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.


RMBS Valuation Characteristics
($ in thousands)
																							Realized
																				Realized			Apr-26 -
																				Jun-26			Jun-26
										Net								Weighted		CPR			CPR
										Weighted								Average		(1-Month)			(3-Month)			Modeled Interest
	Current		Fair		% of			Current		Average								Maturity		(Reported			(Reported			Rate Sensitivity (1)
Type	Face		Value		Portfolio			Price		Coupon			GWAC			Age		(Months)		in July)			in July)			(-50 BPS)		(+50 BPS)
Fixed Rate RMBS
30yr 3.0	$	315,785	$	280,604		2.43	%		88.86		3.00	%		3.52	%		62		291		8.1	%		6.5	%	$	8,376	$	(8,497	)
30yr 3.5		37,144		33,944		0.29	%		91.39		3.50	%		4.30	%		81		260		1.7	%		3.7	%		993		(1,011	)
30yr 4.0		47,532		45,097		0.39	%		94.88		4.00	%		4.77	%		85		270		10.2	%		11.4	%		1,169		(1,208	)
30yr 4.5		436,796		422,712		3.66	%		96.78		4.50	%		5.46	%		30		326		7.6	%		6.1	%		9,135		(10,098	)
30yr 5.0		2,163,688		2,140,194		18.55	%		98.91		5.00	%		6.00	%		13		344		4.6	%		5.2	%		40,360		(47,402	)
30yr 5.5		4,030,632		4,086,306		35.41	%		101.38		5.50	%		6.45	%		13		343		6.4	%		6.6	%		60,965		(76,234	)
30yr 6.0		3,051,319		3,146,124		27.26	%		103.11		6.00	%		6.92	%		18		336		11.0	%		15.1	%		31,503		(43,625	)
30yr 6.5		1,261,375		1,317,446		11.42	%		104.45		6.50	%		7.39	%		20		334		22.2	%		22.8	%		9,259		(13,756	)
30yr 7.0		52,676		55,771		0.48	%		105.88		7.00	%		7.91	%		31		321		15.6	%		42.4	%		458		(600	)
Total Pass-Through RMBS		11,396,947		11,528,198		99.90	%		101.15		5.54	%		6.47	%		18		338		9.2	%		10.9	%		162,218		(202,431	)
Total Structured RMBS		82,573		11,966		0.10	%		14.49		3.39	%		4.59	%		139		204		7.2	%		7.0	%		63		95

Total Mortgage Assets	$	11,479,520	$	11,540,164		100.00	%				5.52	%		6.45	%		19		337		9.2	%		10.9	%	$	162,281	$	(202,336	)

				Hedge	Modeled Interest
	Notional			Period	Rate Sensitivity (1)
Hedge	Balance			End	(-50 BPS)			(+50 BPS)
3-Month SOFR Futures	$	(390,000	)	Jan-27	$	(1,950	)	$	1,950
10-Year Treasury Future(3)		(188,600	)	May-33		(6,062	)		5,854
10-Year Ultra Treasury Future(4)		(60,000	)	Feb-36		(2,628	)		2,542
ERIS SOFR Swap Futures		(10,000	)	Sep-31		(182	)		177
Swaps		(7,814,200	)	Feb-31		(160,872	)		155,615
Swaptions		(1,000,000	)	Dec-31		(2,737	)		5,001
TBA Short		(594,900	)	Jul-26		(8,005	)		10,686
Hedge Total	$	(10,057,700	)		$	(182,436	)	$	181,825
Rate Shock Grand Total					$	(20,155	)	$	(20,511	)

(1)		Modeled results from Citigroup Global Markets Inc. Yield Book. Interest rate shocks assume instantaneous parallel shifts and horizon prices are calculated assuming constant SOFR option-adjusted spreads. These results are for illustrative purposes only and actual results may differ materially.
(2)		Ten-year Treasury futures contracts were valued at prices of $109.89 at June 30, 2026. The market value of the short position was $207.3 million.
(3)		Ten-year Ultra futures contracts were valued at prices of $112.47 at June 30, 2026 The market value of the short position was $67.5 million.

RMBS Assets by Agency
($ in thousands)
			Percentage
	Fair		of
Asset Category	Value		Portfolio
As of June 30, 2026
Fannie Mae	$	6,022,656		52.2	%
Freddie Mac		5,517,509		47.8	%
Total Mortgage Assets	$	11,540,165		100.0	%

Investment Company Act of 1940 Whole Pool Test
($ in thousands)
			Percentage
	Fair		of
Asset Category	Value		Portfolio
As of June 30, 2026
Non-Whole Pool Assets	$	574,055		5.0	%
Whole Pool Assets		10,966,109		95.0	%
Total Mortgage Assets	$	11,540,164		100.0	%

Borrowings By Counterparty
($ in thousands)
						Weighted			Weighted
			% of			Average			Average
	Total		Total			Repo			Maturity		Longest
As of June 30, 2026	Borrowings		Debt			Rate			in Days		Maturity
Wells Fargo Securities, LLC	$	568,720		5.1	%		3.77	%		14	8/19/2026
Marex Capital Markets Inc.		497,411		4.5	%		3.78	%		20	7/23/2026
StoneX Financial Inc.		486,529		4.4	%		3.79	%		73	9/23/2026
Hidden Road Partners Civ US LLC		484,902		4.4	%		3.76	%		53	8/26/2026
Citigroup Global Markets Inc		483,698		4.4	%		3.76	%		29	9/21/2026
ABN AMRO Bank N.V.		477,675		4.3	%		3.76	%		24	7/27/2026
ASL Capital Markets Inc.		472,828		4.3	%		3.77	%		57	9/21/2026
The Bank of Nova Scotia		460,634		4.2	%		3.75	%		27	8/13/2026
South Street Securities, LLC		458,067		4.1	%		3.82	%		68	11/13/2026
J.P. Morgan Securities LLC		451,719		4.1	%		3.78	%		27	7/27/2026
RBC Capital Markets, LLC		445,012		4.0	%		3.82	%		27	7/27/2026
Cantor Fitzgerald & Co		424,847		3.8	%		3.76	%		24	7/24/2026
DV Securities, LLC Repo		423,823		3.8	%		3.77	%		47	8/27/2026
Banco Santander SA		413,756		3.7	%		3.77	%		14	7/20/2026
Daiwa Securities America Inc.		407,688		3.7	%		3.81	%		67	9/23/2026
Clear Street LLC		407,554		3.7	%		3.76	%		17	7/20/2026
Goldman, Sachs & Co		395,928		3.6	%		3.76	%		27	7/27/2026
Bank of Montreal		376,058		3.4	%		3.76	%		15	7/15/2026
ING Financial Markets LLC		370,344		3.3	%		3.80	%		13	7/13/2026
Brean Capital, LLC		299,159		2.7	%		3.76	%		21	7/27/2026
Mirae Asset Securities (USA) Inc.		296,573		2.7	%		3.79	%		47	8/24/2026
MUFG Securities Canada, Ltd.		268,537		2.4	%		3.75	%		30	8/4/2026
Morgan Stanley & Co. LLC		260,567		2.4	%		3.74	%		9	7/15/2026
Merrill Lynch, Pierce, Fenner & Smith		252,699		2.3	%		3.78	%		26	7/27/2026
Mitsubishi UFJ Securities (USA), Inc.		239,196		2.2	%		3.77	%		22	7/22/2026
TD Securities (USA) LLC		219,140		2.0	%		3.78	%		42	8/11/2026
Nomura Securities International, Inc.		212,865		1.9	%		3.76	%		40	8/14/2026
Mizuho Securities USA LLC		182,067		1.6	%		3.77	%		15	7/15/2026
Natixis, New York Branch		137,685		1.2	%		3.76	%		19	7/24/2026
BNP Paribas Securities Corp.		135,654		1.2	%		3.78	%		41	8/10/2026
Lucid Prime Fund, LLC		30,438		0.3	%		3.75	%		16	7/16/2026
Canyon Partners, LLC		23,899		0.2	%		3.71	%		17	7/17/2026
Mesirow Financial, Inc.		21,243		0.2	%		3.75	%		16	7/16/2026
Total Borrowings	$	11,086,915		100.0	%		3.77	%		32	11/13/2026

Contact:

Orchid Island Capital, Inc.
Robert E. Cauley
3305 Flamingo Drive, Vero Beach, Florida 32963
Telephone: (772) 231-1400

Orchid Island Capital Announces Estimated Second Quarter 2026 Results and June 30, 2026 RMBS Portfolio Characteristics