- Estimated Book Value Per Share as of June 30, 2026 of $7.22
- Estimated GAAP net income of $0.44 per share for the quarter ended June 30, 2026 including an estimated $0.18 per share of net realized and unrealized gains on RMBS and derivative instruments
- Estimated 6.2% total return on equity for the quarter ended June 30, 2026
- Estimated book value, net income and total return on equity amounts are preliminary, subject to change, and subject to review by the Company's independent registered public accounting firm
- RMBS Portfolio Characteristics as of June 30, 2026
Vero Beach, Fla., July 13, 2026 (GLOBE NEWSWIRE) -- Orchid Island Capital, Inc. (the "Company") (NYSE: ORC) announced today its estimated second quarter of 2026 results and portfolio characteristics as of June 30, 2026.
Shares Outstanding
As of July 13, 2026 and June 30, 2026, the Company had 199,603,438 shares of common stock outstanding. As of March 31, 2026, the Company had 196,700,226 shares of common stock outstanding.
Estimated June 30, 2026 Book Value Per Share
The Company's estimated book value per share as of June 30, 2026 was $7.22. The Company computes book value per share by dividing total stockholders' equity by the total number of outstanding shares of common stock. At June 30, 2026, the Company's preliminary estimated total stockholders' equity was approximately $1.4 billion with 199,603,438 shares of common stock outstanding. These figures and the resulting estimated book value per share are preliminary, subject to change, and subject to review by the Company's independent registered public accounting firm.
Estimated Net Income Per Share and Realized and Unrealized Gains on RMBS and Derivative Instruments
The Company estimates it generated net income per share of $0.44 for the quarter ended June 30, 2026, which includes an estimated $0.18 per share of net realized and unrealized gains on RMBS and derivative instruments. These amounts compare to total dividends declared during the quarter of $0.30 per share. Net income per common share calculated under generally accepted accounting principles can, and does, differ from our real estate investment trust ("REIT") taxable income. The Company views REIT taxable income as a better indication of income to be paid in the form of a dividend rather than net income. Many components of REIT taxable income can only be estimated at this time and our monthly dividends declared are based on both estimates of REIT taxable income to be earned over the course of the current quarter and calendar year and a longer-term estimate of the REIT taxable income of the Company. These figures are preliminary, subject to change, and subject to review by the Company's independent registered public accounting firm.
Estimated Total Return on Equity
The Company's estimated total return on equity for the quarter ended June 30, 2026 was 6.2%. The Company calculates total return on equity as the sum of dividends declared and paid during the quarter plus changes in book value during the quarter, divided by the Company's stockholders' equity at the beginning of the quarter. The total return was $0.44 per share, comprised of dividends per share of $0.30 and an increase in book value per share of $0.14 from June 30, 2026.
RMBS Portfolio Characteristics
Details of the RMBS portfolio as of June 30, 2026 are presented below. These figures are preliminary and subject to change and, with respect to figures that will appear in the Company's financial statements and associated footnotes as of and for the quarter ended June 30, 2026, are subject to review by the Company's independent registered public accounting firm:
- RMBS Valuation Characteristics
- RMBS Assets by Agency
- Investment Company Act of 1940 (Whole Pool) Test Results
- Repurchase Agreement Exposure by Counterparty
- RMBS Risk Measures
About Orchid Island Capital, Inc.
Orchid Island Capital, Inc. is a specialty finance company that invests on a leveraged basis in Agency RMBS. Our investment strategy focuses on, and our portfolio consists of, two categories of Agency RMBS: (i) traditional pass-through Agency RMBS, such as mortgage pass-through certificates and collateralized mortgage obligations issued by Fannie Mae, Freddie Mac or Ginnie Mae, and (ii) structured Agency RMBS. The Company is managed by Bimini Advisors, LLC, a registered investment adviser with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon Orchid Island Capital, Inc.'s present expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
| RMBS Valuation Characteristics | ||||||||||||||||||||||||||||||||||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Realized | ||||||||||||||||||||||||||||||||||||||||||||||||
| Realized | Apr-26 - | |||||||||||||||||||||||||||||||||||||||||||||||
| Jun-26 | Jun-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 July) | in July) | (-50 BPS) | (+50 BPS) | ||||||||||||||||||||||||||||||||||||
| Fixed Rate RMBS | ||||||||||||||||||||||||||||||||||||||||||||||||
| 30yr 3.0 | - | 315,785 | - | 280,604 | 2.43 | - | 88.86 | 3.00 | - | 3.52 | - | 62 | 291 | 8.1 | - | 6.5 | - | - | 8,376 | - | (8,497 | - | ||||||||||||||||||||||||||
| 30yr 3.5 | 37,144 | 33,944 | 0.29 | - | 91.39 | 3.50 | - | 4.30 | - | 81 | 260 | 1.7 | - | 3.7 | - | 993 | (1,011 | - | ||||||||||||||||||||||||||||||
| 30yr 4.0 | 47,532 | 45,097 | 0.39 | - | 94.88 | 4.00 | - | 4.77 | - | 85 | 270 | 10.2 | - | 11.4 | - | 1,169 | (1,208 | - | ||||||||||||||||||||||||||||||
| 30yr 4.5 | 436,796 | 422,712 | 3.66 | - | 96.78 | 4.50 | - | 5.46 | - | 30 | 326 | 7.6 | - | 6.1 | - | 9,135 | (10,098 | - | ||||||||||||||||||||||||||||||
| 30yr 5.0 | 2,163,688 | 2,140,194 | 18.55 | - | 98.91 | 5.00 | - | 6.00 | - | 13 | 344 | 4.6 | - | 5.2 | - | 40,360 | (47,402 | - | ||||||||||||||||||||||||||||||
| 30yr 5.5 | 4,030,632 | 4,086,306 | 35.41 | - | 101.38 | 5.50 | - | 6.45 | - | 13 | 343 | 6.4 | - | 6.6 | - | 60,965 | (76,234 | - | ||||||||||||||||||||||||||||||
| 30yr 6.0 | 3,051,319 | 3,146,124 | 27.26 | - | 103.11 | 6.00 | - | 6.92 | - | 18 | 336 | 11.0 | - | 15.1 | - | 31,503 | (43,625 | - | ||||||||||||||||||||||||||||||
| 30yr 6.5 | 1,261,375 | 1,317,446 | 11.42 | - | 104.45 | 6.50 | - | 7.39 | - | 20 | 334 | 22.2 | - | 22.8 | - | 9,259 | (13,756 | - | ||||||||||||||||||||||||||||||
| 30yr 7.0 | 52,676 | 55,771 | 0.48 | - | 105.88 | 7.00 | - | 7.91 | - | 31 | 321 | 15.6 | - | 42.4 | - | 458 | (600 | - | ||||||||||||||||||||||||||||||
| Total Pass-Through RMBS | 11,396,947 | 11,528,198 | 99.90 | - | 101.15 | 5.54 | - | 6.47 | - | 18 | 338 | 9.2 | - | 10.9 | - | 162,218 | (202,431 | - | ||||||||||||||||||||||||||||||
| Total Structured RMBS | 82,573 | 11,966 | 0.10 | - | 14.49 | 3.39 | - | 4.59 | - | 139 | 204 | 7.2 | - | 7.0 | - | 63 | 95 | |||||||||||||||||||||||||||||||
| Total Mortgage Assets | - | 11,479,520 | - | 11,540,164 | 100.00 | - | 5.52 | - | 6.45 | - | 19 | 337 | 9.2 | - | 10.9 | - | - | 162,281 | - | (202,336 | - | |||||||||||||||||||||||||||
| Hedge | Modeled Interest | ||||||||||||
| Notional | Period | Rate Sensitivity (1) | |||||||||||
| Hedge | Balance | End | (-50 BPS) | (+50 BPS) | |||||||||
| 3-Month SOFR Futures | - | (390,000 | - | Jan-27 | - | (1,950 | - | - | 1,950 | ||||
| 10-Year Treasury Future(3) | (188,600 | - | May-33 | (6,062 | - | 5,854 | |||||||
| 10-Year Ultra Treasury Future(4) | (60,000 | - | Feb-36 | (2,628 | - | 2,542 | |||||||
| ERIS SOFR Swap Futures | (10,000 | - | Sep-31 | (182 | - | 177 | |||||||
| Swaps | (7,814,200 | - | Feb-31 | (160,872 | - | 155,615 | |||||||
| Swaptions | (1,000,000 | - | Dec-31 | (2,737 | - | 5,001 | |||||||
| TBA Short | (594,900 | - | Jul-26 | (8,005 | - | 10,686 | |||||||
| Hedge Total | - | (10,057,700 | - | - | (182,436 | - | - | 181,825 | |||||
| Rate Shock Grand Total | - | (20,155 | - | - | (20,511 | - | |||||||
| (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 $109.89 at June 30, 2026. The market value of the short position was $207.3 million. | |
| (3) | Ten-year Ultra futures contracts were valued at prices of $112.47 at June 30, 2026 The market value of the short position was $67.5 million. | |
| RMBS Assets by Agency | ||||||||
| ($ in thousands) | ||||||||
| Percentage | ||||||||
| Fair | of | |||||||
| Asset Category | Value | Portfolio | ||||||
| As of June 30, 2026 | ||||||||
| Fannie Mae | - | 6,022,656 | 52.2 | - | ||||
| Freddie Mac | 5,517,509 | 47.8 | - | |||||
| Total Mortgage Assets | - | 11,540,165 | 100.0 | - | ||||
| Investment Company Act of 1940 Whole Pool Test | ||||||||
| ($ in thousands) | ||||||||
| Percentage | ||||||||
| Fair | of | |||||||
| Asset Category | Value | Portfolio | ||||||
| As of June 30, 2026 | ||||||||
| Non-Whole Pool Assets | - | 574,055 | 5.0 | - | ||||
| Whole Pool Assets | 10,966,109 | 95.0 | - | |||||
| Total Mortgage Assets | - | 11,540,164 | 100.0 | - | ||||
| Borrowings By Counterparty | |||||||||||||||||
| ($ in thousands) | |||||||||||||||||
| Weighted | Weighted | ||||||||||||||||
| % of | Average | Average | |||||||||||||||
| Total | Total | Repo | Maturity | Longest | |||||||||||||
| As of June 30, 2026 | Borrowings | Debt | Rate | in Days | Maturity | ||||||||||||
| Wells Fargo Securities, LLC | - | 568,720 | 5.1 | - | 3.77 | - | 14 | 8/19/2026 | |||||||||
| Marex Capital Markets Inc. | 497,411 | 4.5 | - | 3.78 | - | 20 | 7/23/2026 | ||||||||||
| StoneX Financial Inc. | 486,529 | 4.4 | - | 3.79 | - | 73 | 9/23/2026 | ||||||||||
| Hidden Road Partners Civ US LLC | 484,902 | 4.4 | - | 3.76 | - | 53 | 8/26/2026 | ||||||||||
| Citigroup Global Markets Inc | 483,698 | 4.4 | - | 3.76 | - | 29 | 9/21/2026 | ||||||||||
| ABN AMRO Bank N.V. | 477,675 | 4.3 | - | 3.76 | - | 24 | 7/27/2026 | ||||||||||
| ASL Capital Markets Inc. | 472,828 | 4.3 | - | 3.77 | - | 57 | 9/21/2026 | ||||||||||
| The Bank of Nova Scotia | 460,634 | 4.2 | - | 3.75 | - | 27 | 8/13/2026 | ||||||||||
| South Street Securities, LLC | 458,067 | 4.1 | - | 3.82 | - | 68 | 11/13/2026 | ||||||||||
| J.P. Morgan Securities LLC | 451,719 | 4.1 | - | 3.78 | - | 27 | 7/27/2026 | ||||||||||
| RBC Capital Markets, LLC | 445,012 | 4.0 | - | 3.82 | - | 27 | 7/27/2026 | ||||||||||
| Cantor Fitzgerald & Co | 424,847 | 3.8 | - | 3.76 | - | 24 | 7/24/2026 | ||||||||||
| DV Securities, LLC Repo | 423,823 | 3.8 | - | 3.77 | - | 47 | 8/27/2026 | ||||||||||
| Banco Santander SA | 413,756 | 3.7 | - | 3.77 | - | 14 | 7/20/2026 | ||||||||||
| Daiwa Securities America Inc. | 407,688 | 3.7 | - | 3.81 | - | 67 | 9/23/2026 | ||||||||||
| Clear Street LLC | 407,554 | 3.7 | - | 3.76 | - | 17 | 7/20/2026 | ||||||||||
| Goldman, Sachs & Co | 395,928 | 3.6 | - | 3.76 | - | 27 | 7/27/2026 | ||||||||||
| Bank of Montreal | 376,058 | 3.4 | - | 3.76 | - | 15 | 7/15/2026 | ||||||||||
| ING Financial Markets LLC | 370,344 | 3.3 | - | 3.80 | - | 13 | 7/13/2026 | ||||||||||
| Brean Capital, LLC | 299,159 | 2.7 | - | 3.76 | - | 21 | 7/27/2026 | ||||||||||
| Mirae Asset Securities (USA) Inc. | 296,573 | 2.7 | - | 3.79 | - | 47 | 8/24/2026 | ||||||||||
| MUFG Securities Canada, Ltd. | 268,537 | 2.4 | - | 3.75 | - | 30 | 8/4/2026 | ||||||||||
| Morgan Stanley & Co. LLC | 260,567 | 2.4 | - | 3.74 | - | 9 | 7/15/2026 | ||||||||||
| Merrill Lynch, Pierce, Fenner & Smith | 252,699 | 2.3 | - | 3.78 | - | 26 | 7/27/2026 | ||||||||||
| Mitsubishi UFJ Securities (USA), Inc. | 239,196 | 2.2 | - | 3.77 | - | 22 | 7/22/2026 | ||||||||||
| TD Securities (USA) LLC | 219,140 | 2.0 | - | 3.78 | - | 42 | 8/11/2026 | ||||||||||
| Nomura Securities International, Inc. | 212,865 | 1.9 | - | 3.76 | - | 40 | 8/14/2026 | ||||||||||
| Mizuho Securities USA LLC | 182,067 | 1.6 | - | 3.77 | - | 15 | 7/15/2026 | ||||||||||
| Natixis, New York Branch | 137,685 | 1.2 | - | 3.76 | - | 19 | 7/24/2026 | ||||||||||
| BNP Paribas Securities Corp. | 135,654 | 1.2 | - | 3.78 | - | 41 | 8/10/2026 | ||||||||||
| Lucid Prime Fund, LLC | 30,438 | 0.3 | - | 3.75 | - | 16 | 7/16/2026 | ||||||||||
| Canyon Partners, LLC | 23,899 | 0.2 | - | 3.71 | - | 17 | 7/17/2026 | ||||||||||
| Mesirow Financial, Inc. | 21,243 | 0.2 | - | 3.75 | - | 16 | 7/16/2026 | ||||||||||
| Total Borrowings | - | 11,086,915 | 100.0 | - | 3.77 | - | 32 | 11/13/2026 | |||||||||
Contact:
Orchid Island Capital, Inc.
Robert E. Cauley
3305 Flamingo Drive, Vero Beach, Florida 32963
Telephone: (772) 231-1400
