Coquitlam residents upset about proposed redevelopment with no public hearing
The area, near Roy Stibbs Elementary School, currently has single-family homes, but it is within walking distance to the Lougheed SkyTrain Station and is being developed under B.C.'s new Transit-Oriented Development Area rules.
The proposed redevelopment by Anthem Properties calls for the construction of three six-storey towers, demolishing the single-family homes.
Resident Janet Krgovich said neighbours have been trying to help each other understand this development proposal, but it is complicated.
'(Council) took what was said to be – this was gonna be townhouses – and made them medium density,' she explained.
'And we had a Burquitlam Lougheed Neighborhood Plan that said that we knew that there was gonna be growth in the transit areas and that they would be offering a stepped approach as they, you know, got closer and closer to single-family residents. And what we're seeing now is that in through the back door, this land-use designation was changed and now it leaves us all open to not being able to have a say.'
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Final approval on the project is going before Coquitlam city council on Monday, July 29.
'In the past, we would get a report, we would read it, we would learn about it and give it first reading and refer it to a public hearing, where we would send out notifications. And then the public could come into City Hall at a public hearing and share their concerns, share any questions they have, any issues they want addressed if it goes forward and then we give it final approval down the road,' Coun. Teri Towner told Global News.
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However, provincial legislation brought in during the COVID-19 pandemic prohibits councils from having public hearings.
Towner said first, second and third readings for the project will happen on the same night, and then the fourth and final reading will happen when different permits have been looked after.
'We read it and digest it and give it first, second and third reading all in one night with no input from the residents,' she added.
4:29
B.C. loosening rules on builders to spur new housing construction
In a statement to Global News, Andrew Merrill, general manager of planning and development at the City of Coquitlam, said they understand there are concerns about the project.
'The developer has had several conversations with this group to help mitigate their concerns,' he said.
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'However, many of their concerns are the unintended consequences of new provincial legislation – concerns that Coquitlam has been raising since this legislation was passed without municipal consultation in 2023.'
Merrill said the properties were designated medium density apartments, which can be up to eight storeys high, as part of the Official Community Plan update in 2022, which went through extensive community consultation.
'The proposed development – a mostly six-storey apartment providing 446 units of dedicated rental housing – is in line with the city's current Official Community Plan land use designation and related policy,' he added.
'As a result, the city is prohibited from holding a public hearing due to the provisions outlined in the Province's Bill 44.'
Merrill clarified that Anthem Properties is not seeking more density, which it could be under Provincial Bill 47, but it is proposing lower heights and density in line with the city's current zoning bylaw and Official Community Plan.
Neighbours say this is not the right plan for the neighbourhood.
'I would ask them to really consider some of the asks,' Krgovich said. 'We don't really feel that is something that's impossible to achieve. I mean, all we're asking for is family-sized homes, so that a family with two children can live comfortably and have the space that they need to grow.
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'And we also want a place that a senior could approach their home at a grade-level entry and not have to worry about navigating through elevators and things like that. We want them to try and keep this area as livable as they can.'
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($ in thousands) June 30, 2025 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) U.S. Treasury Note Futures Contracts (Short Positions) (2) September 2025 5-year T-Note futures (Sep 2025 - Sep 2030 Hedge Period) $ 487,500 4.03 % 3.72 % $ (6,198) September 2025 10-year T-Note futures (Sep 2025 - Sep 2035 Hedge Period) 228,500 4.23 % 3.96 % (3,842) September 2025 10-year Ultra futures (Sep 2025 - Sep 2035 Hedge Period) 197,500 4.48 % 4.20 % (4,649) SOFR Futures Contracts (Short Positions) September 2025 3-Month SOFR futures (Jun 2025 - Sep 2025 Hedge Period) $ 28,750 4.05 % 4.33 % $ 82 December 2025 3-Month SOFR futures (Sep 2025 - Dec 2025 Hedge Period) 28,750 3.83 % 4.01 % 53 March 2026 3-Month SOFR futures (Dec 2025 - Mar 2026 Hedge Period) 28,750 3.69 % 3.67 % (6) June 2026 3-Month SOFR futures (Mar 2026 - Jun 2026 Hedge Period) 28,750 3.61 % 3.40 % (59) September 2026 3-Month SOFR futures (Jun 2026 - Sep 2026 Hedge Period) 28,750 3.57 % 3.18 % (111) December 2026 3-Month SOFR futures (Sep 2026 - Dec 2026 Hedge Period) 28,750 3.55 % 3.07 % (141) March 2027 3-Month SOFR futures (Dec 2026 - Mar 2027 Hedge Period) 28,750 3.56 % 3.03 % (151) June 2027 3-Month SOFR futures (Mar 2027 - Jun 2027 Hedge Period) 28,750 3.56 % 3.05 % (148) ERIS SOFR Swap Futures Contracts (Short Positions) (3) September 2025 5-Year Term, 3.75% fixed rate, (Sep 2025 - Sep 2030 Hedge Period) $ 10,000 3.71 % 3.40 % $ (129) (1) Open equity represents the cumulative gains (losses) recorded on open futures positions from inception. 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(in thousands) Structured Security Portfolio Inverse Pass- Interest Interest Through Only Only Portfolio Securities Securities Sub-total Total Market value - March 31, 2025 $ 6,723,011 $ 14,850 $ 233 $ 15,083 $ 6,738,094 Securities purchased 1,018,145 - - - 1,018,145 Securities sold (565,271) - - - (565,271) Losses on sales (7,990) - - - (7,990) Return of investment n/a (561) - (561) (561) Pay-downs (198,598) n/a n/a n/a (198,598) Premium lost due to pay-downs (1,471) n/a n/a n/a (1,471) Mark to market gains 10,735 261 15 276 11,011 Market value - June 30, 2025 $ 6,978,561 $ 14,550 $ 248 $ 14,798 $ 6,993,359 The tables below present the allocation of capital between the respective portfolios at June 30, 2025 and March 31, 2025 and the return on invested capital for each sub-portfolio for the three month period ended June 30, 2025. ($ in thousands) Capital Allocation Structured Security Portfolio Inverse Pass- Interest Interest Through Only Only Portfolio Securities Securities Sub-total Total June 30, 2025 Market value $ 6,978,561 $ 14,550 $ 248 $ 14,798 $ 6,993,359 Cash 456,328 - - - 456,328 Borrowings (1) (6,655,879) - - - (6,655,879) Total $ 779,010 $ 14,550 $ 248 $ 14,798 $ 793,808 % of Total 98.1 % 1.9 % 0.0 % 1.9 % 100.0 % March 31, 2025 Market value $ 6,723,011 $ 14,850 $ 233 $ 15,083 $ 6,738,094 Cash 400,092 - - - 400,092 Borrowings (2) (6,418,641) - - - (6,418,641) Total $ 704,462 $ 14,850 $ 233 $ 15,083 $ 719,545 % of Total 97.9 % 2.1 % 0.0 % 2.1 % 100.0 % (1) At June 30, 2025, there were outstanding repurchase agreement balances of $11.7 million secured by IO securities and $0.2 million secured by IIO securities. We entered into these arrangements to generate additional cash available to meet margin calls on PT RMBS; therefore, we have not considered these balances to be allocated to the structured securities strategy. (2) At March 31, 2025, there were outstanding repurchase agreement balances of $12.1 million secured by IO securities and $0.2 million secured by IIO securities. We entered into these arrangements to generate additional cash available to meet margin calls on PT RMBS; therefore, we have not considered these balances to be allocated to the structured securities strategy. The return on invested capital in the PT RMBS and structured RMBS portfolios was approximately (4.1)% and 3.5%, respectively, for the second quarter of 2025. The combined portfolio generated a return on invested capital of approximately (4.0)%. ($ in thousands) Returns for the Quarter Ended June 30, 2025 Structured Security Portfolio Inverse Pass- Interest Interest Through Only Only Portfolio Securities Securities Sub-total Total Income (net of borrowing cost) $ 22,895 $ 259 $ - $ 259 $ 23,154 Realized and unrealized gains 1,274 261 15 276 1,550 Derivative losses (53,286) n/a n/a n/a (53,286) Total Return $ (29,117) $ 520 $ 15 $ 535 $ (28,582) Beginning Capital Allocation $ 704,462 $ 14,850 $ 233 $ 15,083 $ 719,545 Return on Invested Capital for the Quarter (1) (4.1)% 3.5 % 6.4 % 3.5 % (4.0)% Average Capital Allocation (2) $ 741,736 $ 14,700 $ 241 $ 14,941 $ 756,677 Return on Average Invested Capital for the Quarter (3) (3.9)% 3.5 % 6.2 % 3.6 % (3.8)% (1) Calculated by dividing the Total Return by the Beginning Capital Allocation, expressed as a percentage. (2) Calculated using two data points, the Beginning and Ending Capital Allocation balances. 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On June 11, 2024, we entered into an equity distribution agreement (the 'June 2024 Equity Distribution Agreement') with three sales agents pursuant to which we could offer and sell, from time to time, up to an aggregate amount of $250,000,000 of shares of the our common stock in transactions that were deemed to be 'at the market' offerings and privately negotiated transactions. We issued a total of 30,513,253 shares under the June 2024 Equity Distribution Agreement for aggregate gross proceeds of approximately $250.0 million and net proceeds of approximately $245.8 million, after commissions and fees, prior to its termination in February 2025. On February 24, 2025, we entered into an equity distribution agreement (the 'February 2025 Equity Distribution Agreement') with four sales agents pursuant to which we may offer and sell, from time to time, up to an aggregate amount of $350,000,000 of shares of our common stock in transactions that are deemed to be 'at the market' offerings and privately negotiated transactions. Through June 30, 2025, we issued a total of 34,355,086 shares under the February 2025 Equity Distribution Agreement for aggregate gross proceeds of approximately $265.4 million, and net proceeds of approximately $261.2 million, after commissions and fees. Subsequent to June 30, 2025, we issued a total of 162,498 shares under the February 2025 Equity Distribution Agreement for aggregate gross proceeds of approximately $1.2 million, and net proceeds of approximately $1.2 million, after commissions and fees. Stock Repurchase Program On July 29, 2015, the Company's Board of Directors authorized the repurchase of up to 400,000 shares of our common stock. The timing, manner, price and amount of any repurchases is determined by the Company in its discretion and is subject to economic and market conditions, stock price, applicable legal requirements and other factors. The authorization does not obligate the Company to acquire any particular amount of common stock and the program may be suspended or discontinued at the Company's discretion without prior notice. On February 8, 2018, the Board of Directors approved an increase in the stock repurchase program for up to an additional 904,564 shares of the Company's common stock. Coupled with the 156,751 shares remaining from the original 400,000 share authorization, the increased authorization brought the total authorization to 1,061,316 shares, representing 10% of the Company's then outstanding share count. On December 9, 2021, the Board of Directors approved an increase in the number of shares of the Company's common stock available in the stock repurchase program for up to an additional 3,372,399 shares, bringing the remaining authorization under the stock repurchase program to 3,539,861 shares, representing approximately 10% of the Company's then outstanding shares of common stock. On October 12, 2022, the Board of Directors approved an increase in the number of shares of the Company's common stock available in the stock repurchase program for up to an additional 4,300,000 shares, bringing the remaining authorization under the stock repurchase program to 6,183,601 shares, representing approximately 18% of the Company's then outstanding shares of common stock. This stock repurchase program has no termination date. From the inception of the stock repurchase program through June 30, 2025, the Company repurchased a total of 6,257,826 shares at an aggregate cost of approximately $84.8 million, including commissions and fees, for a weighted average price of $13.55 per share. During the three and six months ended June 30, 2025, the Company repurchased a total of 1,113,224 shares at an aggregate cost of approximately $7.3 million, including commissions and fees, for a weighted average price of $6.52. The remaining authorization under the stock repurchase program as of July 24, 2025 was 2,719,137 shares. Earnings Conference Call Details An earnings conference call and live audio webcast will be hosted Friday, July 25, 2025, at 10:00 AM ET. Participants can register and receive dial-in information at A live audio webcast of the conference call can be accessed at or via the investor relations section of the Company's website at An audio archive of the webcast will be available for 30 days after the call. About Orchid Island Capital, Inc. Orchid Island Capital, Inc. is a specialty finance company that invests on a leveraged basis in Agency RMBS. Our investment strategy focuses on, and our portfolio consists of, two categories of Agency RMBS: (i) traditional pass-through Agency RMBS, such as mortgage pass-through certificates, and CMOs issued by the GSEs, and (ii) structured Agency RMBS, such as IOs, IIOs and principal only securities, among other types of structured Agency RMBS. Orchid is managed by Bimini Advisors, LLC, a registered investment adviser with the Securities and Exchange Commission. Forward-Looking Statements Statements herein relating to matters that are not historical facts, including, but not limited to statements regarding interest rates, inflation, liquidity, pledging of our structured RMBS, funding levels and spreads, prepayment speeds, portfolio composition, positioning and repositioning, hedging levels, leverage ratio, dividends, investment and return opportunities, the supply and demand for Agency RMBS and the performance of the Agency RMBS sector generally, the effect of actual or expected actions of the U.S. government, including the Fed, market expectations, capital raising, future opportunities and prospects of the Company, the stock repurchase program, geopolitical uncertainty and general economic conditions (including the effects of tariffs, trade wars, inflation, the U.S. deficit, and the strength of the U.S. dollar), are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned that such forward-looking statements are based on information available at the time and on management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in such forward-looking statements. Important factors that could cause such differences are described in Orchid Island Capital, Inc.'s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Orchid Island Capital, Inc. assumes no obligation to update forward-looking statements to reflect subsequent results, changes in assumptions or changes in other factors affecting forward-looking statements. CONTACT: Orchid Island Capital, Inc. Robert E. Cauley Chairman and Chief Executive Officer 772-231-1400 Summarized Financial Statements The following is a summarized presentation of the unaudited balance sheets as of June 30, 2025, and December 31, 2024, and the unaudited quarterly statements of operations for the six and three months ended June 30, 2025 and 2024. Amounts presented are subject to change. ORCHID ISLAND CAPITAL, INC. BALANCE SHEETS ($ in thousands, except per share data) (Unaudited - Amounts Subject to Change) June 30, 2025 December 31, 2024 ASSETS: Mortgage-backed securities, at fair value $ 6,993,359 $ 5,253,310 U.S. Treasury securities, available-for-sale 125,151 100,551 Cash, cash equivalents and restricted cash 456,328 335,053 Accrued interest receivable 31,982 23,044 Derivative assets, at fair value - 9,277 Receivable for investment securities and TBA transactions 3,223 - Other assets 588 392 Total Assets $ 7,610,631 $ 5,721,627 LIABILITIES AND STOCKHOLDERS' EQUITY Repurchase agreements $ 6,655,879 $ 5,025,543 Payable for investment securities and TBA transactions 4,004 - Dividends payable 15,214 9,940 Derivative liabilities, at fair value 4,359 332 Accrued interest payable 13,848 10,750 Due to affiliates 1,349 1,167 Other liabilities 4,018 5,395 Total Liabilities 6,698,671 5,053,127 Total Stockholders' Equity 911,960 668,500 Total Liabilities and Stockholders' Equity $ 7,610,631 $ 5,721,627 Common shares outstanding 126,566,926 82,622,464 Book value per share $ 7.21 $ 8.09 ORCHID ISLAND CAPITAL, INC. STATEMENTS OF COMPREHENSIVE INCOME (LOSS) ($ in thousands, except per share data) (Unaudited - Amounts Subject to Change) Six Months Ended June 30, Three Months Ended June 30, 2025 2024 2025 2024 Interest income $ 173,379 $ 101,935 $ 92,289 $ 53,064 Interest expense (130,512) (105,122) (69,135) (53,761) Net interest income (expense) 42,867 (3,187) 23,154 (697) Losses (gains) on RMBS and derivative contracts (50,101) 26,102 (51,736) 98 Net portfolio (loss) income (7,234) 22,915 (28,582) (599) Expenses 9,222 8,118 4,996 4,380 Net (loss) income $ (16,456) $ 14,797 $ (33,578) $ (4,979) Other comprehensive income (loss) 186 (10) (64) 37 Comprehensive net (loss) income $ (16,270) $ 14,787 $ (33,642) $ (4,942) Basic and diluted net (loss) income per share $ (0.16) $ 0.27 $ (0.29) $ (0.09) Weighted Average Shares Outstanding 104,742,591 54,798,596 114,453,216 57,763,857 Dividends Declared Per Common Share: $ 0.72 $ 0.96 $ 0.36 $ 0.36 Three Months Ended June 30, Key Balance Sheet Metrics 2025 2024 Average RMBS (1) $ 6,865,727 $ 4,203,416 Average repurchase agreements (1) 6,537,260 4,028,601 Average stockholders' equity (1) 883,919 518,782 Adjusted leverage ratio - as of period end (2) 7.3:1 7.8:1 Economic leverage ratio - as of period end (3) 7.3:1 7.1:1 Key Performance Metrics Average yield on RMBS (4) 5.38 % 5.05 % Average cost of funds (4) 4.23 % 5.34 % Average economic cost of funds (5) 2.95 % 2.41 % Average interest rate spread (6) 1.15 % (0.29)% Average economic interest rate spread (7) 2.43 % 2.64 % (1) Average RMBS, borrowings and stockholders' equity balances are calculated using two data points, the beginning and ending balances. (2) The adjusted leverage ratio is calculated by dividing ending repurchase agreement liabilities by ending stockholders' equity. (3) The economic leverage ratio is calculated by dividing ending total liabilities adjusted for net notional TBA positions by ending stockholders' equity. (4) Portfolio yields and costs of funds are calculated based on the average balances of the underlying investment portfolio/borrowings balances and are annualized for the quarterly periods presented. (5) Represents the interest cost of our borrowings and the effect of derivative agreements attributed to the period related to hedging activities, divided by average borrowings. (6) Average interest rate spread is calculated by subtracting average cost of funds from average yield on RMBS.
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No set deadline for company's cleanup plan for shuttered Nova Scotia mill: minister
Nova Scotia's environment minister said Thursday there is no set deadline for Northern Pulp to submit a cleanup plan for its shuttered mill site near Pictou, N.S. Tim Halman told reporters following a cabinet meeting that the next step for the insolvent company is to submit a reclamation plan for the site that will be assessed by his department. 'Once we have the specifics of the plan, we will have more to say,' Halman said of his department's expectations for the mill site cleanup. The mill located in Abercrombie Point, N.S., directly across the harbour from Pictou, used to produce bleached kraft pulp — an ingredient for paper. Northern Pulp announced last week that it was starting a court-supervised sale of its assets as part of a creditor protection process. The company took the step after a feasibility study concluded that it could not achieve the 14 per cent internal rate of return required in a settlement agreement with the province to develop a bioproducts facility near Liverpool, N.S. Story continues below advertisement The company has been under creditor protection since closing the mill in June 2020 after it failed to meet provincial environmental requirements for a new effluent treatment plant. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Under the settlement agreement the cost for the company to implement its mill site closure plan is $15 million. Halman wouldn't say whether that figure will be enough and wouldn't speculate on what would happen if Northern Pulp doesn't have enough money left over to cover the cost following the court process. 'I'm not going to speak to hypotheticals because my department and my staff and myself don't know until we have a reclamation plan from the company,' the minister said. 1:56 Northern Pulp to cut off all discharge into lagoons until end of April Northern Pulp was not immediately available for comment on Thursday. The nearly 200,000 hectares of company-managed timberlands is also in the process of being sold off, and Natural Resources Minister Tory Rushton said Thursday that the provincial government is watching to see how that process unfolds. Story continues below advertisement 'This is historical lands that the forestry sector has utilized for the economy … so we are paying attention to ensure that land stays within the forestry sector,' Rushton said, although he wouldn't say whether the province would consider buying it. 'We want to see what the rules are before we make any decisions,' he said. This report by The Canadian Press was first published July 24, 2025.
