diff --git a/src/editor/layout.ts b/src/editor/layout.ts
index 81def4a..e8929a3 100644
--- a/src/editor/layout.ts
+++ b/src/editor/layout.ts
@@ -2,6 +2,7 @@ import { EditorState, StateField } from "@codemirror/state";
 import { EditorView } from "@codemirror/view";
 import { commentField } from "./state";
 import { commentConfig } from "./config";
+import { hasMarginAnchor } from "../format/parse";
 
 // Defined ABOVE editorLayoutField: StateField.define evaluates `provide` EAGERLY
 // at module load, and the provider arrow it builds references this helper. A
@@ -24,7 +25,9 @@ const editorLayoutClasses = (state: EditorState): string => {
 	// in it once every comment was resolved (issue #30). Mirror that visibility here.
 	// The reading-view margin applies the same guard (src/reading/margin.ts).
 	const hasColumn =
-		showInline && !!fv && fv.comments.some((c) => c.body && (cfg.showResolved() || c.status !== "resolved"));
+		showInline &&
+		!!fv &&
+		fv.comments.some((c) => hasMarginAnchor(c) && (cfg.showResolved() || c.status !== "resolved"));
 
 	const classes: string[] = [];
 	if (hasColumn) classes.push("dc-has");
diff --git a/src/editor/margin.ts b/src/editor/margin.ts
index 5cff3fc..e13b193 100644
--- a/src/editor/margin.ts
+++ b/src/editor/margin.ts
@@ -2,7 +2,7 @@ import { Notice, setIcon } from "obsidian";
 import { Result } from "better-result";
 import { EditorView, PluginValue, ViewPlugin } from "@codemirror/view";
 import { ParsedComment } from "../format/types";
-import { anchorRange, isAnchored } from "../format/parse";
+import { anchorRange, hasMarginAnchor } from "../format/parse";
 import { commentField } from "./state";
 import { commentConfig } from "./config";
 import { clearDraft, draftField } from "./draft";
@@ -25,8 +25,6 @@ const CARD_GAP = 8;
 const notifyErr = (result: Result<unknown, string>): void => {
 	if (result.isErr()) new Notice(`Couldn't save the comment: ${result.error}`);
 };
-const ORPHAN_TOP = 8;
-
 /**
  * Renders the floating right-margin column: one card per comment, vertically
  * aligned to its anchor line, with a stacking pass so cards never overlap.
@@ -145,7 +143,7 @@ class MarginView implements PluginValue {
 		if (!fv) return [];
 		// Resolved cards stay in the DOM and are hidden via a container class, so
 		// toggling visibility never requires rebuilding the editor.
-		return fv.comments.filter((c) => c.body);
+		return fv.comments.filter(hasMarginAnchor);
 	}
 
 	private reconcile(): void {
@@ -189,7 +187,6 @@ class MarginView implements PluginValue {
 
 		const editorTop = this.view.dom.getBoundingClientRect().top;
 		const placements: Array<{ el: HTMLElement; top: number }> = [];
-		let orphanCursor = ORPHAN_TOP;
 
 		const place = (el: HTMLElement, pos: number) => {
 			const coords = this.view.coordsAtPos(pos);
@@ -205,24 +202,18 @@ class MarginView implements PluginValue {
 		for (const c of this.comments()) {
 			const card = this.cards.get(c.id);
 			if (!card) continue;
-			if (!isAnchored(c)) {
-				card.el.removeClass("dc-offscreen");
-				if (card.el.offsetHeight === 0) continue;
-				card.el.setCssStyles({ top: `${orphanCursor}px` });
-				orphanCursor += card.el.offsetHeight + CARD_GAP;
-				continue;
-			}
-			place(card.el, anchorRange(c)!.from);
+			const range = anchorRange(c);
+			if (range) place(card.el, range.from);
 		}
 
 		if (draft && this.draftEl) place(this.draftEl, draft.from);
 
 		// Stack the cards: honor anchor order, push each down past the previous one so
-		// they never overlap. The first card's floor is -Infinity (unless orphans pin
-		// the top), so a card whose anchor has scrolled above the viewport keeps a
+		// they never overlap. The first card's floor is -Infinity, so a card whose
+		// anchor has scrolled above the viewport keeps a
 		// negative top and slides off the top edge instead of sticking there in view.
 		placements.sort((a, b) => a.top - b.top);
-		let cursor = orphanCursor > ORPHAN_TOP ? orphanCursor : Number.NEGATIVE_INFINITY;
+		let cursor = Number.NEGATIVE_INFINITY;
 		for (const p of placements) {
 			const y = Math.max(p.top, cursor);
 			p.el.setCssStyles({ top: `${y}px` });
diff --git a/src/format/parse.ts b/src/format/parse.ts
index c004b7d..eca8be7 100644
--- a/src/format/parse.ts
+++ b/src/format/parse.ts
@@ -87,6 +87,12 @@ export const isAnchored = (c: ParsedComment): boolean => {
 	return !!c.open && !!c.close && c.open.to <= c.close.from;
 };
 
+/** A floating margin card needs both its thread body and a valid text anchor.
+ * Orphaned threads remain available in the sidebar, where no anchor is needed. */
+export const hasMarginAnchor = (c: ParsedComment): boolean => {
+	return !!c.body && isAnchored(c);
+};
+
 /** The highlighted text range (between the markers), or null if not anchored. */
 export const anchorRange = (c: ParsedComment): TextRange | null => {
 	return isAnchored(c) ? { from: c.open!.to, to: c.close!.from } : null;
diff --git a/src/reading/margin.ts b/src/reading/margin.ts
index 175ce35..9377ff6 100644
--- a/src/reading/margin.ts
+++ b/src/reading/margin.ts
@@ -1,7 +1,7 @@
 import { App, MarkdownView, Notice, setIcon } from "obsidian";
 import { Result } from "better-result";
 import { ParsedComment } from "../format/types";
-import { existingIds, parseComments } from "../format/parse";
+import { existingIds, hasMarginAnchor, parseComments } from "../format/parse";
 import { generateId } from "../format/ids";
 import { Card, CardCallbacks, cardSignature } from "../ui/card";
 import {
@@ -98,7 +98,7 @@ class ReadingMargin {
 		} catch {
 			return; // file vanished or unreadable — keep the last render
 		}
-		const all = parseComments(data).filter((c) => c.body);
+		const all = parseComments(data).filter(hasMarginAnchor);
 		// Sidebar open → inline cards step aside (the panel lists them instead).
 		this.comments = this.deps.showComments() && !this.deps.sidebarOpen() ? all : [];
 		this.reconcileCards();
diff --git a/test/editor-view.test.ts b/test/editor-view.test.ts
index 505a5b7..72ff478 100644
--- a/test/editor-view.test.ts
+++ b/test/editor-view.test.ts
@@ -170,6 +170,12 @@ describe("editor extensions open every note without crashing", () => {
 		);
 		expect(withComment).toContain("dc-has"); // a comment reserves the column
 		expect(withComment).toContain("dc-highlights");
+
+		const orphanOnly = open(
+			'Text without an anchor.\n<!--co:orphan status:open quote:"old text"\nme: dangling\n-->',
+		);
+		expect(orphanOnly).not.toContain("dc-has");
+		expect(orphanOnly).toContain("dc-highlights");
 	});
 
 	// Regression for issue #30: once every comment is resolved and resolved
diff --git a/test/format.test.ts b/test/format.test.ts
index 4670a45..4929b86 100644
--- a/test/format.test.ts
+++ b/test/format.test.ts
@@ -1,5 +1,5 @@
 import { describe, it, expect } from "vitest";
-import { parseComments, anchorRange, isAnchored, isOrphan, existingIds } from "../src/format/parse";
+import { parseComments, anchorRange, isAnchored, isOrphan, existingIds, hasMarginAnchor } from "../src/format/parse";
 import { serializeBody, openMarker, closeMarker } from "../src/format/serialize";
 import { generateId } from "../src/format/ids";
 import { CommentData } from "../src/format/types";
@@ -50,6 +50,14 @@ describe("parseComments", () => {
 		const c = parseComments(doc)[0];
 		expect(isAnchored(c)).toBe(false);
 		expect(isOrphan(c)).toBe(true);
+		expect(hasMarginAnchor(c)).toBe(false);
+	});
+
+	it("only treats a complete anchored thread as a margin card", () => {
+		const anchored = parseComments(CANONICAL)[0];
+		const markerOnly = parseComments(openMarker("missing") + "text" + closeMarker("missing"))[0];
+		expect(hasMarginAnchor(anchored)).toBe(true);
+		expect(hasMarginAnchor(markerOnly)).toBe(false);
 	});
 
 	it("handles multiple and overlapping comments", () => {