Orchid Island Capital Announces September 2026 Monthly Dividend and August 31, 2026 RMBS Portfolio Characteristics
Orchid Island Capital set a $0.10 September dividend and detailed its highly leveraged, Agency RMBS-focused portfolio and repo funding profile at August 31, 2026.
Rhea-AI Summary
Orchid Island Capital (ORC) declared a September 2026 cash dividend of $0.10 per common share, payable October 29, 2026.
The dividend is for stockholders of record on September 30, 2026, which is also the ex-dividend date. The company expects to announce its next common stock dividend on October 14, 2026 and reiterates its intention to make regular monthly cash distributions, while noting there is no minimum payout level and future distributions are not assured.
As of August 31, 2026, Orchid’s Agency RMBS portfolio had $11.26 billion of face value and $11.15 billion of fair value, split between Fannie Mae (52.1%) and Freddie Mac (47.9%). Whole pool assets represented 96.0% of mortgage assets under the Investment Company Act test. Repurchase borrowings totaled $10.70 billion at a 3.77% weighted average rate and 14-day weighted average maturity, diversified across multiple counterparties.
Positive
- $0.10 per-share cash dividend for September 2026, payable October 29, 2026
- Stated intention to continue regular monthly cash distributions, subject to conditions
- Agency RMBS portfolio fair value of $11.15 billion as of August 31, 2026
- Fannie Mae and Freddie Mac exposures diversified at 52.1% and 47.9% of mortgage assets
- Whole pool assets are 96.0% of mortgage assets under Investment Company Act test
Negative
- Repurchase borrowings total $10.70 billion versus mortgage assets of $11.15 billion
- Rate shock modeling shows -$40.3 million portfolio impact for a +50 bps move in rates
- Company states it has not set a minimum distribution level and future dividends are not assured
AI-generated analysis. How Rhea-AI works. Not financial advice.
- September 2026 Monthly Dividend of
$0.10 Per Share of Common Stock - RMBS Portfolio Characteristics as of August 31, 2026
- Next Dividend Announcement Expected October 14, 2026
VERO BEACH, Fla., Sept. 14, 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 September 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 September 14, 2026, the Company had 197,407,315 shares of common stock outstanding. As of August 31, 2026, the Company had 198,407,315 shares of common stock outstanding. As of June 30, 2026, the Company had 199,603,438 shares of common stock outstanding.
RMBS Portfolio Characteristics
Details of the RMBS portfolio as of August 31, 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 | Jun-26 - | |||||||||||||||||||||||||||||||||||||||||||||||
| Aug-26 | Aug-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 September) | in September) | (-50 BPS) | (+50 BPS) | ||||||||||||||||||||||||||||||||||||
| Fixed Rate RMBS | ||||||||||||||||||||||||||||||||||||||||||||||||
| 30yr 3.0 | $ | 310,053 | $ | 268,632 | 2.41 | % | 86.64 | 3.00 | % | 3.52 | % | 64 | 288 | 6.1 | % | 7.3 | % | $ | 8,196 | $ | (8,337 | ) | ||||||||||||||||||||||||||
| 30yr 3.5 | 36,279 | 32,370 | 0.29 | % | 89.23 | 3.50 | % | 4.30 | % | 83 | 257 | 16.1 | % | 12.7 | % | 971 | (987 | ) | ||||||||||||||||||||||||||||||
| 30yr 4.0 | 46,672 | 43,290 | 0.39 | % | 92.75 | 4.00 | % | 4.77 | % | 87 | 268 | 9.8 | % | 8.5 | % | 1,166 | (1,200 | ) | ||||||||||||||||||||||||||||||
| 30yr 4.5 | 430,295 | 407,161 | 3.65 | % | 94.62 | 4.50 | % | 5.46 | % | 32 | 323 | 4.6 | % | 6.2 | % | 9,708 | (10,522 | ) | ||||||||||||||||||||||||||||||
| 30yr 5.0 | 2,142,609 | 2,077,919 | 18.63 | % | 96.98 | 5.00 | % | 6.00 | % | 15 | 341 | 4.4 | % | 4.5 | % | 45,924 | (51,221 | ) | ||||||||||||||||||||||||||||||
| 30yr 5.5 | 3,975,481 | 3,965,569 | 35.55 | % | 99.75 | 5.50 | % | 6.45 | % | 15 | 341 | 5.6 | % | 6.2 | % | 74,189 | (85,799 | ) | ||||||||||||||||||||||||||||||
| 30yr 6.0 | 2,984,967 | 3,042,213 | 27.27 | % | 101.92 | 6.00 | % | 6.92 | % | 20 | 334 | 9.3 | % | 10.6 | % | 42,934 | (52,877 | ) | ||||||||||||||||||||||||||||||
| 30yr 6.5 | 1,207,899 | 1,254,814 | 11.25 | % | 103.88 | 6.50 | % | 7.39 | % | 22 | 332 | 18.4 | % | 20.8 | % | 13,254 | (17,168 | ) | ||||||||||||||||||||||||||||||
| 30yr 7.0 | 48,305 | 50,890 | 0.46 | % | 105.35 | 7.00 | % | 7.91 | % | 33 | 320 | 6.2 | % | 28.9 | % | 565 | (687 | ) | ||||||||||||||||||||||||||||||
| Total Pass-Through RMBS | 11,182,560 | 11,142,858 | 99.90 | % | 99.64 | 5.53 | % | 6.46 | % | 20 | 335 | 7.8 | % | 8.9 | % | 196,907 | (228,798 | ) | ||||||||||||||||||||||||||||||
| Total Structured RMBS | 79,795 | 11,596 | 0.10 | % | 14.53 | 3.40 | % | 4.59 | % | 141 | 202 | 3.4 | % | 7.3 | % | (30 | ) | 23 | ||||||||||||||||||||||||||||||
| Total Mortgage Assets | $ | 11,262,355 | $ | 11,154,454 | 100.00 | % | 5.52 | % | 6.45 | % | 21 | 334 | 7.7 | % | 8.9 | % | $ | 196,877 | $ | (228,775 | ) | |||||||||||||||||||||||||||
| Hedge | Modeled Interest | ||||||||||||
| Notional | Period | Rate Sensitivity (1) | |||||||||||
| Hedge | Balance | End | (-50 BPS) | (+50 BPS) | |||||||||
| 3-Month SOFR Futures | $ | (390,000 | ) | Jan-27 | $ | (1,609 | ) | $ | 1,609 | ||||
| 10-Year Treasury Future(2) | (358,600 | ) | Aug-33 | (11,208 | ) | 10,816 | |||||||
| 10-Year Ultra Treasury Future(3) | (60,000 | ) | May-36 | (2,541 | ) | 2,438 | |||||||
| ERIS SOFR Swap Futures | (10,000 | ) | Sep-31 | (172 | ) | 168 | |||||||
| Swaps | (8,114,200 | ) | Apr-31 | (164,719 | ) | 159,233 | |||||||
| Swaptions | (1,000,000 | ) | Dec-31 | (5,815 | ) | 5,903 | |||||||
| TBA Short | (344,900 | ) | Sep-26 | (7,156 | ) | 8,291 | |||||||
| Hedge Total | $ | (10,277,700 | ) | $ | (193,220 | ) | $ | 188,458 | |||||
| Rate Shock Grand Total | $ | 3,657 | $ | (40,317 | ) | ||||||||
| (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 August 31, 2026 | ||||||||
| Fannie Mae | $ | 5,815,095 | 52.1 | % | ||||
| Freddie Mac | 5,339,359 | 47.9 | % | |||||
| Total Mortgage Assets | $ | 11,154,454 | 100.0 | % | ||||
| Investment Company Act of 1940 Whole Pool Test | ||||||||
| ($ in thousands) | ||||||||
| Percentage | ||||||||
| Fair | of | |||||||
| Asset Category | Value | Portfolio | ||||||
| As of August 31, 2026 | ||||||||
| Non-Whole Pool Assets | $ | 441,316 | 4.0 | % | ||||
| Whole Pool Assets | 10,713,138 | 96.0 | % | |||||
| Total Mortgage Assets | $ | 11,154,454 | 100.0 | % | ||||
| Borrowings By Counterparty | |||||||||||||||||
| ($ in thousands) | |||||||||||||||||
| Weighted | Weighted | ||||||||||||||||
| % of | Average | Average | |||||||||||||||
| Total | Total | Repo | Maturity | Longest | |||||||||||||
| As of August 31, 2026 | Borrowings | Debt | Rate | in Days | Maturity | ||||||||||||
| StoneX Financial Inc. | $ | 484,749 | 4.5 | % | 3.79 | % | 20 | 9/23/2026 | |||||||||
| Citigroup Global Markets Inc | 471,155 | 4.4 | % | 3.77 | % | 16 | 9/21/2026 | ||||||||||
| Hidden Road Partners Civ US LLC | 468,629 | 4.4 | % | 3.76 | % | 3 | 9/10/2026 | ||||||||||
| ABN AMRO Bank N.V. | 461,948 | 4.3 | % | 3.73 | % | 3 | 9/4/2026 | ||||||||||
| ASL Capital Markets Inc. | 458,821 | 4.3 | % | 3.77 | % | 18 | 9/21/2026 | ||||||||||
| Marex Capital Markets Inc. | 456,508 | 4.3 | % | 3.76 | % | 28 | 9/28/2026 | ||||||||||
| J.P. Morgan Securities LLC | 439,145 | 4.1 | % | 3.76 | % | 3 | 9/3/2026 | ||||||||||
| South Street Securities, LLC | 435,275 | 4.1 | % | 3.76 | % | 20 | 11/13/2026 | ||||||||||
| The Bank of Nova Scotia | 434,728 | 4.1 | % | 3.76 | % | 7 | 9/17/2026 | ||||||||||
| Cantor Fitzgerald & Co | 410,786 | 3.8 | % | 3.78 | % | 8 | 9/8/2026 | ||||||||||
| DV Securities, LLC Repo | 403,125 | 3.8 | % | 3.77 | % | 9 | 9/17/2026 | ||||||||||
| Banco Santander SA | 402,148 | 3.8 | % | 3.85 | % | 43 | 10/13/2026 | ||||||||||
| Daiwa Securities America Inc. | 399,315 | 3.7 | % | 3.80 | % | 20 | 9/23/2026 | ||||||||||
| Clear Street LLC | 395,150 | 3.7 | % | 3.76 | % | 17 | 9/17/2026 | ||||||||||
| Goldman, Sachs & Co | 381,512 | 3.6 | % | 3.77 | % | 3 | 9/3/2026 | ||||||||||
| Wells Fargo Securities, LLC | 381,664 | 3.6 | % | 3.79 | % | 24 | 9/24/2026 | ||||||||||
| ING Financial Markets LLC | 348,001 | 3.3 | % | 3.76 | % | 14 | 9/14/2026 | ||||||||||
| RBC Capital Markets, LLC | 339,728 | 3.2 | % | 3.79 | % | 4 | 9/25/2026 | ||||||||||
| TD Securities (USA) LLC | 319,857 | 3.0 | % | 3.76 | % | 8 | 9/8/2026 | ||||||||||
| Bank of Montreal | 311,693 | 2.9 | % | 3.78 | % | 4 | 9/4/2026 | ||||||||||
| Brean Capital, LLC | 289,180 | 2.7 | % | 3.77 | % | 17 | 9/17/2026 | ||||||||||
| Mirae Asset Securities (USA) Inc. | 286,065 | 2.7 | % | 3.77 | % | 21 | 9/21/2026 | ||||||||||
| Merrill Lynch, Pierce, Fenner & Smith | 277,178 | 2.6 | % | 3.78 | % | 27 | 9/28/2026 | ||||||||||
| MUFG Securities Canada, Ltd. | 260,880 | 2.4 | % | 3.77 | % | 6 | 9/17/2026 | ||||||||||
| Morgan Stanley & Co. LLC | 253,685 | 2.4 | % | 3.79 | % | 30 | 9/30/2026 | ||||||||||
| Mitsubishi UFJ Securities (USA), Inc. | 233,252 | 2.2 | % | 3.78 | % | 17 | 9/17/2026 | ||||||||||
| Nomura Securities International, Inc. | 204,675 | 1.9 | % | 3.75 | % | 14 | 9/14/2026 | ||||||||||
| Natixis, New York Branch | 183,052 | 1.7 | % | 3.77 | % | 17 | 9/17/2026 | ||||||||||
| Mizuho Securities USA LLC | 176,064 | 1.6 | % | 3.79 | % | 1 | 9/1/2026 | ||||||||||
| BNP Paribas Securities Corp. | 154,574 | 1.4 | % | 3.76 | % | 4 | 9/4/2026 | ||||||||||
| Mesirow Financial, Inc. | 129,989 | 1.2 | % | 3.76 | % | 17 | 9/17/2026 | ||||||||||
| Lucid Prime Fund, LLC | 29,633 | 0.3 | % | 3.76 | % | 10 | 9/10/2026 | ||||||||||
| Canyon Partners, LLC | 22,823 | 0.2 | % | 3.73 | % | 14 | 9/14/2026 | ||||||||||
| Total Borrowings | $ | 10,704,987 | 100.0 | % | 3.77 | % | 14 | 11/13/2026 | |||||||||
Contact:
Orchid Island Capital, Inc.
Robert E. Cauley
3305 Flamingo Drive, Vero Beach, Florida 32963
Telephone: (772) 231-1400
