Orchid Island Capital, Inc.

ORC

$6.52

+0.00%

N/A+$0.00

Real Estate

REIT - Mortgage

NYSE

Active Trading

Orchid Island Capital, Inc., a specialty finance company, invests in residential mortgage-backed securities (RMBS) in the United States. The company’s RMBS is ...

Supply Chain of ORC

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Federal National Mortgage Association (Fannie Mae)

Federal Home Loan Mortgage Corporation (Freddie Mac)

Government National Mortgage Association (Ginnie Mae)

U.S. Department of the Treasury

U.S. Mortgage Originators / Lenders (Primary & Secondary Market)

Mortgage Servicers (e.g., Mr. Cooper, Rocket Mortgage, LoanCare)

Federal National Mortgage Association (Fannie Mae)

OTC:FNMA

Agency RMBS Issuer / Guarantor – primary issuer of mortgage pass-through certificates and CMOs that constitute the majority of ORC's portfolio

Federal Home Loan Mortgage Corporation (Freddie Mac)

OTC:FMCC

Agency RMBS Issuer / Guarantor – issues participation certificates and CMOs; securities guaranteed by Freddie Mac are a core component of ORC's portfolio

Government National Mortgage Association (Ginnie Mae)

Agency RMBS Issuer / Guarantor – U.S. government agency that guarantees RMBS; securities are full faith and credit of the U.S. government

U.S. Department of the Treasury

Issuer of U.S. Treasury Notes and Bills used as collateral for derivative margin and cash management

U.S. Mortgage Originators / Lenders (Primary & Secondary Market)

Originators of single-family residential mortgage loans that are pooled and securitized into Agency RMBS by the GSEs and Ginnie Mae

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

Bimini Advisors, LLC (External Manager)

Marex Capital Markets Inc.

RBC Capital Markets, LLC

DV Securities, LLC

ING Financial Markets LLC

Bimini Advisors, LLC (External Manager)

OTC:BMNM

External management company that advises ORC on portfolio selection, asset allocation, risk management, and leverage. Wholly owned subsidiary of Bimini Capital Management, Inc. (OTC: BMNM).

Wells Fargo Securities, LLC

NYSE:WFC

Largest repurchase agreement (repo) funding counterparty; $540M outstanding as of Apr 2026 (~4.9% of borrowings); provides secured financing collateralized by RMBS

Citigroup Global Markets Inc.

NYSE:C

Major repo funding counterparty; $506M outstanding as of Mar 2026 (~4.65% of borrowings)

Marex Capital Markets Inc.

Major repo funding counterparty; $505M outstanding as of Mar 2026

J.P. Morgan Securities LLC

NYSE:JPM

Major repo funding counterparty; $482M outstanding as of Feb 2026

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

Annaly Capital Management, Inc.

Cherry Hill Mortgage Investment Corporation

Annaly Capital Management, Inc.

NYSE:NLY

Largest U.S. mortgage REIT; invests primarily in Agency RMBS with a similar levered, net-interest-income business model. Closest direct proxy and primary comparable in the mREIT sector.

AGNC Investment Corp.

NASDAQ:AGNC

Second-largest Agency mREIT; focused on Agency RMBS with similar leverage profile, dividend policy, and interest-rate sensitivity. Highly correlated with ORC on macro factors.

ARMOUR Residential REIT, Inc.

NYSE:ARR

Pure-play Agency RMBS mREIT with a similarly concentrated portfolio. Smaller market cap provides closer size comparability to ORC.

Two Harbors Investment Corp.

NYSE:TWO

Hybrid mREIT investing in both Agency and non-Agency RMBS and mortgage servicing rights. Provides a broader mREIT sector reference.

Cherry Hill Mortgage Investment Corporation

NYSE:CHMI

Small-cap Agency RMBS mREIT with similar operational structure and external management model.

Geographic

Region-level exposures that can distort the supply network.

Geographic

United States

Europe (Netherlands / UK / France)

Japan

Federal National Mortgage Association (Fannie Mae)

Federal Home Loan Mortgage Corporation (Freddie Mac)

Government National Mortgage Association (Ginnie Mae)

Wells Fargo Securities, LLC

ING Financial Markets LLC

Daiwa Securities America Inc.

United States

Domestic-only portfolio – 100% of RMBS assets are U.S. Agency RMBS backed by single-family residential mortgages across all 50 states. No international diversification.

Federal National Mortgage Association (Fannie Mae)OTC:FNMARMBS Issuer / Guarantor – in government conservatorship since 2008; future structural reform risk

Federal Home Loan Mortgage Corporation (Freddie Mac)OTC:FMCCRMBS Issuer / Guarantor – in government conservatorship since 2008; future structural reform risk

Government National Mortgage Association (Ginnie Mae)RMBS Issuer / Guarantor – U.S. government agency; full faith and credit of U.S. government

Europe (Netherlands / UK / France)

Repo counterparty exposure to European-headquartered financial institutions operating in the U.S.

ING Financial Markets LLCNYSE:INGRepo counterparty – Dutch-headquartered bank

Japan

Repo counterparty exposure to Japanese financial institution operating in the U.S.

Daiwa Securities America Inc.TSE:8601Repo counterparty – Japanese-headquartered securities firm

Canada

Repo counterparty exposure to Canadian financial institution operating in the U.S.

RBC Capital Markets, LLCTSX:RYRepo counterparty – Canadian-headquartered bank

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Foundry

Critical

Agency MBS Concentration – ≥99.9% of RMBS portfolio is in Agency pass-through securities (Fannie Mae, Freddie Mac, Ginnie Mae). Limited diversification across other asset classes. Shock to Agency MBS market (e.g., GSE reform, conservatorship changes) would materially impair portfolio value.

Customer

High

Repo Counterparty Concentration – Top 5 repo counterparties (Wells Fargo, Citigroup, Marex, J.P. Morgan, RBC) account for a significant share of total secured borrowings (~$10.9B). A repo counterparty failure or pullback in secured lending capacity would force deleveraging and asset sales.

Equipment

High

Leverage Concentration – Adjusted leverage ratio (repo borrowings / equity) was approximately 7.8x as of Q1 2026. High financial leverage amplifies both returns and losses from small changes in RMBS prices or interest rates.

Other

Medium

External Manager Dependency – ORC is externally managed by Bimini Advisors, LLC (OTC: BMNM) under a management agreement. Change in management, termination of agreement, or conflict of interest with Bimini could disrupt operations.

Other

High

Interest Rate Risk – Portfolio effective duration of 2.5 as of Dec 2025. Rising rates reduce RMBS market values; falling rates accelerate prepayments, compressing net interest spread. Q1 2026 net loss of $(20)M was driven by $115.9M in unrealized RMBS losses.

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Net Interest Income – Pass-Through Agency RMBS

98.0%

Dominant asset class; ~99.89% of RMBS portfolio. Yield on pass-through securities drives core net interest income. Upstream dependency on Fannie Mae/Freddie Mac/Ginnie Mae issuance and the U.S. single-family mortgage origination market.

Net Interest Income – Structured Agency RMBS (CMOs)

1.0%

Small allocation (~$12.3M fair value as of Apr 2026); provides yield enhancement and duration tailoring. Minimal operational dependency.

Net Realized and Unrealized Gains/(Losses) on RMBS and Derivatives

0.0%

Non-cash / mark-to-market component; can drive net income volatility. Q1 2026: $(115.9)M unrealized losses on RMBS. Tied to interest rate environment and MBS spread movements.

Interest Income – U.S. Treasury Securities

1.0%

U.S. Treasury holdings used primarily to satisfy collateral requirements for derivative positions. Minor revenue contributor.

About UsPrivacy PolicyTerms of ServiceDisclaimerStock DirectoryETFsIndices13F HoldingsAnalyst TargetsFree ToolsTechnology MapJoin our Slack

Plutux is not an investment adviser. Market data and AI-generated analysis are for information and education only, not investment advice. Disclaimer

Orchid Island Capital, Inc.

Supply Chain of ORC

Upstream

Federal National Mortgage Association (Fannie Mae)

Federal Home Loan Mortgage Corporation (Freddie Mac)

Government National Mortgage Association (Ginnie Mae)

U.S. Department of the Treasury

U.S. Mortgage Originators / Lenders (Primary & Secondary Market)

Mortgage Servicers (e.g., Mr. Cooper, Rocket Mortgage, LoanCare)

Downstream

Bimini Advisors, LLC (External Manager)

Wells Fargo Securities, LLC

Citigroup Global Markets Inc.

Marex Capital Markets Inc.

J.P. Morgan Securities LLC

RBC Capital Markets, LLC

DV Securities, LLC

ING Financial Markets LLC

View More

Proxies

Annaly Capital Management, Inc.

AGNC Investment Corp.

ARMOUR Residential REIT, Inc.

Two Harbors Investment Corp.

Cherry Hill Mortgage Investment Corporation

Geographic

United States

Europe (Netherlands / UK / France)

Japan

View More

Supply Chain of ORC

Upstream

Federal National Mortgage Association (Fannie Mae)

Federal Home Loan Mortgage Corporation (Freddie Mac)

Government National Mortgage Association (Ginnie Mae)

U.S. Department of the Treasury

U.S. Mortgage Originators / Lenders (Primary & Secondary Market)

Mortgage Servicers (e.g., Mr. Cooper, Rocket Mortgage, LoanCare)

Downstream

Bimini Advisors, LLC (External Manager)

Wells Fargo Securities, LLC

Citigroup Global Markets Inc.

Marex Capital Markets Inc.

J.P. Morgan Securities LLC

RBC Capital Markets, LLC

DV Securities, LLC

ING Financial Markets LLC

View More

Proxies

Annaly Capital Management, Inc.

AGNC Investment Corp.

ARMOUR Residential REIT, Inc.

Two Harbors Investment Corp.

Cherry Hill Mortgage Investment Corporation

Geographic

United States

Europe (Netherlands / UK / France)

Japan

View More