Orchid Island Capital Announces Second Quarter 2026 Results
Rhea-AI Summary
Orchid Island Capital (NYSE: ORC) reported second quarter 2026 net income of $89.2 million, or $0.44 per common share, driven by net interest income of $60.0 million and net realized and unrealized gains of $36.0 million on Agency RMBS and derivatives. Total expenses were $6.8 million.
Orchid declared and paid $0.30 per common share in dividends, and book value per share rose by $0.14 to $7.22, producing a total return of 6.21%. The Agency RMBS portfolio had a fair value of $11.54 billion, with an effective duration of 3.180 and an economic leverage ratio of 7.3 to 1 at quarter-end.
The company reported $11.1 billion of repurchase obligations at a 3.77% net weighted average borrowing rate, collateralized mainly by Agency RMBS. Liquidity totaled $776.0 million in cash, cash equivalents and unpledged securities, or about 54% of stockholders’ equity, with borrowing capacity in excess of outstanding repurchase balances.
Positive
- Net income $89.2 million in Q2 2026 versus prior-year loss
- $0.44 EPS supports $0.30 quarterly dividend and book value gain
- Book value per share $7.22, up $0.14 in Q2 2026
- 6.21% total return for Q2 2026 including dividend and book value increase
- Agency RMBS portfolio $11.54 billion, up from $10.63 billion at year-end 2025
- Liquidity $776.0 million, approximately 54% of stockholders’ equity
Negative
- Adjusted leverage ratio 7.7 to 1 at June 30, 2026
- Portfolio effective duration 3.180 vs 2.513 at December 31, 2025
- Repurchase obligations $11.1 billion with short weighted average maturity of 33 days
News Explained
At June 30, higher rate sensitivity accompanied Orchid Island Capital’s $11.1 billion repurchase-funded mortgage balance sheet.
The second-quarter report covers the period ended
The release defines effective duration as the expected percentage decrease in RMBS value from a
Management reports that outstanding shares grew by approximately
The next specified checkpoint is the
News Market Reaction – ORC
In the Jul 24 session, ORC declined 1.06%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 13 | Estimated earnings | Positive | +2.5% | Preliminary quarterly metrics included book value, earnings, gains, dividends, and total return. |
| Apr 23 | Q1 earnings report | Positive | +3.1% | Quarterly results detailed net income, dividend, book value, liquidity, leverage, and portfolio performance. |
| Jan 29 | Q4 earnings report | Positive | -5.7% | Quarterly and full-year income, dividends, book value, portfolio fair value, and liquidity were reported. |
| Jan 14 | Estimated earnings | Positive | +2.8% | Preliminary quarterly income, gains, dividends, book value, equity, and total return were disclosed. |
| Oct 23 | Q3 earnings report | Positive | +2.7% | Quarterly income, gains, dividend, book value, liquidity, leverage, and repurchase obligations were reported. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings reactions were aligned with positive announcement sentiment in four of five events, with one divergence.
Key Terms
reit financial
agency rmbs technical
constant prepayment rate financial
effective duration technical
repurchase agreement financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
VERO BEACH, Fla., July 23, 2026 (GLOBE NEWSWIRE) -- Orchid Island Capital, Inc. (NYSE: ORC) ("Orchid” or the "Company"), a real estate investment trust ("REIT"), today announced results of operations for the three month period ended June 30, 2026.
Second Quarter 2026 Results
- Net income of
$89.2 million , or$0.44 per common share, which consists of: - Net interest income of
$60.0 million , or$0.30 per common share - Total expenses of
$6.8 million , or$0.03 per common share - Net realized and unrealized gains of
$36.0 million , or$0.18 per common share, on RMBS and derivative instruments, including net interest income on interest rate swaps - Second quarter dividends declared and paid of
$0.30 per common share - Book value per common share of
$7.22 at June 30, 2026 - Total return of
6.21% , comprised of$0.30 dividend per common share and$0.14 increase in book value per common share, divided by beginning book value per common share
Other Financial Highlights
- Orchid maintained a strong liquidity position of
$776.0 million in cash and cash equivalents and unpledged securities, or approximately54% of stockholders' equity as of June 30, 2026 - Borrowing capacity in excess of June 30, 2026 outstanding repurchase agreement balances of
$11.1 billion , spread across 33 active lenders - Company to discuss results on Friday, July 24, 2026, at 10:00 AM ET
- Supplemental materials to be discussed on the call can be downloaded from the investor relations section of the Company’s website at https://ir.orchidislandcapital.com
Management Commentary
Commenting on the second quarter of 2026 results, Robert E. Cauley, Chairman and Chief Executive Officer, said, “The first quarter of 2026 ended with the outbreak of war in the Middle East as the markets’ primary focus. Prior to the war in the Middle East, risk assets, including Agency RMBS, had performed very well as interest rates were stable and rate volatility was low and declining. The war in the Middle East briefly changed this, but, in early April of 2026, a ceasefire was announced between the parties and risk assets rallied back, including Agency RMBS. For equities, like the S&P 500 Index (the “Index”), the recovery resulted in the Index exceeding pre-war levels substantially. On June 6, 2026, the Index reached an all-time high of just over 7,600 as compared to readings below 7,000 prior to the war in the Middle East. For Agency RMBS, the recovery was far less. The inflationary stimuli from the war in the Middle East in addition to the disruption in the supply of oil and other critical commodities, coupled with an inflation level that has been well above
“Orchid generated a
Details of Second Quarter 2026 Results of Operations
The Company reported net income of
Prepayments
For the quarter ended June 30, 2026, Orchid received
| Total | |
| Three Months Ended | Portfolio (%) |
| June 30, 2026 | 10.9 |
| March 31, 2026 | 14.7 |
| December 31, 2025 | 15.7 |
| September 30, 2025 | 10.1 |
| June 30, 2025 | 10.1 |
| March 31, 2025 | 7.8 |
Portfolio
The following tables summarize certain characteristics of Orchid’s PT RMBS (as defined below) and structured RMBS as of June 30, 2026 and December 31, 2025:
| ($ in thousands) | |||||||||||||
| Weighted | |||||||||||||
| Percentage | Average | ||||||||||||
| of | Weighted | Maturity | |||||||||||
| Fair | Entire | Average | in | Longest | |||||||||
| Asset Category | Value | Portfolio | Coupon | Months | Maturity | ||||||||
| June 30, 2026 | |||||||||||||
| Fixed Rate RMBS | $ | 11,528,198 | 99.9 | % | 5.54 | % | 338 | 1-Jun-56 | |||||
| Other | 11,966 | 0.1 | % | 3.39 | % | 204 | 25-Jul-48 | ||||||
| Total Mortgage Assets | $ | 11,540,164 | 100.0 | % | 5.52 | % | 337 | 1-Jun-56 | |||||
| December 31, 2025 | |||||||||||||
| Fixed Rate RMBS | $ | 10,615,570 | 99.9 | % | 5.67 | % | 341 | 1-Jan-56 | |||||
| Other | 13,088 | 0.1 | % | 3.25 | % | 210 | 25-Jul-48 | ||||||
| Total Mortgage Assets | $ | 10,628,658 | 100.0 | % | 5.64 | % | 340 | 1-Jan-56 | |||||
| ($ in thousands) | ||||||||||||
| June 30, 2026 | December 31, 2025 | |||||||||||
| Percentage of | Percentage of | |||||||||||
| Agency | Fair Value | Entire Portfolio | Fair Value | Entire Portfolio | ||||||||
| Fannie Mae | $ | 6,022,655 | 52.2 | % | $ | 5,675,461 | 53.4 | % | ||||
| Freddie Mac | 5,517,509 | 47.8 | % | 4,953,197 | 46.6 | % | ||||||
| Total Portfolio | $ | 11,540,164 | 100.0 | % | $ | 10,628,658 | 100.0 | % | ||||
As of June 30, 2026, the Company's portfolio had an effective duration of 3.180, indicating that an interest rate increase of
Financing, Leverage and Liquidity
As of June 30, 2026, the Company had outstanding repurchase obligations of approximately
| ($ in thousands) | |||||||||||
| Weighted | Weighted | ||||||||||
| Total | Average | Average | |||||||||
| Outstanding | % of | Borrowing | Maturity | ||||||||
| Counterparty | Balances | Total | Rate | in Days | |||||||
| Wells Fargo Securities, LLC | $ | 568,720 | 5.16 | % | 3.77 | % | 14 | ||||
| Marex Capital Markets Inc. | 497,411 | 4.49 | % | 3.78 | % | 20 | |||||
| StoneX Financial Inc. | 486,529 | 4.39 | % | 3.79 | % | 73 | |||||
| Hidden Road Partners Civ US LLC | 484,902 | 4.37 | % | 3.76 | % | 53 | |||||
| Citigroup Global Markets Inc | 483,698 | 4.36 | % | 3.76 | % | 29 | |||||
| ABN AMRO Bank N.V. | 477,675 | 4.31 | % | 3.76 | % | 24 | |||||
| ASL Capital Markets Inc. | 472,828 | 4.26 | % | 3.77 | % | 57 | |||||
| The Bank of Nova Scotia | 460,634 | 4.15 | % | 3.75 | % | 27 | |||||
| South Street Securities, LLC | 458,067 | 4.13 | % | 3.82 | % | 68 | |||||
| J.P. Morgan Securities LLC | 451,719 | 4.07 | % | 3.78 | % | 27 | |||||
| RBC Capital Markets, LLC | 445,012 | 4.01 | % | 3.82 | % | 27 | |||||
| Cantor Fitzgerald & Co | 424,847 | 3.83 | % | 3.76 | % | 24 | |||||
| DV Securities, LLC Repo | 423,823 | 3.82 | % | 3.77 | % | 47 | |||||
| Banco Santander SA | 413,756 | 3.73 | % | 3.77 | % | 14 | |||||
| Daiwa Securities America Inc. | 407,688 | 3.68 | % | 3.81 | % | 67 | |||||
| Clear Street LLC | 407,554 | 3.68 | % | 3.76 | % | 17 | |||||
| Goldman, Sachs & Co | 395,928 | 3.57 | % | 3.76 | % | 27 | |||||
| Bank of Montreal | 376,058 | 3.39 | % | 3.76 | % | 15 | |||||
| ING Financial Markets LLC | 370,344 | 3.34 | % | 3.80 | % | 13 | |||||
| Brean Capital, LLC | 299,159 | 2.70 | % | 3.76 | % | 21 | |||||
| Mirae Asset Securities (USA) Inc. | 296,573 | 2.67 | % | 3.79 | % | 47 | |||||
| MUFG Securities Canada, Ltd. | 268,537 | 2.42 | % | 3.75 | % | 30 | |||||
| Morgan Stanley & Co. LLC | 260,567 | 2.35 | % | 3.74 | % | 9 | |||||
| Merrill Lynch, Pierce, Fenner & Smith | 252,699 | 2.28 | % | 3.78 | % | 26 | |||||
| Mitsubishi UFJ Securities (USA), Inc. | 239,196 | 2.16 | % | 3.77 | % | 22 | |||||
| TD Securities (USA) LLC | 219,140 | 1.98 | % | 3.78 | % | 42 | |||||
| Nomura Securities International, Inc. | 212,865 | 1.92 | % | 3.76 | % | 40 | |||||
| Mizuho Securities USA LLC | 182,067 | 1.64 | % | 3.77 | % | 15 | |||||
| Natixis, New York Branch | 137,685 | 1.24 | % | 3.76 | % | 19 | |||||
| BNP Paribas Securities Corp. | 135,654 | 1.22 | % | 3.78 | % | 41 | |||||
| Lucid Prime Fund, LLC | 30,438 | 0.27 | % | 3.75 | % | 16 | |||||
| Canyon Partners, LLC | 23,899 | 0.22 | % | 3.71 | % | 17 | |||||
| Mesirow Financial, Inc. | 21,243 | 0.19 | % | 3.75 | % | 16 | |||||
| Total / Weighted Average | $ | 11,086,915 | 100.00 | % | 3.77 | % | 33 | ||||
Hedging
In connection with its interest rate risk management strategy, the Company economically hedges a portion of the cost of its repurchase agreement funding against a rise in interest rates by entering into derivative financial instrument contracts. The Company has not elected hedging treatment under U.S. generally accepted accounting principles (“GAAP”) in order to align the accounting treatment of its derivative instruments with the treatment of its portfolio assets under the fair value option election. As such, all gains or losses on these instruments are reflected in earnings for all periods presented. At June 30, 2026, such instruments were comprised of U.S. Treasury note (“T-Note”) and Secured Overnight Financing Rate ("SOFR") futures contracts, interest rate swap agreements, interest rate swaptions and contracts to sell to-be-announced ("TBA") securities.
The table below presents information related to the Company’s T-Note and SOFR futures contracts at June 30, 2026.
| ($ in thousands) | |||||||||||||
| June 30, 2026 | |||||||||||||
| 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 2026 10-year T-Note futures (Sep 2026 - Sep 2036 Hedge Period) | $ | 188,600 | 4.46 | % | 4.31 | % | $ | (1,773 | ) | ||||
| September 2026 10-year Ultra futures (Sep 2026 - Sep 2036 Hedge Period) | 60,000 | 4.62 | % | 4.43 | % | (954 | ) | ||||||
| SOFR Futures Contracts (Short Positions) | |||||||||||||
| September 2026 3-Month SOFR futures (Jun 2026 - Sep 2026 Hedge Period) | $ | 97,500 | 3.38 | % | 3.70 | % | $ | 316 | |||||
| December 2026 3-Month SOFR futures (Sep 2026 - Dec 2026 Hedge Period) | 97,500 | 3.27 | % | 3.92 | % | 630 | |||||||
| March 2027 3-Month SOFR futures (Dec 2026 - Mar 2027 Hedge Period) | 97,500 | 3.22 | % | 4.04 | % | 802 | |||||||
| June 2027 3-Month SOFR futures (Mar 2027 - Jun 2027 Hedge Period) | 97,500 | 3.21 | % | 4.08 | % | 851 | |||||||
| ERIS SOFR Swap Futures Contracts (Short Positions)(3) | |||||||||||||
| September 2026 5-Year Term, | $ | 10,000 | 4.01 | % | 3.91 | % | $ | (38 | ) | ||||
| (1 | ) | Open equity represents the cumulative gains (losses) recorded on open futures positions from inception. |
| (2 | ) | 10-Year T-Note futures contracts were valued at a price of |
| (3 | ) | ERIS swap futures are exchange traded futures that replicate the cash flows of an underlying swap position. |
The table below presents information related to the Company’s interest rate swap positions at June 30, 2026.
| ($ in thousands) | |||||||||||
| Average | |||||||||||
| Fixed | Average | Average | |||||||||
| Notional | Pay | Receive | Maturity | ||||||||
| Amount | Rate | Rate | (Years) | ||||||||
| Expiration > 1 to ≤ 5 years | $ | 5,292,800 | 3.46 | % | 3.68 | % | 3.0 | ||||
| Expiration > 5 years | 2,521,400 | 3.92 | % | 3.68 | % | 8.0 | |||||
| $ | 7,814,200 | 3.61 | % | 3.68 | % | 4.6 | |||||
The table below presents information related to the Company’s interest rate swaption positions at June 30, 2026.
| ($ in thousands) | |||||||||||||||||||
| Option | Underlying Swap | ||||||||||||||||||
| Weighted | Weighted | ||||||||||||||||||
| Average | Average | Adjustable | Average | ||||||||||||||||
| Fair | Months to | Notional | Fixed | Rate | Term | ||||||||||||||
| Cost | Value | Expiration | Amount | Rate | Index | (Years) | |||||||||||||
| June 30, 2026 | |||||||||||||||||||
| Payer Swaption (long position) | $ | 7,124 | $ | 5,633 | 5.0 | $ | 1,000,000 | 4.11 | % | SOFR | 5.0 | ||||||||
| Payer Swaption (short position) | (3,024 | ) | (2,091 | ) | 5.0 | 1,000,000 | 4.51 | % | SOFR | 5.0 | |||||||||
| Total | $ | 4,100 | $ | 3,542 | $ | 2,000,000 | |||||||||||||
The following table summarizes our contracts to sell TBA securities as of June 30, 2026.
| ($ in thousands) | |||||||||||||
| Notional | |||||||||||||
| Amount | Net | ||||||||||||
| Long | Cost | Market | Carrying | ||||||||||
| (Short)(1) | Basis(2) | Value(3) | Value(4) | ||||||||||
| June 30, 2026 | |||||||||||||
| 30-Year TBA securities: | |||||||||||||
| (145,000 | ) | (141,270 | ) | (142,689 | ) | (1,419 | ) | ||||||
| (449,900 | ) | (448,564 | ) | (451,868 | ) | (3,304 | ) | ||||||
| $ | (594,900 | ) | $ | (589,834 | ) | $ | (594,557 | ) | $ | (4,723 | ) | ||
| (1 | ) | Notional amount represents the par value (or principal balance) of the underlying Agency RMBS. |
| (2 | ) | Cost basis represents the forward price to be paid (received) for the underlying Agency RMBS. |
| (3 | ) | Market value represents the current market value of the TBA securities (or of the underlying Agency RMBS) as of period-end. |
| (4 | ) | Net carrying value represents the difference between the market value and the cost basis of the TBA securities as of period-end and is reported in derivative assets (liabilities) at fair value in our balance sheets. |
Dividends
In addition to other requirements that must be satisfied to qualify as a REIT, we must pay annual dividends to our stockholders of at least
| (in thousands, except per share data) | ||||||
| Year | Per Share Amount | Total | ||||
| 2013 | $ | 6.975 | $ | 4,662 | ||
| 2014 | 10.800 | 22,643 | ||||
| 2015 | 9.600 | 38,748 | ||||
| 2016 | 8.400 | 41,388 | ||||
| 2017 | 8.400 | 70,717 | ||||
| 2018 | 5.350 | 55,814 | ||||
| 2019 | 4.800 | 54,421 | ||||
| 2020 | 3.950 | 53,570 | ||||
| 2021 | 3.900 | 97,601 | ||||
| 2022 | 2.475 | 87,906 | ||||
| 2023 | 1.800 | 81,127 | ||||
| 2024 | 1.440 | 96,309 | ||||
| 2025 | 1.440 | 190,930 | ||||
| 2026 - YTD(1) | 0.760 | 149,256 | ||||
| Totals | $ | 70.090 | $ | 1,045,092 | ||
| (1 | ) | On July 8, 2026, the Company declared a dividend of |
Book Value Per Share
The Company's book value per share at June 30, 2026 was
Stock Offerings
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
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 could offer and sell, from time to time, up to an aggregate amount of
On October 27, 2025, we entered into an equity distribution agreement (the “October 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
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
From the inception of the stock repurchase program through June 30, 2026, the Company repurchased a total of 7,364,383 shares at an aggregate cost of approximately
Earnings Conference Call Details
An earnings conference call and live audio webcast will be hosted Friday, July 24, 2026, at 10:00 AM ET. Participants can register and receive dial-in information at https://register-conf.media-server.com/register/BI7e94d25a560c4b439fdf9e7e29c16057. A live audio webcast of the conference call can be accessed at https://edge.media-server.com/mmc/p/rk8nj4py or via the investor relations section of the Company's website at https://ir.orchidislandcapital.com. 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 artificial intelligence, wars, 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
https://ir.orchidislandcapital.com
Summarized Financial Statements
The following is a summarized presentation of the unaudited balance sheets as of June 30, 2026, and December 31, 2025, and the unaudited quarterly statements of operations for the six and three months ended June 30, 2026 and 2025. 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, 2026 | December 31, 2025 | |||||||
| ASSETS: | ||||||||
| Mortgage-backed securities, at fair value | $ | 11,540,164 | $ | 10,628,658 | ||||
| U.S. Treasury securities, available-for-sale | 182,862 | 135,133 | ||||||
| Cash, cash equivalents and restricted cash | 813,635 | 724,561 | ||||||
| Accrued interest receivable | 53,411 | 49,127 | ||||||
| Derivative assets, at fair value | 15,062 | 9,253 | ||||||
| Reverse repurchase agreements | 495,828 | 128,613 | ||||||
| Receivable for investment securities and TBA transactions | 2,017 | - | ||||||
| Other assets | 1,133 | 648 | ||||||
| Total Assets | $ | 13,104,112 | $ | 11,675,993 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Repurchase agreements | $ | 11,086,915 | $ | 10,115,466 | ||||
| Payable for investment securities and TBA transactions | - | 1,519 | ||||||
| Dividends payable | 19,986 | 21,865 | ||||||
| Derivative liabilities, at fair value | 4,723 | 1,846 | ||||||
| Accrued interest payable | 49,275 | 31,397 | ||||||
| Due to affiliates | 1,802 | 1,661 | ||||||
| Obligation to return securities borrowed under reverse repurchase agreements, at fair value | 496,036 | 128,724 | ||||||
| Other liabilities | 4,117 | 1,567 | ||||||
| Total Liabilities | 11,662,854 | 10,304,045 | ||||||
| Total Stockholders' Equity | 1,441,258 | 1,371,948 | ||||||
| Total Liabilities and Stockholders' Equity | $ | 13,104,112 | $ | 11,675,993 | ||||
| Common shares outstanding | 199,603,438 | 181,985,900 | ||||||
| Book value per share | $ | 7.22 | $ | 7.54 | ||||
| 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, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Interest income | $ | 322,025 | $ | 173,379 | $ | 164,187 | $ | 92,289 | ||||||||
| Interest expense | (204,990 | ) | (130,512 | ) | (104,215 | ) | (69,135 | ) | ||||||||
| Net interest income | 117,035 | 42,867 | 59,972 | 23,154 | ||||||||||||
| Losses (gains) on RMBS and derivative contracts | (33,638 | ) | (50,101 | ) | 35,983 | (51,736 | ) | |||||||||
| Net portfolio income (loss) | 83,397 | (7,234 | ) | 95,955 | (28,582 | ) | ||||||||||
| Expenses | 14,160 | 9,222 | 6,763 | 4,996 | ||||||||||||
| Net income (loss) | $ | 69,237 | $ | (16,456 | ) | $ | 89,192 | $ | (33,578 | ) | ||||||
| Other comprehensive income | (556 | ) | 186 | (277 | ) | (64 | ) | |||||||||
| Comprehensive net | $ | 68,681 | $ | (16,270 | ) | $ | 88,915 | $ | (33,642 | ) | ||||||
| Basic and diluted net income (loss) per share | $ | 0.35 | $ | (0.16 | ) | $ | 0.44 | $ | (0.29 | ) | ||||||
| Weighted Average Shares Outstanding | 195,140,950 | 104,742,591 | 200,932,367 | 114,453,216 | ||||||||||||
| Dividends Declared Per Common Share: | $ | 0.66 | $ | 0.72 | $ | 0.30 | $ | 0.36 | ||||||||
| Three Months Ended June 30, | ||||||||
| Key Balance Sheet Metrics | 2026 | 2025 | ||||||
| Average RMBS(1) | $ | 11,439,353 | $ | 6,865,727 | ||||
| Average repurchase agreements(1) | 10,975,819 | 6,537,260 | ||||||
| Average stockholders' equity(1) | 1,416,533 | 883,919 | ||||||
| Adjusted leverage ratio(2) | 7.7:1 | 7.3:1 | ||||||
| Economic leverage ratio(3) | 7.3:1 | 7.3:1 | ||||||
| Key Performance Metrics | ||||||||
| Average yield on RMBS(4) | 5.74 | % | 5.38 | % | ||||
| Average cost of funds(4) | 3.80 | % | 4.23 | % | ||||
| Average economic cost of funds(5) | 3.33 | % | 2.95 | % | ||||
| Average interest rate spread(6) | 1.94 | % | 1.15 | % | ||||
| Average economic interest rate spread(7) | 2.41 | % | 2.43 | % | ||||
| (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 and securities borrowed, 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. |
| (7 | ) | Average economic interest rate spread is calculated by subtracting average economic cost of funds from average yield on RMBS. |
