-- May 2018 Monthly Dividend of $0.09 Per Share -- RMBS Portfolio Characteristics as of April 30, 2018 -- Next Dividend Announcement Expected June 19, 2018

VERO BEACH, Fla., May 16, 2018 (GLOBE NEWSWIRE) -- 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 May 2018. The dividend of $0.09 per share will be paid June 8, 2018 to holders of record on May 31, 2018, with an ex-dividend date of May 30, 2018. The Company plans on announcing its next dividend after its Board meeting on June 19, 2018.

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 May 16, 2018, the Company had 52,160,408 shares outstanding. At March 31, 2018, the Company had 53,072,169 shares outstanding.

RMBS Portfolio Characteristics

Details of the RMBS portfolio as of April 30, 2018 are presented below. These figures are preliminary and subject to change. The information contained herin is an intra-quarter update created by the Company based on information that the Company believes in 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, 2017.

MBS Valuation Characteristics RealizedRealized 1-Month 3-Month Percentag WeighteWeighted CPR CPR Asset Category Current Fair e Current d Average April February Face Value of Price AverageMaturity 2018 - April Portfolio Coupon (Reporte2018 d CPR in May) -------------------------------- ------- ------- -------- ------- ------ -------- ------- ------- Hybrid/ARM <3yr reset $ 1,638 $ 1,728 0.05 % 105.52 3.95 % 202 0.01 % 0.01 % 3yr-5yr reset 18,211 18,125 0.49 % 99.53 2.71 % 294 34.15 % 20.56 % -------------------------------- ------- ------- ------ - ------- ---- - -------- ----- - ----- - 5yr-7yr reset 8,292 8,103 0.22 % 97.72 2.33 % 303 0.86 % 0.80 % -------------------------------- ------- ------- ------ - ------- ---- - -------- ----- - ----- - Total Hybrid/ARM 28,141 27,956 0.76 % 99.35 2.68 % 291 22.35 % 13.54 % -------------------------------- ------- ------- ------ - ------- ---- - -------- ----- - ----- - Fixed RateRMBS Fixed Rate CMO 150,000 155,693 4.21 % 103.80 4.50 % 291 3.61 % n/a Fixed Rate CMO Total 150,000 155,693 4.21 % 103.80 4.50 % 291 3.61 % n/a -------------------------------- ------- ------- ------ - ------- ---- - -------- ----- - ----- - Fixed Rate 15yr 3.5 3,316 3,366 0.09 % 101.52 3.50 % 126 44.63 % 18.05 % Fixed Rate 15yr 4.0 336,428 348,453 9.42 % 103.57 4.00 % 180 4.83 % n/a -------------------------------- ------- ------- ------ - ------- ---- - -------- ----- - ----- - Fixed Rate 15yr Total 339,744 351,819 9.51 % 103.55 3.99 % 179 5.35 % 18.05 % -------------------------------- ------- ------- ------ - ------- ---- - -------- ----- - ----- - Fixed Rate 20yr 4.0 386,028 397,881 10.76 % 103.07 4.00 % 234 7.26 % 5.30 % -------------------------------- ------ - ------- ---- - -------- ----- - ----- - Fixed Rate 20yr Total 386,028 397,881 10.76 % 103.07 4.00 % 234 7.26 % 5.30 % -------------------------------- ------- ------- ------ - ------- ---- - -------- ----- - ----- - Fixed Rate 30yr 4.0 772,115 791,006 21.38 % 102.45 4.00 % 234 5.12 % 4.28 % Fixed Rate 30yr 4.5 1,717,551,805,7048.81 % 105.13 4.50 % 350 10.35 % 9.15 % 7 0 Fixed Rate 30yr 5.0 20,810 22,346 0.60 % 107.38 5.00 % 348 23.50 % 11.71 % -------------------------------- ------- ------- ------ - ------- ---- - -------- ----- - ----- - Fixed Rate 30yr Total 2,510,482,619,0570.80 % 104.32 4.35 % 350 8.85 % 7.68 % 2 2 -------------------------------- ------- ------- ------ - ------- ---- - -------- ----- - ----- - Total Fixed Rate RMBS 3,386,253,524,4495.28 % 104.08 4.28 % 317 8.23 % 7.37 % 4 5 -------------------------------- ------- ------- ------ - ------- ---- - -------- ----- - ----- - StructuredRMBS Interest-Only Securities 777,038 119,783 3.24 % 15.42 3.83 % 282 11.50 % 12.03 % Inverse Interest-Only Securities 253,105 26,944 0.73 % 10.65 3.76 % 311 11.74 % 10.83 % -------------------------------- ------- ------- ------ - ------- ---- - -------- ----- - ----- - Total Structured RMBS 1,030,14146,727 3.97 % 14.24 3.82 % 287 11.56 % 10.94 % 4 -------------------------------- ------- ------- ------ - ------- ---- - -------- ----- - ----- - Total Mortgage Assets 4,444,533,699,12100.00 % 4.26 % 320 9.12 % 8.49 % 8 8 -------------------------------- ------- ------- ------ - ------- ---- - -------- ----- - ----- -

RMBS Assets by Agency Investment Company Act of 1940 Whole Pool Test ($ in thousands) ($ in thousands) --------------------- - --------- ------- --------------------- - --------- ------- Percenta Percenta ge ge Fair of Fair of Asset Category Value(1) Portfoli Asset Category Value(1) Portfoli o o --------------------- - --------- ------- --------------------- - --------- ------- As of April 30, 2018 As of April 30, 2018 Fannie Mae $ 2,262,184 61.2 % Whole Pool Assets $ 2,757,932 74.6 % Freddie Mac 1,431,252 38.7 % Non-Whole Pool Assets 941,196 25.4 % --------------------- - --------- ----- - Ginnie Mae 5,692 0.1 % Total Mortgage Assets $ 3,699,128 100.0 % --------------------- - --------- ----- - --------------------- - --------- ----- - Total Mortgage Assets $ 3,699,128 100.0 % --------------------- - --------- ----- -

(1) Amounts in the tables above include assets with a fair value of approximately $141.8 million purchased in April 2018, which settle in May 2018, and exclude assets with a fair value of approximately $130.3 million sold in April 2018, which settle in May 2018.

Borrowings By Counterparty ($ in thousands) -------------------------------------------------- - ------------- ------- -------- --------- Weighted % of Average Total Total Maturity Longest As of April 30, 2018 Borrowings(1) Debt in Days Maturity -------------------------------------------------- - ------------- ------- -------- --------- J.P. Morgan Securities LLC $ 462,204 13.3 % 75 8/10/2018 Mirae Asset Securities (USA) Inc. 390,061 11.3 % 43 8/10/2018 RBC Capital Markets, LLC 268,045 7.7 % 20 5/30/2018 Wells Fargo Bank, N.A. 231,621 6.7 % 14 5/14/2018 Citigroup Global Markets Inc 215,375 6.2 % 16 5/18/2018 Cantor Fitzgerald & Co 193,199 5.6 % 15 5/15/2018 ING Financial Markets LLC 185,394 5.4 % 10 5/11/2018 Mitsubishi UFJ Securities (USA), Inc 170,768 4.9 % 24 7/23/2018 Guggenheim Securities, LLC 159,372 4.6 % 43 6/13/2018 ICBC Financial Services LLC 144,374 4.2 % 25 5/25/2018 Nomura Securities International, Inc. 130,319 3.8 % 30 6/18/2018 KGS-Alpha Capital Markets, L.P 121,337 3.5 % 46 8/14/2018 South Street Securities, LLC 121,227 3.5 % 29 5/31/2018 Natixis, New York Branch 97,706 2.8 % 17 5/25/2018 FHLB-Cincinnati 90,730 2.6 % 1 5/1/2018 ED&F Man Capital Markets Inc 81,553 2.4 % 18 5/23/2018 ASL Capital Markets Inc. 72,270 2.1 % 77 7/16/2018 Mizuho Securities USA, Inc 68,283 2.0 % 28 7/26/2018 Daiwa Securities America Inc. 67,298 1.9 % 9 5/11/2018 Goldman, Sachs & Co 58,845 1.7 % 11 5/11/2018 Lucid Cash Fund USG LLC 39,853 1.2 % 14 5/14/2018 Merrill Lynch, Pierce, Fenner & Smith Incorporated 39,575 1.1 % 23 5/30/2018 ABN AMRO Bank N.V. 38,129 1.1 % 7 5/7/2018 J.V.B. Financial Group, LLC 18,058 0.5 % 14 5/14/2018 - Total Borrowings $ 3,465,596 100.0 % 32 8/14/2018 -------------------------------------------------- - ------------- ----- - -------- ---------

(1) In April 2018, the Company purchased assets with a fair value of approximately $141.8 million, which settle in May 2018 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 $130.3 million, which settle in May 2018 that collateralize approximately $132.4 million of repurchase agreements included in the table above.

RMBS Risk Measures ($ in thousands) -------------------------------- - --------- --------------- - ----------- ------ - --------- - --------- Mortgage Assets -------------------------------- - --------- --------------- - ----------- ------ - --------- - --------- Weighted Average Weighted Weighte Modeled Modeled d Months Average Average Interest Interest To Next Lifetime Periodi Rate Rate c Cap Sensitivit Sensitivit Fair Coupon Reset Cap Per y y Year (if (if (-50 BPS) (+50 BPS) Asset Category Value (if applicable) applicable) applica (1) (1) ble) -------------------------------- - --------- --------------- - ----------- ------ - --------- - --------- As of April 30, 2018 Adjustable Rate RMBS $ 1,728 2 10.05 % 2.00 % $ 6 $ (5 ) Hybrid Adjustable Rate RMBS 26,228 56 7.59 % 2.00 % 382 (398 ) Fixed Rate RMBS 3,524,445 n/a n/a n/a 71,439 (86,636 ) Fixed Rate CMO 155,693 n/a n/a n/a 705 (2,071 ) -------------------------------- - --------- --------------- - --------- - ---- - - ------- - - ------- - Total Pass-through RMBS 3,552,401 n/a n/a n/a 72,532 (89,110 ) -------------------------------- - --------- --------------- - --------- - ---- - - ------- - - ------- - Interest-Only Securities 119,783 n/a n/a n/a (13,624 ) 9,039 Inverse Interest-Only Securities 26,944 1 5.31 % n/a 3,036 (3,597 ) -------------------------------- - --------- --------------- - --------- - ---- - - ------- - - ------- - Structured RMBS 146,727 n/a n/a n/a (10,588 ) 5,443 -------------------------------- - --------- --------------- - --------- - ---- - - ------- - - ------- - Total Mortgage Assets $ 3,699,128 n/a n/a n/a $ 61,945 $ (83,667 ) -------------------------------- - --------- --------------- - ----------- ------ - --------- - --------- Funding Hedges -------------------------------- - --------- --------------- - ----------- ------ - --------- - --------- Modeled Modeled Interest Interest Average Hedge Rate Rate Notional Period Sensitivit Sensitivit y y Balance(2) End (-50 BPS) (+50 BPS) Date (1) (1) -------------------------------- - --------- --------------- - ----------- ------ - --------- - --------- Eurodollar Futures Contracts - Short Positions $ 1,454,545 Dec-20 $ (20,000 ) $ 20,000 Treasury Futures Contracts - Short Positions 165,000 Jun-18 (4,097 ) 4,574 Payer Swaps 1,010,000 Aug-22 (11,933 ) 11,933 Payer Swaption 750,000 Aug-28 (9,562 ) 20,584 Receiver Swaption 100,000 Feb-24 1,251 (443 ) TBA Short Positions 400,000 Jun-18 (12,430 ) 13,966 ------------------------------------------------------------ - --------- - ------ - ------- - - ------- - Total Hedges (56,771 ) 70,614 ------------------------------------------------------------ - ----------- ------ - --------- - --------- Grand Total $ 5,173 $ (13,053 ) ------------------------------------------------------------ - ----------- ------ - ------- - - ------- -

(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) Five year treasury futures contracts were valued at prices of $113.5 at April 30, 2018. The notional contract value of the short position was $187.3 million.

Contact:

Orchid Island Capital, Inc.Robert E. Cauley3305 Flamingo Drive, Vero Beach, Florida 32963Telephone: (772) 231-1400