The following is a summary of the Orchid Island Capital, Inc. (ORC) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Orchid Island Capital reported a net income of $0.24 per share for Q3 2024, an improvement from a $0.09 loss in the previous quarter.

• The company's book value modestly declined from $8.58 to $8.40.

• Declared dividends for the quarter amounted to $3.12.

• Total return for Q3 was positive at 2.1%.

Business Progress:

• The company experienced an increase in the portfolio averages and expansion in the leverage ratio due to altered TBAs and a slight decline in book value.

• Orchid intends to grow its portfolio and has successfully employed a barbell strategy with an up-in-coupon bias.

• After raising $110 million through their ATM, Orchid expanded their portfolio by about 20%, predominantly acquiring higher coupon mortgages which raised the yield.

Opportunities:

• The easing of Federal rates and a potential for a more pro-growth environment under a possible Republican sweep could enhance Orchid's business environment.

Risks:

• The market's late shift reflecting a robust economy could put upward pressure on rates, impacting interest-sensitive segments of Orchid's portfolio.

• Increased market volatility and spread widening in the mortgage market present immediate risks.

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