The company maintains a highly levered capital structure with $11.2 billion in total debt, resulting in a debt-to-equity ratio of 8.06 as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Total Assets | 12.67B | 11.68B | 5.72B | 4.26B | 3.87B | 7.07B | 4.06B | 3.88B | 3.4B | 4.02B | 3.14B | 2.24B | 1.66B | 363.58M | 118.86M | 58.37M | 27.13M |
| Asset Growth % | 286.39% | 104.07% | 34.15% | 10.33% | -45.31% | 74.19% | 4.53% | 14.33% | -15.6% | 28.19% | 40.01% | 35.23% | 355.97% | 205.88% | 103.64% | 115.13% | - |
| Real Estate & Other Assets | -11.34B | -137.22M | -44.24M | -77.6M | -27.36M | -41.9M | 0 | 3.58B | 0 | -32.25M | -49.88M | -62.44M | -31.87M | 0 | 9.12K | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 969.11M | 911.55M | 0 | 0 | 0 | 0 | 0 | 291.06M | 343.27M | 292.76M | 117.45M | 66.39M | 100.56M | 9.73M | 3.47M | 2.27M | 1.29M |
| Cash & Equivalents | 760.13M | 724.56M | 309.33M | 171.89M | 205.65M | 385.14M | 299.51M | 193.77M | 108.28M | 214.36M | 73.47M | 57.23M | 93.14M | 8.17M | 2.99M | 1.89M | 1.2M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 486K | 374.56K | 93.33K |
| Other Current Assets | 0 | 137.87M | -332.37M | -255.98M | -217.17M | -404M | -309.64M | 97.29M | 0 | 46.79M | 32.46M | 0 | 0 | 0 | -3.47M | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 11.28B | 10.3B | 5.05B | 3.8B | 3.43B | 6.3B | 3.64B | 3.49B | 3.06B | 3.56B | 2.81B | 1.99B | 1.44B | 318.81M | 104.14M | 44.59M | 22.76M |
| Total Debt | 11.22B | 10.24B | 0 | 0 | 0 | 0 | 3.6B | 2.99M | 2.99M | 216K | 218K | 187.5M | 1.44B | 318.56M | 103.94M | 0 | 0 |
| Net Debt | 10.46B | 9.52B | -309.33M | -171.89M | -205.65M | -385.14M | 3.3B | -190.78M | -108.28M | -214.36M | -73.47M | 130.27M | -93.14M | -8.17M | 100.95M | -1.89M | -1.2M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Borrowings | 11.22B | 10.24B | 0 | 0 | 0 | 0 | 3.6B | 3.47B | 0 | 0 | 0 | 1.99B | 0 | 0 | 103.94M | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 11.22B | 10.24B | 0 | 0 | 0 | 0 | 0 | 3.49B | 18.13M | 22.05M | 2.81B | 1.99B | 2.67M | 173K | 103.94M | 0 | 0 |
| Accounts Payable | 28.46M | 31.4M | 10.75M | 7.94M | 9.21M | 788K | 0 | 0 | 6.45M | 6.52M | 1.83M | 863K | 628K | 91K | 0 | 26.08K | 4.41K |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.06B | 3.56B | 2.81B | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 55.66M | 59.85M | 0 | 0 | 0 | 0 | 0 | 0 | -3.06B | -3.56B | -2.81B | 0 | 0 | 0 | 194.81K | 0 | 0 |
| Total Equity | 1.39B | 1.37B | 668.5M | 469.94M | 438.76M | 768.1M | 415.29M | 395.51M | 336.08M | 462.21M | 332.78M | 253.25M | 218.08M | 44.77M | 14.72M | 13.78M | 4.37M |
| Equity Growth % | 297.44% | 105.23% | 42.25% | 7.11% | -42.88% | 84.95% | 5% | 17.68% | -27.29% | 38.89% | 31.4% | 16.13% | 387.16% | 204.01% | 6.86% | 214.97% | - |
| Shareholders Equity | 1.39B | 1.37B | 668.5M | 469.94M | 438.76M | 768.1M | 415.29M | 395.51M | 336.08M | 462.21M | 332.78M | 253.25M | 218.08M | 44.77M | 14.72M | 13.78M | 4.37M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 1.97M | 1.82M | 826K | 516K | 368K | 354K | 761K | 631K | 491K | 531K | 330K | 217K | 167K | 0 | 1.54K | 1.5K | 441 |
| Additional Paid-in Capital | 1.59B | 1.55B | 1.01B | 849.85M | 779.6M | 850.5M | 432.52M | 415M | 379.98M | 461.68M | 332.45M | 253.04M | 217.42M | 46.12M | 15.41M | 15M | 4.4M |
| Retained Earnings | -203.7M | -183.74M | -342.77M | -380.43M | -341.21M | -82.75M | -17.99M | -20.12M | -44.39M | 0 | 0 | 0 | 492K | -1.38B | -686.02K | -1.22M | -30.15K |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 1.19% | 1.83% | 0.75% | -0.96% | -4.73% | -1.16% | 0.05% | 0.67% | -1.2% | 0.06% | 0.07% | 0.05% | 2.43% | -0.29% | 0.6% | -2.78% | -0.11% |
| Return on Equity (ROE) | 10.24% | 15.59% | 6.62% | -8.63% | -42.83% | -10.94% | 0.52% | 6.63% | -11.12% | 0.5% | 0.68% | 0.45% | 18.66% | -2.35% | 3.75% | -13.11% | -0.69% |
| Debt / Assets | 88.58% | 87.74% | - | - | - | - | 88.6% | 0.08% | 0.09% | 0.01% | 0.01% | 8.36% | 86.74% | 87.62% | 87.45% | - | - |
| Debt / Equity | 8.06x | 7.47x | - | - | - | - | 8.66x | 0.01x | 0.01x | 0.00x | 0.00x | 0.74x | 6.59x | 7.12x | 7.06x | - | - |
| Net Debt / EBITDA | 22.40x | 20.48x | -1.13x | -1.06x | - | - | 1548.91x | -7.86x | -4.17x | -106.81x | -37.13x | 121.63x | -3.80x | - | 188.93x | - | -47.55x |
| Book Value per Share | 7.35 | 10.69 | 10.21 | 10.53 | 11.71 | 31.70 | 30.89 | 35.11 | 32.19 | 56.28 | 69.04 | 62.48 | 110.25 | 73.75 | 22.03 | 20.62 | 6.55 |
Repo market liquidity sensitivity
According to reported financial statements, ORC has aggressively scaled its total assets from $4.3 billion in 2023Q4 to $12.7 billion by 2026Q1, a rapid expansion that suggests a high-conviction, levered bet on Agency RMBS market conditions despite significant volatility in underlying equity valuations.
The rapid tripling of the asset base indicates a management team aggressively deploying capital to capture spread, yet this growth appears to be funded primarily through increased repo financing rather than organic equity retention. Investors should monitor whether this rapid scaling creates an over-reliance on short-term funding markets that could become prohibitive during periods of market stress.
Based on the company's reported figures, the debt-to-equity ratio reached 8.06 in 2026Q1, reflecting a persistent reliance on high leverage to amplify returns on its Agency RMBS portfolio, which remains a primary source of vulnerability for the firm's long-term capital structure stability.
The consistent maintenance of leverage ratios above 7.0x suggests that the firm is operating with minimal margin for error regarding asset price fluctuations. This high degree of financial gearing may exacerbate the impact of interest rate volatility on the company's book value, potentially leading to forced deleveraging events if repo haircuts widen unexpectedly.
As indicated by the firm's 2026Q1 balance sheet, cash and equivalents have risen to $915.2 million, providing a substantial liquidity buffer that appears designed to mitigate the risks associated with the company's massive $11.2 billion debt load and potential margin calls on its repo facilities.
While the absolute increase in cash is notable, it must be viewed in the context of the firm's total debt obligations, which have grown commensurately. This liquidity position may be a defensive necessity rather than a sign of excess capital, as the firm requires significant cash reserves to navigate the inherent volatility of its structured RMBS holdings.
According to recent SEC filings, the firm's reliance on repurchase agreements as the primary funding mechanism introduces significant counterparty risk, as the $11.2 billion in total debt reported in 2026Q1 is subject to daily mark-to-market adjustments that are not fully captured by static leverage metrics.
The reliance on short-term repo financing creates a structural mismatch between the long-duration nature of the underlying mortgage assets and the short-term nature of the liabilities. This exposure warrants further investigation into the specific terms of these agreements, as any tightening in repo market liquidity could force the company to liquidate assets at unfavorable prices.
Quick answers to the most common questions about buying ORC stock.
As of 2025, Orchid Island Capital, Inc. (ORC) had total assets of $11.68B including $911.6M in current assets.
Orchid Island Capital, Inc. (ORC) carries total debt of $10.24B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Orchid Island Capital, Inc. (ORC) has total shareholders' equity (book value) of $1.37B ($10.69 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Orchid Island Capital, Inc. (ORC) reported a current ratio of 0.09x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.