ORCHID ISLAND CAPITAL ANNOUNCES
ESTIMATED SECOND QUARTER 2022 RESULTS,
JULY
2022 MONTHLY DIVIDEND AND
JUNE 30, 2022 RMBS PORTFOLIO CHARACTERISTICS
●
July 2022 Monthly Dividend of $0.045 Per Share of Common Stock
●
Estimated Book Value Per Share as of June 30, 2022 of $2.87
●
Estimated GAAP net loss of $0.34 per share for the quarter ended
June 30, 2022, including an
estimated $0.46 per share of net realized and unrealized losses on RMBS and derivative
instruments
●
Estimated (10.0)% total return on equity for the quarter
●
Estimated book value,
net loss and
total return on
equity amounts are
preliminary, subject
to change,
and subject to review by the Company’s independent registered public accounting firm
●
RMBS Portfolio Characteristics as of June 30, 2022
●
Next Dividend Announcement Expected August 17, 2022
Vero
Beach, Fla., July 13, 2022 - Orchid Island Capital, Inc. (the “Company”) (NYSE: ORC) announced
today that the Board
of Directors (the “Board”) declared a monthly cash dividend for the month of July 2022. The dividend of
$0.045 per share will
be paid August
29, 2022 to
holders of record of
the Company’s
common stock on
July 29, 2022, with
an ex-dividend date
of
July 28, 2022. The Company plans on announcing its next common stock dividend
on August 17, 2022.
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 (“REIT”), 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.
As of July 13, 2022
and June 30, 2022, the
Company had 176,251,193 shares
of common stock outstanding.
As of March 31,
2022, the Company had 177,117,186 shares
of common stock outstanding.
Estimated June 30, 2022 Book Value
Per Share
The Company’s estimated book value per
share as of June 30, 2022 was $2.87.
The Company computes book value per share
by
dividing
total
stockholders'
equity
by
the
total
number
of
outstanding
shares
of
common
stock.
At
June
30,
2022,
the
Company's
preliminary
estimated
total
stockholders'
equity
was
approximately
$507.4
million
with
176,251,193
shares
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’s
independent registered public accounting firm.
Estimated Net Loss Per Share and Realized and Unrealized
Gains and Losses on RMBS and Derivative Instruments
The Company estimates it generated a
net loss per share
of $0.34, which includes $0.46 per
share of net realized and
unrealized
losses on RMBS
and derivative
instruments for
the quarter ended
June 30, 2022.
These amounts
compare to
total dividends
declared during
the quarter
of $0.135 per
share.
Net loss
per 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
loss. 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.