HIGHOutside partyCounterparty
Manager, Bimini Advisors
“10-K Item 1A: 'We are completely dependent upon our Manager and certain key personnel of Bimini who provide services to us through the management agreement'”
ORC · Concentration risk · 10-K extracted
Orchid Island Capital (ORC) concentration risks
Updated
The most significant concentration Orchid Island Capital discloses is Manager, Bimini Advisors, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Orchid Island Capital’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH2
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-inProduct / Revenue mix
Agency RMBS
“10-K Item 1: 'Our portfolio consists of two categories of Agency RMBS: (i) traditional pass-through'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Orchid Island Capital's concentration profile is defined by two structural features of its externally-managed mortgage REIT model. First, the company is completely dependent on its Manager, Bimini Advisors, and certain of Bimini's key personnel, who provide services under the management agreement — a high-share dependency exposure inherent to the externally-managed structure itself, not an idiosyncratic one-off relationship. Second, the portfolio is concentrated in Agency RMBS, split between traditional pass-through and other Agency RMBS categories, a high-share structural concentration that defines the entire investment strategy rather than representing diversification across asset classes. Together, these two exposures reinforce each other: the business is built around a narrow strategy executed through a single external manager relationship, so there is little independent diversification either in asset selection or in operational execution. Both are well-disclosed, foundational characteristics of how the company is organized rather than emerging or idiosyncratic risks, meaning investors are essentially underwriting the manager and the Agency RMBS strategy together as a single combined bet.
For the engine’s reasoning on ORC’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · REIT - Mortgage
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ABR | Arbor Realty Trust | 2 | 0 | 2 | 4 |
| ORC● | Orchid Island Capital, Inc. | 2 | 0 | 0 | 2 |
| AGNC | AGNC Investment Corp. | 0 | 2 | 0 | 2 |
| AGNCM | AGNC Investment Corp. - Deposit | 0 | 2 | 0 | 2 |
| ADAM | Adamas Trust, Inc. | 0 | 0 | 0 | 0 |
| AGNCN | AGNC Investment Corp. - Deposit | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.