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Get filing alertsOrchid Island Capital reports Q2 net income of $89.2M, expands buyback by 25M shares
Filed July 23, 2026 · Period ending July 23, 2026 · ~1 min read
Key Changes
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Net income of $89.2M ($0.44/share) vs. $33.6M loss in Q2 2025, driven by $60.0M net interest income and $36.0M in realized/unrealized gains on RMBS and derivatives; book value rose $0.14 to $7.22/share.
Exhibit 99.1 view on EDGAR → -
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Declared and paid $0.30/share dividend for Q2 2026, down from $0.36/share in Q2 2025; combined with book value increase, produced 6.21% quarterly total return.
Exhibit 99.1 view on EDGAR → -
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Board authorized additional 25M shares for repurchase on June 22, bringing total authorization to 26.6M shares (13.3% of outstanding); repurchased 1.1M shares at $6.64 average in Q2.
Exhibit 99.1 view on EDGAR → -
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RMBS portfolio grew to $11.5B from $10.6B at year-end 2025, with 7.7:1 adjusted leverage and $776M liquidity (54% of equity); management sees available returns of 16.5%-17.0% on book value.
Exhibit 99.1 view on EDGAR →
Summary
Orchid Island Capital reported a strong second quarter, swinging to net income of $89.2 million ($0.44 per share) from a $33.6 million loss in the prior-year period. The turnaround reflects $60.0 million in net interest income and $36.0 million in net realized and unrealized gains on the company's RMBS and derivative portfolio.
Book value per share increased $0.14 to $7.22, and the company paid a $0.30 dividend, producing a 6.21% total return for the quarter. The Board expanded the stock repurchase authorization by 25 million shares, bringing the remaining capacity to 26.6 million shares (13.3% of outstanding). The company repurchased 1.1 million shares at an average price of $6.64 during the quarter.
Management characterized the market as "still quite attractive," citing a portfolio net interest spread just under 2% and available returns of approximately 16.5%-17.0% as a percentage of book value at current leverage levels of 7.3:1. The RMBS portfolio grew to $11.5 billion with strong liquidity of $776 million.
Section-by-Section Diff
Event · Exhibit 99.1
Orchid Island Capital reported Q2 2026 net income of $89.2M ($0.44/share), paid $0.30/share dividend, and expanded stock repurchase authorization by 25M shares.
Added in current filing · view on EDGAR →
Net income of $89.2 million, or $0.44 per common share, which consists of:
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Net interest income of $60.0 million, or $0.30 per common share
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Total expenses of $6.8 million, or $0.03 per common share
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Net realized and unrealized gains of $36.0 million, or $0.18 per common share, on RMBS and derivative instruments, including net interest income on interest rate swaps
Orchid Island Capital reported net income of $89.2 million ($0.44 per share) for Q2 2026, compared to a net loss of $33.6 million in Q2 2025. The quarter's results comprised $60.0 million in net interest income, $6.8 million in expenses, and $36.0 million in net realized and unrealized gains on RMBS and derivatives. Book value increased $0.14 per share to $7.22, producing a 6.21% total return for the quarter.
Added in current filing · view on EDGAR →
On June 22, 2026, the Board of Directors approved an increase in the number of shares of the Company’s common stock available in the stock repurchase program for up to an additional 25,000,000 shares, bringing the remaining authorization under the stock repurchase program to 26,612,580 shares, representing approximately 13.3% of the Company’s currently outstanding shares of common stock.
The Board authorized an additional 25 million shares for repurchase on June 22, 2026, bringing total remaining authorization to 26.6 million shares (13.3% of shares outstanding). During Q2 2026, the company repurchased 1.1 million shares at an average price of $6.64 per share for $7.3 million. Since program inception, 7.4 million shares have been repurchased at a weighted average price of $12.51 per share.
Added in current filing · view on EDGAR →
Total Mortgage Assets | $ 11,540,164 | 100.0 % | 5.52 % | 337 | 1-Jun-56
The RMBS portfolio grew to $11.5 billion at June 30, 2026, up from $10.6 billion at December 31, 2025, with a weighted average coupon of 5.52%. The adjusted leverage ratio was 7.7 to 1, with repurchase agreement borrowings of $11.1 billion at a weighted average rate of 3.77%. The company maintained strong liquidity of $776.0 million in cash and unpledged securities (54% of stockholders' equity).
Added in current filing · view on EDGAR →
At quarter-end, our portfolio net interest spread was just under 2% and with current leverage levels – our economic leverage ratio was 7.3 to 1 at quarter-end – returns available to us are approximately equal to our current dividend yield expressed as a percentage of book value per share - at approximately 16.5% to 17.0%. In short, the market is still quite attractive for investing in the sector.
CEO Robert Cauley stated the portfolio net interest spread was just under 2% at quarter-end, and with 7.3 to 1 economic leverage, available returns approximate 16.5% to 17.0% as a percentage of book value. He characterized the market as "still quite attractive for investing in the sector" given range-bound rates, low and stable interest rate volatility, and monetary policy expectations.
Event · Item 2.02 — Results of Operations and Financial Condition
Orchid Island Capital announced Q2 2026 results and posted supplemental financial information on its investor relations website.
Added in current filing · verify on EDGAR →
On July 23, 2026, Orchid Island Capital, Inc. (the “Company”) issued the press release attached hereto as Exhibit 99.1 announcing the Company’s results of operations for the three and six month periods ended June 30, 2026.
The company disclosed its financial results for the second quarter and first half of 2026. The actual financial figures are contained in the press release attached as Exhibit 99.1, which is not included in this 8-K body text.
Added in current filing · verify on EDGAR →
In addition, the Company posted supplemental financial information on the investor relations section of its website (https://ir.orchidislandcapital.com).
The company made additional financial information available on its investor relations website to supplement the earnings announcement. This provides investors with more detailed data beyond the press release.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 24, 2026 · How we verify