Results of Operations and Financial Condition
On October 12, 2021, Orchid Island Capital, Inc. (the "Company")

announced its estimated book value of $4.77 per share as of September 30, 2021, certain details of its RMBS portfolio as of September 30,

2021, and estimated GAAP net income per share of $0.20, including an estimated $0.02 per share of net realized and unrealized



losses, for the quarter ended September
30, 2021.

These figures and the estimated book value per share and estimated GAAP net income



per share are preliminary,
subject to change, and subject to review by the Company's

independent registered public accounting firm. A copy of the Company's press release announcing

the dividend and the other information regarding the Company is attached hereto

as

Exhibit 99.1 and incorporated herein by reference. Item 8.01.



Other Events.
On October 12, 2021, the Company announced that

the Board of Directors of the Company declared



a dividend for the month
of October 2021

of $0.065 per

share of the

Company's common

stock to be paid

on November 26,

2021 to holders

of record
on October 29, 2021, with an ex-dividend date of October

28, 2021. In addition, the Company announced certain details of its
RMBS

portfolio

as

of

September

30,

2021

as

well

as

certain

other

information

regarding

the

Company.

A

copy

of

the
Company's

press

release

announcing

the

dividend

and

the

other

information

regarding

the

Company

is

attached

hereto

as

Exhibit 99.1 and incorporated herein by this reference. Caution About Forward-Looking Statements.

This Current Report on Form 8-K contains forward-looking statements within



the meaning of the Private Securities Litigation
Reform

Act

of

1995

and

other

federal

securities

laws,

including,

but

not

limited

to,

statements

about

the

Company's
distributions

and

expected

funding

of

purchased

assets.

These

forward-looking

statements

are

based

upon

the

Company's
present expectations, but the Company cannot assure investors that actual
results will not vary from

the expectations contained
in

the

forward-looking

statements.

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, 2020.

All forward-looking statements speak only as



of the date on which
they are made. New risks and uncertainties arise over time, and

it is not possible to predict those events or



how they may affect
the Company. Except as required by law, the Company is

not obligated to, and

does not intend to,

update or revise any

forward-
looking statements, whether as a result of new information, future events or
otherwise.
Item 9.01. Financial Statements and Exhibits.
(d)

Exhibits
Exhibit No.
Description
99.1
  Press Release dated October 12, 2021
104
Cover Page Interactive Data File (embedded within the Inline XBRL
document)

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