Orchid Island Capital
Invests in Agency RMBS under Bimini external management.
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Profile
Invests in Agency RMBS backed by Fannie Mae, Freddie Mac, or Ginnie Mae, earning spread income from leveraged pass-through and structured RMBS. External management by Bimini Advisors, repo financing, prepayments, interest-rate moves, and hedging outcomes shape results.
Invests in residential mortgage-backed securities issued or guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae, with a portfolio organized around pass-through Agency RMBS and structured Agency RMBS.
Generates income from net interest margin on leveraged RMBS and interest income on unleveraged structured holdings. The business is externally managed by Bimini Advisors, has no employees, and operates from Vero Beach.
Relies on short-term repurchase agreements to finance pass-through RMBS and some structured RMBS, while hedging is used around rate and market-value exposure. Earnings and book value are shaped by asset-yield spreads, borrowing costs, prepayments, RMBS prices, and derivative results.
Company facts
Categories
Key statistics
Year to date −9.2% · Average volume (30d) 4.7M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Target |
|---|---|---|---|---|
| Jul 9, 2026 | BTIG | Initiate | Neutral | |
| Dec 15, 2025 | Compass Point | Target | $7.50 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 23, 2026Q2 FY26 | $0.28 | $0.26 | −7.1% | $74.3M | $60.0M | −19.2% | −1.06% |
| Apr 23, 2026Q1 FY26 | $0.27 | $0.26 | −3.7% | $30.8M | $57.1M | +85.5% | +3.07% |
| Jan 29, 2026Q4 FY25 | $0.23 | $0.19 | −18.6% | $29.7M | $38.5M | +29.5% | −5.68% |
| Oct 23, 2025Q3 FY25 | $0.18 | $0.16 | −11.1% | $36.9M | $77.5M | +110.0% | +2.69% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $21.3M | −$28.6M | $77.5M | $132.2M | $157.9M | $164.2M | |
| Gross profit | $21.3M | −$28.6M | $77.5M | $38.5M | $153.4M | $60.0M | |
| Operating income | $0 | $0 | $0 | $32.7M | $80.8M | $58.8M | |
| Net income | $17.1M | −$33.6M | $72.1M | $103.4M | −$20.0M | $89.2M | |
| Diluted EPS | $0.18 | −$0.29 | $0.53 | $0.62 | −$0.11 | $0.44 | |
| Gross margin | 100.0% | — | 100.0% | 29.1% | 97.2% | 36.5% | |
| Operating margin | 0.0% | — | 0.0% | 24.7% | 51.2% | 35.8% |
Fiscal years (4-quarter sums)FY21 −$49.5M · FY22 −$241.0M · FY23 −$20.7M · FY24 $54.4M · FY25 $202.5M
Balance sheet, Jun 30, 2026Cash & short-term investments $813.6M · Total debt $11.58B · Total assets $13.10B · Shareholders' equity $1.44B
Dividends
Last cut to $0.10 from $0.12 in Apr 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 31, 2026 | Jul 31 | Aug 28 | $0.10 | |
| Jun 30, 2026 | Jun 30 | Jul 30 | $0.10 | |
| May 29, 2026 | May 29 | Jun 29 | $0.10 | |
| Apr 30, 2026 | Apr 30 | May 28 | $0.10 | cut from $0.12 |
| Mar 31, 2026 | Mar 31 | Apr 29 | $0.12 | |
| Feb 27, 2026 | Feb 27 | Mar 30 | $0.12 | |
| Jan 30, 2026 | Jan 30 | Feb 26 | $0.12 | |
| Dec 31, 2025 | Dec 31 | Jan 29 | $0.12 |
Ownership
Shares outstanding 173.50M · Float 173.02M · 99.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 20.54M | 11.84% | 13F | Aug 7, 2026 |
| Vanguard Capital Management | 10.50M | 5.23% | 13G | Jul 31, 2026 |
| Geode Capital Management, LLC | 5.24M | 3.02% | 13F | Aug 12, 2026 |
| State Street Corp | 4.53M | 2.61% | 13F | Aug 7, 2026 |
| Mirae Asset Global Etfs Holdings Ltd. | 3.85M | 2.22% | 13F | Aug 14, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- AGNC
Largest pure-play Agency RMBS peer with leveraged MBS scale
- Annaly Capital Management
Large diversified mortgage REIT with core Agency MBS overlap
- ARMOUR Residential REIT
Externally managed Agency MBS REIT with similar leverage model
- Dynex Capital
Agency RMBS-heavy mortgage REIT with TBA and CMBS adjacency
- Ellington Financial
Diversified residential mortgage REIT with Agency RMBS overlap
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Orchid Island Capital | $6.75 | +0.90% | $1.16B | 4.5 | 6.2 | 2.2 | −28.9% |
| AGNC | $10.95 | +0.41% | $12.51B | 5.6 | 7.2 | 4.1 | — |
| Annaly Capital Management | $23.11 | +0.26% | $17.37B | 5.8 | 7.4 | 2.4 | −50.1% |
| ARMOUR Residential REIT | $16.33 | +0.11% | $1.90B | 4.4 | 5.6 | 1.9 | −41.6% |
| Dynex Capital | $12.95 | +0.47% | $3.19B | 4.9 | 8.2 | 3.6 | — |
| Ellington Financial | $13.62 | +0.37% | $1.70B | 8.3 | 7.0 | 2.5 | +184.1% |
| Median | 5.6 | 7.2 | 2.5 | −41.6% |