Orchid Island Capital (ORC) 8-K Submission of Matters to a Vote of Security Holders

EXHIBIT 99.1

ORCHID ISLAND CAPITAL ANNOUNCES

JUNE 2019 MONTHLY DIVIDEND AND

MAY 31, 2019 RMBS PORTFOLIO CHARACTERISTICS

· June 2019 Monthly Dividend of $0.08 Per Share

· RMBS Portfolio Characteristics as of May 31, 2019

· Next Dividend Announcement Expected July 17, 2019

Vero Beach, Fla., June 11, 2019 - Orchid Island Capital, Inc. (the “Company”) (NYSE:ORC) announced today that the Board of Directors (the “Board”) declared a monthly cash dividend for the month of June 2019. The dividend of $0.08 per share will be paid July 31, 2019, to holders of record on June 28, 2019, with an ex-dividend date of June 27, 2019.  The Company plans on announcing its next dividend after the Board’s meeting on July 17, 2019.

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 a certain percentage 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 11, 2019, the Company had 53,507,949 shares outstanding. At March 31, 2019, the Company had 49,937,700 shares outstanding.

RMBS Portfolio Characteristics

Details of the RMBS portfolio as of May 31, 2019 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 and the expected funding of purchased assets and anticipated borrowings. 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, 2018.

RMBS Valuation Characteristics
($ in thousands)
																					Realized			Realized
																					May 2019			Mar - May			Modeled				Modeled
											Net								Weighted		CPR			2019 CPR			Interest				Interest
						%					Weighted								Average		(1-Month)			(3-Month)			Rate				Rate
	Current			Fair		of			Current		Average								Maturity		(Reported			(Reported			Sensitivity				Sensitivity
Type	Face			Value(1)		Portfolio			Price		Coupon			GWAC			Age		(Months)		in Jun)			in Jun)			(-50 BPS)(2)				(+50 BPS)(2)
Pass Through RMBS
Post Reset ARM	$	1,132		$	1,197		0.03	%	$	105.83		4.78	%		5.22	%		177		184		-			-		$	7			$	(8	)
Fixed Rate CMO		665,655			693,481		19.20	%		104.18		4.26	%		4.60	%		15		342		16.85	%		14.18	%		(1,865	)			193
15yr 4.0		397,728			418,787		11.59	%		105.29		4.00	%		4.53	%		12		165		8.17	%		9.24	%		6,636				(7,145	)
15yr Total		397,728			418,787		11.59	%		105.29		4.00	%		4.53	%		12		165		8.17	%		9.24	%		6,636				(7,145	)
20yr 4.0		86,719			91,787		2.54	%		105.84		4.00	%		4.48	%		22		214		10.95	%		10.00	%		1,812				(1,938	)
20yr Total		86,719			91,787		2.54	%		105.84		4.00	%		4.48	%		22		214		10.95	%		10.00	%		1,812				(1,938	)
30yr 3.0		260,163			259,065		7.17	%		99.58		3.00	%		4.29	%		1		358		3.92	%		-			3,232				(5,599	)
30yr 3.5		115,498			119,224		3.30	%		103.23		3.50	%		4.30	%		9		348		9.00	%		8.79	%		1,824				(2,685	)
30yr 4.0		743,180			781,683		21.64	%		105.18		4.00	%		4.67	%		13		345		7.48	%		8.12	%		8,815				(13,518	)
30yr 4.5		259,040			272,845		7.55	%		105.33		4.50	%		5.24	%		9		350		13.85	%		13.51	%		2,340				(3,230	)
30yr 5.0		778,387			847,021		23.45	%		108.82		5.00	%		5.52	%		12		347		12.66	%		13.68	%		7,540				(10,109	)
30yr Total		2,156,268			2,279,838		63.11	%		105.73		4.27	%		4.98	%		10		348		9.90	%		10.81	%		23,751				(35,141	)
Total Pass Through RMBS		3,307,502			3,485,090		96.48	%		105.37		4.23	%		4.84	%		12		321		11.16	%		11.63	%		30,341		��		(44,039	)
Structured RMBS
Interest-Only Securities		787,350			102,122		2.83	%		12.97		3.76	%		4.35	%		64		252		14.74	%		12.38	%		(16,417	)			16,261
Inverse Interest-Only Securities		212,234			25,121		0.70	%		11.84		2.67	%		4.86	%		59		292		10.98	%		9.99	%		1,250				(2,025	)
Total Structured RMBS		999,584			127,243		3.52	%		12.73		3.53	%		4.45	%		63		261		13.94	%		11.83	%		(15,167	)			14,236
Total Mortgage Assets	$	4,307,086		$	3,612,333		100.00	%				4.07	%		4.75	%		24		307		11.82	%		11.70	%	$	15,174			$	(29,803	)
																											Interest				Interest
	Average			Hedge																							Rate				Rate
	Notional			Period																							Sensitivity				Sensitivity
Hedge	Balance			End																							(-50 BPS)(2)				(+50 BPS)(2)
Eurodollar Futures	$	(457,143	)	Dec-2020																							$	(4,000	)		$	4,000
Swaps		(1,710,000	)	Nov-2021																								(22,166	)			22,166
5-Year Treasury Future		(165,000	)	Sep-2019(3)																								(4,884	)			3,967
TBA		(125,000	)	Jun-2019																								(1,423	)			2,357
Swaptions		(350,000	)	Sep-2024																								(949	)			3,763
Hedge Total	$	(2,807,143	)																								$	(33,422	)		$	36,253
Rate Shock Grand Total																											$	(18,248	)		$	6,450

(1) Amounts in the tables above include assets with a fair value of approximately $116.1 million purchased in May 2019, which settle in June 2019, and exclude assets with a fair value of approximately $448.9 million sold in May 2019, which settle in June 2019.

(2) 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.

(3) Five year treasury futures contracts were valued at prices of $117.37 at May 31, 2019.  The notional contract value of the short position was $193.7 million.

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 31, 2019						As of May 31, 2019
Fannie Mae	$	2,437,653		67.5	%	Non-Whole Pool Assets	$	1,234,031		34.2	%
Freddie Mac		1,171,650		32.4	%	Whole Pool Assets		2,378,302		65.8	%
Ginnie Mae		3,030		0.1	%	Total Mortgage Assets	$	3,612,333		100.0	%
Total Mortgage Assets	$	3,612,333		100.0	%

(1) Amounts in the tables above include assets with a fair value of approximately $116.1 million purchased in May 2019, which settle in June 2019 and exclude assets with a fair value of approximately $448.9 million sold in May 2019, which settle in June 2019.

Borrowings By Counterparty
($ in thousands)
				Weighted	Weighted
			% of	Average	Average
		Total	Total	Repo	Maturity	Longest
As of May 31, 2019		Borrowings(1)	Debt	Rate	in Days	Maturity
Barclays Capital Inc.	$	544,359	14.5%	2.63%	12	6/12/2019
RBC Capital Markets, LLC		459,588	12.3%	2.67%	34	7/15/2019
Wells Fargo Bank, N.A.		364,390	9.8%	2.61%	39	7/22/2019
Mirae Asset Securities (USA) Inc.		296,255	8.0%	2.64%	116	10/9/2019
J.P. Morgan Securities LLC		248,692	6.7%	2.61%	159	11/12/2019
ING Financial Markets LLC		225,275	6.0%	2.64%	50	7/31/2019
Mitsubishi UFJ Securities (USA), Inc		197,351	5.3%	2.60%	121	11/12/2019
South Street Securities, LLC		177,058	4.8%	2.61%	248	4/9/2020
Cantor Fitzgerald & Co		163,878	4.4%	2.63%	60	8/12/2019
ASL Capital Markets Inc.		159,022	4.3%	2.61%	92	10/7/2019
ABN AMRO Bank N.V.		152,165	4.1%	2.64%	67	8/6/2019
Citigroup Global Markets Inc		137,594	3.7%	2.66%	73	8/29/2019
ICBC Financial Services LLC		111,211	3.0%	2.64%	51	8/12/2019
ED&F Man Capital Markets Inc		97,735	2.6%	2.63%	85	10/7/2019
Guggenheim Securities, LLC		90,357	2.4%	2.62%	91	9/30/2019
FHLB-Cincinnati		80,539	2.2%	2.59%	3	6/3/2019
Natixis, New York Branch		54,126	1.5%	2.73%	14	6/14/2019
Lucid Cash Fund USG LLC		48,078	1.3%	2.65%	13	6/13/2019
Bank of Montreal		43,839	1.2%	2.69%	16	6/27/2019
Merrill Lynch, Pierce, Fenner & Smith		31,290	0.8%	2.78%	21	7/1/2019
J.V.B. Financial Group, LLC		24,040	0.6%	2.60%	50	8/15/2019
Lucid Prime Fund, LLC		17,252	0.5%	2.70%	13	6/13/2019
Total Borrowings	$	3,724,094	100.0%	2.63%	70	4/9/2020

(1) In May 2019, the Company purchased assets with a fair value of approximately $116.1 million, which settle in June 2019 that are expected to be funded by repurchase agreements.  The anticipated borrowings are not included in the table above.  In addition, the Company sold assets with a fair value of approximately $448.9 million, which settle in June 2019 that collateralize approximately $435.4 million of repurchase agreements included in the table above.

Contact:

Orchid Island Capital, Inc.

Robert E. Cauley

3305 Flamingo Drive, Vero Beach, Florida 32963

Telephone: (772) 231-1400