Orchid Island Capital announced its first quarter 2023 results, reporting a net income of $3.5 million, or $0.09 per common share. The company's book value per common share was $11.55 at the end of the quarter. The total return for the quarter was 0.84%, which included a dividend of $0.48 per common share.
Net income for the first quarter was $3.5 million, or $0.09 per common share.
Net interest expense was $4.2 million, or $0.11 per common share.
Net realized and unrealized gains on RMBS and derivative instruments were $12.7 million, or $0.33 per common share.
The company maintained a liquidity position of $197.0 million in cash and cash equivalents and unpledged RMBS.
Orchid Island Capital intends to maintain its lower coupon bias as they believe they offer the best total return potential as they approach the end of the Fed’s tightening cycle and eventual pivot towards easing. To the extent they are able to raise new capital, they desire to do so, and believe the return opportunities will be very attractive, even if performance of the sector may be choppy in the near term.
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