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Orchid Island (NYSE: ORC) declares $0.12 dividend and details RMBS book

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Rhea-AI Filing Summary

Orchid Island Capital, Inc. declared a monthly cash dividend of $0.12 per share for March 2026, payable on April 29, 2026 to common stockholders of record on March 31, 2026, with an ex-dividend date of March 31, 2026.

The company reiterates its intent to pay regular monthly distributions as a REIT, which requires annual distributions of at least 90% of REIT taxable income. As of March 18, 2026, Orchid Island had 195,511,115 common shares outstanding. As of February 28, 2026, its Agency RMBS portfolio had a reported fair value of $11.16 billion, split between Fannie Mae and Freddie Mac securities, and was primarily invested in 30‑year fixed-rate pass-throughs. Total repo and similar borrowings were $10.61 billion at a weighted average rate of 3.81% and weighted average maturity of 39 days, alongside a diversified hedging program using swaps and futures.

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false 0001518621 0001518621 2026-03-18 2026-03-18
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): March 18, 2026
 
Orchid Island Capital, Inc.
(Exact Name of Registrant as Specified in Charter)
 
Maryland
001-35236
27-3269228
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
 
3305 Flamingo Drive, Vero Beach, Florida 32963
(Address of Principal Executive Offices) (Zip Code)
 
Registrant’s telephone number, including area code (772) 231-1400
 
N/A
(Former Name or Former Address, if Changed Since Last Report)
 
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class:
Trading symbol:         
Name of each exchange on which registered:
Common Stock, par value $0.01 per share
ORC
NYSE
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 

 
 
Item 8.01. Other Events.
 
On March 18, 2026, Orchid Island Capital, Inc. (the “Company”) announced that the Board of Directors of the Company declared a dividend for the month of March 2026 of $0.12 per share of the Company’s common stock, to be paid on April 29, 2026, to holders of record on March 31, 2026, with an ex-dividend date of March 31, 2026. In addition, the Company announced certain details of its RMBS portfolio as of February 28, 2026, as well as certain other information regarding the Company. A copy of the Company’s press release announcing the dividend and the other information regarding the Company is attached hereto as Exhibit 99.1 and incorporated herein by this reference.
 
Caution About Forward-Looking Statements.
 
This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including, but not limited to, statements about the Company’s distributions. These forward-looking statements are based upon the Company’s present expectations, but the Company cannot assure investors that actual results will not vary from the expectations contained in the forward-looking statements. 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. All forward-looking statements speak only as of the date on which they are made. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect the Company. Except as required by law, the Company is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
 
Item 9.01. Financial Statements and Exhibits.
 
(d) Exhibits
 
Exhibit No.
 
Description
99.1
 
Press Release dated March 18, 2026
104
 
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 

 
 
Signatures
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: March 18, 2026
 
ORCHID ISLAND CAPITAL, INC.
   
   
 
By:
/s/ Robert E. Cauley
   
Robert E. Cauley
   
Chairman and Chief Executive Officer
 
 

Exhibit 99.1

 

ORCHID ISLAND CAPITAL ANNOUNCES

MARCH 2026 MONTHLY DIVIDEND AND

 FEBRUARY 28, 2026 RMBS PORTFOLIO CHARACTERISTICS

 

 

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 - 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 $0.12 per share will be paid April 29, 2026 to holders of record of the Company’s common stock on March 31, 2026, with an ex-dividend date of March 31, 2026. The Company plans on announcing its next common stock dividend on April 15, 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.

 

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 $113.81 at February 28, 2026. The market value of the short position was $60.3 million.

(3)

Ten-year Ultra Treasury futures contracts were valued at prices of $116.73 at February 28, 2026. The market value of the short position was $70.0 million.

 

 

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

 

 

FAQ

What dividend did Orchid Island Capital (ORC) declare for March 2026?

Orchid Island Capital declared a March 2026 monthly cash dividend of $0.12 per share. It will be paid on April 29, 2026 to common stockholders of record on March 31, 2026, with the same date as the ex-dividend date.

How many Orchid Island Capital (ORC) shares are outstanding?

As of March 18, 2026, Orchid Island Capital had 195,511,115 shares of common stock outstanding. The company also reported 193,621,550 shares outstanding as of February 28, 2026 and 181,985,900 shares as of December 31, 2025, showing recent share count growth.

What is the size and composition of Orchid Island Capital’s RMBS portfolio?

As of February 28, 2026, Orchid Island Capital’s Agency RMBS portfolio had a reported fair value of $11.16 billion. It was entirely Agency mortgage assets, split between Fannie Mae at 50.3% and Freddie Mac at 49.7%, and primarily 30‑year fixed-rate pass-throughs.

How is Orchid Island Capital (ORC) financed through borrowings?

As of February 28, 2026, Orchid Island Capital reported total borrowings of $10.61 billion across multiple repo counterparties. These borrowings carried a weighted average interest rate of 3.81%, with a weighted average maturity of 39 days, reflecting largely short-term secured funding.

Why does Orchid Island Capital emphasize regular distributions as a REIT?

Orchid Island Capital states it intends to make regular monthly cash distributions to common stockholders. To maintain REIT status, it must distribute at least 90% of its REIT taxable income each year, or face corporate income tax and potential excise taxes on undistributed taxable income.

What hedging strategies does Orchid Island Capital use for interest rate risk?

The company lists a diversified hedge portfolio including 3‑Month SOFR futures, Treasury futures, SOFR swap futures, interest rate swaps and TBA short positions. These positions are sized in the billions of dollars notional and are used to manage the portfolio’s modeled sensitivity to interest rate shocks.

How concentrated is Orchid Island Capital’s RMBS portfolio in whole pool assets?

Under its Investment Company Act of 1940 whole pool test as of February 28, 2026, Orchid Island reported $10.54 billion of whole pool assets (94.5% of mortgage assets) and $619.4 million of non‑whole pool assets (5.5%), on total mortgage assets of $11.16 billion.

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Orchid Is Cap Inc

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1.39B
190.46M
REIT - Mortgage
Real Estate Investment Trusts
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United States
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