Orchid Island Capital : Purchase Agreement - Form 8-K

ORCHID ISLAND CAPITAL, INC. AND

BIMINI CAPITAL MANAGEMENT,INC. ANNOUNCE

THIRD AMENDMENT TO MANAGEMENT AGREEMENT

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Third Amendment to Management Agreement

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Internalization of Funding and Custody/Settlement Operations

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Hiring of Patrick Doyle by Bimini Capital, Inc.

VeroBeach, Fla., November 17, 2021 - Orchid Island Capital,Inc. ("Orchid") (NYSE: ORC) and Bimini Capital,

Inc. ("Bimini") (OTCQB: BMNM)jointly announced today thateffective as of November 16,2021, Orchid and its

external manager, Bimini Advisors, LLC(the "Manager"), enteredinto a Third Amendment(the "Amendment") to

the ManagementAgreement betweenOrchid andthe Managerdated February20, 2013,as previouslyamended

(the "Agreement").The Manager is a wholly-owned subsidiary of Bimini.

Pursuant to the Agreement, the Managerperforms management services relatingto the mortgage-backed securities

portfolio, business activities andday-to-day operations of Orchid.In consideration for thoseservices, the Manager

receives management fees as wellas reimbursement of certain costsand expenses from Orchid.Also pursuant to

the Agreement, certain repurchase agreementtrading, clearing and administrative servicesare provided to Orchid

by AVM,L.P.("AVM").Orchid pays the fees for those services directly to AVM.

Bimini andthe Managerare takingsteps tointernalize therepurchase agreementtrading, clearingand administrative

services that arecurrently provided by AVM.Pursuant to the Amendment,Orchid and the Managerhave agreed

thatOrchid'sagreementswithAVMwillbeterminatedandtheManagerwillbecomeresponsibleforthe

performance of repurchase agreement trading, clearing and administrativeservices.

FollowingterminationoftheAVMarrangementsandinconsiderationfortherepurchaseagreementtrading,

clearing andadministrative servicestobe performedby theManager,Orchid willpay thefollowing feesto the

Manager:

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A daily fee forrepurchase agreement funding transaction servicesequal to theproduct of the outstanding

principal balanceof repurchaseagreement fundingin placeas ofthe endof suchday andthe applicable

basis point factor set forth in the Amendment, divided by 360; and

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A fee for the clearing and operational services provided by personnel of the Manager equal to $10,000 per

month.

Pursuant totheAmendment, Orchidisalso requiredtopay itsallocable shareoffees incurredforsafekeeping,

transactions and cash services provided to Orchid bythe Bank of New York Mellon (the "BNYM Fee") directly to

the Bank of New York Mellon.Orchid's allocable share of the BNYM Feewill be equal to Orchid's percentage of

all the assets under management by the Manager,inclusive of the assets of Bimini (measured as of the firstday of

each month).

AVMalso performs repurchase agreement trading, clearing and administrative services for Bimini with respect to

itsmortgage-backedsecuritiesportfolio.TheManager'sinternalizationoftheseserviceswillallowBiminito

terminateitsarrangementswithAVM,andtheManagerwillbecomeresponsiblefortheperformanceofthese

services for Bimini.

Biminihas hiredPatrick Doyle,effectiveasof December1, 2021,to leadthe Manager'srepurchase agreement

trading, clearing and administrative services.From 1998 until joining Bimini, Mr. Doyle was employed by AVM,

most recently as Head of Funding and Liquidity.

Commenting on the Amendment, the internalizationof certain functions and the hiring of PatrickDoyle, Robert E.

Cauley, the Chairman and CEO of Orchid and Bimini, stated, "We are very pleased to welcome Pat toBimini.Pat

has significant expertise and experience in the repo markets, as well asextensive knowledge of the settlement and

operations related practicesof our business.As a managerof repo fundingoperations at AVM, Pat has workedwith

Biminisince2003.Once thesecriticalfunctionsarebeingperformed byBiminiforOrchid,wewillbeableto

providetheminanefficientandcost-effectivemannerwiththehelpofoneofthefundingmarket'sleading

professionals."Mr.Doyleadded,"TheopportunitytoworkwithBiminiisveryexcitingforme.Ihavebeen

working with Bimini as a client since their inception in 2003. This opportunity is a naturalfit for both of us. I look

forwardtoenhancingBimini'sabilitiestofundtheirportfoliosundermanagement,tocreatenewoperational

efficiencies, and to enhance the management of liquidity risks."

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, andour portfolio consists of,two categories of Agency RMBS:(i) traditional pass-

through Agency RMBS, such as mortgage pass-through certificates and collateralized mortgageobligations issued

byFannieMae,FreddieMacorGinnieMae,and(ii)structuredAgencyRMBS. TheCompanyismanaged by

Bimini Advisors, LLC, a registered investment adviser with the Securitiesand Exchange Commission.

About Bimini Capital Management, Inc.

Bimini CapitalManagement, Inc.invests primarilyin, butis notlimited toinvesting in,residential mortgage-related

securities issuedby FannieMae, FreddieMac and GinnieMae. Itsobjective isto earnreturns onthe spreadbetween

theyield onits assetsand itscosts, includingthe interestexpense onthe fundsit borrows.In addition,Bimini

generates a significant portion ofits revenue serving asthe manager of the MBSportfolio of Orchid IslandCapital,

Inc.

Forward-Looking Statements

Thispressreleasecontainsforward-lookingstatementswithinthemeaningofthePrivateSecuritiesLitigation

Reform Act of1995 andother federalsecurities laws.These forward-lookingstatements include,but are notlimited

to,statementsaboutthetransitionofservicesfromAVMtotheManagerandtheperformanceofrepurchase

agreementfunding,clearingandadministrative servicesbytheManager.These forward-lookingstatements are

based upon Orchid's and Bimini's present expectations, but these statements arenot guaranteed to occur. Investors

should not placeundue reliance upon forward-lookingstatements. For furtherdiscussion of thefactors that could

affect outcomes, please referto the "Risk Factors"section of the AnnualReport on Form 10-Kfor the fiscal year

ended December 31, 2020 of Bimini and Orchid, respectively.