Orchid Island Capital declares $0.10 September dividend

Orchid Island Capital declared a $0.10 September 2026 monthly dividend and detailed its $11.15 billion Agency RMBS portfolio and $10.70 billion in short-term borrowings.

Rhea-AI Filing Summary

Orchid Island Capital, Inc. (ORC) declared a monthly cash dividend of $0.10 per share for September 2026, payable October 29, 2026 to stockholders of record and with an ex-dividend date of September 30, 2026. The company states it intends to make regular monthly cash distributions, while noting it has not set a minimum level and cannot assure future distributions.

As of September 14, 2026, Orchid Island had 197,407,315 common shares outstanding, versus 198,407,315 as of August 31 and 199,603,438 as of June 30. As of August 31, 2026, the company’s leveraged Agency RMBS portfolio totaled $11.15 billion of mortgage assets at fair value, almost entirely pass-through RMBS. Fannie Mae holdings were $5.82 billion (52.1%) and Freddie Mac holdings were $5.34 billion (47.9%). Total borrowings were $10.70 billion with a weighted average repo rate of 3.77% and average maturity of 14 days. Interest-rate risk is managed with a hedge portfolio including swaps, futures, and swaptions, with the company providing modeled sensitivity to ±50 basis point rate shocks. Portfolio data are described as preliminary and subject to change.

Filing Explained

As of August 31, the filing models a positive net portfolio response to a 50-basis-point decrease in rates and a negative sensitivity to a 50-basis-point increase, providing an asymmetric scenario measure rather than a completed transaction or ownership change.

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, or exhibit attachments filed with this report.

Key Figures

Monthly dividend per share: $0.10 per share Shares outstanding: 197,407,315 shares Shares outstanding: 198,407,315 shares +5 more

8 metrics

Monthly dividend per share $0.10 per share September 2026 common stock dividend, payable October 29, 2026

Shares outstanding 197,407,315 shares Common stock outstanding as of September 14, 2026

Shares outstanding 198,407,315 shares Common stock outstanding as of August 31, 2026

Total mortgage assets at fair value $11.15 billion RMBS portfolio fair value as of August 31, 2026

Fannie Mae RMBS fair value $5.82 billion 52.1% of total mortgage assets as of August 31, 2026

Freddie Mac RMBS fair value $5.34 billion 47.9% of total mortgage assets as of August 31, 2026

Total borrowings $10.70 billion Borrowings by counterparty table as of August 31, 2026

Weighted average repo rate 3.77% Weighted average rate on total borrowings as of August 31, 2026

Key Terms

Agency RMBS, pass-through Agency RMBS, structured Agency RMBS, Constant Prepayment Rate (CPR), +2 more

6 terms

Agency RMBS financial

"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.

pass-through Agency RMBS financial

"two categories of Agency RMBS: (i) traditional pass-through Agency RMBS"

structured Agency RMBS financial

"and (ii) structured Agency RMBS"

Constant Prepayment Rate (CPR) financial

"Weighted | | | CPR | | | (1-Month) | | | (3-Month)"

Whole Pool Assets financial

"Investment Company Act of 1940 Whole Pool Test"

swaptions financial

"Swaptions | | | (1,000,000 | ) | Dec-31"

An option that gives its holder the right, but not the obligation, to enter into an interest rate swap at a future date under pre-set terms. Think of it like locking in the choice to exchange a variable-rate loan for a fixed one (or vice versa) later, similar to reserving the option to swap mortgage payments if rates move. Investors use swaptions to hedge or bet on interest-rate changes, manage borrowing costs, and protect the value of bond or loan positions.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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

Orchid Island Capital declared a $0.10 per share monthly cash dividend for September 2026, payable on October 29, 2026 to holders of record on September 30, 2026, with an ex-dividend date of September 30, 2026.

How many Orchid Island Capital (ORC) shares are outstanding as of recent dates?

Common shares outstanding were 197,407,315 as of September 14, 2026, 198,407,315 as of August 31, 2026, and 199,603,438 as of June 30, 2026.

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

As of August 31, 2026, total mortgage assets at fair value were $11.15 billion, consisting of $11.14 billion pass-through RMBS and $11.6 million structured RMBS. The company notes these figures are preliminary and subject to change.

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

As of August 31, 2026, Fannie Mae RMBS had a fair value of $5.82 billion, or 52.1% of total mortgage assets, and Freddie Mac RMBS were $5.34 billion, or 47.9% of total mortgage assets.

What are Orchid Island Capital’s total borrowings and funding costs?

Total borrowings were $10.70 billion as of August 31, 2026, with a weighted average repo rate of 3.77% and a weighted average maturity of 14 days. The longest listed maturity extends to November 13, 2026.

How does Orchid Island Capital describe its distribution policy as a REIT?

The company states it intends to make regular monthly cash distributions and, to qualify as a REIT, must distribute at least 90% of REIT taxable income annually. It also notes it has not established a minimum distribution level and cannot assure future distributions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false 0001518621 0001518621 2026-09-14 2026-09-14

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): September 14, 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 September 14, 2026, Orchid Island Capital, Inc. (the "Company") announced that the Board of Directors of the Company declared a dividend for the month of September 2026 of $0.10 per share of the Company's common stock, to be paid on October 29, 2026 to holders of record on September 30, 2026, with an ex-dividend date of September 30, 2026. In addition, the Company announced certain details of its RMBS portfolio as of August 31, 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 September 14, 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: September 14, 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

SEPTEMBER 2026 MONTHLY DIVIDEND AND

AUGUST 31, 2026 RMBS PORTFOLIO CHARACTERISTICS

● 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., September 14, 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 September 2026. The dividend of $0.10 per share will be paid October 29, 2026 to holders of record of the Company’s common stock on September 30, 2026, with an ex-dividend date of September 30, 2026. The Company plans on announcing its next common stock dividend on October 14, 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 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 $107.66 at August 31, 2026. The market value of the short position was $386.1 million.
(3)	Ten-year Ultra Treasury futures contracts were valued at prices of $109.42 at August 31, 2026. The market value of the short position was $65.7 million.

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

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 324.9 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