Orchid Island Capital Announces March 2026 Monthly Dividend and February 28, 2026 RMBS Portfolio Characteristics
Rhea-AI Summary
Orchid Island Capital (NYSE: ORC) declared a $0.12 per share monthly cash dividend for March 2026, payable April 29, 2026, to holders of record on March 31, 2026, with an ex-dividend date of March 31, 2026. Next dividend announcement expected April 15, 2026.
The release also provides preliminary RMBS portfolio characteristics as of February 28, 2026, and notes the company invests on a leveraged basis in agency RMBS and is managed by Bimini Advisors.
Positive
- Monthly dividend declared at $0.12 per share
- Dividend payment date set for April 29, 2026
- Regular monthly distribution policy reaffirmed by the company
Negative
- Shares outstanding rose >5% since Dec 31, 2025 (181,985,900 to 193,621,550 on Feb 28, 2026)
- Dividend not guaranteed and company warned it may be unable to make future distributions
- Tax/excise risk if REIT distribution requirements are not met
News Market Reaction – ORC
In the Mar 19 session, ORC gained 0.14%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
- March 2026 Monthly Dividend of
$0.12 Per Share of Common Stock - RMBS Portfolio Characteristics as of February 28, 2026
- Next Dividend Announcement Expected April 15, 2026
VERO BEACH, Fla., March 18, 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 March 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
As of March 18, 2026, the Company had 195,511,115 shares of common stock outstanding. As of February 28, 2026, the Company had 193,621,550 shares of common stock outstanding. As of December 31, 2025, the Company had 181,985,900 shares of common stock outstanding.
RMBS Portfolio Characteristics
Details of the RMBS portfolio as of February 28, 2026 are presented below. These figures are preliminary and subject to change. The information contained herein is an intra-quarter update created by the Company based upon information that the Company believes is accurate:
- 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 | Dec-25 - | ||||||||||||||||||||||||||||||||||||||||||||||
| Feb-26 | Feb-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 Mar) | in Mar) | (-50 BPS) | (+50 BPS) | |||||||||||||||||||||||||||||||||||
| Fixed Rate RMBS | |||||||||||||||||||||||||||||||||||||||||||||||
| 30yr 3.0 | $ | 326,264 | $ | 299,711 | 2.69 | % | 91.86 | 3.00 | % | 3.52 | % | 58 | 295 | 7.0 | % | 6.6 | % | $ | 8,732 | $ | (8,810 | ) | |||||||||||||||||||||||||
| 30yr 3.5 | 37,847 | 35,791 | 0.32 | % | 94.57 | 3.50 | % | 4.30 | % | 77 | 264 | 0.7 | % | 0.9 | % | 1,019 | (1,044 | ) | |||||||||||||||||||||||||||||
| 30yr 4.0 | 49,857 | 48,978 | 0.44 | % | 98.24 | 4.00 | % | 4.77 | % | 81 | 274 | 11.2 | % | 10.1 | % | 1,150 | (1,207 | ) | |||||||||||||||||||||||||||||
| 30yr 4.5 | 265,635 | 263,886 | 2.36 | % | 99.34 | 4.50 | % | 5.44 | % | 44 | 311 | 7.6 | % | 6.6 | % | 4,593 | (5,413 | ) | |||||||||||||||||||||||||||||
| 30yr 5.0 | 1,712,485 | 1,731,362 | 15.51 | % | 101.10 | 5.00 | % | 6.00 | % | 12 | 346 | 5.5 | % | 5.5 | % | 23,967 | (32,392 | ) | |||||||||||||||||||||||||||||
| 30yr 5.5 | 3,423,264 | 3,524,995 | 31.58 | % | 102.97 | 5.50 | % | 6.46 | % | 11 | 345 | 8.9 | % | 7.9 | % | 32,132 | (49,754 | ) | |||||||||||||||||||||||||||||
| 30yr 6.0 | 3,220,440 | 3,346,156 | 29.98 | % | 103.90 | 6.00 | % | 6.93 | % | 15 | 340 | 18.7 | % | 17.1 | % | 17,518 | (29,450 | ) | |||||||||||||||||||||||||||||
| 30yr 6.5 | 1,602,011 | 1,684,327 | 15.09 | % | 105.14 | 6.50 | % | 7.39 | % | 18 | 338 | 22.5 | % | 20.1 | % | 5,701 | (8,992 | ) | |||||||||||||||||||||||||||||
| 30yr 7.0 | 202,017 | 213,445 | 1.91 | % | 105.66 | 7.00 | % | 7.95 | % | 28 | 323 | 22.5 | % | 33.4 | % | 1,329 | (1,521 | ) | |||||||||||||||||||||||||||||
| 30yr Total | 10,839,820 | 11,148,651 | 99.89 | % | 102.85 | 5.63 | % | 6.56 | % | 16 | 339 | 13.5 | % | 12.7 | % | 96,141 | (138,583 | ) | |||||||||||||||||||||||||||||
| Total Pass-Through RMBS | 10,839,820 | 11,148,651 | 99.89 | % | 102.85 | 5.63 | % | 6.56 | % | 16 | 339 | 13.5 | % | 12.7 | % | 96,141 | (138,583 | ) | |||||||||||||||||||||||||||||
| Structured RMBS | |||||||||||||||||||||||||||||||||||||||||||||||
| IO 20yr 4.0 | 5,133 | 400 | 0.00 | % | 7.80 | 4.00 | % | 4.56 | % | 169 | 65 | 6.6 | % | 9.1 | % | 1 | (2 | ) | |||||||||||||||||||||||||||||
| IO 30yr 4.0 | 62,040 | 11,336 | 0.10 | % | 18.27 | 4.00 | % | 4.60 | % | 137 | 213 | 4.2 | % | 5.7 | % | (144 | ) | 15 | |||||||||||||||||||||||||||||
| IO 30yr 4.5 | 2,713 | 487 | 0.00 | % | 17.96 | 4.50 | % | 4.99 | % | 187 | 159 | 7.8 | % | 8.7 | % | (5 | ) | 1 | |||||||||||||||||||||||||||||
| IO 30yr 5.0 | 1,422 | 283 | 0.00 | % | 19.91 | 5.00 | % | 5.37 | % | 188 | 159 | 0.9 | % | 1.8 | % | (5 | ) | - | |||||||||||||||||||||||||||||
| IO Total | 71,308 | 12,506 | 0.11 | % | 17.54 | 4.04 | % | 4.62 | % | 143 | 199 | 4.5 | % | 6.0 | % | (153 | ) | 14 | |||||||||||||||||||||||||||||
| IIO 30yr 4.0 | 15,796 | 174 | 0.00 | % | 1.10 | 0.14 | % | 4.40 | % | 101 | 247 | 11.6 | % | 16.7 | % | 616 | (172 | ) | |||||||||||||||||||||||||||||
| Total Structured RMBS | 87,104 | 12,680 | 0.11 | % | 14.56 | 3.33 | % | 4.58 | % | 135 | 208 | 5.8 | % | 8.0 | % | 463 | (158 | ) | |||||||||||||||||||||||||||||
| Total Mortgage Assets | $ | 10,926,924 | $ | 11,161,331 | 100.00 | % | 5.61 | % | 6.55 | % | 17 | 338 | 13.4 | % | 12.7 | % | $ | 96,604 | $ | (138,741 | ) | ||||||||||||||||||||||||||
| Hedge | Modeled Interest | |||||||||||||
| Notional | Period | Rate Sensitivity (1) | ||||||||||||
| Hedge | Balance | End | (-50 BPS) | (+50 BPS) | ||||||||||
| 3-Month SOFR Futures | $ | (390,000 | ) | Oct-26 | $ | (2,584 | ) | $ | 2,584 | |||||
| 10-Year Treasury Future(2) | (53,000 | ) | Jan-33 | (1,760 | ) | 1,727 | ||||||||
| 10-Year Ultra Treasury Future(3) | (60,000 | ) | Nov-35 | (2,775 | ) | 2,651 | ||||||||
| ERIS SOFR Swap Futures | (10,000 | ) | Mar-31 | (228 | ) | 221 | ||||||||
| Swaps | (6,409,800 | ) | May-30 | (126,338 | ) | 122,629 | ||||||||
| TBA Short | (272,000 | ) | Mar-26 | (1,171 | ) | 1,925 | ||||||||
| Hedge Total | $ | (7,194,800 | ) | $ | (134,856 | ) | $ | 131,737 | ||||||
| Rate Shock Grand Total | $ | (38,252 | ) | $ | (7,004 | ) | ||||||||
| (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) | Ten-year Treasury futures contracts were valued at prices of |
| (3) | Ten-year Ultra Treasury futures contracts were valued at prices of |
| RMBS Assets by Agency | |||||||
| ($ in thousands) | |||||||
| Percentage | |||||||
| Fair | of | ||||||
| Asset Category | Value | Portfolio | |||||
| As of February 28, 2026 | |||||||
| Fannie Mae | $ | 5,614,215 | 50.3 | % | |||
| Freddie Mac | 5,547,116 | 49.7 | % | ||||
| Total Mortgage Assets | $ | 11,161,331 | 100.0 | % | |||
| Investment Company Act of 1940 Whole Pool Test | |||||||
| ($ in thousands) | |||||||
| Percentage | |||||||
| Fair | of | ||||||
| Asset Category | Value | Portfolio | |||||
| As of February 28, 2026 | |||||||
| Non-Whole Pool Assets | $ | 619,428 | 5.5 | % | |||
| Whole Pool Assets | 10,541,903 | 94.5 | % | ||||
| Total Mortgage Assets | $ | 11,161,331 | 100.0 | % | |||
| Borrowings By Counterparty | |||||||||||||||||
| ($ in thousands) | |||||||||||||||||
| Weighted | Weighted | ||||||||||||||||
| % of | Average | Average | |||||||||||||||
| Total | Total | Repo | Maturity | Longest | |||||||||||||
| As of February 28, 2026 | Borrowings | Debt | Rate | in Days | Maturity | ||||||||||||
| Citigroup Global Markets Inc | $ | 510,479 | 4.8 | % | 3.80 | % | 11 | 3/23/2026 | |||||||||
| Hidden Road Partners Civ US LLC | 504,581 | 4.8 | % | 3.78 | % | 78 | 5/28/2026 | ||||||||||
| ABN AMRO Bank N.V. | 497,585 | 4.7 | % | 3.80 | % | 71 | 5/26/2026 | ||||||||||
| The Bank of Nova Scotia | 492,553 | 4.6 | % | 3.79 | % | 20 | 3/23/2026 | ||||||||||
| Marex Capital Markets Inc. | 485,672 | 4.6 | % | 3.79 | % | 28 | 4/14/2026 | ||||||||||
| South Street Securities, LLC | 482,527 | 4.5 | % | 3.84 | % | 106 | 11/13/2026 | ||||||||||
| J.P. Morgan Securities LLC | 482,370 | 4.5 | % | 3.78 | % | 26 | 3/26/2026 | ||||||||||
| Wells Fargo Securities, LLC | 476,655 | 4.5 | % | 3.81 | % | 20 | 5/21/2026 | ||||||||||
| RBC Capital Markets, LLC | 458,288 | 4.3 | % | 3.86 | % | 118 | 7/27/2026 | ||||||||||
| Merrill Lynch, Pierce, Fenner & Smith | 452,722 | 4.3 | % | 3.80 | % | 13 | 3/23/2026 | ||||||||||
| Daiwa Securities America Inc. | 451,139 | 4.3 | % | 3.94 | % | 49 | 5/18/2026 | ||||||||||
| ASL Capital Markets Inc. | 450,335 | 4.2 | % | 3.85 | % | 55 | 9/21/2026 | ||||||||||
| Bank of Montreal | 431,115 | 4.1 | % | 3.79 | % | 13 | 3/13/2026 | ||||||||||
| StoneX Financial Inc. | 426,694 | 4.0 | % | 3.79 | % | 23 | 3/23/2026 | ||||||||||
| Cantor Fitzgerald & Co | 419,038 | 3.9 | % | 3.79 | % | 25 | 3/27/2026 | ||||||||||
| DV Securities, LLC Repo | 406,310 | 3.8 | % | 3.78 | % | 101 | 8/21/2026 | ||||||||||
| Clear Street LLC | 399,651 | 3.8 | % | 3.79 | % | 16 | 3/19/2026 | ||||||||||
| Goldman, Sachs & Co | 381,962 | 3.6 | % | 3.78 | % | 26 | 3/26/2026 | ||||||||||
| ING Financial Markets LLC | 381,030 | 3.6 | % | 3.79 | % | 11 | 3/11/2026 | ||||||||||
| Banco Santander SA | 363,048 | 3.4 | % | 3.78 | % | 24 | 5/19/2026 | ||||||||||
| Mirae Asset Securities (USA) Inc. | 340,588 | 3.2 | % | 3.79 | % | 22 | 4/8/2026 | ||||||||||
| Brean Capital, LLC | 288,543 | 2.7 | % | 3.79 | % | 17 | 3/23/2026 | ||||||||||
| Mitsubishi UFJ Securities (USA), Inc. | 252,183 | 2.4 | % | 3.81 | % | 23 | 3/23/2026 | ||||||||||
| MUFG Securities Canada, Ltd. | 240,100 | 2.3 | % | 3.80 | % | 2 | 3/2/2026 | ||||||||||
| Nomura Securities International, Inc. | 200,611 | 1.9 | % | 3.92 | % | 16 | 3/16/2026 | ||||||||||
| Mizuho Securities USA LLC | 200,457 | 1.9 | % | 3.79 | % | 45 | 5/19/2026 | ||||||||||
| Natixis, New York Branch | 100,664 | 0.9 | % | 3.79 | % | 27 | 3/27/2026 | ||||||||||
| Lucid Prime Fund, LLC | 32,741 | 0.3 | % | 3.78 | % | 12 | 3/12/2026 | ||||||||||
| Total Borrowings | $ | 10,609,641 | 100.0 | % | 3.81 | % | 39 | 11/13/2026 | |||||||||
Contact:
Orchid Island Capital, Inc.
Robert E. Cauley
3305 Flamingo Drive, Vero Beach, Florida 32963
Telephone: (772) 231-1400
