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Get filing alertsOrchid Island Capital declares $0.10/share June dividend, discloses $11.2B RMBS portfolio
Filed June 10, 2026 · Period ending June 9, 2026 · ~1 min read
Key Changes
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high
Company holds $11.2B in RMBS at 5.52% weighted average coupon with 9.5x leverage ($10.7B repo borrowings at 3.77%), creating significant interest rate and refinancing risk despite $9.8B in hedges.
Exhibit 99.1 view on EDGAR → -
high
Rate sensitivity models show portfolio would lose $18.4M if rates fall 50bp and $24.0M if rates rise 50bp, indicating vulnerability to rate movements in either direction.
Exhibit 99.1 view on EDGAR → -
medium
Board declared $0.10/share monthly dividend for June 2026, payable July 30 to June 30 holders, continuing the company's routine REIT distribution pattern.
Item 8.01 verify on EDGAR → -
medium
Outstanding shares increased 2.0% from 196.7M at March 31 to 200.7M at May 31, diluting existing holders through 4.0M share issuance.
Exhibit 99.1 view on EDGAR → -
low
Stockholders elected six directors (82.2%–93.7% support), ratified BDO as auditor (94.7%), approved say-on-pay (90.8%), and adopted annual say-on-pay frequency (93.5%).
Item 5.07 verify on EDGAR →
Summary
Orchid Island Capital disclosed its May 31, 2026 RMBS portfolio alongside a routine $0.10/share June dividend. The company holds $11.2 billion in residential mortgage-backed securities financed with $10.7 billion in short-term repo borrowings, producing leverage of approximately 9.5x—typical for mortgage REITs but creating substantial interest rate and refinancing exposure.
The portfolio carries a 5.52% weighted average coupon against 3.77% borrowing costs, with 73% concentrated in higher-coupon securities (5.5%–6.5%) that face prepayment risk if rates decline. Despite $9.8 billion in interest rate hedges, the company's own models show losses in both rising and falling rate scenarios: down $18.4 million if rates fall 50 basis points, down $24.0 million if rates rise 50 basis points.
The filing also disclosed a 2.0% increase in shares outstanding (from 196.7 million to 200.7 million over two months), diluting existing holders. At the annual meeting, stockholders approved routine governance matters including director elections, auditor ratification, and say-on-pay votes, all with healthy support levels. For mortgage REIT investors, the key watch is the portfolio's rate sensitivity and leverage profile: the company's returns depend on maintaining a positive spread between asset yields and borrowing costs, but the modeled losses in either rate direction indicate the hedges provide incomplete protection against yield curve shifts or spread widening.
Section-by-Section Diff
Event · Item 8.01 — Other Events
Item 8.01 — Other Events filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
the Board declared a dividend for the month of June 2026 of $0.10 per share of the Common Stock, to be paid on July 30, 2026 to holders of record on June 30, 2026, with an ex-dividend date of June 30, 2026
The Board declared a $0.10 per share dividend for June 2026, payable July 30 to shareholders of record as of June 30. This is a routine monthly distribution typical for mortgage REITs like Orchid Island Capital, which pass through income from their RMBS portfolios to shareholders.
Added in current filing · verify on EDGAR →
the Company announced certain details of its RMBS portfolio as of May 31, 2026, as well as certain other information regarding the Company
The company disclosed details of its residential mortgage-backed securities portfolio as of May 31, 2026, along with other company information. The specific portfolio metrics are contained in the attached press release (Exhibit 99.1), which provides investors with updated information on the company's asset composition and positioning.
Event · Exhibit 99.1
Orchid Island Capital declared a $0.10/share June 2026 dividend and disclosed May 31, 2026 RMBS portfolio characteristics.
Added in current filing · view on EDGAR →
The dividend of $0.10 per share will be paid July 30, 2026 to holders of record of the Company’s common stock on June 30, 2026, with an ex-dividend date of June 30, 2026.
The Board declared a monthly cash dividend of $0.10 per share for June 2026, payable July 30, 2026 to shareholders of record on June 30, 2026. The company plans to announce its next dividend on July 8, 2026. As a REIT, the company must distribute at least 90% of its REIT taxable income annually to maintain its tax status, though no minimum distribution level is guaranteed.
Added in current filing · view on EDGAR →
Total Mortgage Assets | $ 11,149,637 | $ 11,211,874 | 100.00 % | 5.52 % | 6.46 % | 18 | 33
As of May 31, 2026, the company held $11.21 billion in RMBS assets at fair value (on $11.15 billion current face), with a weighted average coupon of 5.52% and weighted average maturity of 338 months. The portfolio is 99.89% traditional pass-through RMBS and 0.11% structured RMBS. Higher-coupon securities (5.5%, 6.0%, 6.5%) comprise 73.1% of the portfolio, exposing the company to prepayment risk if rates decline.
Event · Item 5.07 — Submission of Matters to a Vote of Security Holders
Item 5.07 — Submission of Matters to a Vote of Security Holders filed; see Key Changes for terms.
Show 4 minor / wording changes
Added in current filing · verify on EDGAR →
Nominee for Director | For | Against | Abstain | Broker Non-Votes
Robert E. Cauley
64,347,162 | 3,500,798 | 836,761 | 61,745,081
George H. Haas, IV
56,464,468 | 11,378,588 | 841,665 | 61,745,081 | W Coleman Bitting | 62,764,466 | 5,081,547 | 838,708 | 61,745,081
Frank P. Filipps
62,324,898 | 5,537,467 | 822,356 | 61,745,081 | Paula Morabito | 63,355,225 | 4,514,128 | 815,368 | 61,745,081
Ava L. Parker
61,525,593 | 6,346,437 | 812,691 | 61,745,081
All six director nominees were elected to the Board. Support ranged from 82.2% to 93.7% of votes cast. George H. Haas, IV received the lowest support at 82.2% (56,464,468 for vs. 11,378,588 against), while Robert E. Cauley received the highest at 93.7% (64,347,162 for vs. 3,500,798 against). With 199,700,226 shares outstanding and entitled to vote, support ranged from 28.3% to 32.2% of total shares.
Added in current filing · verify on EDGAR →
For | Against | Abstain | Broker Non-Votes | 121,803,409 | 6,850,503 | 1,775,890 | N/A
Stockholders ratified the appointment of BDO USA, P.C. as the independent registered public accounting firm for 2026. The proposal passed with 94.7% support (121,803,409 for vs. 6,850,503 against), representing 61.0% of shares outstanding.
Added in current filing · verify on EDGAR →
For | Against | Abstain | Broker Non-Votes | 61,130,974 | 6,179,179 | 1,374,568 | 61,745,081
The advisory vote on named executive officer compensation was approved with 90.8% support (61,130,974 for vs. 6,179,179 against), representing 30.6% of shares outstanding. This is a routine, healthy outcome for a say-on-pay vote.
Added in current filing · verify on EDGAR →
1 Year | 2 Years | 3 Years | Abstain | 64,123,663 | 933,219 | 2,096,040
1,531,799 ... In view of these voting recommendations, the Board has determined that an advisory vote on named executive officer compensation will be submitted to stockholders every year until the next required advisory vote on the frequency of future advisory votes on named executive officer compensation.
Stockholders recommended annual say-on-pay votes, with 93.5% of votes cast favoring the one-year frequency (64,123,663 for one year vs. 933,219 for two years and 2,096,040 for three years). The Board adopted this recommendation and will submit say-on-pay votes annually.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 16, 2026 · How we verify