Orchid Island Capital Stock: Another Heavy Leverage, High Yield REIT (NYSE:ORC)

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Dendrobium orchid flowers and plants

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High yield REITs are one of my favorite things. It wasn’t so long ago I was singing the praises of ARMOUR Residential, for both its double-digit yield and its management of high leverage. Today I’m going to be again looking at

MBS $4.5 billion
US Treasury Securities $98 million
Cash & Equivalents $159 million
Restricted Cash $120 million
Total Assets $4.94 billion
Repurchase Agreements $4.4 billion
Total Liabilities $4.47 billion
Total Stockholder Equity $467 million
Price/Book Value 0.93
Debt/Equity 9.6

Portfolio Value Book Value
-200 Basis Points +0.52% +4.18%
-100 Basis Points +0.61% +4.92%
-50 Basis Points +0.40% +3.28%
+50 Basis Points (0.43%) (3.47%)
+100 Basis Points (1.04%) (8.38%)
+200 Basis Points (2.51%) (20.27%)

2020 2021 2022 2023 (9 months)
Net Interest Income $90.9 million $127.6 million $82.9 million ($21.5 million)
Net Portfolio Loss $12.6 million ($49.5 million) ($237 million) ($31.9 million)
diluted EPS 16¢ ($2.67) ($6.90) ($1.58)

2020 2021 2022 2023 (9 months)
Net Cash Operations $55.3 million $96.4 million $289 million $48.8 million
Net Cash Investing ($199 million) ($3.01 billion) ($2.44 billion) ($1.15 billion)
Net Cash Financing $161 million ($3.07 billion) ($2.94 billion) $1.14 billion

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