Orchid Island Capital, Inc.

Orchid Island Capital, Inc. is a specialty finance company that invests in residential mortgage-backed securities (RMBS). These RMBS are guaranteed for principal and interest payments by the Enterprises or the Government National Mortgage Association (Ginnie Mae), collectively known as GSEs, and are primarily backed by single-family residential mortgage loans. The company refers to these as Agency RMBS. Orchid Island Capital's portfolio includes two types of Agency RMBS: traditional pass-through (PT) Agency RMBS, such as mortgage PT certificates and collateralized mortgage obligations (CMOs) issued by the GSEs, and structured Agency RMBS, which include interest only securities (IOs), inverse interest only securities (IIOs), and principal only securities (POs), among other structured types. The company's common stock is listed on the NYSE under the symbol "ORC." Orchid Island Capital operates to qualify as a REIT for U.S. federal income tax purposes, requiring it to distribute 90% of its REIT taxable income annually. The company generally avoids U.S. federal income tax on its REIT taxable income by distributing its net taxable income to stockholders and maintaining its REIT qualification. It intends to distribute 100% of its taxable income, after applying available tax attributes, within the limits of the Internal Revenue Code of 1986, which may extend into the subsequent taxable year. Bimini Capital Management, Inc. managed the portfolio from inception until the initial public offering on February 20, 2013. Since then, Bimini Advisors, LLC has externally managed the company under a management agreement.