-- 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 (GLOBE NEWSWIRE) -- 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
(END) Dow Jones Newswires
March 18, 2026 16:15 ET (20:15 GMT)
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