ORC

This article first appeared on GuruFocus. Release Date: August 07, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Bimini Capital Management Inc (BMNM) successfully closed the acquisition of Tom Johnson Investment Management, diversifying its asset management business beyond agency RMBS and enhancing earnings consistency. Advisory service revenues increased significantly to $6.8 million in Q2 2026, up from $3.8 million in Q2 2025, driven by the TJIM acquisition. The company funded the TJIM acquisition without incurring debt, using available cash and portfolio proceeds, and retained a portion of its investment portfolio. Bimini Capital Management Inc (BMNM) remains profitable and cash flow positive year-to-date, with expectations of continued profitability. Orchid Island Capital reported a strong economic return of 6.2% for the quarter, leading to a 3.4% increase in management fee revenue for Bimini. The company is proactively planning for the expiration of its NOLs by considering debt paydown and balance sheet transition, positioning for long-term sustainability. Market conditions for agency RMBS and risk assets were uneven, with volatility driven by geopolitical events (war with Iran) and Federal Reserve policy uncertainty. The investment portfolio market value declined significantly to $37.9 million as of June 30, 2026, from $120.8 million a year earlier, reducing income-generating assets. The company faces the imminent expiration of its NOLs, with most expected to be used or expired by end of 2028, leading to future tax liabilities. The acquisition of TJIM resulted in material non-cash tax accruals and transaction costs, which negatively impacted reported earnings for the quarter. Management acknowledged limited liquidity in the stock, with few sellers and a shareholder base that is reluctant to sell, making share buybacks and tender offers less effective. The company's reliance on Orchid Island Capital for a significant portion of its revenue creates concentration risk, and monetizing that management agreement is complicated by management conflicts. Warning! GuruFocus has detected 2 Warning Signs with BMNM. Is BMNM fairly valued? Test your thesis with our free DCF calculator. Q: As you look towards the NOL expiring in 2028, to what extent do you think about the advisory agreement with Orchid Island Capital (ORC)? It seems that asset management agreements have a much higher potential value than the termination fee, and maybe monetizing that ahead of expiration could be a value-maximizing move. A: Robert Colley, Chairman and CEO, explained that this is troublesome because with ORC, Bimini is not just an asset manager but the actual management team running day-to-day operations. Selling the management fee would likely result in him and Hunter becoming employees of Orchid, which would make it difficult to continue running Bimini. He noted that while it could provide a short-term windfall, he believes the business is worth more on a going-concern basis, and they are not far from utilizing the NOLs and becoming a taxpaying entity with significant earnings leverage. Q: Have you thought about being more aggressive in terms of tendering for shares or doing a forward-reverse split to cash some people out and get a stock price that more investors can buy, given the hidden value in the management agreement and earnings power? A: Robert Colley, Chairman and CEO, stated that they have taken the suggestion under advisement but are not rolling it out. He noted that share buybacks are difficult because there are not many sellers, as evidenced by their two previous tender offersthe first was fully subscribed, but the second was not even close. He added that most shareholders have held the stock for years, view it as a private equity investment, and are unwilling to sell at $2 or $3, especially as they near the point of cashing in on the NOL strategy. Q: Regarding the large tax accrual in the six-month period, is it fair to think that on a normalized basis, earnings are about $0.25 per share, considering the $0.11 tax drag and $0.09 of acquisition-related costs? A: Robert Colley, Chairman and CEO, agreed with the assessment, noting that the large tax accrual of $1.1 million is driven by a combination of the estimated utilization rate going forward and what was used year-to-date, all of which is non-cash. He added that when you normalize for the $1.5 million in transaction costs and mark-to-market adjustments, the remaining picture gives a pretty decent representation of the company's ongoing earnings power. Q: As you look at your AUM growth at Tom Johnson Investment Management, how much of it is market versus organic flow? A: Richard Perry (Trades, Portfolio), President and CIO of TJIM, stated that on the direct business side, they have more control and expect that to continue growing. On the platform side, growth relies on what consultants want to do in terms of asset allocation. He noted that their performance creates stability and potential asset growth, but they must ensure their products meet the consultants' standards in the categories they operate in. Q: Given the NOL expiration timeline, could a large cash pile from monetizing the ORC agreement facilitate M&A in the asset management space, potentially transforming the company? A: Robert Colley, Chairman and CEO, acknowledged that while a short-term gain could use up more of the NOL, he believes the business is worth more on a going-concern basis. He emphasized that they generate a lot of cash flow, and with the small share count, there is significant earnings leverage as they continue to grow Orchid. He also noted that in the not-too-distant future, after the NOLs are utilized and the balance sheet transitions, it opens the door to many different transformative opportunities, but they need to get through the current phase first. Q: Can you provide an overview of Tom Johnson Investment Management's business, including its history, products, and current positioning? A: Richard Perry (Trades, Portfolio), President and CIO of TJIM, provided an overview, noting the firm was founded in 1983 and now manages approximately $1.7 billion in assets. The firm offers two equity portfolios and four fixed income portfolios, with about 38% of the business from direct clients and 62% through platforms. Currently, about 33% of assets are in equities and 67% in fixed income. He described the firm as very conservative, with equity valuations around 14 times earnings versus the market's 20-plus times, and a fixed income structure slightly less than benchmarks in duration, currently focused more on treasuries relative to corporates. Q: Will you be attending the Impact conference this year, given your presence on the Schwab model marketplace? A: Richard Perry (Trades, Portfolio), President and CIO of TJIM, was unsure about Impact specifically but confirmed they are in the InvestNet and attend LPL conferences. He noted they have been to Impact in the past but would need to check with staff on this year's attendance. Q: Given the potential for increasing funding costs if the Fed raises rates, what is your strategy regarding the trust preferred debt? A: Robert Colley, Chairman and CEO, stated that given the market outlook and the possibility of rising funding costs, they may start to pay down their trust preferred debt with available cash. This process would operate like growing an income-producing asset base, but by decreasing interest expense rather than increasing interest income. It will also facilitate the transition of their balance sheet, especially since the trust preferred debt matures in 2035. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was shaped by a hawkish transition in Federal Reserve leadership, with new Chairman Kevin Warsh prioritizing inflation reduction, which flattened the yield curve. Management shifted the portfolio profile slightly down in coupon to 5.5% to capitalize on weak specified pool performance and lower absolute pay-ups. The portfolio remains exclusively concentrated in 30-year fixed-rate mortgages, specifically in the 5s, 5.5s, and 6s coupons nearest to par. Economic funding costs increased by 5 basis points, while the portfolio yield saw a marginal 1 basis point decline, resulting in a 6 basis point net interest spread contraction. Prepayment speeds slowed to 10.9% from 14.7% in the prior quarter as higher mortgage rates neutralized typical seasonal increases in refinancing activity. The company maintained a defensive posture with high liquidity at 53.7% and reduced economic leverage to 7.3:1 by quarter-end. Management anticipates further curve flattening and mortgage cheapening driven by ongoing geopolitical uncertainty and potential Fed rate hikes. The current dividend yield of approximately 16.8% on average book value is viewed as sustainable as it aligns closely with the portfolio's GAAP earnings power. Hedge coverage was significantly increased to 91% of repo funding to mitigate anticipated 'leakage' from rising short-term rates. Future capital deployment is contingent on stock price recovery, with management identifying the 5% to 6.5% coupon range as most attractive if spreads continue to widen. Book value experienced significant intra-quarter volatility, declining an estimated 4.3% (including dividend accrual) from quarter-end through late July. The expense ratio spiked to 2% due to a one-time, non-cash compensation award of shares to management for prior success in reducing operating leverage. Swap spreads have recently turned more negative, which management noted can negatively impact the performance of swaps as effective hedges. The company exited its remaining 15-year mortgage exposure, moving entirely into 30-year instruments to streamline the portfolio profile. Management flagged 'unacceptable' long-term inflation trends as a primary driver for the Fed's likely hawkish trajectory under new leadership. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management expects the economic cost of funds to remain stable despite rate hikes due to 91% hedge coverage, similar to the 2023 cycle. Some 'leakage' is possible since coverage is not 100%, but the ultimate dividend impact depends on whether asset yields drift higher to offset funding costs. Current ROEs are moving higher into the 16% to 17% range, but management is unlikely to raise capital while the stock trades significantly below book value. If the opportunity arises, they believe mortgages are becoming more attractive as they 'cheapen' amid market uncertainty. The recent increase in the expense ratio is a 'one-off' event related to share-based bonuses and is not expected to be repeated. Management expects the expense ratio to trend back toward 1.7% as the management fee on new capital is capped at 100 basis points.

This article first appeared on GuruFocus. Earnings Per Share (EPS): $0.44 in Q2, compared to a loss of $0.11 in Q1. Book Value: $7.22 at the end of Q2, up from $7.08 at the start of the quarter. Total Returns: 6.2% in Q2, compared to negative 1.3% in Q1. Dividend: $0.30 in Q2, reduced from $0.36 in Q1. Average Portfolio Size: $11.4 billion in Q2, up from approximately $11 billion in Q1. Economic Leverage Ratio: 7.3 to 1 at the end of Q2, compared to 7.9 to 1 at the end of Q1. Prepayment Speeds: 10.9% in Q2, down from 14.7% in Q1. Liquidity: 53.7% at the end of Q2, slightly down from 54.5% at the end of Q1. Net Interest Spread: Declined by 6 basis points in Q2. Swap Notional Balance: Increased from $7.9 billion to $10.1 billion in Q2. Book Value Change: Down 2.1% as of last Friday, and down 4.3% as of last night, including dividend accrual. Warning! GuruFocus has detected 2 Warning Sign with ORC. Is ORC fairly valued? Test your thesis with our free DCF calculator. Release Date: July 24, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Orchid Island Capital Inc (NYSE:ORC) reported earnings of $0.44 per share in Q2, a significant improvement from a loss of $0.11 in Q1. The company's book value increased to $7.22 at the end of Q2 from $7.08 at the start of the quarter. Total returns for the quarter were 6.2%, a notable recovery from the negative 1.3% in the previous quarter. The economic leverage ratio decreased to 7.3 to 1 from 7.9 to 1, indicating improved financial stability. The company successfully adjusted its hedge positions, increasing swap positions to better align with the portfolio. The dividend was reduced from $0.36 in Q1 to $0.30 in Q2, reflecting a cautious approach to capital distribution. Liquidity slightly decreased to 53.7% from 54.5% at the end of Q1, indicating a minor decline in cash reserves. Prepayment speeds slowed to 10.9% from 14.7% in Q1, which could impact future cash flows. The market environment remains uncertain due to geopolitical tensions and potential rate hikes, affecting future strategy. The company's stock is trading below book value, limiting its ability to raise capital in the near term. Q: Can you discuss how the economic cost of funds might trend in the coming quarters if rate hikes occur, and how this might affect the dividend? A: Robert Cauley, CEO, explained that with a 91% hedge coverage, the economic cost of funds should remain stable, similar to 2023 levels, providing protection against increased funding levels. However, if the portfolio grows, more hedges would be needed, potentially increasing the average pay fixed rate. The impact on the dividend depends on asset yield movements, with some potential for compression due to the 91% hedge coverage. Q: How do you view incremental returns relative to the required return for the dividend? A: Robert Cauley noted that incremental returns are likely moving higher due to ongoing market forces. The 10-year treasury breaking support levels and increased market uncertainty, partly due to the war, suggest a move to higher rates and cheaper mortgages. Raising capital might be more attractive in the future when mortgages are cheaper, but current uncertainty makes precise predictions difficult. Q: Where do you see the most attractive areas within the coupon stack for incremental deployment, and what are the current ROEs? A: Robert Cauley indicated that ROEs are moving higher, potentially reaching 16-17%. Higher coupons may become more attractive as rates rise, with the 5% coupon recently suffering the most. The 5% to 6.5% range could be attractive once market conditions stabilize, with ROEs possibly increasing by another percent. Q: How would a flattening curve affect your hedging strategy and the dividend? A: Robert Cauley stated that a flattening curve would impact the 70% hedge on funding costs, but the dividend's future also depends on asset side developments. Mortgages are expected to cheapen, and while some spread compression is possible, dramatic decreases in the dividend are not anticipated. Q: Can you explain the increase in expenses and the potential for positive operating leverage? A: Robert Cauley attributed the expense increase to one-off share-based compensation awards for management and staff, which are not expected to recur. The expense ratio is expected to trend down as the company grows, with management fees asymptotic to 1%. The recent expense increase was due to exceptional performance rewards, and future expense ratios should decrease. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Orchid Island Capital, Inc.? Here are five stocks we like better. Orchid Island Capital swung to a profit in Q2 2026, reporting earnings of $0.44 per share versus a loss in Q1, while book value edged up to $7.22 per share and total return improved to 6.2% from -1.3%. The company boosted hedging aggressively, increasing hedge coverage to 91% of repo funding from 72% last quarter as it added swaps and other rate protection amid rising interest-rate uncertainty. Management said the portfolio was only modestly adjusted, shifting toward lower-coupon 30-year securities, but book value has fallen after quarter-end and leverage has risen, leaving future dividend and returns sensitive to funding costs and mortgage-market volatility. Oracle Is One Step From Junk—Can It Afford the AI Boom? Orchid Island Capital (NYSE:ORC) reported second-quarter 2026 earnings of $0.44 per share, compared with a loss of $0.11 per share in the first quarter, as book value and total return improved during the period. Controller Jerry Sintes said book value rose to $7.22 per share at June 30 from $7.08 at the end of the prior quarter. Total return was 6.2% in the second quarter, reversing a negative 1.3% total return in the first quarter. The company paid a quarterly dividend of $0.30 per share, down from $0.36 in the first quarter. → Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Bank Earnings Are Roaring, But Wall Street Isn't Ready to Celebrate The company’s average investment portfolio was $11.4 billion during the quarter, up slightly from roughly $11 billion at the end of the first quarter. Its economic leverage ratio declined to 7.3-to-1 from 7.9-to-1, while liquidity was 53.7%, compared with 54.5% at the end of March. Prepayment speeds slowed to 10.9% from 14.7% in the first quarter. Chairman and Chief Executive Officer Robert Cauley said Orchid made limited changes to its portfolio during the quarter and was not actively raising significant new capital. The company increased its share count by about 1.5%, he said. → GE Vernova Just Sent a Mixed AI Signal to Investors 5 Tech Stocks to Buy on the July Pullback Orchid’s portfolio is now composed entirely of 30-year securities and is concentrated in mortgage coupons closest to par, including 5%, 5.5% and 6% coupons. Cauley said the largest concentration was in 5.5% securities. The company moved its portfolio modestly toward lower coupons, citing weaker recent performance from specified pools and low refinancing activity. Cauley said the shift offered lower absolute dollar prices and payups, as well as potential upside should rates decline. → D-Wave Quantum or a Quantum ETF: Which Is the Better Bet? The repositioning reduced the portfolio’s average coupon by about 6 basis points. Orchid’s economic net interest spread narrowed by the same amount, reflecting a 1-basis-point decline in portfolio yield to 5.74% and a 5-basis-point increase in economic funding cost. “Not a lot changed,” Cauley said of the quarter’s portfolio activity, characterizing the moves as fine-tuning rather than a major repositioning. Orchid expanded its hedge positions during the quarter, adding five-year and 10-year interest-rate swaps. The company’s hedge coverage rose to 91% of repo funding at the end of the second quarter, from 72% at the end of the first quarter. Swap notional increased to about $10.1 billion from approximately $7.9 billion. Swaps covered 70% of repo funding, compared with 65% in the prior quarter. The weighted average fixed-pay rate on swaps was 3.61%, up modestly as Orchid added hedges in a higher-rate environment. Cauley said the company also increased short TBA positions and added a swaption position, using long and short positions to reduce the net premium cost. He said the portfolio’s rate-shock sensitivity was “very flat,” though the company may need to make further adjustments during the remainder of the third quarter as market conditions evolve. In response to an analyst question, Cauley said the elevated hedge coverage should provide substantial protection if short-term funding rates rise. However, because the company is not fully hedged, some increase in funding costs could still affect economic returns and, potentially, the dividend depending on asset yields. Cauley said market developments following the quarter had increased uncertainty around interest rates, the economy and Federal Reserve policy. He pointed to a flatter yield curve, more negative swap spreads and heightened uncertainty related to the war in the Middle East. He said mortgage volatility had risen following a spike around February, although the MOVE Index remained within the high end of its range since March as of the prior day’s close. Cauley also said refinancing activity remained “extremely subdued,” with mortgage rates estimated in the neighborhood of 6.75% late in the prior day’s trading. Funding conditions had been favorable in recent months, with repo spreads in the high-single-digit to low-double-digit range over SOFR, according to Cauley. He said increased Treasury bill issuance and a slight decline in money-market assets under management had recently caused funding levels to drift somewhat higher, though he did not see an ominous development. Management expects rates and mortgage-market volatility to remain important factors. Cauley said mortgages had cheapened during the week of the call and that prospective returns were rising. He estimated that returns on equity available in the market had been in the 16% to 17% range and could move higher if mortgage securities continued to cheapen. Cauley said Orchid’s leverage had increased to about 7.73-to-1 as of the prior night, from 7.3-to-1 at quarter-end, as book value moved and mortgage durations extended. He said the company would look to address the increase but did not provide specific plans. He also provided an update on post-quarter book value. As of the prior Friday, book value was down 2.1% including dividend accrual and down 0.7% excluding dividend accrual. As of the prior night, book value was down 4.3% including dividend accrual and down 2.9% excluding it. Despite the market volatility, Cauley said the portfolio’s yield remained closely aligned with the dividend. Using average second-quarter book value, he calculated a book-value dividend yield of about 16.8%, compared with portfolio earnings under GAAP measures of about 16.7%. On expenses, Cauley said the company’s roughly 2% expense ratio had increased partly because management and staff received stock-based awards for reducing the expense ratio over prior years. He described the awards as a one-time event and said he expected the expense ratio to trend back toward approximately 1.7% as the company grows. Orchid Island Capital is a real estate investment trust that specializes in investing in residential mortgage‐backed securities (RMBS), with a primary focus on mortgage pass‐through securities guaranteed by the Government National Mortgage Association (Ginnie Mae). Structured to elect and maintain status as a REIT under the U.S. Internal Revenue Code, the company's principal business strategy involves acquiring pools of U.S. residential mortgages in the secondary market and holding them to generate interest income. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Orchid Island Capital Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

VERO BEACH, Fla., July 24, 2026 (GLOBE NEWSWIRE) -- Bimini Capital Management, Inc. (OTCQX:BMNM) ("Bimini" or the "Company"), today announced that it will release results for the second quarter of 2026 following the close of trading on Thursday, August 6, 2026. Earnings Conference Call Details An earnings conference call and live audio webcast will be hosted Friday, August 7, 2026, at 10:00 AM ET. Participants can register and receive dial-in information at https://register-conf.media-server.com/register/BI956f0f961ba14fccbe24002f55b3cc24. A live audio webcast of the conference call can be accessed at https://edge.media-server.com/mmc/p/ooynthfk or via the investor relations section of the Company's website at https://ir.biminicapital.com. An audio archive of the webcast will be available for 30 days after the call. About Bimini Capital Management, Inc. Bimini Capital Management, Inc. is an asset manager that invests primarily in residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). Through our wholly-owned subsidiary, Bimini Advisors Holdings, LLC ("Bimini Advisors"), we serve as the external manager of Orchid Island Capital, Inc. ("Orchid"). Orchid is a publicly-traded real estate investment trust (NYSE: ORC). Orchid is managed to earn returns on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows. As Orchid’s external manager, Bimini Advisors receives management fees and expense reimbursements for managing Orchid's investment portfolio and day-to-day operations. Pursuant to the terms of the management agreement, Bimini Advisors provides Orchid with its management team, including its officers, along with appropriate support personnel. Bimini Advisors is at all times subject to the supervision and oversight of Orchid's board of directors and has only such functions and authority as are delegated to it. We also manage the portfolio of our wholly-owned subsidiary, Royal Palm Capital, LLC (“Royal Palm”). Royal Palm is managed with an investment strategy similar to that of Orchid. Bimini Capital Management, Inc. and its subsidiaries are headquartered in Vero Beach, Florida. CONTACT: CONTACT: Bimini Capital Management, Inc. Robert E. Cauley, 772-231-1400 Chairman and Chief Executive Officer https://ir.biminicapital.com

VERO BEACH, Fla., July 23, 2026 (GLOBE NEWSWIRE) -- Orchid Island Capital, Inc. (NYSE: ORC) ("Orchid” or the "Company"), a real estate investment trust ("REIT"), today announced results of operations for the three month period ended June 30, 2026. Second Quarter 2026 Results Net income of $89.2 million, or $0.44 per common share, which consists of: Net interest income of $60.0 million, or $0.30 per common share Total expenses of $6.8 million, or $0.03 per common share 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 Second quarter dividends declared and paid of $0.30 per common share Book value per common share of $7.22 at June 30, 2026 Total return of 6.21%, comprised of $0.30 dividend per common share and $0.14 increase in book value per common share, divided by beginning book value per common share Other Financial Highlights Orchid maintained a strong liquidity position of $776.0 million in cash and cash equivalents and unpledged securities, or approximately 54% of stockholders' equity as of June 30, 2026 Borrowing capacity in excess of June 30, 2026 outstanding repurchase agreement balances of $11.1 billion, spread across 33 active lenders Company to discuss results on Friday, July 24, 2026, at 10:00 AM ET Supplemental materials to be discussed on the call can be downloaded from the investor relations section of the Company’s website at https://ir.orchidislandcapital.com Management Commentary Commenting on the second quarter of 2026 results, Robert E. Cauley, Chairman and Chief Executive Officer, said, “The first quarter of 2026 ended with the outbreak of war in the Middle East as the markets’ primary focus. Prior to the war in the Middle East, risk assets, including Agency RMBS, had performed very well as interest rates were stable and rate volatility was low and declining.  The war in the Middle East briefly changed this, but, in early April of 2026, a ceasefire was announced between the parties and risk assets rallied back, including Agency RMBS.  For equities, like the S&P 500 Index (the “Index”), the recovery resulted in the Index exceeding pre-war levels substantially. On June 6, 2026, the Index reached an all-time high of just over 7,600 as compared to readings below 7,000 prior to the war in the Middle East.  For Agency RMBS, the recovery was far less. The inflationary stimuli from the war in the Middle East in addition to the disruption in the supply of oil and other critical commodities, coupled with an inflation level that has been well above 2% for over five years, led interest rates to increase, market pricing of the Federal Reserve’s (the “Fed”) monetary policy to pivot from potential eases on the horizon to hikes, and the curve to flatten considerably. On May 22, 2026, Kevin Warsh became the new Chairman of the Fed and, at his first press conference, he announced his strong desire to bring inflation back in line as quickly as possible. The current coupon Agency RMBS spread to the 10-year swap, a proxy for levered investing in the sector, had widened to just over 160 basis points in late March of 2026 before rallying to approximately 130 basis points in mid-April of 2026.  However, the markets’ reaction to the new Fed Chairman and the inflation outlook led mortgage spreads to widen. They have since settled into a range between 135 basis points and 145 basis points. Interest rate volatility has fallen into a low range since the ceasefire was announced, with the MOVE index readings generally between 65 basis points and 75 basis points since early April of 2026. “Orchid generated a 6.21% return for the second quarter of 2026, unannualized.  Our outstanding shares grew quite modestly, by approximately 1.5%, and our average Agency RMBS portfolio increased by approximately $0.45 billion for the second quarter of 2026. 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.  Given the current macro market backdrop, with rates still range bound, interest rate volatility low and stable, and monetary policy not likely to become too restrictive based on current market pricing, we are very constructive on our sector and potential returns going forward.” Details of Second Quarter 2026 Results of Operations The Company reported net income of $89.2 million for the three month period ended June 30, 2026, compared with a net loss of $33.6 million for the three month period ended June 30, 2025. Interest income on the portfolio in the second quarter was up approximately $6.3 million from the first quarter of 2026. The yield on our average Agency RMBS decreased slightly from 5.75% in the first quarter of 2026 to 5.74% for the second quarter of 2026, and our repurchase agreement borrowing costs decreased from 3.84% for the first quarter of 2026 to 3.80% for the second quarter of 2026. Book value increased by $0.14 per share in the second quarter of 2026. The increase in book value reflects our net income of $0.44 per share and the dividend distribution of $0.30 per share. The Company recorded net realized and unrealized gains of $36.0 million on Agency RMBS assets and derivative instruments, including net interest income on interest rate swaps. Prepayments For the quarter ended June 30, 2026, Orchid received $863.5 million in scheduled and unscheduled principal repayments and prepayments, which equated to a 3-month constant prepayment rate (“CPR”) of approximately 10.9%. Prepayment rates on the two RMBS sub-portfolios were as follows (in CPR): Portfolio The following tables summarize certain characteristics of Orchid’s PT RMBS (as defined below) and structured RMBS as of June 30, 2026 and December 31, 2025: As of June 30, 2026, the Company's portfolio had an effective duration of 3.180, indicating that an interest rate increase of 1.0% would be expected to cause a 3.180% decrease in the value of the RMBS in the Company’s investment portfolio. As of December 31, 2025, the Company's portfolio had an effective duration of 2.513, indicating that an interest rate increase of 1.0% would be expected to cause a 2.513% decrease in the value of the RMBS in the Company’s investment portfolio. Financing, Leverage and Liquidity As of June 30, 2026, the Company had outstanding repurchase obligations of approximately $11.1 billion with a net weighted average borrowing rate of 3.77%. These agreements were collateralized by RMBS with a fair value, including accrued interest, of approximately $11.5 billion and cash pledged to counterparties of approximately $111.5 million. The Company’s adjusted leverage ratio, defined as the balance of repurchase agreement liabilities divided by stockholders' equity, at June 30, 2026 was 7.7 to 1. At June 30, 2026, the Company’s liquidity was approximately $776.0 million consisting of cash and cash equivalents and unpledged securities. Below is a list of our outstanding borrowings under repurchase obligations at June 30, 2026. Hedging In connection with its interest rate risk management strategy, the Company economically hedges a portion of the cost of its repurchase agreement funding against a rise in interest rates by entering into derivative financial instrument contracts. The Company has not elected hedging treatment under U.S. generally accepted accounting principles (“GAAP”) in order to align the accounting treatment of its derivative instruments with the treatment of its portfolio assets under the fair value option election. As such, all gains or losses on these instruments are reflected in earnings for all periods presented. At June 30, 2026, such instruments were comprised of U.S. Treasury note (“T-Note”) and Secured Overnight Financing Rate ("SOFR") futures contracts, interest rate swap agreements, interest rate swaptions and contracts to sell to-be-announced ("TBA") securities. The table below presents information related to the Company’s T-Note and SOFR futures contracts at June 30, 2026. The table below presents information related to the Company’s interest rate swap positions at June 30, 2026. The table below presents information related to the Company’s interest rate swaption positions at June 30, 2026. The following table summarizes our contracts to sell TBA securities as of June 30, 2026. Dividends In addition to other requirements that must be satisfied to qualify as a REIT, we must pay annual dividends to our stockholders of at least 90% of our REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gains. We intend to pay regular monthly dividends to our stockholders and have declared the following dividends since our February 2013 IPO. Book Value Per Share The Company's book value per share at June 30, 2026 was $7.22. The Company computes book value per share by dividing total stockholders' equity by the total number of shares outstanding of the Company's common stock. At June 30, 2026, the Company's stockholders' equity was $1,441.3 million with 199,603,438 shares of common stock outstanding. Stock Offerings On June 11, 2024, we entered into an equity distribution agreement (the “June 2024 Equity Distribution Agreement”) with three sales agents pursuant to which we could offer and sell, from time to time, up to an aggregate amount of $250,000,000 of gross proceeds from the sales of shares of our common stock in transactions that were deemed to be “at the market” offerings and privately negotiated transactions. We issued a total of 30,513,253 shares under the June 2024 Equity Distribution Agreement for aggregate gross proceeds of approximately $250.0 million and net proceeds of approximately $245.8 million, after commissions and fees, prior to its termination in February 2025. On February 24, 2025, we entered into an equity distribution agreement (the “February 2025 Equity Distribution Agreement”) with four sales agents pursuant to which we could offer and sell, from time to time, up to an aggregate amount of $350,000,000 of gross proceeds from the sales of shares of our common stock in transactions that were deemed to be “at the market” offerings and privately negotiated transactions. On July 28, 2025, the February 2025 Equity Distribution Agreement was amended to increase the aggregate amount of gross proceeds from the sales of shares that may be offered by $150,000,000 to a total of $500,000,000. We issued a total of 59,492,504 shares under the February 2025 Equity Distribution Agreement for aggregate gross proceeds of approximately $445.1 million and net proceeds of approximately $438.0 million, after commissions and fees, prior to its termination in October 2025. On October 27, 2025, we entered into an equity distribution agreement (the “October 2025 Equity Distribution Agreement”) with four sales agents pursuant to which we may offer and sell, from time to time, up to an aggregate amount of $500,000,000 of gross proceeds from the sales of shares of our common stock in transactions that are deemed to be “at the market” offerings and privately negotiated transactions. From inception through June 30, 2026, we issued a total of 48,824,644 shares under the October 2025 Equity Distribution Agreement for aggregate gross proceeds of approximately $360.9 million, and net proceeds of approximately $355.2 million, after commissions and fees. For the six months ended June 30, 2026, we issued a total of 18,558,681 shares under the October 2025 Equity Distribution Agreement for aggregate gross proceeds of approximately $137.7 million, and net proceeds of approximately $135.5 million, after commissions and fees. Stock Repurchase Program On July 29, 2015, the Company’s Board of Directors authorized the repurchase of up to 400,000 shares of our common stock. The timing, manner, price and amount of any repurchases is determined by the Company in its discretion and is subject to economic and market conditions, stock price, applicable legal requirements and other factors. The authorization does not obligate the Company to acquire any particular amount of common stock and the program may be suspended or discontinued at the Company’s discretion without prior notice. On February 8, 2018, the Board of Directors approved an increase in the stock repurchase program for up to an additional 904,564 shares of the Company’s common stock. Coupled with the 156,751 shares remaining from the original 400,000 share authorization, the increased authorization brought the total authorization to 1,061,316 shares, representing 10% of the Company’s then outstanding share count. On December 9, 2021, 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 3,372,399 shares, bringing the remaining authorization under the stock repurchase program to 3,539,861 shares, representing approximately 10% of the Company’s then outstanding shares of common stock. On October 12, 2022, 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 4,300,000 shares, bringing the remaining authorization under the stock repurchase program to 6,183,601 shares, representing approximately 18% of the Company’s then outstanding shares of common stock. 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. This stock repurchase program has no termination date. From the inception of the stock repurchase program through June 30, 2026, the Company repurchased a total of 7,364,383 shares at an aggregate cost of approximately $92.1 million, including commissions and fees, for a weighted average price of $12.51 per share. During the three and six months ended June 30, 2026, the Company repurchased a total of 1,106,557 shares at an aggregate cost of approximately $7.3 million including commissions and fees, for a weighted average price of $6.64 per share. The remaining authorization under the stock repurchase program as of July 23, 2026 was 26,612,580 shares. Earnings Conference Call Details An earnings conference call and live audio webcast will be hosted Friday, July 24, 2026, at 10:00 AM ET. Participants can register and receive dial-in information at https://register-conf.media-server.com/register/BI7e94d25a560c4b439fdf9e7e29c16057. A live audio webcast of the conference call can be accessed at https://edge.media-server.com/mmc/p/rk8nj4py or via the investor relations section of the Company's website at https://ir.orchidislandcapital.com. An audio archive of the webcast will be available for 30 days after the call. About Orchid Island Capital, Inc. Orchid Island Capital, Inc. is a specialty finance company that invests on a leveraged basis in Agency RMBS. Our investment strategy focuses on, and our portfolio consists of, two categories of Agency RMBS: (i) traditional pass-through Agency RMBS, such as mortgage pass-through certificates, and CMOs issued by the GSEs, and (ii) structured Agency RMBS, such as IOs, IIOs and principal only securities, among other types of structured Agency RMBS. Orchid is managed by Bimini Advisors, LLC, a registered investment adviser with the Securities and Exchange Commission. Forward Looking Statements Statements herein relating to matters that are not historical facts, including, but not limited to statements regarding interest rates, inflation, liquidity, pledging of our structured RMBS, funding levels and spreads, prepayment speeds, portfolio composition, positioning and repositioning, hedging levels, leverage ratio, dividends, investment and return opportunities, the supply and demand for Agency RMBS and the performance of the Agency RMBS sector generally, the effect of actual or expected actions of the U.S. government, including the Fed, market expectations, capital raising, future opportunities and prospects of the Company, the stock repurchase program, geopolitical uncertainty and general economic conditions (including the effects of artificial intelligence, wars, tariffs, trade wars, inflation, the U.S. deficit, and the strength of the U.S. dollar), are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned that such forward-looking statements are based on information available at the time and on management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in such forward-looking statements. Important factors that could cause such differences are described in Orchid Island Capital, Inc.'s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Orchid Island Capital, Inc. assumes no obligation to update forward-looking statements to reflect subsequent results, changes in assumptions or changes in other factors affecting forward-looking statements. CONTACT:Orchid Island Capital, Inc.Robert E. CauleyChairman and Chief Executive Officer772-231-1400https://ir.orchidislandcapital.com Summarized Financial Statements The following is a summarized presentation of the unaudited balance sheets as of June 30, 2026, and December 31, 2025, and the unaudited quarterly statements of operations for the six and three months ended June 30, 2026 and 2025. Amounts presented are subject to change.

Estimated Book Value Per Share as of June 30, 2026 of $7.22 Estimated GAAP net income of $0.44 per share for the quarter ended June 30, 2026 including an estimated $0.18 per share of net realized and unrealized gains on RMBS and derivative instruments Estimated 6.2% total return on equity for the quarter ended June 30, 2026 Estimated book value, net income and total return on equity amounts are preliminary, subject to change, and subject to review by the Company’s independent registered public accounting firm RMBS Portfolio Characteristics as of June 30, 2026 Vero Beach, Fla., July 13, 2026 (GLOBE NEWSWIRE) -- Orchid Island Capital, Inc. (the “Company”) (NYSE: ORC) announced today its estimated second quarter of 2026 results and portfolio characteristics as of June 30, 2026. Shares Outstanding As of July 13, 2026 and June 30, 2026, the Company had 199,603,438 shares of common stock outstanding. As of March 31, 2026, the Company had 196,700,226 shares of common stock outstanding. Estimated June 30, 2026 Book Value Per Share The Company’s estimated book value per share as of June 30, 2026 was $7.22.  The Company computes book value per share by dividing total stockholders' equity by the total number of outstanding shares of common stock. At June 30, 2026, the Company's preliminary estimated total stockholders' equity was approximately $1.4 billion with 199,603,438 shares of common stock outstanding. These figures and the resulting estimated book value per share are preliminary, subject to change, and subject to review by the Company’s independent registered public accounting firm. Estimated Net Income Per Share and Realized and Unrealized Gains on RMBS and Derivative Instruments The Company estimates it generated net income per share of $0.44 for the quarter ended June 30, 2026, which includes an estimated $0.18 per share of net realized and unrealized gains on RMBS and derivative instruments. These amounts compare to total dividends declared during the quarter of $0.30 per share. Net income per common share calculated under generally accepted accounting principles can, and does, differ from our real estate investment trust ("REIT") taxable income.  The Company views REIT taxable income as a better indication of income to be paid in the form of a dividend rather than net income. Many components of REIT taxable income can only be estimated at this time and our monthly dividends declared are based on both estimates of REIT taxable income to be earned over the course of the current quarter and calendar year and a longer-term estimate of the REIT taxable income of the Company. These figures are preliminary, subject to change, and subject to review by the Company’s independent registered public accounting firm. Estimated Total Return on Equity The Company’s estimated total return on equity for the quarter ended June 30, 2026 was 6.2%. The Company calculates total return on equity as the sum of dividends declared and paid during the quarter plus changes in book value during the quarter, divided by the Company’s stockholders’ equity at the beginning of the quarter. The total return was $0.44 per share, comprised of dividends per share of $0.30 and an increase in book value per share of $0.14 from June 30, 2026. RMBS Portfolio Characteristics Details of the RMBS portfolio as of June 30, 2026 are presented below. These figures are preliminary and subject to change and, with respect to figures that will appear in the Company’s financial statements and associated footnotes as of and for the quarter ended June 30, 2026, are subject to review by the Company’s independent registered public accounting firm: RMBS Valuation Characteristics RMBS Assets by Agency Investment Company Act of 1940 (Whole Pool) Test Results Repurchase Agreement Exposure by Counterparty RMBS Risk Measures About Orchid Island Capital, Inc. Orchid Island Capital, Inc. is a specialty finance company that invests on a leveraged basis in Agency RMBS. Our investment strategy focuses on, and our portfolio consists of, two categories of Agency RMBS: (i) traditional pass-through Agency RMBS, such as mortgage pass-through certificates and collateralized mortgage obligations issued by Fannie Mae, Freddie Mac or Ginnie Mae, and (ii) structured Agency RMBS. The Company is managed by Bimini Advisors, LLC, a registered investment adviser with the Securities and Exchange Commission. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon Orchid Island Capital, Inc.’s present expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Contact: Orchid Island Capital, Inc.Robert E. Cauley3305 Flamingo Drive, Vero Beach, Florida 32963Telephone: (772) 231-1400

July 2026 Monthly Dividend of $0.10 Per Share of Common Stock Estimated Second Quarter 2026 Results and RMBS Portfolio Characteristics as of June 30, 2026 to be Released July 13, 2026 Six Months Ended June 30, 2026 and Second Quarter 2026 Results to be Released July 23, 2026 VERO BEACH, Fla., July 08, 2026 (GLOBE NEWSWIRE) -- Orchid Island Capital, Inc. (the “Company”) (NYSE: ORC) announced today that the Board of Directors of the Company declared a monthly cash dividend for the month of July 2026. The dividend of $0.10 per share will be paid August 28, 2026, to holders of record of the Company’s common stock on July 31, 2026, with an ex-dividend date of July 31, 2026. The Company plans on announcing its next common stock dividend on August 12, 2026. The Company intends to make regular monthly cash distributions to its holders of common stock. In order to qualify as a real estate investment trust (“REIT”), the Company must distribute annually to its stockholders an amount at least equal to 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gain. The Company will be subject to income tax on taxable income that is not distributed and to an excise tax to the extent that a certain percentage of its taxable income is not distributed by specified dates. The Company has not established a minimum distribution payment level and is not assured of its ability to make distributions to stockholders in the future. The estimated results for the second quarter of 2026, consisting of estimated book value per share, estimated GAAP net income per share (including estimated net realized and unrealized gains on RMBS and derivative instruments per share), and estimated total return on equity will be released following the close of trading on the New York Stock Exchange ("NYSE") on July 13, 2026.  The Company also will release details of the RMBS portfolio as of June 30, 2026 in the July 13, 2026 announcement. These figures will be preliminary and subject to change and, with respect to figures that will appear in the Company’s financial statements and associated footnotes as of and for the six and three months ended June 30, 2026, will be subject to review by the Company’s independent registered public accounting firm. The Company will release results for the six and three months ended June 30, 2026 following the close of trading on the NYSE on Thursday, July 23, 2026.  An earnings conference call and live audio webcast will be hosted Friday, July 24, 2026, at 10:00 AM ET.  Participants can register and receive dial-in information at https://register-conf.media-server.com/register/BI7e94d25a560c4b439fdf9e7e29c16057.  A live audio webcast of the conference call can be accessed at https://edge.media-server.com/mmc/p/rk8nj4py or via the investor relations section of the Company's website at https://ir.orchidislandcapital.com. An audio archive of the webcast will be available for 30 days after the call. About Orchid Island Capital, Inc. Orchid Island Capital, Inc. is a specialty finance company that invests on a leveraged basis in Agency RMBS. Our investment strategy focuses on, and our portfolio consists of, two categories of Agency RMBS: (i) traditional pass-through Agency RMBS, such as mortgage pass-through certificates and collateralized mortgage obligations issued by Fannie Mae, Freddie Mac or Ginnie Mae, and (ii) structured Agency RMBS. The Company is managed by Bimini Advisors, LLC, a registered investment adviser with the Securities and Exchange Commission. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements include, but are not limited to, statements about the Company’s distributions and announcement dates of results as of and for the six months and quarter ended June 30, 2026. These forward-looking statements are based upon Orchid Island Capital, Inc.’s present expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Contact: Orchid Island Capital, Inc.Robert E. Cauley3305 Flamingo Drive,Vero Beach, Florida 32963Telephone: (772) 231-1400