Orchid Island Capital (ORC) 8-K Other Events

EXHIBIT 99.1

ORCHID ISLAND CAPITAL ANNOUNCES

JUNE 2015 MONTHLY DIVIDEND AND

MAY 29, 2015 RMBS PORTFOLIO CHARACTERISTICS

·   June 2015 Monthly Dividend of $0.18 Per Share

·   RMBS Portfolio Characteristics as of May 29, 2015

Vero Beach, Fla., June 9, 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 June 2015. The dividend of $0.18 per share will be paid June 30, 2015, to holders of record on June 22, 2015, with an ex-dividend date of June 18, 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 June 9, 2015, the Company had 21,736,494 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 May 29, 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			May 2015 CPR
Asset Category	Face		Value(1)		Price		Portfolio			Coupon			(Reported in Jun)
As of May 29, 2015
Adjustable Rate RMBS	$	3,236	$	3,461		106.94		0.18	%		3.64	%		0.24	%
10-1 Hybrid Rate RMBS		55,655		57,210		102.79		2.89	%		2.56	%		1.18	%
Hybrid Adjustable Rate RMBS		55,655		57,210		102.79		2.89	%		2.56	%		1.18	%
15 Year Fixed Rate RMBS		75,040		79,936		106.52		4.05	%		3.40	%		6.28	%
20 Year Fixed Rate RMBS		325,741		351,107		107.79		17.80	%		4.00	%		4.71	%
30 Year Fixed Rate RMBS		1,273,231		1,384,011		108.70		70.16	%		4.33	%		15.25	%
Total Fixed Rate RMBS		1,674,012		1,815,054		108.43		92.01	%		4.23	%		12.05	%
Total Pass-through RMBS		1,732,903		1,875,725		108.24		95.08	%		4.18	%		11.55	%
Interest-Only Securities		556,052		69,590		12.52		3.53	%		3.65	%		16.87	%
Inverse Interest-Only Securities		142,558		27,412		19.23		1.39	%		6.13	%		22.32	%
Structured RMBS		698,610		97,002		13.89		4.92	%		4.35	%		17.64	%
Total Mortgage Assets	$	2,431,513	$	1,972,727				100.00	%		4.19	%		13.59	%

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 May 29, 2015						As of May 29, 2015
Fannie Mae	$	1,575,230		79.9	%	Whole Pool Assets	$	1,549,108		78.5	%
Freddie Mac		377,652		19.1	%	Non Whole Pool Assets		423,619		21.5	%
Ginnie Mae		19,845		1.0	%	Total Mortgage Assets	$	1,972,727		100.0	%
Total Mortgage Assets	$	1,972,727		100.0	%

(1)   Amounts in the tables above include assets with a fair value of approximately $88.1 million purchased in May 2015 which settle in June 2015.

Repurchase Agreement Exposure By Counterparty
($ in thousands)
						Weighted
			% of			Average
	Total		Total			Maturity		Longest
As of May 29, 2015	Borrowings(1)		Debt			in Days		Maturity
J.P. Morgan Securities LLC	$	247,483		14.2	%		34	7/13/2015
RBC Capital Markets, LLC		154,266		8.8	%		36	7/20/2015
Goldman, Sachs & Co		145,861		8.4	%		16	6/17/2015
Citigroup Global Markets Inc		145,371		8.3	%		22	8/26/2015
Mitsubishi UFJ Securities (USA), Inc		124,878		7.2	%		29	7/20/2015
ICBC Financial Services LLC		124,114		7.1	%		40	7/13/2015
Mizuho Securities USA, Inc		107,279		6.1	%		18	7/20/2015
CRT Capital Group, LLC		106,623		6.1	%		24	6/26/2015
KGS-Alpha Capital Markets, L.P		77,519		4.4	%		16	6/26/2015
Cantor Fitzgerald & Co		73,454		4.2	%		43	7/17/2015
Merrill Lynch, Pierce, Fenner & Smith Inc		71,761		4.1	%		25	6/26/2015
Wells Fargo Bank, N.A.		67,304		3.9	%		17	6/15/2015
ED&F Man Capital Markets Inc		66,358		3.8	%		53	8/14/2015
Morgan Stanley & Co		56,292		3.2	%		21	6/19/2015
Guggenheim Securities, LLC		48,781		2.8	%		30	7/17/2015
Daiwa Securities America Inc.		47,395		2.7	%		14	6/15/2015
South Street Securities, LLC		36,176		2.1	%		19	6/26/2015
Nomura Securities International, Inc.		30,535		1.7	%		33	7/13/2015
Barclays Capital Inc		10,222		0.6	%		14	6/12/2015
Suntrust Robinson Humphrey, Inc		4,500		0.3	%		7	6/5/2015
Total Borrowings	$	1,746,172		100.0	%		28	8/26/2015

(1)   In May 2015, the Company purchased assets with a fair value of approximately $88.1 million which settle in June 2015 that are expected to be funded by repurchase agreements.  These anticipated borrowings are not included in the table above.

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 May 29, 2015
Adjustable Rate RMBS	$	3,461		1		10.07	%		2.00	%	$	19		$	(20	)
Hybrid Adjustable Rate RMBS		57,210		92		7.56	%		2.00	%		899			(1,118	)
Total Fixed Rate RMBS		1,815,054		n/a		n/a			n/a			27,653			(36,889	)
Total Pass-through RMBS		1,875,725		n/a		n/a			n/a			28,571			(38,027	)
Interest-Only Securities		69,590		n/a		n/a			n/a			(13,141	)		11,804
Inverse Interest-Only Securities		27,412		1		6.31	%		n/a			(370	)		(451	)
Structured RMBS		97,002		n/a		n/a			n/a			(13,511	)		11,353
Total Mortgage Assets	$	1,972,727		n/a		n/a			n/a		$	15,060		$	(26,674	)
Funding Hedges
											Modeled			Modeled
											Interest			Interest
					Average			Hedge			Rate			Rate
					Notional			Period			Sensitivity			Sensitivity
					Balance			End Date			(-50 BPS)(1)			(+50 BPS)(1)
Eurodollar Futures Contracts - Short Positions					$	820,000		Dec-2018			$	(15,445	)	$	17,625
Payer Swaption						275,000		Sep-2025				(67	)		450
Grand Total											$	(452	)	$	(8,599	)

(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