-- April 2026 Monthly Dividend of $0.10 Per Share of
Common Stock
-- Estimated Book Value Per Share as of March 31, 2026
of $7.08
-- Estimated GAAP net loss of $0.11 per share for the
quarter ended March 31, 2026, including an estimated
$0.37 per share of net realized and unrealized losses
on RMBS and derivative instruments
-- Estimated (1.3)% total return on equity for the quarter
ended March 31, 2026
-- Estimated book value, net loss and total return on
equity amounts are preliminary, subject to change,
and subject to review by the Company's independent
registered public accounting firm
-- RMBS Portfolio Characteristics as of March 31, 2026
-- Next Dividend Announcement Expected May 13, 2026
VERO BEACH, Fla., April 15, 2026 (GLOBE NEWSWIRE) -- Orchid Island Capital, Inc. (the "Company") (NYSE: ORC) announced today that the Board of Directors of the Company declared a monthly cash dividend for the month of April 2026. The dividend of $0.10 per share will be paid May 28, 2026 to holders of record of the Company's common stock on April 30, 2026, with an ex-dividend date of April 30, 2026. The Company plans on announcing its next common stock dividend on May 13, 2026.
The Company intends to make regular monthly cash distributions to its holders of common stock. In order to qualify as a real estate investment trust ("REIT"), the Company must distribute annually to its stockholders an amount at least equal to 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gain. The Company will be subject to income tax on taxable income that is not distributed and to an excise tax to the extent that a certain percentage of its taxable income is not distributed by specified dates. The Company has not established a minimum distribution payment level and is not assured of its ability to make distributions to stockholders in the future.
Shares Outstanding
As of April 15, 2026, the Company had 200,700,226 shares of common stock outstanding. As of March 31, 2026, the Company had 196,700,226 shares of common stock outstanding. As of December 31, 2025, the Company had 181,985,900 shares of common stock outstanding.
Estimated March 31, 2026 Book Value Per Share
The Company's estimated book value per share as of March 31, 2026 was $7.08. The Company computes book value per share by dividing total stockholders' equity by the total number of outstanding shares of common stock. At March 31, 2026, the Company's preliminary estimated total stockholders' equity was approximately $1.4 billion with 196,700,226 shares of common stock outstanding. These figures and the resulting estimated book value per share are preliminary, subject to change, and subject to review by the Company's independent registered public accounting firm.
Estimated Net Income Per Share and Realized and Unrealized Gains on RMBS and Derivative Instruments
The Company estimates it generated a net loss per share of $0.11 for the quarter ended March 31, 2026, which includes an estimated $0.37 per share of net realized and unrealized losses on RMBS and derivative instruments. These amounts compare to total dividends declared during the quarter of $0.36 per share. Net loss per common share calculated under generally accepted accounting principles can, and does, differ from our REIT taxable income. The Company views REIT taxable income as a better indication of income to be paid in the form of a dividend rather than net income. Many components of REIT taxable income can only be estimated at this time and our monthly dividends declared are based on both estimates of REIT taxable income to be earned over the course of the current quarter and calendar year and a longer-term estimate of the REIT taxable income of the Company. These figures are preliminary, subject to change, and subject to review by the Company's independent registered public accounting firm.
Estimated Total Return on Equity
The Company's estimated total return on equity for the quarter ended March 31, 2026 was (1.3)%. The Company calculates total return on equity as the sum of dividends declared and paid during the quarter plus changes in book value during the quarter, divided by the Company's stockholders' equity at the beginning of the quarter. The total return was $(0.10) per share, comprised of dividends per share of $0.36 and a decrease in book value per share of $0.46 from December 31, 2025.
RMBS Portfolio Characteristics
Details of the RMBS portfolio as of March 31, 2026 are presented below. These figures are preliminary and subject to change and, with respect to figures that will appear in the Company's financial statements and associated footnotes as of and for the quarter ended March 31, 2026, are subject to review by the Company's independent registered public accounting firm:
-- RMBS Valuation Characteristics -- RMBS Assets by Agency -- Investment Company Act of 1940 (Whole Pool) Test Results -- Repurchase Agreement Exposure by Counterparty -- RMBS Risk Measures
About Orchid Island Capital, Inc.
Orchid Island Capital, Inc. is a specialty finance company that invests on a leveraged basis in Agency RMBS. Our investment strategy focuses on, and our portfolio consists of, two categories of Agency RMBS: (i) traditional pass-through Agency RMBS, such as mortgage pass-through certificates and collateralized mortgage obligations issued by Fannie Mae, Freddie Mac or Ginnie Mae, and (ii) structured Agency RMBS. The Company is managed by Bimini Advisors, LLC, a registered investment adviser with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements include, but are not limited to, statements about the Company's distributions. These forward-looking statements are based upon Orchid Island Capital, Inc.'s present expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
RMBS Valuation Characteristics
($ in thousands)
Realized
Realized Jan-26 -
Mar-26 Mar-26
Net Weighted CPR CPR
Weighted Average (1-Month) (3-Month) Modeled Interest
Current Fair % of Current Average Maturity (Reported (Reported Rate Sensitivity (1)
Type Face Value Portfolio Price Coupon GWAC Age (Months) in Apr) in Apr) (-50 BPS) (+50 BPS)
----------------- ----------- ----------- --------- ------- -------- ---- --- -------- --------- --------- ----------- ---------
Fixed Rate RMBS
-----------------
15yr 4.5 TBA $ 250,000 $ 247,871 2.14% 99.15 4.50% 5.41% 7 171 n/a n/a $ 3,448 $ (4,028)
------------------ ---------- ---------- --------- ------- -------- ---- --- -------- --------- --------- ------- --------
15yr Total 250,000 247,871 2.14% 99.15 4.50% 5.41% 7 171 n/a n/a 3,448 (4,028)
------------------ ---------- ---------- --------- ------- -------- ---- --- -------- --------- --------- ------- --------
30yr 3.0 323,583 289,277 2.50% 89.40 3.00% 3.52% 59 294 9.0% 6.8% 8,590 (8,692)
30yr 3.5 37,737 34,742 0.30% 92.06 3.50% 4.30% 78 263 0.6% 0.7% 1,021 (1,041)
30yr 4.0 49,244 46,945 0.41% 95.33 4.00% 4.77% 82 273 7.3% 9.4% 1,159 (1,202)
30yr 4.5 445,336 432,346 3.73% 97.08 4.50% 5.46% 27 329 6.8% 7.1% 9,210 (10,243)
30yr 5.0 1,919,774 1,902,660 16.42% 99.11 5.00% 6.01% 12 345 5.1% 5.3% 35,324 (42,135)
30yr 5.5 3,487,634 3,543,675 30.58% 101.61 5.50% 6.46% 12 344 9.9% 9.3% 51,208 (65,674)
30yr 6.0 3,134,525 3,230,524 27.88% 103.06 6.00% 6.93% 16 340 25.7% 21.1% 30,868 (44,012)
30yr 6.5 1,566,127 1,637,361 14.13% 104.55 6.50% 7.39% 19 337 29.2% 23.1% 10,346 (15,847)
30yr 7.0 197,429 208,559 1.80% 105.64 7.00% 7.95% 29 323 28.4% 27.6% 1,436 (1,886)
------------------ ---------- ---------- --------- ------- -------- ---- --- -------- --------- --------- ------- --------
30yr Total 11,161,389 11,326,089 97.75% 101.48 5.60% 6.53% 17 339 16.4% 14.8% 149,162 (190,732)
------------------ ---------- ---------- --------- ------- -------- ---- --- -------- --------- --------- ------- --------
Total Pass-Through
RMBS 11,411,389 11,573,960 99.89% 101.42 5.57% 6.51% 17 335 16.4% 14.8% 152,610 (194,760)
------------------ ---------- ---------- --------- ------- -------- ---- --- -------- --------- --------- ------- --------
Structured RMBS
-----------------
IO 20yr 4.0 5,033 388 0.00% 7.71 4.00% 4.56% 170 64 14.0% 10.2% 2 (2)
IO 30yr 4.0 61,513 11,165 0.10% 18.15 4.00% 4.60% 139 212 4.0% 5.0% (187) 110
IO 30yr 4.5 2,686 505 0.00% 18.81 4.50% 4.99% 188 158 7.4% 8.6% (2) -
IO 30yr 5.0 1,415 280 0.00% 19.75 5.00% 5.37% 189 158 10.4% 4.6% (3) 1
------------------ ---------- ---------- --------- ------- -------- ---- --- -------- --------- --------- ------- --------
IO Total 70,647 12,338 0.11% 17.46 4.04% 4.62% 144 198 4.9% 5.5% (190) 109
------------------ ---------- ---------- --------- ------- -------- ---- --- -------- --------- --------- ------- --------
IIO 30yr 4.0 15,174 114 0.00% 0.75 0.13% 4.40% 102 246 0.8% 8.3% 71 (47)
------------------ ---------- ---------- --------- ------- -------- ---- --- -------- --------- --------- ------- --------
Total Structured
RMBS 85,821 12,452 0.11% 14.51 3.35% 4.58% 136 207 4.2% 6.0% (119) 62
------------------ ---------- ---------- --------- ------- -------- ---- --- -------- --------- --------- ------- --------
Total Mortgage
Assets $11,497,210 $11,586,412 100.00% 5.55% 6.49% 17 334 16.3% 14.7% $ 152,491 $(194,698)
================== ========== ========== ========= ======= ======== ==== === ======== ========= ========= ======= ========
Hedge Modeled Interest
Notional Period Rate Sensitivity (1)
Hedge Balance End (-50 BPS) (+50 BPS)
----------- ----------- ------ ------------- -----------
3-Month SOFR
Futures $ (390,000) Dec-26 $ (2,438) $ 2,438
5-Year
Treasury
Future(2) (180,000) Aug-30 (3,764) 3,708
10-Year
Treasury
Future(3) (53,000) Jan-33 (1,719) 1,694
10-Year
Ultra
Treasury
Future(4) (60,000) Nov-35 (2,694) 2,563
ERIS SOFR
Swap
Futures (10,000) Jun-31 (195) 190
Swaps (7,014,200) Nov-30 (146,075) 141,324
TBA Short (155,000) May-26 (820) 1,386
------------ ---------- ------ --------- -------
Hedge Total $(7,862,200) $ (157,705) $ 153,303
============ ========== ====== ========= =======
Rate Shock
Grand
Total $ (5,214) $ (41,395)
============ ========== ====== ========= =======
(1 ) Modeled results from Citigroup Global Markets Inc.
Yield Book. Interest rate shocks assume instantaneous
parallel shifts and horizon prices are calculated
assuming constant SOFR option-adjusted spreads. These
results are for illustrative purposes only and actual
results may differ materially.
(2 ) Five-year Treasury futures contracts were valued at
prices of $108.18 at March 31, 2026. The market value
of the short position was $194.7 million.
(3 ) Ten-year Treasury futures contracts were valued at
prices of $111.05 at March 31, 2026. The market value
of the short position was $58.9 million.
(4 ) Ten-year Ultra futures contracts were valued at prices
of $113.52 at March 31, 2026. The market value of
the short position was $68.1 million.
RMBS Assets by Agency
($ in thousands)
---------------------- ---------- ----------
Percentage
Fair of
Asset Category Value Portfolio
---------------------- ----------- ----------
As of March 31, 2026
Fannie Mae $ 5,900,504 52.0%
Freddie Mac 5,438,037 48.0%
----------------------- ---------- ----------
Total Mortgage Assets $11,338,541 100.0%
======================= ========== ==========
Investment Company Act of 1940 Whole Pool Test
($ in thousands)
Percentage
Fair of
Asset Category Value Portfolio
---------------------------- ------------- ----------
As of March 31, 2026
Non-Whole Pool Assets $ 601,842 5.3%
Whole Pool Assets 10,736,699 94.7%
----------------------------- ------------ ----------
Total Mortgage Assets $ 11,338,541 100.0%
============================= ============ ==========
Borrowings By
Counterparty
($ in thousands)
----------------- ---------- ----- -------- -------- ----------
Weighted Weighted
% of Average Average
Total Total Repo Maturity Longest
As of March 31,
2026 Borrowings Debt Rate in Days Maturity
----------------- ----------- ----- -------- -------- ----------
Wells Fargo
Securities, LLC $ 548,008 5.0% 3.79% 18 5/21/2026
Citigroup Global
Markets Inc 505,729 4.7% 3.78% 11 4/23/2026
Marex Capital
Markets Inc. 504,786 4.6% 3.76% 24 6/11/2026
Hidden Road
Partners Civ US
LLC 501,964 4.6% 3.78% 51 5/28/2026
ABN AMRO Bank N.V. 497,665 4.6% 3.77% 52 5/26/2026
ASL Capital
Markets Inc. 489,064 4.5% 3.80% 72 9/21/2026
StoneX Financial
Inc. 488,036 4.5% 3.79% 155 9/23/2026
The Bank of Nova
Scotia 482,071 4.4% 3.79% 20 4/23/2026
South Street
Securities, LLC 477,914 4.4% 3.83% 106 11/13/2026
J.P. Morgan
Securities LLC 470,564 4.3% 3.78% 24 4/24/2026
RBC Capital
Markets, LLC 454,708 4.2% 3.83% 97 7/27/2026
DV Securities, LLC
Repo 450,719 4.1% 3.78% 71 8/21/2026
Cantor Fitzgerald
& Co 445,482 4.1% 3.79% 26 5/12/2026
Clear Street LLC 437,924 4.0% 3.79% 69 6/22/2026
Daiwa Securities
America Inc. 432,054 4.0% 3.79% 66 6/23/2026
Banco Santander SA 428,017 3.9% 3.79% 38 5/19/2026
Bank of Montreal 424,162 3.9% 3.80% 13 4/13/2026
Goldman, Sachs &
Co 412,584 3.8% 3.80% 25 4/27/2026
Merrill Lynch,
Pierce, Fenner &
Smith 384,964 3.5% 3.81% 16 4/23/2026
ING Financial
Markets LLC 376,852 3.5% 3.80% 13 4/13/2026
Mirae Asset
Securities $(USA)$
Inc. 332,010 3.1% 3.80% 37 6/17/2026
Brean Capital, LLC 286,317 2.6% 3.79% 17 4/23/2026
Mitsubishi UFJ
Securities (USA),
Inc. 246,498 2.3% 3.80% 22 4/22/2026
MUFG Securities
Canada, Ltd. 236,975 2.2% 3.78% 2 4/2/2026
Nomura Securities
International,
Inc. 222,189 2.0% 3.79% 71 6/15/2026
Mizuho Securities
USA LLC 197,403 1.8% 3.78% 33 5/19/2026
Natixis, New York
Branch 97,612 0.9% 3.79% 27 4/27/2026
Lucid Prime Fund,
LLC 32,452 0.3% 3.79% 16 4/16/2026
------------------ ---------- ----- -------- -------- ----------
Total Borrowings $10,864,723 100.0% 3.79% 46 11/13/2026
================== ========== ===== ======== ======== ==========
Contact:
Orchid Island Capital, Inc.
Robert E. Cauley
3305 Flamingo Drive, Vero Beach, Florida 32963
Telephone: (772) 231-1400
(END) Dow Jones Newswires
April 15, 2026 17:55 ET (21:55 GMT)