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Mon, Apr. 27, 4:46 PM| 11 Comments
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Tue, Feb. 24, 10:47 AM
- Q4 net income of $3.5M or $0.24 per share vs. $6.8M and $0.63 in Q3. This quarter's net income includes net interest income of $11M and net portfolio losses of $6.1M. In Q3, net interest income of $8.5M and net portfolio losses of $300K.
- End-of-Q4 book value per share of $13.06 vs. $13.27 at end of Q3. The current stock price is $13.63.
- Economic gain - the $0.54 dividend less the $0.21 decline in book value - of 2.5%, or 10% annualized.
- Another 3.7M shares sold through ATM program during quarter, bringing total for 2014 to 5.1M shares for nearly $50M in gross proceeds. Putting money to work, the RMBS portfolio grew 32% during Q4.
- Management notes the portfolio is positioned for continued moderate prepayment speeds. "We do not expect a significant wave of mortgage refinancings."
- Previously: Orchid Island Capital EPS of $0.24 (Feb. 23)
- ORC -2.6%
Mon, Feb. 23, 4:26 PM
Tue, Feb. 10, 5:39 PM
Tue, Jan. 13, 5:47 PM
Dec. 30, 2014, 12:37 PM
- Nearly all the mREITs sell at discounts to their most recently disclosed book value, with sector giants Annaly Mortgage (NYSE:NLY) and American Capital Agency (NASDAQ:AGNC) trading at double-digit discounts.
- Often a sizable haircut to book may make sense, as in the case of Armour Residential (NYSE:ARR) and Javelin Mortgage (NYSE:JMI), both of which just cut their dividend (they have the same external manager).
- Of the 24 companies examined, New York Mortgage Trust (NASDAQ:NYMT) and Capstead Mortgage (NYSE:CMO) stand alone in trading at premiums to book value.
- The full list
Dec. 9, 2014, 4:37 PM
Nov. 12, 2014, 5:22 PM
Oct. 28, 2014, 10:10 AM
- Net income of $6.8M of $0.63 per share includes net interest income of $8.5M and net portfolio losses of $300K.
- Book value per share of $13.27 up from $13.05 at end of Q2. The current price of $14.45 is a perky 1.09x book. Orchid Island (ORC -1.6%) has pushed out two secondaries and two equity distribution agreements this year.
- Boost in book value plus $0.54 in dividends yields a 5.8% economic gain for the quarter (23.2% annualized).
- Conference call at 10 ET
- Previously: Orchid Island Capital misses by $0.03, beats on revenue
Oct. 27, 2014, 4:19 PM| Comment!
Oct. 9, 2014, 5:17 PM
Sep. 9, 2014, 5:31 PM
ORC vs. ETF Alternatives
Orchid Island Capital, Inc. is a specialty finance company that invests in residential mortgage-backed securities, or RMBS. The principal and interest payments of these RMBS are guaranteed by the Federal National Mortgage Association, or Fannie Mae, the Federal Home Loan Mortgage Corporation, or... More
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