Orchid Island Capital (ORC) 10-Q 30 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2015	Jul. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	Orchid Island Capital, Inc.
Entity Central Index Key	1,518,621
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Well Known Seasoned Issuer	No
Entity Common Stock Shares Outstanding		22,962,493
Trading Symbol	ORC

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Mortgage-backed securities, at fair value
Pledged to counterparties	$ 2,115,919,000	$ 1,517,304,000
Unpledged	58,952,000	31,867,000
Total mortgage-backed securities	2,174,871,000	1,549,171,000
Cash and cash equivalents	100,471,000	93,137,000
Restricted cash	23,060,000	7,790,000
Accrued interest receivable	8,663,000	6,211,000
Derivative asset, at fair value	65,000	1,217,000
Other assets	523,000	282,000
Total Assets	2,307,653,000	1,657,808,000
Liabilities
Repurchase agreements	2,014,071,000	1,436,651,000
Accrued interest payable	599,000	628,000
Due to affiliates	456,000	330,000
Payable for unsettled securities purchased	7,623,000	0
Other Liabilities	755,000	2,121,000
Total Liabilities	2,023,504,000	1,439,730,000
Stockholders' Equity
Preferred stock, $0.01 par value	0	0
Common Stock, $0.01 par value	230,000	167,000
Additional paid in capital	283,919,000	217,419,000
Accumulated deficit	0	492,000
Total Stockholders Equity	284,149,000	218,078,000
Total Liabilities and Stockholders Equity	$ 2,307,653,000	$ 1,657,808,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Shares Authorized	100,000,000	100,000,000
Preferred Shares Issued	0	0
Preferred Shares Outstanding	0	0
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock Shares Authorized	500,000,000	500,000,000
Common Shares Issued	22,959,817	16,699,656
Common Shares Outstanding	22,959,817	16,699,656

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Portfolio Income
Interest income	$ 16,753,000	$ 6,589,000	$ 31,367,000	$ 10,372,000
Interest expense	1,567,000	676,000	2,863,000	1,087,000
Net interest income	15,186,000	5,913,000	28,504,000	9,285,000
Realized gains (losses) on mortgage-backed securities	(1,891,000)	2,980,000	(1,923,000)	3,891,000
Unrealized gains (losses) on mortgage-backed securities	(13,324,000)	8,584,000	(7,003,000)	10,124,000
(Losses) gains on derivative instruments	(802,000)	(5,728,000)	(13,154,000)	(7,421,000)
Net portfolio income	(831,000)	11,749,000	6,424,000	15,879,000
Expenses
Management Fees	1,014,000	430,000	1,869,000	733,000
Compensation and related benefits	157,000	225,000	322,000	225,000
Directors fees and liability insurance	234,000	156,000	482,000	240,000
Audit, legal and other professional fees	173,000	172,000	333,000	245,000
Direct REIT operating expenses	46,000	44,000	88,000	88,000
Other administrative	377,000	87,000	653,000	118,000
Total expenses	2,001,000	1,114,000	3,747,000	1,649,000
Net income (loss)	$ (2,832,000)	$ 10,635,000	$ 2,677,000	$ 14,230,000
Basic and diluted net income (loss) per share
Basic	$ (0.14)	$ 1.17	$ 0.14	$ 2.01
Diluted	$ 0.14	$ 1.17	$ 0.14	$ 2.01
Weighted Average Shares Outstanding
Weighted Average Number Of Basic Shares Outstanding	19,751,871	9,078,107	18,320,359	7,096,838
Weighted Average Number Of Diluted Shares Outstanding	19,751,871	9,078,107	18,320,359	7,096,838
Dividends Declared Per Common Share	$ 0.54	$ 0.54	$ 1.08	$ 1.08

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - 6 months ended Jun. 30, 2015 - USD ($)	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]
Balances at Dec. 31, 2014	$ 218,078,000	$ 167,000	$ 217,419,000	$ 492,000
Increase (Decrease) in Stockholders' Equity
Net loss	2,677,000	0	0	2,677,000
Cash dividend declared	(20,179,000)	0	(17,010,000)	(3,169,000)
Issuance of common shares pursuant to equity compensation plan	227,000	0	227,000	0
Amortization of equity plan compensation	71,000	0	71,000	0
Stock Issued During Period, Value, New Issues	(83,275,000)	63,000	83,212,000	0
Balances at Jun. 30, 2015	$ 284,149,000	$ 230,000	$ 283,919,000	$ 0

Statement of Stockholders' Equi

Statement of Stockholders' Equity (Parentheticals) - $ / shares	1 Months Ended																									3 Months Ended		6 Months Ended
	Jul. 31, 2015	Jun. 30, 2015	May. 31, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Dec. 31, 2014	Nov. 30, 2014	Oct. 31, 2014	Sep. 30, 2014	Aug. 31, 2014	Jul. 31, 2014	Jun. 30, 2014	May. 31, 2014	Apr. 30, 2014	Mar. 31, 2014	Feb. 28, 2014	Jan. 31, 2014	Dec. 31, 2013	Nov. 30, 2013	Oct. 31, 2013	Sep. 30, 2013	Aug. 31, 2013	Jul. 31, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement Of Stockholders Equity [Abstract]
Dividends Declared Per Common Share	$ 0.14	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.54	$ 0.54	$ 1.08	$ 1.08

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 2,677,000	$ 14,230,000
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Stock based compensation and equity plan amortization	298,000	55,000
Realized and unrealized (gains) losses on mortgage-backed securities	8,926,000	(14,015,000)
Realized and unrealized loss on interest rate swaption	(1,152,000)	(1,285,000)
Gains On TBA Securities	(31,000)	0
Changes in operating assets and liabilities
Accrued interest receivable	(2,414,000)	(2,239,000)
Prepaid expenses and other assets	(234,000)	(337,000)
Accrued interest payable	(29,000)	217,000
Accounts payable, accrued expenses and other	(209,000)	361,000
Due to affiliates	126,000	70,000
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	10,324,000	(373,000)
From mortgage-backed securities investments
Purchases	(1,139,704,000)	(951,473,000)
Sales	402,575,000	420,787,000
Principal repayments	110,081,000	26,749,000
Increase in restricted cash	(15,270,000)	(1,138,000)
Proceeds From Net TBA Settlements	(31,000)	0
Purchase of interest rate swaptions, net of margin cash received	1,157,000	1,219,000
NET CASH USED IN INVESTING ACTIVITIES	(643,506,000)	(506,294,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase agreements	7,458,153,000	3,179,550,000
Principal payments on repurchase agreements	(6,880,733,000)	(2,714,406,000)
Cash dividends	(20,179,000)	(8,439,000)
Stock Issued During Period, Value, New Issues	(83,275,000)	(75,077,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES	640,516,000	531,782,000
NET INCREASE IN CASH AND CASH EQUIVALENTS	7,334,000	25,115,000
CASH AND CASH EQUIVALENTS, beginning of the period	93,137,000	8,169,000
CASH AND CASH EQUIVALENTS, end of the period	100,471,000	33,284,000
Cash paid during the period for:
Interest	2,892,000	870,000
SUPPLEMENTAL DISCLOSURES OF NONCASH FINANCING ACTIVITIES:
Securities acquired settled in later period	$ 7,623,000	$ 6,829,000

Organization and Significant Ac

Organization and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Organization and Significant Accounting Policies	Organization and Business Description Orchid Island Capital, Inc., (“Orchid” or the “Company”), was incorporated in Maryland on August 17, 2010 for the purpose of creating and managing a leveraged investment portfolio consisting of residentia l mortgage-backed securities (“RMBS ”). From incorporation t o February 20, 2013 Orchid was a wholly owned subsidia ry of Bimini Capital Management, Inc. (“Bimini”). Orchid began operations on November 24, 2010 (the date of commencement of operations). From incorporation through November 24, 2010, Orchid’s only activity was the issuance of common stock to Bimini. On February 20, 2013, Orchid completed the initial public offering (“IPO”) of its common stock in which it sold approximately 2.4 million shares of its common stock and raised gross proceeds of $35.4 million. Orchid is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Orchid completed a secondary offering of 1,800,000 common shares on January 23, 2014. The underwriters exercised their overallotment option in full for an additional 270,000 shares on January 29, 2014. The aggregate net proceeds to Orchid were approximately $24. 2 million which were invested in RMBS that are issued and the principal and interest of which are guaranteed by a federally chartered corporation or agency (“Agency RMBS”) on a leveraged basis. Orchid completed a secondary offering of 3,200,000 common shares on March 24 , 2014. The underwriters exercised their overallotment option in full for an additional 480 ,000 shares on April 11, 2014. The aggregate net proceeds to Orchid were approximately $44.0 million which wer e invested in Agency RMBS s ecurities on a leveraged basis. On June 17, 2014, Orchid entered into an equity distribution agreement (the “June 2014 Equity Distribution Agreement”) with two sal es agents pursuant to which the Company could offer and sell, from time to time, up to an aggregate amount of $35,000,000 of shares of the Company’s common stock in transactions that were deemed to be “at the market” offerings and privately negotiated tran sactions. The Company issued a total of 2,528,416 shares under the June 2014 Equity Distribution Agreement for aggregate proceeds of approximately $34.2 million, net of commissions and fees, prior to its termination. On September 3, 2014, Orchid entered into a second equity distribution agreement (the “September 2014 Equity Distribution Agreement”) with two sales agents pursuant to which the Company could offer and sell, from time to time, up to an aggregate amount of $75,000,000 of shares of the Company’s common stock in transactions that are deemed to be “at the market” offerings and privately negotiated transactions. The September 2014 Equity Distribution Agreement replaced the June 2014 Equity Distribution Agreemen t. The Company issued a total of 5, 087,646 shares under the September 2014 Equity Distribution Agreement for aggregate proceeds of approximately $ 69.1 million, net of commissions and fees , prior to its termination . On March 2, 2015, Orchid entered into a third equity distribution agreement (the “March 2015 Equity Distribution Agreement”) with two sales agents pursuant to which the Company may offer and sell, from time to time, up to an aggregate amount of $100,000,000 of shares of the Company’s common sto ck in transactions that are deemed to be “at the market” offerings and privately negotiated transactions. The March 2015 Equity Distribution Agreement replaced the September 2014 Equity Distribution Agreement. Through June 30, 2015 , the Company issued a to tal of 6,221,102 shares under the March 2015 Equity Distribution Agreement for aggregate proceeds of approximately $83.1 million, net of commissions and fees. Basis of Presentation and Use of Estimates The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q a nd Article 8 of Regulatio n S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair p rese ntation have been included. Operating results for the six and three month period s ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year end ing December 31, 2015 . The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Company’s A nnual R eport on Form 10-K for the year ended December 31, 2014 . The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant e stimates affecting the accompanying financial statements are the fair values of RMBS, Eurodollar and Treasury note (“T-Note”) futures contracts , to-be-announced (“TBA”) securities, as discussed below, and interest rate swaptions . Statement of Comprehensiv e Income (Loss) In accordance with the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) Topic 220, Comprehensive Income , a statement of comprehensive income (loss) has not been included as the Company has no items of other comprehensive income (loss) . Comprehensive income (loss) is the same as net income (loss) for the periods presented. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include cash on deposit with financial institutions and highly liquid investments with original maturities of three months or less at the time of purchase . At June 30, 2015 , restricted cash consisted of $8,663,000 of cash held by a broker as margin on Eurodollar futures contracts and $14,397,000 of cash held on deposit as collateral with repurchase agreement counterparties. At December 31, 2014 restricted cash consisted of approximately $5,174,000 of cash held by a broker as margin on Eurodollar futures contracts and $2,616,000 of cash held on deposit as collateral with repurchase agreement counterparties . The Company maintains cash balances at four banks, and, at times, balances may exceed federally insured limits. The Compa ny has not experienced any losses related to these balances. The Federal Deposit Insurance Corporation insures eligible accounts up to $250,000 per depositor at each financial institution. At June 30, 2015 , the Company’s cash deposits exceeded federally insu red limits by approximately $99.8 million. Restricted cash balances are uninsured, but are held in separate customer accounts that are segregated from the general funds of the counterparty. The Company limits uninsured balances to only large, well-known bank and derivative counterparties and believes that it is not exposed to any significant credit risk on cash and cash equivalents or restricted cash balances. Mortgage-Backed Securities The Company invests primarily in mortgage pass-through ( “PT”) certificates, collateralized mortgage obligations, and interest only (“IO”) securities and inverse interest only (“IIO”) securities representing interest in or obligations backed by pools of RMBS . These investments meet the requirements to be classified as available for sale under ASC 320-10-25, Debt and Equity Securities (which requires the securities to be carried at fair value on the balance sheet with changes in fair value charged to other compr ehensive income, a component of stockholders’ equity). However, the Company has elected to account for its investment in RMBS under the fair value option. Electing the fair value option require s the Company to record changes in fair value in the statement of operations, which, in management’s view, more appropriately reflects the results of our operations for a particular reporting period and is consistent with the underlying economics and how the portfolio is managed. The Company records RMBS transaction s on the trade date. Security purchases that have not settled as of the balance sheet date are included in the RMBS balance with an offsetting liability recorded, whereas securities sold that have not settled as of the balance sheet date are removed from the RMBS balance with an offsetting receivable recorded. The fair value of the Company’s investments in RMBS is governed by FASB ASC 820, Fair Value Measurement . The definition of fair value in FASB ASC 820 focuses on the price that would be rec eived to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date. The fair value measurement assumes that the transaction to sell the asset or transfer the liability either occurs in t he principal market for the asset or liability, or in the absence of a principal market, occurs in the most advantageous market for the asset or liability. Estimated fair values for RMBS are based on independent pricing sources and/or third party broker qu otes, when available . Income on PT RMBS securities is based on the stated interest rate of the security. Premiums or discounts present at the date of purchase are not amortized. For IO securities, the income is accrued based on the carrying value and the effective yield. The difference between income accrued and the interest received on the security is characterized as a return of investment and serves to reduce the asset’s carrying value. At each reporting da te, the effective yield is adjusted prospectively from the reporting period based on the new estimate of prepayments and the contractual terms of the security. For IIO securities, effective yield and income recognition calculations also take into account t he index value applicable to the security. Changes in fair value of RMBS during each reporting period are recorded in earnings and reported as unrealized gains or losses on mortgage-backed securities in the accompanying statements of operations. Derivativ e Financial Instruments The Company uses derivative instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may continue to do so in the future. The principal instruments that the Company has use d to date are T-Note and Eurodollar futures contracts and options to enter in interest rate swaps (“interest rate swaptions”), but may enter into other derivatives in the future. The Company purchase s a portion of its Agency RMBS through delayed deliver y transactions (forward purchase commitments), including TBA securities. At times when market conditions are conducive, the Company may choose to move the settlement of these TBA securities out to a later date by entering into an offsetting short position , which is then net settled for cash, and simultaneously entering into a substantially similar TBA securities trade for a later settlement date. Such a set of transactions is referred to as a TBA “dollar roll” transaction. The TBA securities purchased at the later settlement date are typically priced at a discount to securities for settlement in the current month. This difference is referred to as the “price drop.” The price drop represents compensation to us for foregoing net interest margin and is ref erred to as TBA “dollar roll income.” Specified pools of mortgage loans can also be the subject of a dollar roll transaction, when market conditions allow. The Company account s for TBA securities as derivative instruments if either the TBA securities do not settle in the shortest period of time possible or if the Company cannot assert that it is probable at inception and throughout the term of the TBA security that it will take physical delivery of the Agency RMBS for a long position, or make delivery of the Agency RMBS for a short position, upon settlement of the trade . The Company account s for TBA dollar roll transactions as a series of derivative transactions. Gains, losses and dollar roll income associated with TBA securities and dollar roll transac tions are reported in gain (loss) on derivative instruments in the accompanying statements of operations . The fair value of TBA securities is estimated based on similar methods used to value R MBS securities. The Company has elected to not treat any of it s derivative financial instruments as hedges in order to align the accounting treatment of its derivative instruments with the treatment of its portfolio assets under the fair value option election . FASB ASC Topic 815, Derivatives and Hedging , requires tha t all derivative instruments be carried at fair value. Changes in fair value are recorded in earnings for each period. Holding d erivatives creates exposure to credit risk related to the potential for failure on the part of counterparties to honor their commitments. In addition, the Company may be required to post collateral based on any decli nes in the market value of the d erivati ves. In the event of default by a counterparty, the Company may have difficulty recovering its collateral and may not receive payments provided for under the terms of the agreement . To mitigate this risk, the Company uses only well-established comme rcial banks as counterparties. Financial Instruments FASB ASC 825, Financial Instruments , requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value, either in the body of the financial statements or in the accompanying notes. RMBS, Eurodollar and T-Note futures contracts , interest rate swaptions and TBA securities are accounted for at fair value in the balance sheet s . The methods and assumptions used to estimate fair value for these instruments are presented in Note 11 of the financial statements. The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, other assets, due to affiliates , repurchase agreem ents, payable for unsettled security purchased, accrued interest payable and other liabilities generally approximates their carrying values as of June 30, 2015 and December 31, 2014 due to the short-term nature of these fin ancial instruments. Repurchase Agreements The Company finances the acquisition of the majority of its PT RMBS through the use of repurchase agreements under master repurchase agreements. Pursuant to ASC Topic 860, Transfers and Servicing , the Company accounts for repurchase transactions as collateralized financing transactions, which are carried at their contractual amounts, including accrued interest, as specified in the respective agreements. Manager Compensation The Company is externally managed b y Bimini Advisors, LLC ( th e “Manager” or “Bimini Advisors”) , a Maryland limited liability company and wh olly-owned subsidiary of Bimini . The Company’s management agreement with the Manager provides for payment to the Manager of a management fee and reimbur sement of certain operating expenses, which are accrued and expensed during the period for which they are earned or incurred. Refer to Note 12 for the terms of the management agreement. Earnings Per Share The Company follows the provisions of FASB ASC 260, Earnings Per Share . Basic earnings per share (“EPS”) is calculated as net income or loss attributable to common stockholders divided by the weighted average number of shares of common stock outstanding or subscribed during the period. Diluted EPS is calculated using the treasury stock or two-class method, as applicable, for common stock equivalents, if any. However, the common stock equivalents are not included in computing diluted EPS if the result is ant i-dilutive. Income Taxes Orchid has qualified and elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code ”). REITs are generally not subject to federal income tax on their REIT taxable income provided that they distribute to their stockholders at least 90% of their REIT taxable income on an annual basis. In addition, a REIT must meet other provisions of the Code to retain its tax status. Orchid measures , recognizes and presents its uncertain tax positions in accordance with FASB ASC 740, Income Taxes . Under that guidance, Orchid assesses the likelihood, based on their technical merit, that tax positions will be sustained upon examination based on the fa cts, circumstances and information available at the end of each period. All of Orchid’s tax positions are categorized as highly certain. There is no accrual for any tax, interest or penalties related to Orchid’s tax position assessment. The measurement of uncertain tax positions is adjusted when new information is available, or when an event occurs that requires a change. Recent Accounting Pronouncements In June 2014, the FASB issued Accounting Standard Update (“ASU”) 2014-12, Compensation-Stock Compensation: Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period . ASU 2014-12 requires that performance targets that affect vesting and that could be achieve d after the requisite service period be treated as performance conditions. The effective date of ASU 2014-12 is for interim and annual reporting periods beginning after December 15, 2015. The ASU is not expected to materially impact the Company’s financial statements. In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. ASU 2014-11 amends the accounting guidance for repurchase-to-maturity tr ansactions and repurchase agreements executed as repurchase financings, and requires additional disclosure about certain transactions by the transferor. ASU 2014-11 is effective for certain transactions that qualify for sales treatment for the first interi m or annual period beginning after December 15, 2014. The new disclosure requirements for repurchase agreements, securities lending transactions and repurchase-to-maturity transactions that qualify for secured borrowing treatment is effective for annual pe riods beginning after December 15, 2014 and for interim periods beginning after March 15, 2015. The adoption of this ASU did not have a material im pact on the Company’s financial statements .

Mortgage Backed Securities

Mortgage Backed Securities	6 Months Ended
	Jun. 30, 2015
Mortgage Backed Securities [Abstract]
Mortgage-Backed Securities	NOTE 2. MORTGAGE-BACKED SECURITIES The following table presents the Company’s RMBS portfolio as of June 30, 2015 and December 31, 2014 : (in thousands) June 30, 2015 December 31, 2014 Pass-Through RMBS Certificates: Hybrid Adjustable-rate Mortgages $ 56,754 $ 70,400 Adjustable-rate Mortgages 3,456 3,794 Fixed-rate Mortgages 1,993,369 1,412,593 Total Pass-Through Certificates 2,053,579 1,486,787 Structured RMBS Certificates: Interest-Only Securities 78,347 46,611 Inverse Interest-Only Securities 42,945 15,773 Total Structured RMBS Certificates 121,292 62,384 Total $ 2,174,871 $ 1,549,171 The following table summarizes the Company’s RMBS portfolio as of June 30, 2015 and December 31, 2014 , according to the contractual maturities of the securities in the portfolio. Actual maturities of RMBS investments are generally shorter than stated contractual maturities and are affected by the contractual lives of the underlying mortgages, periodic payments of principal, and prepayments of principal . (in thousands) June 30, 2015 December 31, 2014 Greater than five years and less than ten years $ 697 $ 967 Greater than or equal to ten years 2,174,174 1,548,204 Total $ 2,174,871 $ 1,549,171 The Company generally pledges its RMBS assets as collateral under repurchase agreements. At June 30, 2015 and December 31, 2014 , the Company had unpledged securities totaling $59.0 million and $31.9 million, respectively. The unpledged balance at June 30, 2015 includes an unsettled security purchase with a fair value of approximately $7.6 million that will be pledged as collateral under repurchase agreements on its settlement date in July 2015.

Repurchase Agreements

Repurchase Agreements	6 Months Ended
	Jun. 30, 2015
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements	NOTE 3 . REPURCHASE AGREEMENTS As of June 30, 2015 , the Company had outstanding repurchase obligations of approximately $2,014.1 million with a net weighted average borrowing rate of 0.39% . These agreements were collateralized by R MBS with a fair value, including accrued interest, of approximately $2,123.6 million and cash pledged to counterparties of approximately $14.4 million. As of December 31, 2014 , the Company had outstanding repurchase obligations of a pproximately $1,436.7 million with a net weighted average borrowing rate of 0.36% . These agreements were collateralized by RMBS with a fair value, including accrued interest, of approximately $1,522.9 million and cash pledged to counte rparties of approximately $2.6 million. As of June 30, 2015 and December 31, 2014 , the Company’s repurchase agreements had remaining maturities as summarized below: ($ in thousands) OVERNIGHT BETWEEN 2 BETWEEN 31 GREATER (1 DAY OR AND AND THAN LESS) 30 DAYS 90 DAYS 90 DAYS TOTAL June 30, 2015 Fair market value of securities pledged, including accrued interest receivable $ 82,736 $ 1,799,521 $ 241,364 $ - $ 2,123,621 Repurchase agreement liabilities associated with these securities $ 80,108 $ 1,709,480 $ 224,483 $ - $ 2,014,071 Net weighted average borrowing rate 0.36% 0.39% 0.41% - 0.39% December 31, 2014 Fair market value of securities pledged, including accrued interest receivable $ - $ 984,823 $ 534,238 $ 3,844 $ 1,522,905 Repurchase agreement liabilities associated with these securities $ - $ 929,831 $ 502,947 $ 3,873 $ 1,436,651 Net weighted average borrowing rate - 0.36% 0.37% 0.38% 0.36% If, during the term of a repurchase agreement, a lender files for bankruptcy, the Company might experience difficulty recovering its pledged assets , which could result in an unsecured claim against the lender for the difference between the amount loaned to the Company plus interest due to the counterparty and the fair value of the collateral pledged to such lender , including the accrued interest recei vable and cash posted by the Company as collateral. At June 30, 2015 , the Company had an aggregate amount at risk (the difference between the amount loaned to the Company, including interest payable, and the fair value of securities and cash pledged (if any), i ncluding accrued interest on such securities) with all counterparties of approximately $122.9 million. The Company did not have an amount at risk with any individual counterparty greater than 10% of the Company’s equity at June 30, 2015 and December 31, 2014

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2015
Derivative Financial Instruments [Abstract]
Derivative Financial Instruments	NOTE 4 . DERIVATIVE FINANCIAL INSTRUMENTS In connection with its interest rate risk management strategy, the Company economically hedges a portion of the cost of its repurchase agreement funding by entering into derivatives and other hedging contracts. To date, we have entered into Eurodollar and T-Note futures contracts and interest rate swaptions, but may enter into other contracts in the future. The Company has not elected hedging treatment under GAAP, and as such all g ains or losses (realized and unrealized) on these instruments are reflected in earnings for all periods presented. In addition, the Company utilizes TBA securities as a means of investing in and financing Agency RMBS or as a means of reducing its exposure to Agency RMBS , and not as a hedge. The Company accounts for TBA securities as derivative instruments if either the TBA securities do not settle in the shortest period of time possible or if the Company cannot assert that it is probable at inception and t hroughout the term of the TBA securities that it will take physical delivery of the Agency RMBS for a long position, or make delivery of the Agency RMBS for a short position, upon settlement of the trade. Derivative Assets (Liability) , at Fair Value The table below summarizes fair value information about our derivative assets and liability as of June 30, 2015 and December 31, 2014 . (in thousands) Derivative Instruments and Related Accounts Balance Sheet Location June 30, 2015 December 31, 2014 Assets Futures contracts - Margin posted to counterparty Restricted cash $ 8,663 $ 5,174 Payer swaptions Derivative assets, at fair value 65 1,217 $ 8,728 $ 6,391 Liability Payer swaptions - Margin posted by counterparty Other liabilities $ (207) $ (1,364) The tables below present information related to the Company’s Eurodollar and T-Note futures positions at June 30, 2015 and December 31, 2014 . ($ in thousands) June 30, 2015 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount (2) Rate Rate Equity (1) Eurodollar Futures Contracts 2015 $ 900,000 0.85% 0.45% $ (1,819) 2016 900,000 1.51% 1.04% (4,189) 2017 900,000 2.31% 1.81% (4,570) 2018 900,000 2.77% 2.34% (3,887) 2019 900,000 2.56% 2.61% 124 Total / Weighted Average $ 900,000 2.04% 1.62% $ (14,341) Treasury Note Futures Contracts September 2015 10 year T-Note futures (Sep 2015 - Sep 2025 Hedge Period) $ 120,000 2.15% 2.07% $ (1,011) ($ in thousands) December 31, 2014 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) Eurodollar Futures Contracts 2015 $ 650,000 0.79% 0.63% $ (1,039) 2016 800,000 1.52% 1.54% 139 2017 800,000 2.36% 2.23% (1,041) 2018 800,000 2.94% 2.54% (2,361) Total / Weighted Average $ 760,000 1.88% 1.73% $ (4,302) Open equity represents the cumulative gains (losses) recorded on open futures positions from inception . Treasury Futures Contracts were valued at 126 .17 at June 30, 2015. The nominal value of the short position was $151.4 million. The table below presents information related to the Company’s interest rate swaption positions at June 30, 2015 . ($ in thousands) Option Underlying Swap Weighted Weighted Average Fixed Receive Average Fair Months to Notional Pay Rate Term Expiration Cost Value Expiration Amount Rate (LIBOR) (Years) June 30, 2015 ≤ 1 year $ 3,200 $ 65 2 $ 175,000 3.29% 3 Month 10 December 31, 2014 ≤ 1 year $ 5,350 $ 1,217 6 $ 375,000 2.79% 3 Month 7.3 Gain (Loss) From Derivative Instruments, Net The table below presents the effect of the Company’s derivative financial instruments on the statements of operations for the six and three months ended June 30, 2015 and 2014 . (in thousands) Six Months Ended June 30, Three Months Ended June 30, 2015 2014 2015 2014 Eurodollar futures contracts (short positions) $ (10,960) $ (6,136) $ 358 $ (4,599) T-Note futures contracts (short position) (1,011) - (1,011) - Payer swaptions (1,152) (1,285) (61) (1,129) Net TBA securities (31) - (88) - $ (13,154) $ (7,421) $ (802) $ (5,728) Credit Risk-Related Contingent Features The use of derivatives creates exposure to credit risk relating to potential losses that could be recognized in the event that the counterparties to these instruments fail to perform their obligations under the contracts. We minimize this risk by limiting our counterparties for instruments which are not centrally cleared on a registered exchange to major financial institutions with acceptable credit ratings and monitoring positions with individual counterparties. In addition, we may be required to pledge assets as collateral for our derivatives, whose amounts vary over time based on the market value, notional amount and remaining term of the derivative contract. In the event of a default by a counterparty , we may not receive payments provided for under the terms of our derivative agreements, and may have difficulty obtaining our assets pledged as collateral for our derivatives. The cash and cash equivalents pledged as collateral for our derivative instruments are i ncluded in restricted cash on our balance sheets.

Offsetting Assets and Liabiltie

Offsetting Assets and Liabilties	6 Months Ended
	Jun. 30, 2015
Offsetting Assets And Liabilities [Abstract]
Offsetting Assets and Liabilities [Text Block]	NOTE 5 . OFFSETTING ASSETS AND LIABILITIES The Company’s derivatives and repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of offset in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its assets and liabilities subject to these arrangements on a gross basis. The following table presents information regarding those assets and liabilities subject to such arra ngements as if the Company had presented them on a net basis as of June 30, 2015 and December 31, 2014 . (in thousands) Offsetting of Assets Gross Amount Not Offset in the Balance Sheet Net Amount Financial Gross Amount Gross Amount of Assets Instruments Cash of Recognized Offset in the Presented in the Received as Received as Net Assets Balance Sheet Balance Sheet Collateral Collateral Amount June 30, 2015 Derivative assets - Payer swaptions $ 65 $ - $ 65 $ - $ (65) $ - December 31, 2014 Derivative asset - Payer swaption $ 1,217 $ - $ 1,217 $ - $ (1,217) $ - (in thousands) Offsetting of Liabilities Gross Amount Not Offset in the Balance Sheet Net Amount Financial Gross Amount Gross Amount of Liabilities Instruments of Recognized Offset in the Presented in the Posted as Cash Posted Net Liabilities Balance Sheet Balance Sheet Collateral Collateral Amount June 30, 2015 Repurchase Agreements $ 2,014,071 $ - $ 2,014,071 $ (1,999,674) $ (14,397) $ - December 31, 2014 Repurchase Agreements $ 1,436,651 $ - $ 1,436,651 $ (1,434,035) $ (2,616) $ - The amounts disclosed for collateral received by or posted to the same counterparty up to and not exceeding the net amount of the asset or liability presented in the balance sheet. The fair value of the actual collateral received by or posted to the same counterparty typically exceeds the amounts presented. See Notes 3 and 4 for a discussion of collateral posted or received against or for repurchase obligations and derivative instruments.

Capital Stock

Capital Stock	6 Months Ended
	Jun. 30, 2015
Capital Stock [Abstract]
Capital Stock	NOTE 6. CAPITAL STOCK Common Stock Issuances During 2015 and 2014 , the Company completed the following public offerings of shares of its common stock. ($ in thousands, except per share amounts) Weighted Average Price Received Net Type of Offering Period Per Share (1) Shares Proceeds (2) 2015 At the Market Offering Program (3) First Quarter $ 13.66 1,210,487 $ 16,175 At the Market Offering Program (3) Second Quarter 13.65 5,024,530 67,100 6,235,017 $ 83,275 2014 Secondary Offering First Quarter $ 12.50 2,070,000 $ 24,174 Secondary Offering (4) First Quarter 12.55 3,680,000 43,989 At the Market Offering Program (3) Second Quarter 13.14 537,499 6,914 At the Market Offering Program (3) Third Quarter 13.99 3,389,441 46,372 At the Market Offering Program (3) Fourth Quarter 13.87 3,675,207 49,846 13,352,147 $ 171,295 Weighted average p rice received per share is gross of underwriters’ discount, if applicable, and other offering costs. Net proceeds are net of the underwriters’ discount, if applicable, and other offering costs. The Company has entered into three e quity d istribution a greements, two of which have been cancelled and replaced with the current agreement, to publicly offer and sell shares of the Company’s common stock in at the market and privately negotiated transactions from time to time. As of June 30, 2015 , shares with a value of $ 15.0 million remain available for issuance under the March 2015 Equity Distribution Agreement. Includes net proceeds received of $5.7 million for 480,000 shares issued to the underwriters in April 2014 pursuant to the exercise of th eir overallotment option related to the M arch 2014 offering. Cash Dividends The table below presents the cash dividends declared on the Company’s common stock during 2015 and 2014 . (in thousands, except per share amount) Declaration Date Record Date Payment Date Per Share Amount Total 2015 July 9, 2015 (1) July 27, 2015 July 31, 2015 $ 0.14 $ 3,218 June 9, 2015 June 22, 2015 June 30, 2015 0.18 4,057 May 11, 2015 May 26, 2015 May 29, 2015 0.18 3,580 April 9, 2015 April 27, 2015 April 30, 2015 0.18 3,303 March 10, 2015 March 27, 2015 March 31, 2015 0.18 3,205 February 10, 2015 February 25, 2015 February 27, 2015 0.18 3,017 January 13, 2015 January 26, 2015 January 30, 2015 0.18 3,017 Totals $ 1.22 $ 23,397 December 9, 2014 December 26, 2014 December 30, 2014 $ 0.18 $ 3,004 November 12, 2014 November 25, 2014 November 28, 2014 0.18 2,737 October 9, 2014 October 28, 2014 October 31, 2014 0.18 2,358 September 9, 2014 September 25, 2014 September 30, 2014 0.18 2,348 August 12, 2014 August 26, 2014 August 29, 2014 0.18 1,999 July 10, 2014 July 28, 2014 July 31, 2014 0.18 1,759 June 11, 2014 June 25, 2014 June 30, 2014 0.18 1,712 May 8, 2014 May 27, 2014 May 30, 2014 0.18 1,641 April 8, 2014 April 25, 2014 April 30, 2014 0.18 1,636 March 11, 2014 March 26, 2014 March 31, 2014 0.18 1,550 February 11, 2014 February 25, 2014 February 28, 2014 0.18 974 January 9, 2014 January 27, 2014 January 31, 2014 0.18 925 Totals $ 2.16 $ 22,643 The effect of the dividend declared in July 2015 is not reflected in the Company’s financial statements as of June 30, 2015 .

Stock Incentive Plans

Stock Incentive Plans	6 Months Ended
	Jun. 30, 2015
Employee Benefits And Share Based Compensation [Abstract]
Stock incentive Plans	NOTE 7. STOCK INCENTIVE PLAN In October 2012, the Company’s Board of Directors adopted and Bimini, then the Company’s sole stockholder, approved, the Orchid Island Capital, Inc. 2012 Equity Incentive Plan (the “Incentive Plan”) to recruit and retain employees, directors and other service providers, including emplo yees of the Manager and other affiliates. The Incentive Plan provides for the award of stock options, stock appreciation rights, stock award, performance units, other equity-based awards (and dividend equivalents with respect to awards of performance units and other equity-based awards) and incentive awards. The Incentive Plan is administered by the Compensation Committee of the Company’s Board of Directors except that the Company’s full Board of Directors will administer awards made to directors who are n ot employees of the Company or its affiliates. The Incentive Plan provides for awards of up to an aggregate of 10% of the issued and outstanding shares of our common stock (on a fully diluted basis) at the time of the awards, subject to a maximum aggregat e 4,000,000 shares of the Company’s common stock that may be issued under the Incentive Plan. Restricted Stock Awards On April 25, 2014, the Compensation Committee granted each of our non-employee directors 6,000 shares of restricted common stock subjec t to a three year vesting schedule whereby 2,000 shares of the award vest on the first, second and third anniversaries of the award date. Directors will have all the rights of a stockholder with respect to the awards, including the right to receive divide nds and vote the shares. The awards are subject to forfeiture should the director no longer be a member of the Board of Directors of the Company prior to the respective vesting dates. A total of 8,000 shares of restricted stock vested and were issued dur ing the six months ended June 30, 2015 . There were no vested and unissued restricted stock awards at June 30, 2015 and December 31, 2014 . The table below presents information related to the Company’s restricted common stock at June 30, 2015 and 2014 . ($ in thousands, except per share data) Six Months Ended June 30, 2015 2014 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Unvested, beginning of period 24,000 $ 12.23 - $ - Granted - - 24,000 12.23 Vested and issued (8,000) 12.23 - - Unvested, end of period 16,000 $ 12.23 24,000 $ 12.23 Compensation expense during period $ 49 $ 16 Unrecognized compensation expense, end of period $ 179 $ 277 Intrinsic value, end of period $ 179 $ 313 Weighted-average remaining vesting term (in years) 1.8 2.8 Stock Awards The Company issues immediately vested common stock under the Incentive Plan to certain executive officers and directors. The following table presents information related to fully vested common stock issued during the six months ended June 30, 2015 a nd 2014 . ($ in thousands, except per share data) Six Months Ended June 30, 2015 2014 Fully vested shares granted (1)(2) 24,619 2,944 Weighted average grant date price $ 13.28 $ 13.06 Compensation expense related to fully vested common share awards (1) $ 327 $ 38 The table above includes 21,715 shares of fully vested shares which were granted in January 2015 with respect to service performed during 2014. Approximately $2 88 ,000 of compensation expense related to these share awards were accrued and recognized in 2014. The table above includes 7,475 shares with a fair value of approximately $100,000 surrendered for the satisfaction of tax withholding obligations. Performance Units The Company issues performance units under the Incentive Plan to certain executive officers. “Performance U nits ” vest after th e end of a defined performance period, based on satisfaction of the performance conditions set forth in the performance unit agreement. When earned, each Performance Unit will be settled by the issuance of one share of the Company’s Common Stock, at which time the Performance Unit will be cancelled. The Performance Units contain dividend equivalent rights which entitle the Participants to receive distributions declared by the Company on Common Stock, but do not include the right to vote the shares. Perfor mance Units are subject to forfeiture should the participant no longer serve as an executive officer for the Company. Compensation expense for the Performance Units are recognized over the remaining vesting period once it becomes probable that the perform ance conditions will be achieved. The following table presents information related to Performance Units outstanding during the six months ended June 30, 2015 . ($ in thousands, except per share data) Performance units granted during the period 7,508 Weighted average grant date price $ 13.32 Compensation expense related to performance units $ 22 Intrinsic value, at period end $ 84 Unrecognized compensation expense, at period end $ 78 Weighted average remaining vesting term (in years), at period end 1.8

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments And Contingencies	NOTE 8. COMMITMENTS AND CONTINGENCIES From time to time, the Company m ay become involved in various claims and legal actions arising in the ordinary course of business. Management is not aware of any reported or unreported contingencies at June 30, 2015 .

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 9. INCOME TAXES The Company will generally not be subject to federal income tax on its REIT taxable income to the extent that it distributes its REIT taxable income to its stockholders and satisfies the ongoing REIT requirements, including meeting certain asset, income and stock ownership tests. A REIT must generally distribute at least 90% of its REIT taxable income to its stockholders, of which 85% generally must be distributed within the taxable year, in order to avoid the imposition of a n excise tax. The remaining balance may be distributed up to the end of the following taxable year, provided the REIT elects to treat such amount as a prior year distribution and meets certain other requirements.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 10. EARNINGS PER SHARE (EPS) The Company had dividend eligible shares of restricted common stock and Performance Units that were outstanding during the six and three months ended June 30, 2015 . The basic and diluted per share computations include these unvested shares of restricted common stock and performance units if there is income available to Common Stock, as they have dividend participation rights. The shares of restricted common stock and Performance Units have no contractual obligation to share in losses. Becaus e there is no such obligation, the shares of restricted common stock and Performance Units are not included in the basic and diluted EPS computations when no income is available to Common Stock even though they are considered participating securities. The table below reconciles the numerator and denominator of EPS for the six and three months ended June 30, 2015 and 2014 . (in thousands, except per-share information) Six Months Ended June 30, Three Months Ended June 30, 2015 2014 2015 2014 Basic and diluted EPS per common share: Numerator for basic and diluted EPS per common share: Net income (loss) - Basic and diluted $ 2,677 $ 14,230 $ (2,832) $ 10,635 Weighted average common shares: Common shares outstanding at the balance sheet date 22,960 9,632 22,960 9,632 Unvested dividend eligible share based compensation outstanding at the balance sheet date 24 24 - 24 Effect of weighting (4,664) (2,559) (3,208) (578) Weighted average shares-basic and diluted 18,320 7,097 19,752 9,078 Income (loss) per common share: Basic and diluted $ 0.14 $ 2.01 $ (0.14) $ 1.17

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value	NOTE 11. FAIR VALUE Authoritative accounting literature establishes a framework for using fair value to measure assets and liabilities and defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) as opposed to the price that would be paid to acquire the asset or received to assume the liability (an entry price). A fair value measure should reflect the assumptions that market participants would use in pricing the asset or liability, incl uding the assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of non-performance. Required disclosures include stratification of balance sheet amounts measured at fair value based on inputs the Company uses to derive fair value measurements. These stratifications are: Level 1 valuations, where the valuation is based on quoted market prices for identical assets or liabilities traded in active markets (which include exchanges and over-the-counter markets with sufficient volume), Level 2 valuations, where the valuation is based on quoted market prices for similar instruments traded in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market, and Level 3 valuations, where the valuation is generated from model-based techniques that use significant assumptions not observable in the market, but observable based on Company-specific data. These unobservable assumptions reflect the Company’s own estimates for assumptions that market participants would use in pricing the asset or liability. Valuation techniques typically include optio n pricing models, discounted cash flow models and similar techniques, but may also include the use of market prices of assets or liabilities that are not directly comparable to the subject asset or liability. The Company’s RMBS, interest rate swaptions an d TBA securities are valued using Level 2 valuations, and such valuations currently are determined by the Company based on independent pricing sources and/or third party broker quotes, when available . Because the price estimates may vary, the Company must make certain judgments and assumptions about the appropriate price to use to calculate the fair values. Alternatively, the Company could opt to have the value of all of our positions in RMBS, interest rate swaptions and TBA securities determined by either an independent third-party or do so internally. RMBS, interest rate swaptions, TBA securities and Eurodollar and T-Note futures contracts were recorded at fair value on a recurring basis during the six and three months ended June 30, 2015 and 2014 . When determining fair value measurements, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants wou ld use when pricing the asset. When possible, the Company looks to active and observab le markets to price identical assets. When identical assets are not traded in active markets, the Company looks to market obse rvable data for similar assets. The following table presents financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 : (in thousands) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Fair Value Assets Inputs Inputs Measurements (Level 1) (Level 2) (Level 3) June 30, 2015 Mortgage-backed securities $ 2,174,871 $ - $ 2,174,871 $ - Eurodollar and T-Note futures contracts 8,663 8,663 - - Payer swaptions 65 - 65 - December 31, 2014 Mortgage-backed securities $ 1,549,171 $ - $ 1,549,171 $ - Eurodollar futures contracts 5,174 5,174 - - Payer swaptions 1,217 - 1,217 - During the six and three months ended June 30, 2015 and 2014 , there were no transfers of financial assets or liabilities between levels 1, 2 or 3.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 12. RELATED PARTY TRANSACTIONS Management Agreement At the completion of its IPO, the Company entered into a management agreement with Bimini Advisors (the “Manager”), which provides for a n initial term through February 20, 2016 with automatic one-year extensions and is subject to certain termination rights. Under the terms of the management agreement, Bimini Advisors is responsible for administering the business activities and day-to-day operations of the Company. Bimini Advisors receives a monthly management fee in the amount of: One-twelfth of 1.5% of the first $250 million of the Company’s equity, as defined in the management agreement, One-twelfth of 1.25% of the Company’s equity tha t is greater than $250 million and less than or equal to $500 million, and One-twelfth of 1.00% of the Company’s equity that is greater than $500 million. The Company is obligated to reimburse Bimini Advisors for any direct expenses incurred on its behalf . In addition, Bimini Advisors began allocating to the Company its pro rata portion of certain overhead costs set forth in the management agreement commencing with the calendar quarter beginning July 1, 2014. Should the Company terminate the management a greement without cause, it shall pay to Bimini Advisors a termination fee equal to three times the average annual management fee, as defined in the management agreement, before or on the last day of the initial term or automatic renewal term. Total expenses recorded during the six months ended June 30, 2015 and 2014 for the management fee and costs incurred were approximately $2,382,000 and $733,000 , respectively. Total expenses recorded during the three months ended June 30, 2015 and 2014 for the management fee and costs in curred were approximately $1,288,000 and $430,000 , respectively. At June 30, 2015 and December 31, 2014 , the net amount due to affiliates was approximately $456,000 and $330,000 , respectively. Other Relationships with Bimini John B. Van Heuvelen , one of our independent director nominees, owns shares of common stock of Bimini. Robert Cauley, our Chief Executive Officer and Chairman of our B oard of Directors, also serves as Chief Executive Officer and Chairman of the Board of Directors of Bimini and owns shares of common stock of Bimini. Hunter Haas, our Chief Financial Officer, Chief Investment Officer, Secretary and a member of our Board of Directors, also serves as the Chief Financial Officer, Chief Investment Officer and Treasurer of Bimini and owns shares of common stock of Bimini.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	NOTE 13. SUBSEQUENT EVENT Share Repurchase Program On July 29, 2015, the Board of Directors passed a resolution authorizing the repurchase of up to 2,000,000 shares of the Company’s common stock. As part of the stock repurchase program, shares may be purchased in open market transactions, including through block purchases , through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Open market repurchases will be made in accordance with Exchange Act Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of open market stock repurchases. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be sub ject to economic and market conditions, stock price, applicable legal requirements and other factors. The authorization does not obligate the Company to acquire any particular amount of common stock and the program may be suspended or discontinued at the C ompany’s discretion without prior notice.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Use of Estimates The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q a nd Article 8 of Regulatio n S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair p rese ntation have been included. Operating results for the six and three month period s ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year end ing December 31, 2015 . The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Company’s A nnual R eport on Form 10-K for the year ended December 31, 2014 . The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant e stimates affecting the accompanying financial statements are the fair values of RMBS, Eurodollar and Treasury note (“T-Note”) futures contracts , to-be-announced (“TBA”) securities, as discussed below, and interest rate swaptions .
Statement of Comprehensive Income	Statement of Comprehensiv e Income (Loss) In accordance with the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) Topic 220, Comprehensive Income , a statement of comprehensive income (loss) has not been included as the Company has no items of other comprehensive income (loss) . Comprehensive income (loss) is the same as net income (loss) for the periods presented.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include cash on deposit with financial institutions and highly liquid investments with original maturities of three months or less at the time of purchase . At June 30, 2015 , restricted cash consisted of $8,663,000 of cash held by a broker as margin on Eurodollar futures contracts and $14,397,000 of cash held on deposit as collateral with repurchase agreement counterparties. At December 31, 2014 restricted cash consisted of approximately $5,174,000 of cash held by a broker as margin on Eurodollar futures contracts and $2,616,000 of cash held on deposit as collateral with repurchase agreement counterparties . The Company maintains cash balances at four banks, and, at times, balances may exceed federally insured limits. The Compa ny has not experienced any losses related to these balances. The Federal Deposit Insurance Corporation insures eligible accounts up to $250,000 per depositor at each financial institution. At June 30, 2015 , the Company’s cash deposits exceeded federally insu red limits by approximately $99.8 million. Restricted cash balances are uninsured, but are held in separate customer accounts that are segregated from the general funds of the counterparty. The Company limits uninsured balances to only large, well-known bank and derivative counterparties and believes that it is not exposed to any significant credit risk on cash and cash equivalents or restricted cash balances.
Mortgage-Backed Securities	Mortgage-Backed Securities The Company invests primarily in mortgage pass-through ( “PT”) certificates, collateralized mortgage obligations, and interest only (“IO”) securities and inverse interest only (“IIO”) securities representing interest in or obligations backed by pools of RMBS . These investments meet the requirements to be classified as available for sale under ASC 320-10-25, Debt and Equity Securities (which requires the securities to be carried at fair value on the balance sheet with changes in fair value charged to other compr ehensive income, a component of stockholders’ equity). However, the Company has elected to account for its investment in RMBS under the fair value option. Electing the fair value option require s the Company to record changes in fair value in the statement of operations, which, in management’s view, more appropriately reflects the results of our operations for a particular reporting period and is consistent with the underlying economics and how the portfolio is managed. The Company records RMBS transaction s on the trade date. Security purchases that have not settled as of the balance sheet date are included in the RMBS balance with an offsetting liability recorded, whereas securities sold that have not settled as of the balance sheet date are removed from the RMBS balance with an offsetting receivable recorded. The fair value of the Company’s investments in RMBS is governed by FASB ASC 820, Fair Value Measurement . The definition of fair value in FASB ASC 820 focuses on the price that would be rec eived to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date. The fair value measurement assumes that the transaction to sell the asset or transfer the liability either occurs in t he principal market for the asset or liability, or in the absence of a principal market, occurs in the most advantageous market for the asset or liability. Estimated fair values for RMBS are based on independent pricing sources and/or third party broker qu otes, when available . Income on PT RMBS securities is based on the stated interest rate of the security. Premiums or discounts present at the date of purchase are not amortized. For IO securities, the income is accrued based on the carrying value and the effective yield. The difference between income accrued and the interest received on the security is characterized as a return of investment and serves to reduce the asset’s carrying value. At each reporting da te, the effective yield is adjusted prospectively from the reporting period based on the new estimate of prepayments and the contractual terms of the security. For IIO securities, effective yield and income recognition calculations also take into account t he index value applicable to the security. Changes in fair value of RMBS during each reporting period are recorded in earnings and reported as unrealized gains or losses on mortgage-backed securities in the accompanying statements of operations.
Derivative Financial Instruments	Derivativ e Financial Instruments The Company uses derivative instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may continue to do so in the future. The principal instruments that the Company has use d to date are T-Note and Eurodollar futures contracts and options to enter in interest rate swaps (“interest rate swaptions”), but may enter into other derivatives in the future. The Company purchase s a portion of its Agency RMBS through delayed deliver y transactions (forward purchase commitments), including TBA securities. At times when market conditions are conducive, the Company may choose to move the settlement of these TBA securities out to a later date by entering into an offsetting short position , which is then net settled for cash, and simultaneously entering into a substantially similar TBA securities trade for a later settlement date. Such a set of transactions is referred to as a TBA “dollar roll” transaction. The TBA securities purchased at the later settlement date are typically priced at a discount to securities for settlement in the current month. This difference is referred to as the “price drop.” The price drop represents compensation to us for foregoing net interest margin and is ref erred to as TBA “dollar roll income.” Specified pools of mortgage loans can also be the subject of a dollar roll transaction, when market conditions allow. The Company account s for TBA securities as derivative instruments if either the TBA securities do not settle in the shortest period of time possible or if the Company cannot assert that it is probable at inception and throughout the term of the TBA security that it will take physical delivery of the Agency RMBS for a long position, or make delivery of the Agency RMBS for a short position, upon settlement of the trade . The Company account s for TBA dollar roll transactions as a series of derivative transactions. Gains, losses and dollar roll income associated with TBA securities and dollar roll transac tions are reported in gain (loss) on derivative instruments in the accompanying statements of operations . The fair value of TBA securities is estimated based on similar methods used to value R MBS securities. The Company has elected to not treat any of it s derivative financial instruments as hedges in order to align the accounting treatment of its derivative instruments with the treatment of its portfolio assets under the fair value option election . FASB ASC Topic 815, Derivatives and Hedging , requires tha t all derivative instruments be carried at fair value. Changes in fair value are recorded in earnings for each period. Holding d erivatives creates exposure to credit risk related to the potential for failure on the part of counterparties to honor their commitments. In addition, the Company may be required to post collateral based on any decli nes in the market value of the d erivati ves. In the event of default by a counterparty, the Company may have difficulty recovering its collateral and may not receive payments provided for under the terms of the agreement . To mitigate this risk, the Company uses only well-established comme rcial banks as counterparties.
Financial Instruments	Financial Instruments FASB ASC 825, Financial Instruments , requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value, either in the body of the financial statements or in the accompanying notes. RMBS, Eurodollar and T-Note futures contracts , interest rate swaptions and TBA securities are accounted for at fair value in the balance sheet s . The methods and assumptions used to estimate fair value for these instruments are presented in Note 11 of the financial statements. The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, other assets, due to affiliates , repurchase agreem ents, payable for unsettled security purchased, accrued interest payable and other liabilities generally approximates their carrying values as of June 30, 2015 and December 31, 2014 due to the short-term nature of these fin ancial instruments.
Repurchase Agreements	Repurchase Agreements The Company finances the acquisition of the majority of its PT RMBS through the use of repurchase agreements under master repurchase agreements. Pursuant to ASC Topic 860, Transfers and Servicing , the Company accounts for repurchase transactions as collateralized financing transactions, which are carried at their contractual amounts, including accrued interest, as specified in the respective agreements.
Management Fees [Policy Text Block]	Manager Compensation The Company is externally managed b y Bimini Advisors, LLC ( th e “Manager” or “Bimini Advisors”) , a Maryland limited liability company and wh olly-owned subsidiary of Bimini . The Company’s management agreement with the Manager provides for payment to the Manager of a management fee and reimbur sement of certain operating expenses, which are accrued and expensed during the period for which they are earned or incurred. Refer to Note 12 for the terms of the management agreement.
Earnings Per Share	Earnings Per Share The Company follows the provisions of FASB ASC 260, Earnings Per Share . Basic earnings per share (“EPS”) is calculated as net income or loss attributable to common stockholders divided by the weighted average number of shares of common stock outstanding or subscribed during the period. Diluted EPS is calculated using the treasury stock or two-class method, as applicable, for common stock equivalents, if any. However, the common stock equivalents are not included in computing diluted EPS if the result is ant i-dilutive.
Income Taxes	Income Taxes Orchid has qualified and elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code ”). REITs are generally not subject to federal income tax on their REIT taxable income provided that they distribute to their stockholders at least 90% of their REIT taxable income on an annual basis. In addition, a REIT must meet other provisions of the Code to retain its tax status. Orchid measures , recognizes and presents its uncertain tax positions in accordance with FASB ASC 740, Income Taxes . Under that guidance, Orchid assesses the likelihood, based on their technical merit, that tax positions will be sustained upon examination based on the fa cts, circumstances and information available at the end of each period. All of Orchid’s tax positions are categorized as highly certain. There is no accrual for any tax, interest or penalties related to Orchid’s tax position assessment. The measurement of uncertain tax positions is adjusted when new information is available, or when an event occurs that requires a change.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2014, the FASB issued Accounting Standard Update (“ASU”) 2014-12, Compensation-Stock Compensation: Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period . ASU 2014-12 requires that performance targets that affect vesting and that could be achieve d after the requisite service period be treated as performance conditions. The effective date of ASU 2014-12 is for interim and annual reporting periods beginning after December 15, 2015. The ASU is not expected to materially impact the Company’s financial statements. In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. ASU 2014-11 amends the accounting guidance for repurchase-to-maturity tr ansactions and repurchase agreements executed as repurchase financings, and requires additional disclosure about certain transactions by the transferor. ASU 2014-11 is effective for certain transactions that qualify for sales treatment for the first interi m or annual period beginning after December 15, 2014. The new disclosure requirements for repurchase agreements, securities lending transactions and repurchase-to-maturity transactions that qualify for secured borrowing treatment is effective for annual pe riods beginning after December 15, 2014 and for interim periods beginning after March 15, 2015. The adoption of this ASU did not have a material im pact on the Company’s financial statements .

Mortgage-Backed Securities (Tab

Mortgage-Backed Securities (Tables)	6 Months Ended
	Jun. 30, 2015
Mortgage Backed Securities [Abstract]
Schedule of Mortgage-Backed Securities Reconciliation	(in thousands) June 30, 2015 December 31, 2014 Pass-Through RMBS Certificates: Hybrid Adjustable-rate Mortgages $ 56,754 $ 70,400 Adjustable-rate Mortgages 3,456 3,794 Fixed-rate Mortgages 1,993,369 1,412,593 Total Pass-Through Certificates 2,053,579 1,486,787 Structured RMBS Certificates: Interest-Only Securities 78,347 46,611 Inverse Interest-Only Securities 42,945 15,773 Total Structured RMBS Certificates 121,292 62,384 Total $ 2,174,871 $ 1,549,171
Schedule Of Mortgage-Backed Securities by Contractual Maturity	(in thousands) June 30, 2015 December 31, 2014 Greater than five years and less than ten years $ 697 $ 967 Greater than or equal to ten years 2,174,174 1,548,204 Total $ 2,174,871 $ 1,549,171

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Repurchase Agreements [Abstract]
Schedule of Repurchase Agreements	($ in thousands) OVERNIGHT BETWEEN 2 BETWEEN 31 GREATER (1 DAY OR AND AND THAN LESS) 30 DAYS 90 DAYS 90 DAYS TOTAL June 30, 2015 Fair market value of securities pledged, including accrued interest receivable $ 82,736 $ 1,799,521 $ 241,364 $ - $ 2,123,621 Repurchase agreement liabilities associated with these securities $ 80,108 $ 1,709,480 $ 224,483 $ - $ 2,014,071 Net weighted average borrowing rate 0.36% 0.39% 0.41% - 0.39% December 31, 2014 Fair market value of securities pledged, including accrued interest receivable $ - $ 984,823 $ 534,238 $ 3,844 $ 1,522,905 Repurchase agreement liabilities associated with these securities $ - $ 929,831 $ 502,947 $ 3,873 $ 1,436,651 Net weighted average borrowing rate - 0.36% 0.37% 0.38% 0.36%

Derivative Financial Instrume24

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Financial Instruments [Abstract]
Schedule of Derivative Instruments	(in thousands) Derivative Instruments and Related Accounts Balance Sheet Location June 30, 2015 December 31, 2014 Assets Futures contracts - Margin posted to counterparty Restricted cash $ 8,663 $ 5,174 Payer swaptions Derivative assets, at fair value 65 1,217 $ 8,728 $ 6,391 Liability Payer swaptions - Margin posted by counterparty Other liabilities $ (207) $ (1,364)
Schedule of Eurodollar Positions	($ in thousands) June 30, 2015 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount (2) Rate Rate Equity (1) Eurodollar Futures Contracts 2015 $ 900,000 0.85% 0.45% $ (1,819) 2016 900,000 1.51% 1.04% (4,189) 2017 900,000 2.31% 1.81% (4,570) 2018 900,000 2.77% 2.34% (3,887) 2019 900,000 2.56% 2.61% 124 Total / Weighted Average $ 900,000 2.04% 1.62% $ (14,341) Treasury Note Futures Contracts September 2015 10 year T-Note futures (Sep 2015 - Sep 2025 Hedge Period) $ 120,000 2.15% 2.07% $ (1,011) ($ in thousands) December 31, 2014 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) Eurodollar Futures Contracts 2015 $ 650,000 0.79% 0.63% $ (1,039) 2016 800,000 1.52% 1.54% 139 2017 800,000 2.36% 2.23% (1,041) 2018 800,000 2.94% 2.54% (2,361) Total / Weighted Average $ 760,000 1.88% 1.73% $ (4,302)
Schedule Of Interest Rate Swaption Agreements Outstanding [Table Text Block]	($ in thousands) Option Underlying Swap Weighted Weighted Average Fixed Receive Average Fair Months to Notional Pay Rate Term Expiration Cost Value Expiration Amount Rate (LIBOR) (Years) June 30, 2015 ≤ 1 year $ 3,200 $ 65 2 $ 175,000 3.29% 3 Month 10 December 31, 2014 ≤ 1 year $ 5,350 $ 1,217 6 $ 375,000 2.79% 3 Month 7.3
Income Statement Effect of Derivatives [Table Text Block]	(in thousands) Six Months Ended June 30, Three Months Ended June 30, 2015 2014 2015 2014 Eurodollar futures contracts (short positions) $ (10,960) $ (6,136) $ 358 $ (4,599) T-Note futures contracts (short position) (1,011) - (1,011) - Payer swaptions (1,152) (1,285) (61) (1,129) Net TBA securities (31) - (88) - $ (13,154) $ (7,421) $ (802) $ (5,728)

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Offsetting Assets And Liabilities [Abstract]
Offsetting of Assets [Table Text Block]	(in thousands) Offsetting of Assets Gross Amount Not Offset in the Balance Sheet Net Amount Financial Gross Amount Gross Amount of Assets Instruments Cash of Recognized Offset in the Presented in the Received as Received as Net Assets Balance Sheet Balance Sheet Collateral Collateral Amount June 30, 2015 Derivative assets - Payer swaptions $ 65 $ - $ 65 $ - $ (65) $ - December 31, 2014 Derivative asset - Payer swaption $ 1,217 $ - $ 1,217 $ - $ (1,217) $ -
Offsetting of Liabilties [Table Text Block]	(in thousands) Offsetting of Liabilities Gross Amount Not Offset in the Balance Sheet Net Amount Financial Gross Amount Gross Amount of Liabilities Instruments of Recognized Offset in the Presented in the Posted as Cash Posted Net Liabilities Balance Sheet Balance Sheet Collateral Collateral Amount June 30, 2015 Repurchase Agreements $ 2,014,071 $ - $ 2,014,071 $ (1,999,674) $ (14,397) $ - December 31, 2014 Repurchase Agreements $ 1,436,651 $ - $ 1,436,651 $ (1,434,035) $ (2,616) $ -

Capital Stock (Tables)

Capital Stock (Tables)	6 Months Ended
	Jun. 30, 2015
Capital Stock [Abstract]
Issuances of Common Stock	($ in thousands, except per share amounts) Weighted Average Price Received Net Type of Offering Period Per Share (1) Shares Proceeds (2) 2015 At the Market Offering Program (3) First Quarter $ 13.66 1,210,487 $ 16,175 At the Market Offering Program (3) Second Quarter 13.65 5,024,530 67,100 6,235,017 $ 83,275 2014 Secondary Offering First Quarter $ 12.50 2,070,000 $ 24,174 Secondary Offering (4) First Quarter 12.55 3,680,000 43,989 At the Market Offering Program (3) Second Quarter 13.14 537,499 6,914 At the Market Offering Program (3) Third Quarter 13.99 3,389,441 46,372 At the Market Offering Program (3) Fourth Quarter 13.87 3,675,207 49,846 13,352,147 $ 171,295
Dividends	(in thousands, except per share amount) Declaration Date Record Date Payment Date Per Share Amount Total 2015 July 9, 2015 (1) July 27, 2015 July 31, 2015 $ 0.14 $ 3,218 June 9, 2015 June 22, 2015 June 30, 2015 0.18 4,057 May 11, 2015 May 26, 2015 May 29, 2015 0.18 3,580 April 9, 2015 April 27, 2015 April 30, 2015 0.18 3,303 March 10, 2015 March 27, 2015 March 31, 2015 0.18 3,205 February 10, 2015 February 25, 2015 February 27, 2015 0.18 3,017 January 13, 2015 January 26, 2015 January 30, 2015 0.18 3,017 Totals $ 1.22 $ 23,397 December 9, 2014 December 26, 2014 December 30, 2014 $ 0.18 $ 3,004 November 12, 2014 November 25, 2014 November 28, 2014 0.18 2,737 October 9, 2014 October 28, 2014 October 31, 2014 0.18 2,358 September 9, 2014 September 25, 2014 September 30, 2014 0.18 2,348 August 12, 2014 August 26, 2014 August 29, 2014 0.18 1,999 July 10, 2014 July 28, 2014 July 31, 2014 0.18 1,759 June 11, 2014 June 25, 2014 June 30, 2014 0.18 1,712 May 8, 2014 May 27, 2014 May 30, 2014 0.18 1,641 April 8, 2014 April 25, 2014 April 30, 2014 0.18 1,636 March 11, 2014 March 26, 2014 March 31, 2014 0.18 1,550 February 11, 2014 February 25, 2014 February 28, 2014 0.18 974 January 9, 2014 January 27, 2014 January 31, 2014 0.18 925 Totals $ 2.16 $ 22,643

Stock Incentive Plans (Tables)

Stock Incentive Plans (Tables)	6 Months Ended
	Jun. 30, 2015
Employee Benefits And Share Based Compensation [Abstract]
Schedule Of Restricted Stock Awards [Table Text Block]	($ in thousands, except per share data) Six Months Ended June 30, 2015 2014 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Unvested, beginning of period 24,000 $ 12.23 - $ - Granted - - 24,000 12.23 Vested and issued (8,000) 12.23 - - Unvested, end of period 16,000 $ 12.23 24,000 $ 12.23 Compensation expense during period $ 49 $ 16 Unrecognized compensation expense, end of period $ 179 $ 277 Intrinsic value, end of period $ 179 $ 313 Weighted-average remaining vesting term (in years) 1.8 2.8
Schedule Of Stock Awards [Table Text Block]	($ in thousands, except per share data) Six Months Ended June 30, 2015 2014 Fully vested shares granted (1)(2) 24,619 2,944 Weighted average grant date price $ 13.28 $ 13.06 Compensation expense related to fully vested common share awards (1) $ 327 $ 38
Schedule Of Performance Units [Table Text Block]	($ in thousands, except per share data) Performance units granted during the period 7,508 Weighted average grant date price $ 13.32 Compensation expense related to performance units $ 22 Intrinsic value, at period end $ 84 Unrecognized compensation expense, at period end $ 78 Weighted average remaining vesting term (in years), at period end 1.8

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	(in thousands, except per-share information) Six Months Ended June 30, Three Months Ended June 30, 2015 2014 2015 2014 Basic and diluted EPS per common share: Numerator for basic and diluted EPS per common share: Net income (loss) - Basic and diluted $ 2,677 $ 14,230 $ (2,832) $ 10,635 Weighted average common shares: Common shares outstanding at the balance sheet date 22,960 9,632 22,960 9,632 Unvested dividend eligible share based compensation outstanding at the balance sheet date 24 24 - 24 Effect of weighting (4,664) (2,559) (3,208) (578) Weighted average shares-basic and diluted 18,320 7,097 19,752 9,078 Income (loss) per common share: Basic and diluted $ 0.14 $ 2.01 $ (0.14) $ 1.17

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value on Recurring Basis	(in thousands) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Fair Value Assets Inputs Inputs Measurements (Level 1) (Level 2) (Level 3) June 30, 2015 Mortgage-backed securities $ 2,174,871 $ - $ 2,174,871 $ - Eurodollar and T-Note futures contracts 8,663 8,663 - - Payer swaptions 65 - 65 - December 31, 2014 Mortgage-backed securities $ 1,549,171 $ - $ 1,549,171 $ - Eurodollar futures contracts 5,174 5,174 - - Payer swaptions 1,217 - 1,217 -

Significant Accounting Policies

Significant Accounting Policies (Organization) (Details) - 6 months ended Jun. 30, 2015	Total
Entity Incorporation, Date of Incorporation	Aug. 17, 2010
Entity Incorporation, State Country Name	MD
Operations Commenced Date	Nov. 24, 2010
Required Annual Distribution Of Taxable Income	90.00%

Significant Accounting Polici31

Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Cash Held by Broker as Margin on Eurodollar Futures Contracts	$ 8,663,000	$ 5,174,000
Cash Held on Deposit with Repurchase Agreement Counterparties	14,397,000	$ 2,616,000
Uninsured Cash Balances	99,800,000
Insurance per depositor at each financial institution	$ 250,000

Significant Accounting Polici32

Significant Accounting Policies - IPO (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2013	Dec. 31, 2014
Accounting Policies [Abstract]
Initial Offering Period		February 20, 2013
Stock Issued During Period Shares New Issues	6,235,017	2,400,000	13,352,147
Proceeds From Issuance Initial Public Offering		$ 35,400,000

Significant Accounting Polici33

Significant Accounting Policies - Secondary Offering (Details) - 6 months ended Jun. 30, 2014 - USD ($)	Total
January 2014 [Member]
Secondary Offering Period	January 23, 2014
Stock Issued During Secondary Offering	1,800,000
Underwriters Overallotment Period	January 29, 2014
Underwriters Overallotment Shares	270,000
Proceeds From Secondary Offering	$ 24,200,000
March 2014 [Member]
Secondary Offering Period	March 24, 2014
Stock Issued During Secondary Offering	3,200,000
Underwriters Overallotment Period	April 11, 2014
Underwriters Overallotment Shares	480,000
Proceeds From Secondary Offering	$ 44,000,000

Significant Accounting Polici34

Significant Accounting Policies - At The Market Program - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
June 2014 Equity Distribution Agreement [Member]
Stock Issued Under At the Market Program		2,528,416
Net Proceeds Received From Share Issuances Under At The Market Program		$ 34,200,000
Total value of Common Stock to be issued under Equity Distribution Agreement		$ 35,000,000
Equity Distribution Agreement Date		June 17, 2014
September 2014 Equity Dsitribution Agreement [Member]
Stock Issued Under At the Market Program		5,087,646
Net Proceeds Received From Share Issuances Under At The Market Program		$ 69,100,000
Total value of Common Stock to be issued under Equity Distribution Agreement		$ 75,000,000
Equity Distribution Agreement Date		September 3, 2014
March 2015 Equity Distribution Agreement [Member]
Stock Issued Under At the Market Program	6,221,102
Net Proceeds Received From Share Issuances Under At The Market Program	$ 83,100,000
Total value of Common Stock to be issued under Equity Distribution Agreement	$ 100,000,000
Equity Distribution Agreement Date	March 2, 2015

Mortgage-Backed Securities - By

Mortgage-Backed Securities - By Type (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	$ 2,174,871,000	$ 1,549,171,000
Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	2,053,579,000	1,486,787,000
Total Strucutured Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	121,292,000	62,384,000
Hybrid Adjustable Rate Mortgages [Member] | Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	56,754,000	70,400,000
Adjustable-rate Mortgages [Member] | Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	3,456,000	3,794,000
Fixed-rate Mortgages [Member] | Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	1,993,369,000	1,412,593,000
Interest Only Securities [Member] | Total Strucutured Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	78,347,000	46,611,000
Inverse Interest Only Securities [Member] | Total Strucutured Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	$ 42,945,000	$ 15,773,000

Mortgage-Backed Securities - 36

Mortgage-Backed Securities - By Maturity (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Mortgage Backed Securities [Abstract]
Greater than five years and less than ten years	$ 697,000	$ 967,000
Greater than or equal to ten years	2,174,174,000	1,548,204,000
Total mortgage-backed securities	$ 2,174,871,000	$ 1,549,171,000

Mortgage-Backed Securities - Na

Mortgage-Backed Securities - Narrative (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Mortgage Backed Securities [Abstract]
Unpledged Mortgage Backed Securities	$ 58,952,000	$ 31,867,000
Unsettled Securities Purchases Included in Unpledged Securities	$ 7,600,000

Repurchase Agreements - Narrati

Repurchase Agreements - Narrative (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Disclosure of Repurchase Agreements [Abstract]
Repurchase agreements	$ 2,014,071,000	$ 1,436,651,000
Fair Value of securities pledged, including accrued interest receivable	2,123,621,000	1,522,905,000
Cash Held on Deposit with Repurchase Agreement Counterparties	$ 14,397,000	$ 2,616,000
Weighted Average Borrowing Rate	0.39%	0.36%
Maximum Amount at Risk	$ 122,900,000

Repurchase Agreements - Maturit

Repurchase Agreements - Maturities (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 2,123,621,000	$ 1,522,905,000
Repurchase agreements	$ 2,014,071,000	$ 1,436,651,000
Weighted Average Borrowing Rate	0.39%	0.36%
Overnight (1 Day or Less) [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 82,736,000	$ 0
Repurchase agreements	$ 80,108,000	$ 0
Weighted Average Borrowing Rate	0.36%	0.00%
Between 2 and 30 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 1,799,521,000	$ 984,823,000
Repurchase agreements	$ 1,709,480,000	$ 929,831,000
Weighted Average Borrowing Rate	0.39%	0.36%
Between 31 and 90 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 241,364,000	$ 534,238,000
Repurchase agreements	$ 224,483,000	$ 502,947,000
Weighted Average Borrowing Rate	0.41%	0.37%
Greater Than 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 0	$ 3,844,000
Repurchase agreements	$ 0	$ 3,873,000
Weighted Average Borrowing Rate	0.00%	0.38%

Derivative Financial Instrume40

Derivative Financial Instruments - Narrative (Details)	6 Months Ended
	Jun. 30, 2015
Eurodollar Future [Member]
Type Of Derivative Instrument [Line Items]
Underlying Risk	Interest Rate Risk
Description of Objective	Economically hedge a portion of interest rate risk in up-rate environment
InterestRateSwaptionMember
Type Of Derivative Instrument [Line Items]
Underlying Risk	Interest Rate Risk
Description of Objective	Economically hedge a portion of interest rate risk in up-rate environment
Treasury Note Future [Member]
Type Of Derivative Instrument [Line Items]
Underlying Risk	Interest Rate Risk
Description of Objective	Economically hedge a portion of interest rate risk in up-rate environment

Derivative Financial Instrume41

Derivative Financial Instruments - Schedule of Derivative Assets and Liabilties (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Assets, at Fair Value	$ 8,728,000	$ 6,391,000
Liabilities, at Fair Value	(207,000)	(1,364,000)
Eurodollar Future Margin [Member]
Assets, at Fair Value	8,663,000	5,174,000
Interest Rate Swaption [Member]
Assets, at Fair Value	65,000	1,217,000
Interest Rate Swaption Margin [Member]
Liabilities, at Fair Value	(207,000)	(1,364,000)
TBA Contracts [Member]
Assets, at Fair Value	$ 0	$ 0

Derivative Financial Instrume42

Derivative Financial Instruments - Summary of Eurodollar Futures Positions (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 900,000,000	$ 760,000,000
Derivative Entry Rate	2.04%	1.88%
Locked-In LIBOR Rate	1.62%	1.73%
Open Equity	$ (14,341,000)	$ (4,302,000)
Treasury Note Futures [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 120,000,000
Derivative Entry Rate	2.15%
Locked-In LIBOR Rate	2.07%
Open Equity	$ (1,011,000)
Year 2015 Expiration [Member] | Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 900,000,000	$ 650,000,000
Derivative Entry Rate	0.85%	0.79%
Locked-In LIBOR Rate	0.45%	0.63%
Open Equity	$ (1,819,000)	$ (1,039,000)
Year 2015 Expiration [Member] | Treasury Note Futures [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 120,000,000
Derivative Entry Rate	2.15%
Locked-In LIBOR Rate	2.07%
Open Equity	$ (1,011,000)
Year 2016 Expiration [Member] | Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 900,000,000	$ 800,000,000
Derivative Entry Rate	1.51%	1.52%
Locked-In LIBOR Rate	1.04%	1.54%
Open Equity	$ (4,189,000)	$ 139,000
Year 2017 Expiration [Member] | Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 900,000,000	$ 800,000,000
Derivative Entry Rate	2.31%	2.36%
Locked-In LIBOR Rate	1.81%	2.23%
Open Equity	$ (4,570,000)	$ (1,041,000)
Year 2018 Expiration [Member] | Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 900,000,000	$ 800,000,000
Derivative Entry Rate	2.77%	2.94%
Locked-In LIBOR Rate	2.34%	2.54%
Open Equity	$ (3,887,000)	$ (2,361,000)
Year 2019 Expiration [Member] | Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 900,000,000
Derivative Entry Rate	2.56%
Locked-In LIBOR Rate	2.61%
Open Equity	$ (14,341,000)

Derivative Financial Instrume43

Derivative Financial Instruments - Summary of Outstanding Swaptions (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Derivatives, Fair Value [Line Items]
Assets, at Fair Value	$ 8,728,000	$ 6,391,000
Interest Rate Swaption [Member]
Derivatives, Fair Value [Line Items]
Assets, at Fair Value	65,000	1,217,000
Interest Rate Swaption [Member] | Less Than Or Equal To One Year [Member]
Derivatives, Fair Value [Line Items]
Swaption Cost	3,200,000	5,350,000
Assets, at Fair Value	$ 65,000	$ 1,217,000
Derivative Instruments Average Months To Expiration	2	6
Notional Amount	$ 175,000,000	$ 375,000,000
Derivative Average Fixed Interest Rate	3.29%	2.79%
Derivative Avergage Receive Rate	3 Month	3 Month
Term (Years)	10 years	7 years 4 months 29 days

Derivative Financial Instrume44

Derivative Financial Instruments - Income Statement Effect (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	$ (802,000)	$ (5,728,000)	$ (13,154,000)	$ (7,421,000)
Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	358,000	(4,599,000)	(10,960,000)	(6,136,000)
Interest Rate Swaption [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	(61,000)	(1,129,000)	(1,152,000)	(1,285,000)
Treasury Note Future [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	(1,011,000)	0	(1,011,000)	0
TBA Contracts [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	$ (88,000)	$ 0	$ (31,000)	$ 0

Offsetting Assets and Liabili45

Offsetting Assets and Liabilities - Offsetting of Assets (Details) - Swaption [Member} - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Offsetting Assets [Line Assets]
Gross Amount Of Recognized Assets	$ 65,000	$ 1,217,000
Gross Amount Of Assets Offset In The Balance Sheet	0	0
Net Amount Of Assets Presented In The Balance Sheet	65,000	1,217,000
Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet	0	0
Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet	(65,000)	(1,217,000)
Net Amount Of Assets	$ 0	$ 0

Offsetting Assets and Liabilt46

Offsetting Assets and Liabilties - Offsetting of Liabilties (Details) - Repurchase Agreement [Member] - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	$ 2,014,071,000	$ 1,436,651,000
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	2,014,071,000	1,436,651,000
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	(1,999,674,000)	(1,434,035,000)
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(14,397,000)	(2,616,000)
Net Amount Of Liabilities	$ 0	$ 0

Capital Stock - Issuances of Co

Capital Stock - Issuances of Common Stock (Details) - USD ($)	3 Months Ended						6 Months Ended			12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2014
Stock Issued During Period Shares New Issues							6,235,017		2,400,000	13,352,147
Stock Issued During Period, Value, New Issues							$ (83,275,000)	$ (75,077,000)		$ 171,295,000
January 2014 Follow On Offering [Member]
Share Price						$ 12.5
Stock Issued During Period Shares New Issues						2,070,000
Stock Issued During Period, Value, New Issues						$ 24,174,000
March 2014 Follow On Offering [Member]
Share Price						$ 12.55
Stock Issued During Period Shares New Issues						3,680,000
Stock Issued During Period, Value, New Issues						$ 43,989,000
At the Market Offering Program [Member]
Share Price	$ 13.65	$ 13.66	$ 13.87	$ 13.99	$ 13.14		$ 13.65	$ 13.14		$ 13.87
Stock Issued During Period Shares New Issues	5,024,530	1,210,487	3,675,207	3,389,441	537,499
Stock Issued During Period, Value, New Issues	$ 67,100,000	$ 16,175,000	$ 49,846,000	$ 46,372,000	$ 6,914,000
Value of Common Stock Available to be issued under At The Money Program	$ 15,000,000						$ 15,000,000

Capital Stock - Dividends (Deta

Capital Stock - Dividends (Details) - USD ($)

1 Months Ended

3 Months Ended

6 Months Ended

Jul. 31, 2015

Jun. 30, 2015

May. 31, 2015

Apr. 30, 2015

Mar. 31, 2015

Feb. 28, 2015

Jan. 31, 2015

Dec. 31, 2014

Nov. 30, 2014

Oct. 31, 2014

Sep. 30, 2014

Aug. 31, 2014

Jul. 31, 2014

Jun. 30, 2014

May. 31, 2014

Apr. 30, 2014

Mar. 31, 2014

Feb. 28, 2014

Jan. 31, 2014

Dec. 31, 2013

Nov. 30, 2013

Oct. 31, 2013

Sep. 30, 2013

Aug. 31, 2013

Jul. 31, 2013

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Cash Dividends [Abstract]

Declaration Date

July 9, 2015

June 9, 2015

May 11, 2015

April 9, 2015

March 10, 2015

February 10, 2015

January 13, 2015

December 9, 2014

November 12, 2014

October 9, 2014

September 9, 2014

August 12, 2014

July 10, 2014

June 11, 2014

May 8, 2014

April 8, 2014

March 11, 2014

February 11, 2014

January 9, 2014

June 11, 2014

May 8, 2014

April 8, 2014

March 11, 2014

February 11, 2014

January 9, 2014

Record Date

July 27, 2015

June 22, 2015

May 26, 2015

April 27, 2015

March 27, 2015

February 25, 2015

January 26, 2015

December 26, 2014

November 25, 2014

October 28, 2014

September 25, 2014

August 26, 2014

July 28, 2014

June 25, 2014

May 27, 2014

April 25, 2014

March 26, 2014

February 25, 2014

January 27, 2014

June 25, 2014

May 27, 2014

April 25, 2014

March 26, 2014

February 25, 2014

January 27, 2014

Payment Date

July 31, 2015

June 30, 2015

May 29, 2015

April 30, 2015

March 31, 2015

February 27, 2015

January 30, 2015

December 30, 2014

November 28, 2014

October 31, 2014

September 30, 2014

August 29, 2014

July 31, 2014

June 30, 2014

May 30, 2014

April 30, 2014

March 31, 2014

February 28, 2014

January 31, 2014

June 30, 2014

May 30, 2014

April 30, 2014

March 31, 2014

February 28, 2014

January 31, 2014

Per Share Amount

$ 0.14

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.54

$ 0.54

$ 1.08

$ 1.08

Total

$ 3,218,000

$ 4,057,000

$ 3,580,000

$ 3,303,000

$ 3,205,000

$ 3,017,000

$ 3,017,000

$ 3,004,000

$ 2,737,000

$ 2,358,000

$ 2,348,000

$ 1,999,000

$ 1,759,000

$ 1,712,000

$ 1,641,000

$ 1,636,000

$ 1,550,000

$ 974,000

$ 925,000

$ 1,712

$ 1,641

$ 1,636

$ 1,550

$ 974

$ 925

Stock Incentive Plans - Descrip

Stock Incentive Plans - Descriptions of Plans (Details) - Jun. 30, 2015 - shares	Total
Employee Benefits And Share Based Compensation [Abstract]
Maximum Number of Shares to Be Issued the Plan	4,000,000
Percentage of Outstanding Stock Limitation	10.00%

Stock Incentive Plans - Narrati

Stock Incentive Plans - Narrative (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Share Based Awards [LineItems]
Award Date		Apr. 25, 2014
Shares Granted To Each Director		6,000
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1		3 years
Shares Vesting Per Director Each Year		2,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	24,000	24,000
Weighted Average Remaining Term		2 years 10 months
Restricted Stock
Share Based Awards [LineItems]
Award Date		Apr. 25, 2014
Shares Granted To Each Director		6,000
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1		3 years
Shares Vesting Per Director Each Year		2,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	16,000	24,000	24,000	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 12.23	$ 12.23	$ 12.23	$ 0
Intrinsic Value of Nonvested	$ 179,000	$ 313,000
Weighted Average Remaining Term	2 years 10 months	1 year 10 months
Remaining Compensation Expense	$ 179,000	$ 277,000
Share Based Compensation	$ 16,000	$ 49,000
Shares Granted	0	24,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 0	$ 12.23
Shares Vested	(8,000)	0
Shares Vested Weighted Average Garnt Date Value	$ 12.23	$ 0
Shares Issued Prior Year Sevice	21,715
Share Based Compensation Prior Year	$ 288,000
Shares Surrendered	7,475
Shares Surrendered Value	$ 100,000
Stock Awards [Member]
Share Based Awards [LineItems]
Share Based Compensation	$ 327,000	$ 38,000	$ 288,000
Shares Granted	24,619	2,944
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 13.28	$ 13.06
Performance Units [Member]
Share Based Awards [LineItems]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	7,508
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 13.32
Intrinsic Value of Nonvested	$ 84
Weighted Average Remaining Term	1 year 10 months 15 days
Remaining Compensation Expense	$ 78
Share Based Compensation	$ 22,000

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net Income (Loss) Available to Common Stockholders, Basic	$ (2,832,000)	$ 10,635,000	$ 2,677,000	$ 14,230,000
Net Income (Loss) Available to Common Stockholders, Diluted	$ (2,832,000)	$ 10,635,000	$ 2,677,000	$ 14,230,000
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Common Shares Outstanding	22,959,817	9,632,000	22,959,817	9,632,000	16,699,656
Unvested Dividend Eligible Shares Outstanding at the Balance Sheet Date	24,000	24,000	24,000	24,000
Effect of Weighting	(3,208)	(578)	(4,664,000)	(2,559,000)
Weighted Average Shares - Basic	19,751,871	9,078,107	18,320,359	7,096,838
Weighted Average Shares - Diluted	19,751,871	9,078,107	18,320,359	7,096,838
Income (Loss) Per Share - Basic	$ (0.14)	$ 1.17	$ 0.14	$ 2.01
Income (Loss) Pe Share - Diluted	$ 0.14	$ 1.17	$ 0.14	$ 2.01

Assets and Liabilities Recorded

Assets and Liabilities Recorded at Fair Value on Recurring Basis (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	$ 2,174,871,000	$ 1,549,171,000
Eurodollar Futures Contracts	8,663,000	5,174,000
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	2,174,871,000	1,549,171,000
Eurodollar Futures Contracts	8,663,000	5,174,000
Interest Rate Swaption	65,000	1,217,000
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	0	0
Eurodollar Futures Contracts	8,663,000	5,174,000
Interest Rate Swaption	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	2,174,871,000	1,549,171,000
Eurodollar Futures Contracts	0	0
Interest Rate Swaption	65,000	1,217,000
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	0	0
Eurodollar Futures Contracts	0	0
Interest Rate Swaption	$ 0	$ 0

Related Party Transactions (Man

Related Party Transactions (Management Agreement) (Details) - Bimini Advisors, LLC [Member]	6 Months Ended
	Jun. 30, 2015
First $250 million of Equity [Member]
Related Party Transaction [Line Items]
Annual management fee as a percent of equity	1.50%
Greater than $250 million but less than or equal to $500 million Equity [Member]
Related Party Transaction [Line Items]
Annual management fee as a percent of equity	1.25%
Greater than $500 million of Equity [Member]
Related Party Transaction [Line Items]
Annual management fee as a percent of equity	1.00%

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Due to affiliates	$ 456,000		$ 456,000		$ 330,000
Bimini Advisors, LLC [Member]
Related Party Transaction [Line Items]
Initial Term Of Management Agreement			3 years
Automatic Renewal Period Of Management Agreement			1 year
Management Fees And Allocated Expenses	$ 1,288,000	$ 430,000	$ 2,382,000	$ 733,000
Termination Date			2/20/2016
Overhead Sharing Date			7/1/2014

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details)	Jun. 30, 2015shares
Subsequent Events [Abstract]
Share Repurchase	2,000,000

Uncategorized Items - orc-20150

Label	Element	Value
Profit Loss	us-gaap_ProfitLoss	$ (2,832,000)
Profit Loss	us-gaap_ProfitLoss	$ 10,635,000