85
ORCHID ISLAND CAPITAL, INC.
For the Years Ended December 31, 2021,2020 and 2019 ($ in thousands)
2021
2020
2019
CASH FLOWS FROM OPERATINGACTIVITIES: Net (loss) income
$
(64,760)
$
2,128
$
24,265
Adjustments to reconcile net (loss) income to net cash provided by operatingactivities: Stock based compensation
772
244
294
Realized and unrealized losses (gains) on mortgage-backed securities
203,731
(775)
(27,168)
Unrealized losses on U.S. Treasury Notes
265
0
0
Realized and unrealized (gains) losses on derivative instruments
(35,350)
58,891
45,207
Changes in operating assets and liabilities:
Accrued interest receivable
(9,138)
2,683
837
Other assets
196
(446)
80
Accrued interest payable
(369)
(9,944)
4,656
Other liabilities
663
2,583
22
Due to affiliates
430
10
(32)
NET CASH PROVIDED BY OPERATINGACTIVITIES 96,440
55,374
48,161
CASH FLOWS FROM INVESTING ACTIVITIES:
From mortgage-backed securities investments:
Purchases
(6,430,725)
(4,859,434)
(4,241,822)
Sales
2,851,708
4,200,536
3,321,206
Principal repayments
591,086
523,699
594,833
Purchases of U.S. Treasury Notes
(37,440)
0
0
Net proceeds from reverse repurchase agreements
0
30
0
Net Proceeds from (payments on) on derivative instruments
8,571
(64,171)
(29,023)
NET CASH USED IN INVESTING ACTIVITIES
(3,016,800)
(199,340)
(354,806)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from repurchase agreements
35,950,241
33,140,625
45,595,010
Principal payments on repurchase agreements
(33,301,721)
(32,993,145)
(45,171,956)
Cash dividends
(90,984)
(53,645)
(53,307)
Proceeds from issuance of common stock, net of issuance costs
514,059
71,050
92,314
Common stock repurchases, including shares withheld from employee stock awards
for payment of taxes
(299)
(68)
(3,024)
NET CASH PROVIDED BY FINANCING ACTIVITIES
3,071,296
164,817
459,037
NET INCREASE IN CASH, CASH EQUIVALENTSAND RESTRICTED CASH 150,936
20,851
152,392
CASH, CASH EQUIVALENTSAND RESTRICTED CASH, beginning of the period 299,506
278,655
126,263
CASH, CASH EQUIVALENTSAND RESTRICTED CASH, end of the period $
450,442
$
299,506
$
278,655
SUPPLEMENTAL DISCLOSURE OFCASH FLOW INFORMATION: Cash paid during the period for:
Interest
$
7,458
$
35,000
$
79,010
See Notes to Financial Statements