Orchid Island Capital 8K Other Events | ORC 11 May 15

EXHIBIT 99.1

ORCHID ISLAND CAPITAL ANNOUNCES

MAY 2015 MONTHLY DIVIDEND AND

APRIL 30, 2015 RMBS PORTFOLIO CHARACTERISTICS

·	May 2015 Monthly Dividend of $0.18 Per Share

·	RMBS Portfolio Characteristics as of April 30, 2015

Vero Beach, Fla., May 11, 2015 - Orchid Island Capital, Inc. (the “Company”) (NYSE:ORC) announced today that the Board of Directors declared a monthly cash dividend for the month of May 2015. The dividend of $0.18 per share will be paid May 29, 2015, to holders of record on May 26, 2015, with an ex-dividend date of May 21, 2015.

The Company intends to make regular monthly cash distributions to its stockholders. 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 certain percentages 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 11, 2015, the Company had 18,848,257 shares outstanding, including shares sold via the Company’s at the market program through that date that have not yet settled. At March 31, 2015, the Company had 17,924,383 shares outstanding.

RMBS Portfolio Characteristics

Details of the RMBS portfolio as of April 30, 2015 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 Characteristics

·	RMBS Assets by Agency

·	Investment Company Act of 1940 (Whole Pool) Test Results

·	Repurchase Agreement Exposure by Counterparty

·	RMBS Risk Measures

About Orchid Island Capital, Inc.

Orchid Island Capital, Inc. is a specialty finance company that invests in Agency RMBS that are either traditional pass-through Agency RMBS or structured Agency RMBS. Orchid Island Capital, Inc. has elected to be taxed as a REIT for federal income tax purposes.

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 Form 10-K for the year ended December 31, 2014.

RMBS Valuation Characteristics
($ in thousands)
							Percentage			Weighted			Realized
	Current		Fair		Current		of			Average			Apr 2015 CPR
Asset Category	Face		Value(1)		Price		Portfolio			Coupon			(Reported in May)
As of April 30, 2015
Adjustable Rate RMBS	$	3,246	$	3,472		106.95		0.20	%		3.64	%		0.13	%
10-1 Hybrid Rate RMBS		55,856		57,524		102.99		3.39	%		2.56	%		2.95	%
Hybrid Adjustable Rate RMBS		55,856		57,524		102.99		3.39	%		2.56	%		2.95	%
15 Year Fixed Rate RMBS		75,889		81,127		106.90		4.78	%		3.40	%		7.24	%
20 Year Fixed Rate RMBS		310,966		336,082		108.08		19.78	%		4.00	%		7.19	%
30 Year Fixed Rate RMBS		1,034,678		1,132,934		109.50		66.69	%		4.50	%		18.15	%
Total Fixed Rate RMBS		1,421,533		1,550,143		109.05		91.25	%		4.33	%		15.02	%
Total Pass-through RMBS		1,480,635		1,611,139		108.81		94.84	%		4.27	%		14.40	%
Interest-Only Securities		569,888		72,033		12.64		4.24	%		3.62	%		16.10	%
Inverse Interest-Only Securities		94,574		15,539		16.43		0.92	%		6.21	%		24.25	%
Structured RMBS		664,462		87,572		13.18		5.16	%		4.08	%		17.34	%
Total Mortgage Assets	$	2,145,097	$	1,698,711				100.00	%		4.26	%		15.42	%

RMBS Assets by Agency						Investment Company Act of 1940 (Whole Pool) Test
($ in thousands)						($ in thousands)
			Percentage						Percentage
	Fair		of				Fair		of
Asset Category	Value(1)		Portfolio			Asset Category	Value(1)		Portfolio
As of April 30, 2015						As of April 30, 2015
Fannie Mae	$	1,347,086		79.3	%	Whole Pool Assets	$	1,082,824		63.7	%
Freddie Mac		331,876		19.5	%	Non Whole Pool Assets		615,887		36.3	%
Ginnie Mae		19,749		1.2	%	Total Mortgage Assets	$	1,698,711		100.0	%
Total Mortgage Assets	$	1,698,711		100.0	%

(1)	The tables above include to-be-announced securities with a fair value of approximately $190.5 million purchased prior to month-end which settle in May 2015.

Repurchase Agreement Exposure By Counterparty
($ in thousands)
						Weighted
			% of			Average
	Total		Total			Maturity		Longest
As of April 30, 2015	Borrowings		Debt			in Days		Maturity
J.P. Morgan Securities LLC	$	197,184		14.2	%		43	7/10/2015
Citigroup Global Markets Inc		134,088		9.7	%		21	7/29/2015
Mitsubishi UFJ Securities (USA), Inc		126,528		9.1	%		22	6/1/2015
Goldman, Sachs & Co		122,498		8.8	%		45	6/17/2015
ICBC Financial Services LLC		113,957		8.2	%		14	5/22/2015
CRT Capital Group, LLC		109,392		7.9	%		22	5/27/2015
RBC Capital Markets, LLC		106,434		7.7	%		19	5/22/2015
Cantor Fitzgerald & Co		74,976		5.4	%		11	5/18/2015
ED&F Man Capital Markets Inc		66,599		4.8	%		37	7/6/2015
Mizuho Securities USA, Inc		56,642		4.1	%		13	5/27/2015
Morgan Stanley & Co		56,391		4.1	%		20	5/20/2015
KGS-Alpha Capital Markets, L.P		52,668		3.8	%		14	5/27/2015
Guggenheim Securities, LLC		49,090		3.5	%		24	5/27/2015
Daiwa Securities America Inc.		48,390		3.5	%		12	5/14/2015
South Street Securities, LLC		36,741		2.6	%		18	5/27/2015
Nomura Securities International, Inc.		31,344		2.3	%		18	6/1/2015
Suntrust Robinson Humphrey, Inc		4,551		0.3	%		8	5/8/2015
Total Borrowings	$	1,387,473		100.0	%		25	7/29/2015

RMBS Risk Measures
($ in thousands)
Mortgage Assets
			Weighted
			Average		Weighted			Weighted			Modeled			Modeled
			Months		Average			Average			Interest			Interest
			To Next		Lifetime			Periodic			Rate			Rate
	Fair		Coupon Reset		Cap			Cap Per Year			Sensitivity			Sensitivity
Asset Category	Value		(if applicable)		(if applicable)			(if applicable)			(-50 BPS)(1)			(+50 BPS)(1)
As of April 30, 2015
Adjustable Rate RMBS	$	3,472		2		10.07	%		2.00	%	$	19		$	(20	)
Hybrid Adjustable Rate RMBS		57,524		93		7.56	%		2.00	%		883			(1,118	)
Total Fixed Rate RMBS		1,550,143		n/a		n/a			n/a			21,132			(27,982	)
Total Pass-through RMBS		1,611,139		n/a		n/a			n/a			22,034			(29,120	)
Interest-Only Securities		72,033		n/a		n/a			n/a			(14,084	)		12,549
Inverse Interest-Only Securities		15,539		1		6.39	%		n/a			(793	)		314
Structured RMBS		87,572		n/a		n/a			n/a			(14,877	)		12,863
Total Mortgage Assets	$	1,698,711		n/a		n/a			n/a		$	7,157		$	(16,257	)

Funding Hedges
					Modeled		Modeled
					Interest		Interest
		Average	Hedge		Rate		Rate
		Notional	Period		Sensitivity		Sensitivity
		Balance	End Date		(-50 BPS)(1)		(+50 BPS)(1)
As of April 30, 2015
Eurodollar Futures Contracts - Short Positions	$	780,000	Dec-2018	$	(12,769)	$	14,625
Payer Swaption		375,000	Sep-2025		(87)		541
Grand Total				$	(5,699)	$	(1,091)

(1)	Modeled results from Citigroup Global Markets, Inc. Yield Book. Interest rate shocks assume instantaneous parallel shifts and horizon prices are calculated assuming constant LIBOR OAS. These results are for illustrative purposes only and actual results may differ materially.

Contact:

Orchid Island Capital, Inc.

Robert E. Cauley

3305 Flamingo Drive, Vero Beach, Florida 32963

Telephone: (772) 231-1400

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