Orchid Island Capital Reports Q3 2024 Results

TL;DR

**ORCH Q3 EARNINGS: $99K NET INCOME, $0.01 EPS. DIVIDEND DECLARED.**

AI Summary

Orchid Island Capital, Inc. reported its Q3 2024 financial results for the period ending September 30, 2024. The company had total assets of $5,438,185 and total liabilities of $3,885,554. Net income was $99,412, with earnings per share of $0.01. The company also 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 performance and dividend payouts, which can impact investor decisions and the company's stock valuation.

Risk Assessment

Risk Level: medium — The company's financial performance is subject to market fluctuations, particularly in interest rates and the value of its investment portfolio.

Key Numbers

• $5,438,185 — Total Assets (As of September 30, 2024)
• $3,885,554 — Total Liabilities (As of September 30, 2024)
• $99,412 — Net Income (For the period ending September 30, 2024)
• $0.01 — Earnings Per Share (For the period ending September 30, 2024)

Key Players & Entities

• Orchid Island Capital, Inc. (company) — Filer of the 10-Q report
• $0.12 (dollar_amount) — Per share dividend declared
• May 30, 2024 (date) — Dividend payment date
• April 10, 2024 (date) — Dividend declaration date
• September 30, 2024 (date) — End of Q3 2024 reporting period

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

• orc20240930c_10q.htm (10-Q) — 2733KB
• ex_718263.htm (EX-31.1) — 13KB
• ex_718264.htm (EX-31.2) — 13KB
• ex_718265.htm (EX-32.1) — 7KB
• ex_718266.htm (EX-32.2) — 7KB
• orclogo.jpg (GRAPHIC) — 6KB
• 0001437749-24-032105.txt ( ) — 10196KB
• orc-20240930.xsd (EX-101.SCH) — 73KB
• orc-20240930_cal.xml (EX-101.CAL) — 31KB
• orc-20240930_def.xml (EX-101.DEF) — 412KB
• orc-20240930_lab.xml (EX-101.LAB) — 325KB
• orc-20240930_pre.xml (EX-101.PRE) — 443KB
• orc20240930c_10q_htm.xml (XML) — 2241KB

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 45

Controls and Procedures

ITEM 4. Controls and Procedures 48

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 49

Risk Factors

ITEM 1A. Risk Factors 49

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 49

Defaults upon Senior Securities

ITEM 3. Defaults upon Senior Securities 49

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 49

Other Information

ITEM 5. Other Information 49

Exhibits

ITEM 6. Exhibits 50

SIGNATURES

SIGNATURES 51 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) September 30, December 31, 2024 2023 ASSETS: Mortgage-backed securities, at fair value (includes pledged assets of $ 5,438,185 and $ 3,885,554 , respectively) $ 5,442,804 $ 3,894,012 U.S. Treasury securities, available-for-sale (amortized cost of $ 99,412 and $ 148,803 ; includes pledged assets of $ 99,467 and $ 79,680 , respectively) 99,467 148,820 Cash and cash equivalents 322,105 171,893 Restricted cash 11,612 28,396 Accrued interest receivable 22,868 14,951 Derivative assets 16,846 6,420 Receivable for investment securities and TBA transactions 177 - Other assets 614 455 Total Assets $ 5,916,493 $ 4,264,947 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES: Repurchase agreements $ 5,230,871 $ 3,705,649 Payable for investment securities and TBA transactions 68 60,454 Dividends payable 9,396 6,222 Derivative liabilities - 12,694 Accrued interest payable 16,372 7,939 Due to affiliates 1,177 1,013 Other liabilities 2,585 1,031 Total Liabilities 5,260,469 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 September 30, 2024 and December 31, 2023 - - Common Stock, $ 0.01 par value; 100,000,000 shares authorized, 78,082,645 shares issued and outstanding as of September 30, 2024 and 51,636,074 shares issued and outstanding as of December 31, 2023 781 516 Additional paid-in capital 1,003,504 849,845 Accumulated deficit ( 348,316 ) ( 380,433 ) Accumulated other comprehensive income 55 17 Total Stockholders' Equity 656,024 469,945 Total Liabilities and Stockholders' Equity $ 5,916,493 $ 4,264,947 See Notes to Financial Statements 1 Table of Contents ORCHID ISLAND CAPITAL, INC. CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

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