Orchid Island Capital, Inc. (NYSE:ORC) Q2 2023 Earnings Conference Call July 28, 2023 10:00 AM ET

Company Participants

Robert Cauley - Chairman and CEO

Hunter Haas - CFO

Conference Call Participants

Matthew Erdner - JonesTrading

Mikhail Goberman - JMP Securities

Christopher Nolan - Ladenburg Thalmann

Operator

Good morning and welcome to the Second Quarter 2023 Earnings Conference Call for Orchid Island Capital. This call is being recorded today, July 28, 2023.

At this time, the Company would like to remind listeners that statements made during today’s conference call relating to matters that are not historical facts are forward-looking statements subject to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

Listeners are cautioned that such forward-looking statements are based on information currently available on the management’s good faith, belief with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in such forward-looking statements.

Important factors that could cause such differences are described in the Company’s filings with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K. The Company assumes no obligation to update such forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking statements.

Now, I would like to turn the conference over to the Company’s Chairman and Chief Executive Officer, Mr. Robert Cauley. Please go ahead, sir.

Robert Cauley

Thank you Operator. Good morning. Hopefully, everybody had a chance to download our slide deck and I will be going through that over the course of today's call. As usual I will be following the same format of our on Slide 3 just a table of contents just to give you an outline of the agenda. The first item will just be a quick overview of our results of operations for the quarter, and then I will talk about market developments and what we dealt with over the course of the quarter, and then our financial results before finally describing our current portfolio positioning with respect to the portfolio, the hedges, and so forth, and then say a few words about how we see things going forward.

So with that, turning to Slide 4. Orchid Island generated net income per share of $0.25 per share for the quarter. Net earnings excluding realized and unrealized gains and losses on RMBS and derivative instruments, including interest income on interest rate swaps was $0.34 negative per share. Gain of $0.59 per share from net realized and unrealized gains on RMBS and derivative instruments again including interest income on interest rate swaps.