Cauley Robert E 4

What Happened Robert E. Cauley, CEO of Orchid Island Capital, had derivative awards convert/vest on March 26, 2026, resulting in the issuance of 3,694 common shares to him. The Form 4 shows an "acquired" entry for 3,694 shares at $0.00 (code M — exercise/conversion of derivative) and a corresponding "disposed" entry of 3,694.18 shares (derivative conversion). No cash purchase was required for the full shares; a small fractional share was cash-settled.

Key Details

• Transaction date (period): 2026-03-26; Form 4 filed 2026-03-27 (timely filing).
• Transaction code: M (exercise or conversion of derivative security).
• Shares acquired: 3,694 common shares at $0.00 per share (no cash outlay shown).
• Derivative disposed: 3,694.18 (reflects conversion/settlement and fractional-share cash payment).
• Footnote: The 3,694 shares come from vesting of Performance Units — 2,418 units awarded April 13, 2023 and 1,276 units awarded March 19, 2024 under the Issuer’s equity plans; fractional shares were paid in cash based on the March 25, 2026 closing price.
• Shares owned after transaction: not specified in the filing.

Context This was a conversion/vesting of performance-unit awards (not an open-market buy or a sale). Such vesting/settlement events are standard compensation mechanics for executives and do not by themselves indicate an additional buy or sell signal by the insider. The filing shows the timing and settlement details; any fractional-share payout was cash-settled.