Orchid Island Capital Announces April 2026 Monthly Dividend, Estimated First Quarter 2026 Results and March 31, 2026 RMBS Portfolio Characteristics
Rhea-AI Summary
Orchid Island Capital (NYSE: ORC) declared an April 2026 monthly cash dividend of $0.10 per share, payable May 28, 2026, to holders of record April 30, 2026. The company estimated March 31, 2026 book value per share of $7.08 and preliminary GAAP net loss of $0.11 per share for Q1 2026, which includes an estimated $0.37 per share of net realized and unrealized RMBS and derivative losses. Estimated total return on equity for the quarter was (1.3)%. Shares outstanding rose to 200,700,226 as of April 15, 2026. Next dividend announcement expected May 13, 2026.
AI-generated analysis. Not financial advice.
Positive
- Monthly dividend of $0.10 per share declared for April 2026
- Estimated book value per share of $7.08 as of March 31, 2026
- Total stockholders' equity approximately $1.4 billion at March 31, 2026
Negative
- Estimated GAAP net loss of $0.11 per share for Q1 2026
- $0.37 per share of estimated net realized and unrealized RMBS and derivative losses
- Shares outstanding increased to 200,700,226 as of April 15, 2026 (dilution)
News Market Reaction – ORC
On the day this news was published, ORC declined 7.61%, reflecting a notable negative market reaction. Argus tracked a trough of -5.6% from its starting point during tracking. Our momentum scanner triggered 28 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $119M from the company's valuation, bringing the market cap to $1.44B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
ORC was up about 0.82% pre-news. Mortgage REIT peers MFA, PMT, FBRT, and CIM also showed gains between roughly 0.75% and 1.54%, while TWO was flat, indicating a mild sector-positive backdrop.
Previous Dividends,earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 07 | Dividend & results dates | Positive | -0.4% | Announced January 2026 dividend and upcoming Q4 2025 results schedule. |
| Oct 15 | Est. Q3 results & dividend | Positive | +0.6% | Estimated Q3 2025 results, October 2025 dividend, and RMBS portfolio metrics. |
| Jul 09 | Est. Q2 results & dividend | Positive | -1.0% | Estimated Q2 2025 results with RMBS losses and July 2025 dividend. |
| Apr 09 | Est. Q1 results & dividend | Positive | -6.3% | Estimated Q1 2025 results, April dividend and RMBS portfolio details. |
| Jan 08 | Est. Q4 results & dividend | Positive | -0.8% | Estimated Q4 2024 results, January 2025 dividend and RMBS metrics. |
Same-tag dividend/earnings announcements often coincided with small negative next-day moves, even when metrics were stable or mildly positive.
Recent ORC news shows a steady pattern of monthly dividend declarations paired with estimated results. Prior dividend/earnings releases highlighted book values around $7–8 per share, recurring $0.12 monthly dividends, and mixed GAAP results with RMBS-driven gains or losses. Price reactions around these events were usually modest, with four of the last five same-tag announcements producing small declines despite largely routine disclosures, suggesting investors react cautiously to these updates.
Historical Comparison
In the past 5 dividend/earnings updates, ORC’s average one-day move was -1.59%, showing that these announcements often coincided with modest downside drift.
Across recent dividend/earnings updates, ORC has repeatedly paired monthly dividends with estimated book value, GAAP results, and RMBS metrics, highlighting a continuing cycle of REIT distributions and RMBS-driven performance swings.
Regulatory & Risk Context
ORC has an effective automatic shelf registration on Form S-3ASR filed on 2025-10-27, allowing it to offer various securities (including common and preferred stock, debt, warrants, and units) and registering the resale of up to 569,071 common shares by selling stockholders. Any proceeds from company offerings are designated for acquiring Agency RMBS and general corporate purposes, including debt repayment.
Market Pulse Summary
The stock moved -7.6% in the session following this news. A negative reaction despite the routine nature of this update would fit prior patterns where dividend/earnings releases saw modest downside. The company reported an estimated GAAP net loss of $0.11 per share, $0.37 per share in RMBS and derivative losses, and a (1.3)% total return on equity. Persistent RMBS-related volatility and the flexibility afforded by its S-3ASR shelf could remain key risk considerations for investors evaluating further downside.
Key Terms
real estate investment trust regulatory
reit regulatory
rmbs technical
derivative instruments technical
investment company act of 1940 regulatory
repurchase agreement financial
AI-generated analysis. Not financial advice.
| ● | April 2026 Monthly Dividend of | |
| ● | Estimated Book Value Per Share as of March 31, 2026 of | |
| ● | Estimated GAAP net loss of | |
| ● | 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
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
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
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
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
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 |
| (3 | ) | Ten-year Treasury futures contracts were valued at prices of |
| (4 | ) | Ten-year Ultra futures contracts were valued at prices of |
| 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