Orchid Island Posts $178.9M Q3 Loss, Book Value Falls to $6.02 as Rates Surge
ORC is trading near its 52-week low of $4.75 (1.1% above the low).
Summary
Orchid Island's full Q3 2026 results confirm a $178.9 million net loss ($0.90 per share) and book value of $6.02, down $1.20, after a sharp rise in interest rates. Liquidity held at $515.7 million and the company repurchased roughly 6.6 million shares since June 30 at a discount to book.
Key Events · Earnings and Guidance · ORC
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Q3 Net Loss of $178.9 Million
Net loss of $178.9 million, or $0.90 per common share, versus net income of $72.1 million in Q3 2025; net interest income was $59.1 million ($0.30 per share) and expenses $6.3 million ($0.03 per share).
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Book Value Drops to $6.02
Book value per share fell $1.20 to $6.02 at September 30, 2026, producing a total return of (12.47)% for the quarter; net realized and unrealized losses on RMBS and derivatives were $231.7 million ($1.17 per share).
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Leverage Rises to 8.8:1
Adjusted leverage was 8.8:1 and economic leverage 8.6:1 against $10.4 billion of repo balances with 33 lenders; effective duration rose to 4.327 from 2.513 at year-end 2025, so a 1% rate increase would cut RMBS value by about 4.327%.
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Liquidity Holds at $515.7 Million
Cash and unpledged securities totaled $515.7 million, approximately 44% of stockholders' equity, with borrowing capacity in excess of the $10.4 billion outstanding repo balance.
Analysis · ORC · Real Estate & Construction
The headline loss was already flagged on October 14, but the full statements show how much damage the rate sell-off did: book value dropped $1.20 per share in a single quarter to $6.02, and total return was negative 12.47%. The offset is that management kept liquidity at $515.7 million — roughly 44% of stockholders' equity — and bought back about 6.6 million shares since June 30 at prices well below book, which mechanically supports the remaining book value per share. Leverage still rose to 8.8:1 as equity shrank, so the portfolio's 4.327 effective duration means another 1% rate move would cost about 4.3% of the RMBS book. The stock at $4.80 trades at a steep discount to the $6.02 book value, and the buyback authorization still has 19,996,753 shares left.
How filings like this one have moved
In the 30 days to Oct 22, 2026, 36.9% of the 1013 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.77%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, ORC was trading at $4.80 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $945.7M. The 52-week trading range was $4.75 to $8.40. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.