Orchid Island Capital Announces April 2026 Dividend, Preliminary Q1 Results, and RMBS Portfolio Update

Key Highlights for Investors

• April 2026 Dividend Declared: Orchid Island Capital, Inc. (“Orchid Island” or the “Company”) announced a monthly cash dividend of \$0.10 per share for April 2026. The dividend will be paid on May 28, 2026, to shareholders of record as of April 30, 2026, with an ex-dividend date of April 30, 2026.
• Estimated Book Value (March 31, 2026): The Company’s preliminary estimated book value per share as of March 31, 2026, is \$7.08. This reflects a decrease from the end of 2025, and is a potential indicator of the Company’s equity performance during a volatile period for the mortgage REIT sector.
• Preliminary Q1 2026 GAAP Results: Orchid Island estimates a GAAP net loss of \$0.11 per share for Q1 2026. This includes estimated net realized and unrealized losses of \$0.37 per share on RMBS and derivative instruments.
• Estimated Total Return on Equity (Q1 2026): The Company estimates a total return on equity of (1.3)% for the quarter ended March 31, 2026. This metric combines dividends paid and the change in book value, reflecting the overall return to shareholders in the quarter.
• Shares Outstanding: As of April 15, 2026, the Company reported 200,700,226 shares of common stock outstanding, compared to 196,700,226 shares as of March 31, 2026, and 181,985,900 shares as of December 31, 2025. The increase in shares outstanding may reflect capital raising or at-the-market offerings, which can impact per-share metrics.
• Portfolio Size and Composition: As of March 31, 2026, the Company’s preliminary estimated stockholders’ equity stood at approximately \$1.4 billion with a mortgage asset portfolio of \$11.34 billion (fair value).
• RMBS Portfolio Details:
  • Breakdown by Agency:
    • Fannie Mae: \$5.90 billion (52.0% of total portfolio)
    • Freddie Mac: \$5.44 billion
    • Total Mortgage Assets: \$11.34 billion
  • Pass-Through RMBS: \$11.41 billion
  • Structured RMBS: \$85.82 million
• Hedging Activity: The Company continues to utilize interest rate derivatives, including SOFR futures and Treasury futures, to manage its interest rate risk exposure. Notable notional positions include:
  • 3-Month SOFR Futures: \$(390) million
  • 5-Year Treasury Futures: \$(180) million
  • 10-Year Treasury Futures: \$(53) million

Detailed Article

Orchid Island Capital, Inc. (NYSE: ORC) has provided a comprehensive update for investors, announcing its April 2026 dividend, preliminary first-quarter results, and a snapshot of its RMBS portfolio as of March 31, 2026.

Dividend Announcement

The Board of Directors has declared a monthly cash dividend of \$0.10 per share for April 2026, reflecting the Company’s ongoing commitment to regular distributions in line with its REIT status. The dividend is scheduled for payment on May 28, 2026, to shareholders of record at the close of business on April 30, 2026. The ex-dividend date is also April 30, 2026.

Preliminary Q1 2026 Results

• Estimated Book Value Per Share: The Company’s preliminary book value per share as of March 31, 2026, is \$7.08. This compares to higher levels in previous quarters and signals a decrease in the Company’s equity base per share, likely due to the challenging environment for Agency RMBS and increased share count.
• Estimated Net Loss: Orchid Island estimates a GAAP net loss of \$0.11 per share for the quarter, including \$0.37 per share in net realized and unrealized losses on its RMBS and derivative book. These losses are largely attributable to the volatility and spread widening in the Agency RMBS market.
• Total Return on Equity: The estimated total return on equity for Q1 2026 was (1.3)%, reflecting the combined impact of dividend payments and the reduction in book value during the quarter. This metric is crucial for shareholders tracking the effectiveness of management’s capital allocation and hedging strategies in a tough market.

These figures are preliminary, unaudited, and subject to change upon review by the Company’s independent public accounting firm.

Share Count and Capital Actions

The Company’s share count increased from 181,985,900 at the end of 2025 to 196,700,226 at March 31, 2026, and further to 200,700,226 as of April 15, 2026. The increase in outstanding shares may reflect new capital raised, which can dilute book value per share and is an important consideration for existing shareholders.

Portfolio and Risk Management

• Portfolio Size: As of March 31, 2026, Orchid Island’s mortgage assets stood at \$11.34 billion (fair value), with \$1.4 billion in stockholders’ equity.
• Agency Exposure: The portfolio is primarily allocated to Agency RMBS, with Fannie Mae and Freddie Mac securities making up the vast majority. Specifically, Fannie Mae accounts for 52% of the portfolio by fair value.
• Pass-Through vs. Structured RMBS: Pass-through RMBS assets total \$11.41 billion, while structured RMBS positions are \$85.8 million, highlighting the Company’s core focus on traditional Agency securities.
• Hedging: Orchid Island actively manages interest rate risk through significant positions in SOFR and Treasury futures, with short positions totaling hundreds of millions in notional value. This reflects a proactive approach to interest rate volatility, which has been a key driver of Agency RMBS performance.

Important Shareholder Considerations & Potential Share Price Impact

• Dividend Stability: The declaration of the \$0.10 per share monthly dividend is a positive for yield-focused investors, but the sustainability of this level may be questioned if losses persist and book value declines further.
• Book Value Erosion & Share Dilution: The ongoing decrease in book value per share and the growing share count could negatively impact valuation and investor sentiment, as these factors may indicate dilution and capital pressures.
• Losses and Market Volatility: The reported GAAP losses, primarily stemming from realized and unrealized losses on RMBS and derivatives, underscore the current headwinds facing the mortgage REIT sector. These developments are material and could influence the Company’s market price.
• RMBS Market Trends: The Company’s results are highly sensitive to interest rates, mortgage spreads, and the effectiveness of its hedging strategy. Ongoing volatility in these areas can have a significant effect on both future earnings and the share price.

Forward-Looking Statements

Orchid Island notes that all figures are preliminary and subject to change. The Company’s distributions and financial outcomes are influenced by various market risks, including interest rate volatility and Agency RMBS performance. Investors are cautioned not to place undue reliance on forward-looking statements.

About Orchid Island Capital, Inc.

Orchid Island Capital, Inc. is a specialty finance company investing on a leveraged basis in Agency RMBS, including traditional pass-through and structured mortgage securities issued by Fannie Mae, Freddie Mac, or Ginnie Mae. The Company is managed by Bimini Advisors, LLC, a registered investment adviser.

Disclaimer: This article is a summary and analysis of Orchid Island Capital, Inc.’s April 2026 dividend announcement, preliminary financial results, and portfolio update, based on public filings. All information is preliminary and may be subject to change. Investors should review the Company’s official filings, consult with their financial advisors, and consider their own risk tolerance before making any investment decisions. This article does not constitute investment advice or a recommendation to buy or sell any securities.

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