FILIPPS FRANK P 4

What Happened
Frank P. Filipps, a director of Orchid Island Capital, Inc. (ORC), was granted 3,586 deferred stock units (DSUs) on 2026-07-01. The units were reported at an acquisition price of $0.00 (derivative award). These DSUs represent a right to receive one share of common stock per unit rather than an immediate cash transaction or open-market purchase/sale.

Key Details

• Transaction date: 2026-07-01 — Grant/award (Code A) of 3,586 DSUs at $0.00.
• Filing date: 2026-07-01 (filed the same day), so the Form 4 appears timely.
• Shares owned after transaction: Not disclosed in this Form 4.
• Footnotes: (F1) Each deferred stock unit equals the right to one share. (F2) The DSUs are 100% vested but are not payable until the earlier of a change of control or the reporting person's death, disability, or separation from service as a director.
• Nature of transaction: Derivative equity award (compensation), not a purchase or sale generating cash.

Context
Deferred stock units are a common form of director compensation that convert into shares (and thus value) only upon specified payout events. Because these units are vested but payment is deferred, this filing does not reflect an immediate transfer of shares or a directional trading signal (buy/sell) by the insider.