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Orchid Island Capital, Inc. Announces The Closing Of Its Initial Public Offering

NEW YORK, Feb. 20, 2013 (GLOBE NEWSWIRE) -- Orchid Island Capital, Inc. (NYSE MKT:ORC) announced that it closed its previously announced initial public offering of 2,360,000 shares of common stock at an initial public offering price of $15.00 per share earlier today. All of the shares in the initial public offering were offered by Orchid Island Capital, Inc., and the proceeds of the offering will be used to invest in residential mortgage-backed securities the principal and interest payments of which are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae ("Agency RMBS"). The shares are listed on the NYSE MKT under the symbol "ORC."

Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc., and Oppenheimer & Co. Inc. acted as joint book running managers for the offering. Mitsubishi UFJ Securities (USA), Inc. acted as lead manager for the offering, and Aegis Capital Corp., Maxim Group LLC and National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc., acted as co-managers for the offering. Orchid Island Capital, Inc. has granted to the underwriters a 45-day option to purchase up to an additional 354,000 shares of common stock. A copy of the final prospectus may be obtained by contacting Ladenburg Thalmann & Co. Inc., 520 Madison Avenue, Ninth Floor, New York, NY 10022.

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. has elected 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. For example, the underwriters' option to purchase additional shares may imply that this option will be exercised; however, the underwriters are not under any obligation to exercise this option, or any portion of it, and may not do so. 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 prospectus.

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

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