Orchid Island Capital, Inc. — Form 8-K
Filed October 14, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 58/100
What the filing says
Orchid Island Capital announced a net loss of $0.90 per share for Q3 2026 (ended September 30), including $1.17/share in realized and unrealized losses on RMBS and derivatives. Book value per share declined to $6.02 from an implied $7.22 at June 30, 2026, producing a negative 12.5% quarterly total return on equity. The company maintained its $0.10 monthly dividend ($0.30 for the quarter), despite the loss. As of September 30, stockholders' equity was approximately $1.2 billion on 194.7 million shares outstanding. The RMBS portfolio totals $10.8 billion (99.89% pass-through, 96% whole-pool compliant), financed with $10.4 billion in repurchase agreements across 33 counterparties at ~4% rates.
Why this rating
Q3 loss of ~$174M ($0.90×194.7M shares) is ~15.7% of market cap; marks material deterioration in RMBS valuations and derivatives, but company remains solvent with positive equity and dividend coverage via REIT taxable income (distinct from GAAP loss). Significant but not transformational.
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