Exhibit 99.1

ORCHID ISLAND CAPITAL ANNOUNCES

ESTIMATED FIRST QUARTER 2024 RESULTS,

APRIL 2024 MONTHLY DIVIDEND AND

MARCH 31, 2024 RMBS PORTFOLIO CHARACTERISTICS

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

● Estimated Book Value Per Share as of March 31, 2024 of $9.12

● Estimated GAAP net income of $0.38 per share for the quarter ended March 31, 2024, including an estimated $0.50 per share of net realized and unrealized gains on RMBS and derivative instruments. 

● Estimated 4.2% total return on equity for the quarter

● Estimated book value, net income and total return on equity amounts are preliminary, subject to change, and subject to review by the Company’s independent registered public accounting firm

● RMBS Portfolio Characteristics as of March 31, 2024

● Next Dividend Announcement Expected May 8, 2024

Vero Beach, Fla., April 10, 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 April 2024. The dividend of $0.12 per share will be paid May 30, 2024 to holders of record of the Company’s common stock on April 30, 2024, with an ex-dividend date of April 29, 2024. The Company plans on announcing its next common stock dividend on May 8, 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 April 10, 2024, the Company had 52,973,989 shares of common stock outstanding. As of March 31, 2024, the Company had 52,826,169 shares of common stock outstanding. As of December 31, 2023, the Company had 51,636,074 shares of common stock outstanding. 

Estimated March 31, 2024 Book Value Per Share

The Company’s estimated book value per share as of March 31, 2024 was $9.12.  The Company computes book value per share by dividing total stockholders' equity by the total number of outstanding shares of common stock. At March 31, 2024, the Company's preliminary estimated total stockholders' equity was approximately $481.6 million with 52,826,169 shares of common stock outstanding. These figures and the resulting estimated book value per share are preliminary, subject to change, and subject to review by the Company’s independent registered public accounting firm. 

Estimated Net Income Per Share and Realized and Unrealized Gains and Losses on RMBS and Derivative Instruments

The Company estimates it generated a net income per share of $0.38, which includes $0.50 per share of net realized and unrealized gains on RMBS and derivative instruments for the quarter ended March 31, 2024.  These amounts compare to total dividends declared during the quarter of $0.36 per share.  Net income per common share calculated under generally accepted accounting principles can, and does, differ from our REIT taxable income.  The Company views REIT taxable income as a better indication of income to be paid in the form of a dividend rather than net income. Many components of REIT taxable income can only be estimated at this time and our monthly dividends declared are based on both estimates of REIT taxable income to be earned over the course of the current quarter and calendar year and a longer-term estimate of the REIT taxable income of the Company. These figures are preliminary, subject to change, and subject to review by the Company’s independent registered public accounting firm. 

Estimated Total Return on Equity

The Company’s estimated total return on equity for the quarter ended March 31, 2024 was 4.2%. The Company calculates total return on equity as the sum of dividends declared and paid during the quarter plus changes in book value during the quarter, divided by the Company’s stockholders’ equity at the beginning of the quarter.  The total return was $0.38 per share, comprised of dividends per share of $0.36 and an increase in book value per share of $0.02 from December 31, 2023.

RMBS Portfolio Characteristics

Details of the RMBS portfolio as of March 31, 2024 are presented below. These figures are preliminary and subject to change and, with respect to figures that will appear in the Company's financial statements and associated footnotes as of and for the quarter ended March 31, 2024, are subject to review by the Company's independent registered public accounting firm:

● 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			Jan-24 -
																				Mar-24			Mar-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 Apr)			in Apr)			(-50 BPS)			(+50 BPS)
Fixed Rate RMBS
30yr 3.0	$	1,370,656	$	1,197,253		30.85	%		87.35		3.00	%		3.46	%		36		318		4.9	%		5.3	%	$	37,486		$	(37,854	)
30yr 3.5		190,371		174,067		4.49	%		91.44		3.50	%		4.04	%		49		300		5.1	%		5.7	%		4,893			(4,937	)
30yr 4.0		557,000		518,393		13.36	%		93.07		4.00	%		4.78	%		26		331		10.5	%		4.8	%		13,316			(14,203	)
30yr 4.5		332,189		318,003		8.19	%		95.73		4.50	%		5.45	%		21		337		7.1	%		8.9	%		6,505			(7,154	)
30yr 5.0		543,831		532,646		13.72	%		97.94		5.00	%		5.93	%		19		338		6.0	%		5.2	%		10,158			(11,510	)
30yr 5.5		268,684		269,800		6.95	%		100.42		5.50	%		6.43	%		12		346		0.6	%		2.9	%		4,375			(5,199	)
30yr 6.0		436,455		443,168		11.42	%		101.54		6.00	%		7.00	%		10		346		2.7	%		5.2	%		5,215			(6,510	)
30yr 6.5		325,991		334,343		8.61	%		102.56		6.50	%		7.39	%		8		349		13.8	%		11.5	%		2,835			(3,738	)
30yr 7.0		73,934		76,832		1.98	%		103.92		7.00	%		7.94	%		6		350		22.7	%		10.9	%		483			(625	)
30yr Total		4,099,111		3,864,505		99.57	%		94.28		4.38	%		5.12	%		25		331		6.5	%		6.0	%		85,266			(91,730	)
Total Pass Through RMBS		4,099,111		3,864,505		99.57	%		94.28		4.38	%		5.12	%		25		331		6.5	%		6.0	%		85,266			(91,730	)
Structured RMBS
IO 20yr 4.0		8,320		822		0.02	%		9.88		4.00	%		4.57	%		147		86		6.4	%		8.1	%		5			(4	)
IO 30yr 3.0		2,798		378		0.01	%		13.50		3.00	%		3.63	%		110		241		2.2	%		18.1	%		1			(1	)
IO 30yr 4.0		78,587		14,069		0.36	%		17.90		4.00	%		4.60	%		115		236		5.4	%		6.2	%		(187	)		144
IO 30yr 4.5		3,385		665		0.02	%		19.65		4.50	%		4.99	%		165		181		6.5	%		5.3	%		(3	)		1
IO 30yr 5.0		1,851		392		0.01	%		21.17		5.00	%		5.36	%		165		183		1.1	%		1.8	%		(5	)		3
IO Total		94,941		16,326		0.42	%		17.20		4.01	%		4.60	%		120		220		5.3	%		6.6	%		(190	)		142
IIO 30yr 4.0		25,768		247		0.01	%		0.96		0.00	%		4.40	%		78		270		1.6	%		3.4	%		87			(70	)
Total Structured RMBS		120,709		16,573		0.43	%		13.73		3.15	%		4.55	%		111		231		4.5	%		5.9	%		(103	)		72
Total Mortgage Assets	$	4,219,820	$	3,881,078		100.00	%				4.34	%		5.10	%		27		328		6.5	%		6.0	%	$	85,163		$	(91,658	)

	Average			Hedge	Modeled Interest
	Notional			Period	Rate Sensitivity (1)
Hedge	Balance			End	(-50 BPS)			(+50 BPS)
3-Month SOFR Futures	$	(100,000	)	Mar-26	$	(750	)	$	750
5-Year Treasury Future(2)		(421,500	)	Jun-24		(8,556	)		8,423
10-Year Treasury Future(3)		(320,000	)	Jun-24		(10,360	)		10,006
Swaps		(2,531,800	)	Dec-29		(62,066	)		59,907
TBA		(370,700	)	Apr-24		(10,045	)		10,490
Swaptions		(809,400	)	May-24		(169	)		508
Hedge Total	$	(4,553,400	)		$	(91,946	)	$	90,084
Rate Shock Grand Total					$	(6,783	)	$	(1,574	)

(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 $107.02 at March 31, 2024. The market value of the short position was $451.1 million.

(3) Ten-year Treasury futures contracts were valued at prices of $110.80 at March 31, 2024. The market value of the short position was $354.6 million.

RMBS Assets by Agency
($ in thousands)
			Percentage
	Fair		of
Asset Category	Value		Portfolio
As of March 31, 2024
Fannie Mae	$	2,719,139		70.1	%
Freddie Mac		1,161,939		29.9	%
Total Mortgage Assets	$	3,881,078		100.0	%

Investment Company Act of 1940 Whole Pool Test
($ in thousands)
			Percentage
	Fair		of
Asset Category	Value		Portfolio
As of March 31, 2024
Non-Whole Pool Assets	$	137,811		3.6	%
Whole Pool Assets		3,743,267		96.4	%
Total Mortgage Assets	$	3,881,078		100.0	%

Borrowings By Counterparty
($ in thousands)
						Weighted			Weighted
			% of			Average			Average
	Total		Total			Repo			Maturity		Longest
As of March 31, 2024	Borrowings		Debt			Rate			in Days		Maturity
RBC Capital Markets, LLC	$	290,315		7.8	%		5.46	%		11	4/11/2024
ASL Capital Markets Inc.		265,535		7.2	%		5.43	%		33	7/15/2024
Mitsubishi UFJ Securities (USA), Inc		255,330		6.9	%		5.47	%		12	4/26/2024
J.P. Morgan Securities LLC		252,936		6.8	%		5.46	%		22	4/22/2024
Citigroup Global Markets Inc		243,960		6.6	%		5.46	%		24	4/24/2024
Cantor Fitzgerald & Co		224,172		6.0	%		5.46	%		11	4/11/2024
ABN AMRO Bank N.V.		223,932		6.0	%		5.46	%		25	5/31/2024
Wells Fargo Bank, N.A.		204,977		5.5	%		5.45	%		19	4/19/2024
Mirae Asset Securities (USA) Inc.		193,164		5.2	%		5.46	%		26	6/18/2024
Merrill Lynch, Pierce, Fenner & Smith		191,904		5.2	%		5.47	%		15	4/26/2024
Daiwa Securities America Inc.		175,179		4.7	%		5.47	%		24	4/24/2024
Bank of Montreal		164,564		4.4	%		5.46	%		11	4/11/2024
StoneX Financial Inc.		163,354		4.4	%		5.46	%		16	4/16/2024
Marex Capital Markets Inc.		156,953		4.2	%		5.46	%		20	4/26/2024
Goldman, Sachs & Co		154,197		4.2	%		5.46	%		18	4/18/2024
Banco Santander SA		150,450		4.1	%		5.47	%		19	4/22/2024
ING Financial Markets LLC		124,790		3.4	%		5.47	%		22	4/22/2024
DV Securities, LLC Repo		112,001		3.0	%		5.46	%		40	5/14/2024
South Street Securities, LLC		101,890		2.7	%		5.46	%		54	5/28/2024
Clear Street LLC		44,558		1.2	%		5.45	%		37	5/13/2024
Lucid Cash Fund USG LLC		17,337		0.5	%		5.46	%		18	4/18/2024
Total Borrowings	$	3,711,498		100.0	%		5.46	%		21	7/15/2024

Contact:

Orchid Island Capital, Inc.

Robert E. Cauley

3305 Flamingo Drive, Vero Beach, Florida 32963

Telephone: (772) 231-1400