Orchid Island Capital, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 26, 2023 at 04:05 pm EDT
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Orchid Island Capital, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net loss was USD 80.13 million compared to USD 84.51 million a year ago. Basic loss per share from continuing operations was USD 1.68 compared to USD 2.4 a year ago.
For the nine months, net loss was USD 66.35 million compared to USD 293.38 million a year ago. Basic loss per share from continuing operations was USD 1.58 compared to USD 8.31 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.