assets

 

3,407,285

85.7%

Total Mortgage Assets

$

3,976,792

100.0%

 

Total Mortgage Assets

$

3,976,792

100.0%

 

(1)    Amounts in the tables above include assets with a fair value of approximately $46.7 million purchased in January 2021, which settle in February 2021, and exclude assets with a fair value of approximately $80.5 million sold in January 2021, which settle in February 2021.

(2)    Amounts in the tables above exclude long TBA positions with a market value of approximately $481.6 million.

 

 

 

 

Borrowings By Counterparty

 

 

 

 

 

 

 

 

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

Weighted

 

 

 

 

 

% of

 

Average

Average

 

 

 

Total

 

Total

 

Repo

Maturity

Longest

As of January 31, 2021

 

Borrowings(1)

 

Debt

 

Rate

in Days

Maturity

Wells Fargo Bank, N.A.

$

411,276

 

10.8%

 

0.21%

44

4/19/2021

Mirae Asset Securities (USA) Inc.

 

395,393

 

10.3%

 

0.23%

49

7/26/2021

J.P. Morgan Securities LLC

 

382,267

 

10.0%

 

0.24%

56

7/21/2021

Mitsubishi UFJ Securities (USA), Inc

 

334,442

 

8.7%

 

0.21%

76

4/26/2021

ASL Capital Markets Inc.

 

269,629

 

7.0%

 

0.20%

21

4/26/2021

Cantor Fitzgerald & Co.

 

236,033

 

6.1%

 

0.21%

18

4/22/2021

RBC Capital Markets, LLC

 

230,058

 

6.0%

 

0.20%

22

4/19/2021

Citigroup Global Markets Inc

 

213,413

 

5.6%

 

0.20%

11

2/11/2021

Nomura Securities International, Inc.

 

211,464

 

5.5%

 

0.20%

35

4/19/2021

ED&F Man Capital Markets Inc

 

162,935

 

4.2%

 

0.20%

94

7/26/2021

Barclays Capital Inc.

 

156,684

 

4.1%

 

0.21%

12

2/12/2021

Merrill Lynch, Pierce, Fenner & Smith

 

149,500

 

3.9%

 

0.21%

11

3/2/2021

ING Financial Markets LLC

 

123,519

 

3.2%

 

0.21%

73

4/14/2021

ABN AMRO Bank N.V.

 

104,121

 

2.7%

 

0.20%

12

2/12/2021

Daiwa Securities America Inc.

 

101,630

 

2.6%

 

0.23%

16

3/4/2021

South Street Securities, LLC

 

79,298

 

2.1%

 

0.28%

71

5/13/2021

Goldman, Sachs & Co.

 

77,823

 

2.0%

 

0.22%

16

2/16/2021

Bank of Montreal

 

65,845

 

1.7%

 

0.22%

11

2/11/2021

Austin Atlantic Asset Management Co.

 

51,189

 

1.3%

 

0.23%

5

2/5/2021

Lucid Cash Fund USG LLC

 

51,028

 

1.3%

 

0.25%

11

2/11/2021

J.V.B. Financial Group, LLC

 

34,319

 

0.9%

 

0.20%

83

4/26/2021

Total Borrowings

$

3,841,866

 

100.0%

 

0.21%

 

7/26/2021

 

(1)    In January 2021, the Company sold assets with a fair value of approximately $80.5 million, which settle in February 2021 that collateralize approximately $83.0 million of repurchase agreements included in the table above. In January 2021, the Company purchased assets with a fair value of approximately $46.7 million, which settle in February 2021 that are expected to be funded substantially by repurchase agreements not included in the table above.

 

Contact:

 

Orchid Island Capital, Inc.

Robert E. Cauley

3305 Flamingo Drive, Vero Beach, Florida 32963

Telephone: (772) 231-1400

 

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Entity Address City or Town Vero Beach
Entity Address State or Province FL
Entity Postal Zip Code 32963
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