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Posted by Defense World Staff on Jul 23rd, 2026

California Public Employees Retirement System boosted its stake in Rambus, Inc. (NASDAQ:RMBS – Free Report) by 15.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 227,271 shares of the semiconductor company’s stock after purchasing an additional 31,064 shares during the period. California Public Employees Retirement System owned approximately 0.21% of Rambus worth $19,552,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in RMBS. NewEdge Advisors LLC lifted its holdings in Rambus by 22,321.4% in the 1st quarter. NewEdge Advisors LLC now owns 9,417 shares of the semiconductor company’s stock worth $488,000 after buying an additional 9,375 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Rambus by 34.1% during the first quarter. Empowered Funds LLC now owns 22,750 shares of the semiconductor company’s stock valued at $1,178,000 after acquiring an additional 5,783 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Rambus by 6.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 309,512 shares of the semiconductor company’s stock worth $16,025,000 after acquiring an additional 19,120 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Rambus during the first quarter worth about $218,000. Finally, Quantbot Technologies LP acquired a new position in shares of Rambus in the second quarter worth about $102,000. 88.54% of the stock is currently owned by hedge funds and other institutional investors.

Rambus Stock Down 1.9% Shares of Rambus stock opened at $103.83 on Thursday. The firm has a market cap of $11.23 billion, a P/E ratio of 49.44 and a beta of 1.84. Rambus, Inc. has a fifty-two week low of $62.81 and a fifty-two week high of $174.10. The business has a 50-day moving average price of $129.94 and a 200 day moving average price of $114.38.

Rambus (NASDAQ:RMBS – Get Free Report) last released its earnings results on Monday, April 27th. The semiconductor company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.02. The company had revenue of $180.19 million for the quarter, compared to the consensus estimate of $179.94 million. Rambus had a return on equity of 17.41% and a net margin of 31.90%. As a group, equities research analysts anticipate that Rambus, Inc. will post 2.44 earnings per share for the current year.

Insider Activity In other Rambus news, Director Necip Sayiner sold 5,000 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $170.15, for a total transaction of $850,750.00. Following the sale, the director directly owned 18,223 shares of the company’s stock, valued at approximately $3,100,643.45. This represents a 21.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Meera Rao sold 2,972 shares of the stock in a transaction on Friday, April 24th. The stock was sold at an average price of $150.30, for a total transaction of $446,691.60. Following the sale, the director directly owned 19,974 shares in the company, valued at $3,002,092.20. This trade represents a 12.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 65,886 shares of company stock valued at $10,171,466 over the last three months. 0.75% of the stock is currently owned by company insiders.

Analyst Ratings Changes A number of research analysts recently commented on RMBS shares. Wells Fargo & Company increased their price target on Rambus from $115.00 to $145.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. Robert W. Baird lowered Rambus from an “outperform” rating to a “neutral” rating and set a $120.00 target price on the stock. in a research report on Tuesday, April 28th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rambus in a research note on Friday, June 5th. Rosenblatt Securities raised their price target on shares of Rambus from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, April 28th. Finally, Benchmark began coverage on shares of Rambus in a research note on Wednesday, July 15th. They issued a “buy” rating and a $165.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $134.75.

Read Our Latest Research Report on Rambus

Rambus Profile (Free Report)

Rambus Inc is a technology licensing company specializing in semiconductor and system-level interface solutions. Founded in 1990 by Stanford University researchers Mike Farmwald and Mark Horowitz, Rambus established its headquarters in Sunnyvale, California. The company initially gained prominence by developing high-speed DRAM interface technology and securing a broad patent portfolio covering memory architecture, data signaling and power management innovations.

Today, Rambus licenses its proprietary intellectual property (IP) to semiconductor companies, original equipment manufacturers (OEMs) and system integrators worldwide.

Recommended Stories Five stocks we like better than Rambus Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play Want to see what other hedge funds are holding RMBS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rambus, Inc. (NASDAQ:RMBS – Free Report).

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Posted by Defense World Staff on Jul 22nd, 2026

Fifth Third Bancorp lifted its position in Rambus, Inc. (NASDAQ:RMBS – Free Report) by 1,675.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,361 shares of the semiconductor company’s stock after acquiring an additional 25,820 shares during the period. Fifth Third Bancorp’s holdings in Rambus were worth $2,354,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Krilogy Financial LLC lifted its position in Rambus by 3.8% during the first quarter. Krilogy Financial LLC now owns 2,238 shares of the semiconductor company’s stock valued at $193,000 after purchasing an additional 81 shares during the period. Oak Grove Capital LLC grew its position in Rambus by 1.3% during the 4th quarter. Oak Grove Capital LLC now owns 7,600 shares of the semiconductor company’s stock worth $698,000 after purchasing an additional 100 shares during the period. Northwestern Mutual Investment Management Company LLC raised its stake in shares of Rambus by 0.4% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 24,085 shares of the semiconductor company’s stock valued at $2,213,000 after buying an additional 103 shares during the last quarter. Ashton Thomas Private Wealth LLC raised its stake in shares of Rambus by 3.3% during the 4th quarter. Ashton Thomas Private Wealth LLC now owns 3,445 shares of the semiconductor company’s stock valued at $317,000 after buying an additional 110 shares during the last quarter. Finally, Meeder Advisory Services Inc. lifted its holdings in shares of Rambus by 3.0% in the 4th quarter. Meeder Advisory Services Inc. now owns 3,883 shares of the semiconductor company’s stock valued at $357,000 after buying an additional 114 shares during the period. Hedge funds and other institutional investors own 88.54% of the company’s stock.

Insider Buying and Selling at Rambus In other news, Director Meera Rao sold 2,972 shares of the business’s stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $150.30, for a total transaction of $446,691.60. Following the completion of the sale, the director owned 19,974 shares in the company, valued at approximately $3,002,092.20. The trade was a 12.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Xianzhi Sean Fan sold 37,914 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $151.69, for a total value of $5,751,174.66. Following the completion of the sale, the executive vice president directly owned 168,358 shares of the company’s stock, valued at approximately $25,538,225.02. This trade represents a 18.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 65,886 shares of company stock valued at $10,171,466. 0.75% of the stock is currently owned by company insiders.

Rambus Price Performance NASDAQ:RMBS opened at $105.79 on Wednesday. The company’s 50-day moving average is $130.56 and its two-hundred day moving average is $114.30. Rambus, Inc. has a 1-year low of $62.81 and a 1-year high of $174.10. The firm has a market capitalization of $11.44 billion, a price-to-earnings ratio of 50.38 and a beta of 1.84.

Rambus (NASDAQ:RMBS – Get Free Report) last posted its quarterly earnings data on Monday, April 27th. The semiconductor company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.02. The firm had revenue of $180.19 million during the quarter, compared to analysts’ expectations of $179.94 million. Rambus had a net margin of 31.90% and a return on equity of 17.41%. As a group, equities analysts anticipate that Rambus, Inc. will post 2.44 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth Several analysts recently commented on RMBS shares. Robert W. Baird lowered shares of Rambus from an “outperform” rating to a “neutral” rating and set a $120.00 price target on the stock. in a research report on Tuesday, April 28th. Rosenblatt Securities increased their target price on shares of Rambus from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday, April 28th. Benchmark assumed coverage on Rambus in a research report on Wednesday, July 15th. They set a “buy” rating and a $165.00 target price on the stock. Jefferies Financial Group lifted their price target on Rambus from $120.00 to $145.00 and gave the company a “buy” rating in a research note on Tuesday, April 28th. Finally, Evercore reaffirmed an “outperform” rating and issued a $172.00 price target on shares of Rambus in a report on Tuesday, April 28th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $134.75.

Check Out Our Latest Report on Rambus

Rambus Profile (Free Report)

Rambus Inc is a technology licensing company specializing in semiconductor and system-level interface solutions. Founded in 1990 by Stanford University researchers Mike Farmwald and Mark Horowitz, Rambus established its headquarters in Sunnyvale, California. The company initially gained prominence by developing high-speed DRAM interface technology and securing a broad patent portfolio covering memory architecture, data signaling and power management innovations.

Today, Rambus licenses its proprietary intellectual property (IP) to semiconductor companies, original equipment manufacturers (OEMs) and system integrators worldwide.

See Also Five stocks we like better than Rambus Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible Want to see what other hedge funds are holding RMBS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rambus, Inc. (NASDAQ:RMBS – Free Report).

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Rambus (NASDAQ:RMBS | RMBS Price Prediction) has ridden the AI memory wave in 2026, and Wall Street is taking notice. Benchmark and Rosenblatt Securities both initiated coverage this month with Buy ratings and $165 price targets, while the analyst consensus sits at $149.

Our 24/7 Wall St. price target for Rambus is $109.40 over the next 12 months, implying 8.48% upside from $100.85. Our recommendation is buy, with a confidence level of 90%.

24/7 Wall St. Price Target Summary Metric Value Current Price $100.85 24/7 Wall St. Price Target $109.40 Upside 8.48% Recommendation BUY Confidence Level 90% The Pullback That Reset Expectations Rambus is down 28.56% over the past month after touching a 52-week high of $174.10 in June. Even after the drawdown, shares are still up 47.85% over the trailing year and 9.75% year to date.

Q1 2026 revenue of $180.19 million narrowly beat consensus, though non-GAAP EPS of $0.63 missed by a penny. Product revenue climbed 15% year over year to $88 million on AI memory interface chip demand. The July 8 launch of the DDR5 9600 server RDIMM chipset (with a 20% bandwidth increase) kept the AI narrative intact. Q2 2026 earnings are set for July 27.

Why Bulls See a Breakout Ahead The bull case rests on Rambus owning the memory bottleneck in AI infrastructure. FY2025 revenue reached $707.63 million (+27.13%) and operating cash flow hit $360 million. Q4 2025 delivered a 24.77% EPS beat at $0.68.

CEO Luc Seraphin argues “the growth of AI inference and agentic workloads in the data center continues to drive demand for higher memory bandwidth.”

With the HBM4E memory controller IP marketed as the industry’s fastest, Benchmark’s Gary Mobley and Rosenblatt both see $165 as achievable. In the bull case, Rambus reaches $170.98, a 69.54% total return.

The Risks Worth Watching Royalty revenue slipped to $69.64 million in Q1 2026 from $74 million a year earlier, and non-GAAP operating margin compressed to 42% from 46%. Bulls counter that R&D spending rose 18% to $50.23 million because Rambus is funding the HBM4E and SOCAMM2 roadmap.

The shares trade at 48x trailing earnings, and GuruFocus pegs intrinsic value at $93.31. Tightening DRAM supply triggered an analyst downgrade after Q1, and a CFO transition adds noise. The bear case lands at $93.54, a 7.25% decline.

How Rambus Compares to Marvell and Micron Marvell Technology (NASDAQ:MRVL) is the closest AI-infrastructure silicon peer, trading at 47x forward earnings with an analyst target of $253.69. Marvell’s premium multiple, despite quarterly EPS growth of -80.4% YoY, suggests investors pay up for AI silicon exposure, making Rambus’s 24x forward P/E look reasonable.

Micron Technology (NASDAQ:MU) is the DRAM manufacturer whose memory Rambus’s interface chips enable. Micron trades at just 5x forward earnings with a 55.9% profit margin, showing memory cyclicality still spooks the market. Rambus’s IP-royalty model deserves a premium to Micron’s commodity exposure, supporting our target.

Company Forward P/E Analyst Target Rambus 24x $149 Marvell 47x $253.69 Micron 5x $1,491.95 I’d Buy It Here The 24/7 Wall St. price target for Rambus is $109.40, a buy at 90% confidence. The tipping factor is the recent 28% pullback, which resets the risk-reward after June’s froth.

Buy here if the July 27 earnings report confirms product revenue toward the top of the $95 to $101 million guide. Stay on the sidelines if royalty revenue slips further below $72 million or margins compress again.

Year 24/7 Wall St. Price Target 2026 $109 2027 $118 2028 $126 2029 $132 2030 $138.81 These projections assume Rambus executes on DDR5 leadership and HBM4E ramp. Significant upside or downside could come from AI infrastructure capex cycles or a shift in the DRAM royalty base.

Contact [email protected] for any questions or corrections.

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Our Rambus (NASDAQ:RMBS | RMBS Price Prediction) call is constructive. After a violent June rally and sharp July pullback, the memory interface specialist trades in the shadow of its own overshoot. The 24/7 Wall St. price target for Rambus is $108.43 over the next 12 months, implying 5.38% upside from $102.89. Our recommendation is buy with high confidence at 0.9.

24/7 Wall St. Price Target Summary Metric Value Current Price $102.89 24/7 Wall St. Price Target $108.43 Upside 5.38% Recommendation BUY Confidence Level 90% From June Peak to July Reset Shares are down 6.16% over the past week and 28.19% over the last month after peaking near $143.29 on June 15. Even after that reset, RMBS is up 11.97% year to date and 59.45% over the past 12 months, trading 17% below the 52-week high of $174.10.

Fundamentals are strong. Q1 FY26 revenue hit $180.19 million, up 8.12% year over year, with product revenue climbing 15%. Non-GAAP EPS came in at $0.63, narrowly missing the $0.6363 consensus.

FY25 closed at $707.63 million in revenue, up 27.13%, and $360 million in operating cash flow. CEO Luc Seraphin flagged that “the growth of AI inference and agentic workloads in the data center continues to drive demand for higher memory bandwidth.”

The Bull Case Our bull-case scenario points to $173.05 within 12 months, implying 68.19% upside. Analyst consensus sits at $144.57, with 7 buys, 2 holds, and zero sells. Drivers:

DDR5 Registered Clock Driver leadership, HBM4E memory controller IP marketed as the industry’s fastest, and LPDDR5X SOCAMM2 chipset for next-generation AI servers. Q2 FY26 guidance calls for product revenue of $95 to $101 million, extending the Q4 FY25 record.

What Could Go Wrong The bear case targets $92.86, or -9.75% from here. Royalty revenue slipped to $69.64 million from $74 million a year ago. An analyst downgrade cited tightening DRAM supply. Non-GAAP operating margin compressed to 42% from 46% as R&D climbed 18%.

Insiders including the COO and multiple directors sold shares between $125.52 and $170.15 in May and June. Bulls counter that R&D spend of $50.23 million funds HBM4E and SOCAMM2 designs that should compound into product revenue for years.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Rambus didn't make the cut. Grab the names FREE today.

Rambus vs. Marvell and Astera Labs Marvell Technology (NASDAQ:MRVL) is the scaled AI-silicon peer at a $180.6 billion market cap, with Q1 FY27 revenue of $2.42 billion and 27.6% growth. Marvell’s data center segment dwarfs all of Rambus, giving investors a read on AI infrastructure demand: if hyperscaler capex holds for MRVL, Rambus royalty and product ramps should follow.

Astera Labs (NASDAQ:ALAB) is the growth counterpoint. ALAB grew Q1 FY26 revenue 93.4% to $308.4 million and trades at a P/E of 283. Rambus’s 49 trailing and 24 forward P/E look reasonable against that. Peers make our $108.43 target look conservative on multiples but appropriate given Rambus’s slower top-line trajectory.

Bottom Line The 24/7 Wall St. price target for Rambus is $108.43, recommendation buy, confidence 90%. The combination of bullish analyst skew, tech sector tailwinds, and a derated price after the June pullback tips the scale.

Confidence rises if Q2 FY26 product revenue lands at the high end of the $95 to $101 million guide and royalty revenue stabilizes. The setup weakens if DRAM supply tightens further or margin compression persists.

Rambus Price Prediction 2026-2030 Our model projects the following trajectory under base-case assumptions, extending the 247Factor framework across a 5.18% annualized base-case return.

Year 24/7 Wall St. Price Target 2026 $108.43 2027 $106.32 2028 $111.61 2029 $118.51 2030 $127.10 These projections assume Rambus converts its DDR5, HBM4E, and SOCAMM2 pipeline into royalty and product revenue at its historical clip. A step-change in AI memory adoption could push results toward the bull path near $339 by 2031; a DRAM supply squeeze or major license loss could pin them near the bear path.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Rambus didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

Estimated Book Value Per Share as of June 30, 2026 of $7.22
Estimated GAAP net income of $0.44 per share for the quarter ended June 30, 2026 including an estimated $0.18 per share of net realized and unrealized gains on RMBS and derivative instrumentsEstimated 6.2% total return on equity for the quarter ended June 30, 2026 Estimated book value, net income and total return on equity amounts are preliminary, subject to change, and subject to review by the Company’s independent registered public accounting firmRMBS Portfolio Characteristics as of June 30, 2026  Vero Beach, Fla., July 13, 2026 (GLOBE NEWSWIRE) -- Orchid Island Capital, Inc. (the “Company”) (NYSE: ORC) announced today its estimated second quarter of 2026 results and portfolio characteristics as of June 30, 2026.

Shares Outstanding

As of July 13, 2026 and June 30, 2026, the Company had 199,603,438 shares of common stock outstanding. As of March 31, 2026, the Company had 196,700,226 shares of common stock outstanding.

Estimated June 30, 2026 Book Value Per Share

The Company’s estimated book value per share as of June 30, 2026 was $7.22.  The Company computes book value per share by dividing total stockholders' equity by the total number of outstanding shares of common stock. At June 30, 2026, the Company's preliminary estimated total stockholders' equity was approximately $1.4 billion with 199,603,438 shares of common stock outstanding. These figures and the resulting estimated book value per share are preliminary, subject to change, and subject to review by the Company’s independent registered public accounting firm. 

Estimated Net Income Per Share and Realized and Unrealized Gains on RMBS and Derivative Instruments

The Company estimates it generated net income per share of $0.44 for the quarter ended June 30, 2026, which includes an estimated $0.18 per share of net realized and unrealized gains on RMBS and derivative instruments. These amounts compare to total dividends declared during the quarter of $0.30 per share. Net income per common share calculated under generally accepted accounting principles can, and does, differ from our real estate investment trust ("REIT") taxable income.  The Company views REIT taxable income as a better indication of income to be paid in the form of a dividend rather than net income. Many components of REIT taxable income can only be estimated at this time and our monthly dividends declared are based on both estimates of REIT taxable income to be earned over the course of the current quarter and calendar year and a longer-term estimate of the REIT taxable income of the Company. These figures are preliminary, subject to change, and subject to review by the Company’s independent registered public accounting firm. 

Estimated Total Return on Equity

The Company’s estimated total return on equity for the quarter ended June 30, 2026 was 6.2%. The Company calculates total return on equity as the sum of dividends declared and paid during the quarter plus changes in book value during the quarter, divided by the Company’s stockholders’ equity at the beginning of the quarter. The total return was $0.44 per share, comprised of dividends per share of $0.30 and an increase in book value per share of $0.14 from June 30, 2026.

RMBS Portfolio Characteristics

Details of the RMBS portfolio as of June 30, 2026 are presented below. These figures are preliminary and subject to change and, with respect to figures that will appear in the Company’s financial statements and associated footnotes as of and for the quarter ended June 30, 2026, are subject to review by the Company’s independent registered public accounting firm:

RMBS Valuation CharacteristicsRMBS Assets by AgencyInvestment Company Act of 1940 (Whole Pool) Test ResultsRepurchase Agreement Exposure by CounterpartyRMBS Risk Measures About Orchid Island Capital, Inc.

Orchid Island Capital, Inc. is a specialty finance company that invests on a leveraged basis in Agency RMBS. Our investment strategy focuses on, and our portfolio consists of, two categories of Agency RMBS: (i) traditional pass-through Agency RMBS, such as mortgage pass-through certificates and collateralized mortgage obligations issued by Fannie Mae, Freddie Mac or Ginnie Mae, and (ii) structured Agency RMBS. The Company is managed by Bimini Advisors, LLC, a registered investment adviser with the Securities and Exchange Commission.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon Orchid Island Capital, Inc.’s present expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

 RMBS Valuation Characteristics
($ in thousands)
                                     Realized
                                     Realized
 Apr-26 -
                                     Jun-26
 Jun-26
                     Net
         Weighted
 CPR
 CPR
                     Weighted
         Average
 (1-Month)
 (3-Month)
 Modeled Interest
  Current
 Fair
 % of
 Current
 Average
         Maturity
 (Reported
 (Reported
 Rate Sensitivity (1)
Type Face
 Value
 Portfolio
 Price
 Coupon
 GWAC
 Age
 (Months)
 in July)
 in July)
 (-50 BPS)
 (+50 BPS)
Fixed Rate RMBS                                                30yr 3.0 $315,785  $280,604   2.43%  88.86   3.00%  3.52%  62   291   8.1%  6.5% $8,376  $(8,497)30yr 3.5  37,144   33,944   0.29%  91.39   3.50%  4.30%  81   260   1.7%  3.7%  993   (1,011)30yr 4.0  47,532   45,097   0.39%  94.88   4.00%  4.77%  85   270   10.2%  11.4%  1,169   (1,208)30yr 4.5  436,796   422,712   3.66%  96.78   4.50%  5.46%  30   326   7.6%  6.1%  9,135   (10,098)30yr 5.0  2,163,688   2,140,194   18.55%  98.91   5.00%  6.00%  13   344   4.6%  5.2%  40,360   (47,402)30yr 5.5  4,030,632   4,086,306   35.41%  101.38   5.50%  6.45%  13   343   6.4%  6.6%  60,965   (76,234)30yr 6.0  3,051,319   3,146,124   27.26%  103.11   6.00%  6.92%  18   336   11.0%  15.1%  31,503   (43,625)30yr 6.5  1,261,375   1,317,446   11.42%  104.45   6.50%  7.39%  20   334   22.2%  22.8%  9,259   (13,756)30yr 7.0  52,676   55,771   0.48%  105.88   7.00%  7.91%  31   321   15.6%  42.4%  458   (600)Total Pass-Through RMBS  11,396,947   11,528,198   99.90%  101.15   5.54%  6.47%  18   338   9.2%  10.9%  162,218   (202,431)Total Structured RMBS  82,573   11,966   0.10%  14.49   3.39%  4.59%  139   204   7.2%  7.0%  63   95                                                  Total Mortgage Assets $11,479,520  $11,540,164   100.00%      5.52%  6.45%  19   337   9.2%  10.9% $162,281  $(202,336)                                                      Hedge Modeled Interest
  Notional
Period Rate Sensitivity (1)
Hedge Balance
End (-50 BPS)
 (+50 BPS)
3-Month SOFR Futures $(390,000)Jan-27 $(1,950) $1,950 10-Year Treasury Future(3)  (188,600)May-33  (6,062)  5,854 10-Year Ultra Treasury Future(4)  (60,000)Feb-36  (2,628)  2,542 ERIS SOFR Swap Futures  (10,000)Sep-31  (182)  177 Swaps  (7,814,200)Feb-31  (160,872)  155,615 Swaptions  (1,000,000)Dec-31  (2,737)  5,001 TBA Short  (594,900)Jul-26  (8,005)  10,686 Hedge Total $(10,057,700)  $(182,436) $181,825 Rate Shock Grand Total      $(20,155) $(20,511) (1) Modeled results from Citigroup Global Markets Inc. Yield Book. Interest rate shocks assume instantaneous parallel shifts and horizon prices are calculated assuming constant SOFR option-adjusted spreads. These results are for illustrative purposes only and actual results may differ materially.(2) Ten-year Treasury futures contracts were valued at prices of $109.89 at June 30, 2026. The market value of the short position was $207.3 million.(3) Ten-year Ultra futures contracts were valued at prices of $112.47 at June 30, 2026 The market value of the short position was $67.5 million.    RMBS Assets by Agency
($ in thousands)
      Percentage
  Fair
 of
Asset Category Value
 Portfolio
As of June 30, 2026        Fannie Mae $6,022,656   52.2%Freddie Mac  5,517,509   47.8%Total Mortgage Assets $11,540,165   100.0%          Investment Company Act of 1940 Whole Pool Test
($ in thousands)
      Percentage
  Fair
 of
Asset Category Value
 Portfolio
As of June 30, 2026        Non-Whole Pool Assets $574,055   5.0%Whole Pool Assets  10,966,109   95.0%Total Mortgage Assets $11,540,164   100.0%          Borrowings By Counterparty
($ in thousands)
          Weighted
 Weighted        % of
 Average
 Average    Total
 Total
 Repo
 Maturity LongestAs of June 30, 2026 Borrowings
 Debt
 Rate
 in Days MaturityWells Fargo Securities, LLC $568,720   5.1%  3.77%  14 8/19/2026Marex Capital Markets Inc.  497,411   4.5%  3.78%  20 7/23/2026StoneX Financial Inc.  486,529   4.4%  3.79%  73 9/23/2026Hidden Road Partners Civ US LLC  484,902   4.4%  3.76%  53 8/26/2026Citigroup Global Markets Inc  483,698   4.4%  3.76%  29 9/21/2026ABN AMRO Bank N.V.  477,675   4.3%  3.76%  24 7/27/2026ASL Capital Markets Inc.  472,828   4.3%  3.77%  57 9/21/2026The Bank of Nova Scotia  460,634   4.2%  3.75%  27 8/13/2026South Street Securities, LLC  458,067   4.1%  3.82%  68 11/13/2026J.P. Morgan Securities LLC  451,719   4.1%  3.78%  27 7/27/2026RBC Capital Markets, LLC  445,012   4.0%  3.82%  27 7/27/2026Cantor Fitzgerald & Co  424,847   3.8%  3.76%  24 7/24/2026DV Securities, LLC Repo  423,823   3.8%  3.77%  47 8/27/2026Banco Santander SA  413,756   3.7%  3.77%  14 7/20/2026Daiwa Securities America Inc.  407,688   3.7%  3.81%  67 9/23/2026Clear Street LLC  407,554   3.7%  3.76%  17 7/20/2026Goldman, Sachs & Co  395,928   3.6%  3.76%  27 7/27/2026Bank of Montreal  376,058   3.4%  3.76%  15 7/15/2026ING Financial Markets LLC  370,344   3.3%  3.80%  13 7/13/2026Brean Capital, LLC  299,159   2.7%  3.76%  21 7/27/2026Mirae Asset Securities (USA) Inc.  296,573   2.7%  3.79%  47 8/24/2026MUFG Securities Canada, Ltd.  268,537   2.4%  3.75%  30 8/4/2026Morgan Stanley & Co. LLC  260,567   2.4%  3.74%  9 7/15/2026Merrill Lynch, Pierce, Fenner & Smith  252,699   2.3%  3.78%  26 7/27/2026Mitsubishi UFJ Securities (USA), Inc.  239,196   2.2%  3.77%  22 7/22/2026TD Securities (USA) LLC  219,140   2.0%  3.78%  42 8/11/2026Nomura Securities International, Inc.  212,865   1.9%  3.76%  40 8/14/2026Mizuho Securities USA LLC  182,067   1.6%  3.77%  15 7/15/2026Natixis, New York Branch  137,685   1.2%  3.76%  19 7/24/2026BNP Paribas Securities Corp.  135,654   1.2%  3.78%  41 8/10/2026Lucid Prime Fund, LLC  30,438   0.3%  3.75%  16 7/16/2026Canyon Partners, LLC  23,899   0.2%  3.71%  17 7/17/2026Mesirow Financial, Inc.  21,243   0.2%  3.75%  16 7/16/2026Total Borrowings $11,086,915   100.0%  3.77%  32 11/13/2026                   Contact:

Orchid Island Capital, Inc.
Robert E. Cauley
3305 Flamingo Drive, Vero Beach, Florida 32963
Telephone: (772) 231-1400

SAN JOSE, Calif.--(BUSINESS WIRE)--Rambus Inc. (Nasdaq: RMBS), a premier chip and silicon IP provider making data faster and safer, today announced that it will hold a conference call on Monday, July 27, 2026, at 2:00 p.m. Pacific Time to discuss its second quarter fiscal year 2026 results. This call will be webcast and can be accessed via Rambus' website at investor.rambus.com. A replay will be available following the call on the Rambus Investor Relations website or for one week at the followi.

On June 23, 2026, Rambus Inc RMBS shares fell 8.6% today, currently priced at $128.29. The stock has experienced a 52-week range between $60.96 and $174.10, highlighting significant volatility over the past year. The recent drop adds to a one-month decline of 10.3% and a weekly decrease of 3.2%.

GF Value™ verdict: Shares are currently priced at $128.29, which represents a 37.5% overvaluation compared to the GF Value™ of $93.31.GF Score™: 85/100, indicating a strong overall ranking based on key financial metrics.Notable signal: Insiders sold $13.3 million in stock over the past three months, signaling potential caution regarding the company's future prospects. Is RMBS Overvalued or Undervalued? The current price of Rambus Inc at $128.29 is well above the GF Value™ estimate of $93.31, which indicates that the stock is overvalued by approximately 37.5%. This significant difference raises concerns about the sustainability of the current price level, particularly in light of the GF Valuation label stating that the stock is "Significantly Overvalued." The margin of safety appears limited, which suggests potential risks for current shareholders.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. The considerable gap between the current price and the GF Value™ raises red flags, indicating that the market may be pricing in overly optimistic future growth expectations for Rambus. Investors should be cautious, as overvaluation can lead to declines if market sentiment shifts or if the company fails to meet growth projections.

How Does RMBS's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 61.0x 33.9x Forward P/E 43.0x N/A The current P/E (TTM) of Rambus is 61.0x, which is 80% above its 5-year median P/E of 33.9x. Additionally, the forward P/E of 43.0x suggests that analysts expect earnings to improve in the future. However, this analysis aligns with the GF Value™ verdict that the stock is overvalued. The elevated P/E ratios indicate that the market is pricing in high growth expectations, which may not be sustainable.

What Does RMBS's GF Score™ Tell Us? Metric Rating GF Score™ 85/100 Financial Strength 10/10 Profitability 6/10 Growth 10/10 Valuation 3/10 Momentum 9/10 The GF Score™ of 85/100 reflects a strong overall performance for Rambus, particularly in areas such as Financial Strength and Growth, where it scored 10/10. However, the Valuation score of 3/10 indicates significant concerns regarding its current pricing relative to its intrinsic value. The disparity between strong financial metrics and an unfavorable valuation suggests that while the company may be performing well operationally, its stock price may not be justified by its fundamentals.

What Are Insiders Doing with RMBS Stock? In the last three months, insiders have sold $13.3 million worth of shares without any buying activity, which can be interpreted as a bearish signal. This trend of selling may indicate a lack of confidence from those who have the most insight into the company's operations. The absence of insider buying further emphasizes the caution surrounding the stock's current valuation and future performance.

What This Means for Investors Based on the GF Value™ assessment, Rambus Inc is currently overvalued. The significant gap between the current share price and the estimated intrinsic value raises concerns about the sustainability of the current price level. Investors may need to proceed with caution in light of these factors.

For the complete analysis, visit the Rambus Inc RMBS stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is RMBS's GF Score™?

RMBS has a GF Score™ of 85/100, indicating a strong overall ranking based on key financial metrics.

Is RMBS overvalued or undervalued?

According to the GF Value™ estimate, RMBS is overvalued, with a current price of $128.29 compared to a GF Value™ of $93.31.

What is RMBS's P/E ratio?

The P/E ratio for RMBS is 61.0x, which is significantly above its 5-year median P/E of 33.9x, indicating that the stock is trading at a premium compared to its historical valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

After a rally that has lifted Rambus (NASDAQ:RMBS | RMBS Price Prediction) 133.15% over the past year, the memory interface IP leader trades at $141.17. Our 24/7 Wall St. price target for Rambus is $117.57 over the next 12 months, implying 16.72% downside from current levels.

Our recommendation is sell, with high confidence at 90%. The shares are pricing in flawless execution against a backdrop of tightening DRAM supply and compressing margins.

24/7 Wall St. Price Target Summary Metric Value Current Price $141.17 24/7 Wall St. Price Target $117.57 Upside/Downside -16.72% Recommendation SELL Confidence Level 90% Why We Could Be Wrong Our 24/7 Wall St. price target of $117.57 sits below where Rambus trades today, and the bull case is real. The HBM4E memory controller IP ramp and the AI inference data center cycle could push product revenue meaningfully above guidance.

Wall Street analysts carry a consensus target of $145.25 with 7 buy ratings and zero sells. Treat our target as one datapoint among many.

A Year-Long Rally Meets a Margin Squeeze RMBS is up 53.63% year to date and 15.68% over the past month, though it pulled back 2.28% last week and sits 17% from its 52-week high of $174.10.

Q1 2026 revenue of $180.19 million beat slightly, but non-GAAP EPS of $0.63 missed the $0.6363 consensus. Non-GAAP operating margin compressed to 42% from 46%, R&D rose 18%, and royalty revenue declined year over year. An analyst downgrade citing tightening DRAM supply followed the report.

The Case for $175+ Bulls have catalysts. CEO Luc Seraphin said “The growth of AI inference and agentic workloads in the data center continues to drive demand for higher memory bandwidth, efficient data movement, and scalable connectivity.”

DDR5 RCD leadership, the LPDDR5X SOCAMM2 server module chipset, and the industry-fastest HBM4E memory controller IP position Rambus squarely inside the AI capex wave. Q2 2026 guidance calls for revenue of $186 million to $204 million. Our bull-case 12-month scenario reaches $175.08, a 24.02% gain.

The Risks Worth Watching RMBS trades at 62 trailing earnings and a price-to-sales ratio of 20, leaving little margin for error. Royalty revenue declined to $69.64 million in Q1, the CFO transitioned in Q4 2025, and supply chain disruption was disclosed.

Bulls would counter that R&D spending is the kind of investment that funds the HBM4E and SOCAMM2 ramps, and the balance sheet shows $1.39 billion in equity. Still, our bear case lands at $98.18, a 30.45% decline.

Rambus Price Prediction 2026-2030 The 24/7 Wall St. price target of $117.57 reflects a sell call at 90% confidence. The tipping factor is valuation: a forward multiple of 24 is reasonable, but the stock trades far above that anchor.

The bull thesis strengthens if HBM4E design wins translate into a step-function ramp in product revenue. The bear thesis strengthens if royalty revenue keeps slipping and margins keep compressing. Today, the setup favors patience.

Year 24/7 Wall St. Price Target 2026 $117.57 2027 $115.00 2028 $110.50 2029 $108.25 2030 $107.71 These projections assume Rambus continues executing its current DDR5 and HBM roadmap. Significant upside could result from accelerated HBM4E adoption, while downside risk centers on prolonged DRAM supply tightness and royalty erosion.

Rambus stock was tumbling after its earnings report, having risen sharply in the previous month.

Rambus, Inc. (NASDAQ:RMBS) reported mixed first-quarter results after Monday’s closing bell.

Rambus reported quarterly earnings of 63 cents per share, which missed the consensus estimate of 64 cents. Quarterly revenue came in at $180.19 million, which beat the Street estimate of $177.93 million, according to Benzinga Pro data.

"Rambus opened 2026 with a solid first quarter, delivering financial results in line with guidance and generating strong cash from operations," said Luc Seraphin, president and CEO of Rambus.

Rambus sees second-quarter revenue in a range of $190 million to $208 million, versus the $196.21 million analyst estimate.

Rambus shares fell 23.2% to trade at $108.47 on Tuesday.

These analysts made changes to their price targets on Rambus following earnings announcement.

Rosenblatt analyst Kevin Cassidy maintained Rambus with a Buy and raised the price target from $130 to $150. Evercore ISI Group analyst Daniel Markowitz maintained the stock with an Outperform rating and raised the price target from $119 to $172. Wells Fargo analyst Aaron Rakers maintained Rambus with an Overweight rating and raised the price target from $115 to $145. Considering buying RMBS stock? Here’s what analysts think:

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Industry-proven finance leader brings deep semiconductor, data center and AI-driven computing ecosystem expertise to support long-term profitable growth

SAN JOSE, Calif.--(BUSINESS WIRE)--Rambus Inc. (NASDAQ: RMBS) today announced the appointment of Sumeet Gagneja as senior vice president and chief financial officer, effective April 29, 2026. Mr. Gagneja joins Rambus with more than two decades of financial and operational leadership across the semiconductor, data center, and AI-driven computing ecosystem. Mr. Gagneja will oversee the company’s global finance organization, including financial strategy, capital allocation, and investor engagement, reporting to president and chief executive officer Luc Seraphin.

Rambus appoints former AMD Data Center finance leader Sumeet Gagneja as CFO, adding data center and AI ecosystem experience.

Share “Sumeet is a highly experienced finance leader with deep knowledge of the semiconductor and data center ecosystem,” said Luc Seraphin, president and chief executive officer of Rambus. “He brings a strong track record of helping companies scale with disciplined execution and a focus on value creation, and will be an outstanding addition to the leadership team as we continue to drive long-term profitable growth.”

Mr. Gagneja most recently served as divisional CFO for AMD’s Data Center segment. Previously, he was CFO of Western Digital’s Flash business and held senior finance leadership roles at Xilinx, Innovium, Maxim Integrated, Avago, and Intel. Across these roles, he supported capital allocation, mergers and acquisitions, operational planning, and investor and analyst engagement, bringing a disciplined and execution-focused approach to scaling complex technology businesses.

“I am excited to join Rambus and support its continued progress,” said Mr. Gagneja. “The company has a strong foundation, a differentiated portfolio, and a clear opportunity to deliver long-term profitable growth. I look forward to working with the leadership team to help drive disciplined execution and create durable value for shareholders.”

Gagneja holds a Master of Business Administration with high distinction from the University of Michigan Ross School of Business and a master’s degree in mechanical engineering from Wayne State University. He is a California Certified Public Accountant.

About Rambus Inc.

Rambus delivers industry-leading chips and silicon IP for the data center and AI infrastructure. With over three decades of advanced semiconductor experience, our products and technologies address the critical bottlenecks between memory and processing to accelerate data-intensive workloads. By enabling greater bandwidth, efficiency and security across next‑generation computing platforms, we make data faster and safer. For more information, visit rambus.com.

Forward-Looking Statements

This release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, including those relating to Rambus’ expectations regarding business opportunities, the Company’s ability to deliver long-term, profitable growth, product and investment strategies, and the Company’s outlook and financial guidance for the second quarter of 2026 and related drivers, and the Company’s ability to effectively manage market challenges. Such forward-looking statements are based on current expectations, estimates and projections, management’s beliefs and certain assumptions made by the Company’s management. Actual results may differ materially. The Company’s business generally is subject to a number of risks which are described more fully in Rambus’ periodic reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

Source: Rambus Inc.

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Rambus PCIe® 7.0 Switch IP with Time Division Multiplexing enables efficient, scalable PCIe fabrics that optimize link utilization and reduce system complexity for scale up and scale out of distributed AI clusters and high-performance computing networks

Supports bandwidth scaling, low latency, and efficient data movement for AI, cloud, and HPC systemsIncreases link utilization through intelligent traffic multiplexing, enabling simpler architectures and scalable disaggregated and pooled compute designsExtends the industry-leading Rambus PCIe IP portfolio which spans switches, controllers, retimers, and debug solutions to support next‑generation AI infrastructure SAN JOSE, Calif.--(BUSINESS WIRE)--Rambus Inc. (NASDAQ: RMBS), a premier chip and silicon IP provider making data faster and safer, today announced the Rambus PCIe® 7.0 Switch IP with Time Division Multiplexing (TDM), a new addition to its advanced interconnect IP portfolio designed to address the rapidly escalating bandwidth, latency, and scalability requirements of AI, cloud, and high-performance computing (HPC) systems.

As AI infrastructure grows in scale and architectural complexity, system designers are increasingly challenged to move massive volumes of data efficiently across CPUs, GPUs, accelerators, and NVMe storage. The Rambus PCIe 7.0 Switch IP with TDM is architected to help meet these demands by enabling more flexible and efficient utilization of PCIe links, supporting emerging disaggregated and pooled compute architectures while maintaining low latency and deterministic performance.

Rambus PCIe 7.0 Switch IP with TDM Optimized for Next-Generation AI and Data Center SoCs

Built on the PCIe 7.0 specification, the Rambus newest switch IP is optimized for next‑generation AI and data center SoCs that require extreme bandwidth density, advanced traffic management, and seamless scalability. By incorporating TDM capabilities, the switch enables designers to intelligently schedule and multiplex traffic across shared links, helping maximize fabric utilization while supporting diverse workload profiles, from large‑scale AI training to latency‑sensitive inference and data movement.

“The acceleration of AI is fundamentally reshaping system architectures, and it’s no longer sufficient to simply add more lanes or more endpoints,” said Simon Blake‑Wilson, senior vice president and general manager of Silicon IP at Rambus. “With our PCIe 7.0 Switch IP with TDM, Rambus is giving system architects a new degree of freedom to scale bandwidth efficiently and deterministically, while reducing complexity and improving overall system utilization. This is a critical enabler for scale up and scale out of the next wave of advanced AI clusters and HPC networks.”

“AI infrastructure is increasingly defined by how efficiently data can move between heterogeneous compute and memory resources,” said Jeff Janukowicz, VP, Semiconductors and Enabling Technologies. “Advanced PCIe switching technologies that improve link utilization and enable flexible traffic orchestration will be key to building scalable, cost‑effective AI platforms as next‑generation interconnect technology evolves.”

Rambus PCIe 7.0 Switch IP with TDM Expands Industry-Leading PCIe IP Portfolio

The Rambus PCIe 7.0 Switch IP with TDM is designed to integrate seamlessly into leading-edge ASIC platforms and complements Rambus’ broader PCIe 7.0 IP portfolio, which includes controllers, retimers, and debug solutions. Together, these IP offerings help customers accelerate time‑to‑market while addressing the demanding performance, power, and reliability requirements of modern AI infrastructure.

The Rambus PCIe 7.0 Switch IP with TDM reinforces the company’s long‑standing leadership in high‑speed interface IP and its commitment to delivering differentiated interconnect technologies that help customers solve the most challenging problems in AI, cloud, and HPC Infrastructure.

More Information:

Learn more about the Rambus PCIe 7.0 Switch IP with TDM and Rambus’ industry-leading family of PCIe solutions at www.rambus.com/interface-ip/pci-express/.

Follow Rambus:

Company website: rambus.com
Rambus blog: rambus.com/blog
LinkedIn: www.linkedin.com/company/rambus

About Rambus Inc.

Rambus delivers industry-leading chips and silicon IP for the data center and AI infrastructure. With over three decades of advanced semiconductor experience, our products and technologies address the critical bottlenecks between memory and processing to accelerate data-intensive workloads. By enabling greater bandwidth, efficiency and security across next generation computing platforms, we make data faster and safer. For more information, visit rambus.com.

Source: Rambus Inc.

Forward-looking statements

Information set forth in this press release, including statements as to Rambus’ outlook and financial estimates and statements as to the expected timing and effects of Rambus products, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

These statements are based on various assumptions and the current expectations of the management of Rambus and may not be accurate because of risks and uncertainties surrounding these assumptions and expectations. Factors listed below, as well as other factors, may cause actual results to differ significantly from these forward-looking statements. There is no guarantee that any of the events anticipated by these forward-looking statements will occur, or what effect they will have on the operations or financial condition of Rambus. Forward-looking statements included herein are made as of the date hereof, and Rambus undertakes no obligation to publicly update or revise any forward-looking statement unless required to do so by federal securities laws.

Major risks, uncertainties and assumptions include, but are not limited to: any statements regarding anticipated operational and financial results; any statements of expectation or belief; other factors described under “Risk Factors” in Rambus’ Annual Report on Form 10-K and Quarterly Reports on Form 10-Q; and any statements of assumptions underlying any of the foregoing. It is not possible to predict or identify all such factors. Consequently, while the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties.

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May 13, 2026 16:45 ET  | Source: Orchid Island Capital, Inc.

May 2026 Monthly Dividend of $0.10 Per Share of Common StockRMBS Portfolio Characteristics as of April 30, 2026Next Dividend Announcement Expected June 9, 2026 VERO BEACH, Fla., May 13, 2026 (GLOBE NEWSWIRE) -- Orchid Island Capital, Inc. (the “Company”) (NYSE: ORC) announced today that the Board of Directors of the Company declared a monthly cash dividend for the month of May 2026. The dividend of $0.10 per share will be paid June 29, 2026 to holders of record of the Company’s common stock on May 29, 2026, with an ex-dividend date of May 29, 2026. The Company plans on announcing its next common stock dividend on June 9, 2026.

The Company intends to make regular monthly cash distributions to its holders of common stock. In order to qualify as a real estate investment trust (“REIT”), the Company must distribute annually to its stockholders an amount at least equal to 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gain. The Company will be subject to income tax on taxable income that is not distributed and to an excise tax to the extent that a certain percentage of its taxable income is not distributed by specified dates. The Company has not established a minimum distribution payment level and is not assured of its ability to make distributions to stockholders in the future.

As of May 13, 2026 and April 30, 2026, the Company had 200,700,226 shares of common stock outstanding. As of March 31, 2026, the Company had 196,700,226 shares of common stock outstanding.

RMBS Portfolio Characteristics

Details of the RMBS portfolio as of April 30, 2026 are presented below. These figures are preliminary and subject to change. The information contained herein is an intra-quarter update created by the Company based upon information that the Company believes is accurate:

RMBS Valuation CharacteristicsRMBS Assets by AgencyInvestment Company Act of 1940 (Whole Pool) Test ResultsRepurchase Agreement Exposure by CounterpartyRMBS Risk Measures About Orchid Island Capital, Inc.

Orchid Island Capital, Inc. is a specialty finance company that invests on a leveraged basis in Agency RMBS. Our investment strategy focuses on, and our portfolio consists of, two categories of Agency RMBS: (i) traditional pass-through Agency RMBS, such as mortgage pass-through certificates and collateralized mortgage obligations issued by Fannie Mae, Freddie Mac or Ginnie Mae, and (ii) structured Agency RMBS. The Company is managed by Bimini Advisors, LLC, a registered investment adviser with the Securities and Exchange Commission.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements include, but are not limited to, statements about the Company’s distributions. These forward-looking statements are based upon Orchid Island Capital, Inc.’s present expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

RMBS Valuation Characteristics ($ in thousands)
                                                                                  Realized                                      Realized  Feb-26 -                                      Apr-26  Apr-26                      Net          Weighted  CPR  CPR                      Weighted          Average  (1-Month)  (3-Month)  Modeled Interest   Current  Fair  % of  Current  Average          Maturity  (Reported  (Reported  Rate Sensitivity (1) Type Face  Value  Portfolio  Price  Coupon  GWAC  Age  (Months)  in May)  in May)  (-50 BPS)  (+50 BPS) Fixed Rate RMBS
                                             15yr 4.5 TBA $250,000  $248,076   2.14%   99.23   4.50%   5.41%   8   170   n/a   n/a  $3,518  $(4,113) 15yr Total  250,000   248,076   2.14%   99.23   4.50%   5.41%   8   170   n/a   n/a   3,518   (4,113) 30yr 3.0  320,298   285,121   2.46%   89.02   3.00%   3.52%   60   293   3.9%   6.7%   8,532   (8,672) 30yr 3.5  37,630   34,449   0.30%   91.55   3.50%   4.30%   79   262   1.1%   0.8%   1,012   (1,032) 30yr 4.0  48,820   46,472   0.40%   95.19   4.00%   4.77%   83   272   12.9%   10.6%   1,187   (1,228) 30yr 4.5  442,020   428,330   3.70%   96.90   4.50%   5.46%   28   328   3.5%   7.7%   9,350   (10,333) 30yr 5.0  1,908,999   1,893,235   16.35%   99.17   5.00%   6.00%   13   344   5.2%   5.6%   35,770   (42,269) 30yr 5.5  3,519,332   3,577,448   30.90%   101.65   5.50%   6.46%   13   343   5.9%   8.6%   53,782   (67,626) 30yr 6.0  3,155,624   3,259,141   28.15%   103.28   6.00%   6.92%   16   339   18.5%   21.7%   32,555   (45,492) 30yr 6.5  1,518,506   1,590,370   13.74%   104.73   6.50%   7.39%   20   335   27.3%   26.7%   10,135   (15,677) 30yr 7.0  190,888   202,488   1.75%   106.08   7.00%   7.95%   30   321   42.9%   33.1%   1,303   (1,742) 30yr Total  11,142,117   11,317,054   97.75%   101.57   5.59%   6.53%   18   338   12.7%   14.9%   153,626   (194,071) Total Pass-Through RMBS  11,392,117   11,565,130   99.89%   101.52   5.57%   6.50%   17   334   12.7%   14.9%   157,144   (198,184) Structured RMBS
                                             IO 20yr 4.0  4,902   373   0.00%   7.60   4.00%   4.56%   171   63   14.4%   11.7%   1   (1) IO 30yr 4.0  61,029   11,063   0.10%   18.13   4.00%   4.60%   139   211   5.3%   4.6%   (70)   102 IO 30yr 4.5  2,656   497   0.00%   18.70   4.50%   4.99%   189   157   11.0%   8.7%   (2)   - IO 30yr 5.0  1,396   274   0.00%   19.63   5.00%   5.37%   190   157   1.8%   4.4%   (2)   1 IO Total  69,983   12,207   0.11%   17.44   4.04%   4.62%   145   197   6.1%   5.2%   (73)   102 IIO 30yr 4.0  14,954   97   0.00%   0.65   0.16%   4.40%   103   245   12.8%   8.6%   69   (44) Total Structured RMBS  84,937   12,304   0.11%   14.49   3.36%   4.58%   137   206   7.3%   5.8%   (4)   58                                                  Total Mortgage Assets $11,477,054  $11,577,434   100.00%       5.55%   6.49%   18   333   12.7%   14.8%  $157,140  $(198,126)      Hedge Modeled Interest   Notional Period Rate Sensitivity (1) Hedge Balance End (-50 BPS)  (+50 BPS) 3-Month SOFR Futures $(390,000) Dec-26 $(2,113)  $2,113 5-Year Treasury Future(2)  (180,000) Aug-30  (3,747)   3,662 10-Year Treasury Future(3)  (123,600) Jan-33  (3,967)   3,909 10-Year Ultra Treasury Future(4)  (60,000) Nov-35  (2,669)   2,556 ERIS SOFR Swap Futures  (10,000) Jun-31  (195)   190 Swaps  (7,014,200) Nov-30  (143,920)   139,285 TBA Short  (155,000) May-26  (688)   1,310 Hedge Total $(7,932,800)   $(157,299)  $153,025 Rate Shock Grand Total      $(159)  $(45,101)  (1) Modeled results from Citigroup Global Markets Inc. Yield Book. Interest rate shocks assume instantaneous parallel shifts and horizon prices are calculated assuming constant SOFR option-adjusted spreads. These results are for illustrative purposes only and actual results may differ materially.
(2) Five-year Treasury futures contracts were valued at prices of $107.84 at April 30, 2026. The market value of the short position was $194.1 million.
(3) Ten-year Treasury futures contracts were valued at prices of $110.59 at April 30, 2026. The market value of the short position was $136.7 million.
(4) Ten-year Ultra Treasury futures contracts were valued at prices of $112.86 at April 30, 2026. The market value of the short position was $67.7 million.

RMBS Assets by Agency        ($ in thousands)              Percentage   Fair  of Asset Category Value  Portfolio As of April 30, 2026        Fannie Mae $5,910,702   52.2% Freddie Mac  5,418,656   47.8% Total Mortgage Assets $11,329,358   100.0%  Investment Company Act of 1940 Whole Pool Test ($ in thousands)              Percentage   Fair  of Asset Category Value  Portfolio As of April 30, 2026        Non-Whole Pool Assets $590,190   5.2% Whole Pool Assets  10,739,167   94.8% Total Mortgage Assets $11,329,357   100.0%  Borrowings By Counterparty                 ($ in thousands)                           Weighted  Weighted        % of  Average  Average    Total  Total  Repo  Maturity LongestAs of April 30, 2026 Borrowings  Debt  Rate  in Days MaturityWells Fargo Securities, LLC $540,272   4.9%   3.79%   9 5/21/2026Hidden Road Partners Civ US LLC  500,781   4.6%   3.78%   27 5/28/2026Marex Capital Markets Inc.  498,421   4.6%   3.78%   80 7/23/2026ABN AMRO Bank N.V.  497,665   4.6%   3.77%   22 5/26/2026Citigroup Global Markets Inc  494,590   4.5%   3.78%   13 5/26/2026StoneX Financial Inc.  488,036   4.5%   3.79%   125 9/23/2026ASL Capital Markets Inc.  481,407   4.4%   3.79%   61 9/21/2026South Street Securities, LLC  477,914   4.4%   3.83%   76 11/13/2026The Bank of Nova Scotia  472,247   4.3%   3.78%   20 5/22/2026J.P. Morgan Securities LLC  461,915   4.2%   3.78%   26 5/26/2026RBC Capital Markets, LLC  451,723   4.1%   3.83%   73 7/27/2026DV Securities, LLC Repo  450,381   4.1%   3.78%   43 8/21/2026Cantor Fitzgerald & Co  440,165   4.0%   3.77%   22 5/28/2026Clear Street LLC  437,924   4.0%   3.79%   39 6/22/2026Daiwa Securities America Inc.  432,054   4.0%   3.79%   36 6/23/2026Banco Santander SA  426,957   3.9%   3.79%   14 5/19/2026Bank of Montreal  416,360   3.8%   3.79%   13 5/13/2026Goldman, Sachs & Co  406,319   3.7%   3.78%   27 5/27/2026Merrill Lynch, Pierce, Fenner & Smith  379,970   3.5%   3.79%   18 5/26/2026ING Financial Markets LLC  370,344   3.4%   3.80%   74 7/13/2026Mirae Asset Securities (USA) Inc.  328,612   3.0%   3.79%   29 6/17/2026Brean Capital, LLC  283,485   2.6%   3.79%   19 5/26/2026Mitsubishi UFJ Securities (USA), Inc.  244,377   2.2%   3.79%   22 5/22/2026MUFG Securities Canada, Ltd.  227,431   2.1%   3.78%   4 5/4/2026Nomura Securities International, Inc.  222,189   2.0%   3.79%   41 6/15/2026Mizuho Securities USA LLC  194,681   1.8%   3.79%   21 5/22/2026TD Securities (USA) LLC  172,885   1.6%   3.80%   43 6/12/2026Natixis, New York Branch  96,572   0.9%   3.78%   27 5/27/2026Lucid Prime Fund, LLC  31,400   0.3%   3.78%   14 5/14/2026Total Borrowings $10,927,077   100.0%   3.79%   38 11/13/2026 Contact:

Orchid Island Capital, Inc.
Robert E. Cauley
3305 Flamingo Drive, Vero Beach, Florida 32963
Telephone: (772) 231-1400

SAN JOSE, Calif.--(BUSINESS WIRE)--Rambus Inc. (Nasdaq: RMBS), a premier chip and silicon IP provider making data faster and safer, today announced that its executives will present at three upcoming investor events: the Baird 2026 Global Consumer, Technology & Services Conference; the Evercore 2026 Global TMT Conference; and the Rosenblatt 6th Annual Technology Virtual Summit.

Baird 2026 Global Consumer, Technology & Services Conference

Sumeet Gagneja, chief financial officer, and Matt Jones, senior vice president of corporate strategy, will present at the Baird 2026 Global Consumer, Technology & Services Conference in New York City, NY on Tuesday, June 2, 2026, at 9:05 a.m. ET. The presentation will be available live through a webcast that can be accessed on the Rambus Investor Relations website at investor.rambus.com. A replay of the presentation will also be available on the website following the event.

Evercore 2026 Global TMT Conference

Luc Seraphin, chief executive officer, will present at the Evercore 2026 Global TMT Conference in San Francisco, CA on Wednesday, June 3, 2026, at 2:35 p.m. PT. The presentation will be available live through a webcast that can be accessed on the Rambus Investor Relations website at investor.rambus.com. A replay of the presentation will also be available on the website following the event.

Rosenblatt 6th Annual Technology Virtual Summit

Steve Woo, fellow and distinguished inventor, will present at the Rosenblatt 6th Annual Technology Virtual Summit on Tuesday, June 9, 2026, at 2:00 p.m. PT. The presentation will be available live through a webcast that can be accessed on the Rambus Investor Relations website at investor.rambus.com. A replay of the presentation will also be available on the website following the event.

About Rambus Inc.

Rambus delivers industry-leading chips and silicon IP for the data center and AI infrastructure. With over three decades of advanced semiconductor experience, our products and technologies address the critical bottlenecks between memory and processing to accelerate data-intensive workloads. By enabling greater bandwidth, efficiency and security across next-generation computing platforms, we make data faster and safer. For more information, visit rambus.com.

Source: Rambus Inc.

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Industry’s fastest DDR5 Client Chipset, with Gen2 Client Clock Driver (CKD02), PMIC5120 and SPD Hub, offers breakthrough performance of up to 9600 MT/s

Enables advanced agentic AI, gaming and content creation workloads in future generation PC desktops and laptopsSupports high-bandwidth, high-capacity CUDIMM, CQDIMM and CSODIMM memory module form factorsExtends Rambus comprehensive memory module chipset offerings for server to client platforms SAN JOSE, Calif.--(BUSINESS WIRE)--Rambus Inc. (NASDAQ: RMBS), a premier chip and silicon IP provider making data faster and safer, today announced its complete DDR5 9600 Client Memory Module Chipset for high-performance CUDIMM, CQDIMM and CSODIMM modules in future generation AI PCs. The chipset includes the new Gen2 Client Clock Driver (CKD02), delivering breakthrough performance with support for PC memory module operation of up to 9600 MT/s, Power Management IC (PMIC5120) and Serial Presence Detect Hub (SPD Hub).

With the rise of agentic AI, PCs now plan, execute, and adapt workflows in real time. These workloads require persistent context, concurrent processing, and continuous data movement between the processor and system memory requiring significant increases in both bandwidth and capacity. At the same time, scaling DDR5 memory beyond 6400 MT/s introduces new technical challenges, including signal degradation, clock jitter, and timing instability. To address these challenges, the industry is transitioning to clocked memory modules, including CUDIMM and CQDIMM for desktops and CSODIMM for laptops, which incorporate an on-module client clock driver (CKD) to condition and redistribute the clock signal.

The new Rambus DDR5 9600 Client Chipset provides a complete solution for clocked DDR5 modules operating from 8000 to 9600 MT/s. Designed for performance and scalability, the chipset supports next-generation AI PCs, notebooks, and workstations. By addressing signal integrity, power delivery, and system coordination at the module level, Rambus simplifies the design and deployment of high-performance memory module solutions.

“Agentic workloads are fundamentally more memory-hungry, driving the need for higher memory bandwidth, greater capacity, and improved efficiency in AI-enabled PCs,” said Rami Sethi, SVP and general manager of Memory Interface Chips at Rambus. “Our DDR5 9600 Client Chipset, featuring the Gen2 Client Clock Driver, delivers the performance foundation needed to enable this new era of intelligent, high-performance client systems for AI-driven productivity, next-generation gaming and professional content creation.”

“As AI-driven workloads become increasingly pervasive across client devices, memory subsystem innovation will be key to unlocking their full potential,” said Jeff Janukowicz, research vice president at IDC. “To meet growing performance demands, the industry is transitioning to clocked memory architectures such as CUDIMM and CSODIMM, which are designed to address signal integrity and timing challenges at higher data rates. Complete chipset solutions that deliver stable, high-speed operation will play a critical role in accelerating the adoption of next-generation AI PCs.”

The Rambus DDR5 9600 Client Chipset supporting high-bandwidth, high-capacity, clocked client memory modules and includes:

Gen2 Client Clock Driver retimes, conditions and distributes the clock sent from the processor to the DRAM devices on the DIMM PMIC5120 efficiently steps down the system voltage supply to the voltage levels needed to power the DRAM and all other active chips on the module SPD Hub enables communication of module identification, configuration, and telemetry More Information

Learn more about the Rambus DDR5 9600 Client Memory Module Chipset at: https://www.rambus.com/memory-interface-chips/ddr5-client-dimm-chipset/

Follow Rambus:
Company website: rambus.com
Rambus blog: rambus.com/blog
LinkedIn: www.linkedin.com/company/rambus

About Rambus Inc.

Rambus delivers industry-leading chips and silicon IP for the data center and AI infrastructure. With over three decades of advanced semiconductor experience, our products and technologies address the critical bottlenecks between memory and processing to accelerate data-intensive workloads. By enabling greater bandwidth, efficiency and security across next generation computing platforms, we make data faster and safer. For more information, visit rambus.com.

Source: Rambus Inc.

Forward-looking statements

Information set forth in this press release, including statements as to Rambus’ outlook and financial estimates and statements as to the expected timing and effects of Rambus products, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

These statements are based on various assumptions and the current expectations of the management of Rambus and may not be accurate because of risks and uncertainties surrounding these assumptions and expectations. Factors listed below, as well as other factors, may cause actual results to differ significantly from these forward-looking statements. There is no guarantee that any of the events anticipated by these forward-looking statements will occur, or what effect they will have on the operations or financial condition of Rambus. Forward-looking statements included herein are made as of the date hereof, and Rambus undertakes no obligation to publicly update or revise any forward-looking statement unless required to do so by federal securities laws.

Major risks, uncertainties and assumptions include, but are not limited to: any statements regarding anticipated operational and financial results; any statements of expectation or belief; other factors described under “Risk Factors” in Rambus’ Annual Report on Form 10-K and Quarterly Reports on Form 10-Q; and any statements of assumptions underlying any of the foregoing. It is not possible to predict or identify all such factors. Consequently, while the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties.

More News From Rambus Inc.

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Rambus (NASDAQ:RMBS | RMBS Price Prediction) has been one of the loudest AI memory winners of the past year, with shares up 162.25% over the trailing 12 months and 55.6% year to date. After that move, my proprietary model says the easy money has been made.

The 24/7 Wall St. Price Target Says Take Some Off the Table Our 24/7 Wall St. price target for Rambus is $118.09, against a current price of $142.98. That implies 17.41% downside over the next 12 months, and our recommendation is sell. Confidence on the model is high at 90%, reflecting strong analyst data, clean earnings history, and a stretched valuation profile.

Metric Value Current Price $142.98 24/7 Wall St. Price Target $118.09 Upside/Downside -17.41% Recommendation SELL Confidence Level 90% Why We Could Be Wrong Our 24/7 Wall St. price target of $118.09 sits below where Rambus trades today, and the bull narrative is real. HBM4E controller IP described as the industry’s fastest and the LPDDR5X SOCAMM2 server chipset could re-rate the multiple if hyperscaler design wins accelerate. Treat our number as one datapoint.

A Rally Built on AI Memory Demand RMBS is up 12.54% in the past week and 8.69% over the past month, sitting roughly 10% off its 52-week high of $161.80.

The catalyst has been AI memory. Q1 2026 revenue came in at $180.19 million, up 8.1% YoY, with product revenue of $88 million growing 15% YoY on data center demand. Non-GAAP EPS of $0.63 missed the $0.6363 consensus by 0.99%, and an analyst downgrade flagging tightening DRAM supply briefly pressured shares before the recent rebound.

The Case for $165+ Bulls have a clean thesis. FY2025 revenue grew 27.13% to $707.63 million, with operating income up 45.34% and operating cash flow hitting $360 million. Q2 2026 product revenue is guided to $95 to $101 million, marking another sequential record.

CEO Luc Seraphin noted that “the growth of AI inference and agentic workloads in the data center continues to drive demand for higher memory bandwidth.” Our bull scenario lifts RMBS to $164.67, a 15.17% gain, broadly in line with the 7 buy ratings and $145.25 average analyst target.

What Could Go Wrong The bear case starts with valuation and ends with insiders. Royalty revenue declined from $74 million to $69.6 million YoY, R&D rose 18%, and non-GAAP operating margin compressed from 46% to 42%. Bulls counter that the R&D step-up funds HBM4E and SOCAMM2 IP that should monetize through 2027.

CEO Luc Seraphin executed 10 separate sell transactions across March and April, and four board members have sold recently, including Necip Sayiner selling 9,824 shares at $130.18 on May 8. Our bear scenario points to $96.74, a 32.34% decline.

Rambus Price Prediction 2026-2030 The 24/7 Wall St. price target of $118.09 and sell rating at 90% confidence reflect a great business at a difficult price. The tipping factor is the gap between a 68 P/E and 8.1% Q1 revenue growth. A pullback to the $115 to $120 range or a re-acceleration in royalty revenue would meaningfully improve the risk/reward, while continued CEO selling and tightening DRAM supply argue for patience.

Here is where our model projects RMBS could trade, assuming current growth trajectories and AI memory demand hold.

Year 24/7 Wall St. Price Target 2026 $118.09 2027 $112.00 2028 $108.00 2029 $107.00 2030 $107.17 These projections assume Rambus continues executing on DDR5 and HBM IP monetization. Material upside could come from a hyperscaler design-win at HBM4E or accelerating royalty billings.

June 09, 2026 16:15 ET  | Source: Orchid Island Capital, Inc.

June 2026 Monthly Dividend of $0.10 Per Share of Common StockRMBS Portfolio Characteristics as of May 31, 2026Next Dividend Announcement Expected July 8, 2026 VERO BEACH, Fla., June 09, 2026 (GLOBE NEWSWIRE) -- Orchid Island Capital, Inc. (the “Company”) (NYSE: ORC) announced today that the Board of Directors of the Company declared a monthly cash dividend for the month of June 2026. The dividend of $0.10 per share will be paid July 30, 2026 to holders of record of the Company’s common stock on June 30, 2026, with an ex-dividend date of June 30, 2026. The Company plans on announcing its next common stock dividend on July 8, 2026.

The Company intends to make regular monthly cash distributions to its holders of common stock. In order to qualify as a real estate investment trust (“REIT”), the Company must distribute annually to its stockholders an amount at least equal to 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gain. The Company will be subject to income tax on taxable income that is not distributed and to an excise tax to the extent that a certain percentage of its taxable income is not distributed by specified dates. The Company has not established a minimum distribution payment level and is not assured of its ability to make distributions to stockholders in the future.

As of June 9, 2026 and May 31, 2026, the Company had 200,700,226 shares of common stock outstanding. As of March 31, 2026, the Company had 196,700,226 shares of common stock outstanding.

RMBS Portfolio Characteristics

Details of the RMBS portfolio as of May 31, 2026 are presented below. These figures are preliminary and subject to change. The information contained herein is an intra-quarter update created by the Company based upon information that the Company believes is accurate:

RMBS Valuation CharacteristicsRMBS Assets by AgencyInvestment Company Act of 1940 (Whole Pool) Test ResultsRepurchase Agreement Exposure by CounterpartyRMBS Risk Measures About Orchid Island Capital, Inc.

Orchid Island Capital, Inc. is a specialty finance company that invests on a leveraged basis in Agency RMBS. Our investment strategy focuses on, and our portfolio consists of, two categories of Agency RMBS: (i) traditional pass-through Agency RMBS, such as mortgage pass-through certificates and collateralized mortgage obligations issued by Fannie Mae, Freddie Mac or Ginnie Mae, and (ii) structured Agency RMBS. The Company is managed by Bimini Advisors, LLC, a registered investment adviser with the Securities and Exchange Commission.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements include, but are not limited to, statements about the Company’s distributions. These forward-looking statements are based upon Orchid Island Capital, Inc.’s present expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

RMBS Valuation Characteristics ($ in thousands)                                                                          Realized                                 Realized  Mar-26 -                                 May-26  May-26                   Net         Weighted CPR  CPR                   Weighted         Average (1-Month)  (3-Month)  Modeled Interest   Current Fair % of  Current Average         Maturity (Reported  (Reported  Rate Sensitivity (1) Type Face Value Portfolio  Price Coupon  GWAC  Age (Months) in Jun)  in Jun)  (-50 BPS)  (+50 BPS) Fixed Rate RMBS                                          30yr 3.0 $318,536 $282,755  2.52%  88.77  3.00%  3.52%  61  292  7.4% 6.9% $8,512  $(8,623)30yr 3.5  37,510  34,253  0.31%  91.32  3.50%  4.30%  80  261  7.4% 3.4%  1,013   (1,030)30yr 4.0  48,111  45,664  0.41%  94.91  4.00%  4.77%  84  271  11.0% 10.4%  1,192   (1,230)30yr 4.5  440,113  425,236  3.79%  96.62  4.50%  5.46%  29  327  7.0% 5.9%  9,449   (10,375)30yr 5.0  2,176,760  2,152,687  19.20%  98.89  5.00%  6.00%  12  345  5.4% 5.3%  42,179   (49,229)30yr 5.5  3,607,056  3,657,606  32.62%  101.40  5.50%  6.46%  14  342  6.7% 7.8%  57,224   (71,121)30yr 6.0  3,096,813  3,194,305  28.49%  103.15  6.00%  6.92%  17  338  14.8% 20.4%  33,662   (46,561)30yr 6.5  1,286,355  1,349,093  12.03%  104.88  6.50%  7.39%  19  336  19.6% 25.1%  9,260   (14,210)30yr 7.0  54,824  58,190  0.52%  106.14  7.00%  7.92%  30  322  32.1% 45.5%  470   (629)30yr Total  11,066,078  11,199,789  99.89%  101.21  5.54%  6.48%  18  338  10.4% 13.2%  162,961   (203,008)Total Pass-Through RMBS  11,066,078  11,199,789  99.89%  101.21  5.54%  6.48%  18  338  10.4% 13.2%  162,961   (203,008)Structured RMBS                                          IO 20yr 4.0  4,774  361  0.00%  7.56  4.00%  4.56%  172  63  14.5% 14.3%  1   (1)IO 30yr 4.0  60,486  10,896  0.10%  18.01  4.00%  4.60%  140  210  5.7% 5.0%  (128)  72 IO 30yr 4.5  2,619  486  0.00%  18.57  4.50%  4.99%  190  156  11.8% 10.1%  (1)  - IO 30yr 5.0  1,388  271  0.00%  19.50  5.00%  5.37%  191  156  1.6% 4.7%  (2)  - IO Total  69,267  12,014  0.11%  17.34  4.04%  4.62%  146  197  6.4% 5.9%  (130)  71 IIO 30yr 4.0  14,292  71  0.00%  0.50  0.16%  4.40%  104  244  0.6% 4.9%  58   (35)Total Structured RMBS  83,559  12,085  0.11%  14.46  3.37%  4.59%  138  205  5.4% 5.7%  (72)  36                                            Total Mortgage Assets $11,149,637 $11,211,874  100.00%     5.52%  6.46%  18  337  10.4% 13.1% $162,889  $(202,972)                                                Hedge Modeled Interest   Notional Period Rate Sensitivity (1) Hedge Balance End (-50 BPS)  (+50 BPS) 3-Month SOFR Futures $(390,000)Dec-26 $(2,048) $2,048 10-Year Treasury Future(2)  (188,600)May-33  (6,037)  5,860 10-Year Ultra Treasury Future(3)  (60,000)Feb-36  (2,638)  2,526 ERIS SOFR Swap Futures  (10,000)Jun-31  (195)  190 Swaps  (7,814,200)Feb-31  (164,240)  158,827 Swaptions  (1,000,000)Dec-31  (2,809)  4,875 TBA Short  (300,000)Jun-26  (3,351)  4,667 Hedge Total $(9,762,800)  $(181,318) $178,993 Rate Shock Grand Total      $(18,429) $(23,979) (1) Modeled results from Citigroup Global Markets Inc. Yield Book. Interest rate shocks assume instantaneous parallel shifts and horizon prices are calculated assuming constant SOFR option-adjusted spreads. These results are for illustrative purposes only and actual results may differ materially.
(2) Ten-year Treasury futures contracts were valued at prices of $109.83 at May 31, 2026. The market value of the short position was $207.1 million.
(3) Ten-year Ultra Treasury futures contracts were valued at prices of $112.08 at May 31, 2026. The market value of the short position was $67.3 million.
  RMBS Assets by Agency        ($ in thousands)              Percentage   Fair  of Asset Category Value  Portfolio As of May 31, 2026        Fannie Mae $5,895,030   52.6%Freddie Mac  5,316,844   47.4%Total Mortgage Assets $11,211,874   100.0%          Investment Company Act of 1940 Whole Pool Test ($ in thousands)              Percentage   Fair  of Asset Category Value  Portfolio As of May 31, 2026        Non-Whole Pool Assets $581,118   5.2%Whole Pool Assets  10,630,756   94.8%Total Mortgage Assets $11,211,874   100.0%          Borrowings By Counterparty                 ($ in thousands)                           Weighted  Weighted        % of  Average  Average    Total  Total  Repo  Maturity LongestAs of May 31, 2026 Borrowings  Debt  Rate  in Days MaturityMarex Capital Markets Inc. $498,421   4.7%  3.78%  49 7/23/2026Citigroup Global Markets Inc  486,749   4.5%  3.76%  23 7/27/2026StoneX Financial Inc.  486,529   4.5%  3.79%  103 9/23/2026ABN AMRO Bank N.V.  478,711   4.5%  3.74%  38 7/20/2026Wells Fargo Securities, LLC  475,199   4.4%  3.78%  40 8/19/2026ASL Capital Markets Inc.  472,828   4.4%  3.77%  87 9/21/2026South Street Securities, LLC  466,233   4.4%  3.82%  78 11/13/2026The Bank of Nova Scotia  460,634   4.3%  3.75%  57 8/13/2026J.P. Morgan Securities LLC  453,205   4.2%  3.73%  26 6/26/2026RBC Capital Markets, LLC  449,008   4.2%  3.82%  47 7/27/2026Hidden Road Partners Civ US LLC  444,505   4.2%  3.76%  87 8/26/2026Clear Street LLC  431,670   4.0%  3.78%  27 7/13/2026Cantor Fitzgerald & Co  430,958   4.0%  3.75%  25 6/25/2026DV Securities, LLC Repo  423,823   4.0%  3.77%  77 8/27/2026Daiwa Securities America Inc.  422,808   3.9%  3.79%  50 8/18/2026Banco Santander SA  413,756   3.9%  3.77%  44 7/20/2026Goldman, Sachs & Co  399,848   3.7%  3.76%  57 7/27/2026Bank of Montreal  380,100   3.5%  3.77%  15 6/15/2026Merrill Lynch, Pierce, Fenner & Smith  370,892   3.5%  3.75%  18 6/26/2026ING Financial Markets LLC  370,344   3.5%  3.80%  43 7/13/2026Mirae Asset Securities (USA) Inc.  322,701   3.0%  3.73%  21 6/22/2026Brean Capital, LLC  300,096   2.8%  3.74%  23 7/27/2026Mitsubishi UFJ Securities (USA), Inc.  240,338   2.2%  3.71%  22 6/22/2026MUFG Securities Canada, Ltd.  223,362   2.1%  3.78%  4 6/4/2026Nomura Securities International, Inc.  221,512   2.1%  3.79%  18 7/10/2026Mizuho Securities USA LLC  186,103   1.7%  3.73%  18 6/18/2026TD Securities (USA) LLC  172,185   1.6%  3.80%  12 6/12/2026Natixis, New York Branch  94,018   0.9%  3.73%  26 6/26/2026Morgan Stanley & Co. LLC  48,571   0.5%  3.77%  45 7/15/2026BNP Paribas Securities Corp.  36,970   0.3%  3.76%  12 6/12/2026Lucid Prime Fund, LLC  30,867   0.3%  3.77%  11 6/11/2026Canyon Partners, LLC  14,394   0.1%  3.72%  17 6/17/2026Total Borrowings $10,707,338   100.0%  3.77%  45 11/13/2026

Contact Data Contact: Orchid Island Capital, Inc. Robert E. Cauley 3305 Flamingo Drive, Vero Beach, Florida 32963 Telephone: (772) 231-1400