 August 2020 Monthly Dividend of 0.065 Per Share of Common Stock RMBS Portfolio Characteristics as of July 31, 2020 Next Dividend Announcement Expected September 16, 2020VERO BEACH, Fla., Aug. 19, 2020 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 August 2020. The dividend of 0.065 per share will be paid September 28, 2020, to holders of record of the Companys common stock on August 31, 2020, with an ex-dividend date of August 28, 2020. The Company plans on announcing its next common stock dividend after the Boards meeting on September 16, 2020.The Company intends to make regular monthly cash distributions to its holders of common stock. 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 August 19, 2020, the Company had 66,402,329 shares of common stock outstanding. As of July 31, 2020 and June 30, 2020, the Company had 66,220,664 shares of common stock outstanding.RMBS Portfolio CharacteristicsDetails of the RMBS portfolio as of July 31, 2020 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 MeasuresAbout Orchid Island Capital, Inc.Orchid Island Capital, Inc. is a specialty finance company that invests on a leveraged basis in Agency RMBS. Our investment strategy focuses on, and our portfolio consists of, two categories of Agency RMBS: i traditional pass-through Agency RMBS, such as mortgage pass-through certificates and collateralized mortgage obligations issued by Fannie Mae, Freddie Mac or Ginnie Mae, and ii structured Agency RMBS. The Company is managed by Bimini Advisors, LLC, a registered investment adviser with the Securities and Exchange Commission.Forward-Looking StatementsThis 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 Companys 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 Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and Quarterly Report on Form 10-Q for the three months ended March 31, 2020.RMBS Valuation Characteristics in thousands RealizedRealized Jul 2020May - Jul Modeled Modeled Net WeightedCPR2020 CPR Interest Interest Weighted Average1-Month3-Month Rate Rate Current Fairof CurrentAverage MaturityReportedReported Sensitivity Sensitivity Type Face Value1Portfolio PriceCouponGWACAgeMonthsin Augin Aug -50 BPS2 50 BPS2 Pass Through RMBS Post Reset ARM936 9710.03103.774.514.751911690.000.002 2 Fixed Rate CMO 148,531 159,2084.38 107.194.004.403631917.7321.73 270 119 15yr 4.0 1,238 1,3280.04 107.244.004.49271393.531.61 17 17 15yr Total 1,238 1,3280.04 107.244.004.49271393.531.61 17 17 20yr 2.5 150,000 157,9064.34 105.272.503.3412391.24na 215 453 20yr Total 150,000 157,9064.34 105.272.503.3412391.24na 215 453 30yr 3.0 356,349 380,03310.45 106.653.003.8873486.297.96 1,637 2,299 30yr 3.5 1,421,763 1,563,28942.98 109.953.504.0093478.899.14 14,027 18,544 30yr 4.0 475,106 531,23114.61 111.814.004.521733911.9012.40 6,459 7,589 30yr 4.5 302,397 340,9549.37 112.754.505.011634218.8117.04 2,879 3,157 30yr 5.0 156,341 177,7344.89 113.685.005.562533022.4921.38 1,840 1,913 30yr Total 2,711,956 2,993,24182.30 110.373.724.281234411.0511.46 26,842 33,502 Total Pass Through RMBS 3,012,661 3,312,65491.08 109.963.674.241233810.8712.06 27,346 34,093 Structured RMBS Interest-Only Securities 329,362 31,0460.85 9.434.004.597327339.7937.73 839 1,797 Total Structured RMBS 329,362 31,0460.85 9.434.004.597327339.7937.73 839 1,797 Long TBA Positions FNCL 2.5 TBA 279,000 293,3868.07 105.162.50 2,165 3,069 Total Long TBA 279,000 293,3868.07 105.162.50 2,165 3,069 Total Mortgage Assets3,621,023 3,637,086100.00 3.614.271833113.8115.0628,672 35,365 Interest Interest Average Hedge Rate Rate Notional Period Sensitivity Sensitivity Hedge Balance End -50 BPS2 50 BPS2 Eurodollar Futures50,000 Dec-2021 375 375 Swaps 820,000 Apr-2025 16,509 20,785 5-Year Treasury Futures 69,000 Sep-20203 2,246 2,190 Swaptions 666,300 Oct-2021 2,848 4,507 Hedge Total1,605,300 21,97827,857 Rate Shock Grand Total 6,694 7,508 1 Amounts in the tables above include assets with a fair value of approximately 110.0 million purchased in July 2020, which settle in August 2020.2 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 126.13 at July 31, 2020. The market value of the short position was 87.0 million.RMBS Assets by Agency Investment Company Act of 1940 Whole Pool Test in thousands in thousands Percentage Percentage Fairof Fairof Asset Category Value12Portfolio Asset Category Value12Portfolio As of July 31, 2020 As of July 31, 2020 Fannie Mae2,072,83562.0 Non-Whole Pool Assets706,20821.1 Freddie Mac 1,270,86538.0 Whole Pool Assets 2,637,49278.9 Total Mortgage Assets3,343,700100.0 Total Mortgage Assets3,343,700100.0 1 Amounts in the tables above include assets with a fair value of approximately 110.0 million sold in July 2020, which settle in August 2020.2 Amounts in the tables above exclude long TBA positions with a market value of approximately 293.4 million.Borrowings By Counterparty in thousands WeightedWeighted of AverageAverage Total Total RepoMaturityLongest As of July 31, 2020 Borrowings Debt Ratein DaysMaturity Mirae Asset Securities USA Inc.375,504 12.2 0.25731142021 Wells Fargo Bank, N.A. 320,812 10.4 0.25128192020 Merrill Lynch, Pierce, Fenner Smith 284,967 9.2 0.28138312020 J.P. Morgan Securities LLC 266,174 8.6 0.28441012020 ABN AMRO Bank N.V. 232,576 7.5 0.26168242020 Cantor Fitzgerald Co 230,880 7.5 0.25169152020 Citigroup Global Markets Inc 212,205 6.9 0.28148202020 RBC Capital Markets, LLC 208,584 6.8 0.27168242020 ASL Capital Markets Inc. 204,791 6.6 0.237710282020 Mitsubishi UFJ Securities USA, Inc 189,233 6.1 0.25459252020 ING Financial Markets LLC 141,636 4.6 0.25188192020 Daiwa Securities America Inc. 78,951 2.6 0.2922942020 South Street Securities, LLC 77,304 2.5 0.282165132021 Bank of Montreal 73,269 2.4 0.25138132020 EDF Man Capital Markets Inc 64,506 2.1 0.226410222020 Lucid Cash Fund USG LLC 58,089 1.9 0.31138132020 J.V.B. Financial Group, LLC 26,270 0.9 0.307610152020 Barclays Capital Inc 25,445 0.8 0.29108102020 Austin Atlantic Asset Management Co. 11,361 0.4 0.305852020 Total Borrowings3,082,557 100.0 0.26375132021 Peer Performance The tables below present total return data for the Company compared to a selected group of peers based on stock price performance for periods through August 14, 2020 and based on book value performance for periods through June 30, 2020.Portfolio Total Rate of Return Versus Peer Group Average - Stock Price Performance ORC Spread ORC Over Under Total RatePeerPeer of Return1Average12Average3 Year to Date 112020 - 8142020 2.4 25.423.0 One Year Total Return3.3 16.720.0 Two Year Total Return 12.7 20.17.4 Three Year Total Return 14.2 23.29.0 Four Year Total Return 10.5 15.14.6 Five Year Total Return22.7 3.526.2 Six Year Total Return 5.4 7.01.6 Seven Year Total Return42.17.734.4 Inception to Date 2132013 - 814202011.3 12.123.4 Source: SEC filings and press releases of the Company and Peer Group 1 Total rate of return for each period is pulled from Bloomberg COMP page and includes reinvested dividends, for each period noted. 