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    <link:label xlink:label="orc_DocumentAndEntityInformation-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document And Entity Information</link:label>
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    <link:label xlink:label="us-gaap_DerivativeForwardPrice-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative, Forward Price (in USD per Per Share)</link:label>
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    <link:label xlink:label="orc_statement-statement-significant-accounting-policies-policies-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Significant Accounting Policies</link:label>
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    <link:label xlink:label="orc_statement-statement-note-1-organization-and-significant-accounting-policies-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 1 - Organization and Significant Accounting Policies</link:label>
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    <link:label xlink:label="orc_statement-statement-note-2-mortgagebacked-securities-and-us-treasury-notes-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 2 - Mortgage-backed Securities and U.S. Treasury Notes</link:label>
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    <link:label xlink:label="orc_statement-statement-note-3-repurchase-agreements-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 3 - Repurchase Agreements</link:label>
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    <link:label xlink:label="orc_statement-statement-note-4-derivative-and-other-hedging-instruments-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 4 - Derivative and Other Hedging Instruments</link:label>
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    <link:label xlink:label="us-gaap_DerivativeMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative [Member]</link:label>
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    <link:label xlink:label="us-gaap_MortgageBackedSecuritiesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Collateralized Mortgage-Backed Securities [Member]</link:label>
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    <link:label xlink:label="us-gaap_NotDesignatedAsHedgingInstrumentEconomicHedgeMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Not Designated as Hedging Instrument, Economic Hedge [Member]</link:label>
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    <link:label xlink:label="us-gaap_ResidentialMortgageBackedSecuritiesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Residential Mortgage-Backed Securities [Member]</link:label>
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    <link:loc xlink:href="orc-20230331.xsd#orc_statement-statement-note-8-stock-incentive-plan-tables" xlink:label="orc_statement-statement-note-8-stock-incentive-plan-tables" xlink:type="locator"/>
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    <link:loc xlink:href="orc-20230331.xsd#orc_NotesToFinancialStatementsAbstract" xlink:label="orc_NotesToFinancialStatementsAbstract" xlink:type="locator"/>
    <link:label xlink:label="orc_NotesToFinancialStatementsAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Notes To Financial Statements [Abstract]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_NotesToFinancialStatementsAbstract" xlink:to="orc_NotesToFinancialStatementsAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Unvested, shares (in shares)</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Unvested, shares (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DerivativeTermOfContract" xlink:label="us-gaap_DerivativeTermOfContract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeTermOfContract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Average maturity (Year)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeTermOfContract" xlink:to="us-gaap_DerivativeTermOfContract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ScheduleOfOtherShareBasedCompensationActivityTableTextBlock" xlink:label="us-gaap_ScheduleOfOtherShareBasedCompensationActivityTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ScheduleOfOtherShareBasedCompensationActivityTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfOtherShareBasedCompensationActivityTableTextBlock" xlink:to="us-gaap_ScheduleOfOtherShareBasedCompensationActivityTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fully vested shares granted (in shares)</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Vested and issued, shares (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock" xlink:label="us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Nonvested Performance-Based Units Activity [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock" xlink:to="us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock" xlink:label="us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock" xlink:to="us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PaymentsToAcquireInvestments" xlink:label="us-gaap_PaymentsToAcquireInvestments" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PaymentsToAcquireInvestments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PaymentsToAcquireInvestments</link:label>
    <link:label xlink:label="us-gaap_PaymentsToAcquireInvestments-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Purchases</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireInvestments" xlink:to="us-gaap_PaymentsToAcquireInvestments-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted average grant date price per share (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vested and issued, grant date fair value (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue</link:label>
    <link:label xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Unvested, grant date fair value (in dollars per share)</link:label>
    <link:label xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Unvested, grant date fair value (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:label="us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Instruments [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:to="us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock" xlink:label="us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock" xlink:to="us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_FinancialInstrumentAxis" xlink:label="us-gaap_FinancialInstrumentAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FinancialInstrumentAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Instrument [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancialInstrumentAxis" xlink:to="us-gaap_FinancialInstrumentAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Outstanding, shares (in shares)</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Outstanding, shares (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DerivativeAssetNotionalAmount" xlink:label="us-gaap_DerivativeAssetNotionalAmount" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeAssetNotionalAmount-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Notional amount</link:label>
    <link:label xlink:label="us-gaap_DerivativeAssetNotionalAmount-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Notional amount</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeAssetNotionalAmount" xlink:to="us-gaap_DerivativeAssetNotionalAmount-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_GainOnSaleOfInvestment" xlink:label="orc_GainOnSaleOfInvestment" xlink:type="locator"/>
    <link:label xlink:label="orc_GainOnSaleOfInvestment-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gross gain on sales of RMBS</link:label>
    <link:label xlink:label="orc_GainOnSaleOfInvestment-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of gain from sale of investments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_GainOnSaleOfInvestment" xlink:to="orc_GainOnSaleOfInvestment-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_LossOnSaleOfInvestment" xlink:label="orc_LossOnSaleOfInvestment" xlink:type="locator"/>
    <link:label xlink:label="orc_LossOnSaleOfInvestment-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gross loss on sales of RMBS</link:label>
    <link:label xlink:label="orc_LossOnSaleOfInvestment-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of loss from sale of investment</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_LossOnSaleOfInvestment" xlink:to="orc_LossOnSaleOfInvestment-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_AccountsPayableCurrent" xlink:label="us-gaap_AccountsPayableCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccountsPayableCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_AccountsPayableCurrent</link:label>
    <link:label xlink:label="us-gaap_AccountsPayableCurrent-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accounts Payable, Current</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="us-gaap_AccountsPayableCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_ProceedsFromSalesOfInvestments" xlink:label="orc_ProceedsFromSalesOfInvestments" xlink:type="locator"/>
    <link:label xlink:label="orc_ProceedsFromSalesOfInvestments-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from sales of RMBS</link:label>
    <link:label xlink:label="orc_ProceedsFromSalesOfInvestments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sales</link:label>
    <link:label xlink:label="orc_ProceedsFromSalesOfInvestments-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of proceeds from sales of investments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_ProceedsFromSalesOfInvestments" xlink:to="orc_ProceedsFromSalesOfInvestments-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_ProceedsFromPrincipalRepaymentsOnInvestments" xlink:label="orc_ProceedsFromPrincipalRepaymentsOnInvestments" xlink:type="locator"/>
    <link:label xlink:label="orc_ProceedsFromPrincipalRepaymentsOnInvestments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Principal repayments</link:label>
    <link:label xlink:label="orc_ProceedsFromPrincipalRepaymentsOnInvestments-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of proceeds from principal repayments on investments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_ProceedsFromPrincipalRepaymentsOnInvestments" xlink:to="orc_ProceedsFromPrincipalRepaymentsOnInvestments-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Granted and vested, shares (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_The2021IncentivePlanMember" xlink:label="orc_The2021IncentivePlanMember" xlink:type="locator"/>
    <link:label xlink:label="orc_The2021IncentivePlanMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">The 2021 Incentive Plan [Member]</link:label>
    <link:label xlink:label="orc_The2021IncentivePlanMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to the 2021 Incentive Plan</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_The2021IncentivePlanMember" xlink:to="orc_The2021IncentivePlanMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ScheduleOfCashCashEquivalentsAndShortTermInvestmentsTableTextBlock" xlink:label="us-gaap_ScheduleOfCashCashEquivalentsAndShortTermInvestmentsTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ScheduleOfCashCashEquivalentsAndShortTermInvestmentsTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash, Cash Equivalents and Investments [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfCashCashEquivalentsAndShortTermInvestmentsTableTextBlock" xlink:to="us-gaap_ScheduleOfCashCashEquivalentsAndShortTermInvestmentsTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PolicyTextBlockAbstract" xlink:label="us-gaap_PolicyTextBlockAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PolicyTextBlockAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PolicyTextBlockAbstract</link:label>
    <link:label xlink:label="us-gaap_PolicyTextBlockAbstract-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accounting Policies</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PolicyTextBlockAbstract" xlink:to="us-gaap_PolicyTextBlockAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_StockAwardsMember" xlink:label="orc_StockAwardsMember" xlink:type="locator"/>
    <link:label xlink:label="orc_StockAwardsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Awards [Member]</link:label>
    <link:label xlink:label="orc_StockAwardsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to stock awards</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_StockAwardsMember" xlink:to="orc_StockAwardsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_LiabilitiesAbstract" xlink:label="us-gaap_LiabilitiesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LiabilitiesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">LIABILITIES:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SupplementalCashFlowInformationAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_Assets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_Assets</link:label>
    <link:label xlink:label="us-gaap_Assets-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total Assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock" xlink:label="us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock" xlink:to="us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PlanNameAxis" xlink:label="us-gaap_PlanNameAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PlanNameAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Plan Name [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PlanNameAxis" xlink:to="us-gaap_PlanNameAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PlanNameDomain" xlink:label="us-gaap_PlanNameDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PlanNameDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Plan Name [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PlanNameDomain" xlink:to="us-gaap_PlanNameDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CompensationAndEmployeeBenefitPlansTextBlock" xlink:label="us-gaap_CompensationAndEmployeeBenefitPlansTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CompensationAndEmployeeBenefitPlansTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Compensation and Employee Benefit Plans [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CompensationAndEmployeeBenefitPlansTextBlock" xlink:to="us-gaap_CompensationAndEmployeeBenefitPlansTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unrecognized compensation expense, end of period</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" xlink:to="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net income (loss) - Basic and diluted</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_OtherAssets" xlink:label="us-gaap_OtherAssets" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OtherAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssets" xlink:to="us-gaap_OtherAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Award Type [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_AwardTypeAxis" xlink:label="us-gaap_AwardTypeAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AwardTypeAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Award Type [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AwardTypeAxis" xlink:to="us-gaap_AwardTypeAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetIncomeLoss-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net income (loss)</link:label>
    <link:label xlink:label="us-gaap_NetIncomeLoss-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net income (loss)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_ReverseStockSplitPolicyPolicyTextBlock" xlink:label="orc_ReverseStockSplitPolicyPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="orc_ReverseStockSplitPolicyPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reverse Stock Split Policy [Policy Text Block]</link:label>
    <link:label xlink:label="orc_ReverseStockSplitPolicyPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of accounting policy for reverse stock splits.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_ReverseStockSplitPolicyPolicyTextBlock" xlink:to="orc_ReverseStockSplitPolicyPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PerformanceSharesMember" xlink:label="us-gaap_PerformanceSharesMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PerformanceSharesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Performance Shares [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PerformanceSharesMember" xlink:to="us-gaap_PerformanceSharesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commitments and Contingencies Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_GrossAmountsOfFinancialInstrumentsNotOffsetOnTheBalanceSheet" xlink:label="orc_GrossAmountsOfFinancialInstrumentsNotOffsetOnTheBalanceSheet" xlink:type="locator"/>
    <link:label xlink:label="orc_GrossAmountsOfFinancialInstrumentsNotOffsetOnTheBalanceSheet-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">orc_GrossAmountsOfFinancialInstrumentsNotOffsetOnTheBalanceSheet</link:label>
    <link:label xlink:label="orc_GrossAmountsOfFinancialInstrumentsNotOffsetOnTheBalanceSheet-label" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Gross Amount, not recognized</link:label>
    <link:label xlink:label="orc_GrossAmountsOfFinancialInstrumentsNotOffsetOnTheBalanceSheet-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair value of financial asset or liability or other contract elected not to be offset against an obligation to return collateral or right to receive collateral pledged under a master netting arrangement.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_GrossAmountsOfFinancialInstrumentsNotOffsetOnTheBalanceSheet" xlink:to="orc_GrossAmountsOfFinancialInstrumentsNotOffsetOnTheBalanceSheet-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_GrossAmountsOfCashCollateralNotOffsetOnTheBalanceSheet" xlink:label="orc_GrossAmountsOfCashCollateralNotOffsetOnTheBalanceSheet" xlink:type="locator"/>
    <link:label xlink:label="orc_GrossAmountsOfCashCollateralNotOffsetOnTheBalanceSheet-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">orc_GrossAmountsOfCashCollateralNotOffsetOnTheBalanceSheet</link:label>
    <link:label xlink:label="orc_GrossAmountsOfCashCollateralNotOffsetOnTheBalanceSheet-label" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Gross amount, not offset</link:label>
    <link:label xlink:label="orc_GrossAmountsOfCashCollateralNotOffsetOnTheBalanceSheet-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Cash collateral not offset on the balance sheet of financial asset or liability or other contract elected not to be offset against an obligation to return collateral or right to receive collateral pledged under a master netting arrangement.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_GrossAmountsOfCashCollateralNotOffsetOnTheBalanceSheet" xlink:to="orc_GrossAmountsOfCashCollateralNotOffsetOnTheBalanceSheet-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_Dividends" xlink:label="us-gaap_Dividends" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_Dividends-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Dividends" xlink:to="us-gaap_Dividends-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_NetAmountAfterDeductingGrossAmountsNotOffsetOnTheBalanceSheetFromNetAmountOfAssetsLiabilitiesPresentedOnTheBalanceSheet" xlink:label="orc_NetAmountAfterDeductingGrossAmountsNotOffsetOnTheBalanceSheetFromNetAmountOfAssetsLiabilitiesPresentedOnTheBalanceSheet" xlink:type="locator"/>
    <link:label xlink:label="orc_NetAmountAfterDeductingGrossAmountsNotOffsetOnTheBalanceSheetFromNetAmountOfAssetsLiabilitiesPresentedOnTheBalanceSheet-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">orc_NetAmountAfterDeductingGrossAmountsNotOffsetOnTheBalanceSheetFromNetAmountOfAssetsLiabilitiesPresentedOnTheBalanceSheet</link:label>
    <link:label xlink:label="orc_NetAmountAfterDeductingGrossAmountsNotOffsetOnTheBalanceSheetFromNetAmountOfAssetsLiabilitiesPresentedOnTheBalanceSheet-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net amount, after deduction</link:label>
    <link:label xlink:label="orc_NetAmountAfterDeductingGrossAmountsNotOffsetOnTheBalanceSheetFromNetAmountOfAssetsLiabilitiesPresentedOnTheBalanceSheet-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Net amount after deducting gross amounts not offset on the balance sheet from net amount of assets (liabilities) presented on the balance sheet.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_NetAmountAfterDeductingGrossAmountsNotOffsetOnTheBalanceSheetFromNetAmountOfAssetsLiabilitiesPresentedOnTheBalanceSheet" xlink:to="orc_NetAmountAfterDeductingGrossAmountsNotOffsetOnTheBalanceSheetFromNetAmountOfAssetsLiabilitiesPresentedOnTheBalanceSheet-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_DerivativeCurveSpread" xlink:label="orc_DerivativeCurveSpread" xlink:type="locator"/>
    <link:label xlink:label="orc_DerivativeCurveSpread-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Curve Spread (Year)</link:label>
    <link:label xlink:label="orc_DerivativeCurveSpread-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Curve spread period for derivatives</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_DerivativeCurveSpread" xlink:to="orc_DerivativeCurveSpread-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_GrossAmountOfRecognizedAssetsLiabilities" xlink:label="orc_GrossAmountOfRecognizedAssetsLiabilities" xlink:type="locator"/>
    <link:label xlink:label="orc_GrossAmountOfRecognizedAssetsLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">orc_GrossAmountOfRecognizedAssetsLiabilities</link:label>
    <link:label xlink:label="orc_GrossAmountOfRecognizedAssetsLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gross amount, recognized</link:label>
    <link:label xlink:label="orc_GrossAmountOfRecognizedAssetsLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair value before effects of master netting arrangements, of a financial asset or liability or other contract and the contract can be net settled by means outside the contract or delivery of an asset or liability.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_GrossAmountOfRecognizedAssetsLiabilities" xlink:to="orc_GrossAmountOfRecognizedAssetsLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_GrossAmountOffsetInTheConsolidatedBalanceSheets" xlink:label="orc_GrossAmountOffsetInTheConsolidatedBalanceSheets" xlink:type="locator"/>
    <link:label xlink:label="orc_GrossAmountOffsetInTheConsolidatedBalanceSheets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">orc_GrossAmountOffsetInTheConsolidatedBalanceSheets</link:label>
    <link:label xlink:label="orc_GrossAmountOffsetInTheConsolidatedBalanceSheets-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gross Amount, offset</link:label>
    <link:label xlink:label="orc_GrossAmountOffsetInTheConsolidatedBalanceSheets-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair value before effects of master netting arrangements, of a financial asset or liability or other contract and the contract can be net settled by means outside the contract or delivery of an asset or liability offset in the consolidated balance sheets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_GrossAmountOffsetInTheConsolidatedBalanceSheets" xlink:to="orc_GrossAmountOffsetInTheConsolidatedBalanceSheets-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_NetAmountOfAssetsLiabilitiesPresentedOnTheBalanceSheet" xlink:label="orc_NetAmountOfAssetsLiabilitiesPresentedOnTheBalanceSheet" xlink:type="locator"/>
    <link:label xlink:label="orc_NetAmountOfAssetsLiabilitiesPresentedOnTheBalanceSheet-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">orc_NetAmountOfAssetsLiabilitiesPresentedOnTheBalanceSheet</link:label>
    <link:label xlink:label="orc_NetAmountOfAssetsLiabilitiesPresentedOnTheBalanceSheet-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net Amount</link:label>
    <link:label xlink:label="orc_NetAmountOfAssetsLiabilitiesPresentedOnTheBalanceSheet-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair value after effects of master netting arrangements, of a financial asset or liability or other contract and the contract can be net settled by means outside the contract or delivery of an asset or liability.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_NetAmountOfAssetsLiabilitiesPresentedOnTheBalanceSheet" xlink:to="orc_NetAmountOfAssetsLiabilitiesPresentedOnTheBalanceSheet-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_MoreThanTenYearsMember" xlink:label="orc_MoreThanTenYearsMember" xlink:type="locator"/>
    <link:label xlink:label="orc_MoreThanTenYearsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">More Than Ten Years [Member]</link:label>
    <link:label xlink:label="orc_MoreThanTenYearsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to more than 10 years.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_MoreThanTenYearsMember" xlink:to="orc_MoreThanTenYearsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:label="us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeFairValueOfDerivativeAsset-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative assets, at fair value</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:to="us-gaap_DerivativeFairValueOfDerivativeAsset-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DerivativeAssets" xlink:label="us-gaap_DerivativeAssets" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeAssets" xlink:to="us-gaap_DerivativeAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DerivativeInstrumentRiskAxis" xlink:label="us-gaap_DerivativeInstrumentRiskAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeInstrumentRiskAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Instrument [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentRiskAxis" xlink:to="us-gaap_DerivativeInstrumentRiskAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DerivativeContractTypeDomain" xlink:label="us-gaap_DerivativeContractTypeDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeContractTypeDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Contract [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeContractTypeDomain" xlink:to="us-gaap_DerivativeContractTypeDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">CASH FLOWS FROM INVESTING ACTIVITIES:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="us-gaap_EarningsPerShareTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_EarningsPerShareTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings Per Share [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareTextBlock" xlink:to="us-gaap_EarningsPerShareTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Other liabilities</link:label>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_IncreaseDecreaseInOtherOperatingLiabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:to="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_MarketableSecuritiesUnrealizedGainLoss" xlink:label="us-gaap_MarketableSecuritiesUnrealizedGainLoss" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_MarketableSecuritiesUnrealizedGainLoss-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_MarketableSecuritiesUnrealizedGainLoss</link:label>
    <link:label xlink:label="us-gaap_MarketableSecuritiesUnrealizedGainLoss-label" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Unrealized (gains) losses on mortgage-backed securities and U.S. Treasury Notes</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MarketableSecuritiesUnrealizedGainLoss" xlink:to="us-gaap_MarketableSecuritiesUnrealizedGainLoss-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_MarketableSecuritiesRealizedGainLoss" xlink:label="us-gaap_MarketableSecuritiesRealizedGainLoss" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_MarketableSecuritiesRealizedGainLoss-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_MarketableSecuritiesRealizedGainLoss</link:label>
    <link:label xlink:label="us-gaap_MarketableSecuritiesRealizedGainLoss-label" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Realized losses on mortgage-backed securities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MarketableSecuritiesRealizedGainLoss" xlink:to="us-gaap_MarketableSecuritiesRealizedGainLoss-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:label="us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInInterestPayableNet-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Accrued interest payable</link:label>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInInterestPayableNet-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_IncreaseDecreaseInInterestPayableNet</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:to="us-gaap_IncreaseDecreaseInInterestPayableNet-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related Party Transactions Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:label="us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ConsolidationVariableInterestEntityPolicy-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Consolidation, Variable Interest Entity, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:to="us-gaap_ConsolidationVariableInterestEntityPolicy-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_GainLossOnInvestmentsTextBlock" xlink:label="us-gaap_GainLossOnInvestmentsTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_GainLossOnInvestmentsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gain (Loss) on Securities [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnInvestmentsTextBlock" xlink:to="us-gaap_GainLossOnInvestmentsTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet" xlink:label="us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">(Losses) gains on derivative and other hedging instruments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet" xlink:to="us-gaap_GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ManagementFeeExpense" xlink:label="us-gaap_ManagementFeeExpense" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ManagementFeeExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Management fees</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ManagementFeeExpense" xlink:to="us-gaap_ManagementFeeExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_OtherGeneralAndAdministrativeExpense" xlink:label="us-gaap_OtherGeneralAndAdministrativeExpense" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OtherGeneralAndAdministrativeExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other administrative</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherGeneralAndAdministrativeExpense" xlink:to="us-gaap_OtherGeneralAndAdministrativeExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Restricted cash</link:label>
    <link:label xlink:label="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Restricted Cash and Cash Equivalents, Current</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_IncreaseDecreaseInDueToRelatedParties" xlink:label="us-gaap_IncreaseDecreaseInDueToRelatedParties" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInDueToRelatedParties-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Due to affiliates</link:label>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInDueToRelatedParties-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_IncreaseDecreaseInDueToRelatedParties</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDueToRelatedParties" xlink:to="us-gaap_IncreaseDecreaseInDueToRelatedParties-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_LaborAndRelatedExpense" xlink:label="us-gaap_LaborAndRelatedExpense" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LaborAndRelatedExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Incentive compensation</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LaborAndRelatedExpense" xlink:to="us-gaap_LaborAndRelatedExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_AllocatedShareBasedCompensationExpense" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AllocatedShareBasedCompensationExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Compensation expense related to fully vested shares of common stock awards</link:label>
    <link:label xlink:label="us-gaap_AllocatedShareBasedCompensationExpense-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-Based Payment Arrangement, Expense</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllocatedShareBasedCompensationExpense" xlink:to="us-gaap_AllocatedShareBasedCompensationExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" xlink:type="locator"/>
    <link:label xlink:label="dei_AmendmentFlag-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amendment Flag</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" xlink:type="locator"/>
    <link:label xlink:label="dei_CityAreaCode-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">City Area Code</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">New Accounting Pronouncements, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue" xlink:label="us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Pledged assets</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue" xlink:to="us-gaap_FinancialInstrumentsOwnedMortgagesMortgageBackedAndAssetBackedSecuritiesAtFairValue-label" xlink:type="arc"/>
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    <link:label xlink:label="us-gaap_PriorPeriodReclassificationAdjustmentDescription-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reclassification, Comparability Adjustment [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PriorPeriodReclassificationAdjustmentDescription" xlink:to="us-gaap_PriorPeriodReclassificationAdjustmentDescription-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_SharesOutstanding" xlink:label="us-gaap_SharesOutstanding" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SharesOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Shares of common stock outstanding at the balance sheet date (in shares)</link:label>
    <link:label xlink:label="us-gaap_SharesOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Balances (in shares)</link:label>
    <link:label xlink:label="us-gaap_SharesOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Balances (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommonStockSharesOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common stock, outstanding (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="us-gaap_PreferredStockSharesOutstanding" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PreferredStockSharesOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred stock, outstanding (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesOutstanding" xlink:to="us-gaap_PreferredStockSharesOutstanding-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_IncreaseDecreaseInOtherOperatingAssets</link:label>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingAssets-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Other assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:to="us-gaap_IncreaseDecreaseInOtherOperatingAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_FinancialInstrumentsOwnedUSGovernmentAndAgencyObligationsAtFairValue" xlink:label="us-gaap_FinancialInstrumentsOwnedUSGovernmentAndAgencyObligationsAtFairValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FinancialInstrumentsOwnedUSGovernmentAndAgencyObligationsAtFairValue-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Pledged assets</link:label>
    <link:label xlink:label="us-gaap_FinancialInstrumentsOwnedUSGovernmentAndAgencyObligationsAtFairValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">U.S. Treasury Notes, at fair value (includes pledged assets of $36,806 and $36,382, respectively)</link:label>
    <link:label xlink:label="us-gaap_FinancialInstrumentsOwnedUSGovernmentAndAgencyObligationsAtFairValue-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancialInstrumentsOwnedUSGovernmentAndAgencyObligationsAtFairValue" xlink:to="us-gaap_FinancialInstrumentsOwnedUSGovernmentAndAgencyObligationsAtFairValue-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" xlink:type="locator"/>
    <link:label xlink:label="dei_CurrentFiscalYearEndDate-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Fiscal Year End Date</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_InterestReceivable" xlink:label="us-gaap_InterestReceivable" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InterestReceivable-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrued interest receivable</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestReceivable" xlink:to="us-gaap_InterestReceivable-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentFiscalPeriodFocus-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Fiscal Period Focus</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentFiscalYearFocus-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Fiscal Year Focus</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentPeriodEndDate-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityFileNumber-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity File Number</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityEmergingGrowthCompany-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentType" xlink:label="dei_DocumentType" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentType-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" xlink:type="locator"/>
    <link:label xlink:label="dei_EntitySmallBusiness-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Small Business</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityShellCompany-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Shell Company</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentInformationLineItems" xlink:label="dei_DocumentInformationLineItems" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentInformationLineItems-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Information [Line Items]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentInformationLineItems-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentInformationTable" xlink:label="dei_DocumentInformationTable" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentInformationTable-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Information [Table]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentInformationTable" xlink:to="dei_DocumentInformationTable-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityFilerCategory-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Filer Category</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityCurrentReportingStatus-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Current Reporting Status</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" xlink:label="us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet</link:label>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Accrued interest receivable</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" xlink:to="us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_VariableRateDomain" xlink:label="us-gaap_VariableRateDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_VariableRateDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Rate [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableRateDomain" xlink:to="us-gaap_VariableRateDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings</link:label>
    <link:label xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Cash dividends declared</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_VariableRateAxis" xlink:label="us-gaap_VariableRateAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_VariableRateAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Rate [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableRateAxis" xlink:to="us-gaap_VariableRateAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_LiabilityMember" xlink:label="us-gaap_LiabilityMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LiabilityMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liability [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilityMember" xlink:to="us-gaap_LiabilityMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityTaxIdentificationNumber-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Tax Identification Number</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityCentralIndexKey-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityRegistrantName-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_FairValueByLiabilityClassAxis" xlink:label="us-gaap_FairValueByLiabilityClassAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueByLiabilityClassAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liability Class [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByLiabilityClassAxis" xlink:to="us-gaap_FairValueByLiabilityClassAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:label="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value by Liability Class [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:to="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityDomain" xlink:label="dei_EntityDomain" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityDomain" xlink:to="dei_EntityDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis" xlink:type="locator"/>
    <link:label xlink:label="dei_LegalEntityAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Entity [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" xlink:type="locator"/>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1-label" xlink:type="arc"/>
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    <link:label xlink:label="dei_EntityAddressCityOrTown-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, City or Town</link:label>
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityAddressPostalZipCode-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_RepurchaseAgreementsMember" xlink:label="us-gaap_RepurchaseAgreementsMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RepurchaseAgreementsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repurchase Agreements [Member]</link:label>
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityAddressStateOrProvince-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, State or Province</link:label>
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityCommonStockSharesOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
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    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_StockRepurchasedAndRetiredDuringPeriodValue</link:label>
    <link:label xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stock Repurchased and Retired During Period, Value</link:label>
    <link:label xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Shares repurchased and retired</link:label>
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    <link:label xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodShares-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_StockRepurchasedAndRetiredDuringPeriodShares</link:label>
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    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_MarketableSecuritiesTextBlock" xlink:label="us-gaap_MarketableSecuritiesTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_MarketableSecuritiesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Marketable Securities [Table Text Block]</link:label>
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    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ProfessionalFees" xlink:label="us-gaap_ProfessionalFees" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ProfessionalFees-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Audit, legal and other professional fees</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfessionalFees" xlink:to="us-gaap_ProfessionalFees-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_InvestmentTypeCategorizationMember" xlink:label="us-gaap_InvestmentTypeCategorizationMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InvestmentTypeCategorizationMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investments [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentTypeCategorizationMember" xlink:to="us-gaap_InvestmentTypeCategorizationMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" xlink:type="locator"/>
    <link:label xlink:label="dei_TradingSymbol-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Symbol</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_InvestmentTypeAxis" xlink:label="us-gaap_InvestmentTypeAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InvestmentTypeAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment Type [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentTypeAxis" xlink:to="us-gaap_InvestmentTypeAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" xlink:type="locator"/>
    <link:label xlink:label="dei_LocalPhoneNumber-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Local Phone Number</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock" xlink:type="locator"/>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_TableTextBlock" xlink:label="us-gaap_TableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_TableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_TableTextBlock</link:label>
    <link:label xlink:label="us-gaap_TableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Notes Tables</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TableTextBlock" xlink:to="us-gaap_TableTextBlock-label" xlink:type="arc"/>
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    <link:label xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related Party, Type [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_RelatedPartyDomain" xlink:label="us-gaap_RelatedPartyDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RelatedPartyDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related Party, Type [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyDomain" xlink:to="us-gaap_RelatedPartyDomain-label" xlink:type="arc"/>
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    <link:label xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock based awards and amortization (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:to="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock based awards and amortization</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:to="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation-label" xlink:type="arc"/>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:to="us-gaap_ArrangementsAndNonarrangementTransactionsMember-label" xlink:type="arc"/>
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    <link:label xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Issuance of common stock pursuant to public offerings, net (in shares)</link:label>
    <link:label xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Shares, New Issues (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues-label" xlink:type="arc"/>
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    <link:label xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Value, New Issues</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetPledgedAsCollateralMember" xlink:to="us-gaap_AssetPledgedAsCollateralMember-label" xlink:type="arc"/>
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    <link:label xlink:label="us-gaap_CashMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashMember" xlink:to="us-gaap_CashMember-label" xlink:type="arc"/>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DisclosureTextBlockAbstract" xlink:label="us-gaap_DisclosureTextBlockAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DisclosureTextBlockAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DisclosureTextBlockAbstract</link:label>
    <link:label xlink:label="us-gaap_DisclosureTextBlockAbstract-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Notes to Financial Statements</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisclosureTextBlockAbstract" xlink:to="us-gaap_DisclosureTextBlockAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:label="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Instruments and Hedging Activities Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:to="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_SubsequentEventMember" xlink:label="us-gaap_SubsequentEventMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SubsequentEventMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsequent Event [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventMember" xlink:to="us-gaap_SubsequentEventMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="us-gaap_SubsequentEventTypeAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SubsequentEventTypeAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsequent Event Type [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventTypeAxis" xlink:to="us-gaap_SubsequentEventTypeAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="us-gaap_SubsequentEventTypeDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SubsequentEventTypeDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsequent Event Type [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventTypeDomain" xlink:to="us-gaap_SubsequentEventTypeDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_UnrealizedGainLossOnInvestments" xlink:label="us-gaap_UnrealizedGainLossOnInvestments" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_UnrealizedGainLossOnInvestments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unrealized gains (losses) on mortgage-backed securities and U.S. Treasury Notes</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrealizedGainLossOnInvestments" xlink:to="us-gaap_UnrealizedGainLossOnInvestments-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:label="us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueOfFinancialInstrumentsPolicy-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value of Financial Instruments, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:to="us-gaap_FairValueOfFinancialInstrumentsPolicy-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ShareBasedCompensation" xlink:label="us-gaap_ShareBasedCompensation" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensation-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock based compensation</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_EarningsPerSharePolicyTextBlock" xlink:label="us-gaap_EarningsPerSharePolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_EarningsPerSharePolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings Per Share, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerSharePolicyTextBlock" xlink:to="us-gaap_EarningsPerSharePolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="us-gaap_IncomeTaxPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncomeTaxPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Tax, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxPolicyTextBlock" xlink:to="us-gaap_IncomeTaxPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_InterestAndDividendIncomeOperating" xlink:label="us-gaap_InterestAndDividendIncomeOperating" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InterestAndDividendIncomeOperating-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestAndDividendIncomeOperating" xlink:to="us-gaap_InterestAndDividendIncomeOperating-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_March2023EquityDistributionAgreementMember" xlink:label="orc_March2023EquityDistributionAgreementMember" xlink:type="locator"/>
    <link:label xlink:label="orc_March2023EquityDistributionAgreementMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">March 2023 Equity Distribution Agreement [Member]</link:label>
    <link:label xlink:label="orc_March2023EquityDistributionAgreementMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information related to the March 2023 Equity Distribution Agreement.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_March2023EquityDistributionAgreementMember" xlink:to="orc_March2023EquityDistributionAgreementMember-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_TreasuryNoteFutureMember" xlink:label="orc_TreasuryNoteFutureMember" xlink:type="locator"/>
    <link:label xlink:label="orc_TreasuryNoteFutureMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Treasury Note Future [Member]</link:label>
    <link:label xlink:label="orc_TreasuryNoteFutureMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the treasury future contracts.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_TreasuryNoteFutureMember" xlink:to="orc_TreasuryNoteFutureMember-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_MoreThanOneYearMember" xlink:label="orc_MoreThanOneYearMember" xlink:type="locator"/>
    <link:label xlink:label="orc_MoreThanOneYearMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">More Than One Year [Member]</link:label>
    <link:label xlink:label="orc_MoreThanOneYearMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents more than one year.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_MoreThanOneYearMember" xlink:to="orc_MoreThanOneYearMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_RealizedInvestmentGainsLosses" xlink:label="us-gaap_RealizedInvestmentGainsLosses" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RealizedInvestmentGainsLosses-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Realized losses on mortgage-backed securities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealizedInvestmentGainsLosses" xlink:to="us-gaap_RealizedInvestmentGainsLosses-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_AssetsMember" xlink:label="us-gaap_AssetsMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AssetsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsMember" xlink:to="us-gaap_AssetsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CompensationRelatedCostsPolicyTextBlock" xlink:label="us-gaap_CompensationRelatedCostsPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CompensationRelatedCostsPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Compensation Related Costs, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CompensationRelatedCostsPolicyTextBlock" xlink:to="us-gaap_CompensationRelatedCostsPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommonStockValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Stock, $0.01 par value; 100,000,000 shares authorized, 39,085,756 shares issued and outstanding as of March 31, 2023 and 36,764,983 shares issued and outstanding as of December 31, 2022</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_InvestmentOwnedAtFairValue" xlink:label="us-gaap_InvestmentOwnedAtFairValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InvestmentOwnedAtFairValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment at fair value</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedAtFairValue" xlink:to="us-gaap_InvestmentOwnedAtFairValue-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments to reconcile net loss to net cash provided by operating activities:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_FairValueByMeasurementFrequencyAxis" xlink:label="us-gaap_FairValueByMeasurementFrequencyAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueByMeasurementFrequencyAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measurement Frequency [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByMeasurementFrequencyAxis" xlink:to="us-gaap_FairValueByMeasurementFrequencyAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_FairValueMeasurementFrequencyDomain" xlink:label="us-gaap_FairValueMeasurementFrequencyDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueMeasurementFrequencyDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measurement Frequency [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementFrequencyDomain" xlink:to="us-gaap_FairValueMeasurementFrequencyDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_FairValueMeasurementsRecurringMember" xlink:label="us-gaap_FairValueMeasurementsRecurringMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueMeasurementsRecurringMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Recurring [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementsRecurringMember" xlink:to="us-gaap_FairValueMeasurementsRecurringMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommonStockSharesAuthorized-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common stock, authorized (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommonStockSharesIssued-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common stock, issued (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommonStockParOrStatedValuePerShare-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common stock, par value (in dollars per share)</link:label>
    <link:label xlink:label="us-gaap_CommonStockParOrStatedValuePerShare-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common Stock, Par or Stated Value Per Share (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_AssetsSoldUnderAgreementsToRepurchaseInterestRate" xlink:label="us-gaap_AssetsSoldUnderAgreementsToRepurchaseInterestRate" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AssetsSoldUnderAgreementsToRepurchaseInterestRate-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net weighted average borrowing rate</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsSoldUnderAgreementsToRepurchaseInterestRate" xlink:to="us-gaap_AssetsSoldUnderAgreementsToRepurchaseInterestRate-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_MaturityOver90DaysMember" xlink:label="us-gaap_MaturityOver90DaysMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_MaturityOver90DaysMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maturity Greater than 90 Days [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MaturityOver90DaysMember" xlink:to="us-gaap_MaturityOver90DaysMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_AssetsSoldUnderAgreementsToRepurchaseMarketValue" xlink:label="us-gaap_AssetsSoldUnderAgreementsToRepurchaseMarketValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AssetsSoldUnderAgreementsToRepurchaseMarketValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair market value of securities pledged, including accrued interest receivable</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsSoldUnderAgreementsToRepurchaseMarketValue" xlink:to="us-gaap_AssetsSoldUnderAgreementsToRepurchaseMarketValue-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability" xlink:label="us-gaap_AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repurchase agreement liabilities associated with these securities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability" xlink:to="us-gaap_AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_RangeMember" xlink:label="srt_RangeMember" xlink:type="locator"/>
    <link:label xlink:label="srt_RangeMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statistical Measurement [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_RangeMember" xlink:to="srt_RangeMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_MaturityOvernightMember" xlink:label="us-gaap_MaturityOvernightMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_MaturityOvernightMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maturity Overnight [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MaturityOvernightMember" xlink:to="us-gaap_MaturityOvernightMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_MinimumMember" xlink:label="srt_MinimumMember" xlink:type="locator"/>
    <link:label xlink:label="srt_MinimumMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Minimum [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_MinimumMember" xlink:to="srt_MinimumMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_Maturity30To90DaysMember" xlink:label="us-gaap_Maturity30To90DaysMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_Maturity30To90DaysMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maturity 30 to 90 Days [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Maturity30To90DaysMember" xlink:to="us-gaap_Maturity30To90DaysMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis" xlink:label="us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repurchase Agreements and Similar Transactions, Maturity Periods [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis" xlink:to="us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain" xlink:label="us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repurchase Agreements and Similar Transactions, Maturity Periods [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain" xlink:to="us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_RangeAxis" xlink:label="srt_RangeAxis" xlink:type="locator"/>
    <link:label xlink:label="srt_RangeAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statistical Measurement [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_RangeAxis" xlink:to="srt_RangeAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PreferredStockValue" xlink:label="us-gaap_PreferredStockValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PreferredStockValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued and outstanding as of March 31, 2023 and December 31, 2022</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockValue" xlink:to="us-gaap_PreferredStockValue-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="us-gaap_PreferredStockSharesIssued" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PreferredStockSharesIssued-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred stock, issued (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesIssued" xlink:to="us-gaap_PreferredStockSharesIssued-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_InterestPaidNet" xlink:label="us-gaap_InterestPaidNet" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InterestPaidNet-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPaidNet" xlink:to="us-gaap_InterestPaidNet-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="us-gaap_PreferredStockSharesAuthorized" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PreferredStockSharesAuthorized-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred stock, authorized (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesAuthorized" xlink:to="us-gaap_PreferredStockSharesAuthorized-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred stock, par value (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="us-gaap_PreferredStockParOrStatedValuePerShare-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_PUAwardMember" xlink:label="orc_PUAwardMember" xlink:type="locator"/>
    <link:label xlink:label="orc_PUAwardMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">PU Award [Member]</link:label>
    <link:label xlink:label="orc_PUAwardMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to PU award.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_PUAwardMember" xlink:to="orc_PUAwardMember-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_ScheduleOfInterestRateCapsTableTextBlock" xlink:label="orc_ScheduleOfInterestRateCapsTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="orc_ScheduleOfInterestRateCapsTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Interest Rate Caps [Table Text Block]</link:label>
    <link:label xlink:label="orc_ScheduleOfInterestRateCapsTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of interest rate caps.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_ScheduleOfInterestRateCapsTableTextBlock" xlink:to="orc_ScheduleOfInterestRateCapsTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_ExecutiveOfficersAndCertainEmployeesMember" xlink:label="orc_ExecutiveOfficersAndCertainEmployeesMember" xlink:type="locator"/>
    <link:label xlink:label="orc_ExecutiveOfficersAndCertainEmployeesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Executive Officers and Certain Employees [Member]</link:label>
    <link:label xlink:label="orc_ExecutiveOfficersAndCertainEmployeesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to executive officers and certain employees.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_ExecutiveOfficersAndCertainEmployeesMember" xlink:to="orc_ExecutiveOfficersAndCertainEmployeesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_FairValueInputsLevel3Member" xlink:label="us-gaap_FairValueInputsLevel3Member" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueInputsLevel3Member-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Inputs, Level 3 [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel3Member" xlink:to="us-gaap_FairValueInputsLevel3Member-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Hierarchy and NAV [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:to="us-gaap_FairValueMeasurementsFairValueHierarchyDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_FairValueInputsLevel1Member" xlink:label="us-gaap_FairValueInputsLevel1Member" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueInputsLevel1Member-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Inputs, Level 1 [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel1Member" xlink:to="us-gaap_FairValueInputsLevel1Member-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_FairValueInputsLevel2Member" xlink:label="us-gaap_FairValueInputsLevel2Member" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueInputsLevel2Member-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Inputs, Level 2 [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel2Member" xlink:to="us-gaap_FairValueInputsLevel2Member-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Hierarchy and NAV [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:to="us-gaap_FairValueByFairValueHierarchyLevelAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_RepurchaseAgreementCounterpartyAmountAtRisk" xlink:label="us-gaap_RepurchaseAgreementCounterpartyAmountAtRisk" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RepurchaseAgreementCounterpartyAmountAtRisk-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_RepurchaseAgreementCounterpartyAmountAtRisk</link:label>
    <link:label xlink:label="us-gaap_RepurchaseAgreementCounterpartyAmountAtRisk-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Repurchase Agreement Counterparty, Amount at Risk</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepurchaseAgreementCounterpartyAmountAtRisk" xlink:to="us-gaap_RepurchaseAgreementCounterpartyAmountAtRisk-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_OvernightSOFRIndexRateMember" xlink:label="orc_OvernightSOFRIndexRateMember" xlink:type="locator"/>
    <link:label xlink:label="orc_OvernightSOFRIndexRateMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Overnight SOFR Index Rate [Member]</link:label>
    <link:label xlink:label="orc_OvernightSOFRIndexRateMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to overnight SOFR index rate.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_OvernightSOFRIndexRateMember" xlink:to="orc_OvernightSOFRIndexRateMember-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_DerivativeSwapPositionsPercentageTableTextBlock" xlink:label="orc_DerivativeSwapPositionsPercentageTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="orc_DerivativeSwapPositionsPercentageTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Swap Positions Percentage [Table Text Block]</link:label>
    <link:label xlink:label="orc_DerivativeSwapPositionsPercentageTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure for derivative swap positions percentage.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_DerivativeSwapPositionsPercentageTableTextBlock" xlink:to="orc_DerivativeSwapPositionsPercentageTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ScheduleOfRepurchaseAgreements" xlink:label="us-gaap_ScheduleOfRepurchaseAgreements" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ScheduleOfRepurchaseAgreements-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Repurchase Agreements [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfRepurchaseAgreements" xlink:to="us-gaap_ScheduleOfRepurchaseAgreements-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_RepurchaseAgreementsInterestExpenseAmount" xlink:label="us-gaap_RepurchaseAgreementsInterestExpenseAmount" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RepurchaseAgreementsInterestExpenseAmount-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_RepurchaseAgreementsInterestExpenseAmount</link:label>
    <link:label xlink:label="us-gaap_RepurchaseAgreementsInterestExpenseAmount-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Interest expense</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepurchaseAgreementsInterestExpenseAmount" xlink:to="us-gaap_RepurchaseAgreementsInterestExpenseAmount-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_InterestIncomeExpenseNet" xlink:label="us-gaap_InterestIncomeExpenseNet" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InterestIncomeExpenseNet-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_InterestIncomeExpenseNet</link:label>
    <link:label xlink:label="us-gaap_InterestIncomeExpenseNet-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net interest (expense) income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestIncomeExpenseNet" xlink:to="us-gaap_InterestIncomeExpenseNet-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_DerivativeSwapReceiveIndexPercent" xlink:label="orc_DerivativeSwapReceiveIndexPercent" xlink:type="locator"/>
    <link:label xlink:label="orc_DerivativeSwapReceiveIndexPercent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Receive index, percent</link:label>
    <link:label xlink:label="orc_DerivativeSwapReceiveIndexPercent-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The derivative swap receive index percent.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_DerivativeSwapReceiveIndexPercent" xlink:to="orc_DerivativeSwapReceiveIndexPercent-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_ThreeMonthLIBORIndexRateMember" xlink:label="orc_ThreeMonthLIBORIndexRateMember" xlink:type="locator"/>
    <link:label xlink:label="orc_ThreeMonthLIBORIndexRateMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Three Month LIBOR Index Rate [Member]</link:label>
    <link:label xlink:label="orc_ThreeMonthLIBORIndexRateMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to three month LIBOR index rate.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_ThreeMonthLIBORIndexRateMember" xlink:to="orc_ThreeMonthLIBORIndexRateMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">CASH FLOWS FROM OPERATING ACTIVITIES:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StatementLineItems-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement [Line Items]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="us-gaap_AdditionalPaidInCapital" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AdditionalPaidInCapital-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additional paid-in capital</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapital" xlink:to="us-gaap_AdditionalPaidInCapital-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_NetPortfolioIncome" xlink:label="orc_NetPortfolioIncome" xlink:type="locator"/>
    <link:label xlink:label="orc_NetPortfolioIncome-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">orc_NetPortfolioIncome</link:label>
    <link:label xlink:label="orc_NetPortfolioIncome-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net portfolio income (loss)</link:label>
    <link:label xlink:label="orc_NetPortfolioIncome-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of portfolio income, net of losses.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_NetPortfolioIncome" xlink:to="orc_NetPortfolioIncome-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="us-gaap_StockholdersEquityAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockholdersEquityAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">STOCKHOLDERS' EQUITY:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedAndSecuritiesLoanedDisclosureTextBlock" xlink:label="us-gaap_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedAndSecuritiesLoanedDisclosureTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedAndSecuritiesLoanedDisclosureTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedAndSecuritiesLoanedDisclosureTextBlock" xlink:to="us-gaap_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedAndSecuritiesLoanedDisclosureTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_FairValueDisclosuresTextBlock" xlink:label="us-gaap_FairValueDisclosuresTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueDisclosuresTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Disclosures [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueDisclosuresTextBlock" xlink:to="us-gaap_FairValueDisclosuresTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_PaymentsForSecuritiesSoldUnderAgreementsToRepurchase" xlink:label="orc_PaymentsForSecuritiesSoldUnderAgreementsToRepurchase" xlink:type="locator"/>
    <link:label xlink:label="orc_PaymentsForSecuritiesSoldUnderAgreementsToRepurchase-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">orc_PaymentsForSecuritiesSoldUnderAgreementsToRepurchase</link:label>
    <link:label xlink:label="orc_PaymentsForSecuritiesSoldUnderAgreementsToRepurchase-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Principal payments on repurchase agreements</link:label>
    <link:label xlink:label="orc_PaymentsForSecuritiesSoldUnderAgreementsToRepurchase-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of principal payments of repurchase agreements</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_PaymentsForSecuritiesSoldUnderAgreementsToRepurchase" xlink:to="orc_PaymentsForSecuritiesSoldUnderAgreementsToRepurchase-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents</link:label>
    <link:label xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total cash, cash equivalents and restricted cash</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations</link:label>
    <link:label xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period</link:label>
    <link:label xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AssetsAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ASSETS:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect</link:label>
    <link:label xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_ProceedsFromSecuritiesSoldUnderAgreementsToRepurchase" xlink:label="orc_ProceedsFromSecuritiesSoldUnderAgreementsToRepurchase" xlink:type="locator"/>
    <link:label xlink:label="orc_ProceedsFromSecuritiesSoldUnderAgreementsToRepurchase-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from repurchase agreements</link:label>
    <link:label xlink:label="orc_ProceedsFromSecuritiesSoldUnderAgreementsToRepurchase-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of proceeds from repurchase agreements</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_ProceedsFromSecuritiesSoldUnderAgreementsToRepurchase" xlink:to="orc_ProceedsFromSecuritiesSoldUnderAgreementsToRepurchase-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_NetCashProvidedByUsedInFinancingActivities</link:label>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_Liabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_Liabilities</link:label>
    <link:label xlink:label="us-gaap_Liabilities-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total Liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="us-gaap_CommitmentsAndContingencies" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommitmentsAndContingencies-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">COMMITMENTS AND CONTINGENCIES</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies" xlink:to="us-gaap_CommitmentsAndContingencies-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_SubsidiarySaleOfStockAxis" xlink:label="us-gaap_SubsidiarySaleOfStockAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SubsidiarySaleOfStockAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sale of Stock [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsidiarySaleOfStockAxis" xlink:to="us-gaap_SubsidiarySaleOfStockAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="us-gaap_SaleOfStockNameOfTransactionDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SaleOfStockNameOfTransactionDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sale of Stock [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SaleOfStockNameOfTransactionDomain" xlink:to="us-gaap_SaleOfStockNameOfTransactionDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_NetCashProvidedByUsedInOperatingActivities</link:label>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_NetCashProvidedByUsedInInvestingActivities</link:label>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_OtherLiabilities" xlink:label="us-gaap_OtherLiabilities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OtherLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other liabilities</link:label>
    <link:label xlink:label="us-gaap_OtherLiabilities-label" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Other liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilities" xlink:to="us-gaap_OtherLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_CounterpartyNameAxis" xlink:label="srt_CounterpartyNameAxis" xlink:type="locator"/>
    <link:label xlink:label="srt_CounterpartyNameAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Counterparty Name [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_CounterpartyNameAxis" xlink:to="srt_CounterpartyNameAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_RepurchaseAgreementCounterpartyNameDomain" xlink:label="srt_RepurchaseAgreementCounterpartyNameDomain" xlink:type="locator"/>
    <link:label xlink:label="srt_RepurchaseAgreementCounterpartyNameDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Counterparty Name [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_RepurchaseAgreementCounterpartyNameDomain" xlink:to="srt_RepurchaseAgreementCounterpartyNameDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DerivativesPolicyTextBlock" xlink:label="us-gaap_DerivativesPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativesPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivatives, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativesPolicyTextBlock" xlink:to="us-gaap_DerivativesPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DerivativeLiabilities" xlink:label="us-gaap_DerivativeLiabilities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeLiabilities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeLiabilities" xlink:to="us-gaap_DerivativeLiabilities-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_InterestPayableCurrentAndNoncurrent" xlink:label="us-gaap_InterestPayableCurrentAndNoncurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InterestPayableCurrentAndNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrued interest payable</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPayableCurrentAndNoncurrent" xlink:to="us-gaap_InterestPayableCurrentAndNoncurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_RepurchaseAndResaleAgreementsPolicy" xlink:label="us-gaap_RepurchaseAndResaleAgreementsPolicy" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RepurchaseAndResaleAgreementsPolicy-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repurchase and Resale Agreements Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepurchaseAndResaleAgreementsPolicy" xlink:to="us-gaap_RepurchaseAndResaleAgreementsPolicy-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_MarketableSecuritiesPolicy" xlink:label="us-gaap_MarketableSecuritiesPolicy" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_MarketableSecuritiesPolicy-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Marketable Securities, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MarketableSecuritiesPolicy" xlink:to="us-gaap_MarketableSecuritiesPolicy-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CostOfGoodsAndServicesSoldOverhead" xlink:label="us-gaap_CostOfGoodsAndServicesSoldOverhead" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CostOfGoodsAndServicesSoldOverhead-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Allocated overhead</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfGoodsAndServicesSoldOverhead" xlink:to="us-gaap_CostOfGoodsAndServicesSoldOverhead-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_AccountsPayableCurrentAndNoncurrent" xlink:label="us-gaap_AccountsPayableCurrentAndNoncurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccountsPayableCurrentAndNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Due to affiliates</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrentAndNoncurrent" xlink:to="us-gaap_AccountsPayableCurrentAndNoncurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DirectOperatingCosts" xlink:label="us-gaap_DirectOperatingCosts" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DirectOperatingCosts-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Direct REIT operating expenses</link:label>
    <link:label xlink:label="us-gaap_DirectOperatingCosts-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Direct Operating Costs</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DirectOperatingCosts" xlink:to="us-gaap_DirectOperatingCosts-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="us-gaap_PaymentsOfDividendsCommonStock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PaymentsOfDividendsCommonStock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PaymentsOfDividendsCommonStock</link:label>
    <link:label xlink:label="us-gaap_PaymentsOfDividendsCommonStock-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Cash dividends</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividendsCommonStock" xlink:to="us-gaap_PaymentsOfDividendsCommonStock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CostsAndExpenses" xlink:label="us-gaap_CostsAndExpenses" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CostsAndExpenses-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_CostsAndExpenses</link:label>
    <link:label xlink:label="us-gaap_CostsAndExpenses-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total expenses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsAndExpenses" xlink:to="us-gaap_CostsAndExpenses-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PaymentsForRepurchaseOfCommonStock</link:label>
    <link:label xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Common stock repurchases, including shares withheld from employee stock awards for payment of taxes</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:to="us-gaap_PaymentsForRepurchaseOfCommonStock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_RetainedEarningsMember" xlink:label="us-gaap_RetainedEarningsMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RetainedEarningsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Retained Earnings [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsMember" xlink:to="us-gaap_RetainedEarningsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_TreasuryStockAcquiredAverageCostPerShare" xlink:label="us-gaap_TreasuryStockAcquiredAverageCostPerShare" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_TreasuryStockAcquiredAverageCostPerShare-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_TreasuryStockAcquiredAverageCostPerShare</link:label>
    <link:label xlink:label="us-gaap_TreasuryStockAcquiredAverageCostPerShare-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Shares Acquired, Average Cost Per Share (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockAcquiredAverageCostPerShare" xlink:to="us-gaap_TreasuryStockAcquiredAverageCostPerShare-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from issuance of common stock, net of issuance costs</link:label>
    <link:label xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from Issuance of Common Stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:to="us-gaap_ProceedsFromIssuanceOfCommonStock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NoninterestExpenseDirectorsFees" xlink:label="us-gaap_NoninterestExpenseDirectorsFees" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NoninterestExpenseDirectorsFees-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Directors' fees and liability insurance</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoninterestExpenseDirectorsFees" xlink:to="us-gaap_NoninterestExpenseDirectorsFees-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased" xlink:label="us-gaap_StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased</link:label>
    <link:label xlink:label="us-gaap_StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased" xlink:to="us-gaap_StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="us-gaap_AdditionalPaidInCapitalMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AdditionalPaidInCapitalMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additional Paid-in Capital [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalMember" xlink:to="us-gaap_AdditionalPaidInCapitalMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ShareRepurchaseProgramDomain" xlink:label="us-gaap_ShareRepurchaseProgramDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareRepurchaseProgramDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share Repurchase Program [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareRepurchaseProgramDomain" xlink:to="us-gaap_ShareRepurchaseProgramDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommonStockMember" xlink:label="us-gaap_CommonStockMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommonStockMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Stock [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased" xlink:label="us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased</link:label>
    <link:label xlink:label="us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased" xlink:to="us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StatementEquityComponentsAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Components [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_StatementEquityComponentsAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_EquityAgreementMaximumNumberOfSharesIssuable" xlink:label="orc_EquityAgreementMaximumNumberOfSharesIssuable" xlink:type="locator"/>
    <link:label xlink:label="orc_EquityAgreementMaximumNumberOfSharesIssuable-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">orc_EquityAgreementMaximumNumberOfSharesIssuable</link:label>
    <link:label xlink:label="orc_EquityAgreementMaximumNumberOfSharesIssuable-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity Agreement, Maximum Number of Shares Issuable (in shares)</link:label>
    <link:label xlink:label="orc_EquityAgreementMaximumNumberOfSharesIssuable-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Maximum amount of shares that can be issued as part of an equity agreement.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_EquityAgreementMaximumNumberOfSharesIssuable" xlink:to="orc_EquityAgreementMaximumNumberOfSharesIssuable-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ShareRepurchaseProgramAxis" xlink:label="us-gaap_ShareRepurchaseProgramAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareRepurchaseProgramAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share Repurchase Program [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareRepurchaseProgramAxis" xlink:to="us-gaap_ShareRepurchaseProgramAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_EquityComponentDomain" xlink:label="us-gaap_EquityComponentDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_EquityComponentDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Component [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityComponentDomain" xlink:to="us-gaap_EquityComponentDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_ManagementFeesPolicyPolicyTextBlock" xlink:label="orc_ManagementFeesPolicyPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="orc_ManagementFeesPolicyPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Management Fees Policy [Policy Text Block]</link:label>
    <link:label xlink:label="orc_ManagementFeesPolicyPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of accounting policy for management fees to external managers.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_ManagementFeesPolicyPolicyTextBlock" xlink:to="orc_ManagementFeesPolicyPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_June2021EquityDistributionAgreementMember" xlink:label="orc_June2021EquityDistributionAgreementMember" xlink:type="locator"/>
    <link:label xlink:label="orc_June2021EquityDistributionAgreementMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">June 2021 Equity Distribution Agreement [Member]</link:label>
    <link:label xlink:label="orc_June2021EquityDistributionAgreementMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to June 2021 Equity Distribution Agreement</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_June2021EquityDistributionAgreementMember" xlink:to="orc_June2021EquityDistributionAgreementMember-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_October2021EquityDistributionAgreementMember" xlink:label="orc_October2021EquityDistributionAgreementMember" xlink:type="locator"/>
    <link:label xlink:label="orc_October2021EquityDistributionAgreementMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">October 2021 Equity Distribution Agreement [Member]</link:label>
    <link:label xlink:label="orc_October2021EquityDistributionAgreementMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to the October 2021 Equity Distribution Agreement</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_October2021EquityDistributionAgreementMember" xlink:to="orc_October2021EquityDistributionAgreementMember-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_InvestmentSoldAtCarryingValue" xlink:label="orc_InvestmentSoldAtCarryingValue" xlink:type="locator"/>
    <link:label xlink:label="orc_InvestmentSoldAtCarryingValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Carrying value of RMBS sold</link:label>
    <link:label xlink:label="orc_InvestmentSoldAtCarryingValue-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount represents the carrying value of investments sold</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_InvestmentSoldAtCarryingValue" xlink:to="orc_InvestmentSoldAtCarryingValue-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_PassThroughCertificateMember" xlink:label="orc_PassThroughCertificateMember" xlink:type="locator"/>
    <link:label xlink:label="orc_PassThroughCertificateMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pass Through Certificate [Member]</link:label>
    <link:label xlink:label="orc_PassThroughCertificateMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to pass through certificates.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_PassThroughCertificateMember" xlink:to="orc_PassThroughCertificateMember-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_FixedRateMortgagesMember" xlink:label="orc_FixedRateMortgagesMember" xlink:type="locator"/>
    <link:label xlink:label="orc_FixedRateMortgagesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fixed Rate Mortgages [Member]</link:label>
    <link:label xlink:label="orc_FixedRateMortgagesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to fixed rate mortgages</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_FixedRateMortgagesMember" xlink:to="orc_FixedRateMortgagesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_InterestOnlySecuritiesMember" xlink:label="orc_InterestOnlySecuritiesMember" xlink:type="locator"/>
    <link:label xlink:label="orc_InterestOnlySecuritiesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Only Securities [Member]</link:label>
    <link:label xlink:label="orc_InterestOnlySecuritiesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to interest only securities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_InterestOnlySecuritiesMember" xlink:to="orc_InterestOnlySecuritiesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_InverseInterestOnlySecuritiesMember" xlink:label="orc_InverseInterestOnlySecuritiesMember" xlink:type="locator"/>
    <link:label xlink:label="orc_InverseInterestOnlySecuritiesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Inverse Interest Only Securities [Member]</link:label>
    <link:label xlink:label="orc_InverseInterestOnlySecuritiesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to inverse interest only securities.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_InverseInterestOnlySecuritiesMember" xlink:to="orc_InverseInterestOnlySecuritiesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_FiveYearTreasuryNoteFuturesMember" xlink:label="orc_FiveYearTreasuryNoteFuturesMember" xlink:type="locator"/>
    <link:label xlink:label="orc_FiveYearTreasuryNoteFuturesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Five Year Treasury Note Futures [Member]</link:label>
    <link:label xlink:label="orc_FiveYearTreasuryNoteFuturesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to five year treasury not futures contracts</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_FiveYearTreasuryNoteFuturesMember" xlink:to="orc_FiveYearTreasuryNoteFuturesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_TenYearUltraFutureMember" xlink:label="orc_TenYearUltraFutureMember" xlink:type="locator"/>
    <link:label xlink:label="orc_TenYearUltraFutureMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Ten Year Ultra Future [Member]</link:label>
    <link:label xlink:label="orc_TenYearUltraFutureMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to ten year ultra future contracts</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_TenYearUltraFutureMember" xlink:to="orc_TenYearUltraFutureMember-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_PayerSwaptionsMember" xlink:label="orc_PayerSwaptionsMember" xlink:type="locator"/>
    <link:label xlink:label="orc_PayerSwaptionsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payer Swaptions [Member]</link:label>
    <link:label xlink:label="orc_PayerSwaptionsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to payer swaptions</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_PayerSwaptionsMember" xlink:to="orc_PayerSwaptionsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_TBAContractsMember" xlink:label="orc_TBAContractsMember" xlink:type="locator"/>
    <link:label xlink:label="orc_TBAContractsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">TBA Contracts [Member]</link:label>
    <link:label xlink:label="orc_TBAContractsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to TBA contracts</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_TBAContractsMember" xlink:to="orc_TBAContractsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_Maturity2To30DaysMember" xlink:label="orc_Maturity2To30DaysMember" xlink:type="locator"/>
    <link:label xlink:label="orc_Maturity2To30DaysMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maturity 2 to 30 Days [Member]</link:label>
    <link:label xlink:label="orc_Maturity2To30DaysMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Maturity period that is more than 2 days but fewer than 31 days from the reporting date for repurchase agreements and similar transactions, for example, but not limited to, securities lending arrangements.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_Maturity2To30DaysMember" xlink:to="orc_Maturity2To30DaysMember-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_EurodollarFutureMarginMember" xlink:label="orc_EurodollarFutureMarginMember" xlink:type="locator"/>
    <link:label xlink:label="orc_EurodollarFutureMarginMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Eurodollar Future Margin [Member]</link:label>
    <link:label xlink:label="orc_EurodollarFutureMarginMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to Eurodollar future margin</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_EurodollarFutureMarginMember" xlink:to="orc_EurodollarFutureMarginMember-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_DeriviativeEntryRate" xlink:label="orc_DeriviativeEntryRate" xlink:type="locator"/>
    <link:label xlink:label="orc_DeriviativeEntryRate-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted average entry rate</link:label>
    <link:label xlink:label="orc_DeriviativeEntryRate-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The weighted average effective interest rate at the entry date of the contract.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_DeriviativeEntryRate" xlink:to="orc_DeriviativeEntryRate-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_OpenEquity" xlink:label="orc_OpenEquity" xlink:type="locator"/>
    <link:label xlink:label="orc_OpenEquity-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Open Equity</link:label>
    <link:label xlink:label="orc_OpenEquity-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The cumulative amount of gains (losses) on open future positions</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_OpenEquity" xlink:to="orc_OpenEquity-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash and Cash Equivalents, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:to="us-gaap_CashAndCashEquivalentsPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentQuarterlyReport" xlink:label="dei_DocumentQuarterlyReport" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentQuarterlyReport-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Quarterly Report</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentQuarterlyReport" xlink:to="dei_DocumentQuarterlyReport-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityIncorporationStateCountryCode-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccountingPoliciesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accounting Policies [Abstract]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="us-gaap_AccountingPoliciesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentTransitionReport-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Transition Report</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Basis of Accounting, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:to="us-gaap_BasisOfAccountingPolicyPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityInteractiveDataCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Interactive Data Current</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommonStockDividendsPerShareDeclared" xlink:label="us-gaap_CommonStockDividendsPerShareDeclared" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommonStockDividendsPerShareDeclared-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends declared per common share (in dollars per share)</link:label>
    <link:label xlink:label="us-gaap_CommonStockDividendsPerShareDeclared-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common Stock, Dividends, Per Share, Declared (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockDividendsPerShareDeclared" xlink:to="us-gaap_CommonStockDividendsPerShareDeclared-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_RelatedPartyMember" xlink:label="us-gaap_RelatedPartyMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RelatedPartyMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related Party [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyMember" xlink:to="us-gaap_RelatedPartyMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_RelatedAndNonrelatedPartyStatusDomain" xlink:label="us-gaap_RelatedAndNonrelatedPartyStatusDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RelatedAndNonrelatedPartyStatusDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related and Nonrelated Party Status [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedAndNonrelatedPartyStatusDomain" xlink:to="us-gaap_RelatedAndNonrelatedPartyStatusDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" xlink:label="us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SecuritiesSoldUnderAgreementsToRepurchase-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repurchase agreements</link:label>
    <link:label xlink:label="us-gaap_SecuritiesSoldUnderAgreementsToRepurchase-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Securities Sold under Agreements to Repurchase</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" xlink:to="us-gaap_SecuritiesSoldUnderAgreementsToRepurchase-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_DerivativeInstrumentsAverageMonthsToExpiration" xlink:label="orc_DerivativeInstrumentsAverageMonthsToExpiration" xlink:type="locator"/>
    <link:label xlink:label="orc_DerivativeInstrumentsAverageMonthsToExpiration-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted average months to expiration (Month)</link:label>
    <link:label xlink:label="orc_DerivativeInstrumentsAverageMonthsToExpiration-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Average months to expiration for derivative instruments.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_DerivativeInstrumentsAverageMonthsToExpiration" xlink:to="orc_DerivativeInstrumentsAverageMonthsToExpiration-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_ScheduleOfInterestRateSwapsTableTextBlock" xlink:label="orc_ScheduleOfInterestRateSwapsTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="orc_ScheduleOfInterestRateSwapsTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Interest Rate Swaps [Table Text Block]</link:label>
    <link:label xlink:label="orc_ScheduleOfInterestRateSwapsTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of interest rate swaps relating to derivatives and other hedging instruments.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_ScheduleOfInterestRateSwapsTableTextBlock" xlink:to="orc_ScheduleOfInterestRateSwapsTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" xlink:type="locator"/>
    <link:label xlink:label="dei_SecurityExchangeName-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Security Exchange Name</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_ThreeToFiveYearsMember" xlink:label="orc_ThreeToFiveYearsMember" xlink:type="locator"/>
    <link:label xlink:label="orc_ThreeToFiveYearsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Three to Five Years [Member]</link:label>
    <link:label xlink:label="orc_ThreeToFiveYearsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to three to five years.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_ThreeToFiveYearsMember" xlink:to="orc_ThreeToFiveYearsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_RelatedAndNonrelatedPartyStatusAxis" xlink:label="us-gaap_RelatedAndNonrelatedPartyStatusAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RelatedAndNonrelatedPartyStatusAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related and Nonrelated Party Status [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedAndNonrelatedPartyStatusAxis" xlink:to="us-gaap_RelatedAndNonrelatedPartyStatusAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_MoreThanFiveYearsMember" xlink:label="orc_MoreThanFiveYearsMember" xlink:type="locator"/>
    <link:label xlink:label="orc_MoreThanFiveYearsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">More Than Five Years [Member]</link:label>
    <link:label xlink:label="orc_MoreThanFiveYearsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to more than five years.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_MoreThanFiveYearsMember" xlink:to="orc_MoreThanFiveYearsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" xlink:type="locator"/>
    <link:label xlink:label="dei_Security12bTitle-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_OneToThreeYearsMember" xlink:label="orc_OneToThreeYearsMember" xlink:type="locator"/>
    <link:label xlink:label="orc_OneToThreeYearsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">One To Three Years [Member]</link:label>
    <link:label xlink:label="orc_OneToThreeYearsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to one to three years</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_OneToThreeYearsMember" xlink:to="orc_OneToThreeYearsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_SwaptionCost" xlink:label="orc_SwaptionCost" xlink:type="locator"/>
    <link:label xlink:label="orc_SwaptionCost-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">orc_SwaptionCost</link:label>
    <link:label xlink:label="orc_SwaptionCost-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cost</link:label>
    <link:label xlink:label="orc_SwaptionCost-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of swaption cost at inception.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_SwaptionCost" xlink:to="orc_SwaptionCost-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_LessThanOrEqualToOneYearMember" xlink:label="orc_LessThanOrEqualToOneYearMember" xlink:type="locator"/>
    <link:label xlink:label="orc_LessThanOrEqualToOneYearMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Less than or Equal to One Year [Member]</link:label>
    <link:label xlink:label="orc_LessThanOrEqualToOneYearMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to less than or equal to one year</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_LessThanOrEqualToOneYearMember" xlink:to="orc_LessThanOrEqualToOneYearMember-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_DerivativeCostBasis" xlink:label="orc_DerivativeCostBasis" xlink:type="locator"/>
    <link:label xlink:label="orc_DerivativeCostBasis-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Cost</link:label>
    <link:label xlink:label="orc_DerivativeCostBasis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cost</link:label>
    <link:label xlink:label="orc_DerivativeCostBasis-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of derivatives by cost basis</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_DerivativeCostBasis" xlink:to="orc_DerivativeCostBasis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_TypeOfArrangementAxis" xlink:label="us-gaap_TypeOfArrangementAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_TypeOfArrangementAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Collaborative Arrangement and Arrangement Other than Collaborative [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TypeOfArrangementAxis" xlink:to="us-gaap_TypeOfArrangementAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_MarketValueOfTBAContract" xlink:label="orc_MarketValueOfTBAContract" xlink:type="locator"/>
    <link:label xlink:label="orc_MarketValueOfTBAContract-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Market value</link:label>
    <link:label xlink:label="orc_MarketValueOfTBAContract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Market value</link:label>
    <link:label xlink:label="orc_MarketValueOfTBAContract-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">This item represents current market value of TBA contracts</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_MarketValueOfTBAContract" xlink:to="orc_MarketValueOfTBAContract-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_ScheduleOfToBeAnnouncedSecuritiesTableTextBlock" xlink:label="orc_ScheduleOfToBeAnnouncedSecuritiesTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="orc_ScheduleOfToBeAnnouncedSecuritiesTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of To Be Announced Securities [Table Text Block]</link:label>
    <link:label xlink:label="orc_ScheduleOfToBeAnnouncedSecuritiesTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of to be announced securities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_ScheduleOfToBeAnnouncedSecuritiesTableTextBlock" xlink:to="orc_ScheduleOfToBeAnnouncedSecuritiesTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_TwoPercentTbaContractMember" xlink:label="orc_TwoPercentTbaContractMember" xlink:type="locator"/>
    <link:label xlink:label="orc_TwoPercentTbaContractMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Two Percent TBA Contract [Member]</link:label>
    <link:label xlink:label="orc_TwoPercentTbaContractMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to two percent TBA contracts</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_TwoPercentTbaContractMember" xlink:to="orc_TwoPercentTbaContractMember-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_ThreePercentTbaSecuritiesMember" xlink:label="orc_ThreePercentTbaSecuritiesMember" xlink:type="locator"/>
    <link:label xlink:label="orc_ThreePercentTbaSecuritiesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Three Percent TBA Securities [Member]</link:label>
    <link:label xlink:label="orc_ThreePercentTbaSecuritiesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to three percent TBA securities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_ThreePercentTbaSecuritiesMember" xlink:to="orc_ThreePercentTbaSecuritiesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DerivativeAssetFairValueGrossLiability" xlink:label="us-gaap_DerivativeAssetFairValueGrossLiability" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeAssetFairValueGrossLiability-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative liabilities, at fair value</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeAssetFairValueGrossLiability" xlink:to="us-gaap_DerivativeAssetFairValueGrossLiability-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_SharePrice" xlink:label="us-gaap_SharePrice" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SharePrice-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Price per share (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharePrice" xlink:to="us-gaap_SharePrice-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Anti-dilutive incentive shares not included in calculation (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:to="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_FairValueByAssetClassAxis" xlink:label="us-gaap_FairValueByAssetClassAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueByAssetClassAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset Class [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByAssetClassAxis" xlink:to="us-gaap_FairValueByAssetClassAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset Class [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain" xlink:to="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationByAssetClassDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StatementTable-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement [Table]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StatementOfFinancialPositionAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of Financial Position [Abstract]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_PledgedAssetsTextBlock" xlink:label="orc_PledgedAssetsTextBlock" xlink:type="locator"/>
    <link:label xlink:label="orc_PledgedAssetsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pledged Assets [Text Block]</link:label>
    <link:label xlink:label="orc_PledgedAssetsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of assets pledged</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_PledgedAssetsTextBlock" xlink:to="orc_PledgedAssetsTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted Average Shares Outstanding (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_EarningsPerShareBasic" xlink:label="us-gaap_EarningsPerShareBasic" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_EarningsPerShareBasic-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Basic and diluted net income (loss) per share (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasic" xlink:to="us-gaap_EarningsPerShareBasic-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_OffsettingAssetsAndLiabilitiesTextBlock" xlink:label="orc_OffsettingAssetsAndLiabilitiesTextBlock" xlink:type="locator"/>
    <link:label xlink:label="orc_OffsettingAssetsAndLiabilitiesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Offsetting Assets and Liabilities [Text Block]</link:label>
    <link:label xlink:label="orc_OffsettingAssetsAndLiabilitiesTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The entire disclosure related to offsetting assets and liabilities in the balance sheet</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_OffsettingAssetsAndLiabilitiesTextBlock" xlink:to="orc_OffsettingAssetsAndLiabilitiesTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StatementOfCashFlowsAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of Cash Flows [Abstract]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_AssetsPledgedToCounterparties" xlink:label="orc_AssetsPledgedToCounterparties" xlink:type="locator"/>
    <link:label xlink:label="orc_AssetsPledgedToCounterparties-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label xlink:label="orc_AssetsPledgedToCounterparties-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Total securities and cash pledged as collateral.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_AssetsPledgedToCounterparties" xlink:to="orc_AssetsPledgedToCounterparties-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_ScheduleOfFinancialInstrumentsPledgedAsCollateralFromCounterpartiesTableTextBlock" xlink:label="orc_ScheduleOfFinancialInstrumentsPledgedAsCollateralFromCounterpartiesTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="orc_ScheduleOfFinancialInstrumentsPledgedAsCollateralFromCounterpartiesTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Financial Instruments Pledged as Collateral From Counterparties [Table Text Block]</link:label>
    <link:label xlink:label="orc_ScheduleOfFinancialInstrumentsPledgedAsCollateralFromCounterpartiesTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of assets pledged to the Company by repurchase agreement and derivative counterparties</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_ScheduleOfFinancialInstrumentsPledgedAsCollateralFromCounterpartiesTableTextBlock" xlink:to="orc_ScheduleOfFinancialInstrumentsPledgedAsCollateralFromCounterpartiesTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StatementOfStockholdersEquityAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of Stockholders' Equity [Abstract]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="us-gaap_StatementOfStockholdersEquityAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_AssetsPledgedFromCounterparties" xlink:label="orc_AssetsPledgedFromCounterparties" xlink:type="locator"/>
    <link:label xlink:label="orc_AssetsPledgedFromCounterparties-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash</link:label>
    <link:label xlink:label="orc_AssetsPledgedFromCounterparties-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of assets pledged to company from counterparties</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_AssetsPledgedFromCounterparties" xlink:to="orc_AssetsPledgedFromCounterparties-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_IncomeStatementAbstract" xlink:label="us-gaap_IncomeStatementAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncomeStatementAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Statement [Abstract]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementAbstract" xlink:to="us-gaap_IncomeStatementAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_StockRepurchaseProgramAdditionalSharesAuthorized" xlink:label="orc_StockRepurchaseProgramAdditionalSharesAuthorized" xlink:type="locator"/>
    <link:label xlink:label="orc_StockRepurchaseProgramAdditionalSharesAuthorized-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">orc_StockRepurchaseProgramAdditionalSharesAuthorized</link:label>
    <link:label xlink:label="orc_StockRepurchaseProgramAdditionalSharesAuthorized-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stock Repurchase Program, Additional Shares Authorized (in shares)</link:label>
    <link:label xlink:label="orc_StockRepurchaseProgramAdditionalSharesAuthorized-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of additional shares authorized to be repurchased by an entity's Board of Directors under a stock repurchase plan.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_StockRepurchaseProgramAdditionalSharesAuthorized" xlink:to="orc_StockRepurchaseProgramAdditionalSharesAuthorized-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_ShareRepurchaseProgramMember" xlink:label="orc_ShareRepurchaseProgramMember" xlink:type="locator"/>
    <link:label xlink:label="orc_ShareRepurchaseProgramMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share Repurchase Program [Member]</link:label>
    <link:label xlink:label="orc_ShareRepurchaseProgramMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to the company's share repurchase program</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_ShareRepurchaseProgramMember" xlink:to="orc_ShareRepurchaseProgramMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DerivativeAverageFixedInterestRate" xlink:label="us-gaap_DerivativeAverageFixedInterestRate" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeAverageFixedInterestRate-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Average fixed pay rate</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeAverageFixedInterestRate" xlink:to="us-gaap_DerivativeAverageFixedInterestRate-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_AtTheMarketOfferingProgramMember" xlink:label="orc_AtTheMarketOfferingProgramMember" xlink:type="locator"/>
    <link:label xlink:label="orc_AtTheMarketOfferingProgramMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">At the Market Offering Program [Member]</link:label>
    <link:label xlink:label="orc_AtTheMarketOfferingProgramMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to the at the market offering program</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_AtTheMarketOfferingProgramMember" xlink:to="orc_AtTheMarketOfferingProgramMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DerivativeAverageVariableInterestRate" xlink:label="us-gaap_DerivativeAverageVariableInterestRate" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeAverageVariableInterestRate-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Average receive rate</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeAverageVariableInterestRate" xlink:to="us-gaap_DerivativeAverageVariableInterestRate-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DerivativeAverageRemainingMaturity1" xlink:label="us-gaap_DerivativeAverageRemainingMaturity1" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeAverageRemainingMaturity1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted average term (Year)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeAverageRemainingMaturity1" xlink:to="us-gaap_DerivativeAverageRemainingMaturity1-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DerivativeCapInterestRate" xlink:label="us-gaap_DerivativeCapInterestRate" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeCapInterestRate-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Strike Swap Rate</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeCapInterestRate" xlink:to="us-gaap_DerivativeCapInterestRate-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_OffsettingLiabilitiesTableTextBlock" xlink:label="us-gaap_OffsettingLiabilitiesTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OffsettingLiabilitiesTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Offsetting Liabilities [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OffsettingLiabilitiesTableTextBlock" xlink:to="us-gaap_OffsettingLiabilitiesTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_DeclineOfBookValuePerShare" xlink:label="orc_DeclineOfBookValuePerShare" xlink:type="locator"/>
    <link:label xlink:label="orc_DeclineOfBookValuePerShare-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">orc_DeclineOfBookValuePerShare</link:label>
    <link:label xlink:label="orc_DeclineOfBookValuePerShare-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Decline of Book Value Per Share</link:label>
    <link:label xlink:label="orc_DeclineOfBookValuePerShare-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage that book value per share has declined by.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_DeclineOfBookValuePerShare" xlink:to="orc_DeclineOfBookValuePerShare-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DividendsDeclaredTableTextBlock" xlink:label="us-gaap_DividendsDeclaredTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DividendsDeclaredTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends Declared [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsDeclaredTableTextBlock" xlink:to="us-gaap_DividendsDeclaredTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">CASH FLOWS FROM FINANCING ACTIVITIES:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock" xlink:label="us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Common Stock Outstanding Roll Forward [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock" xlink:to="us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:label="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:to="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:label="us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DividendsPayableCurrentAndNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends payable</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:to="us-gaap_DividendsPayableCurrentAndNoncurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PaymentsForProceedsFromDerivativeInstrumentInvestingActivities" xlink:label="us-gaap_PaymentsForProceedsFromDerivativeInstrumentInvestingActivities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PaymentsForProceedsFromDerivativeInstrumentInvestingActivities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PaymentsForProceedsFromDerivativeInstrumentInvestingActivities</link:label>
    <link:label xlink:label="us-gaap_PaymentsForProceedsFromDerivativeInstrumentInvestingActivities-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Net (payments on) proceeds from derivative instruments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForProceedsFromDerivativeInstrumentInvestingActivities" xlink:to="us-gaap_PaymentsForProceedsFromDerivativeInstrumentInvestingActivities-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_DeferredStockUnitsMember" xlink:label="orc_DeferredStockUnitsMember" xlink:type="locator"/>
    <link:label xlink:label="orc_DeferredStockUnitsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred Stock Units [Member]</link:label>
    <link:label xlink:label="orc_DeferredStockUnitsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to deferred stock units</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_DeferredStockUnitsMember" xlink:to="orc_DeferredStockUnitsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DerivativeFairValueOfDerivativeNet" xlink:label="us-gaap_DerivativeFairValueOfDerivativeNet" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeFairValueOfDerivativeNet-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Estimated Fair Value</link:label>
    <link:label xlink:label="us-gaap_DerivativeFairValueOfDerivativeNet-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative, Fair Value, Net</link:label>
    <link:label xlink:label="us-gaap_DerivativeFairValueOfDerivativeNet-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Net carrying value</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeFairValueOfDerivativeNet" xlink:to="us-gaap_DerivativeFairValueOfDerivativeNet-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_SharebasedCompensationArrangementBySharebasedPaymentAwardNonoptionsWeightedAverageGrantDateFairValue" xlink:label="orc_SharebasedCompensationArrangementBySharebasedPaymentAwardNonoptionsWeightedAverageGrantDateFairValue" xlink:type="locator"/>
    <link:label xlink:label="orc_SharebasedCompensationArrangementBySharebasedPaymentAwardNonoptionsWeightedAverageGrantDateFairValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">orc_SharebasedCompensationArrangementBySharebasedPaymentAwardNonoptionsWeightedAverageGrantDateFairValue</link:label>
    <link:label xlink:label="orc_SharebasedCompensationArrangementBySharebasedPaymentAwardNonoptionsWeightedAverageGrantDateFairValue-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Outstanding, grant date fair value (in dollars per share)</link:label>
    <link:label xlink:label="orc_SharebasedCompensationArrangementBySharebasedPaymentAwardNonoptionsWeightedAverageGrantDateFairValue-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Outstanding, grant date fair value (in dollars per share)</link:label>
    <link:label xlink:label="orc_SharebasedCompensationArrangementBySharebasedPaymentAwardNonoptionsWeightedAverageGrantDateFairValue-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Weighted average grant-date fair value of outstanding non options</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_SharebasedCompensationArrangementBySharebasedPaymentAwardNonoptionsWeightedAverageGrantDateFairValue" xlink:to="orc_SharebasedCompensationArrangementBySharebasedPaymentAwardNonoptionsWeightedAverageGrantDateFairValue-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_SharebasedCompensationArrangementBySharebasedPaymentAwardNonoptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="orc_SharebasedCompensationArrangementBySharebasedPaymentAwardNonoptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:type="locator"/>
    <link:label xlink:label="orc_SharebasedCompensationArrangementBySharebasedPaymentAwardNonoptionsGrantsInPeriodWeightedAverageGrantDateFairValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Granted and vested, grant date fair value (in dollars per share)</link:label>
    <link:label xlink:label="orc_SharebasedCompensationArrangementBySharebasedPaymentAwardNonoptionsGrantsInPeriodWeightedAverageGrantDateFairValue-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The weighted average grant-date fair value of non-options granted during the reporting period as calculated by applying the disclosed pricing methodology.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_SharebasedCompensationArrangementBySharebasedPaymentAwardNonoptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="orc_SharebasedCompensationArrangementBySharebasedPaymentAwardNonoptionsGrantsInPeriodWeightedAverageGrantDateFairValue-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_UnvestedDividendEligibleShareBasedCompensationOutstanding" xlink:label="orc_UnvestedDividendEligibleShareBasedCompensationOutstanding" xlink:type="locator"/>
    <link:label xlink:label="orc_UnvestedDividendEligibleShareBasedCompensationOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unvested dividend eligible share based compensation outstanding at the balance sheet date (in shares)</link:label>
    <link:label xlink:label="orc_UnvestedDividendEligibleShareBasedCompensationOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The total number of unvested share based payments awards included in the calculation of weighted average shares</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_UnvestedDividendEligibleShareBasedCompensationOutstanding" xlink:to="orc_UnvestedDividendEligibleShareBasedCompensationOutstanding-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_SharesOutstandingEffectOfWeighing" xlink:label="orc_SharesOutstandingEffectOfWeighing" xlink:type="locator"/>
    <link:label xlink:label="orc_SharesOutstandingEffectOfWeighing-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Effect of weighting (in shares)</link:label>
    <link:label xlink:label="orc_SharesOutstandingEffectOfWeighing-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The effect of weighting on the number of shares outstanding during the period</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_SharesOutstandingEffectOfWeighing" xlink:to="orc_SharesOutstandingEffectOfWeighing-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_InterestRateSwaptionMember" xlink:label="us-gaap_InterestRateSwaptionMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InterestRateSwaptionMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Rate Swaption [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestRateSwaptionMember" xlink:to="us-gaap_InterestRateSwaptionMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_OffsettingAssetsTableTextBlock" xlink:label="us-gaap_OffsettingAssetsTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OffsettingAssetsTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Offsetting Assets [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OffsettingAssetsTableTextBlock" xlink:to="us-gaap_OffsettingAssetsTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PledgedStatusDomain" xlink:label="us-gaap_PledgedStatusDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PledgedStatusDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pledged Status [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PledgedStatusDomain" xlink:to="us-gaap_PledgedStatusDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PledgedStatusAxis" xlink:label="us-gaap_PledgedStatusAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PledgedStatusAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pledged Status [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PledgedStatusAxis" xlink:to="us-gaap_PledgedStatusAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_AutomaticRenewalPeriodOfManagementAgreement" xlink:label="orc_AutomaticRenewalPeriodOfManagementAgreement" xlink:type="locator"/>
    <link:label xlink:label="orc_AutomaticRenewalPeriodOfManagementAgreement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">orc_AutomaticRenewalPeriodOfManagementAgreement</link:label>
    <link:label xlink:label="orc_AutomaticRenewalPeriodOfManagementAgreement-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Automatic Renewal Period Of Management Agreement (Year)</link:label>
    <link:label xlink:label="orc_AutomaticRenewalPeriodOfManagementAgreement-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Automatic renewal period of management agreement.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_AutomaticRenewalPeriodOfManagementAgreement" xlink:to="orc_AutomaticRenewalPeriodOfManagementAgreement-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_BiminiAdvisorsLlcMember" xlink:label="orc_BiminiAdvisorsLlcMember" xlink:type="locator"/>
    <link:label xlink:label="orc_BiminiAdvisorsLlcMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bimini Advisors LLC [Member]</link:label>
    <link:label xlink:label="orc_BiminiAdvisorsLlcMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to Bimini Advisors LLC.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_BiminiAdvisorsLlcMember" xlink:to="orc_BiminiAdvisorsLlcMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockholdersEquity-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_StockholdersEquity</link:label>
    <link:label xlink:label="us-gaap_StockholdersEquity-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total Stockholders' Equity</link:label>
    <link:label xlink:label="us-gaap_StockholdersEquity-label" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Balances</link:label>
    <link:label xlink:label="us-gaap_StockholdersEquity-label" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Balances</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_ManagementFeeAndOverheadExpense" xlink:label="orc_ManagementFeeAndOverheadExpense" xlink:type="locator"/>
    <link:label xlink:label="orc_ManagementFeeAndOverheadExpense-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">orc_ManagementFeeAndOverheadExpense</link:label>
    <link:label xlink:label="orc_ManagementFeeAndOverheadExpense-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Management Fee and Overhead Expense</link:label>
    <link:label xlink:label="orc_ManagementFeeAndOverheadExpense-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of management fee and overhead expense recognized in period</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_ManagementFeeAndOverheadExpense" xlink:to="orc_ManagementFeeAndOverheadExpense-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PositionDomain" xlink:label="us-gaap_PositionDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PositionDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Position [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PositionDomain" xlink:to="us-gaap_PositionDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_LongMember" xlink:label="us-gaap_LongMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LongMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongMember" xlink:to="us-gaap_LongMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="us-gaap_StatementClassOfStockAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StatementClassOfStockAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Class of Stock [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ShortMember" xlink:label="us-gaap_ShortMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShortMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Short [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShortMember" xlink:to="us-gaap_ShortMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:label="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:to="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PositionAxis" xlink:label="us-gaap_PositionAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PositionAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Position [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PositionAxis" xlink:to="us-gaap_PositionAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_EntitySharesOwned" xlink:label="orc_EntitySharesOwned" xlink:type="locator"/>
    <link:label xlink:label="orc_EntitySharesOwned-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">orc_EntitySharesOwned</link:label>
    <link:label xlink:label="orc_EntitySharesOwned-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Shares Owned (in shares)</link:label>
    <link:label xlink:label="orc_EntitySharesOwned-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of the entities shares that are owned by another entity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_EntitySharesOwned" xlink:to="orc_EntitySharesOwned-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_InterestRateSwapMember" xlink:label="us-gaap_InterestRateSwapMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InterestRateSwapMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Rate Swap [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestRateSwapMember" xlink:to="us-gaap_InterestRateSwapMember-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_EntityOwnershipPercentage" xlink:label="orc_EntityOwnershipPercentage" xlink:type="locator"/>
    <link:label xlink:label="orc_EntityOwnershipPercentage-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">orc_EntityOwnershipPercentage</link:label>
    <link:label xlink:label="orc_EntityOwnershipPercentage-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Ownership Percentage</link:label>
    <link:label xlink:label="orc_EntityOwnershipPercentage-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percent of the entity's common stock that is owned by another entity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_EntityOwnershipPercentage" xlink:to="orc_EntityOwnershipPercentage-label" xlink:type="arc"/>
    <link:loc xlink:href="orc-20230331.xsd#orc_BiminiCapitalManagementIncMember" xlink:label="orc_BiminiCapitalManagementIncMember" xlink:type="locator"/>
    <link:label xlink:label="orc_BiminiCapitalManagementIncMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bimini Capital Management Inc [Member]</link:label>
    <link:label xlink:label="orc_BiminiCapitalManagementIncMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to Bimini Capital Management Inc</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="orc_BiminiCapitalManagementIncMember" xlink:to="orc_BiminiCapitalManagementIncMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DerivativeFixedInterestRate" xlink:label="us-gaap_DerivativeFixedInterestRate" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeFixedInterestRate-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DerivativeFixedInterestRate</link:label>
    <link:label xlink:label="us-gaap_DerivativeFixedInterestRate-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative, Fixed Interest Rate</link:label>
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