Orchid Island Capital, Inc. (NYSE:ORC) Q1 2022 Earnings Conference Call April 29, 2022 10:00 AM ET

Company Participants

Robert Cauley - Chairman, President & Chief Executive Officer

Hunter Haas - Chief Financial Officer and Chief Investment Officer and Director

Conference Call Participants

Mikhail Goberman - JMP Securities

Operator

Good morning and welcome to the First Quarter 2022 Earnings Conference Call for Orchid Island Capital. This call is being recorded today, April 29, 2022.

At this time, the Company would like to remind the 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, beliefs 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. And good morning, everybody. I hope everybody has had a chance to download both our press release as well as our slide deck, and I'm going to follow the similar format. So, if everybody is ready, I will begin.

First, I'll just kind of give you an overlay of what we are going to discuss. As usual, just give a briefly touch on our financial highlights, then we'll go through market developments quickly and our financial results. And then talk about the portfolio positioning and so forth.

With that, on Slide 4. Orchid Island Capital reported a net loss per share of $0.84. This was actually net earnings per share of $0.20 excluding realized and unrealized gains and losses on RMBS and derivative instruments, including net interest expense on interest rate swaps; a loss of $1.04 per share from net realized and unrealized losses on RMBS and derivative instruments, including the net interest expense on swaps; book value per share was $3.34 at March 31, 2022 versus $4.34 at year-end. In Q1 2022, the company declared and subsequently paid $0.155 in dividends. Since its initial public offering, the company has declared $12.635 in dividends per share, including the dividend declared in April. Total economic loss was $0.845 per share, or 19.5% for the quarter.