ORC

ORC is not a growth company despite the eye-catching headline numbers — it is a leveraged agency-RMBS yield vehicle, and the data has to be read through that lens. The MD&A is explicit: it invests in Agency RMBS 'issued and guaranteed' by Fannie/Freddie/Ginnie, funds them with short-term repo, and operates as a REIT that must distribute ≥90% of taxable income. So the FY2025 'net income $159M, +322%' and 'total assets $11.7B, +104%' are largely an artifact of balance-sheet scaling, not per-share value creation. Shares outstanding doubled to 191M (+104.4%) — the MD&A confirms the company issued 59.5M shares for ~$445M gross under its February 2025 ATM program alone. Net income up 322% on a share count up 104% means the per-unit improvement is far more muted than the headline; on ~191M shares, $159M is roughly $0.83 of EPS and the $1.37B of equity is roughly $7.17 of book value, putting the $6.97 price right around book (~0.97x). That near-book valuation is exactly where agency mREITs typically trade and is the strongest argument against calling it cheap or expensive.