Orchid Island Capital (ORC) 8-K Other Events

EXHIBIT 99.1

ORCHID ISLAND CAPITAL ANNOUNCES

AUGUST 2015 MONTHLY DIVIDEND AND

JULY 31, 2015 RMBS PORTFOLIO CHARACTERISTICS

·   August 2015 Monthly Dividend of $0.14 Per Share

·   RMBS Portfolio Characteristics as of July 31, 2015

·   Repurchased 291,116 shares through stock repurchase program

Vero Beach, Fla., August 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 August 2015. The dividend of $0.14 per share will be paid August 31, 2015, to holders of record on August 26, 2015, with an ex-dividend date of August 24, 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 August 11, 2015, the Company had 22,671,377 shares outstanding, including 198,600 shares repurchased pursuant to the Company’s stock repurchase program through that date that have not yet settled. At June 30, 2015, the Company had 22,959,817 shares outstanding.

RMBS Portfolio Characteristics

Details of the RMBS portfolio as of July 31, 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 include, but are not limited to, statements about the Company’s distributions. 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			Jul 2015 CPR
Asset Category	Face		Value(1)(2)		Price		Portfolio			Coupon			(Reported in Aug)
As of July 31, 2015
Adjustable Rate RMBS	$	3,215	$	3,445		107.15		0.18	%		3.65	%		43.72	%
10-1 Hybrid Rate RMBS		55,081		56,370		102.34		3.02	%		2.56	%		16.25	%
Hybrid Adjustable Rate RMBS		55,081		56,370		102.34		3.02	%		2.56	%		16.25	%
15 Year Fixed Rate RMBS		211,963		221,941		104.71		11.88	%		3.14	%		7.48	%
20 Year Fixed Rate RMBS		228,152		245,728		107.70		13.16	%		4.00	%		3.64	%
30 Year Fixed Rate RMBS		1,137,720		1,228,069		107.94		65.76	%		4.17	%		7.77	%
Total Fixed Rate RMBS		1,577,835		1,695,738		107.47		90.80	%		4.01	%		7.10	%
Total Pass-through RMBS		1,636,131		1,755,553		107.30		94.00	%		3.96	%		7.53	%
Interest-Only Securities		563,085		70,247		12.48		3.76	%		3.62	%		17.06	%
Inverse Interest-Only Securities		200,720		41,818		20.83		2.24	%		6.19	%		18.10	%
Structured RMBS		763,805		112,065		14.67		6.00	%		4.58	%		17.33	%
Total Mortgage Assets	$	2,399,936	$	1,867,618				100.00	%		4.00	%		10.88	%

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)(2)		Portfolio			Asset Category	Value(1)(2)		Portfolio
As of July 31, 2015						As of July 31, 2015
Fannie Mae	$	1,463,963		78.4	%	Whole Pool Assets	$	1,571,896		84.2	%
Freddie Mac		384,676		20.6	%	Non Whole Pool Assets		295,722		15.8	%
Ginnie Mae		18,979		1.0	%	Total Mortgage Assets	$	1,867,618		100.0	%
Total Mortgage Assets	$	1,867,618		100.0	%

(1)   Amounts in the tables above include assets with a fair value of approximately $194.3 million purchased in July 2015 which settle in August 2015, and excludes assets with a fair value of $179.3 million sold in July 2015 which settle in August 2015.

(2)   The tables above include to-be-announced securities sold with a fair value of approximately $20.6 million entered into prior to month-end which settle in August 2015.

Repurchase Agreement Exposure By Counterparty
($ in thousands)
						Weighted
			% of			Average
	Total		Total			Maturity		Longest
As of July 31, 2015	Borrowings(1)		Debt			in Days		Maturity
J.P. Morgan Securities LLC	$	156,332		9.1	%		11	8/31/2015
ICBC Financial Services LLC		148,325		8.6	%		13	8/21/2015
Citigroup Global Markets Inc		146,476		8.5	%		16	9/18/2015
Cantor Fitzgerald & Co		144,574		8.4	%		14	8/17/2015
ED&F Man Capital Markets Inc		139,184		8.1	%		21	10/6/2015
Mizuho Securities USA, Inc		116,538		6.8	%		15	9/2/2015
Mitsubishi UFJ Securities (USA), Inc		113,119		6.6	%		18	8/31/2015
KGS-Alpha Capital Markets, L.P		103,826		6.0	%		19	9/1/2015
RBC Capital Markets, LLC		102,724		6.0	%		18	9/22/2015
Nomura Securities International, Inc.		98,366		5.7	%		20	8/31/2015
South Street Securities, LLC		90,471		5.3	%		13	8/20/2015
Daiwa Securities America Inc.		82,918		4.8	%		11	9/9/2015
Wells Fargo Bank, N.A.		65,587		3.8	%		14	8/14/2015
Goldman, Sachs & Co		55,918		3.2	%		48	9/17/2015
Morgan Stanley & Co		53,593		3.1	%		6	8/6/2015
CRT Capital Group, LLC		46,221		2.7	%		19	8/28/2015
Guggenheim Securities, LLC		27,660		1.6	%		29	9/2/2015
Merrill Lynch, Pierce, Fenner & Smith Inc		14,371		0.8	%		13	8/13/2015
Barclays Capital Inc		10,089		0.6	%		14	8/14/2015
Suntrust Robinson Humphrey, Inc		4,463		0.3	%		28	8/28/2015
Total Borrowings	$	1,720,755		100.0	%		17	10/6/2015

(1)   In July 2015, the Company purchased assets with a fair value of approximately $194.3 million which settle in August 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 July 31, 2015
Adjustable Rate RMBS	$	3,445		1		10.07	%		2.00	%	$	24		$	(26	)
Hybrid Adjustable Rate RMBS		56,370		90		7.56	%		2.00	%		940			(1,130	)
Total Fixed Rate RMBS		1,695,738		n/a		n/a			n/a			30,955			(40,198	)
Total Pass-through RMBS		1,755,553		n/a		n/a			n/a			31,919			(41,354	)
Interest-Only Securities		70,247		n/a		n/a			n/a			(12,026	)		10,270
Inverse Interest-Only Securities		41,818		1		6.38	%		n/a			(110	)		(1,168	)
Structured RMBS		112,065		n/a		n/a			n/a			(12,136	)		9,102
Total Mortgage Assets	$	1,867,618		n/a		n/a			n/a		$	19,783		$	(32,252	)
Funding Hedges
											Modeled			Modeled
											Interest			Interest
					Average			Hedge			Rate			Rate
					Notional			Period			Sensitivity			Sensitivity
					Balance(2)			End Date			(-50 BPS)(1)			(+50 BPS)(1)
Eurodollar Futures Contracts - Short Positions					$	900,000		Mar-2019			$	(14,983	)	$	16,875
Treasury Futures Contracts - Short Positions						240,000		Sep-2015				(8,495	)		10,921
Payer Swaption						100,000		Sep-2025				(4	)		50
Grand Total											$	(3,699	)	$	(4,406	)

(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 Option-Adjusted Spreads. These results are for illustrative purposes only and actual results may differ materially.

(2)   Treasury Futures Contracts were valued at 127.4375 at July 31, 2015.  The nominal value of the short position was $305.9 million.

Contact:

Orchid Island Capital, Inc.

Robert E. Cauley

3305 Flamingo Drive, Vero Beach, Florida 32963

Telephone: (772) 231-1400