Item 2.02. Results of Operations and Financial Condition.
On October 27, 2022, Orchid Island Capital, Inc. (the “Company”)
issued the press release attached hereto as Exhibit 99.1 announcing
the Company’s results of operations
for the period ended September 30, 2022. In addition, the Company posted supplemental financial
information
on the investor relations section of its website (https://ir.orchidislandcapital.com).
The press release, attached as Exhibit
99.1, is being furnished under this “Item 2.02 Results of Operations and
Financial Condition,” and shall not be deemed “filed”
for
purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed
incorporated by reference in any disclosure
document of the Company,
except as shall be expressly set forth by specific reference in such document.
Item 8.01 Other Events
In a Form 8-K filed with the Securities and Exchange Commission (the
“SEC”) on October 12, 2022 (the “Original 8-K”), the
Company announced the approval by its board of directors of an increase
to its previously announced stock repurchase program (the
“Repurchase Program”) for up to an additional 4,300,000 shares of the Company’s
common stock.
The total number of shares
authorized under the Repurchase Program immediately after the increase
was 6,183,601 shares, representing approximately 18% of
the Company’s then-outstanding
shares of common stock.
The Original 8-K incorrectly stated that the total authorization under
the
Repurchase Program after the increase was 5,046,499 shares,
representing approximately 15% of the Company’s
then-outstanding
Caution About Forward-Looking Statements.
This Current Report on
Form 8-K contains forward-looking
statements within the
meaning of the Private
Securities Litigation Reform
Act
of
1995
and
other
federal
securities
laws,
including,
but
not
limited
to,
statements
regarding
interest
rates,
inflation,
liquidity,
pledging
of our
structured
RMBS, funding
levels and
spreads, prepayment
speeds,
portfolio
positioning
and repositioning,
hedging
levels, dividends,
growth, the supply
and demand for
Agency RMBS and
the performance of
the Agency RMBS
sector generally,
the
effect of
actual or
expected actions
of the
U.S. government,
including the
Federal Reserve,
market expectations,
future opportunities
and prospects of
the Company,
the stock repurchase
program and general
economic conditions. These
forward-looking statements are
based upon
the Company’s
present expectations,
but the
Company cannot
assure investors
that actual
results will
not vary
from the
expectations contained in
the forward-looking statements. Investors
should not place undue
reliance upon forward-looking
statements.
For further
discussion of
the factors
that could
affect
outcomes, please
refer to
the “Risk
Factors” section
of the
Company's Annual
Report on
Form 10-K for
the fiscal year
ended December
31, 2021, which
has been filed
with the SEC,
and other
documents that
the
Company
files
with
the
SEC.
All
forward-looking
statements
speak
only
as
of
the
date
on
which
they
are
made.
New
risks
and
uncertainties arise over
time, and it is
not possible to predict
those events or how
they may affect
the Company.
Except as required by
law,
the Company
is not obligated
to, and
does not
intend to,
update or
revise any
forward-looking statements,
whether as a
result of
new information, future events or otherwise.
Item 9.01. Financial Statements and Exhibits.
Exhibit No.
Description
99.1
104
Cover Page Interactive Data File (embedded within the Inline XBRL
document)