Orchid Island Capital, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
July 27, 2023 at 04:10 pm EDT
Share
Orchid Island Capital, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net income was USD 10.25 million compared to net loss of USD 60.14 million a year ago. Basic earnings per share from continuing operations was USD 0.25 compared to basic loss per share from continuing operations of USD 1.7 a year ago.
For the six months, net income was USD 13.78 million compared to net loss of USD 208.87 million a year ago. Basic earnings per share from continuing operations was USD 0.35 compared to basic loss per share from continuing operations of USD 5.9 a year ago.
Orchid Island Capital, Inc. is a specialty finance company that invests in residential mortgage-backed securities RMBS. The Company's investment portfolio consists of two categories of Agency RMBS: traditional pass-through Agency RMBS, such as mortgage pass through certificates and collateralized mortgage obligations (CMOs) issued by the government-sponsored enterprise (GSEs), and structured Agency RMBS, such as interest only securities (IOs), inverse interest only securities and principal only securities (POs), among other types of structured Agency RMBS. The Company's business objective is to provide attractive risk-adjusted total returns to its investors over the long term through a combination of capital appreciation and the payment of regular monthly distributions. The Company intends to achieve this objective by investing in and strategically allocating capital between pass-through Agency RMBS and structured Agency RMBS. The Company is externally managed by Bimini Advisors, LLC.
ORCHID ISLAND CAPITAL, INC. 
