{"id":12900,"date":"2024-11-06T00:32:20","date_gmt":"2024-11-06T06:32:20","guid":{"rendered":"https:\/\/1reason.com\/re\/orchid-island-capital-announces-estimated-third-quarter-2024-results-october-2024-monthly-dividend-and-september-30-2024-rmbs-portfolio-characteristics\/12900\/"},"modified":"2024-11-06T18:32:20","modified_gmt":"2024-11-07T00:32:20","slug":"orchid-island-capital-announces-estimated-third-quarter-2024-results-october-2024-monthly-dividend-and-september-30-2024-rmbs-portfolio-characteristics","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/orchid-island-capital-announces-estimated-third-quarter-2024-results-october-2024-monthly-dividend-and-september-30-2024-rmbs-portfolio-characteristics\/12900\/","title":{"rendered":"Orchid Island Capital Announces Estimated Third Quarter 2024 Results, October 2024 Monthly Dividend and September 30, 2024 RMBS Portfolio Characteristics"},"content":{"rendered":"
, Oct. 16, 2024 (GLOBE NEWSWIRE) — Orchid Island Capital, Inc. (the \u201cCompany\u201d) (NYSE: ORC) announced today that the Board of Directors of the Company declared a monthly cash dividend for the month of October 2024. The dividend of $0.12per share will be paid November 27, 2024to holders of record of the Company\u2019s common stock on October 31, 2024, with an ex-dividend date of October 31, 2024. The Company plans on announcing its next common stock dividend on November 13, 2024. <\/p>\n

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 (\u201cREIT\u201d), 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.<\/p>\n

As of October 16, 2024, the Company had78,414,645 shares of common stock outstanding. As of September 30, 2024, the Company had78,082,645shares of common stock outstanding. As of June 30, 2024, the Company had64,824,374shares of common stock outstanding.<\/p>\n

EstimatedSeptember 30, 2024Book Value Per Share<\/strong><\/p>\n

The Company\u2019s estimated book value per share as ofSeptember 30, 2024was $8.40. The Company computes book value per share by dividing total stockholders’ equity by the total number of outstanding shares of common stock. AtSeptember 30, 2024, the Company’s preliminary estimated total stockholders’ equity was approximately $656.0 million with78,082,645shares of common stock outstanding. These figures and the resulting estimated book value per share are preliminary, subject to change, and subject to review by the Company\u2019s independent registered public accounting firm.<\/p>\n

Estimated Net Income<\/strong>Per Share<\/strong>and Realized and Unrealized Gains and Losses on RMBS and Derivative Instruments<\/strong><\/p>\n

The Company estimates it generated a net incomeper share of $0.24for the quarter endedSeptember 30, 2024,which includes an estimated $0.29 per shareof net realized and unrealized gains on RMBS and derivative instruments.These amounts compare to total dividends declared during the quarter of $0.36 per share. Net incomeper common share calculated under generally accepted accounting principles can, and does, differ from our REIT taxable income. The Company views REIT taxable income as a better indication of income to be paid in the form of a dividend rather than net income. Many components of REIT taxable income can only be estimated at this time and our monthly dividends declared are based on both estimates of REIT taxable income to be earned over the course of the current quarter and calendar year and a longer-term estimate of the REIT taxable income of the Company. These figures are preliminary, subject to change, and subject to review by the Company\u2019s independent registered public accounting firm.<\/p>\n

Estimated Total Return on Equity<\/strong><\/p>\n

The Company\u2019s estimated total return on equity for the quarter endedSeptember 30, 2024 was 2.1%. The Company calculates total return on equity as the sum of dividends declared and paid during the quarter plus changes in book value during the quarter, divided by the Company\u2019s stockholders\u2019 equity at the beginning of the quarter. The total return was $0.18per share, comprised of dividends per share of $0.36 and a decrease in book value per share of $0.18from June 30, 2024.<\/p>\n

RMBS Portfolio Characteristics<\/strong><\/p>\n

Details of the RMBS portfolio as ofSeptember 30, 2024are presented below.These figures are preliminary and subject to change and, with respect to figures that will appear in the Company\u2019s financial statements and associated footnotes as of and for the quarter ended September 30, 2024, are subject to review by the Company\u2019s independent registered public accounting firm:<\/p>\n