Exhibit 99.1

ORCHID ISLAND CAPITAL ANNOUNCES

MARCH 2024 MONTHLY DIVIDEND AND

FEBRUARY 29, 2024 RMBS PORTFOLIO CHARACTERISTICS

● March 2024 Monthly Dividend of $0.12 Per Share of Common Stock

● RMBS Portfolio Characteristics as of February 29, 2024

● Next Dividend Announcement Expected April 10, 2024 

Vero Beach, Fla., March 13, 2024 - Orchid Island Capital, Inc. (the “Company”) (NYSE: ORC) announced today that the Board of Directors of the Company declared a monthly cash dividend for the month of March 2024. The dividend of $0.12 per share will be paid April 26, 2024 to holders of record of the Company’s common stock on March 28, 2024, with an ex-dividend date of March 27, 2024. The Company plans on announcing its next common stock dividend on April 10, 2024.

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 March 13, 2024, the Company had 51,358,301 shares of common stock outstanding. As of February 29, 2024, the Company had 51,303,301 shares of common stock outstanding. As of December 31, 2023, the Company had 51,636,074 shares of common stock outstanding. 

RMBS Portfolio Characteristics

Details of the RMBS portfolio as of February 29, 2024 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 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 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

RMBS Valuation Characteristics
($ in thousands)
																							Realized
																				Realized			Dec-23 -
																				Feb-24			Feb-24
										Net								Weighted		CPR			CPR
										Weighted								Average		(1-Month)			(3-Month)			Modeled Interest
	Current		Fair		% of			Current		Average								Maturity		(Reported			(Reported			Rate Sensitivity (1)
Type	Face		Value		Portfolio			Price		Coupon			GWAC			Age		(Months)		in Mar)			in Mar)			(-50 BPS)			(+50 BPS)
Fixed Rate RMBS
15yr 5.0 TBA	$	50,000	$	49,695		1.25	%		99.39		5.00	%		5.80	%		9		166		n/a			n/a		$	648		$	(749	)
15yr 5.5 TBA		50,000		50,137		1.26	%		100.27		5.50	%		6.26	%		8		167		n/a			n/a			534			(646	)
15yr Total		100,000		99,832		2.51	%		99.83		5.25	%		6.03	%		9		167		n/a			n/a			1,182			(1,395	)
30yr 3.0		1,379,958		1,195,575		30.07	%		86.64		3.00	%		3.46	%		35		319		6.3	%		5.1	%		37,519			(37,915	)
30yr 3.5		191,733		173,898		4.37	%		90.70		3.50	%		4.04	%		48		301		6.0	%		5.8	%		4,909			(4,962	)
30yr 4.0		558,154		515,043		12.96	%		92.28		4.00	%		4.78	%		25		332		2.7	%		2.3	%		13,385			(14,249	)
30yr 4.5		336,108		319,163		8.03	%		94.96		4.50	%		5.45	%		20		338		7.4	%		6.2	%		6,670			(7,308	)
30yr 5.0		547,247		531,880		13.38	%		97.19		5.00	%		5.93	%		18		339		3.4	%		3.8	%		10,510			(11,802	)
30yr 5.5		269,605		268,567		6.76	%		99.61		5.50	%		6.43	%		11		347		5.1	%		3.5	%		4,609			(5,389	)
30yr 6.0		438,333		441,729		11.11	%		100.77		6.00	%		7.00	%		9		348		5.4	%		8.6	%		5,722			(6,991	)
30yr 6.5		328,935		335,782		8.45	%		102.08		6.50	%		7.39	%		7		350		10.9	%		8.7	%		3,200			(4,137	)
30yr 7.0		74,392		76,799		1.93	%		103.23		7.00	%		7.94	%		5		351		2.4	%		4.5	%		564			(750	)
30yr Total		4,124,465		3,858,436		97.05	%		93.55		4.38	%		5.12	%		24		332		5.6	%		5.1	%		87,088			(93,503	)
Total Pass Through RMBS		4,224,465		3,958,268		99.57	%		93.70		4.40	%		5.14	%		23		328		5.6	%		5.1	%		88,270			(94,898	)
Structured RMBS
IO 20yr 4.0		8,456		866		0.02	%		10.24		4.00	%		4.57	%		146		87		10.0	%		10.2	%		5			(4	)
IO 30yr 3.0		2,876		345		0.01	%		11.99		3.00	%		3.63	%		109		241		24.3	%		9.4	%		-			(1	)
IO 30yr 4.0		79,341		14,790		0.37	%		18.64		4.00	%		4.60	%		114		237		6.2	%		8.4	%		(205	)		155
IO 30yr 4.5		3,412		636		0.02	%		18.65		4.50	%		4.99	%		164		182		4.4	%		5.5	%		(2	)		-
IO 30yr 5.0		1,859		372		0.01	%		20.01		5.00	%		5.36	%		164		184		3.7	%		5.0	%		(4	)		2
IO Total		95,944		17,009		0.43	%		17.73		4.01	%		4.60	%		119		221		7.0	%		8.5	%		(206	)		152
IIO 30yr 4.0		25,989		279		0.01	%		1.08		0.00	%		4.40	%		77		271		7.6	%		7.0	%		89			(73	)
Total Structured RMBS		121,933		17,288		0.43	%		14.18		3.15	%		4.55	%		110		231		7.1	%		8.1	%		(117	)		79
Total Mortgage Assets	$	4,346,398	$	3,975,556		100.00	%				4.37	%		5.12	%		26		326		5.7	%		5.2	%	$	88,153		$	(94,819	)

	Average			Hedge	Modeled Interest
	Notional			Period	Rate Sensitivity (1)
Hedge	Balance			End	(-50 BPS)			(+50 BPS)
3-Month SOFR Futures	$	(100,000	)	Mar-26	$	(875	)	$	875
5-Year Treasury Future(2)		(491,500	)	Jun-24		(10,050	)		9,743
10-Year Treasury Future(3)		(320,000	)	Jun-24		(10,365	)		10,016
Swaps		(2,531,800	)	Dec-29		(62,894	)		60,682
TBA		(370,700	)	Mar-24		(8,955	)		9,587
Swaptions		(800,000	)	May-24		(130	)		936
Hedge Total	$	(4,614,000	)		$	(93,269	)	$	91,839
Rate Shock Grand Total					$	(5,116	)	$	(2,980	)

(1) Modeled results from Citigroup Global Markets Inc. Yield Book. Interest rate shocks assume instantaneous parallel shifts and horizon prices are calculated assuming constant SOFR 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 $106.91 at March 13, 2024. The market value of the short position was $525.5 million.

(3) Ten-year Treasury futures contracts were valued at prices of $110.44 at March 13, 2024. The market value of the short position was $353.4 million.

RMBS Assets by Agency
($ in thousands)
			Percentage
	Fair		of
Asset Category	Value		Portfolio
As of February 29, 2024
Fannie Mae	$	2,815,792		70.8	%
Freddie Mac		1,159,764		29.2	%
Total Mortgage Assets	$	3,975,556		100.0	%

Investment Company Act of 1940 Whole Pool Test
($ in thousands)
			Percentage
	Fair		of
Asset Category	Value		Portfolio
As of February 29, 2024
Non-Whole Pool Assets	$	138,580		3.5	%
Whole Pool Assets		3,836,976		96.5	%
Total Mortgage Assets	$	3,975,556		100.0	%

Borrowings By Counterparty
($ in thousands)
						Weighted			Weighted
			% of			Average			Average
	Total		Total			Repo			Maturity		Longest
As of February 29, 2024	Borrowings		Debt			Rate			in Days		Maturity
RBC Capital Markets, LLC	$	290,394		7.8	%		5.47	%		13	3/13/2024
ASL Capital Markets Inc.		266,916		7.1	%		5.45	%		44	7/15/2024
J.P. Morgan Securities LLC		257,401		6.9	%		5.46	%		20	3/20/2024
Mitsubishi UFJ Securities (USA), Inc		254,957		6.8	%		5.48	%		23	4/1/2024
Cantor Fitzgerald & Co		250,237		6.7	%		5.46	%		13	3/13/2024
Citigroup Global Markets Inc		242,522		6.5	%		5.45	%		26	3/26/2024
ABN AMRO Bank N.V.		227,266		6.1	%		5.47	%		26	4/15/2024
Wells Fargo Bank, N.A.		206,994		5.5	%		5.47	%		25	3/25/2024
Mirae Asset Securities (USA) Inc.		193,807		5.2	%		5.46	%		46	4/22/2024
Merrill Lynch, Pierce, Fenner & Smith		190,974		5.1	%		5.48	%		15	3/27/2024
Daiwa Securities America Inc.		175,179		4.7	%		5.47	%		55	4/24/2024
Bank of Montreal		166,942		4.5	%		5.49	%		13	3/13/2024
StoneX Financial Inc.		163,248		4.4	%		5.46	%		47	4/16/2024
Marex Capital Markets Inc.		158,597		4.2	%		5.48	%		33	4/26/2024
Goldman, Sachs & Co		154,577		4.1	%		5.45	%		19	3/28/2024
Banco Santander SA		152,076		4.1	%		5.51	%		29	4/15/2024
ING Financial Markets LLC		130,630		3.5	%		5.48	%		21	3/21/2024
DV Securities, LLC Repo		112,001		3.0	%		5.46	%		71	5/14/2024
South Street Securities, LLC		103,491		2.8	%		5.46	%		39	5/13/2024
Clear Street LLC		19,000		0.5	%		5.45	%		60	4/29/2024
Lucid Cash Fund USG LLC		17,745		0.5	%		5.46	%		14	3/14/2024
Total Borrowings	$	3,734,954		100.0	%		5.47	%		29	7/15/2024

Contact:

Orchid Island Capital, Inc.

Robert E. Cauley

3305 Flamingo Drive, Vero Beach, Florida 32963

Telephone: (772) 231-1400