Orchid Island Capital Reports Net Income of $3.53 Million for the First Quarter of 2023

Orchid Island Capital, Inc (ORC). Achieves Positive Net Income a nd Generates $38.01 Million in Revenue in the First Quarter of 2023

Orchid Island Capital, Inc., a real estate investment trust (REIT) specializing in residential mortgage-backed securities (MBS), has announced its financial results for the first quarter of 2023. The company reported a net income of $3.53 million for the quarter, marking a significant improvement compared to the net loss of $148.73 million recorded in the same period last year. Orchid Island Capital also generated $38.01 million in revenue during the first quarter of 2023.

Financial Statements

Orchid Island Capital's condensed balance sheet as of March 31, 2023, reveals total assets amounting to $4.27 billion, showing an increase compared to $3.87 billion as of December 31, 2022. The company's assets primarily consist of mortgage-backed securities, which were valued at $3.99 billion. Additionally, Orchid Island Capital held U.S. Treasury Notes valued at $36.81 million, cash and cash equivalents totaling $143.22 million, and other assets.