Specialty finance company Orchid Island Capital filed the paperwork this week to launch a public common stock offering.

Orchid is a specialty finance company that invests in agency residential mortgage-backed securities, with a focus on pass-through agency RMBS or structured agency RMBS.

The company intends to be taxed as a real estate investment trust.

Orchid is externally managed and advised by Bimini Advisors, a wholly owned subsidiary of real estate investment trust Bimini Capital Management.
Bimini is traded under the OTC bulletin as ‘BMNM’.

The registration statement has yet to price the offering, but says Orchid plans to invest the proceeds in pass-through agency RMBS backed by hybrid ARMs, ARMs and fixed-rate mortgages and structured agency RMBS.