Orchid Island Capital Declares $0.12 March Dividend, RMBS Portfolio at $11.16B
Orchid Island Capital’s Board declared a March dividend of $0.12 per share payable April 29 to record holders on March 31, with next dividend announced April 15. As of Feb. 28, the company's RMBS portfolio fair value was $11.16B, weighted coupon 5.61% and net unrealized gain $96.6M at -50bps.
1. Dividend Declaration
On March 18, Orchid Island Capital’s Board declared a monthly cash dividend of $0.12 per common share for March, payable April 29 to shareholders of record on March 31 (ex-dividend date March 31). The Company plans to announce its next common stock dividend on April 15.
2. RMBS Portfolio Characteristics
As of February 28, the Company’s Agency RMBS portfolio had a fair value of $11.16 billion, carried a weighted average coupon of 5.61% and showed a net unrealized gain of $96.6 million at a 50bps rate decline. Total mortgage assets had a face value of $10.93 billion.
3. Outstanding Shares and REIT Status
The Company reported 195.51 million shares of common stock outstanding as of March 18, up from 193.62 million as of February 28. As a REIT, it must distribute at least 90% of taxable income and may incur taxes or excise penalties on undistributed amounts.