0001518621-22-000020.txt : 20220224 0001518621-22-000020.hdr.sgml : 20220224 20220224164827 ACCESSION NUMBER: 0001518621-22-000020 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220224 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220224 DATE AS OF CHANGE: 20220224 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: 22671899 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 orc8k20220224.htm ORC FORM 8-K 2022-02-24 orc8k20210729
false 0001518621 0001518621 2022-02-24 2022-02-24
 
 
 
 
 
 
 
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 24, 2022
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 2.02. Results of Operations and Financial Condition.
On February 24, 2022, Orchid Island Capital, Inc. (the “Company”) issued the press
 
release attached hereto as Exhibit 99.1
announcing the Company’s results of
 
operations for the period ended December 31, 2021. In addition, the
 
Company posted
supplemental financial information on the investor relations section of its website
 
(https://ir.orchidislandcapital.com).
 
The
press release, attached as Exhibit 99.1, is being furnished under this “Item
 
2.02 Results of Operations and Financial
Condition,” and shall not be deemed “filed” for purposes of Section 18
 
of the Securities Exchange Act of 1934, nor shall it be
deemed incorporated by reference in any disclosure document of the Company,
 
except as shall be expressly set forth by
specific reference in such document.
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 regarding interest
 
rates, liquidity,
pledging
 
of our
 
structured
 
RMBS, funding
 
levels and
 
spreads, prepayment
 
speeds,
 
portfolio
 
positioning
 
and repositioning,
hedging levels,
 
dividends, growth,
 
the supply
 
and demand
 
for Agency
 
RMBS, the
 
effect of
 
actual or
 
expected actions
 
of the
U.S.
 
government,
 
including
 
the Federal
 
Reserve,
 
market
 
expectations,
 
the stock
 
repurchase
 
program
 
and general
 
economic
conditions. 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,
 
2020, which
 
has been
 
filed with
 
the Securities
 
and Exchange
 
Commission (the
 
“SEC”), and
 
other documents
that the Company files with the SEC.
 
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 require
 
d
 
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 24, 2022
 
ORCHID ISLAND CAPITAL,
 
INC.
By:
/s/ Robert E. Cauley
Robert E. Cauley
Chairman and Chief Executive Officer
 EX-99.1 2 orc8k2022024x991.htm EXHIBIT 99.1 orc8k20210225x991
orc8k20210225x991p1i0.jpg
ORCHID ISLAND CAPITAL ANNOUNCES FOURTH QUARTER 2021 RESULTS
VERO BEACH, Fla. (February 24, 2022) – Orchid Island Capital, Inc. (NYSE:ORC)
 
("Orchid” or the "Company"), a real estate
investment trust ("REIT"), today announced results of operations for the
 
three month period ended December 31, 2021.
Fourth Quarter 2021 Highlights
●
Net loss of $44.6 million, or $0.27 per common share, which consists
 
of:
●
Net interest income of $42.4 million, or $0.25 per common share
●
Total
 
expenses of $4.4 million, or $0.03 per common share
●
Net realized and unrealized losses of $82.6 million, or $0.49 per share, on RMBS and
 
derivative instruments, including
net interest expense on interest rate swaps
●
Fourth quarter and full year total dividends declared and paid of $0.195 and $0.78
 
per common share, respectively
●
Since its initial public offering, the Company has declared cash dividends equaling $12.545
 
per common share
●
Book value per share of $4.34 at December 31, 2021
●
(4.9)% economic loss on common equity for the quarter,
 
comprised of $0.195 dividend per common share and $0.43
decrease in net book value per common share, divided by beginning book value
 
per share
●
Company to discuss results on Friday, February 25, 2022, at 10:00 AM ET
●
Supplemental materials to be discussed on the call can be downloaded from the
 
investor relations section of the Company’s
website at https://ir.orchidislandcapital.com
Management Commentary
Commenting on the fourth quarter results, Robert E. Cauley, Chairman and Chief Executive Officer, said, “Since our last earnings
call the developments unfolding early in the fourth quarter of 2021 accelerated.
 
Inflation data in particular has reaccelerated after
leveling off briefly during the third quarter of 2021.
 
Current readings are at the highest levels seen since the early 1980s
 
and have
become more broad-based, no longer driven solely by areas most affected by pandemic
 
driven supply channel constraints.
 
Job growth
has been equally robust and showed little effect from the Omicron variant that emerged in early December
 
of 2021. Wage growth
continues to surge as the labor market becomes progressively tighter, although real wage growth is still negative.
 
The Federal
Reserve (the “Fed”) has taken notice and appears ready to begin an aggressive campaign
 
to remove accommodation.
 
As these
developments unfolded,
 
interest rates increased materially and the curve – both for nominal U.S.
 
Treasury rates as well as U.S. dollar
swap rates – continued to flatten. Since the end of the third quarter of 2021, the
 
2-year U.S. Treasury has increased by over 120 basis
points, the 5-year U.S. Treasury has increased by approximately 90 basis points and the 10-year U.S. Treasury by approximately
 
48
basis points. Fed Funds futures pricing has changed materially as well and implies
 
an overnight rate of just under 2% by July of 2023
versus 8 basis points currently.
 
This is in sharp contrast to the end of the third quarter of 2021 when market pricing
 
was for one rate
hike in either late 2022 or early 2023. Note all of this has occurred while the
 
Fed is still buying U.S. Treasuries and Agency RMBS
every day.
 
Obviously not your garden variety rate cycle.
“These developments made for a very challenging market environment with very
 
elevated levels of volatility.
 
The markets in the
fourth quarter of 2021 were particularly challenging for Agency RMBS securities
 
and, somewhat surprisingly, specified pools in
particular. This led to mark-to-market losses on our specified pool focused portfolio. We anticipated the Fed was on the verge
 
of
tapering their asset purchases as we entered the fourth quarter of 2021 and were
 
positioned so as to minimize the impact tapering
would have on the RMBS market – namely by avoiding the coupons the Fed
 
was buying. Indeed, last November, the Fed announced
ORC Announces Fourth Quarter 2021 Results
Page 2
February 24, 2022
they would begin tapering their asset purchases later that month and subsequently
 
accelerated the pace of the tapering to the point
that in January of 2022 they announced they would end incremental purchases altogether
 
by March of 2022. They also announced
they would begin reducing their balance sheet, and at an accelerated pace,
 
beginning after their first rate hike, almost certainly to be
announced at the March 2022 meeting. There was also talk of outright sales of Agency
 
RMBS assets mentioned in the minutes to the
Fed’s January 2022 meeting.
“The Fed tapering was announced as we expected, and the pace has been
 
accelerated twice, but the impact on the Agency
RMBS market has been somewhat surprising.
 
While the coupons Fed purchases were concentrated in, both during
 
the fourth quarter
of 2021 and to a great extent in early 2022, have performed poorly, as expected, dollar rolls have remained robust, even
 
in higher
coupons. With rates higher, the current coupon has shifted higher as well and currently 3.0% and 3.5% coupons are being
 
produced
and purchased by the Fed.
 
In short, dollar roll returns are still very attractive, even if not likely to
 
persist for long.
 
As is often the case,
specified pool premiums have suffered in inverse proportion to the degree of dollar roll
 
specialness. This combination of developments
hurt our performance during the fourth quarter of 2021 and continues to do so
 
in 2022.
 
However, the widening in specs has clearly
been exacerbated by the continued dollar roll specialness and we
 
anticipate the relative performance is likely to reverse as we move
into 2022.
 
“In sum, we are comfortable with our current positioning.
 
Our portfolio remains concentrated in specified pools and we have
incurred material mark-to-market losses on these securities, both during the
 
fourth quarter as well as to date in 2022.
 
However, the
vast majority of these losses are unrealized as we still own the securities. We have been
 
able to absorb these mark-to-market losses
because of our liquidity management practices and anticipate we will be able to
 
continue to do so. The carry these assets yield are
comparable to yields available via dollar rolls and the latter is likely to
 
decline as the Fed winds their asset purchases down.
 
Therefore,
we see no reason to liquidate these holdings and reposition the portfolio.
Our conviction is buttressed by the knowledge that specified pools will enter
 
the Bloomberg MBS indices later this year, adding
demand for the sector from benchmarked managers.
 
Further, the increased conforming loan limit has degraded the convexity, or
callability of current Agency RMBS production, another factor supporting specified
 
pools.
 
So, while the timing of the transition from a
TBA roll-dominated market is taking a little longer to occur and has cost us on
 
a mark-to-market basis, we are very confident our
positioning is where it needs to be as we move further into 2022.”
 
Details of Fourth Quarter 2021 Results of Operations
 
The Company reported net loss of $44.6 million for the three month period
 
ended December 31, 2021, compared with net income
of $16.5 million for the three month period ended December 31, 2020. The Company
 
increased its Agency RMBS portfolio over the
course of the fourth quarter of 2021 through capital raised through the at-the-market
 
program. The yield on our average RMBS
increased from 2.66%
 
in the third quarter of 2021 to 2.93% for the fourth quarter of 2021, repurchase
 
agreement borrowing costs
increased from 0.13%
 
for the third quarter of 2021 to 0.14% for the fourth quarter of 2021,
 
and our net interest spread increased from
2.53% to 2.79% in the fourth quarter of 2021.
Book value decreased by $0.43 per share in the fourth quarter of 2021. The decrease
 
in book value reflects our net loss of $0.27
per share, the dividend distribution of $0.195 per share and approximately $0.03
 
per share added through our capital raising activities.
The Company recorded net realized and unrealized losses of $0.49 per share
 
on Agency RMBS assets and derivative instruments,
including net interest expense on interest rate swaps.
Details of Full Year 2021
 
Results of Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ORC Announces Fourth Quarter 2021 Results
Page 3
February 24, 2022
Orchid generated a net loss per share of $0.54 during 2021. The Company
 
recorded net interest income of $127.6 million, offset
by realized and unrealized losses of $177.1 million on Agency RMBS and
 
derivative instruments.
 
The yield on our average RMBS
decreased from 3.45% in 2020 to 2.73% for 2021,
 
repurchase agreement borrowing costs decreased from 1.51%
 
for 2020 to 0.54%
 
in
2021, and our net interest spread decreased from 2.71% in 2020 to 2.59%
 
in 2021.
Book value decreased by $1.12 per share in 2021 from December 31, 2020. The
 
decrease in book value reflects our net loss of
$0.54 per share, the dividend distributions of $0.78 per share and approximately $0.20
 
per share added through our capital raising
activities.
Prepayments
For the quarter ended December 31, 2021, Orchid received $178.1
 
million in scheduled and unscheduled principal repayments
and prepayments, which equated to a 3-month constant prepayment rate (“CPR”)
 
of approximately 11.4%. Prepayment rates on the
two RMBS sub-portfolios were as follows (in CPR):
Structured
PT RMBS
RMBS
Total
Three Months Ended
Portfolio (%)
Portfolio (%)
Portfolio (%)
December 31, 2021
9.0
24.6
11.4
September 30, 2021
9.8
25.1
12.4
June 30, 2021
10.9
29.9
12.9
March 31, 2021
9.9
40.3
12.0
December 31, 2020
16.7
44.3
20.1
September 30, 2020
14.3
40.4
17.0
June 30, 2020
13.9
35.3
16.3
March 31, 2020
9.8
22.9
11.9
Portfolio
The following tables summarize certain characteristics of Orchid’s PT RMBS and structured
 
RMBS as of December 31, 2021 and
December 31, 2020:
 
($ in thousands)
Weighted
Percentage
Average
of
Weighted
Maturity
Fair
Entire
Average
in
Longest
Asset Category
Value
Portfolio
Coupon
Months
Maturity
December 31, 2021
Fixed Rate RMBS
$
6,298,189
96.7%
2.93%
342
1-Dec-51
Total Mortgage-backed Pass-through
6,298,189
96.7%
2.93%
342
1-Dec-51
Interest-Only Securities
210,382
3.2%
3.40%
263
25-Jan-52
Inverse Interest-Only Securities
2,524
0.1%
3.75%
300
15-Jun-42
Total Structured RMBS
212,906
3.3%
3.41%
264
25-Jan-52
Total Mortgage Assets
$
6,511,095
100.0%
3.03%
325
25-Jan-52
December 31, 2020
Fixed Rate RMBS
$
3,560,746
95.5%
3.09%
339
1-Jan-51
Fixed Rate CMOs
137,453
3.7%
4.00%
312
15-Dec-42
Total Mortgage-backed Pass-through
3,698,199
99.2%
3.13%
338
1-Jan-51
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ORC Announces Fourth Quarter 2021 Results
Page 4
February 24, 2022
Interest-Only Securities
28,696
0.8%
3.98%
268
25-May-50
Total Structured RMBS
28,696
0.8%
3.98%
268
25-May-50
Total Mortgage Assets
$
3,726,895
100.0%
3.19%
333
1-Jan-51
($ in thousands)
December 31, 2021
December 31, 2020
Percentage of
Percentage of
Agency
Fair Value
Entire Portfolio
Fair Value
Entire Portfolio
Fannie Mae
$
4,719,349
72.5%
$
2,733,960
73.4%
Freddie Mac
1,791,746
27.5%
992,935
26.6%
Total Portfolio
$
6,511,095
100.0%
$
3,726,895
100.0%
December 31, 2021
December 31, 2020
Weighted Average Pass-through Purchase Price
$
107.19
$
107.43
Weighted Average Structured Purchase Price
$
15.21
$
20.06
Weighted Average Pass-through Current Price
$
105.31
$
108.94
Weighted Average Structured Current Price
$
14.08
$
10.87
Effective Duration
(1)
3.390
2.360
(1)
Effective duration is the approximate percentage change in price
 
for a 100 bps change in rates. An effective duration of 3.390
 
indicates that an
interest rate increase of 1.0% would be expected to cause a 3.390% decrease in the value
 
of the RMBS in the Company’s investment portfolio
at December 31, 2021.
 
An effective duration of 2.360 indicates that an interest rate increase
 
of 1.0% would be expected to cause a 2.360%
decrease in the value of the RMBS in the Company’s investment portfolio
 
at December 31, 2020. These figures include the structured securities
in the portfolio, but do not include the effect of the Company’s funding
 
cost hedges.
 
Effective duration quotes for individual investments are
obtained from The Yield Book, Inc.
 
 
 
 
 
ORC Announces Fourth Quarter 2021 Results
Page 5
February 24, 2022
Financing, Leverage and Liquidity
As of December
 
31, 2021,
 
the Company
 
had outstanding
 
repurchase
 
obligations
 
of approximately
 
$6,244.1
 
million with
 
a net
weighted
 
average borrowing
 
rate of 0.15%.
 
These agreements
 
were collateralized
 
by RMBS
 
with a fair
 
value, including
 
accrued
 
interest,
of approximately
 
$6,525.2 million
 
and cash pledged
 
to counterparties
 
of approximately
 
$57.3 million.
 
The Company’s
 
leverage
 
ratio at
December
 
31, 2021
 
was 8.2 to
 
1. At December
 
31, 2021,
 
the Company’s
 
liquidity
 
was approximately
 
$389.9 million,
 
consisting
 
of
unpledged
 
RMBS and
 
unrestricted
 
cash and cash
 
equivalents.
 
To enhance our liquidity
 
even further,
 
we may pledge
 
more of our
structured
 
RMBS as
 
part of a
 
repurchase
 
agreement
 
funding,
 
but retain
 
the cash in
 
lieu of acquiring
 
additional
 
assets.
 
In this way
 
we can,
at a modest
 
cost, retain
 
higher levels
 
of cash on
 
hand and
 
decrease
 
the likelihood
 
we will have
 
to sell assets
 
in a distressed
 
market in
order to
 
raise cash.
 
Below is
 
a list of
 
our outstanding
 
borrowings
 
under repurchase
 
obligations
 
at December
 
31, 2021.
 
($ in thousands)
Weighted
Weighted
Total
Average
Average
Outstanding
% of
Borrowing
Amount
Maturity
Counterparty
Balances
Total
Rate
at Risk
(1)
in Days
Wells Fargo Bank, N.A.
$
436,954
7.2%
0.13%
$
23,236
29
Mirae Asset Securities (USA) Inc.
425,890
6.8%
0.13%
22,505
62
J.P.
 
Morgan Securities LLC
424,776
6.8%
0.14%
23,895
31
RBC Capital Markets, LLC
416,185
6.7%
0.14%
13,401
15
ABN AMRO Bank N.V.
407,945
6.5%
0.13%
12,594
44
Merrill Lynch, Pierce, Fenner & Smith Inc.
388,303
6.2%
0.16%
20,805
15
Cantor Fitzgerald & Co.
348,968
5.6%
0.12%
18,100
29
Mitsubishi UFJ Securities (USA), Inc.
345,853
5.5%
0.22%
33,544
49
Goldman Sachs & Co. LLC
339,026
5.4%
0.18%
25,730
21
Citigroup Global Markets, Inc.
318,709
5.1%
0.14%
17,107
15
ED&F Man Capital Markets Inc.
301,941
4.8%
0.11%
16,198
22
Santander Bank, N.A.
299,670
4.8%
0.14%
15,693
17
Nomura Securities International, Inc.
284,851
4.6%
0.13%
15,105
47
ASL Capital Markets Inc.
281,879
4.5%
0.14%
14,458
17
ING Financial Markets LLC
274,333
4.4%
0.13%
11,561
10
BMO Capital Markets Corp.
245,932
3.9%
0.17%
17,262
25
Daiwa Capital Markets America, Inc.
207,575
3.3%
0.15%
10,505
15
South Street Securities, LLC
141,548
2.3%
0.15%
7,261
17
Barclays Capital Inc.
137,691
2.2%
0.14%
4,551
14
Austin Atlantic Asset Management Co.
95,754
1.5%
0.14%
4,039
5
Lucid Cash Fund USG LLC
88,865
1.4%
0.18%
7,853
13
StoneX Financial Inc.
27,869
0.4%
0.13%
1,410
18
Mizuho Securities USA, Inc.
3,589
0.1%
0.56%
1,476
12
Total / Weighted
 
Average
$
6,244,106
100.0%
0.15%
$
338,289
27
(1)
Equal to the
 
sum of the fair
 
value of securities
 
sold, accrued
 
interest receivable
 
and cash posted
 
as collateral
 
(if any), minus
 
the sum of repurchase
agreement liabilities,
 
accrued interest
 
payable and
 
the fair value
 
of securities
 
posted by the
 
counterparties
 
(if any).
 
 
 
 
 
 
 
 
 
ORC Announces Fourth Quarter 2021 Results
Page 6
February 24, 2022
Hedging
In connection with its interest rate risk management strategy, the Company economically hedges a portion of the cost
 
of its repurchase
agreement funding against a rise in interest rates by entering into derivative financial
 
instrument contracts.
 
The Company has not
elected hedging treatment under U.S. generally accepted accounting principles (“GAAP”)
 
in order to align the accounting treatment of
its derivative and other hedging instruments with the treatment of its portfolio assets
 
under the fair value option election. As such, all
gains or losses on these instruments are reflected in earnings for all periods presented.
 
At December 31, 2021, such instruments were
comprised of U.S. Treasury note (“T-Note”) futures contracts,
 
interest rate swap agreements, interest rate swaption agreements and
“to-be-announced” (“TBA”) securities transactions.
 
The table below presents information related to the Company’s T-Note futures contracts at December 31, 2021.
 
($ in thousands)
Average
Weighted
Weighted
Contract
Average
Average
Notional
Entry
Effective
Open
Expiration Year
Amount
Rate
Rate
Equity
(1)
U.S. Treasury Note Futures Contracts
 
(Short Positions)
March 2022 5-year T-Note futures
(Mar 2022 - Mar 2027 Hedge Period)
(2)
$
369,000
1.56%
1.62%
$
1,013
March 2022 10-year Ultra futures
(Mar 2022 - Mar 2032 Hedge Period)
(3)
$
220,000
1.22%
1.09%
$
(3,861)
(1)
Open equity represents the cumulative gains (losses) recorded on open
 
futures positions from inception.
(2)
5-Year T-Note
 
futures contracts were valued at a price of $120.98 at December 31, 2021.
 
The contract values of the short positions were
$446.4 million.
(3)
10-Year Ultra futures
 
contracts were valued at a price of $146.44 at December 31, 2021. The contract
 
value of the short position was $322.2
million.
The table
 
below presents
 
information
 
related to
 
the Company’s
 
interest
 
rate swap
 
positions
 
at December
 
31, 2021.
($ in thousands)
Average
Net
Fixed
Average
Estimated
Average
Notional
Pay
Receive
Fair
Maturity
Expiration
Amount
Rate
Rate
Value
(Years)
> 3 to ≤ 5 years
$
955,000
0.64%
0.16%
$
21,788
4.0
> 5 years
400,000
1.16%
0.21%
$
4,643
7.3
$
1,355,000
0.79%
0.18%
$
26,431
5.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ORC Announces Fourth Quarter 2021 Results
Page 7
February 24, 2022
The following
 
table presents
 
information
 
related to
 
our interest
 
rate swaption
 
positions
 
as of December
 
31, 2021.
($ in thousands)
Option
Underlying Swap
Weighted
Average
Weighted
Average
Average
Adjustable
Average
Fair
Months to
Notional
Fixed
Rate
Term
Expiration
Cost
Value
Expiration
Amount
Rate
(LIBOR)
(Years)
Payer Swaptions - Long
≤ 1 year
$
4,000
$
1,575
3.2
$
400,000
1.66%
3 Month
5.0
> 1 year ≤ 2 years
32,690
19,918
18.4
1,258,500
2.46%
3 Month
14.1
$
36,690
$
21,493
14.7
$
1,658,500
2.27%
3 Month
11.9
Payer Swaptions - Short
≤ 1 year
$
(16,185)
$
(4,423)
5.3
$
(1,331,500)
2.29%
3 Month
11.4
The following
 
table summarizes
 
our contracts
 
to purchase
 
and sell
 
TBA securities
 
as of December
 
31, 2021
($ in thousands)
Notional
Net
Amount
Cost
Market
Carrying
Long (Short)
(1)
Basis
(2)
Value
(3)
Value
(4)
December 31, 2021
30-Year TBA securities:
3.00%
$
(575,000)
$
(595,630)
$
(595,934)
$
(304)
$
(575,000)
$
(595,630)
$
(595,934)
$
(304)
(1)
Notional amount represents the par value (or principal balance) of the underlying
 
Agency RMBS.
(2)
Cost basis represents the forward price to be paid (received) for the underlying
 
Agency RMBS.
(3)
Market value represents the current market value of the TBA securities
 
(or of the underlying Agency RMBS) as of period-end.
(4)
Net carrying value represents the difference between the market
 
value and the cost basis of the TBA securities as of period-end and
 
is reported
in derivative assets (liabilities) at fair value in our balance sheets.
 
 
 
 
 
 
 
 
 
ORC Announces Fourth Quarter 2021 Results
Page 8
February 24, 2022
Dividends
In addition to other requirements that must be satisfied to qualify as a REIT, we must pay annual dividends to our stockholders of
at least 90% of our REIT taxable income, determined without regard to the deduction
 
for dividends paid and excluding any net capital
gains. We intend to pay regular monthly dividends to our stockholders and have declared the
 
following dividends since our February
2013 IPO.
(in thousands, except per share data)
Year
Per Share
Amount
Total
2013
$
1.395
$
4,662
2014
2.160
22,643
2015
1.920
38,748
2016
1.680
41,388
2017
1.680
70,717
2018
1.070
55,814
2019
0.960
54,421
2020
0.790
53,570
2021
0.780
97,601
2022 - YTD
(1)
0.110
19,502
Totals
$
12.545
$
459,066
(1)
On January 13, 2022, the Company declared a dividend of $0.055 per
 
share to be paid on February 24, 2022. On February 16, 2022, the
Company declared a dividend of $0.055 per share to be paid on March 29, 2022.
 
The dollar amount of the dividend declared in February 2022
is estimated based on the number of shares outstanding at February
 
25, 2022. The effect of these dividends are included in the table above,
but are not reflected in the Company’s financial statements as of December
 
31, 2021.
Peer Performance
The tables
 
below present
 
total return
 
data for
 
Orchid compared
 
to a selected
 
group of
 
peers based
 
on stock price
 
performance
 
for
periods through
 
December
 
31, 2021
 
and based
 
on book value
 
performance
 
for periods
 
through September
 
30, 2021.
Portfolio Total Rate of
 
Return Versus Peer Group Average
 
- Stock Price Performance
ORC Spread
ORC
Over / (Under)
Total Rate
Peer
Peer
of Return
(1)
Average
(1)(2)
Average
(3)
One Year Total
 
Return
0.1%
(0.2)%
0.3%
Two Year
 
Total Return
5.4%
(10.7)%
16.1%
Three Year Total
 
Return
12.6%
(4.7)%
17.3%
Five Year Total
 
Return
(9.3)%
3.0%
(12.3)%
Inception to Date (2/28/2013 - 12/31/2021)
(4)
24.5%
9.4%
15.1%
Source: SEC filings and press releases
 
of Orchid and Peer Group
(1)
Source of total rate of return for each period is the Bloomberg COMP page
 
and includes reinvested dividends for each period noted.
(2)
The peer average is the unweighted, simple, average of the total rate of return for
 
each of the following companies in each respective
measurement period:
 
AGNC, NLY,
 
ANH, AAIC, ARR, CMO, CHMI, DX and IVR.
(3)
Represents the total rate of return for Orchid minus peer average in each respective
 
measurement period.
 
(4)
Orchid completed its Initial Public Offering on February 13,
 
2013. We have elected to start the comparison with Orchid’s first
 
full month of
operations.
 
 
 
 
ORC Announces Fourth Quarter 2021 Results
Page 9
February 24, 2022
Portfolio Total Rate of
 
Return Versus Peer Group Average
 
- Book Value Performance
ORC Spread
ORC
Over / (Under)
Total Rate
Peer
Peer
of Return
(1)
Average
(1)(2)
Average
(3)
One Year Total
 
Return
2.3%
1.9%
0.4%
Two Year
 
Total Return
4.3%
(10.2)%
14.5%
Three Year Total
 
Return
(1.0)%
(12.0)%
11.0%
Five Year Total
 
Return
(7.8)%
(8.9)%
1.1%
Inception to Date (3/31/2013 - 9/30/2021)
(4)
16.2%
(1.8)%
18.0%
Source: SEC filings and press releases
 
of Orchid and Peer Group
(1)
Total rate
 
of return for each period is change in book value per share over the period plus dividends
 
per share declared divided by the book
value per share at the beginning of the period.
(2)
The peer average is the unweighted, simple, average of the total rate of return for
 
each of the following companies in each respective
measurement period:
 
AGNC, NLY,
 
ANH, AAIC, ARR, CMO, CHMI, DX and IVR.
(3)
Represents the total rate of return for Orchid minus peer average in each respective
 
measurement period.
(4)
Peer book values are not available for Orchid’s true inception date
 
(2/13/2013).
 
Because all peer book values are not available as of Orchid’s
inception date (2/13/2013), the starting point for Orchid and all of the peer
 
companies is 3/31/2013.
Book Value Per Share
The Company's book value per share at December 31, 2021 was $4.34.
 
The Company computes book value per share by
dividing total stockholders' equity by the total number of shares outstanding of the
 
Company's common stock. At December 31, 2021,
the Company's stockholders' equity was $768.1 million with 176,993,049 shares
 
of common stock outstanding.
Capital Allocation and Return on Invested Capital
The Company allocates capital to two RMBS sub-portfolios, the pass-through
 
RMBS portfolio, consisting of mortgage pass-through
certificates issued by Fannie Mae, Freddie Mac or Ginnie Mae (the “GSEs”)
 
and collateralized mortgage obligations (“CMOs”) issued
by the GSEs (“PT RMBS”), and the structured RMBS portfolio, consisting of interest-only
 
(“IO”), inverse interest-only (“IIO”) securities
and principal only securities (“POs”), among other types of structured Agency
 
RMBS. As of September 30, 2021, approximately 79% of
the Company’s investable capital (which consists of equity in pledged PT RMBS, available
 
cash and unencumbered assets) was
deployed in the PT RMBS portfolio.
 
At December 31, 2021, the allocation to the PT RMBS portfolio decreased
 
9% to approximately
70%.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ORC Announces Fourth Quarter 2021 Results
Page 10
February 24, 2022
The table below details the changes to the respective sub-portfolios during the
 
quarter, as well as the returns generated by each.
 
(in thousands)
Portfolio Activity for the Quarter
Structured Security Portfolio
Pass-Through
Interest-Only
Inverse Interest-
Portfolio
Securities
Only Securities
Sub-total
Total
Market value - September 30, 2021
$
5,458,562
$
140,078
$
2,783
$
142,861
$
5,601,423
Securities purchased
1,353,698
80,178
-
80,178
1,433,876
Securities sold
(252,816)
-
-
-
(252,816)
Losses on sales
(2,474)
-
-
-
(2,474)
Return of investment
n/a
(9,331)
(326)
(9,657)
(9,657)
Pay-downs
(168,424)
n/a
n/a
n/a
(168,424)
Premium lost due to pay-downs
(11,492)
n/a
n/a
n/a
(11,492)
Mark to market (losses) gains
(78,865)
(543)
67
(476)
(79,341)
Market value - December 31, 2021
$
6,298,189
$
210,382
$
2,524
$
212,906
$
6,511,095
The tables below present the allocation of capital between the respective
 
portfolios at December 31, 2021 and September 30,
2021, and the return on invested capital for each sub-portfolio for the three month
 
period ended December 31, 2021.
 
The return on
invested capital in the PT RMBS and structured RMBS portfolios was approximately
 
(7.7)% and 0.9%, respectively, for the fourth
quarter of 2021.
 
The combined portfolio generated a return on invested capital
 
of approximately (5.9)%.
($ in thousands)
Capital Allocation
Structured Security Portfolio
Pass-Through
Interest-Only
Inverse Interest-
Portfolio
Securities
Only Securities
Sub-total
Total
December 31, 2021
Market value
$
6,298,189
$
210,382
$
2,524
$
212,906
$
6,511,095
Cash
450,442
-
-
-
450,442
Borrowings
(1)
(6,244,106)
-
-
-
(6,244,106)
Total
$
504,525
$
210,382
$
2,524
$
212,906
$
717,431
% of Total
70.3%
29.3%
0.4%
29.7%
100.0%
September 30, 2021
Market value
$
5,458,562
$
140,078
$
2,783
$
142,861
$
5,601,423
Cash
(2)
294,625
-
-
-
294,625
Borrowings
(3)
(5,213,869)
-
-
-
(5,213,869)
Total
$
539,318
$
140,078
$
2,783
$
142,861
$
682,179
% of Total
79.1%
20.5%
0.4%
20.9%
100.0%
(1)
At December 31, 2021, there were outstanding repurchase agreement balances
 
of $159.0 million secured by IO securities and $2.0 million
secured by IIO securities.
 
We entered into these arrangements to generate additional cash
 
available to meet margin calls on PT RMBS;
therefore, we have not considered these balances to be allocated to the structured
 
securities strategy.
(2)
At September 30, 2021, cash was reduced by unsettled purchases of
 
approximately $180.6 million, which are reflected in the market value of
the portfolio as of September 30, 2021.
(3)
At September 30, 2021, there were outstanding repurchase agreement balances
 
of $106.5 million secured by IO securities and $2.1 million
secured by IIO securities.
 
We entered into these arrangements to generate additional
 
cash available to meet margin calls on PT RMBS;
therefore, we have not considered these balances to be allocated to the structured
 
securities strategy.
 
 
 
 
 
 
 
 
 
 
 
 
ORC Announces Fourth Quarter 2021 Results
Page 11
February 24, 2022
($ in thousands)
Returns for the Quarter Ended December 31, 2021
Structured Security Portfolio
Pass-Through
Interest-Only
Inverse Interest-
Portfolio
Securities
Only Securities
Sub-total
Total
Income (net of borrowing cost)
$
40,651
$
1,634
$
113
$
1,747
$
42,398
Realized and unrealized (losses) / gains
(93,067)
(541)
66
(475)
(93,542)
Derivative gains
10,945
n/a
-
n/a
10,945
Total Return
$
(41,471)
$
1,093
$
179
$
1,272
$
(40,199)
Beginning Capital Allocation
$
539,318
$
140,078
$
2,783
$
142,861
$
682,179
Return on Invested Capital for the Quarter
(1)
(7.7)%
0.8%
0
0.9%
(5.9)%
Average Capital Allocation
(2)
$
521,922
$
175,230
$
2,654
$
177,884
$
699,806
Return on Average Invested Capital for the Quarter
(3)
(7.9)%
0.6%
-
0.7%
(5.7)%
(1)
 
Calculated by dividing the Total
 
Return by the Beginning Capital Allocation, expressed as a percentage.
(2)
 
Calculated using two data points, the Beginning and Ending Capital Allocation balances.
(3)
 
Calculated by dividing the Total
 
Return by the Average Capital Allocation, expressed as a percentage
Stock Offerings
On June 22, 2021, we entered into an equity distribution agreement (the “June 2021
 
Equity Distribution Agreement”) with four
sales agents pursuant to which we could offer and sell, from time to time, up to an aggregate
 
amount of $250,000,000 of shares of our
common stock in transactions that were deemed to be “at the market” offerings and privately
 
negotiated transactions. We issued a total
of 49,407,336 shares under the June 2021 Equity Distribution Agreement for aggregate
 
gross proceeds of approximately $250.0
million, and net proceeds of approximately $246.2 million, after commissions
 
and fees, prior to its termination in October 2021.
 
On October 29, 2021, we entered into an equity distribution agreement
 
(the “October 2021 Equity Distribution Agreement”) with
four sales agents pursuant to which we may offer and sell, from time to time, up to an aggregate
 
amount of $250,000,000 of shares of
our common stock in transactions that are deemed to be “at the market” offerings and privately
 
negotiated transactions. Through
December 31, 2021, we issued a total of 15,835,700 shares under the October 2021
 
Equity Distribution Agreement for aggregate gross
proceeds of approximately $78.3 million, and net proceeds of approximately
 
$77.0 million, after commissions and fees.
Stock Repurchase Program
On July 29, 2015, the Company’s Board of Directors authorized the repurchase of up to 2,000,000
 
shares of our common stock.
The timing, manner, price and amount of any repurchases is determined by the Company in its discretion and is
 
subject to economic
and market conditions, stock price, applicable legal requirements and other factors.
 
The authorization does not obligate the Company
to acquire any particular amount of common stock and the program may
 
be suspended or discontinued at the Company’s discretion
without prior notice. On February 8, 2018, the Board of Directors approved
 
an increase in the stock repurchase program for up to an
additional 4,522,822 shares of the Company’s common stock. Coupled with the
 
783,757 shares remaining from the original 2,000,000
share authorization, the increased authorization brought the total authorization
 
to 5,306,579 shares, representing 10% of the then
outstanding share count. On December 9, 2021, the Board of Directors approved an
 
additional increase in the number of shares of the
Company’s common stock available in the stock repurchase program for up to an additional
 
16,861,994 shares, bringing the remaining
authorization under the stock repurchase program to up to 17,699,305
 
shares, representing approximately 10% of the Company’s then
outstanding shares of common stock. This stock repurchase program has no
 
termination date.
From the inception of the stock repurchase program through December 31, 2021,
 
the Company repurchased a total of 5,685,511
ORC Announces Fourth Quarter 2021 Results
Page 12
February 24, 2022
shares at an aggregate cost of approximately $40.4 million, including commissions
 
and fees, for a weighted average price of $7.10 per
share. There were no shares repurchased during the year ended December 31,
 
2021.
 
Earnings Conference Call Details
An earnings conference call and live audio webcast will be hosted Friday, February 25, 2022, at 10:00 AM ET.
 
The conference
call may be accessed by dialing toll free (833) 794-1168.
 
International callers dial (236) 714-2726.
 
The conference passcode is
9406887.
 
The supplemental materials may be downloaded from the investor relations
 
section of the Company’s website at
www.orchidislandcapital.com. A live audio webcast of the conference call can be accessed via the investor
 
relations section of the
Company’s website at https://ir.orchidislandcapital.com and an audio archive of the webcast will be available until March
 
28, 2022.
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 and CMOs,
such as mortgage pass-through certificates issued by the GSEs and (ii) structured Agency
 
RMBS, such as IOs, IIOs and POs, among
other types of structured Agency RMBS. Orchid is managed by Bimini Advisors,
 
LLC, a registered investment adviser with the
Securities and Exchange Commission.
Forward Looking Statements
Statements herein relating to matters that are not historical facts, including,
 
but not limited to statements regarding interest rates,
liquidity, pledging of our structured RMBS, funding levels and spreads, prepayment speeds, portfolio positioning and repositioning,
hedging levels, dividends, growth, the supply and demand for Agency RMBS,
 
the effect of actual or expected actions of the U.S.
government, including the Federal Reserve, market expectations, the stock repurchase
 
program and general economic conditions, are
forward-looking statements as defined in the Private Securities Litigation Reform
 
Act of 1995. The reader is cautioned that such
forward-looking statements are based on information available at the time
 
and on management's good faith belief with respect to future
events, and are subject to risks and uncertainties that could cause actual performance
 
or results to differ materially from those
expressed in such forward-looking statements. Important factors that could cause
 
such differences are described in Orchid Island
Capital, Inc.'s filings with the Securities and Exchange Commission, including
 
its most recent Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q. Orchid Island Capital, Inc. assumes no obligation
 
to update forward-looking statements to reflect
subsequent results, changes in assumptions or changes in other factors affecting forward-looking
 
statements.
CONTACT:
Orchid Island Capital, Inc.
Robert E. Cauley, 772-231-1400
Chairman and Chief Executive Officer
https://ir.orchidislandcapital.com
 
 
 
 
 
 
 
 
 
 
ORC Announces Fourth Quarter 2021 Results
Page 13
February 24, 2022
Summarized Financial Statements
The following is a summarized presentation of the unaudited balance sheets
 
as of December 31, 2021, and December 31, 2020,
and the unaudited quarterly results of operations for the twelve and three months
 
ended December 31, 2021 and 2020.
 
Amounts
presented are subject to change.
ORCHID ISLAND CAPITAL, INC.
BALANCE SHEETS
($ in thousands, except per share data)
(Unaudited - Amounts Subject to Change)
December 31, 2021
December 31, 2020
ASSETS:
Mortgage-backed securities
$
6,511,095
$
3,726,895
U.S. Treasury Notes
37,175
-
Cash, cash equivalents and restricted cash
450,442
299,506
Accrued interest receivable
18,859
9,721
Derivative assets, at fair value
50,786
20,999
Receivable for securities sold
-
414
Other assets
320
516
Total Assets
$
7,068,677
$
4,058,051
LIABILITIES AND STOCKHOLDERS' EQUITY
Repurchase agreements
$
6,244,106
$
3,595,586
Dividends payable
11,530
4,970
Derivative liabilities, at fair value
7,589
33,227
Accrued interest payable
788
1,157
Due to affiliates
1,062
632
Other liabilities
35,505
7,188
Total Liabilities
6,300,580
3,642,760
Total Stockholders' Equity
768,097
415,291
Total Liabilities
 
and Stockholders' Equity
$
7,068,677
$
4,058,051
Common shares outstanding
176,993,049
76,073,317
Book value per share
$
4.34
$
5.46
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ORC Announces Fourth Quarter 2021 Results
Page 14
February 24, 2022
ORCHID ISLAND CAPITAL, INC.
STATEMENTS
 
OF OPERATIONS
($ in thousands, except per share data)
(Unaudited - Amounts Subject to Change)
Years Ended December 31,
Three Months Ended December 31,
2021
2020
2021
2020
Interest income
$
134,700
$
116,045
$
44,421
$
25,893
Interest expense
(7,090)
(25,056)
(2,023)
(2,011)
Net interest income
127,610
90,989
42,398
23,882
Losses
(177,119)
(78,317)
(82,597)
(4,605)
Net portfolio (loss) income
(49,509)
12,672
(40,199)
19,277
Expenses
15,251
10,544
4,365
2,798
Net (loss) income
$
(64,760)
$
2,128
$
(44,564)
$
16,479
Basic and diluted net (loss) income per share
$
(0.54)
$
0.03
$
(0.27)
$
0.23
Weighted Average Shares Outstanding
121,144,326
67,210,815
168,143,514
70,532,822
Dividends Declared Per Common Share:
$
0.780
$
0.790
$
0.195
$
0.195
Three Months Ended December 31,
Key Balance Sheet Metrics
2021
2020
Average RMBS
(1)
$
6,056,259
$
3,633,631
Average repurchase agreements
(1)
5,728,988
3,438,444
Average stockholders' equity
(1)
749,363
396,016
Leverage ratio
(2)
8.2:1
8.8:1
Key Performance Metrics
Average yield on RMBS
(3)
2.93%
2.85%
Average cost of funds
(3)
0.14%
0.23%
Average economic cost of funds
(4)
0.70%
0.91%
Average interest rate spread
(5)
2.79%
2.62%
Average economic interest rate spread
(6)
2.23%
1.94%
(1)
Average RMBS, borrowings and stockholders’ equity balances are
 
calculated using two data points, the beginning and ending balances.
 
(2)
The leverage ratio is calculated by dividing total ending liabilities by ending
 
stockholders’ equity.
 
(3)
Portfolio yields and costs of funds are calculated based on the average balances
 
of the underlying investment portfolio/borrowings balances
and are annualized for the quarterly periods presented.
(4)
Represents the interest cost of our borrowings and the effect of derivative
 
agreements attributed to the period related to hedging activities,
divided by average borrowings.
 
(5)
Average interest rate spread is calculated by subtracting average cost
 
of funds from average yield on RMBS.
(6)
Average economic interest rate spread
 
is calculated by subtracting average economic cost of funds from average yield on RMBS.
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DOCUMENT AND ENTITY INFORMATION
Feb. 24, 2022
Document And Entity Information [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 24, 2022
Entity Registrant Name Orchid Island Capital, Inc.
Entity Central Index Key 0001518621
Entity Emerging Growth Company false
Trading Symbol ORC
Security Exchange Name NYSE
Security 12(b) Title Common Stock, par value $0.01 per share
City Area Code 772
Local Phone Number 231-1400
Entity Address Line 1 3305 Flamingo Drive
Entity Address City or Town Vero Beach
Entity Address State or Province FL
Entity Postal Zip Code 32963
Entity Incorporation, State Country Name MD
Entity File Number 001-35236
Entity Tax ID Number 27-3269228
PreCommencementIssuerTenderOffer false
PreCommencementTenderOffer false
SolicitingMaterial false
WrittenCommunications false
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