Bitcoin steigt nach dem Halving wieder über 9‘000 Franken. Jetzt Bitcoin handeln! -w-
<
News + Analysen
News + Adhoc
Analysen
Kursziele
>
<
Unternehmen
Termine
Profil
>
<
zugeh. Wertpapiere
Strukturierte Produkte
>
08.02.2018 23:05:00

Orchid Island Capital Announces Fourth Quarter 2017 Results

VERO BEACH, Fla., Feb. 08, 2018 (GLOBE NEWSWIRE) -- Orchid Island Capital, Inc. (NYSE:ORC) ("Orchid" or the "Company"), a real estate investment trust ("REIT"), today announced results of operations for the three month period ended December 31, 2017.Fourth Quarter 2017 HighlightsNet loss of $6.0 million, or $0.12 per common share, which consists of:• Net interest income of $26.5 million, or $0.55 per common share• Total expenses of $3.0 million, or $0.06 per common share• Net realized and unrealized losses of $29.5 million, or $0.61 per share, on RMBS and derivative instruments, including net interest expense on interest rate swapsFourth quarter total dividends declared and paid of $0.42 per common shareBook value per share of $8.71 at December 31, 20170.2% economic loss on common equity for the quarter, or 0.9% annualized, comprised of $0.42 dividend per common share and $0.44 decrease in net book value per common share, divided by beginning book value per share. Estimated total return for the year was 2.9%Board approves increase in the stock repurchase program up to approximately 10% of the Company's common stockCompany to discuss results on Friday, February 9, 2018, at 10:00 AM ETSupplemental materials to be discussed on the call can be downloaded from the investor relations section of the Company's website at www.orchidislandcapital.com  Details of Fourth Quarter 2017 Results of OperationsThe Company reported net loss of $6.0 million for the three month period ended December 31, 2017, compared with net loss of $20.4 million for the three month period ended December 31, 2016.  The fourth quarter net loss included net interest income of $26.5 million, net portfolio losses of $29.5 million (which includes realized and unrealized losses on RMBS and derivative instruments, and net interest expense realized in interest rate swaps), management fees and allocated overhead of $2.0 million, audit, legal and other professional fees of $0.2 million, accrued incentive compensation of $0.2 million, and other operating, general and administrative expenses of $0.6 million.Capital Allocation and Return on Invested CapitalThe Company allocates capital to two RMBS sub-portfolios, the pass-through RMBS portfolio ("PT RMBS"), and the structured RMBS portfolio, consisting of interest only ("IO") and inverse interest-only ("IIO") securities.  As of September 30, 2017, approximately 64% of the Company's investable capital (which consists of equity in pledged PT RMBS, available cash and unencumbered assets) was deployed in the PT RMBS portfolio.  At December 31, 2017, the allocation to the PT RMBS portfolio increased 9% to 73%.The table below details the changes to the respective sub-portfolios during the quarter, as well as the returns generated by each. (in thousands)Portfolio Activity for the Quarter   Structured Security Portfolio   Pass-ThroughInterest-OnlyInverse Interest    PortfolioSecuritiesOnly SecuritiesSub-totalTotalMarket value - September 30, 2017$3,784,642 $90,551 $55,147 $145,698 $3,930,340 Securities purchased 1,419,208  -  -  -  1,419,208 Securities sold (1,428,767) -  (15,858) (15,858) (1,444,625)Losses on sales (10,864) -  (278) (278) (11,142)Return of investment n/a  (6,330) (2,241) (8,571) (8,571)Pay-downs (108,019) n/a  n/a  n/a  (108,019)Premium lost due to pay-downs (8,920) n/a  n/a  n/a  (8,920)Mark to market (losses) gains (23,595) 2,697  (2,562) 135  (23,460)Market value - December 31, 2017$3,623,685 $86,918 $34,208 $121,126 $3,744,811  The tables below present the allocation of capital between the respective portfolios at December 31, 2017 and September 30, 2017, and the return on invested capital for each sub-portfolio for the three month period ended December 31, 2017.  The return on invested capital in the PT RMBS and structured RMBS portfolios was approximately (1.6)% and 0.7%, respectively, for the fourth quarter of 2017.  The combined portfolio generated a return on invested capital of approximately (0.7)%. ($ in thousands)Capital Allocation   Structured Security Portfolio   Pass-ThroughInterest-OnlyInverse Interest    PortfolioSecuritiesOnly SecuritiesSub-totalTotalDecember 31, 2017          Market value$3,623,685 $86,918 $34,208 $121,126 $3,744,811 Cash 246,712  -  -  -  246,712 Borrowings(1) (3,533,786) -  -  -  (3,533,786)Total$336,611 $86,918 $34,208 $121,126 $457,737 % of Total 73.5% 19.0% 7.5% 26.5% 100.0%September 30, 2017          Market value$3,784,642 $90,551 $55,147 $145,698 $3,930,340 Cash 181,288  -  -  -  181,288 Borrowings(2) (3,710,077) -  -  -  (3,710,077)Total$255,853 $90,551 $55,147 $145,698 $401,551 % of Total 63.7% 22.6% 13.7% 36.3% 100.0%                 (1) At December 31, 2017, there were outstanding repurchase agreement balances of $62.9 million secured by IO securities, and $16.9 million secured by IIO securities.  We entered into these arrangements to generate additional cash available to meet margin calls on PT RMBS; therefore, we have not considered these balances to be allocated to the structured securities strategy.(2) At September 30, 2017, there were outstanding repurchase agreement balances of $65.6 million secured by IO securities, and $41.4 million secured by IIO securities.  We entered into these arrangements to generate additional cash available to meet margin calls on PT RMBS; therefore, we have not considered these balances to be allocated to the structured securities strategy.  ($ in thousands)Returns for the Quarter Ended December 31, 2017   Structured Security Portfolio   Pass-ThroughInterest-OnlyInverse Interest    PortfolioSecuritiesOnly SecuritiesSub-totalTotalIncome (net of borrowing cost)$25,373 $184 $986 $1,170 $26,543 Realized and unrealized (losses) / gains (43,379) 2,697  (2,840) (143) (43,522)Derivative gains 13,983  n/a  n/a  n/a  13,983 Total Return$(4,023)$2,881 $(1,854)$1,027 $(2,996)Beginning Capital Allocation$255,853 $90,551 $55,147 $145,698 $401,551 Return on Invested Capital for the Quarter(1) (1.6)% 3.2% (3.4)% 0.7% (0.7)%Average Capital Allocation(2)$296,232 $88,735 $44,678 $133,413 $429,645 Return on Average Invested Capital for the Quarter(3) (1.4)% 3.2% (4.1)% 0.8% (0.7)%(1)     Calculated by dividing the Total Return by the Beginning Capital Allocation, expressed as a percentage.(2)     Calculated using two data points, the Beginning and Ending Capital Allocation balances.(3)     Calculated by dividing the Total Return by the Average Capital Allocation, expressed as a percentage.PrepaymentsFor the quarter ended December 31, 2017, Orchid received $116.7 million in scheduled and unscheduled principal repayments and prepayments, which equated to a constant prepayment rate ("CPR") of approximately 9.1%. Prepayment rates on the two RMBS sub-portfolios were as follows (in CPR):   Structured  PT RMBSRMBSTotalThree Months EndedPortfolio (%)Portfolio (%)Portfolio (%)December 31, 20177.013.69.1September 30, 20178.314.910.3June 30, 20177.012.79.5March 31, 20177.514.39.9December 31, 20169.718.412.2September 30, 20168.917.911.7June 30, 20168.415.911.0March 31, 20165.512.48.2 PortfolioThe following tables summarize certain characteristics of Orchid's PT RMBS and structured RMBS as of December 31, 2017 and December 31, 2016:           ($ in thousands)              Weighted Weighted     Percentage Average AverageWeightedWeighted   ofWeightedMaturity CouponAverageAverage  FairEntireAverageinLongestReset inLifetimePeriodicAsset Category ValuePortfolioCouponMonthsMaturityMonthsCapCapDecember 31, 2017         Adjustable Rate RMBS$1,7540.0%3.95%2061-Sep-355.510.05%2.00%Fixed Rate RMBS 3,594,53396.0%4.25%3381-Dec-47n/an/a n/a Hybrid Adjustable Rate RMBS 27,3980.7%2.59%3011-Aug-4359.777.59%2.00%Total Mortgage-backed Pass-through 3,623,68596.7%4.24%3381-Dec-47n/an/a n/a Interest-Only Securities 86,9182.3%3.75%26215-Apr-47n/an/a n/a Inverse Interest-Only Securities 34,2081.0%4.02%31815-Jul-47n/a5.11%n/a Total Structured RMBS 121,1263.3%3.82%27815-Jul-47n/an/a n/a Total Mortgage Assets$3,744,811100.0%4.23%3361-Dec-47n/an/a n/a December 31, 2016           Adjustable Rate RMBS$2,0620.1%3.50%2191-Sep-355.6710.05%2.00%Fixed Rate RMBS 2,826,69493.5%4.21%3251-Dec-46n/an/a n/a Hybrid Adjustable Rate RMBS 45,4591.5%2.55%3131-Aug-4373.087.55%2.00%Total Mortgage-backed Pass-through 2,874,21595.1%4.19%3241-Dec-46n/an/a n/a Interest-Only Securities 69,7262.3%3.59%235Full story available on Benzinga.com
Weiter zum vollständigen Artikel bei "Benzinga earnings"

Analysen zu Orchid Island Capital Incmehr Analysen

Eintrag hinzufügen

Aktien Top Flop

Swisscom 499.80
1.42 %
Alcon 61.88
1.38 %
Nestle 103.86
0.99 %
Givaudan 3’447.00
0.50 %
SGS 2’255.00
0.31 %
ABB 18.89
-2.05 %
Adecco Group 45.62
-2.25 %
Roche Hldg G 332.70
-2.51 %
Swiss Re 65.12
-3.10 %
CS Group 8.77
-3.96 %
Wieso hinkt der SMI hinterher?

Aktien in diesem Artikel

Finanzen.net News

pagehit