Orchid Island Capital (ORC)
NYSE:ORC
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Earnings Data
Report Date
Jul 23, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.29Last Year’s EPS
0.16Same Quarter Last Year
Based on 1 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a mixed but overall constructive picture: meaningful operational and balance-sheet growth, improved funding conditions, disciplined portfolio construction, attractive modeled returns (15%–17% ROE), and durable expense ratio improvements are significant positives. Offsetting these are a quarter with a net loss, a ~6.1% book-value decline during the quarter, spread and prepayment volatility driven in part by geopolitical events, and a one-time spike in speeds in March. Management emphasized opportunistic buying, hedging success, and partial post-quarter recovery in book value. On balance, the positive operational trends, attractive returns, and improved funding/efficiency outweigh the quarter-specific mark-to-market headwinds.Company Guidance
Portfolio and Company Growth
Average portfolio balance grew to approximately $11.0 billion in Q1 from $9.5 billion in Q4, a ~15.8% increase; management noted the company has more than doubled in size over the last 4–5 quarters and shareholders' equity has grown 442% over 10 years (18.4% annualized).
Capital Deployment and Purchases
Deployed opportunistically during volatility: purchased roughly $1.6 billion of agency specified pools and TBAs in the quarter (including $182M of 4.5s, $624M of 5s, $425M of 5.5s, $138M of 6s, and $250M of 15-year 4.5s); raised ~$108M in Q1 plus $28M in early April (total ~$136M raised).
Attractive Modeled Returns
Modeled returns for the combined portfolio inclusive of hedges and current funding were in the ~15%–17% range on equity at quarter end; management expects returns to improve if prepayment speeds slow or Fed easing reemerges.
Improved Funding and Hedge Positioning
Funding spreads improved materially from Q4; currently funding around 11–13 bps over SOFR. Hedge coverage maintained at ~65% of repo balance with a net duration gap of ~0.07 years (net long DV01 approx $372K), and management successfully shifted hedges from TBAs into swaps during the quarter.
Portfolio Quality and Prepayment Protection
Portfolio remains highly liquid and 100% agency; ~92% of portfolio backed by specified pools with at least 10 ticks of payup and focus on call-protected collateral and production coupons (dollar prices ~99–101), reducing exposure to volatile low coupons.
Operating Efficiency Gains
Expense ratio (G&A) improved meaningfully: calendar-year expense load moved from just under 3% to 1.7%, reflecting scale benefits as the company grew; expenses have grown at a slower rate (159% over 10 years, 10% annualized) versus equity growth.
Tactical Positioning During Spread Volatility
Management highlighted opportunistic purchases both when spreads retraced to December-like levels and after the geopolitical widening; recent swap-hedge trade was described as having worked well as swap DV01 exposure increased.
Post-Quarter Book Value Recovery
Management noted book value had recovered post-quarter and was up about 2.5% as of the day prior to the Q&A (some give-back later in the week), indicating partial recovery from quarter-end mark moves.
ORC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
ORC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 15, 2026 | $7.25 | $6.70 | -7.61% |
Jan 29, 2026 | $7.77 | $7.44 | -4.29% |
Oct 15, 2025 | $6.49 | $6.53 | +0.55% |
Jul 24, 2025 | $6.20 | $6.29 | +1.50% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Orchid Island Capital (ORC) report earnings?
Orchid Island Capital (ORC) is schdueled to report earning on Jul 23, 2026, After Close (Confirmed).
What is Orchid Island Capital (ORC) earnings time?
Orchid Island Capital (ORC) earnings time is at Jul 23, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is ORC EPS forecast?
ORC EPS forecast for the fiscal quarter 2026 (Q2) is 0.29.