Orchid Island director granted deferred stock units

FILIPPS FRANK P reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

FILIPPS FRANK P reported acquisition or exercise transactions in this Form 4 filing.

Orchid Island Capital director Frank P. Filipps received a grant of deferred stock units as part of his director compensation. On this date, he was awarded 3,586 deferred stock units, each representing the right to receive one share of Orchid Island Capital common stock.

These deferred stock units are fully vested but will only be paid out upon a change of control of the company or upon his death, disability, or separation from service as a director. Following this award, Filipps directly holds 53,875 deferred stock units linked to the company’s common stock.

Insights

Equity compensation analyst

Routine director equity grant using deferred stock units with delayed payout.

Director Frank P. Filipps received 3,586 deferred stock units, each exchangeable for one share of common stock. The award is fully vested, indicating it is earned compensation rather than subject to future service-based vesting conditions.

The units defer actual share delivery until a change of control, or the director’s death, disability, or departure from the board. This structure aligns director interests with long-term shareholder outcomes while postponing issuance and potential share dilution until a triggering event occurs.

Insider Trade Summary

Grant/Award: 3,586 shares

Grant/Award 1 txn

Insider FILIPPS FRANK P

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Deferred Stock Units	3,586	$0.00	$0.00

Holdings After Transaction: Deferred Stock Units — 53,875 contracts (Direct)

Footnotes (2)

1. F1. Each deferred stock unit represents a right to receive one share of the Issuer's common stock.
2. F2. The deferred stock units are 100% vested but do not become payable until the earlier to occur of a change of control or the reporting person's death, disability, or separation from service as a director of the Issuer.

Key Figures

Deferred stock units granted: 3,586 units Price per deferred stock unit: $0.00 Deferred stock units after transaction: 53,875 units +1 more

4 metrics

Deferred stock units granted 3,586 units Grant to director on 2026-07-01

Price per deferred stock unit $0.00 Grant/award acquisition with no cash price

Deferred stock units after transaction 53,875 units Total directly held by director after grant

Underlying common stock per unit 1 share per unit Each deferred stock unit equals one common share

Key Terms

Deferred Stock Units, change of control, separation from service, Grant, award, or other acquisition

4 terms

Deferred Stock Units financial

"Each deferred stock unit represents a right to receive one share of the Issuer's common stock."

Deferred stock units are promises from a company to give an employee shares of stock at a future date, often after certain conditions are met or after leaving the company. They function like a form of delayed compensation, allowing employees to earn shares over time. For investors, they represent potential future ownership in the company, but do not provide immediate voting rights or dividends until the shares are actually received.

change of control financial

"payable until the earlier to occur of a change of control or the reporting person's death"

A change of control occurs when the ownership or management of a company shifts significantly, such as through a sale, merger, or acquisition, resulting in new leadership or ownership structure. This change can impact the company's direction and decision-making, which is important for investors because it may affect the company's stability, strategy, and future prospects.

separation from service financial

"or the reporting person's death, disability, or separation from service as a director"

Grant, award, or other acquisition financial

"transaction_code_description": "Grant, award, or other acquisition""

FAQ

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

What insider transaction did Orchid Island Capital (ORC) report for Frank P. Filipps?

Orchid Island Capital reported that director Frank P. Filipps received 3,586 deferred stock units. Each unit represents a right to one share of common stock, increasing his directly held deferred stock units to 53,875 after this compensation grant.

What are the terms of the deferred stock units granted to the Orchid Island Capital director?

Each deferred stock unit granted to the Orchid Island Capital director equals one share of common stock. The units are 100% vested but will not be paid until a change of control or the director’s death, disability, or separation from board service occurs.

When do Orchid Island Capital deferred stock units become payable to the director?

The deferred stock units become payable only upon a change of control of Orchid Island Capital or upon the director’s death, disability, or separation from service. Until then, the units remain fully vested rights to receive common stock in the future.

How many deferred stock units does Frank P. Filipps hold after this Form 4 transaction?

After this grant, Frank P. Filipps directly holds 53,875 deferred stock units tied to Orchid Island Capital common stock. This total includes the newly awarded 3,586 units disclosed, all representing rights to receive common shares at a future triggering event.

Did the Orchid Island Capital director buy or sell any common stock in this Form 4 filing?

The Form 4 shows no open-market buying or selling of common stock. Instead, the director received 3,586 deferred stock units as a grant, a compensation-related acquisition rather than a market transaction in Orchid Island Capital shares.

What does a deferred stock unit mean for Orchid Island Capital shareholders?

A deferred stock unit represents a future right to receive common stock instead of immediate share issuance. For shareholders, this means director compensation is equity-linked, with actual shares issued only upon specified events like change of control or the director’s departure.

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

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Accepted by SEC EDGAR 07/01/2026 - 08:22 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

FILIPPS FRANK P

(Last) (First) (Middle)

125 VIA PALACIO

(Street)

PALM BEACH GARDENS FLORIDA 33418

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Orchid Island Capital, Inc. [ ORC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Stock Units	(1)	07/01/2026		A		3,586		(2)	(2)	Common Stock	3,586	$0	53,875	D

Explanation of Responses:

1. Each deferred stock unit represents a right to receive one share of the Issuer's common stock.

2. The deferred stock units are 100% vested but do not become payable until the earlier to occur of a change of control or the reporting person's death, disability, or separation from service as a director of the Issuer.

	/s/ Frank P. Filipps	07/01/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)