Orchid Island Capital Alerts Stockholders to Dividend Payment Issue

Orchid Island Capital, Inc. (the “Company”) (NYSE: ORC) has become aware of an issue with stockholders of record of the Company’s common stock on August 31, 2022 not receiving the full monthly cash dividend for the month of August 2022 of $0.16 per share that should have been paid on September 28, 2022. The Company fully funded this $0.16 per share dividend by making payment to its transfer agent prior to September 28, 2022. The Company understands that an inadvertent administrative error at DTC resulted in brokers not receiving the full amount of the dividend. The Company is working to resolve this issue as soon as possible.

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 dividends. 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, 2021.

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Orchid Island Capital, Inc. Robert E. Cauley Telephone: [phone]