Orchid Island Capital reports Q3 2023 net loss, confident despite market volatility

Orchid Island Capital, Inc. (NYSE:ORC) reported a Q3 2023 net loss of $80.1 million, showing a slight improvement compared to the $84.5 million loss from Q3 2022. During Q2-Q3 2023, the company’s Agency RMBS portfolio saw an increase from $4.4 billion to $4.5 billion, with interest income rising by approximately $10.2 million. However, Q3 also marked a decrease in book value per share by $2.24 due to the net loss and dividend distribution.

Despite experiencing challenges such as Fitch’s U.S. credit rating downgrade, potential Moody’s (NYSE:) downgrade, geopolitical tensions from an emerging Middle East war, uncertainties in the House of Representatives, and an upcoming presidential election, CEO Robert E. Cauley expressed confidence in the firm’s leverage and positioning. The company has maintained a lower coupon bias since the 2022 tightening cycle for superior total return potential.

Erie Indemnity records substantial growth in Q3 2023 financial results

Erie Indemnity Co’s Q3 2023 financial results demonstrated significant increases in net income, operating income, income before taxes, and diluted share earnings. The net income reached $131.0 million or $2.51 per diluted share, up from $84.3 million or $1.61 per diluted share in Q3 2022. Moreover, the first nine months of 2023 saw a net income of $335.1 million or $6.41 per diluted share, marking an increase from $233.1 million or $4.46 per diluted share during the same period of 2022.

Even though operation costs increased with commissions rising by $44.6 million in Q3 2023 compared to Q3 2022, the company still recorded a net investment income of $14.6 million and income from investments before taxes of $12.3 million in Q3 2023.

Stag Industrial (NYSE:) shows mixed Q3 2023 earnings, acquires new properties

On October 26, STAG Industrial, Inc. (NYSE:STAG) released its Q3 2023 earnings report, revealing a decrease in net income to $50.0 million. However, the company noted increases in Core FFO per diluted share, Cash NOI, Same Store Cash NOI, and Cash Available for Distribution by 3.5%, 6.7%, 5.3%, and 11.3% respectively from Q3 2022 figures.

Stag Industrial also reported property acquisitions and sales during the period. The company acquired 12 buildings totaling 1.5 million sq ft for $204.3 million, sold two non-core buildings covering 719,466 sq ft for $28.4 million, and began leases on 2.3 million sq ft in the Operating Portfolio. This led to record Cash Rent Change and Straight-Line Rent Change rates. As of September 30, the total portfolio’s occupancy rate was 97.6% and the Operating Portfolio’s was 98%. The remaining net proceeds of $61.2 million from the ATM offering program were settled on July 27.

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