Headquartered in Vero Beach, FL Fiscal year ends December NYSE: ORC orchidislandcapital.com
Orchid Island Capital, Inc. is a specialty finance company structured as a real estate investment trust (REIT) that invests on a leveraged basis in Agency residential mortgage-backed securities (RMBS). The company's portfolio consists of two categories of Agency RMBS: traditional pass-through Agency RMBS (such as mortgage pass-through certificates and CMOs issued by government-sponsored enterprises) and structured Agency RMBS (such as interest-only, inverse interest-only, and principal-only securities). The company finances its portfolio primarily through repurchase agreements with multiple counterparties and employs interest rate derivatives including Treasury note futures, SOFR futures, interest rate swaps, and TBA securities contracts to hedge interest rate risk. Orchid is externally managed by Bimini Advisors, LLC, a registered investment adviser. The company trades on the NYSE under the ticker ORC. Updated
Any further move in yields lands straight on equity: book value per share fell to $6.02 on losses in agency RMBS and hedges, missing expectations by a wide margin. Management is holding the dividend and has pushed hedge coverage to nearly 100% of funding, betting the rate shock is over, with leverage at 8.8x.
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Orchid Island Capital, Inc. is a specialty finance company structured as a real estate investment trust (REIT) that invests on a leveraged basis in Agency residential mortgage-backed securities (RMBS).
The Wall Street consensus 12-month price target for ORC is $7.50.
