- Net income of $17.1 million ($0.18 per share) in Q1 2025 for Orchid Island Capital (ORC, Financial).
- Strong liquidity position of $446.5 million, representing 52% of stockholders' equity.
- Book value per share decreased to $7.94 by March 31, 2025.
Orchid Island Capital, Inc. (ORC), a real estate investment trust, reported its financial results for the first quarter of 2025, ending March 31. The company achieved a net income of $17.1 million, equating to $0.18 per share. This income comprised net interest income of $19.7 million ($0.21 per share), total expenses of $4.2 million, and net realized/unrealized gains of $1.6 million from RMBS and derivatives.
The firm maintained a robust liquidity position with $446.5 million in cash and unpledged securities, which constitutes about 52% of its stockholders' equity. However, the book value per share saw a decline to $7.94, marking a total return of 2.60% inclusive of a $0.36 dividend per share.
Orchid Island Capital's portfolio recorded a weighted average coupon of 5.30%, with an effective duration of 3.560. The company's adjusted leverage ratio was reported at 7.5 to 1, with outstanding repurchase obligations standing at approximately $6.4 billion at a net weighted average borrowing rate of 4.46%.
Despite these results, the company faced a decrease in book value, which fell by $0.15 per share during the quarter, and further market volatility after the quarter-end resulted in an approximate 8.8% decline in book value by mid-April. Orchid Island Capital is focusing on maintaining prudent leverage and ample liquidity amid continued market uncertainties.
