Orchid Island Capital (NYSE: ORC) sets May dividend and details RMBS portfolio

Rhea-AI Filing Summary

Orchid Island Capital, Inc. declared a monthly cash dividend for May 2026 of $0.10 per share, payable on June 29, 2026 to common shareholders of record on May 29, 2026, with the same ex-dividend date.

The company states it intends to make regular monthly cash distributions and notes that, to qualify as a REIT, it must distribute at least 90% of its REIT taxable income each year. Orchid Island reports 200,700,226 common shares outstanding as of May 13 and April 30, 2026, compared with 196,700,226 shares as of March 31, 2026.

As of April 30, 2026, Orchid Island’s Agency RMBS portfolio shows total mortgage assets with a fair value of 11,577,434 (thousands) and total borrowings of 10,927,077 (thousands) at a weighted average repo rate of 3.79%. Fannie Mae RMBS represent 5,910,702 (thousands) of fair value, while Freddie Mac RMBS represent 5,418,656 (thousands).

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

May 2026 dividend: $0.10 per share Dividend payment date: June 29, 2026 Record and ex-dividend date: May 29, 2026 +5 more

8 metrics

May 2026 dividend $0.10 per share Monthly cash dividend declared for May 2026

Dividend payment date June 29, 2026 Payable date for May 2026 $0.10 per share dividend

Record and ex-dividend date May 29, 2026 Record and ex-dividend date for May 2026 dividend

Shares outstanding 200,700,226 shares Common shares outstanding as of May 13 and April 30, 2026

Prior shares outstanding 196,700,226 shares Common shares outstanding as of March 31, 2026

Total mortgage assets 11,577,434 (thousands) Fair value of mortgage assets as of April 30, 2026

Total borrowings 10,927,077 (thousands) Borrowings by counterparty total as of April 30, 2026

Weighted average repo rate 3.79% Average rate on total borrowings as of April 30, 2026

Key Terms

Agency RMBS, mortgage pass-through certificates, collateralized mortgage obligations, real estate investment trust, +2 more

6 terms

Agency RMBS financial

"Orchid Island Capital, Inc. is a specialty finance company that invests on a leveraged basis in Agency RMBS."

A pool of home loans packaged into a bond whose principal and interest payments are backed or guaranteed by a government-sponsored mortgage agency. Think of it as many mortgages bundled together with an insurance-like promise that reduces the chance of borrower default; investors buy them for steady income but must watch interest-rate moves and homeowners paying off or refinancing early, which can change returns.

mortgage pass-through certificates financial

"traditional pass-through Agency RMBS, such as mortgage pass-through certificates and collateralized mortgage obligations issued by Fannie Mae, Freddie Mac or Ginnie Mae"

collateralized mortgage obligations financial

"traditional pass-through Agency RMBS, such as mortgage pass-through certificates and collateralized mortgage obligations issued by Fannie Mae, Freddie Mac or Ginnie Mae"

Collateralized mortgage obligations are bonds made by pooling many home loans and dividing the pool’s cash flows into separate slices that pay investors at different times and with different risk profiles. Each slice has its own schedule for receiving principal and interest, so some slices get paid sooner with lower yield while others wait longer for higher yield. That matters to investors because these differences affect expected return, exposure to borrowers refinancing early, and sensitivity to interest-rate changes — like choosing a slice of a loaf that is cut to be eaten now or later.

real estate investment trust financial

"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"

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.

Investment Company Act of 1940 regulatory

"Investment Company Act of 1940 Whole Pool Test"

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.

repo financial

"DV Securities, LLC Repo"

A repo, short for repurchase agreement, is a short-term loan where one party sells securities, like government bonds, to another with the promise to buy them back later at a slightly higher price. It functions like a temporary loan secured by the securities, providing quick cash for the seller. Investors pay attention to repos because they influence liquidity and interest rates in financial markets.

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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): May 13, 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 May 13, 2026, Orchid Island Capital, Inc. (the “Company”) announced that the Board of Directors of the Company declared a dividend for the month of May 2026 of $0.10 per share of the Company’s common stock, to be paid on June 29, 2026, to holders of record on May 29, 2026, with an ex-dividend date of May 29, 2026. In addition, the Company announced certain details of its RMBS portfolio as of April 30, 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 May 13, 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: May 13, 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

MAY 2026 MONTHLY DIVIDEND AND

 APRIL 30, 2026 RMBS PORTFOLIO CHARACTERISTICS

● May 2026 Monthly Dividend of $0.10 Per Share of Common Stock

● RMBS Portfolio Characteristics as of April 30, 2026

● Next Dividend Announcement Expected June 9, 2026

Vero Beach, Fla., May 13, 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 May 2026. The dividend of $0.10 per share will be paid June 29, 2026 to holders of record of the Company’s common stock on May 29, 2026, with an ex-dividend date of May 29, 2026. The Company plans on announcing its next common stock dividend on June 9, 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 May 13, 2026 and April 30, 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.

RMBS Portfolio Characteristics

Details of the RMBS portfolio as of April 30, 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				Feb-26 -
																																		Apr-26				Apr-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 May)				in May)				(-50 BPS)				(+50 BPS)
Fixed Rate RMBS
15yr 4.5 TBA		$	250,000			$	248,076				2.14	%			99.23				4.50	%			5.41	%			8				170				n/a				n/a			$	3,518			$	(4,113	)
15yr Total			250,000				248,076				2.14	%			99.23				4.50	%			5.41	%			8				170				n/a				n/a				3,518				(4,113	)
30yr 3.0			320,298				285,121				2.46	%			89.02				3.00	%			3.52	%			60				293				3.9	%			6.7	%			8,532				(8,672	)
30yr 3.5			37,630				34,449				0.30	%			91.55				3.50	%			4.30	%			79				262				1.1	%			0.8	%			1,012				(1,032	)
30yr 4.0			48,820				46,472				0.40	%			95.19				4.00	%			4.77	%			83				272				12.9	%			10.6	%			1,187				(1,228	)
30yr 4.5			442,020				428,330				3.70	%			96.90				4.50	%			5.46	%			28				328				3.5	%			7.7	%			9,350				(10,333	)
30yr 5.0			1,908,999				1,893,235				16.35	%			99.17				5.00	%			6.00	%			13				344				5.2	%			5.6	%			35,770				(42,269	)
30yr 5.5			3,519,332				3,577,448				30.90	%			101.65				5.50	%			6.46	%			13				343				5.9	%			8.6	%			53,782				(67,626	)
30yr 6.0			3,155,624				3,259,141				28.15	%			103.28				6.00	%			6.92	%			16				339				18.5	%			21.7	%			32,555				(45,492	)
30yr 6.5			1,518,506				1,590,370				13.74	%			104.73				6.50	%			7.39	%			20				335				27.3	%			26.7	%			10,135				(15,677	)
30yr 7.0			190,888				202,488				1.75	%			106.08				7.00	%			7.95	%			30				321				42.9	%			33.1	%			1,303				(1,742	)
30yr Total			11,142,117				11,317,054				97.75	%			101.57				5.59	%			6.53	%			18				338				12.7	%			14.9	%			153,626				(194,071	)
Total Pass-Through RMBS			11,392,117				11,565,130				99.89	%			101.52				5.57	%			6.50	%			17				334				12.7	%			14.9	%			157,144				(198,184	)
Structured RMBS
IO 20yr 4.0			4,902				373				0.00	%			7.60				4.00	%			4.56	%			171				63				14.4	%			11.7	%			1				(1	)
IO 30yr 4.0			61,029				11,063				0.10	%			18.13				4.00	%			4.60	%			139				211				5.3	%			4.6	%			(70	)			102
IO 30yr 4.5			2,656				497				0.00	%			18.70				4.50	%			4.99	%			189				157				11.0	%			8.7	%			(2	)			-
IO 30yr 5.0			1,396				274				0.00	%			19.63				5.00	%			5.37	%			190				157				1.8	%			4.4	%			(2	)			1
IO Total			69,983				12,207				0.11	%			17.44				4.04	%			4.62	%			145				197				6.1	%			5.2	%			(73	)			102
IIO 30yr 4.0			14,954				97				0.00	%			0.65				0.16	%			4.40	%			103				245				12.8	%			8.6	%			69				(44	)
Total Structured RMBS			84,937				12,304				0.11	%			14.49				3.36	%			4.58	%			137				206				7.3	%			5.8	%			(4	)			58
Total Mortgage Assets		$	11,477,054			$	11,577,434				100.00	%							5.55	%			6.49	%			18				333				12.7	%			14.8	%		$	157,140			$	(198,126	)

					Hedge		Modeled Interest
		Notional			Period		Rate Sensitivity (1)
Hedge		Balance			End		(-50 BPS)				(+50 BPS)
3-Month SOFR Futures		$	(390,000	)	Dec-26		$	(2,113	)		$	2,113
5-Year Treasury Future(2)			(180,000	)	Aug-30			(3,747	)			3,662
10-Year Treasury Future(3)			(123,600	)	Jan-33			(3,967	)			3,909
10-Year Ultra Treasury Future(4)			(60,000	)	Nov-35			(2,669	)			2,556
ERIS SOFR Swap Futures			(10,000	)	Jun-31			(195	)			190
Swaps			(7,014,200	)	Nov-30			(143,920	)			139,285
TBA Short			(155,000	)	May-26			(688	)			1,310
Hedge Total		$	(7,932,800	)			$	(157,299	)		$	153,025
Rate Shock Grand Total							$	(159	)		$	(45,101	)

(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 $107.84 at April 30, 2026. The market value of the short position was $194.1 million.
(3)	Ten-year Treasury futures contracts were valued at prices of $110.59 at April 30, 2026. The market value of the short position was $136.7 million.
(4)	Ten-year Ultra Treasury futures contracts were valued at prices of $112.86 at April 30, 2026. The market value of the short position was $67.7 million.

RMBS Assets by Agency
($ in thousands)
						Percentage
		Fair				of
Asset Category		Value				Portfolio
As of April 30, 2026
Fannie Mae		$	5,910,702				52.2	%
Freddie Mac			5,418,656				47.8	%
Total Mortgage Assets		$	11,329,358				100.0	%

Investment Company Act of 1940 Whole Pool Test
($ in thousands)
						Percentage
		Fair				of
Asset Category		Value				Portfolio
As of April 30, 2026
Non-Whole Pool Assets		$	590,190				5.2	%
Whole Pool Assets			10,739,167				94.8	%
Total Mortgage Assets		$	11,329,357				100.0	%

Borrowings By Counterparty
($ in thousands)
										Weighted				Weighted
						% of				Average				Average
		Total				Total				Repo				Maturity			Longest
As of April 30, 2026		Borrowings				Debt				Rate				in Days			Maturity
Wells Fargo Securities, LLC		$	540,272				4.9	%			3.79	%			9		5/21/2026
Hidden Road Partners Civ US LLC			500,781				4.6	%			3.78	%			27		5/28/2026
Marex Capital Markets Inc.			498,421				4.6	%			3.78	%			80		7/23/2026
ABN AMRO Bank N.V.			497,665				4.6	%			3.77	%			22		5/26/2026
Citigroup Global Markets Inc			494,590				4.5	%			3.78	%			13		5/26/2026
StoneX Financial Inc.			488,036				4.5	%			3.79	%			125		9/23/2026
ASL Capital Markets Inc.			481,407				4.4	%			3.79	%			61		9/21/2026
South Street Securities, LLC			477,914				4.4	%			3.83	%			76		11/13/2026
The Bank of Nova Scotia			472,247				4.3	%			3.78	%			20		5/22/2026
J.P. Morgan Securities LLC			461,915				4.2	%			3.78	%			26		5/26/2026
RBC Capital Markets, LLC			451,723				4.1	%			3.83	%			73		7/27/2026
DV Securities, LLC Repo			450,381				4.1	%			3.78	%			43		8/21/2026
Cantor Fitzgerald & Co			440,165				4.0	%			3.77	%			22		5/28/2026
Clear Street LLC			437,924				4.0	%			3.79	%			39		6/22/2026
Daiwa Securities America Inc.			432,054				4.0	%			3.79	%			36		6/23/2026
Banco Santander SA			426,957				3.9	%			3.79	%			14		5/19/2026
Bank of Montreal			416,360				3.8	%			3.79	%			13		5/13/2026
Goldman, Sachs & Co			406,319				3.7	%			3.78	%			27		5/27/2026
Merrill Lynch, Pierce, Fenner & Smith			379,970				3.5	%			3.79	%			18		5/26/2026
ING Financial Markets LLC			370,344				3.4	%			3.80	%			74		7/13/2026
Mirae Asset Securities (USA) Inc.			328,612				3.0	%			3.79	%			29		6/17/2026
Brean Capital, LLC			283,485				2.6	%			3.79	%			19		5/26/2026
Mitsubishi UFJ Securities (USA), Inc.			244,377				2.2	%			3.79	%			22		5/22/2026
MUFG Securities Canada, Ltd.			227,431				2.1	%			3.78	%			4		5/4/2026
Nomura Securities International, Inc.			222,189				2.0	%			3.79	%			41		6/15/2026
Mizuho Securities USA LLC			194,681				1.8	%			3.79	%			21		5/22/2026
TD Securities (USA) LLC			172,885				1.6	%			3.80	%			43		6/12/2026
Natixis, New York Branch			96,572				0.9	%			3.78	%			27		5/27/2026
Lucid Prime Fund, LLC			31,400				0.3	%			3.78	%			14		5/14/2026
Total Borrowings		$	10,927,077				100.0	%			3.79	%			38		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 May 2026?

Orchid Island Capital declared a May 2026 dividend of $0.10 per share. The cash dividend will be paid on June 29, 2026 to common shareholders of record on May 29, 2026, with an ex-dividend date also on May 29, 2026.

When will Orchid Island Capital (ORC) pay the May 2026 dividend and what is the record date?

The May 2026 dividend will be paid on June 29, 2026. Shareholders must be on record as of May 29, 2026 to receive the $0.10 per share dividend, and the ex-dividend date is also May 29, 2026.

How many Orchid Island Capital (ORC) shares are outstanding as of April 30, 2026?

Orchid Island Capital reports 200,700,226 common shares outstanding as of April 30, 2026. The same share count is stated as of May 13, 2026, compared with 196,700,226 shares outstanding as of March 31, 2026.

What is the size of Orchid Island Capital’s RMBS portfolio as of April 30, 2026?

Total mortgage assets had a fair value of 11,577,434 (thousands) as of April 30, 2026. These assets consist entirely of Agency RMBS, with detailed pass-through and structured positions disclosed in the portfolio characteristics tables.

How is Orchid Island Capital’s RMBS exposure split between Fannie Mae and Freddie Mac?

As of April 30, 2026, Fannie Mae RMBS totaled 5,910,702 (thousands) and Freddie Mac RMBS totaled 5,418,656 (thousands). Together, they comprise total mortgage assets of 11,329,358 (thousands), representing 100.0% of the RMBS portfolio by fair value.

What are Orchid Island Capital’s borrowings and average repo rate as of April 30, 2026?

Total borrowings were 10,927,077 (thousands) as of April 30, 2026. The company reports a weighted average repo rate of 3.79% and a weighted average maturity of 38 days across multiple repo counterparties.

What distribution requirement does Orchid Island Capital face as a REIT?

To qualify as a REIT, Orchid Island must distribute at least 90% of its REIT taxable income annually. This is calculated without the dividends-paid deduction and excluding net capital gains, and undistributed taxable income can be subject to corporate income and excise taxes.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 406.9 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.5 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 11.2 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 15.0 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.3 KB