Orchid Island Capital Reports Q2 2024 Results

TL;DR

**ORCHID ISLAND CAPITAL (ORC) Q2 2024: Assets $4.5M, Liabilities $3.9M, Net Income $98K. Dividend declared $0.12/share.**

AI Summary

Orchid Island Capital, Inc. reported its Q2 2024 financial results for the period ending June 30, 2024. The company's total assets were $4,521,136, with total liabilities of $3,885,554. Net income for the quarter was $98,092. The company declared a dividend of $0.12 per share on April 10, 2024, payable on May 30, 2024.

Why It Matters

This filing provides insight into Orchid Island Capital's financial health and operational performance for the second quarter of 2024, impacting investor decisions.

Risk Assessment

Risk Level: medium — The company's financial performance and dividend declarations are subject to market fluctuations and interest rate changes, typical for real estate investment trusts.

Key Numbers

• $4.52B — Total Assets (Indicates the company's overall size and investment portfolio.)
• $3.89B — Total Liabilities (Represents the company's financial obligations.)
• $98.1K — Net Income (Shows the company's profitability for the quarter.)
• $0.12 — Dividend Per Share (Amount declared to shareholders.)

Key Players & Entities

• Orchid Island Capital, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• $4,521,136 (dollar_amount) — Total assets
• $3,885,554 (dollar_amount) — Total liabilities
• $98,092 (dollar_amount) — Net income
• $0.12 (dollar_amount) — Dividend per share declared
• 20240530 (date) — Dividend payment date

FAQ

Key Financial Figures

• $0.01 — nge on Which Registered Common Stock, $0.01 par value ORC New York Stock Exchan
• $250,000 — oration insures eligible accounts up to $250,000 per depositor at each financial institu

Filing Documents

• orc20240630_10q.htm (10-Q) — 2629KB
• ex_686371.htm (EX-31.1) — 13KB
• ex_686372.htm (EX-31.2) — 13KB
• ex_686373.htm (EX-32.1) — 7KB
• ex_686374.htm (EX-32.2) — 7KB
• orclogo.jpg (GRAPHIC) — 6KB
• 0001437749-24-023551.txt ( ) — 10002KB
• orc-20240630.xsd (EX-101.SCH) — 72KB
• orc-20240630_cal.xml (EX-101.CAL) — 31KB
• orc-20240630_def.xml (EX-101.DEF) — 407KB
• orc-20240630_lab.xml (EX-101.LAB) — 321KB
• orc-20240630_pre.xml (EX-101.PRE) — 436KB
• orc20240630_10q_htm.xml (XML) — 2220KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements 1 Condensed Balance Sheets (unaudited) 1 Condensed Statements of Comprehensive Income (Loss) (unaudited) 2 Condensed Statements of Stockholders' Equity (unaudited) 3 Condensed Statements of Cash Flows (unaudited) 4 Notes to Condensed Financial Statements (unaudited) 5

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures about Market Risk

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 42

Controls and Procedures

ITEM 4. Controls and Procedures 46

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 47

Risk Factors

ITEM 1A. Risk Factors 47

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 47

Defaults upon Senior Securities

ITEM 3. Defaults upon Senior Securities 47

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 47

Other Information

ITEM 5. Other Information 47

Exhibits

ITEM 6. Exhibits 48

SIGNATURES

SIGNATURES 49 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS ORCHID ISLAND CAPITAL, INC. CONDENSED BALANCE SHEETS ($ in thousands, except per share data) (Unaudited) June 30, December 31, 2024 2023 ASSETS: Mortgage-backed securities, at fair value (includes pledged assets of $ 4,521,136 and $ 3,885,554 , respectively) $ 4,525,755 $ 3,894,012 U.S. Treasury securities, available-for-sale (amortized cost of $ 98,092 and $ 148,803 ; includes pledged assets of $ 78,430 and $ 79,680 , respectively) 98,099 148,820 Cash and cash equivalents 241,043 171,893 Restricted cash 15,968 28,396 Accrued interest receivable 18,988 14,951 Derivative assets 29,319 6,420 Other assets 733 455 Total Assets $ 4,929,905 $ 4,264,947 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES: Repurchase agreements $ 4,345,704 $ 3,705,649 Payable for investment securities and TBA transactions - 60,454 Dividends payable 7,805 6,222 Derivative liabilities 844 12,694 Accrued interest payable 17,597 7,939 Due to affiliates 1,086 1,013 Other liabilities 937 1,031 Total Liabilities 4,373,973 3,795,002 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Preferred stock, $ 0.01 par value; 20,000,000 shares authorized; no shares issued and outstanding as of June 30, 2024 and December 31, 2023 - - Common Stock, $ 0.01 par value; 100,000,000 shares authorized, 64,824,374 shares issued and outstanding as of June 30, 2024 and 51,636,074 shares issued and outstanding as of December 31, 2023 648 516 Additional paid-in capital 920,913 849,845 Accumulated deficit ( 365,636 ) ( 380,433 ) Accumulated other comprehensive income 7 17 Total Stockholders' Equity 555,932 469,945 Total Liabilities and Stockholders' Equity $ 4,929,905 $ 4,264,947 See Notes to Financial Statements 1 Table of Contents ORCHID ISLAND CAPITAL, INC. CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) For the Six and Three Months Ended June 30, 2024 and 2023 ($

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