Orchid Island Capital, Inc.

In accordance with rules adopted by the SEC pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act"), we are providing the following disclosures regarding executive compensation for our principal executive officer (“PEO”) and Non-PEO named executive officers (“Non-PEO NEOs”) and company performance for the fiscal years listed below. As required by Section 953(a) of the Dodd-Frank Act and Item 402(v) of Regulation S-K, we have prepared this pay versus performance disclosure, which serves to further demonstrate the alignment of our executive compensation program with stockholder interests.

Pay Versus Performance Table

(1) Robert E. Cauley was our PEO and George H. Haas, IV was our Non-PEO NEO for each year presented.

(2) Compensation Actually Paid represents the Summary Compensation Table Totals adjusted for the items set forth below in accordance with Item 402(v) of Regulation S-K and may not reflect compensation actually earned, realized or received by the named executive officers.

(3) Total Shareholder Return and Peer Group Total Shareholder Return assumes $100 invested at December 31, 2019.

(4) The Peer Group referenced for purposes of the Total Shareholder Return comparison consists of the NAREIT Mortgage REIT TRR Index.

(5) The Company has designated "Peer Relative Financial Performance" as its Company Selected Measure, comparing the financial performance of the Company to that of the peer group set forth in the Company's long-term incentive compensation plan for the previous year, as this is the largest financial component used to link compensation paid to our named executive officers to Company performance. See “Compensation Discussion and Analysis—2024 Long-Term Equity Incentive Compensation Plan” and the 2023 LTICP, 2022 LTICP, 2021 LTICP, 2020 LTICP and 2019 LTICP for additional details regarding the calculation of Peer Relative Financial Performance for the relevant years set forth in the table. The Peer Relative Financial Performance numbers displayed for each year in the table are the results from the year immediately prior to such year, as the measure most linked to compensation paid in any relevant year is the Peer Relative Financial Performance results from the year immediately prior to such relevant year. For compensation paid in 2020 and 2021, the peer group consisted of AGNC Investment Corp., Annaly Capital Management, Inc., Anworth Mortgage Asset Corporation, Arlington Asset Investment Corp., ARMOUR Residential REIT, Inc., Capstead Mortgage Corporation, Cherry Hill Mortgage Investment Corporation and Dynex Capital, Inc. For compensation paid in 2022, the peer group was the same as in 2020 and 2021 except that the Company removed Capstead Mortgage Corporation from the peer group for measurement periods following June 30, 2021 as a result of its acquisition, and added Invesco Mortgage Capital Inc. For compensation paid in 2023, the peer group consisted of AGNC Investment Corp., Annaly Capital Management, Inc., Arlington Asset Investment Corp., ARMOUR Residential REIT, Inc., Cherry Hill Mortgage Investment Corporation, Dynex Capital, Inc. and Invesco Mortgage Capital Inc. For compensation paid in 2024, the peer group was the same as in 2023, except that the Company removed Arlington Asset Investment Corp. as a result of its acquisition.

Comparison of Compensation Actually Paid to Total Shareholder Return and Peer Group Total Shareholder Return

The following graph illustrates the relationship between compensation actually paid to the named executive officers and the Company’s total shareholder return as compared to the total shareholder return of the NAREIT Mortgage REIT TRR Index on a cumulative basis assuming investment of $100 on December 31, 2019:

Comparison of Compensation Actually Paid to Net Income

The following graph illustrates the relationship between compensation actually paid to our named executive officers and the Company’s net income on an annual basis:

Comparison of Compensation Actually Paid to Peer-Relative Financial Performance

The following graph illustrates the relationship between compensation actually paid to our named executive officers and the Company's peer-relative financial performance:

Financial Performance Measures

Our current compensation program has linked compensation of our named executive officers paid by the Company to the following financial performance measures:

Measure

Peer-Relative Financial Performance

Agency RMBS Rate Relative Performance

Peer-Relative Book Value Performance

For more information on these measures and how they are used to determine compensation paid by the Company to our named executive officers, see "Compensation Discussion and Analysis."