Orchid Island Capital Announces July 2013 Monthly Dividend and June 30, 2013 MBS Portfolio Characteristics

• July 2013 Monthly Dividend of $0.135 per Share
• Estimated Book Value per Share at June 30, 2013 of $14.12
• MBS Portfolio Characteristics as of June 30, 2013
• Senior Management and Board of Directors to Ring the NYSE Closing Bell on Thursday July 11, 2013

VERO BEACH, Fla., July 9, 2013 (GLOBE NEWSWIRE) -- Orchid Island Capital, Inc.(the "Company") (NYSE MKT:ORC) announced that today the Board of Directors declared a monthly cash dividend for the month of July 2013. The dividend of $0.135 per share will be paid July 31, 2013, to holders of record on July 25, 2013, with an ex-dividend date of July 23, 2013.

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 certain percentages 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.

Estimated June 30, 2013 Book Value per Share

The Company's estimated Book Value Per Share as of June 30, 2013 was $14.12 vs. $14.98 at March 31, 2013. The company paid three monthly dividends between March 31, 2013 and June 30, 2013 totaling 40.5 cents per share. Book Value Per Share is regularly used as a valuation metric by various equity analysts that follow the Company and may be deemed a non-GAAP financial measure pursuant to Regulation G. The Company computes Book Value Per Share by dividing total stockholders' equity by the total number of shares outstanding of the Company's Common Stock. At June 30, 2013, the Company's preliminary estimated total stockholders' equity was approximately $47.2 million with 3,341,665 Common shares 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.

MBS Portfolio Characteristics

Details of the MBS portfolio as of June 30, 2013 are presented below. These figures are preliminary and subject to change and, with respect to figures that will appear in the Company's unaudited financial statements and associated footnotes as of and for the three and six month periods ended June 30, 2013, are subject to  review by the Company's independent registered public accounting firm. 

• MBS Assets by Agency
• Investment Company Act of 1940 Whole Pool Test Results
• Repurchase agreement exposure by counter-party
• MBS Risk Measures

Closing Bell of NYSE

Members of the Company's senior management and the Board of Directors will be ringing the closing bell at the NYSE on Thursday July 11, 2013.

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. intends to elect to be taxed as a real estate investment trust 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 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, 2012.

CONTACT: Orchid Island Capital, Inc.
         Robert E. Cauley
         3305 Flamingo Drive, Vero Beach, Florida 32963
         Telephone: (772) 231-1400