Orchid Island Capital posts Q3 loss as book value falls
ORC•Orchid Island Capital reported a third-quarter net loss of $178.92 million, or $0.90 per share, as book value fell. It repurchased about 4.95 million shares during the quarter and had $515.7 million in cash and unpledged securities at quarter-end.
1. Quarterly results
The mortgage REIT recorded $231.7 million in net realized and unrealized losses on Agency RMBS assets and derivative instruments, and reported net interest income of $59.13 million. It said global interest rate increases and market volatility led to widespread deleveraging and forced selling in the Agency RMBS market.
2. Hedges and liquidity
Orchid Island Capital increased hedge coverage and extended hedge duration as book value declined. At quarter-end, it had $515.7 million in cash and unpledged securities; it also repurchased about 4.95 million shares during Q3 while its stock traded below book value.
3. November dividend
The company declared a monthly dividend of $0.10 per share for November 2026.
