Orchid Island Capital Announces April 2026 Monthly Dividend, Estimated First Quarter 2026 Results and March 31, 2026 RMBS Portfolio Characteristics

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.

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.

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)

Argus Apr 16 session

-7.61% close to close Open Argus

Details

News Market Reaction – ORC

On Apr 16, the first trading day after this news, ORC closed 7.61% below the previous close.

Data tracked by StockTitan Argus for the Apr 16 session.

Market Context

On Apr 16, the first trading day after this news, the stock closed 7.6% below the previous close. A ...

Analysis

On Apr 16, the first trading day after this news, the stock closed 7.6% below the previous close. 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 Figures

April 2026 dividend: $0.10 per share Book value per share: $7.08 GAAP net loss per share: $0.11 +5 more

April 2026 dividend

$0.10 per share

Monthly cash dividend for April 2026, payable May 28, 2026

Book value per share

$7.08

Estimated as of March 31, 2026

GAAP net loss per share

$0.11

Estimated for quarter ended March 31, 2026

RMBS & derivatives losses

$0.37 per share

Estimated net realized and unrealized losses in Q1 2026

Total return on equity

(1.3)%

Estimated for quarter ended March 31, 2026

Dividends declared

$0.36 per share

Total dividends declared during Q1 2026

Shares outstanding

200,700,226 shares

Common stock outstanding as of April 15, 2026

Stockholders’ equity

≈$1.4 billion

Preliminary total equity at March 31, 2026

Previous Dividends,earnings Reports

5 past events · Latest: Jan 07

Same Type 5 events

1. Jan 07

   Dividend & results dates

   24h Move

   -0.4%

   Announced January 2026 dividend and upcoming Q4 2025 results schedule.

2. Oct 15

   Est. Q3 results & dividend

   24h Move

   +0.6%

   Estimated Q3 2025 results, October 2025 dividend, and RMBS portfolio metrics.

3. Jul 09

   Est. Q2 results & dividend

   24h Move

   -1.0%

   Estimated Q2 2025 results with RMBS losses and July 2025 dividend.

4. Apr 09

   Est. Q1 results & dividend

   24h Move

   -6.3%

   Estimated Q1 2025 results, April dividend and RMBS portfolio details.

5. Jan 08

   Est. Q4 results & dividend

   24h Move

   -0.8%

   Estimated Q4 2024 results, January 2025 dividend and RMBS metrics.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

real estate investment trust, reit, rmbs, derivative instruments, +2 more

6 terms

real estate investment trust regulatory

"In order to qualify as a real estate investment trust (“REIT”), the Company must..."

A real estate investment trust (REIT) is a company that owns and manages income-producing properties—like apartment buildings, shopping centers, offices, or warehouses—and is required to pass most of its rental income to shareholders as dividends. Think of it as a shared property owner: instead of buying a whole building, investors buy a slice of a portfolio that pays regular income and can offer exposure to property values and rental markets without direct management. REITs matter to investors for predictable income, diversification, and liquidity compared with owning physical real estate.

reit regulatory

"In order to qualify as a real estate investment trust (“REIT”), the Company must..."

A real estate investment trust (REIT) is a company that owns, operates, or finances income-producing real estate, like shopping centers, apartments, or office buildings. For investors, REITs offer a way to invest in real estate without having to buy property directly, often providing regular income through dividends. They function like a mutual fund for real estate, making it easier for people to add property investments to their portfolio.

rmbs technical

"net realized and unrealized losses on RMBS and derivative instruments"

Residential mortgage-backed securities (RMBS) are investments made by pooling many home loans and selling slices of the resulting stream of mortgage payments to investors. They matter because they convert homeowners’ monthly payments into tradable income: the cash you receive and the price you pay depend on borrowers’ ability to pay, interest rates and housing market health—think of buying a share in a neighborhood’s mortgage cash flow, with corresponding income and risk.

derivative instruments technical

"net realized and unrealized losses on RMBS and derivative instruments"

Contracts whose value is tied to the price or performance of something else—like a stock, bond, commodity, currency or market index. Think of them as a bet or an insurance policy that lets investors gain exposure, hedge risk, or speculate without owning the asset itself; their use can amplify gains or losses and affect a portfolio’s risk profile, liquidity and potential returns.

investment company act of 1940 regulatory

"Investment Company Act of 1940 (Whole Pool) Test Results"

A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.

repurchase agreement financial

"Repurchase Agreement Exposure by Counterparty"

A repurchase agreement is a short-term loan in which one party sells a financial security (often government bonds) to another with a promise to buy it back at a slightly higher price on a set future date. Think of it like a pawn-shop loan using safe securities as collateral; it matters to investors because these agreements are a core way banks and funds get quick cash, influence short-term interest rates, and create exposure to counterparty and liquidity risk.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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	●	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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What dividend did Orchid Island Capital (ORC) declare for April 2026 and when will it be paid?

The company declared a $0.10 per share monthly dividend for April 2026 payable on May 28, 2026. According to the company, the dividend is payable to holders of record on April 30, 2026 with an ex-dividend date of April 30, 2026.

What is Orchid Island Capital's (ORC) estimated book value per share as of March 31, 2026?

Estimated book value per share was $7.08 as of March 31, 2026. According to the company, this is based on preliminary total stockholders' equity of about $1.4 billion and 196,700,226 shares outstanding at March 31, 2026.

How much net loss did Orchid Island Capital (ORC) estimate for Q1 2026 and what drove it?

The company estimated a GAAP net loss of $0.11 per share for Q1 2026, including an estimated $0.37 per share of net realized and unrealized losses on RMBS and derivatives. According to the company, these amounts are preliminary and subject to audit review.

What was Orchid Island Capital's (ORC) estimated total return on equity for Q1 2026?

Estimated total return on equity for the quarter was (1.3)%. According to the company, this reflects $0.36 per share of dividends during the quarter and a $0.46 per share decrease in book value from December 31, 2025.

How many shares of Orchid Island Capital (ORC) were outstanding as of April 15, 2026?

As of April 15, 2026, Orchid Island Capital had 200,700,226 shares of common stock outstanding. According to the company, shares outstanding increased from 181,985,900 at December 31, 2025 to 200,700,226 on April 15, 2026.

When will Orchid Island Capital (ORC) announce its next dividend after April 2026?

The company expects to announce its next common stock dividend on May 13, 2026. According to the company, it intends to make regular monthly cash distributions but noted distributions depend on REIT taxable income and other factors.