No REIT is an island, unless your name is Orchid Island Capital. The company, which is seeking to become a real estate investment trust, invests in residential mortgage-backed securities (RMBS) that are guaranteed by the US government or federally sponsored entities like Fannie Mae, Freddie Mac, and Ginnie Mae. Its portfolio and principal investment targets consist of pass-through agency RMBS and structured agency RMBS, including fixed-rate mortgages, adjustable-rate mortgages (ARMs), and hybrid ARMs, as well as collateralized mortgage obligations. Formed by mortgage REIT Bimini Capital Management in 2010, Orchid Island Capital filed to go public for the second time in October 2012.