Orchid Island Capital Inc (NYSE: ORC) reported on Thursday that its net loss for Q3 2023 had improved to $80.1 million, or $1.68 per share, down from $84.5 million in Q3 2022. Despite facing significant challenges, the company's Agency RMBS portfolio grew to $4.5 billion with interest income increasing by about $10.2 million from Q2 2023, reflecting comfortable leverage and positioning amidst lower market volatility. However, the book value per share fell by $2.24 due to the net loss and a dividend distribution of $0.48 per share.
CEO Robert E. Cauley highlighted the company's lower coupon bias and superior total return potential amid a tightening cycle since 2022. Orchid Island also grappled with external issues such as the U.S. credit rating downgrade by Fitch, an emerging Middle East war, an uncertain presidential election, a House of Representatives without a speaker, and a significant shift in the rates market—creating a perfect storm for financial markets.
Erie Indemnity reports a significant rise in Q3 net income
In other financial news, Erie Indemnity Co reported a net income of $131.0 million or $2.51 per share in Q3 2023, significantly higher than the $84.3 million or $1.61 per share reported in Q3 2022. The company's operating income before taxes saw a substantial increase of 39.4% in Q3 2023 compared to Q3 2022, with management fee revenue for policy issuance and renewal services increasing by 17.7% during the same period.
The company's income before income taxes was $163.774 million in Q3 2023 compared to $106.348 million in Q3 2022. Additionally, the company's income from investments before taxes totaled $12.3 million in Q3 2023, a significant turnaround from a loss of $0.6 million in Q3 2022, while net investment income was reported at $14.6 million for Q3 2023 and $5.8 million for Q3 2022.
Stag Industrial (NYSE:STAG) sees Core FFO increase despite net income dip
Stag Industrial Inc (NYSE: STAG), in Q3 2023, saw a decrease in net income to $50 million from Q3 2022's $63.3 million but experienced a Core FFO per diluted share increase of 3.5% to $0.59. The company reported a Cash NOI increase of 6.7% to $140.7 million, an 11.3% rise in Cash Available for Distribution to $96.8 million, and a 5.3% increase in same-store cash NOI.
Stag acquired 12 buildings (1.5 million square feet) for $204.3 million and disposed of two non-core buildings (719,466 square feet) for $28.4 million. Leases on 2.3 million square feet commenced in the Operating Portfolio, resulting in Occupancy Rates of 97.6% (total portfolio) and 98% (Operating Portfolio). Record Cash Rent Change and Straight-Line Rent Change were marked at 39.3% and 54.2%, respectively.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.