Orchid Island Capital (ORC) 10-Q 28 Apr 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Document Information [Line Items]
Entity Central Index Key	0001518621
Entity Registrant Name	Orchid Island Capital, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-35236
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-3269228
Entity Address, Address Line One	3305 Flamingo Drive
Entity Address, City or Town	Vero Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32963
City Area Code	772
Local Phone Number	231-1400
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	ORC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		39,134,901

Condensed Balance Sheets (Curre

Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS:
Mortgage-backed securities, at fair value (includes pledged assets of $3,946,156 and $3,512,640, respectively)	$ 3,999,906	$ 3,540,002
U.S. Treasury Notes, at fair value (includes pledged assets of $36,806 and $36,382, respectively)	36,806	36,382
Cash and cash equivalents	143,220	205,651
Restricted cash	42,738	31,568
Accrued interest receivable	13,120	11,519
Derivative assets	29,315	40,172
Other assets	907	442
Total Assets	4,266,012	3,865,736
LIABILITIES:
Repurchase agreements	3,769,437	3,378,445
Dividends payable	6,279	5,908
Derivative liabilities	19,582	7,161
Accrued interest payable	14,753	9,209
Other liabilities	3,371	25,119
Total Liabilities	3,814,651	3,426,973
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued and outstanding as of March 31, 2023 and December 31, 2022	0	0
Common Stock, $0.01 par value; 100,000,000 shares authorized, 39,085,756 shares issued and outstanding as of March 31, 2023 and 36,764,983 shares issued and outstanding as of December 31, 2022	391	368
Additional paid-in capital	788,647	779,602
Accumulated deficit	(337,677)	(341,207)
Total Stockholders' Equity	451,361	438,763
Total Liabilities and Stockholders' Equity	4,266,012	3,865,736
Related Party [Member]
LIABILITIES:
Due to affiliates	$ 1,229	$ 1,131

Condensed Balance Sheets (Cur_2

Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Pledged assets	$ 3,999,906	$ 3,540,002
Pledged assets	$ 36,806	$ 36,382
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	20,000,000	20,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	39,085,756	36,764,983
Common stock, outstanding (in shares)	39,085,756	36,764,983
Asset Pledged as Collateral [Member]
Pledged assets	$ 3,946,156	$ 3,512,640
Pledged assets	$ 36,306	$ 36,382

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest income	$ 38,012	$ 41,857
Interest expense	(42,217)	(2,655)
Net interest (expense) income	(4,205)	39,202
Unrealized gains (losses) on mortgage-backed securities and U.S. Treasury Notes	53,895	(309,962)
(Losses) gains on derivative and other hedging instruments	(41,156)	177,498
Net portfolio income (loss)	8,534	(144,348)
Management fees	2,642	2,634
Allocated overhead	576	441
Incentive compensation	470	237
Directors' fees and liability insurance	323	311
Audit, legal and other professional fees	451	304
Direct REIT operating expenses	165	325
Other administrative	377	127
Total expenses	5,004	4,379
Net income (loss)	$ 3,530	$ (148,727)
Basic and diluted net income (loss) per share (in dollars per share)	$ 0.09	$ (4.20)
Weighted Average Shares Outstanding (in shares)	38,491,767	35,399,513
Dividends declared per common share (in dollars per share)	$ 0.480	$ 0.775
Collateralized Mortgage-Backed Securities [Member]
Realized losses on mortgage-backed securities	$ 0	$ (51,086)

Condensed Statements of Stockho

Condensed Statements of Stockholders' Equity (unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balances (in shares) at Dec. 31, 2021	35,399
Balances at Dec. 31, 2021	$ 354	$ 850,497	$ (82,754)	$ 768,097
Net income (loss)	0	0	(148,727)	(148,727)
Cash dividends declared	$ 0	(27,492)	0	(27,492)
Stock based awards and amortization (in shares)	25
Stock based awards and amortization	$ 0	540	0	$ 540
Balances (in shares) at Mar. 31, 2022	35,424			35,423
Balances at Mar. 31, 2022	$ 354	823,545	(231,481)	$ 592,418
Balances (in shares) at Dec. 31, 2021	35,399
Balances at Dec. 31, 2021	$ 354	850,497	(82,754)	$ 768,097
Issuance of common stock pursuant to public offerings, net (in shares)				3,885,048
Issuance of common stock pursuant to public offerings, net				$ 40,580
Balances (in shares) at Dec. 31, 2022	36,765
Balances at Dec. 31, 2022	$ 368	779,602	(341,207)	438,763
Net income (loss)	0	0	3,530	3,530
Cash dividends declared	$ 0	(18,807)	0	(18,807)
Stock based awards and amortization (in shares)	4
Stock based awards and amortization	$ 0	181	0	$ 181
Issuance of common stock pursuant to public offerings, net (in shares)	2,690			2,690,000
Issuance of common stock pursuant to public offerings, net	$ 26	31,631	0	$ 31,657
Shares repurchased and retired (in shares)	(373)
Shares repurchased and retired	$ (3)	(3,960)	0	$ (3,963)
Balances (in shares) at Mar. 31, 2023	39,086			39,086
Balances at Mar. 31, 2023	$ 391	$ 788,647	$ (337,677)	$ 451,361

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 3,530	$ (148,727)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock based compensation	409	162
Realized losses on mortgage-backed securities	0	51,086
Unrealized (gains) losses on mortgage-backed securities and U.S. Treasury Notes	(53,895)	309,962
Changes in operating assets and liabilities:
Accrued interest receivable	(1,601)	4,006
Other assets	(459)	(833)
Accrued interest payable	5,544	230
Other liabilities	182	204
Due to affiliates	98	4
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	(2,629)	114,173
CASH FLOWS FROM INVESTING ACTIVITIES:
Net (payments on) proceeds from derivative instruments	(42,450)	103,900
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES	(448,889)	1,674,051
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from repurchase agreements	7,849,145	12,861,900
Principal payments on repurchase agreements	(7,458,153)	(14,641,897)
Cash dividends	(18,422)	(31,010)
Proceeds from issuance of common stock, net of issuance costs	31,657	0
Common stock repurchases, including shares withheld from employee stock awards for payment of taxes	(3,970)	(214)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	400,257	(1,811,221)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(51,261)	(22,997)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period	237,219	450,442
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period	185,958	427,445
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	36,673	2,425
Collateralized Mortgage-Backed Securities [Member]
Adjustments to reconcile net loss to net cash provided by operating activities:
Realized and unrealized losses (gains) on derivative instruments	43,563	(101,921)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases	(467,460)	0
Sales	0	1,413,039
Principal repayments	$ 61,021	$ 157,112

Note 1 - Organization and Signi

Note 1 - Organization and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	NOTE 1. Organization and Business Description Orchid Island Capital, Inc. (“Orchid” or the “Company”) was incorporated in Maryland on August 17, 2010 February 20, 2013, November 24, 2010 ( November 24, 2010, On October 29, 2021, “October 2021 four October 2021 March 2023. On March 7, 2023, “March 2023 three may No shares have been issued under the March 2023 March 31, 2023 . 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 8 X. not three March 31, 2023 not may December 31, 2023 The balance sheet at December 31, 2022 not 10 December 31, 2022 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 estimates affecting the accompanying financial statements are the fair values of RMBS and derivatives. Management believes the estimates and assumptions underlying the financial statements are reasonable based on the information available as of March 31, 2023 Reclassification of Comparative Period Information The Company previously reported $0.3 million of commissions, fees and other expenses associated with its derivative holdings for the three March 31, 2022 Common Stock Reverse Split On August 30, 2022, 1 5 Variable Interest Entities ( VIEs ) The Company obtains interests in VIEs through its investments in mortgage-backed securities. The Company’s interests in these VIEs are passive in nature and are not not 2 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 The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. (in thousands) March 31, 2023 December 31, 2022 Cash and cash equivalents $ 143,220 $ 205,651 Restricted cash 42,738 31,568 Total cash, cash equivalents and restricted cash $ 185,958 $ 237,219 The Company maintains cash balances at three two may not $250,000 not Mortgage-Backed Securities and U.S. Treasury Notes The Company invests primarily in mortgage pass-through (“PT”) residential mortgage backed securities (“RMBS”) and collateralized mortgage obligations (“CMOs”) issued by Freddie Mac, Fannie Mae or Ginnie Mae, interest-only (“IO”) securities and inverse interest-only (“IIO”) securities representing interest in or obligations backed by pools of RMBS. The Company refers to RMBS and CMOs as PT RMBS. The Company refers to IO and IIO securities as structured RMBS. The Company also invests in U.S. Treasury Notes, primarily to satisfy collateral requirements of derivative counterparties. The Company has elected to account for its investment in RMBS and U.S. Treasury Notes under the fair value option. Electing the fair value option requires the Company to record changes in fair value in the statements of operations, which, in management’s view, more appropriately reflects the results of the Company’s operations for a particular reporting period and is consistent with the underlying economics and how the portfolio is managed. The Company records securities transactions on the trade date. Security purchases that have not not Fair value is defined as the price that would be received 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 the 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 Income on PT RMBS and U.S. Treasury Notes is based on the stated interest rate of the security. Premiums or discounts present at the date of purchase are not Derivative and Other Hedging Instruments The Company uses derivative and other hedging instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may may The Company accounts for TBA securities as derivative instruments. Gains and losses associated with TBA securities transactions are reported in gain (loss) on derivative instruments in the accompanying statements of operations. Derivative and other hedging instruments are carried at fair value, and changes in fair value are recorded in earnings for each period. The Company’s derivative financial instruments are not Holding derivatives creates exposure to credit risk related to the potential for failure on the part of counterparties and exchanges to honor their commitments. In the event of default by a counterparty, the Company may may not Financial Instruments The fair value of financial instruments for which it is practicable to estimate that value is disclosed either in the body of the financial statements or in the accompanying notes. RMBS, Fed Funds and T-Note futures contracts, interest rate swaps, interest rate swaptions and TBA securities are accounted for at fair value in the balance sheets. The methods and assumptions used to estimate fair value for these instruments are presented in Note 12 The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, receivable for securities sold, other assets, due to affiliates, repurchase agreements, payable for unsettled securities purchased, accrued interest payable and other liabilities generally approximates their carrying values as as Level 2 March 31, 2023 December 31, 2022 Repurchase Agreements The Company finances the acquisition of the majority of its RMBS through the use of repurchase agreements under master repurchase agreements. Repurchase agreements are accounted for 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 by Bimini Advisors, LLC (the “Manager” or “Bimini Advisors”), a Maryland limited liability company and wholly-owned subsidiary of Bimini. The Company’s management agreement with the Manager provides for payment to the Manager of a management fee and reimbursement of certain operating expenses, which are accrued and expensed during the period for which they are earned or incurred. Refer to Note 13 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 during the period. Diluted EPS is calculated using the treasury stock or two not Stock-Based Compensation The Company may not Income Taxes Orchid has elected and is organized and operated so as to qualify to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, not 90% Orchid assesses the likelihood, based on their technical merit, that uncertain tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. All of Orchid’s tax positions are categorized as highly certain. There is no Recent Accounting Pronouncements In March 2020, 2020 04 Reference Rate Reform (Topic 848 2020 04 2020 04 not 2020 04 may December 31, 2022, December 2022, 2022 06 848 2020 04 December 31, 2022 December 31, 2024. second 2023 not In January 2021, 2021 01 Reference Rate Reform (Topic 848 2021 01 848 2021 01 2021 01 December 31, 2024, second 2023 not

Note 2 - Mortgage-backed Securi

Note 2 - Mortgage-backed Securities and U.S. Treasury Notes	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	NOTE 2. The following table presents the Company’s RMBS portfolio as of March 31, 2023 December 31, 2022 (in thousands) March 31, 2023 December 31, 2022 Pass-Through RMBS Certificates: Fixed-rate Mortgages $ 3,980,462 $ 3,519,906 Total Pass-Through Certificates 3,980,462 3,519,906 Structured RMBS Certificates: Interest-Only Securities 18,962 19,669 Inverse Interest-Only Securities 482 427 Total Structured RMBS Certificates 19,444 20,096 Total $ 3,999,906 $ 3,540,002 As of March 31, 2023 December 31, 2022 one The following table is a summary of the Company’s net gain (loss) from the sale of RMBS for the three March 31, 2023 2022 Three Months Ended March 31, 2023 2022 Proceeds from sales of RMBS $ - $ 1,413,039 Carrying value of RMBS sold - (1,464,125 ) Net loss on sales of RMBS $ - $ (51,086 ) Gross gain on sales of RMBS $ - $ 709 Gross loss on sales of RMBS - (51,795 ) Net loss on sales of RMBS $ - $ (51,086 )

Note 3 - Repurchase Agreements

Note 3 - Repurchase Agreements	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]	NOTE 3. The Company pledges certain of its RMBS as collateral under repurchase agreements with financial institutions. Interest rates are generally fixed based on prevailing rates corresponding to the terms of the borrowings, and interest is generally paid at the termination of a borrowing. If the fair value of the pledged securities declines, lenders will typically require the Company to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as "margin calls." Similarly, if the fair value of the pledged securities increases, lenders may March 31, 2023 As of March 31, 2023 December 31, 2022 ($ in thousands) OVERNIGHT BETWEEN 2 BETWEEN 31 GREATER (1 DAY OR AND AND THAN LESS) 30 DAYS 90 DAYS 90 DAYS TOTAL March 31, 2023 Fair market value of securities pledged, including accrued interest receivable $ - $ 2,760,937 $ 1,070,036 $ 128,049 $ 3,959,022 Repurchase agreement liabilities associated with these securities $ - $ 2,632,522 $ 1,017,354 $ 119,561 $ 3,769,437 Net weighted average borrowing rate - 4.88 % 4.96 % 4.70 % 4.90 % December 31, 2022 Fair market value of securities pledged, including accrued interest receivable $ - $ 2,496,769 $ 884,632 $ 142,658 $ 3,524,059 Repurchase agreement liabilities associated with these securities $ - $ 2,404,329 $ 837,299 $ 136,817 $ 3,378,445 Net weighted average borrowing rate - 4.43 % 4.51 % 4.15 % 4.44 % Included in the table above are repurchase agreements with outstanding principal balances of approximately $255.2 million and $190.3 million as of March 31, 2023 December 31, 2022, In addition, cash pledged to counterparties for repurchase agreements was approximately $18.1 million and $13.3 million as of March 31, 2023 December 31, 2022 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 receivable and cash posted by the Company as collateral. At March 31, 2023 not 10% March 31, 2023 December 31, 2022

Note 4 - Derivative and Other H

Note 4 - Derivative and Other Hedging Instruments	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	3 to ≤ 5 years $ 500,000 0.84 % 5.02 % 3.5 Expiration > 5 years 1,174,000 2.10 % 4.88 % 7.2 $ 1,674,000 1.72 % 4.92 % 6.1 December 31, 2022 Expiration > 3 to ≤ 5 years $ 500,000 0.84 % 4.75 % 3.7 Expiration > 5 years 900,000 1.70 % 4.23 % 6.6 $ 1,400,000 1.39 % 4.41 % 5.6 The table below presents our open payer swap positions by receive index, as a percentage of notional amount. March 31, 2023 December 31, 2022 Overnight SOFR 58 % 50 % Three Month LIBOR 42 % 50 % 100 % 100 % As of March 31, 2023 February 24, 2024 Our interest rate swaps are centrally cleared through two The table below presents information related to the Company’s interest rate cap positions at March 31, 2023 December 31, 2022 ($ in thousands) Net Strike Estimated Notional Swap Curve Fair Amount Cost Rate Spread Value March 31, 2023 February 8, 2024 $ 200,000 $ 1,450 0.09 % 2Y10Y $ 474 December 31, 2022 February 8, 2024 $ 200,000 $ 1,450 0.09 % 2Y10Y $ 1,119 The table below presents information related to the Company’s interest rate swaption positions at March 31, 2023 December 31, 2022 ($ in thousands) Option Underlying Swap Weighted Weighted Average Average Average Average Fair Months to Notional Fixed Adjustable Term Expiration Cost Value Expiration Amount Rate Rate (Years) March 31, 2023 Payer Swaptions - long ≤ 1 year $ 36,685 $ 6,548 6.6 $ 1,250,000 4.09 % SOFR 10.0 >1 year 10,115 8,301 21.7 1,000,000 3.49 % SOFR 2.0 $ 46,800 $ 14,849 13.3 $ 2,250,000 3.82 % 6.4 Payer Swaptions - short >1 year $ (12,252 ) $ (8,528 ) 13.0 $ (1,917,000 ) 3.91 % SOFR 5.8 December 31, 2022 Payer Swaptions (long positions) ≤ 1 year $ 36,685 $ 21,253 9.6 $ 1,250,000 4.09 % SOFR 10.0 > 10 years 11,021 12,145 239.5 120,000 2.05 % SOFR 10.0 $ 47,706 $ 33,398 29.8 $ 1,370,000 3.91 % 10.0 Payer Swaptions (short positions) ≤ 1 year $ (17,800 ) $ (5,982 ) 3.6 $ (917,000 ) 4.09 % SOFR 10.0 The following table summarizes the Company’s contracts to purchase and sell TBA securities as of March 31, 2023 December 31, 2022 ($ in thousands) Notional Net Amount Cost Market Carrying Long (Short)(1) Basis(2) Value(3) Value(4) March 31, 2023 30-Year TBA securities: 2.0% $ (175,000 ) $ (144,511 ) $ (144,526 ) $ (15 ) 3.0% (700,000 ) (616,438 ) (627,457 ) (11,019 ) Total $ (875,000 ) $ (760,949 ) $ (771,983 ) $ (11,034 ) December 31, 2022 30-Year TBA securities: 2.0% $ (175,000 ) $ (142,268 ) $ (143,145 ) $ (877 ) 3.0% (500,000 ) (440,644 ) (440,274 ) 370 Total $ (675,000 ) $ (582,912 ) $ (583,419 ) $ (507 ) ( 1 Notional amount represents the par value (or principal balance) of the underlying Agency RMBS. ( 2 Cost basis represents the forward price to be paid (received) for the underlying Agency RMBS. ( 3 Market value represents the current market value of the TBA securities (or of the underlying Agency RMBS) as of period-end. ( 4 Net carrying value represents the difference between the market value and the cost basis of the TBA securities as of period-end and is reported in derivative assets (liabilities) at fair value in the balance sheets. Gain (Loss) From Derivative and Other Hedging Instruments, Net The table below presents the effect of the Company’s derivative and other hedging instruments on the statements of operations for the three March 31, 2023 2022 (in thousands) Three Months Ended March 31, 2023 2022 T-Note futures contracts (short position) $ (4,038 ) $ 79,691 Interest rate swaps (26,144 ) 66,170 Payer swaptions (short positions) 6,585 (10,908 ) Payer swaptions (long positions) (12,109 ) 40,975 Interest rate caps (645 ) (996 ) Interest rate floors 1,185 - TBA securities (short positions) (5,990 ) 2,539 TBA securities (long positions) - 27 Total $ (41,156 ) $ 177,498 Credit Risk-Related Contingent Features The use of derivatives and other hedging instruments 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. The Company attempts to minimize this risk by limiting its counterparties for instruments which are not may may not may It is the Company's policy not" id="sjs-B4">NOTE 4. The table below summarizes fair value information about the Company’s derivative and other hedging instruments assets and liabilities as of March 31, 2023 December 31, 2022 (in thousands) Derivative and Other Hedging Instruments Balance Sheet Location March 31, 2023 December 31, 2022 Assets Interest rate swaps Derivative assets, at fair value $ 13,972 $ 4,983 Payer swaptions (long positions) Derivative assets, at fair value 14,849 33,398 Interest rate caps Derivative assets, at fair value 474 1,119 TBA securities Derivative assets, at fair value 20 672 Total derivative assets, at fair value $ 29,315 $ 40,172 Liabilities Payer swaptions (short positions) Derivative liabilities, at fair value $ 8,528 $ 5,982 TBA securities Derivative liabilities, at fair value 11,054 1,179 Total derivative liabilities, at fair value $ 19,582 $ 7,161 Margin Balances Posted to (from) Counterparties Futures contracts Restricted cash $ 15,547 $ 16,493 TBA securities Restricted cash 9,119 1,734 TBA securities Other liabilities (372 ) (532 ) Interest rate swaption contracts Other liabilities (1,505 ) (12,489 ) Total margin balances on derivative contracts $ 22,789 $ 5,206 Fed Funds and T-Note futures are cash settled futures contracts on an interest rate, with gains and losses credited or charged to the Company’s cash accounts on a daily basis. A minimum balance, or “margin”, is required to be maintained in the account on a daily basis. The tables below present information related to the Company’s T-Note futures positions at March 31, 2023 December 31, 2022 ($ in thousands) March 31, 2023 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity(1) Treasury Note Futures Contracts (Short Positions)(2) June 2023 5-year T-Note futures (Jun 2023 - Jun 2028 Hedge Period) $ 926,500 4.17 % 3.89 % $ (20,719 ) June 2023 10-year Ultra futures (Jun 2023 - Jun 2033 Hedge Period) $ 54,200 3.91 % 3.48 % $ (2,181 ) ($ in thousands) December 31, 2022 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) Treasury Note Futures Contracts (Short Position)(2) March 2023 5-year T-Note futures (Mar 2023 - Mar 2028 Hedge Period) $ 750,500 4.20 % 4.22 % $ (100 ) March 2023 10-year Ultra futures (Mar 2023 - Mar 2033 Hedge Period) $ 174,500 3.66 % 3.79 % $ 965 ( 1 Open equity represents the cumulative gains (losses) recorded on open futures positions from inception. ( 2 5 at March 31, 2023 and at December 31, 2022 . The contract values of the short positions were and at March 31, 2023 and December 31, 2022 , respectively. 10 at March 31, 2023 and at December 31, 2022 . The contract value of the short position was and at March 31, 2023 and December 31, 2022 , respectively Under its interest rate swap agreements, the Company typically pays a fixed rate and receives a floating rate ("payer swaps") based on an index, such as the LIBOR and SOFR. The floating rate the Company receives under its swap agreements has the effect of offsetting the repricing characteristics of its repurchase agreements and cash flows on such liabilities. The Company is typically required to post collateral on its interest rate swap agreements. The table below presents information related to the Company’s interest rate swap positions at March 31, 2023 December 31, 2022 ($ in thousands) Average Fixed Average Average Notional Pay Receive Maturity Amount Rate Rate (Years) March 31, 2023 Expiration > 3 to ≤ 5 years $ 500,000 0.84 % 5.02 % 3.5 Expiration > 5 years 1,174,000 2.10 % 4.88 % 7.2 $ 1,674,000 1.72 % 4.92 % 6.1 December 31, 2022 Expiration > 3 to ≤ 5 years $ 500,000 0.84 % 4.75 % 3.7 Expiration > 5 years 900,000 1.70 % 4.23 % 6.6 $ 1,400,000 1.39 % 4.41 % 5.6 The table below presents our open payer swap positions by receive index, as a percentage of notional amount. March 31, 2023 December 31, 2022 Overnight SOFR 58 % 50 % Three Month LIBOR 42 % 50 % 100 % 100 % As of March 31, 2023 February 24, 2024 Our interest rate swaps are centrally cleared through two The table below presents information related to the Company’s interest rate cap positions at March 31, 2023 December 31, 2022 ($ in thousands) Net Strike Estimated Notional Swap Curve Fair Amount Cost Rate Spread Value March 31, 2023 February 8, 2024 $ 200,000 $ 1,450 0.09 % 2Y10Y $ 474 December 31, 2022 February 8, 2024 $ 200,000 $ 1,450 0.09 % 2Y10Y $ 1,119 The table below presents information related to the Company’s interest rate swaption positions at March 31, 2023 December 31, 2022 ($ in thousands) Option Underlying Swap Weighted Weighted Average Average Average Average Fair Months to Notional Fixed Adjustable Term Expiration Cost Value Expiration Amount Rate Rate (Years) March 31, 2023 Payer Swaptions - long ≤ 1 year $ 36,685 $ 6,548 6.6 $ 1,250,000 4.09 % SOFR 10.0 >1 year 10,115 8,301 21.7 1,000,000 3.49 % SOFR 2.0 $ 46,800 $ 14,849 13.3 $ 2,250,000 3.82 % 6.4 Payer Swaptions - short >1 year $ (12,252 ) $ (8,528 ) 13.0 $ (1,917,000 ) 3.91 % SOFR 5.8 December 31, 2022 Payer Swaptions (long positions) ≤ 1 year $ 36,685 $ 21,253 9.6 $ 1,250,000 4.09 % SOFR 10.0 > 10 years 11,021 12,145 239.5 120,000 2.05 % SOFR 10.0 $ 47,706 $ 33,398 29.8 $ 1,370,000 3.91 % 10.0 Payer Swaptions (short positions) ≤ 1 year $ (17,800 ) $ (5,982 ) 3.6 $ (917,000 ) 4.09 % SOFR 10.0 The following table summarizes the Company’s contracts to purchase and sell TBA securities as of March 31, 2023 December 31, 2022 ($ in thousands) Notional Net Amount Cost Market Carrying Long (Short)(1) Basis(2) Value(3) Value(4) March 31, 2023 30-Year TBA securities: 2.0% $ (175,000 ) $ (144,511 ) $ (144,526 ) $ (15 ) 3.0% (700,000 ) (616,438 ) (627,457 ) (11,019 ) Total $ (875,000 ) $ (760,949 ) $ (771,983 ) $ (11,034 ) December 31, 2022 30-Year TBA securities: 2.0% $ (175,000 ) $ (142,268 ) $ (143,145 ) $ (877 ) 3.0% (500,000 ) (440,644 ) (440,274 ) 370 Total $ (675,000 ) $ (582,912 ) $ (583,419 ) $ (507 ) ( 1 Notional amount represents the par value (or principal balance) of the underlying Agency RMBS. ( 2 Cost basis represents the forward price to be paid (received) for the underlying Agency RMBS. ( 3 Market value represents the current market value of the TBA securities (or of the underlying Agency RMBS) as of period-end. ( 4 Net carrying value represents the difference between the market value and the cost basis of the TBA securities as of period-end and is reported in derivative assets (liabilities) at fair value in the balance sheets. Gain (Loss) From Derivative and Other Hedging Instruments, Net The table below presents the effect of the Company’s derivative and other hedging instruments on the statements of operations for the three March 31, 2023 2022 (in thousands) Three Months Ended March 31, 2023 2022 T-Note futures contracts (short position) $ (4,038 ) $ 79,691 Interest rate swaps (26,144 ) 66,170 Payer swaptions (short positions) 6,585 (10,908 ) Payer swaptions (long positions) (12,109 ) 40,975 Interest rate caps (645 ) (996 ) Interest rate floors 1,185 - TBA securities (short positions) (5,990 ) 2,539 TBA securities (long positions) - 27 Total $ (41,156 ) $ 177,498 Credit Risk-Related Contingent Features The use of derivatives and other hedging instruments 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. The Company attempts to minimize this risk by limiting its counterparties for instruments which are not may may not may It is the Company's policy not

Note 5 - Pledged Assets

Note 5 - Pledged Assets	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Pledged Assets [Text Block]	NOTE 5. Assets Pledged to Counterparties The table below summarizes the Company’s assets pledged as collateral under repurchase agreements and derivative agreements by type, including securities pledged related to securities sold but not March 31, 2023 December 31, 2022 (in thousands) March 31, 2023 December 31, 2022 Repurchase Derivative Repurchase Derivative Assets Pledged to Counterparties Agreements Agreements Total Agreements Agreements Total PT RMBS - fair value $ 3,926,711 $ - $ 3,926,711 $ 3,492,544 $ - $ 3,492,544 Structured RMBS - fair value $ 19,445 - 19,445 20,096 - 20,096 U.S. Treasury Notes - 36,806 36,806 - 36,382 36,382 Accrued interest on pledged securities 12,867 4 12,871 11,419 16 11,435 Restricted cash 18,072 24,666 42,738 13,341 18,227 31,568 Total $ 3,977,095 $ 61,476 $ 4,038,571 $ 3,537,400 $ 54,625 $ 3,592,025 Assets Pledged from Counterparties The table below summarizes assets pledged to the Company from counterparties under repurchase agreements and derivative agreements as of March 31, 2023 December 31, 2022 (in thousands) March 31, 2023 December 31, 2022 Repurchase Derivative Repurchase Derivative Assets Pledged to Orchid Agreements Agreements Total Agreements Agreements Total Cash $ 4,053 $ 1,877 $ 5,930 $ 3,075 $ 13,021 $ 16,096 U.S. Treasury securities - fair value 5,000 - $ 5,000 197 - 197 Total $ 9,053 $ 1,877 $ 10,930 $ 3,272 $ 13,021 $ 16,293 Cash received as margin is recognized as cash and cash equivalents with a corresponding amount recognized as an increase in repurchase agreements or other liabilities in the balance sheets.

Note 6 - Offsetting Assets and

Note 6 - Offsetting Assets and Liabilities	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Offsetting Assets and Liabilities [Text Block]	NOTE 6. The Company’s derivative agreements 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 in the case of repurchase agreements and for certain derivative agreements. CME and LCH rules characterize variation margin transfers as settlement payments, as opposed to adjustments to collateral. As a result, derivative assets and liabilities associated with centrally cleared derivatives for which the CME or LCH serves as the central clearing party are presented as if these derivatives had been settled as of the reporting date. The following table presents information regarding those assets and liabilities subject to such arrangements as if the Company had presented them on a net basis as of March 31, 2023 December 31, 2022 (in thousands) Offsetting of Assets Gross Amount Not Net Amount Offset in the Balance Sheet of Assets Financial Gross Amount Gross Amount Presented Instruments Cash of Recognized Offset in the in the Received as Received as Net Assets Balance Sheet Balance Sheet Collateral Collateral Amount March 31, 2023 Interest rate swaps $ 13,972 $ - $ 13,972 $ - $ - $ 13,972 Interest rate swaptions 14,849 - 14,849 - (1,505 ) 13,344 Interest rate caps 474 - 474 - - 474 TBA securities 20 - 20 - (20 ) - $ 29,315 $ - $ 29,315 $ - $ (1,525 ) $ 27,790 December 31, 2022 Interest rate swaps $ 4,983 $ - $ 4,983 $ - $ - $ 4,983 Interest rate swaptions 33,398 - 33,398 - (12,489 ) 20,909 Interest rate caps 1,119 - 1,119 - - 1,119 TBA securities 672 - 672 - (532 ) 140 $ 40,172 $ - $ 40,172 $ - $ (13,021 ) $ 27,151 (in thousands) Offsetting of Liabilities Gross Amount Not Net Amount Offset in the Balance Sheet of Liabilities Financial Gross Amount Gross Amount Presented Instruments of Recognized Offset in the in the Posted as Cash Posted Net Liabilities Balance Sheet Balance Sheet Collateral as Collateral Amount March 31, 2023 Repurchase Agreements $ 3,769,437 $ - $ 3,769,437 $ (3,751,365 ) $ (18,072 ) $ - Interest rate swaptions 8,528 - 8,528 - - 8,528 TBA securities 11,054 - 11,054 - (9,119 ) 1,935 $ 3,789,019 $ - $ 3,789,019 $ (3,751,365 ) $ (27,191 ) $ 10,463 December 31, 2022 Repurchase Agreements $ 3,378,445 $ - $ 3,378,445 $ (3,365,104 ) $ (13,341 ) $ - Interest rate swaps - - - - - - Interest rate swaptions 5,982 - 5,982 - - 5,982 TBA securities 1,179 - 1,179 - (1,179 ) - $ 3,385,606 $ - $ 3,385,606 $ (3,365,104 ) $ (14,520 ) $ 5,982 The amounts disclosed for collateral received by or posted to the same counterparty up to and not 5

Note 7 - Capital Stock

Note 7 - Capital Stock	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Equity [Text Block]	NOTE 7. Reverse Stock Split On August 30, 2022, 1 5 Common Stock Issuances During the three March 31, 2023 December 31, 2022 ($ in thousands, except per share amounts) Weighted Average Price Received Net Type of Offering Period Per Share(1) Shares Proceeds(2) 2023 At the Market Offering Program (3) First Quarter $ 11.77 2,690,000 $ 31,657 2,690,000 $ 31,657 2022 At the Market Offering Program (3) First Quarter $ - - $ - At the Market Offering Program (3) Second Quarter - - - At the Market Offering Program (3) Third Quarter - - - At the Market Offering Program (3) Fourth Quarter 10.45 3,885,048 40,580 3,885,048 $ 40,580 ( 1 Weighted average price received per share is after deducting the underwriters’ discount, if applicable, and other offering costs. ( 2 Net proceeds are net of the underwriters’ discount, if applicable, and other offering costs. ( 3 The Company has entered into eleven ten Stock Repurchase Program On July 29, 2015, February 8, 2018, 10% On December 9, 2021, 10% On October 12, 2022, 18% As part of the stock repurchase program, shares may may 10b5 1 1934, 10b 18, not may no From the inception of the stock repurchase program through March 31, 2023 , the Company repurchased a total of shares at an aggregate cost of approximately $ , including commissions and fees, for a weighted average price of $ per share. During the three March 31, 2023 , the Company repurchased a total of shares at an aggregate cost of approximately $ , including commissions and fees, for a weighted average price of $ per share. December 31, 2022, The remaining authorization under the stock repurchase program as of April 28, 2023 was shares. Cash Dividends The table below presents the cash dividends declared on the Company’s common stock. (in thousands, except per share amounts) Year Per Share Amount Total 2013 $ 6.975 $ 4,662 2014 10.800 22,643 2015 9.600 38,748 2016 8.400 41,388 2017 8.400 70,717 2018 5.350 55,814 2019 4.800 54,421 2020 3.950 53,570 2021 3.900 97,601 2022 2.475 87,906 2023 - YTD (1) 0.640 25,098 Totals $ 65.290 $ 552,568 ( 1 On April 12, 2023 May 26, 2023 not March 31, 2023

Note 8 - Stock Incentive Plan

Note 8 - Stock Incentive Plan	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	NOTE 8. In 2021, 2021 “2021 2012 “2012 2021 2021 2021 not 2021 may 2021 2021 2012 no 2012 2012 2012 Performance Units The Company has issued, and may one not no The following table presents information related to PUs outstanding during the three March 31, 2023 2022 ($ in thousands, except per share data) Three Months Ended March 31, 2023 2022 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Unvested, beginning of period 36,921 $ 20.57 26,645 $ 29.40 Granted - - 35,114 16.55 Vested and issued (4,462 ) 22.09 (2,664 ) 29.40 Unvested, end of period 32,459 $ 20.36 59,095 $ 21.75 Compensation expense during period $ 90 $ 106 Unrecognized compensation expense, end of period $ 267 $ 942 Intrinsic value, end of period $ 348 $ 960 Weighted-average remaining vesting term (in years) 1.1 1.8 Subsequent to March 31, 2023, March 31, 2024 June 30, 2026. Stock Awards The Company has issued, and may three March 31, 2023 2022 three March 31, 2022 December 31, 2021. March 31, 2023, December 31, 2022 ($ in thousands, except per share data) Three Months Ended March 31, 2023 2022 Fully vested shares granted - 35,114 Weighted average grant date price per share $ - $ 16.55 Compensation expense related to fully vested shares of common stock awards $ - $ 581 Deferred Stock Units Non-employee directors receive a portion of their compensation in the form of DSU awards pursuant to the Incentive Plans. Each DSU represents a right to receive one 2022, not The following table presents information related to the DSUs outstanding during the three March 31, 2023 2022 ($ in thousands, except per share data) Three Months Ended March 31, 2023 2022 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Outstanding, beginning of period 54,197 $ 20.29 28,595 $ 26.92 Granted and vested 9,302 10.59 3,055 21.95 Outstanding, end of period 63,499 $ 18.87 31,650 $ 26.45 Compensation expense during period $ 89 $ 75 Intrinsic value, end of period $ 681 $ 514

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 9. From time to time, the Company may not March 31, 2023

Note 10 - Income Taxes

Note 10 - Income Taxes	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 10. The Company will generally not 90% 85% 95% may

Note 11 - Earnings Per Share (E

Note 11 - Earnings Per Share (EPS)	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 11. The Company had dividend eligible PUs and DSUs that were outstanding during the three March 31, 2023 2022 no no not no The table below reconciles the numerator and denominator of EPS for the three March 31, 2023 2022 (in thousands, except per share information) Three Months Ended March 31, 2023 2022 Basic and diluted EPS per common share: Numerator for basic and diluted EPS per share of common stock: Net income (loss) - Basic and diluted $ 3,530 $ (148,727 ) Weighted average shares of common stock: Shares of common stock outstanding at the balance sheet date 39,086 35,423 Unvested dividend eligible share based compensation outstanding at the balance sheet date 96 - Effect of weighting (690 ) (23 ) Weighted average shares-basic and diluted 38,492 35,400 Net income (loss) per common share: Basic and diluted $ 0.09 $ (4.20 ) Anti-dilutive incentive shares not included in calculation - 91

Note 12 - Fair Value

Note 12 - Fair Value	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 12. The framework for using fair value to measure assets and liabilities defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price). A fair value measure should reflect the assumptions that market participants would use in pricing the asset or liability, including 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 ● Level 2 not ● Level 3 not may not The Company's RMBS and TBA securities are Level 2 third may zero The Company’s U.S. Treasury Notes are based on quoted prices for identical instruments in active markets and are classified as Level 1 The Company’s futures contracts are Level 1 2 RMBS (based on the fair value option), derivatives and TBA securities were recorded at fair value on a recurring basis during the three March 31, 2023 2022 not The following table presents financial assets (liabilities) measured at fair value on a recurring basis as of March 31, 2023 December 31, 2022 not (in thousands) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) March 31, 2023 Mortgage-backed securities $ - $ 3,999,906 $ - U.S. Treasury Notes 36,806 - - Interest rate swaps - 13,972 - Interest rate swaptions - 6,321 - Interest rate caps - 474 - TBA securities - (11,034 ) - December 31, 2022 Mortgage-backed securities $ - $ 3,540,002 $ - U.S. Treasury Notes 36,382 - - Interest rate swaps - 4,983 - Interest rate swaptions - 27,416 - Interest rate caps - 1,119 - TBA securities - (507 ) - During the three March 31, 2023 2022 no 1, 2 3.

Note 13 - Related Party Transac

Note 13 - Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE 13. Management Agreement The Company is externally managed and advised by Bimini Advisors, LLC (the “Manager”) pursuant to the terms of a management agreement. The management agreement has been renewed through February 20, 2024 one ● One- twelfth 1.5% first $250 ● One- twelfth 1.25% $250 $500 ● One- twelfth 1.00% $500 On April 1, 2022, third November 16, 2021, March 31, 2022. ● A daily fee equal to the outstanding principal balance of repurchase agreement funding in place as of the end of such day multiplied by 1.5 $5 1.0 $5 ● A fee for the clearing and operational services provided by personnel of the Manager equal to $10,000 The Company is obligated to reimburse the Manager for any direct expenses incurred on its behalf and to pay the Manager the Company’s pro rata portion of certain overhead costs set forth in the management agreement. Should the Company terminate the management agreement without cause, it will pay the Manager a termination fee equal to three Total expenses recorded for the management fee, allocated overhead and repurchase agreement trading, clearing and administrative services were approximately million and million, for the three March 31, 2023 2022 , respectively. At March 31, 2023 and December 31, 2022 , the net amount due to affiliates was approximately $ million and $ million, respectively. Other Relationships with Bimini Robert Cauley, the Company’s Chief Executive Officer and Chairman of the Board 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. George H. Haas, IV, the Company’s Chief Financial Officer, Chief Investment Officer, Secretary and a member of the 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. In addition, as of March 31, 2023 , Bimini owned 569,071 shares, or 1.5%, of the Company’s common stock.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	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 8 X. not three March 31, 2023 not may December 31, 2023 The balance sheet at December 31, 2022 not 10 December 31, 2022 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 estimates affecting the accompanying financial statements are the fair values of RMBS and derivatives. Management believes the estimates and assumptions underlying the financial statements are reasonable based on the information available as of March 31, 2023
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassification of Comparative Period Information The Company previously reported $0.3 million of commissions, fees and other expenses associated with its derivative holdings for the three March 31, 2022
Reverse Stock Split Policy [Policy Text Block]	Common Stock Reverse Split On August 30, 2022, 1 5
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	Variable Interest Entities ( VIEs ) The Company obtains interests in VIEs through its investments in mortgage-backed securities. The Company’s interests in these VIEs are passive in nature and are not not 2
Cash and Cash Equivalents, Policy [Policy Text Block]	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 The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. (in thousands) March 31, 2023 December 31, 2022 Cash and cash equivalents $ 143,220 $ 205,651 Restricted cash 42,738 31,568 Total cash, cash equivalents and restricted cash $ 185,958 $ 237,219 The Company maintains cash balances at three two may not $250,000 not
Marketable Securities, Policy [Policy Text Block]	Mortgage-Backed Securities and U.S. Treasury Notes The Company invests primarily in mortgage pass-through (“PT”) residential mortgage backed securities (“RMBS”) and collateralized mortgage obligations (“CMOs”) issued by Freddie Mac, Fannie Mae or Ginnie Mae, interest-only (“IO”) securities and inverse interest-only (“IIO”) securities representing interest in or obligations backed by pools of RMBS. The Company refers to RMBS and CMOs as PT RMBS. The Company refers to IO and IIO securities as structured RMBS. The Company also invests in U.S. Treasury Notes, primarily to satisfy collateral requirements of derivative counterparties. The Company has elected to account for its investment in RMBS and U.S. Treasury Notes under the fair value option. Electing the fair value option requires the Company to record changes in fair value in the statements of operations, which, in management’s view, more appropriately reflects the results of the Company’s operations for a particular reporting period and is consistent with the underlying economics and how the portfolio is managed. The Company records securities transactions on the trade date. Security purchases that have not not Fair value is defined as the price that would be received 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 the 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 Income on PT RMBS and U.S. Treasury Notes is based on the stated interest rate of the security. Premiums or discounts present at the date of purchase are not
Derivatives, Policy [Policy Text Block]	Derivative and Other Hedging Instruments The Company uses derivative and other hedging instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may may The Company accounts for TBA securities as derivative instruments. Gains and losses associated with TBA securities transactions are reported in gain (loss) on derivative instruments in the accompanying statements of operations. Derivative and other hedging instruments are carried at fair value, and changes in fair value are recorded in earnings for each period. The Company’s derivative financial instruments are not Holding derivatives creates exposure to credit risk related to the potential for failure on the part of counterparties and exchanges to honor their commitments. In the event of default by a counterparty, the Company may may not
Fair Value of Financial Instruments, Policy [Policy Text Block]	Financial Instruments The fair value of financial instruments for which it is practicable to estimate that value is disclosed either in the body of the financial statements or in the accompanying notes. RMBS, Fed Funds and T-Note futures contracts, interest rate swaps, interest rate swaptions and TBA securities are accounted for at fair value in the balance sheets. The methods and assumptions used to estimate fair value for these instruments are presented in Note 12 The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, receivable for securities sold, other assets, due to affiliates, repurchase agreements, payable for unsettled securities purchased, accrued interest payable and other liabilities generally approximates their carrying values as as Level 2 March 31, 2023 December 31, 2022
Repurchase and Resale Agreements Policy [Policy Text Block]	Repurchase Agreements The Company finances the acquisition of the majority of its RMBS through the use of repurchase agreements under master repurchase agreements. Repurchase agreements are accounted for as collateralized financing transactions, which are carried at their contractual amounts, including accrued interest, as specified in the respective agreements.
Management Fees Policy [Policy Text Block]	Manager Compensation The Company is externally managed by Bimini Advisors, LLC (the “Manager” or “Bimini Advisors”), a Maryland limited liability company and wholly-owned subsidiary of Bimini. The Company’s management agreement with the Manager provides for payment to the Manager of a management fee and reimbursement of certain operating expenses, which are accrued and expensed during the period for which they are earned or incurred. Refer to Note 13
Earnings Per Share, Policy [Policy Text Block]	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 during the period. Diluted EPS is calculated using the treasury stock or two not
Compensation Related Costs, Policy [Policy Text Block]	Stock-Based Compensation The Company may not
Income Tax, Policy [Policy Text Block]	Income Taxes Orchid has elected and is organized and operated so as to qualify to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, not 90% Orchid assesses the likelihood, based on their technical merit, that uncertain tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. All of Orchid’s tax positions are categorized as highly certain. There is no
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In March 2020, 2020 04 Reference Rate Reform (Topic 848 2020 04 2020 04 not 2020 04 may December 31, 2022, December 2022, 2022 06 848 2020 04 December 31, 2022 December 31, 2024. second 2023 not In January 2021, 2021 01 Reference Rate Reform (Topic 848 2021 01 848 2021 01 2021 01 December 31, 2024, second 2023 not

Note 1 - Organization and Sig_2

Note 1 - Organization and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Cash, Cash Equivalents and Investments [Table Text Block]	(in thousands) March 31, 2023 December 31, 2022 Cash and cash equivalents $ 143,220 $ 205,651 Restricted cash 42,738 31,568 Total cash, cash equivalents and restricted cash $ 185,958 $ 237,219

Note 2 - Mortgage-backed Secu_2

Note 2 - Mortgage-backed Securities and U.S. Treasury Notes (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Marketable Securities [Table Text Block]	(in thousands) March 31, 2023 December 31, 2022 Pass-Through RMBS Certificates: Fixed-rate Mortgages $ 3,980,462 $ 3,519,906 Total Pass-Through Certificates 3,980,462 3,519,906 Structured RMBS Certificates: Interest-Only Securities 18,962 19,669 Inverse Interest-Only Securities 482 427 Total Structured RMBS Certificates 19,444 20,096 Total $ 3,999,906 $ 3,540,002
Gain (Loss) on Securities [Table Text Block]	Three Months Ended March 31, 2023 2022 Proceeds from sales of RMBS $ - $ 1,413,039 Carrying value of RMBS sold - (1,464,125 ) Net loss on sales of RMBS $ - $ (51,086 ) Gross gain on sales of RMBS $ - $ 709 Gross loss on sales of RMBS - (51,795 ) Net loss on sales of RMBS $ - $ (51,086 )

Note 3 - Repurchase Agreements

Note 3 - Repurchase Agreements (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Repurchase Agreements [Table Text Block]	($ in thousands) OVERNIGHT BETWEEN 2 BETWEEN 31 GREATER (1 DAY OR AND AND THAN LESS) 30 DAYS 90 DAYS 90 DAYS TOTAL March 31, 2023 Fair market value of securities pledged, including accrued interest receivable $ - $ 2,760,937 $ 1,070,036 $ 128,049 $ 3,959,022 Repurchase agreement liabilities associated with these securities $ - $ 2,632,522 $ 1,017,354 $ 119,561 $ 3,769,437 Net weighted average borrowing rate - 4.88 % 4.96 % 4.70 % 4.90 % December 31, 2022 Fair market value of securities pledged, including accrued interest receivable $ - $ 2,496,769 $ 884,632 $ 142,658 $ 3,524,059 Repurchase agreement liabilities associated with these securities $ - $ 2,404,329 $ 837,299 $ 136,817 $ 3,378,445 Net weighted average borrowing rate - 4.43 % 4.51 % 4.15 % 4.44 %

Note 4 - Derivative and Other_2

Note 4 - Derivative and Other Hedging Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	(in thousands) Derivative and Other Hedging Instruments Balance Sheet Location March 31, 2023 December 31, 2022 Assets Interest rate swaps Derivative assets, at fair value $ 13,972 $ 4,983 Payer swaptions (long positions) Derivative assets, at fair value 14,849 33,398 Interest rate caps Derivative assets, at fair value 474 1,119 TBA securities Derivative assets, at fair value 20 672 Total derivative assets, at fair value $ 29,315 $ 40,172 Liabilities Payer swaptions (short positions) Derivative liabilities, at fair value $ 8,528 $ 5,982 TBA securities Derivative liabilities, at fair value 11,054 1,179 Total derivative liabilities, at fair value $ 19,582 $ 7,161 Margin Balances Posted to (from) Counterparties Futures contracts Restricted cash $ 15,547 $ 16,493 TBA securities Restricted cash 9,119 1,734 TBA securities Other liabilities (372 ) (532 ) Interest rate swaption contracts Other liabilities (1,505 ) (12,489 ) Total margin balances on derivative contracts $ 22,789 $ 5,206
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	($ in thousands) March 31, 2023 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity(1) Treasury Note Futures Contracts (Short Positions)(2) June 2023 5-year T-Note futures (Jun 2023 - Jun 2028 Hedge Period) $ 926,500 4.17 % 3.89 % $ (20,719 ) June 2023 10-year Ultra futures (Jun 2023 - Jun 2033 Hedge Period) $ 54,200 3.91 % 3.48 % $ (2,181 ) ($ in thousands) December 31, 2022 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) Treasury Note Futures Contracts (Short Position)(2) March 2023 5-year T-Note futures (Mar 2023 - Mar 2028 Hedge Period) $ 750,500 4.20 % 4.22 % $ (100 ) March 2023 10-year Ultra futures (Mar 2023 - Mar 2033 Hedge Period) $ 174,500 3.66 % 3.79 % $ 965
Schedule of Interest Rate Swaps [Table Text Block]	($ in thousands) Average Fixed Average Average Notional Pay Receive Maturity Amount Rate Rate (Years) March 31, 2023 Expiration > 3 to ≤ 5 years $ 500,000 0.84 % 5.02 % 3.5 Expiration > 5 years 1,174,000 2.10 % 4.88 % 7.2 $ 1,674,000 1.72 % 4.92 % 6.1 December 31, 2022 Expiration > 3 to ≤ 5 years $ 500,000 0.84 % 4.75 % 3.7 Expiration > 5 years 900,000 1.70 % 4.23 % 6.6 $ 1,400,000 1.39 % 4.41 % 5.6
Derivative Swap Positions Percentage [Table Text Block]	March 31, 2023 December 31, 2022 Overnight SOFR 58 % 50 % Three Month LIBOR 42 % 50 % 100 % 100 %
Schedule of Interest Rate Caps [Table Text Block]	($ in thousands) Net Strike Estimated Notional Swap Curve Fair Amount Cost Rate Spread Value March 31, 2023 February 8, 2024 $ 200,000 $ 1,450 0.09 % 2Y10Y $ 474 December 31, 2022 February 8, 2024 $ 200,000 $ 1,450 0.09 % 2Y10Y $ 1,119
Schedule of Interest Rate Swaption Agreements [Table Text Block]	($ in thousands) Option Underlying Swap Weighted Weighted Average Average Average Average Fair Months to Notional Fixed Adjustable Term Expiration Cost Value Expiration Amount Rate Rate (Years) March 31, 2023 Payer Swaptions - long ≤ 1 year $ 36,685 $ 6,548 6.6 $ 1,250,000 4.09 % SOFR 10.0 >1 year 10,115 8,301 21.7 1,000,000 3.49 % SOFR 2.0 $ 46,800 $ 14,849 13.3 $ 2,250,000 3.82 % 6.4 Payer Swaptions - short >1 year $ (12,252 ) $ (8,528 ) 13.0 $ (1,917,000 ) 3.91 % SOFR 5.8 December 31, 2022 Payer Swaptions (long positions) ≤ 1 year $ 36,685 $ 21,253 9.6 $ 1,250,000 4.09 % SOFR 10.0 > 10 years 11,021 12,145 239.5 120,000 2.05 % SOFR 10.0 $ 47,706 $ 33,398 29.8 $ 1,370,000 3.91 % 10.0 Payer Swaptions (short positions) ≤ 1 year $ (17,800 ) $ (5,982 ) 3.6 $ (917,000 ) 4.09 % SOFR 10.0
Schedule of To Be Announced Securities [Table Text Block]	($ in thousands) Notional Net Amount Cost Market Carrying Long (Short)(1) Basis(2) Value(3) Value(4) March 31, 2023 30-Year TBA securities: 2.0% $ (175,000 ) $ (144,511 ) $ (144,526 ) $ (15 ) 3.0% (700,000 ) (616,438 ) (627,457 ) (11,019 ) Total $ (875,000 ) $ (760,949 ) $ (771,983 ) $ (11,034 ) December 31, 2022 30-Year TBA securities: 2.0% $ (175,000 ) $ (142,268 ) $ (143,145 ) $ (877 ) 3.0% (500,000 ) (440,644 ) (440,274 ) 370 Total $ (675,000 ) $ (582,912 ) $ (583,419 ) $ (507 )
Derivative Instruments, Gain (Loss) [Table Text Block]	(in thousands) Three Months Ended March 31, 2023 2022 T-Note futures contracts (short position) $ (4,038 ) $ 79,691 Interest rate swaps (26,144 ) 66,170 Payer swaptions (short positions) 6,585 (10,908 ) Payer swaptions (long positions) (12,109 ) 40,975 Interest rate caps (645 ) (996 ) Interest rate floors 1,185 - TBA securities (short positions) (5,990 ) 2,539 TBA securities (long positions) - 27 Total $ (41,156 ) $ 177,498

Note 5 - Pledged Assets (Tables

Note 5 - Pledged Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]	(in thousands) March 31, 2023 December 31, 2022 Repurchase Derivative Repurchase Derivative Assets Pledged to Counterparties Agreements Agreements Total Agreements Agreements Total PT RMBS - fair value $ 3,926,711 $ - $ 3,926,711 $ 3,492,544 $ - $ 3,492,544 Structured RMBS - fair value $ 19,445 - 19,445 20,096 - 20,096 U.S. Treasury Notes - 36,806 36,806 - 36,382 36,382 Accrued interest on pledged securities 12,867 4 12,871 11,419 16 11,435 Restricted cash 18,072 24,666 42,738 13,341 18,227 31,568 Total $ 3,977,095 $ 61,476 $ 4,038,571 $ 3,537,400 $ 54,625 $ 3,592,025
Schedule of Financial Instruments Pledged as Collateral From Counterparties [Table Text Block]	(in thousands) March 31, 2023 December 31, 2022 Repurchase Derivative Repurchase Derivative Assets Pledged to Orchid Agreements Agreements Total Agreements Agreements Total Cash $ 4,053 $ 1,877 $ 5,930 $ 3,075 $ 13,021 $ 16,096 U.S. Treasury securities - fair value 5,000 - $ 5,000 197 - 197 Total $ 9,053 $ 1,877 $ 10,930 $ 3,272 $ 13,021 $ 16,293

Note 6 - Offsetting Assets an_2

Note 6 - Offsetting Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Offsetting Assets [Table Text Block]	(in thousands) Offsetting of Assets Gross Amount Not Net Amount Offset in the Balance Sheet of Assets Financial Gross Amount Gross Amount Presented Instruments Cash of Recognized Offset in the in the Received as Received as Net Assets Balance Sheet Balance Sheet Collateral Collateral Amount March 31, 2023 Interest rate swaps $ 13,972 $ - $ 13,972 $ - $ - $ 13,972 Interest rate swaptions 14,849 - 14,849 - (1,505 ) 13,344 Interest rate caps 474 - 474 - - 474 TBA securities 20 - 20 - (20 ) - $ 29,315 $ - $ 29,315 $ - $ (1,525 ) $ 27,790 December 31, 2022 Interest rate swaps $ 4,983 $ - $ 4,983 $ - $ - $ 4,983 Interest rate swaptions 33,398 - 33,398 - (12,489 ) 20,909 Interest rate caps 1,119 - 1,119 - - 1,119 TBA securities 672 - 672 - (532 ) 140 $ 40,172 $ - $ 40,172 $ - $ (13,021 ) $ 27,151
Offsetting Liabilities [Table Text Block]	(in thousands) Offsetting of Liabilities Gross Amount Not Net Amount Offset in the Balance Sheet of Liabilities Financial Gross Amount Gross Amount Presented Instruments of Recognized Offset in the in the Posted as Cash Posted Net Liabilities Balance Sheet Balance Sheet Collateral as Collateral Amount March 31, 2023 Repurchase Agreements $ 3,769,437 $ - $ 3,769,437 $ (3,751,365 ) $ (18,072 ) $ - Interest rate swaptions 8,528 - 8,528 - - 8,528 TBA securities 11,054 - 11,054 - (9,119 ) 1,935 $ 3,789,019 $ - $ 3,789,019 $ (3,751,365 ) $ (27,191 ) $ 10,463 December 31, 2022 Repurchase Agreements $ 3,378,445 $ - $ 3,378,445 $ (3,365,104 ) $ (13,341 ) $ - Interest rate swaps - - - - - - Interest rate swaptions 5,982 - 5,982 - - 5,982 TBA securities 1,179 - 1,179 - (1,179 ) - $ 3,385,606 $ - $ 3,385,606 $ (3,365,104 ) $ (14,520 ) $ 5,982

Note 7 - Capital Stock (Tables)

Note 7 - Capital Stock (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Common Stock Outstanding Roll Forward [Table Text Block]	($ in thousands, except per share amounts) Weighted Average Price Received Net Type of Offering Period Per Share(1) Shares Proceeds(2) 2023 At the Market Offering Program (3) First Quarter $ 11.77 2,690,000 $ 31,657 2,690,000 $ 31,657 2022 At the Market Offering Program (3) First Quarter $ - - $ - At the Market Offering Program (3) Second Quarter - - - At the Market Offering Program (3) Third Quarter - - - At the Market Offering Program (3) Fourth Quarter 10.45 3,885,048 40,580 3,885,048 $ 40,580
Dividends Declared [Table Text Block]	(in thousands, except per share amounts) Year Per Share Amount Total 2013 $ 6.975 $ 4,662 2014 10.800 22,643 2015 9.600 38,748 2016 8.400 41,388 2017 8.400 70,717 2018 5.350 55,814 2019 4.800 54,421 2020 3.950 53,570 2021 3.900 97,601 2022 2.475 87,906 2023 - YTD (1) 0.640 25,098 Totals $ 65.290 $ 552,568

Note 8 - Stock Incentive Plan (

Note 8 - Stock Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Nonvested Performance-Based Units Activity [Table Text Block]	($ in thousands, except per share data) Three Months Ended March 31, 2023 2022 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Unvested, beginning of period 36,921 $ 20.57 26,645 $ 29.40 Granted - - 35,114 16.55 Vested and issued (4,462 ) 22.09 (2,664 ) 29.40 Unvested, end of period 32,459 $ 20.36 59,095 $ 21.75 Compensation expense during period $ 90 $ 106 Unrecognized compensation expense, end of period $ 267 $ 942 Intrinsic value, end of period $ 348 $ 960 Weighted-average remaining vesting term (in years) 1.1 1.8
Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block]	($ in thousands, except per share data) Three Months Ended March 31, 2023 2022 Fully vested shares granted - 35,114 Weighted average grant date price per share $ - $ 16.55 Compensation expense related to fully vested shares of common stock awards $ - $ 581
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block]	($ in thousands, except per share data) Three Months Ended March 31, 2023 2022 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Outstanding, beginning of period 54,197 $ 20.29 28,595 $ 26.92 Granted and vested 9,302 10.59 3,055 21.95 Outstanding, end of period 63,499 $ 18.87 31,650 $ 26.45 Compensation expense during period $ 89 $ 75 Intrinsic value, end of period $ 681 $ 514

Note 11 - Earnings Per Share _2

Note 11 - Earnings Per Share (EPS) (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	(in thousands, except per share information) Three Months Ended March 31, 2023 2022 Basic and diluted EPS per common share: Numerator for basic and diluted EPS per share of common stock: Net income (loss) - Basic and diluted $ 3,530 $ (148,727 ) Weighted average shares of common stock: Shares of common stock outstanding at the balance sheet date 39,086 35,423 Unvested dividend eligible share based compensation outstanding at the balance sheet date 96 - Effect of weighting (690 ) (23 ) Weighted average shares-basic and diluted 38,492 35,400 Net income (loss) per common share: Basic and diluted $ 0.09 $ (4.20 ) Anti-dilutive incentive shares not included in calculation - 91

Note 12 - Fair Value (Tables)

Note 12 - Fair Value (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	(in thousands) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) March 31, 2023 Mortgage-backed securities $ - $ 3,999,906 $ - U.S. Treasury Notes 36,806 - - Interest rate swaps - 13,972 - Interest rate swaptions - 6,321 - Interest rate caps - 474 - TBA securities - (11,034 ) - December 31, 2022 Mortgage-backed securities $ - $ 3,540,002 $ - U.S. Treasury Notes 36,382 - - Interest rate swaps - 4,983 - Interest rate swaptions - 27,416 - Interest rate caps - 1,119 - TBA securities - (507 ) -

Note 1 - Organization and Sig_3

Note 1 - Organization and Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		4 Months Ended	12 Months Ended
	Oct. 29, 2021	Mar. 31, 2023	Mar. 31, 2022	Oct. 28, 2021	Dec. 31, 2022	Aug. 30, 2022
Stock Issued During Period, Shares, New Issues (in shares)		2,690,000,000			3,885,048,000
Stock Issued During Period, Value, New Issues		$ 31,657			$ 40,580
Proceeds from Issuance of Common Stock		31,657	$ 0
Direct Operating Costs		$ 165	$ 325
Common Stock, Par or Stated Value Per Share (in dollars per share)		$ 0.01			$ 0.01	$ 0.01
June 2021 Equity Distribution Agreement [Member]
Equity Agreement, Maximum Number of Shares Issuable (in shares)				250,000,000
October 2021 Equity Distribution Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares)	9,742,188
Stock Issued During Period, Value, New Issues	$ 151,800
Proceeds from Issuance of Common Stock	$ 149,300
March 2023 Equity Distribution Agreement [Member]
Equity Agreement, Maximum Number of Shares Issuable (in shares)		250,000,000
Stock Issued During Period, Shares, New Issues (in shares)		0

Note 1 - Organization and Sig_4

Note 1 - Organization and Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cash and cash equivalents	$ 143,220	$ 205,651
Restricted cash	42,738	31,568
Total cash, cash equivalents and restricted cash	$ 185,958	$ 237,219

Note 2 - Mortgage-backed Secu_3

Note 2 - Mortgage-backed Securities and U.S. Treasury Notes (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value	$ 36,806	$ 36,382

Note 2 - Mortgage-backed Secu_4

Note 2 - Mortgage-backed Securities and U.S. Treasury Notes - Schedule of RMBS Portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Mortgage-backed securities, at fair value (includes pledged assets of $3,946,156 and $3,512,640, respectively)	$ 3,999,906	$ 3,540,002
Pass Through Certificate [Member]
Mortgage-backed securities, at fair value (includes pledged assets of $3,946,156 and $3,512,640, respectively)	3,980,462	3,519,906
Pass Through Certificate [Member] | Fixed Rate Mortgages [Member]
Mortgage-backed securities, at fair value (includes pledged assets of $3,946,156 and $3,512,640, respectively)	3,980,462	3,519,906
Structured Finance [Member]
Mortgage-backed securities, at fair value (includes pledged assets of $3,946,156 and $3,512,640, respectively)	19,444	20,096
Structured Finance [Member] | Interest Only Securities [Member]
Mortgage-backed securities, at fair value (includes pledged assets of $3,946,156 and $3,512,640, respectively)	18,962	19,669
Structured Finance [Member] | Inverse Interest Only Securities [Member]
Mortgage-backed securities, at fair value (includes pledged assets of $3,946,156 and $3,512,640, respectively)	$ 482	$ 427

Note 2 - Mortgage-backed Secu_5

Note 2 - Mortgage-backed Securities and U.S. Treasury Notes - Gain (Loss) on Investments (Details) - Collateralized Mortgage-Backed Securities [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Proceeds from sales of RMBS	$ 0	$ 1,413,039
Carrying value of RMBS sold	0	(1,464,125)
Realized losses on mortgage-backed securities	0	(51,086)
Gross gain on sales of RMBS	0	709
Gross loss on sales of RMBS	$ 0	$ (51,795)

Note 3 - Repurchase Agreement_2

Note 3 - Repurchase Agreements (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Securities Sold under Agreements to Repurchase	$ 3,769,437	$ 3,378,445
Restricted Cash and Cash Equivalents, Current	42,738	31,568
Repurchase Agreement Counterparty, Amount at Risk	193,200
Asset Pledged as Collateral [Member]
Restricted Cash and Cash Equivalents, Current	42,738	31,568
Asset Pledged as Collateral [Member] | Repurchase Agreements [Member]
Restricted Cash and Cash Equivalents, Current	18,072	13,341
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Securities Sold under Agreements to Repurchase	$ 255,200	$ 190,300

Note 3 - Repurchase Agreement_3

Note 3 - Repurchase Agreements - Schedule of Repurchase Agreements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair market value of securities pledged, including accrued interest receivable	$ 3,959,022	$ 3,524,059
Repurchase agreement liabilities associated with these securities	$ 3,769,437	$ 3,378,445
Net weighted average borrowing rate	4.90%	4.44%
Maturity Overnight [Member]
Fair market value of securities pledged, including accrued interest receivable	$ 0	$ 0
Repurchase agreement liabilities associated with these securities	$ 0	$ 0
Net weighted average borrowing rate	0%	0%
Maturity 2 to 30 Days [Member]
Fair market value of securities pledged, including accrued interest receivable	$ 2,760,937	$ 2,496,769
Repurchase agreement liabilities associated with these securities	$ 2,632,522	$ 2,404,329
Net weighted average borrowing rate	4.88%	4.43%
Maturity 30 to 90 Days [Member]
Fair market value of securities pledged, including accrued interest receivable	$ 1,070,036	$ 884,632
Repurchase agreement liabilities associated with these securities	$ 1,017,354	$ 837,299
Net weighted average borrowing rate	4.96%	4.51%
Maturity Greater than 90 Days [Member]
Fair market value of securities pledged, including accrued interest receivable	$ 128,049	$ 142,658
Repurchase agreement liabilities associated with these securities	$ 119,561	$ 136,817
Net weighted average borrowing rate	4.70%	4.15%

Note 4 - Derivative and Other_3

Note 4 - Derivative and Other Hedging Instruments (Details Textual) $ in Millions	Mar. 31, 2023 USD ($) $ / item	Dec. 31, 2022 USD ($) $ / item
Five Year Treasury Note Futures [Member] | Short [Member]
Derivative, Forward Price (in USD per Per Share) | $ / item	109.5	107.9
Derivative, Fair Value, Net	$ 1,014.6	$ 810
Derivative, Notional Amount	$ 926.5	$ 750.5
Ten Year Ultra Future [Member] | Short [Member]
Derivative, Forward Price (in USD per Per Share) | $ / item	121.1	118.3
Derivative, Fair Value, Net	$ 65.7	$ 206.4
Derivative, Notional Amount	54.2	$ 174.5
Interest Rate Swap [Member]
Derivative, Notional Amount	$ 274
Derivative, Fixed Interest Rate	3.43%

Note 4 - Derivative and Other_4

Note 4 - Derivative and Other Hedging Instruments - Schedule of Derivative Instruments in Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents, Current	$ 42,738	$ 31,568
Other liabilities	(3,371)	(25,119)
Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative assets, at fair value	29,315	40,172
Derivative liabilities, at fair value	19,582	7,161
Restricted Cash and Cash Equivalents, Current	22,789	5,206
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Swap [Member]
Derivative assets, at fair value	13,972	4,983
Not Designated as Hedging Instrument, Economic Hedge [Member] | Payer Swaptions [Member] | Long [Member]
Derivative assets, at fair value	14,849	33,398
Not Designated as Hedging Instrument, Economic Hedge [Member] | Payer Swaptions [Member] | Short [Member]
Derivative liabilities, at fair value	8,528	5,982
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Cap [Member]
Derivative assets, at fair value	474	1,119
Not Designated as Hedging Instrument, Economic Hedge [Member] | TBA Contracts [Member]
Derivative assets, at fair value	20	672
Derivative liabilities, at fair value	11,054	1,179
Restricted Cash and Cash Equivalents, Current	9,119	1,734
Other liabilities	(372)	(532)
Not Designated as Hedging Instrument, Economic Hedge [Member] | Eurodollar Future Margin [Member]
Restricted Cash and Cash Equivalents, Current	15,547	16,493
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Swaption [Member]
Other liabilities	$ (1,505)	$ (12,489)

Note 4 - Derivative and Other_5

Note 4 - Derivative and Other Hedging Instruments - Schedule of Derivative Positions (Details) - Short [Member] - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Five Year Treasury Note Futures [Member]
Average contract notional amount		$ 926,500	$ 750,500
Weighted average entry rate		4.17%	4.20%
Average receive rate		3.89%	4.22%
Open Equity		$ (20,719)	$ (100)
Ten Year Ultra Future [Member]
Average contract notional amount		$ 54,200	$ 174,500
Weighted average entry rate	[1]	3.91%	3.66%
Average receive rate		3.48%	3.79%
Open Equity	[2]	$ (2,181)	$ 965
[1]5-Year T-Note futures contracts were valued at a price of $109.5 at March 31, 2023 and $107.9 at December 31, 2022. The contract values of the short positions were $1,014.6 million and $810.0 million at March 31, 2023 and December 31, 2022, respectively. 10-Year Ultra futures contracts were valued at a price of $121.1 at March 31, 2023 and $118.3 at December 31, 2022. The contract value of the short position was $65.7 million and $206.4 million at March 31, 2023 and December 31, 2022, respectively[2]Open equity represents the cumulative gains (losses) recorded on open futures positions from inception.

Note 4 - Derivatives and Other

Note 4 - Derivatives and Other Hedging Instruments - Schedule of Interest Rate Swaps (Details) - Interest Rate Swap [Member] - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Notional amount	$ 1,674	$ 1,400
Average fixed pay rate	1.72%	1.39%
Average receive rate	4.92%	4.41%
Average maturity (Year)	6 years 1 month 6 days	5 years 7 months 6 days
Three to Five Years [Member]
Notional amount	$ 500	$ 900
Average fixed pay rate	0.84%	1.70%
Average receive rate	5.02%	4.23%
Average maturity (Year)	3 years 6 months	6 years 7 months 6 days
More Than Five Years [Member]
Notional amount	$ 1,174
Average fixed pay rate	2.10%
Average receive rate	4.88%
Average maturity (Year)	7 years 2 months 12 days
One To Three Years [Member]
Notional amount		$ 500
Average fixed pay rate		0.84%
Average receive rate		4.75%
Average maturity (Year)		3 years 8 months 12 days

Note 4 - Derivative and Other_6

Note 4 - Derivative and Other Hedging Instruments - Open Payer Swap Positions (Details)	Mar. 31, 2023	Dec. 31, 2022
Receive index, percent	100%	100%
Overnight SOFR Index Rate [Member]
Receive index, percent	58%	50%
Three Month LIBOR Index Rate [Member]
Receive index, percent	42%	50%

Note 4 - Derivative and Other_7

Note 4 - Derivative and Other Hedging Instruments - Schedule of Interest Rate Cap Positions (Details) - Interest Rate Cap [Member] - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Notional amount	$ 200,000	$ 200,000
Cost	$ 1,450	$ 1,450
Strike Swap Rate	0.09%	0.09%
Curve Spread (Year)	2 years 9 months 29 days	2 years 9 months 29 days
Net Estimated Fair Value	$ 474	$ 1,119
Cost	$ 1,450	$ 1,450

Note 4 - Derivative and Other_8

Note 4 - Derivative and Other Hedging Instruments - Schedule of Fair Value of Derivative Instruments (Details) - Payer Swaptions [Member] - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Long [Member]
Cost	$ 46,800	$ 47,706
Net Estimated Fair Value	$ 14,849	$ 33,398
Weighted average months to expiration (Month)	13 months 9 days	29 months 24 days
Notional amount	$ (2,250,000)	$ (1,370,000)
Average fixed pay rate	3.82%	3.91%
Weighted average term (Year)	6 years 4 months 24 days	10 years
Notional amount	$ 2,250,000	$ 1,370,000
Less than or Equal to One Year [Member] | Long [Member]
Cost	36,685	36,685
Net Estimated Fair Value	$ 6,548	$ 21,253
Weighted average months to expiration (Month)	6 months 18 days	9 months 18 days
Notional amount	$ (1,250,000)	$ (1,250,000)
Average fixed pay rate	4.09%	4.09%
Weighted average term (Year)	10 years	10 years
Notional amount	$ 1,250,000	$ 1,250,000
Less than or Equal to One Year [Member] | Short [Member]
Cost		(17,800)
Net Estimated Fair Value		$ (5,982)
Weighted average months to expiration (Month)		3 months 18 days
Notional amount		$ (917,000)
Average fixed pay rate		4.09%
Weighted average term (Year)		10 years
Notional amount		$ 917,000
More Than One Year [Member] | Long [Member]
Cost	10,115
Net Estimated Fair Value	$ 8,301
Weighted average months to expiration (Month)	21 months 21 days
Notional amount	$ (1,000,000)
Average fixed pay rate	3.49%
Weighted average term (Year)	2 years
Notional amount	$ 1,000,000
More Than One Year [Member] | Short [Member]
Cost	(12,252)
Net Estimated Fair Value	$ (8,528)
Weighted average months to expiration (Month)	13 months
Notional amount	$ (1,917,000)
Average fixed pay rate	3.91%
Weighted average term (Year)	5 years 9 months 18 days
Notional amount	$ 1,917,000
More Than Ten Years [Member] | Long [Member]
Cost		11,021
Net Estimated Fair Value		$ 12,145
Weighted average months to expiration (Month)		239 months 15 days
Notional amount		$ (120,000)
Average fixed pay rate		2.05%
Weighted average term (Year)		10 years
Notional amount		$ 120,000

Note 4 - Derivative and Other_9

Note 4 - Derivative and Other Hedging Instruments - Schedule of To Be Announced Securities (Details) - Short [Member] - USD ($) $ in Thousands	Mar. 31, 2023		Dec. 31, 2022
Two Percent TBA Contract [Member]
Notional amount	$ (175,000)		$ (175,000)
Cost	(144,511)		(142,268)
Market value	(144,526)		(143,145)
Net carrying value	(15)	[1]	(877)
Cost	(144,511)		(142,268)
Market value	(144,526)		(143,145)
Three Percent TBA Securities [Member]
Notional amount	(700,000)	[2]	(500,000)
Cost	(616,438)	[3]	(440,644)
Market value	(627,457)	[4]	(440,274)
Net carrying value	(11,019)		370
Cost	(616,438)	[3]	(440,644)
Market value	(627,457)	[4]	(440,274)
TBA Contracts [Member]
Notional amount	(875,000)		(675,000)
Cost	(760,949)		(582,912)
Market value	(771,983)		(583,419)
Net carrying value	(11,034)		(507)
Cost	(760,949)		(582,912)
Market value	$ (771,983)		$ (583,419)
[1]Net carrying value represents the difference between the market value and the cost basis of the TBA securities as of period-end and is reported in derivative assets (liabilities), at fair value in our balance sheets[2]Notional amount represents the par value (or principal balance) of the underlying Agency RMBS.[3]Cost basis represents the forward price to be paid (received) for the underlying Agency RMBS.[4]Market value represents the current market value of the TBA securities (or of the underlying Agency RMBS) as of period-end.

Note 4 - Derivative and Othe_10

Note 4 - Derivative and Other Hedging Instruments - Schedule of Derivative Instruments Gain (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
(Losses) gains on derivative and other hedging instruments	$ (41,156)	$ 177,498	$ 177,498
Treasury Note Future [Member] | Short [Member]
(Losses) gains on derivative and other hedging instruments	(4,038)		79,691
Interest Rate Swap [Member]
(Losses) gains on derivative and other hedging instruments	(26,144)		66,170
Payer Swaptions [Member] | Short [Member]
(Losses) gains on derivative and other hedging instruments	6,585		(10,908)
Payer Swaptions [Member] | Long [Member]
(Losses) gains on derivative and other hedging instruments	(12,109)		40,975
Interest Rate Cap [Member]
(Losses) gains on derivative and other hedging instruments	(645)		(996)
Interest Rate Floor [Member]
(Losses) gains on derivative and other hedging instruments	1,185		0
TBA Contracts [Member] | Short [Member]
(Losses) gains on derivative and other hedging instruments	(5,990)		2,539
TBA Contracts [Member] | Long [Member]
(Losses) gains on derivative and other hedging instruments	$ 0		$ 27

Note 5 - Pledged Assets - Sched

Note 5 - Pledged Assets - Schedule of Financial Instruments Owned and Pledged as Collateral (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued interest receivable	$ 13,120	$ 11,519
Restricted cash	42,738	31,568
Asset Pledged as Collateral [Member]
Accrued interest receivable	12,871	11,435
Restricted cash	42,738	31,568
Total	4,038,571	3,592,025
Asset Pledged as Collateral [Member] | Residential Mortgage-Backed Securities [Member] | Pass Through Certificate [Member]
Investment at fair value	3,926,711	3,492,544
Asset Pledged as Collateral [Member] | Residential Mortgage-Backed Securities [Member] | Structured Finance [Member]
Investment at fair value	19,445	20,096
Asset Pledged as Collateral [Member] | US Treasury Securities [Member]
Investment at fair value	36,806	36,382
Asset Pledged as Collateral [Member] | Repurchase Agreements [Member]
Accrued interest receivable	12,867	11,419
Restricted cash	18,072	13,341
Total	3,977,095	3,537,400
Asset Pledged as Collateral [Member] | Repurchase Agreements [Member] | Residential Mortgage-Backed Securities [Member] | Pass Through Certificate [Member]
Investment at fair value	3,926,711	3,492,544
Asset Pledged as Collateral [Member] | Repurchase Agreements [Member] | Residential Mortgage-Backed Securities [Member] | Structured Finance [Member]
Investment at fair value	19,445	20,096
Asset Pledged as Collateral [Member] | Repurchase Agreements [Member] | US Treasury Securities [Member]
Investment at fair value	0	0
Asset Pledged as Collateral [Member] | Derivative [Member]
Accrued interest receivable	4	16
Restricted cash	24,666	18,227
Total	61,476	54,625
Asset Pledged as Collateral [Member] | Derivative [Member] | Residential Mortgage-Backed Securities [Member] | Pass Through Certificate [Member]
Investment at fair value	0	0
Asset Pledged as Collateral [Member] | Derivative [Member] | Residential Mortgage-Backed Securities [Member] | Structured Finance [Member]
Investment at fair value	0	0
Asset Pledged as Collateral [Member] | Derivative [Member] | US Treasury Securities [Member]
Investment at fair value	$ 36,806	$ 36,382

Note 5 - Pledged Assets - Sch_2

Note 5 - Pledged Assets - Schedule of Financial Instruments Pledged as Collateral From Counterparties (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cash	$ 10,930	$ 16,293
Repurchase Agreements [Member]
Cash	9,053	3,272
Derivative [Member]
Cash	1,877	13,021
Cash [Member]
Cash	5,930	16,096
Cash [Member] | Repurchase Agreements [Member]
Cash	4,053	3,075
Cash [Member] | Derivative [Member]
Cash	1,877	13,021
US Treasury Securities [Member]
Cash	5,000	197
US Treasury Securities [Member] | Repurchase Agreements [Member]
Cash	5,000	197
US Treasury Securities [Member] | Derivative [Member]
Cash	$ 0	$ 0

Note 6 - Offsetting Assets an_3

Note 6 - Offsetting Assets and Liabilities - Offsetting Assets (Details) - Assets [Member] - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Gross amount, recognized	$ 29,315	$ 40,172
Gross Amount, offset	0	0
Net Amount	29,315	40,172
Gross Amount, not recognized	0	0
Gross amount, not offset	(1,525)	(13,021)
Net amount, after deduction	27,790	27,151
Interest Rate Swap [Member]
Gross amount, recognized	13,972	4,983
Gross Amount, offset	0	0
Net Amount	13,972	4,983
Gross Amount, not recognized	0	0
Gross amount, not offset	0	0
Net amount, after deduction	13,972	4,983
Payer Swaptions [Member]
Gross amount, recognized	14,849	33,398
Gross Amount, offset	0	0
Net Amount	14,849	33,398
Gross Amount, not recognized	0	0
Gross amount, not offset	(1,505)	(12,489)
Net amount, after deduction	13,344	20,909
Interest Rate Cap [Member]
Gross amount, recognized	474	1,119
Gross Amount, offset	0	0
Net Amount	474	1,119
Gross Amount, not recognized	0	0
Gross amount, not offset	0	0
Net amount, after deduction	474	1,119
TBA Contracts [Member]
Gross amount, recognized	20	672
Gross Amount, offset	0	0
Net Amount	20	672
Gross Amount, not recognized	0	0
Gross amount, not offset	(20)	(532)
Net amount, after deduction	$ 0	$ 140

Note 6 - Offsetting Assets an_4

Note 6 - Offsetting Assets and Liabilities - Offsetting Liabilities (Details) - Liability [Member] - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Gross amount, recognized	$ 3,789,019	$ 3,385,606
Gross Amount, offset	0	0
Net Amount	3,789,019	3,385,606
Gross Amount, not recognized	(3,751,365)	(3,365,104)
Gross amount, not offset	(27,191)	(14,520)
Net amount, after deduction	10,463	5,982
Repurchase Agreements [Member]
Gross amount, recognized	3,769,437	3,378,445
Gross Amount, offset	0	0
Net Amount	3,769,437	3,378,445
Gross Amount, not recognized	(3,751,365)	(3,365,104)
Gross amount, not offset	(18,072)	(13,341)
Net amount, after deduction	0	0
Payer Swaptions [Member]
Gross amount, recognized	8,528	5,982
Gross Amount, offset	0	0
Net Amount	8,528	5,982
Gross Amount, not recognized	0	0
Gross amount, not offset	0	0
Net amount, after deduction	8,528	5,982
TBA Contracts [Member]
Gross amount, recognized	11,054	1,179
Gross Amount, offset	0	0
Net Amount	11,054	1,179
Gross Amount, not recognized	0	0
Gross amount, not offset	(9,119)	(1,179)
Net amount, after deduction	$ 1,935	0
Interest Rate Swap [Member]
Gross amount, recognized		0
Gross Amount, offset		0
Net Amount		0
Gross Amount, not recognized		0
Gross amount, not offset		0
Net amount, after deduction		$ 0

Note 7 - Capital Stock (Details

Note 7 - Capital Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				12 Months Ended										92 Months Ended	123 Months Ended
	Apr. 12, 2023	Apr. 12, 2023	[1]	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2023	Mar. 31, 2023	Apr. 28, 2023	Oct. 12, 2022	Aug. 30, 2022	Dec. 09, 2021	Feb. 08, 2018	Feb. 01, 2018	Jul. 29, 2015
Common Stock, Par or Stated Value Per Share (in dollars per share)				$ 0.01		$ 0.01										$ 0.01	$ 0.01			$ 0.01
Stock Repurchased and Retired During Period, Value				$ 3,963
Common Stock, Dividends, Per Share, Declared (in dollars per share)				$ 0.480	$ 0.775	$ 2.475	$ 3.900	$ 3.950	$ 4.800	$ 5.350	$ 8.400	$ 8.400	$ 9.600	$ 10.800	$ 6.975		$ 65.290
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.16	$ 0.640
Share Repurchase Program [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares)																								400,000
Stock Repurchase Program, Additional Shares Authorized (in shares)																			4,300,000		3,372,399		904,564
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)																			6,183,601		3,539,861	1,061,316		156,751
Stock Repurchased and Retired During Period, Shares (in shares)				373,041		2,538,470										4,048,613
Stock Repurchased and Retired During Period, Value				$ 4,000		$ 24,500										$ 68,800
Shares Acquired, Average Cost Per Share (in dollars per share)				$ 10.62		$ 9.63										$ 16.99
Share Repurchase Program [Member] | Subsequent Event [Member]
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)																		4,928,350
[1]On April 12, 2023, the Company declared a dividend of $0.16 per share to be paid on May 26, 2023. The effect of this dividend is included in the table above but is not reflected in the Company’s financial statements as of March 31, 2023.

Note 7 - Capital Stock - Issuan

Note 7 - Capital Stock - Issuance of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended					12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2022
Issuance of common stock pursuant to public offerings, net (in shares)	2,690,000					3,885,048
Issuance of common stock pursuant to public offerings, net	$ 31,657					$ 40,580
At the Market Offering Program [Member]
Price per share (in dollars per share)	$ 11.77	$ 10.45	$ 0	$ 0	$ 0	$ 10.45
Issuance of common stock pursuant to public offerings, net (in shares)	2,690,000	3,885,048	0	0	0
Issuance of common stock pursuant to public offerings, net	$ 31,657	$ 40,580	$ 0	$ 0	$ 0

Note 7 - Capital Stock - Divide

Note 7 - Capital Stock - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended				12 Months Ended										123 Months Ended
		Apr. 12, 2023	Apr. 12, 2023		Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2023
Dividends declared per common share (in dollars per share)					$ 0.480	$ 0.775	$ 2.475	$ 3.900	$ 3.950	$ 4.800	$ 5.350	$ 8.400	$ 8.400	$ 9.600	$ 10.800	$ 6.975	$ 65.290
Dividends							$ 87,906	$ 97,601	$ 53,570	$ 54,421	$ 55,814	$ 70,717	$ 41,388	$ 38,748	$ 22,643	$ 4,662	$ 552,568
Subsequent Event [Member]
Dividends declared per common share (in dollars per share)		$ 0.16	$ 0.640	[1]
Dividends	[1]		$ 25,098
[1]On April 12, 2023, the Company declared a dividend of $0.16 per share to be paid on May 26, 2023. The effect of this dividend is included in the table above but is not reflected in the Company’s financial statements as of March 31, 2023.

Note 8 - Stock Incentive Plan_2

Note 8 - Stock Incentive Plan (Details Textual) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 28, 2023	Mar. 31, 2023	Dec. 31, 2022
Stock Issued During Period, Shares, New Issues (in shares)		2,690,000,000	3,885,048,000
Minimum [Member]
Decline of Book Value Per Share		10%
Subsequent Event [Member] | Executive Officers and Certain Employees [Member]
Stock Issued During Period, Shares, New Issues (in shares)	76,696
Share-Based Payment Arrangement, Expense	$ 0.8
PU Award [Member] | Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	76,696
The 2021 Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum		10%
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)		1,473,324

Note 8 - Stock Incentive Plan -

Note 8 - Stock Incentive Plan - Schedule of Nonvested Performance Based Units Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock based compensation	$ 409	$ 162
Performance Shares [Member]
Unvested, shares (in shares)	36,921	26,645
Unvested, grant date fair value (in dollars per share)	$ 20.57	$ 29.40
Fully vested shares granted (in shares)	0	35,114
Weighted average grant date price per share (in dollars per share)	$ 0	$ 16.55
Vested and issued, shares (in shares)	(4,462)	(2,664)
Vested and issued, grant date fair value (in dollars per share)	$ 22.09	$ 29.40
Unvested, shares (in shares)	32,459	59,095
Unvested, grant date fair value (in dollars per share)	$ 20.36	$ 21.75
Stock based compensation	$ 90	$ 106
Unrecognized compensation expense, end of period	267	942
Intrinsic value, end of period	$ 348	$ 960
Weighted-average remaining vesting term (in years) (Year)	1 year 1 month 6 days	1 year 9 months 18 days

Note 8 - Stock Incentive Plan_3

Note 8 - Stock Incentive Plan - Schedule of Stock Awards (Details) - Stock Awards [Member] - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Fully vested shares granted (in shares)		0	35,114
Weighted average grant date price per share (in dollars per share)		$ 0	$ 16.55
Compensation expense related to fully vested shares of common stock awards	[1]	$ 0	$ 581
[1]The awards issued during the year ended December 31, 2022 were granted with respect to service performed in 2021. Approximately $600,000 of compensation expense related to the 2022 awards was accrued and recognized in 2021.

Note 8 - Stock Incentive Plan_4

Note 8 - Stock Incentive Plan - Share Based Compensation Arrangements by Share Based Payment Award (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock based compensation	$ 409	$ 162
Deferred Stock Units [Member]
Outstanding, shares (in shares)	54,197	28,595
Outstanding, grant date fair value (in dollars per share)	$ 20.29	$ 26.92
Granted and vested, shares (in shares)	9,302	3,055
Granted and vested, grant date fair value (in dollars per share)	$ 10.59	$ 21.95
Outstanding, shares (in shares)	63,499	31,650
Outstanding, grant date fair value (in dollars per share)	$ 18.87	$ 26.45
Stock based compensation	$ 89	$ 75
Intrinsic value, end of period	$ 681	$ 514

Note 11 - Earnings Per Share _3

Note 11 - Earnings Per Share (EPS) - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net income (loss) - Basic and diluted	$ 3,530	$ (148,727)
Shares of common stock outstanding at the balance sheet date (in shares)	39,086,000	35,423,000
Unvested dividend eligible share based compensation outstanding at the balance sheet date (in shares)	96,000	0
Effect of weighting (in shares)	(690,000)	(23,000)
Weighted Average Shares Outstanding (in shares)	38,491,767	35,399,513
Basic and diluted net income (loss) per share (in dollars per share)	$ 0.09	$ (4.20)
Anti-dilutive incentive shares not included in calculation (in shares)	0	91,000

Note 12 - Fair Value - Schedule

Note 12 - Fair Value - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Mortgage-backed securities, at fair value (includes pledged assets of $3,946,156 and $3,512,640, respectively)	$ 3,999,906	$ 3,540,002
U.S. Treasury Notes, at fair value (includes pledged assets of $36,806 and $36,382, respectively)	36,806	36,382
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Mortgage-backed securities, at fair value (includes pledged assets of $3,946,156 and $3,512,640, respectively)	0	0
U.S. Treasury Notes, at fair value (includes pledged assets of $36,806 and $36,382, respectively)	36,806	36,382
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Interest Rate Swap [Member]
Derivative assets, at fair value	0	0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Payer Swaptions [Member]
Derivative assets, at fair value	0	0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Interest Rate Cap [Member]
Derivative assets, at fair value	0	0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | TBA Contracts [Member]
Derivative assets, at fair value	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Mortgage-backed securities, at fair value (includes pledged assets of $3,946,156 and $3,512,640, respectively)	3,999,906	3,540,002
U.S. Treasury Notes, at fair value (includes pledged assets of $36,806 and $36,382, respectively)	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Swap [Member]
Derivative assets, at fair value	13,972	4,983
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Payer Swaptions [Member]
Derivative assets, at fair value	6,321	27,416
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Cap [Member]
Derivative assets, at fair value	474	1,119
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | TBA Contracts [Member]
Derivative assets, at fair value	(11,034)	(507)
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Mortgage-backed securities, at fair value (includes pledged assets of $3,946,156 and $3,512,640, respectively)	0	0
U.S. Treasury Notes, at fair value (includes pledged assets of $36,806 and $36,382, respectively)	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Interest Rate Swap [Member]
Derivative assets, at fair value	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Payer Swaptions [Member]
Derivative assets, at fair value	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Interest Rate Cap [Member]
Derivative assets, at fair value	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | TBA Contracts [Member]
Derivative assets, at fair value	$ 0	$ 0

Note 13 - Related Party Trans_2

Note 13 - Related Party Transactions (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Bimini Advisors LLC [Member]
Automatic Renewal Period Of Management Agreement (Year)	1 year
Management Fee and Overhead Expense	$ 3.4	$ 3.1
Accounts Payable, Current	$ 1.2		$ 1.1
Bimini Capital Management Inc [Member]
Entity Shares Owned (in shares)	569,071
Entity Ownership Percentage	1.50%