Orchid Island Capital is a specialty finance company which invests in residential mortgage-backed securities (RMBS). The Company's RMBS are backed primarily by single-family residential mortgage loans, referred as Agency RMBS. Its portfolio includes traditional pass-through Agency RMBS, and structured Agency RMBS, including collateralized mortgage obligations, interest only securities, inverse interest only securities, and principal only securities. The Company qualifies as a real estate investment trust for federal income tax purposes.