Orchid Island Capital (ORC) 10-K 23 Feb 24 2023 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 22, 2024	Jun. 30, 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	FY
Document Fiscal Year Focus	2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 446,386,589
Entity Common Stock, Shares Outstanding		51,303,301
Auditor Name	BDO USA, P.C.
Auditor Location	West Palm Beach, FL
Auditor Firm ID	243

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS:
Pledged assets	$ 3,894,012	$ 3,540,002
Pledged assets	0	36,382
Pledged assets, available for sale	148,820	0
Cash and cash equivalents	171,893	205,651
Restricted cash	28,396	31,568
Accrued interest receivable	14,951	11,519
Derivative assets	6,420	40,172
Other assets	455	442
Total Assets	4,264,947	3,865,736
LIABILITIES:
Repurchase agreements	3,705,649	3,378,445
Payable for investment securities and TBA transactions	60,454	0
Dividends payable	6,222	5,908
Derivative liabilities	12,694	7,161
Accrued interest payable	7,939	9,209
Other liabilities	1,031	25,119
Total Liabilities	3,795,002	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 December 31, 2023 and December 31, 2022	0	0
Common Stock, $0.01 par value; 100,000,000 shares authorized, 51,636,074 shares issued and outstanding as of December 31, 2023 and 36,764,983 shares issued and outstanding as of December 31, 2022	516	368
Additional paid-in capital	849,845	779,602
Accumulated deficit	(380,433)	(341,207)
Accumulated other comprehensive income	17	0
Total Stockholders' Equity	469,945	438,763
Total Liabilities and Stockholders' Equity	4,264,947	3,865,736
Related Party [Member]
LIABILITIES:
Due to affiliates	$ 1,013	$ 1,131

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pledged assets	$ 3,894,012	$ 3,540,002
Pledged assets	0	36,382
Pledged assets, available for sale	$ 148,820	$ 0
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)	51,636,074	36,764,983
Common stock, outstanding (in shares)	51,636,074	36,764,983
Asset Pledged as Collateral [Member]
Pledged assets	$ 3,885,554	$ 3,512,640
Pledged assets		$ 36,382
Pledged assets, available for sale	$ 79,680

Statements of Comprehensive Inc

Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest income	$ 177,569	$ 144,633	$ 134,700
Interest expense	(201,918)	(61,708)	(7,090)
Net interest (expense) income	(24,349)	82,925	127,610
Realized losses on mortgage-backed securities	(22,642)	(133,695)	(5,542)
Unrealized losses on mortgage-backed securities and U.S. Treasury securities	(18,941)	(642,710)	(198,454)
Gains on derivative instruments	45,237	452,476	26,492
Net portfolio loss	(20,695)	(241,004)	(49,894)
Management fees	10,491	10,447	8,156
Allocated overhead	2,389	2,042	1,632
Incentive compensation	1,419	957	1,132
Directors' fees and liability insurance	1,322	1,251	1,169
Audit, legal and other professional fees	1,495	1,143	1,112
Direct REIT operating expenses	715	831	1,090
Other administrative	700	778	575
Total expenses	18,531	17,449	14,866
Net loss	(39,226)	(258,453)	(64,760)
Unrealized gains on U.S. Treasury securities measured at fair value through other comprehensive net loss	17	0	0
Comprehensive net loss	$ (39,209)	$ (258,453)	$ (64,760)
Basic and diluted net loss per share (in dollars per share)	$ (0.89)	$ (6.9)	$ (2.67)
Weighted Average Shares Outstanding (in shares)	44,649,039	37,464,671	24,228,865
Collateralized Mortgage-Backed Securities [Member]
Realized losses on mortgage-backed securities	$ (22,642)	$ (133,695)	$ (5,542)

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balances (in shares) at Dec. 31, 2020	15,215,000
Balances at Dec. 31, 2020	$ 152	$ 433,133	$ (17,994)	$ 0	$ 415,291
Net income (loss)	0	0	(64,760)	0	(64,760)
Cash dividends declared	$ 0	(97,601)	0	0	(97,601)
Issuance of common stock pursuant to public offerings, net (in shares)	20,166,000
Issuance of common stock pursuant to public offerings, net	$ 202	513,857	0	0	514,059
Stock based awards and amortization (in shares)	18,000
Stock based awards and amortization	$ 0	1,108	0	0	1,108
Shares repurchased and retired (in shares)	0
Shares repurchased and retired	$ 0	0	0	0	0
Unrealized gain on available-for-sale securities					$ 0
Balances (in shares) at Dec. 31, 2021	35,399,000				35,399,000
Balances at Dec. 31, 2021	$ 354	850,497	(82,754)	0	$ 768,097
Net income (loss)	0	0	(258,453)	0	(258,453)
Cash dividends declared	$ 0	(87,906)	0	0	$ (87,906)
Issuance of common stock pursuant to public offerings, net (in shares)	3,885,000				3,885,048	[1]
Issuance of common stock pursuant to public offerings, net	$ 38	40,542	0	0	$ 40,580	[2]
Stock based awards and amortization (in shares)	30,000
Stock based awards and amortization	$ 0	1,055	0	0	1,055
Shares repurchased and retired (in shares)	(2,549,000)
Shares repurchased and retired	$ (24)	(24,586)	0	0	(24,610)
Unrealized gain on available-for-sale securities					$ 0
Balances (in shares) at Dec. 31, 2022	36,765,000				36,765,000
Balances at Dec. 31, 2022	$ 368	779,602	(341,207)	0	$ 438,763
Net income (loss)	0	0	(39,226)	0	(39,226)
Cash dividends declared	$ 0	(81,127)	0	0	$ (81,127)
Issuance of common stock pursuant to public offerings, net (in shares)	15,880,000				15,880,039	[1]
Issuance of common stock pursuant to public offerings, net	$ 157	159,281	0	0	$ 159,438	[2]
Stock based awards and amortization (in shares)	64,000
Stock based awards and amortization	$ 1	1,503	0	0	1,504
Shares repurchased and retired (in shares)	(1,073,000)
Shares repurchased and retired	$ (10)	(9,414)	0	0	(9,424)
Unrealized gain on available-for-sale securities	$ 0	0	0	17	$ 17
Balances (in shares) at Dec. 31, 2023	51,636,000				51,636,000
Balances at Dec. 31, 2023	$ 516	$ 849,845	$ (380,433)	$ 17	$ 469,945
[1]As of December 31, 2023, the Company had entered into eleven equity distribution agreements, ten of which have either been terminated because all shares were sold or were replaced with a subsequent agreement.[2]Net proceeds are net of the underwriters' discount, if applicable, and other offering costs.

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (39,226)	$ (258,453)	$ (64,760)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock based compensation	1,198	685	772
Discount accretion on U.S. Treasury Bills	(1,875)	0	0
Realized losses on mortgage-backed securities	22,642	133,695	5,542
Unrealized losses on mortgage-backed securities and U.S. Treasury securities	18,941	642,710	198,454
Realized and unrealized losses (gains) on derivative instruments	10,616	(245,421)	(35,350)
Changes in operating assets and liabilities:
Accrued interest receivable	(3,432)	7,340	(9,138)
Other assets	(7)	(128)	196
Accrued interest payable	(1,270)	8,421	(369)
Other liabilities	534	454	663
Due to affiliates	(118)	69	430
NET CASH PROVIDED BY OPERATING ACTIVITIES	8,003	289,372	96,440
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases	(97,787)	0	(37,440)
Maturity of U.S. Treasury securities	37,500	0	0
Net proceeds from derivative instruments	15,940	245,335	8,571
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES	(441,064)	2,440,822	(3,016,800)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from repurchase agreements	37,761,388	40,040,024	35,950,241
Principal payments on repurchase agreements	(37,434,184)	(42,905,685)	(33,301,721)
Cash dividends paid	(80,754)	(93,494)	(90,984)
Proceeds from issuance of common stock, net of issuance costs	159,438	40,580	514,059
Common stock repurchases, including shares withheld from employee stock awards for payment of taxes	(9,757)	(24,842)	(299)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	396,131	(2,943,417)	3,071,296
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(36,930)	(213,223)	150,936
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period	237,219	450,442	299,506
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period	200,289	237,219	450,442
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	203,188	53,288	7,458
Collateralized Mortgage-Backed Securities [Member]
Adjustments to reconcile net loss to net cash provided by operating activities:
Realized losses on mortgage-backed securities	22,642	133,695	5,542
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases	(1,521,070)	(1,004,526)	(6,430,725)
Sales and maturities	797,633	2,759,919	2,851,708
Principal repayments	$ 326,720	$ 440,094	$ 591,086

Note 1 - Organization and Signi

Note 1 - Organization and Significant Accounting Policies	12 Months Ended
	Dec. 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 August 4, 2020, “August 2020 four August 2020 June 2021. On January 20, 2021, “January 2021 January 2021 30 January 21, 2021. January 25, 2021, On March 2, 2021, “March 2021 March 2021 30 March 3, 2021. March 5, 2021, On June 22, 2021, “June 2021 four June 2021 October 2021. On October 29, 2021, “October 2021 four October 2021 March 2023. On March 7, 2023, “March 2023 three may December 31, 2023 March 2023 Basis of Presentation and Use of Estimates The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). 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 significantly 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 December 31, 2023 Reclassification of Comparative Period Information The Company previously reported $3.3 million and $0.4 million of commissions, fees and other expenses associated with its derivative holdings for the years ended December 31, 2022 2021, 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) December 31, 2023 December 31, 2022 Cash and cash equivalents $ 171,893 $ 205,651 Restricted cash 28,396 31,568 Total cash, cash equivalents and restricted cash $ 200,289 $ 237,219 The Company maintains cash balances at three three may not $250,000 not Mortgage-Backed Securities and U.S. Treasury Securities 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 and IO and IIO securities as structured RMBS. The Company also invests in U.S. Treasury Notes and U.S. Treasury Bills, 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 comprehensive income (loss), 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 has designated its U.S. Treasury Bills as available-for-sale. 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 U.S. Treasury Bills are zero not Derivative Financial 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 comprehensive income (loss). Derivative and other hedging instruments are carried at fair value, and changes in fair value are recorded in statements of comprehensive income (loss) as gains or losses on derivative and other hedging instruments 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, SOFR and T-Note futures contracts, interest rate swaps, interest rate swaptions, interest rate caps 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 13 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 14 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 elected and is organized and operated so as to qualify to be taxed as a REIT under the Code. REITs are generally 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 Securities, At Fair Value	12 Months Ended
	Dec. 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 that are remeasured at fair value through earnings as of December 31, 2023 December 31, 2022 (in thousands) December 31, 2023 December 31, 2022 Par Value Cost (1) Fair Value Par Value Cost (1) Fair Value Pass-Through RMBS Certificates: Fixed-rate Mortgages $ 4,051,145 $ 4,198,424 $ 3,877,082 $ 3,848,367 $ 4,088,165 $ 3,519,906 Total Pass-Through Certificates 4,051,145 4,198,424 3,877,082 3,848,367 4,088,165 3,519,906 Structured RMBS Certificates: Interest-Only Securities (2) n/a 19,839 16,572 n/a 22,395 19,669 Inverse Interest-Only Securities (3) n/a 1,825 358 n/a 2,147 427 Total Structured RMBS Certificates - 21,664 16,930 - 24,542 20,096 Total $ 4,051,145 $ 4,220,088 $ 3,894,012 $ 3,848,367 $ 4,112,707 $ 3,540,002 ( 1 The cost information in the table above represents the aggregate current par value, multiplied by the purchase price of each security in the portfolio. ( 2 The notional balance for the interest-only securities portfolio was $98.6 million and $111.5 million as of December 31, 2023 2022, ( 3 The notional balance for the inverse interest-only securities portfolio was $26.8 million and $31.5 million as of December 31, 2023 2022, As of December 31, 2022, The following table is a summary of the Company's net gain (loss) from the sale of mortgage-backed securities for the years ended December 31, 2023, 2022 2021 (in thousands) 2023 2022 2021 Proceeds from sales of RMBS $ 797,633 $ 2,759,919 $ 2,851,708 Carrying value of RMBS sold (820,275 ) (2,893,614 ) (2,857,250 ) Net loss on sales of RMBS $ (22,642 ) $ (133,695 ) $ (5,542 ) Gross gain on sales of RMBS $ - $ 2,705 $ 7,930 Gross loss on sales of RMBS (22,642 ) (136,400 ) (13,472 ) Net loss on sales of RMBS $ (22,642 ) $ (133,695 ) $ (5,542 )

Note 3 - U.S. Treasury Securiti

Note 3 - U.S. Treasury Securities, Available-for-sale	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Available-for-sale Debt Securities [Text Block]	NOTE 3. As of December 31, 2023 The amortized cost, gross unrealized holding gains and losses, and fair value of available-for-sale investments as of December 31, 2023 (in thousands) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Treasury Bill, 1/2/2024 Maturity $ 49,671 $ 9 $ - $ 49,680 U.S. Treasury Bill, 2/15/2024 Maturity 49,992 8 - 50,000 U.S. Treasury Bill, 4/30/2024 Maturity 49,140 - - 49,140 $ 148,803 $ 17 $ - $ 148,820 The Company had no securities classified as available-for-sale that were in an unrealized loss position as of December 31, 2023, 2022 2021

Note 4 - Repurchase Agreements

Note 4 - Repurchase Agreements	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]	NOTE 4. 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 December 31, 2023 As of December 31, 2023 2022 ($ in thousands) OVERNIGHT BETWEEN 2 BETWEEN 31 GREATER (1 DAY OR AND AND THAN LESS) 30 DAYS 90 DAYS 90 DAYS TOTAL December 31, 2023 Fair market value of securities pledged, including accrued interest receivable $ - $ 3,125,315 $ 710,055 $ 65,106 $ 3,900,476 Repurchase agreement liabilities associated with these securities $ - $ 2,966,650 $ 674,696 $ 64,303 $ 3,705,649 Net weighted average borrowing rate - 5.55 % 5.54 % 5.46 % 5.55 % 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 % In addition, cash pledged to counterparties as collateral for repurchase agreements was approximately $13.3 million as of 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 December 31, 2023 not 10% December 31, 2023 2022

Note 5 - Derivative and Other H

Note 5 - Derivative and Other Hedging Instruments	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	1 to ≤ 5 years $ 500,000 0.84 % 5.64 % 2.7 Expiration > 5 years 1,826,500 2.62 % 5.40 % 6.8 $ 2,326,500 2.24 % 5.45 % 5.9 December 31, 2022 Expiration > 1 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 As of December 31, 2023, February 24, 2024 September 10, 2023. Our interest rate swaps are centrally cleared through two The table below presents information related to the Company's interest rate cap positions at December 31, 2022. no December 31, 2023. ($ in thousands) Net Strike Estimated Notional Swap Curve Fair Expiration Amount Cost Rate Spread Value 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 December 31, 2023 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) December 31, 2023 Payer Swaptions (long positions) ≤ 1 year $ 1,619 $ 72 5.0 800,000 5.40 % SOFR 1.0 December 31, 2022 Payer Swaptions (long positions) ≤ 1 year $ 36,685 $ 21,253 9.6 1,250,000 4.09 % SOFR 10.0 > 1 year ≤ 2 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 % SOFR 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 December 31, 2023 2022 ($ in thousands) Notional Net Amount Cost Market Carrying Long (Short)(1) Basis(2) Value(3) Value(4) December 31, 2023 30-Year TBA securities: 3.0% $ (70,700 ) $ (59,278 ) $ (62,647 ) $ (3,369 ) 5.0% (250,000 ) (242,725 ) (247,657 ) (4,932 ) 5.5% (325,000 ) (322,410 ) (326,803 ) (4,393 ) Total $ (645,700 ) $ (624,413 ) $ (637,107 ) $ (12,694 ) 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 comprehensive income (loss) for the years ended December 31, 2023, 2022 2021 (in thousands) 2023 2022 2021 Futures contracts (short positions) $ 32,650 206,907 (1,026 ) Interest rate swaps 19,657 167,641 23,398 Payer swaptions (long positions) (8,734 ) 152,365 (2,580 ) Payer swaptions (short positions) 4,113 (81,050 ) 9,062 Interest rate caps (219 ) 919 - Interest rate floors (long positions) 1,785 - 2,765 Interest rate floors (short positions) (525 ) - - TBA securities (short positions) 1,370 4,494 3,432 TBA securities (long positions) (4,860 ) 1,200 (8,559 ) Total $ 45,237 $ 452,476 $ 26,492 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" xml:space="preserve">NOTE 5. The table below summarizes fair value information about the Company's derivative and other hedging instruments assets and liabilities as of December 31, 2023 2022 (in thousands) Derivative and Other Hedging Instruments Balance Sheet Location December 31, 2023 December 31, 2022 Assets Interest rate swaps Derivative assets, at fair value $ 6,348 $ 4,983 Payer swaptions (long positions) Derivative assets, at fair value 72 33,398 Interest rate caps Derivative assets, at fair value - 1,119 TBA securities Derivative assets, at fair value - 672 Total derivative assets, at fair value $ 6,420 $ 40,172 Liabilities Interest rate swaps Derivative liabilities, at fair value $ - $ - Payer swaptions (short positions) Derivative liabilities, at fair value - 5,982 TBA securities Derivative liabilities, at fair value 12,694 1,179 Total derivative liabilities, at fair value $ 12,694 $ 7,161 Margin Balances Posted to (from) Counterparties Futures contracts Restricted cash $ 4,096 $ 16,493 TBA securities Restricted cash 23,720 1,734 Interest rate swaption contracts Restricted cash 580 - TBA securities Other liabilities - (532 ) Interest rate swaption contracts Other liabilities - (12,489 ) Total margin balances on derivative contracts $ 28,396 $ 5,206 T-Note and SOFR 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 and SOFR futures positions at December 31, 2023 2022 ($ in thousands) December 31, 2023 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity(1) U.S. Treasury Note Futures Contracts (Short Positions) (2) March 2024 5-year T-Note futures (Mar 2024 - Mar 2029 Hedge Period) $ 421,500 4.36 % 4.04 % $ (9,936 ) March 2024 10-year Ultra futures (Mar 2024 - Mar 2034 Hedge Period) 320,000 4.38 % 4.39 % $ (11,393 ) SOFR Futures Contracts (Short Positions) June 2024 3-Month SOFR futures (Mar 2024 - Jun 2024 Hedge Period) $ 25,000 5.08 % 4.99 % $ (24 ) September 2024 3-Month SOFR futures (Jun 2024 - Sep 2024 Hedge Period) 25,000 4.67 % 4.52 % $ (39 ) December 2024 3-Month SOFR futures (Sep 2024 - Dec 2024 Hedge Period) 25,000 4.27 % 4.10 % $ (44 ) March 2025 3-Month SOFR futures (Dec 2024 - Mar 2025 Hedge Period) 25,000 3.90 % 3.73 % $ (43 ) June 2025 3-Month SOFR futures (Mar 2025 - Jun 2025 Hedge Period) 25,000 3.58 % 3.42 % $ (41 ) September 2025 3-Month SOFR futures (Jun 2025 - Sep 2025 Hedge Period) 25,000 3.37 % 3.21 % $ (39 ) December 2025 3-Month SOFR futures (Sep 2025 - Dec 2025 Hedge Period) 25,000 3.25 % 3.10 % $ (37 ) March 2026 3-Month SOFR futures (Dec 2025 - Mar 2026 Hedge Period) 25,000 3.21 % 3.07 % $ (35 ) ($ in thousands) December 31, 2022 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity(1) U.S. 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 December 31, 2023 December 31, 2022 December 31, 2023 2022 10 December 31, 2023 December 31, 2022 December 31, 2023 2022 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 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 margin on its interest rate swap agreements. The table below presents information related to the Company’s interest rate swap positions at December 31, 2023 2022 ($ in thousands) Average Fixed Average Average Notional Pay Receive Maturity Amount Rate Rate (Years) December 31, 2023 Expiration > 1 to ≤ 5 years $ 500,000 0.84 % 5.64 % 2.7 Expiration > 5 years 1,826,500 2.62 % 5.40 % 6.8 $ 2,326,500 2.24 % 5.45 % 5.9 December 31, 2022 Expiration > 1 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 As of December 31, 2023, February 24, 2024 September 10, 2023. Our interest rate swaps are centrally cleared through two The table below presents information related to the Company's interest rate cap positions at December 31, 2022. no December 31, 2023. ($ in thousands) Net Strike Estimated Notional Swap Curve Fair Expiration Amount Cost Rate Spread Value 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 December 31, 2023 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) December 31, 2023 Payer Swaptions (long positions) ≤ 1 year $ 1,619 $ 72 5.0 800,000 5.40 % SOFR 1.0 December 31, 2022 Payer Swaptions (long positions) ≤ 1 year $ 36,685 $ 21,253 9.6 1,250,000 4.09 % SOFR 10.0 > 1 year ≤ 2 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 % SOFR 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 December 31, 2023 2022 ($ in thousands) Notional Net Amount Cost Market Carrying Long (Short)(1) Basis(2) Value(3) Value(4) December 31, 2023 30-Year TBA securities: 3.0% $ (70,700 ) $ (59,278 ) $ (62,647 ) $ (3,369 ) 5.0% (250,000 ) (242,725 ) (247,657 ) (4,932 ) 5.5% (325,000 ) (322,410 ) (326,803 ) (4,393 ) Total $ (645,700 ) $ (624,413 ) $ (637,107 ) $ (12,694 ) 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 comprehensive income (loss) for the years ended December 31, 2023, 2022 2021 (in thousands) 2023 2022 2021 Futures contracts (short positions) $ 32,650 206,907 (1,026 ) Interest rate swaps 19,657 167,641 23,398 Payer swaptions (long positions) (8,734 ) 152,365 (2,580 ) Payer swaptions (short positions) 4,113 (81,050 ) 9,062 Interest rate caps (219 ) 919 - Interest rate floors (long positions) 1,785 - 2,765 Interest rate floors (short positions) (525 ) - - TBA securities (short positions) 1,370 4,494 3,432 TBA securities (long positions) (4,860 ) 1,200 (8,559 ) Total $ 45,237 $ 452,476 $ 26,492 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 6 - Pledged Assets

Note 6 - Pledged Assets	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Pledged Assets [Text Block]	NOTE 6. Assets Pledged to Counterparties The table below summarizes the Company's assets pledged as collateral under our repurchase agreements and derivative agreements by type, including securities pledged related to securities sold but not December 31, 2023 2022 (in thousands) December 31, 2023 December 31, 2022 Repurchase Derivative Repurchase Derivative Assets Pledged to Counterparties Agreements Agreements Total Agreements Agreements Total PT RMBS - fair value $ 3,868,624 $ - $ 3,868,624 $ 3,492,544 $ - $ 3,492,544 Structured RMBS - fair value 16,930 - 16,930 20,096 - 20,096 U.S. Treasury securities - fair value - 79,680 79,680 - 36,382 36,382 Accrued interest on pledged securities 14,922 - 14,922 11,419 16 11,435 Restricted cash - 28,396 28,396 13,341 18,227 31,568 Total $ 3,900,476 $ 108,076 $ 4,008,552 $ 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 December 31, 2023 2022 (in thousands) December 31, 2023 December 31, 2022 Repurchase Derivative Repurchase Derivative Assets Pledged to Orchid Agreements Agreements Total Agreements Agreements Total Cash $ 42,179 $ - $ 42,179 $ 3,075 $ 13,021 $ 16,096 U.S. Treasury securities - fair value 10,429 - 10,429 197 - 197 Total $ 52,608 $ - $ 52,608 $ 3,272 $ 13,021 $ 16,293 U.S. Treasury securities received as margin under the Company's repurchase agreements are not

Note 7 - Offsetting Assets and

Note 7 - Offsetting Assets and Liabilities	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Offsetting Assets and Liabilities [Text Block]	NOTE 7. 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 December 31, 2023 2022 (in thousands) Offsetting of Assets Net Amount Gross Amount Not Gross Gross of Assets Offset in the Balance Sheet Amount Amount Presented Financial of Offset in the in the Instruments Cash Recognized Balance Balance Received as Received as Net Assets Sheet Sheet Collateral Collateral Amount December 31, 2023 Interest rate swaps $ 6,348 $ - $ 6,348 $ - $ - $ 6,348 Interest rate swaptions 72 - 72 - - 72 $ 6,420 $ - $ 6,420 $ - $ - $ 6,420 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 Net Amount Gross Amount Not Gross Gross of Liabilities Offset in the Balance Sheet Amount Amount Presented Financial of Offset in the in the Instruments Recognized Balance Balance Posted as Cash Posted Net Liabilities Sheet Sheet Collateral Collateral Amount December 31, 2023 Repurchase Agreements $ 3,705,649 $ - $ 3,705,649 $ (3,705,649 ) $ - $ - TBA securities 12,694 - 12,694 - (12,694 ) - $ 3,718,343 $ - $ 3,718,343 $ (3,705,649 ) $ (12,694 ) $ - December 31, 2022 Repurchase Agreements $ 3,378,445 $ - $ 3,378,445 $ (3,365,104 ) $ (13,341 ) $ - 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 6

Note 8 - Capital Stock

Note 8 - Capital Stock	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Equity [Text Block]	NOTE 8. Reverse Stock Split On August 30, 2022, 1 5 Common Stock Issuances During 2023 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 At the Market Offering Program (3) Second Quarter 9.95 4,757,953 47,355 At the Market Offering Program (3) Third Quarter 9.54 8,432,086 80,426 At the Market Offering Program (3) Fourth Quarter - - - 15,880,039 $ 159,438 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 As of December 31, 2023 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 December 31, 2023 December 31, 2023 December 31, 2022, December 31, 2023 February 23, 2024 February 23, 2024 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 1.800 81,127 2024 YTD (1) 0.240 12,362 Totals $ 66.690 $ 620,959 ( 1 On January 10, 2024 February 27, 2024 February 14, 2024 March 26, 2024 not December 31, 2023

Note 9 - Stock Incentive Plan

Note 9 - Stock Incentive Plan	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	NOTE 9. 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 years ended December 31, 2023 2022 ($ in thousands, except per share data) 2023 2022 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Unvested, beginning of period 36,920 $ 20.57 26,645 $ 29.40 Granted 76,696 10.82 35,114 16.55 Forfeited - - (14,980 ) 21.04 Vested and issued (17,848 ) 22.09 (9,859 ) 29.40 Unvested, end of period 95,768 $ 12.48 36,920 $ 20.57 Compensation expense during period $ 590 $ 376 Unrecognized compensation expense, end of period $ 597 $ 357 Intrinsic value, end of period $ 807 $ 388 Weighted-average remaining vesting term (in years) 1.2 1.2 The number of shares of common stock issuable upon the vesting of the remaining outstanding PUs was reduced as a result of three 2012 2021 first March 31, 2022 January 1, 2022 June 30, 2022 second 15% September 30, 2022 July 1, 2022 December 31, 2022 third September 30, 2023 July 1, 2023 December 31, 2023 two 15%. Stock Awards The Company has issued, and may December 31, 2023 2022 December 31, 2023 2022 ($ in thousands, except per share data) 2023 2022 Fully vested shares granted 76,696 35,114 Weighted average grant date price per share $ 10.82 $ 16.55 Compensation expense related to fully vested shares of common stock awards (1) $ 830 $ 581 ( 1 The awards issued during the year ended December 31, 2023 2022 2023 2022 December 31, 2022 2021. 2022 2021. 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 years ended December 31, 2023 2022 ($ in thousands, except per share data) 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 42,507 9.81 25,602 12.89 Outstanding, end of period 96,704 $ 15.69 54,197 $ 20.29 Compensation expense during period $ 378 $ 328 Intrinsic value, end of period $ 815 $ 569

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 10. From time to time, the Company may not December 31, 2023

Note 11 - Income Taxes

Note 11 - Income Taxes	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 11. The Company will generally not 90% 85% 95% may REIT taxable income (loss) is computed in accordance with the Code, which is different than the Company’s financial statement net income (loss) computed in accordance with GAAP. Book to tax differences primarily relate to the recognition of interest income on RMBS, unrealized gains and losses on RMBS, and the amortization of losses on derivative instruments that are treated as hedges for tax purposes. As of December 31, 2023 2023 2023 2022 2021

Note 12 - Earnings Per Share (E

Note 12 - Earnings Per Share (EPS)	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 12. The Company had dividend eligible PUs and DSUs that were outstanding during the years ended December 31, 2023, 2022 2021 no no not no The table below reconciles the numerator and denominator of EPS for the years ended December 31, 2023, 2022 2021 (in thousands, except per-share information) 2023 2022 2021 Numerator for basic and diluted EPS per share of common stock: Net loss - Basic and diluted $ (39,226 ) $ (258,453 ) $ (64,760 ) Weighted average shares of common stock: Shares of common stock outstanding at the balance sheet date 51,636 36,765 35,399 Effect of weighting (6,987 ) 700 (11,170 ) Weighted average shares-basic and diluted 44,649 37,465 24,229 Net loss per common share: Basic and diluted $ (0.89 ) $ (6.90 ) $ (2.67 ) Anti-dilutive incentive shares not included in calculation. 192 91 55

Note 13 - Fair Value

Note 13 - Fair Value	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 13. 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 securities 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 years ended December 31, 2023, 2022 2021 not 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 due to the short-term nature of these financial instruments as of December 31, 2023 2022 1 2 The following table presents financial assets (liabilities) measured at fair value on a recurring basis as of December 31, 2023 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) December 31, 2023 Mortgage-backed securities $ - $ 3,894,012 $ - U.S. Treasury securities 148,820 - - Interest rate swaps - 6,348 - Interest rate swaptions - 72 - TBA securities - (12,694 ) - December 31, 2022 Mortgage-backed securities $ - $ 3,540,002 $ - U.S. Treasury securities 36,382 - - Interest rate swaps - 4,983 - Interest rate swaptions - 27,416 - Interest rate caps - 1,119 - TBA securities - (507 ) - During the years ended December 31, 2023 2022 no 1, 2 3.

Note 14 - Related Party Transac

Note 14 - Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE 14. Management Agreement The Company is externally managed and advised by the Manager pursuant to the terms of a management agreement. The management agreement has been renewed through February 20, 2025 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 $13.6 million, $13.0 million and $9.8 million, for the years ended December 31, 2023 2022 2021 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, 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 December 31, 2023

Insider Trading Arrangements

Insider Trading Arrangements	12 Months Ended
	Dec. 31, 2023
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	9B. During the quarter ended December 31, 2023, no 10b5 1 10b5 1 408
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation and Use of Estimates The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). 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 significantly 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 December 31, 2023
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassification of Comparative Period Information The Company previously reported $3.3 million and $0.4 million of commissions, fees and other expenses associated with its derivative holdings for the years ended December 31, 2022 2021,
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) December 31, 2023 December 31, 2022 Cash and cash equivalents $ 171,893 $ 205,651 Restricted cash 28,396 31,568 Total cash, cash equivalents and restricted cash $ 200,289 $ 237,219 The Company maintains cash balances at three three may not $250,000 not
Marketable Securities, Policy [Policy Text Block]	Mortgage-Backed Securities and U.S. Treasury Securities 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 and IO and IIO securities as structured RMBS. The Company also invests in U.S. Treasury Notes and U.S. Treasury Bills, 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 comprehensive income (loss), 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 has designated its U.S. Treasury Bills as available-for-sale. 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 U.S. Treasury Bills are zero not
Derivatives, Policy [Policy Text Block]	Derivative Financial 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 comprehensive income (loss). Derivative and other hedging instruments are carried at fair value, and changes in fair value are recorded in statements of comprehensive income (loss) as gains or losses on derivative and other hedging instruments 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, SOFR and T-Note futures contracts, interest rate swaps, interest rate swaptions, interest rate caps 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 13
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 14
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 elected and is organized and operated so as to qualify to be taxed as a REIT under the Code. REITs are generally 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)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Cash, Cash Equivalents and Investments [Table Text Block]	(in thousands) December 31, 2023 December 31, 2022 Cash and cash equivalents $ 171,893 $ 205,651 Restricted cash 28,396 31,568 Total cash, cash equivalents and restricted cash $ 200,289 $ 237,219

Note 2 - Mortgage-backed Secu_2

Note 2 - Mortgage-backed Securities and U.S. Treasury Securities, At Fair Value (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Marketable Securities [Table Text Block]	(in thousands) December 31, 2023 December 31, 2022 Par Value Cost (1) Fair Value Par Value Cost (1) Fair Value Pass-Through RMBS Certificates: Fixed-rate Mortgages $ 4,051,145 $ 4,198,424 $ 3,877,082 $ 3,848,367 $ 4,088,165 $ 3,519,906 Total Pass-Through Certificates 4,051,145 4,198,424 3,877,082 3,848,367 4,088,165 3,519,906 Structured RMBS Certificates: Interest-Only Securities (2) n/a 19,839 16,572 n/a 22,395 19,669 Inverse Interest-Only Securities (3) n/a 1,825 358 n/a 2,147 427 Total Structured RMBS Certificates - 21,664 16,930 - 24,542 20,096 Total $ 4,051,145 $ 4,220,088 $ 3,894,012 $ 3,848,367 $ 4,112,707 $ 3,540,002
Gain (Loss) on Securities [Table Text Block]	(in thousands) 2023 2022 2021 Proceeds from sales of RMBS $ 797,633 $ 2,759,919 $ 2,851,708 Carrying value of RMBS sold (820,275 ) (2,893,614 ) (2,857,250 ) Net loss on sales of RMBS $ (22,642 ) $ (133,695 ) $ (5,542 ) Gross gain on sales of RMBS $ - $ 2,705 $ 7,930 Gross loss on sales of RMBS (22,642 ) (136,400 ) (13,472 ) Net loss on sales of RMBS $ (22,642 ) $ (133,695 ) $ (5,542 )

Note 3 - U.S. Treasury Securi_2

Note 3 - U.S. Treasury Securities, Available-for-sale (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block]	(in thousands) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Treasury Bill, 1/2/2024 Maturity $ 49,671 $ 9 $ - $ 49,680 U.S. Treasury Bill, 2/15/2024 Maturity 49,992 8 - 50,000 U.S. Treasury Bill, 4/30/2024 Maturity 49,140 - - 49,140 $ 148,803 $ 17 $ - $ 148,820

Note 4 - Repurchase Agreements

Note 4 - Repurchase Agreements (Tables)	12 Months Ended
	Dec. 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 December 31, 2023 Fair market value of securities pledged, including accrued interest receivable $ - $ 3,125,315 $ 710,055 $ 65,106 $ 3,900,476 Repurchase agreement liabilities associated with these securities $ - $ 2,966,650 $ 674,696 $ 64,303 $ 3,705,649 Net weighted average borrowing rate - 5.55 % 5.54 % 5.46 % 5.55 % 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 5 - Derivative and Other_2

Note 5 - Derivative and Other Hedging Instruments (Tables)	12 Months Ended
	Dec. 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 December 31, 2023 December 31, 2022 Assets Interest rate swaps Derivative assets, at fair value $ 6,348 $ 4,983 Payer swaptions (long positions) Derivative assets, at fair value 72 33,398 Interest rate caps Derivative assets, at fair value - 1,119 TBA securities Derivative assets, at fair value - 672 Total derivative assets, at fair value $ 6,420 $ 40,172 Liabilities Interest rate swaps Derivative liabilities, at fair value $ - $ - Payer swaptions (short positions) Derivative liabilities, at fair value - 5,982 TBA securities Derivative liabilities, at fair value 12,694 1,179 Total derivative liabilities, at fair value $ 12,694 $ 7,161 Margin Balances Posted to (from) Counterparties Futures contracts Restricted cash $ 4,096 $ 16,493 TBA securities Restricted cash 23,720 1,734 Interest rate swaption contracts Restricted cash 580 - TBA securities Other liabilities - (532 ) Interest rate swaption contracts Other liabilities - (12,489 ) Total margin balances on derivative contracts $ 28,396 $ 5,206
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	($ in thousands) December 31, 2023 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity(1) U.S. Treasury Note Futures Contracts (Short Positions) (2) March 2024 5-year T-Note futures (Mar 2024 - Mar 2029 Hedge Period) $ 421,500 4.36 % 4.04 % $ (9,936 ) March 2024 10-year Ultra futures (Mar 2024 - Mar 2034 Hedge Period) 320,000 4.38 % 4.39 % $ (11,393 ) SOFR Futures Contracts (Short Positions) June 2024 3-Month SOFR futures (Mar 2024 - Jun 2024 Hedge Period) $ 25,000 5.08 % 4.99 % $ (24 ) September 2024 3-Month SOFR futures (Jun 2024 - Sep 2024 Hedge Period) 25,000 4.67 % 4.52 % $ (39 ) December 2024 3-Month SOFR futures (Sep 2024 - Dec 2024 Hedge Period) 25,000 4.27 % 4.10 % $ (44 ) March 2025 3-Month SOFR futures (Dec 2024 - Mar 2025 Hedge Period) 25,000 3.90 % 3.73 % $ (43 ) June 2025 3-Month SOFR futures (Mar 2025 - Jun 2025 Hedge Period) 25,000 3.58 % 3.42 % $ (41 ) September 2025 3-Month SOFR futures (Jun 2025 - Sep 2025 Hedge Period) 25,000 3.37 % 3.21 % $ (39 ) December 2025 3-Month SOFR futures (Sep 2025 - Dec 2025 Hedge Period) 25,000 3.25 % 3.10 % $ (37 ) March 2026 3-Month SOFR futures (Dec 2025 - Mar 2026 Hedge Period) 25,000 3.21 % 3.07 % $ (35 ) ($ in thousands) December 31, 2022 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity(1) U.S. 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) December 31, 2023 Expiration > 1 to ≤ 5 years $ 500,000 0.84 % 5.64 % 2.7 Expiration > 5 years 1,826,500 2.62 % 5.40 % 6.8 $ 2,326,500 2.24 % 5.45 % 5.9 December 31, 2022 Expiration > 1 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
Schedule of Interest Rate Caps [Table Text Block]	($ in thousands) Net Strike Estimated Notional Swap Curve Fair Expiration Amount Cost Rate Spread Value 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) December 31, 2023 Payer Swaptions (long positions) ≤ 1 year $ 1,619 $ 72 5.0 800,000 5.40 % SOFR 1.0 December 31, 2022 Payer Swaptions (long positions) ≤ 1 year $ 36,685 $ 21,253 9.6 1,250,000 4.09 % SOFR 10.0 > 1 year ≤ 2 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 % SOFR 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) December 31, 2023 30-Year TBA securities: 3.0% $ (70,700 ) $ (59,278 ) $ (62,647 ) $ (3,369 ) 5.0% (250,000 ) (242,725 ) (247,657 ) (4,932 ) 5.5% (325,000 ) (322,410 ) (326,803 ) (4,393 ) Total $ (645,700 ) $ (624,413 ) $ (637,107 ) $ (12,694 ) 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) 2023 2022 2021 Futures contracts (short positions) $ 32,650 206,907 (1,026 ) Interest rate swaps 19,657 167,641 23,398 Payer swaptions (long positions) (8,734 ) 152,365 (2,580 ) Payer swaptions (short positions) 4,113 (81,050 ) 9,062 Interest rate caps (219 ) 919 - Interest rate floors (long positions) 1,785 - 2,765 Interest rate floors (short positions) (525 ) - - TBA securities (short positions) 1,370 4,494 3,432 TBA securities (long positions) (4,860 ) 1,200 (8,559 ) Total $ 45,237 $ 452,476 $ 26,492

Note 6 - Pledged Assets (Tables

Note 6 - Pledged Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]	(in thousands) December 31, 2023 December 31, 2022 Repurchase Derivative Repurchase Derivative Assets Pledged to Counterparties Agreements Agreements Total Agreements Agreements Total PT RMBS - fair value $ 3,868,624 $ - $ 3,868,624 $ 3,492,544 $ - $ 3,492,544 Structured RMBS - fair value 16,930 - 16,930 20,096 - 20,096 U.S. Treasury securities - fair value - 79,680 79,680 - 36,382 36,382 Accrued interest on pledged securities 14,922 - 14,922 11,419 16 11,435 Restricted cash - 28,396 28,396 13,341 18,227 31,568 Total $ 3,900,476 $ 108,076 $ 4,008,552 $ 3,537,400 $ 54,625 $ 3,592,025
Schedule of Financial Instruments Pledged as Collateral From Counterparties [Table Text Block]	(in thousands) December 31, 2023 December 31, 2022 Repurchase Derivative Repurchase Derivative Assets Pledged to Orchid Agreements Agreements Total Agreements Agreements Total Cash $ 42,179 $ - $ 42,179 $ 3,075 $ 13,021 $ 16,096 U.S. Treasury securities - fair value 10,429 - 10,429 197 - 197 Total $ 52,608 $ - $ 52,608 $ 3,272 $ 13,021 $ 16,293

Note 7 - Offsetting Assets an_2

Note 7 - Offsetting Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Offsetting Assets [Table Text Block]	(in thousands) Offsetting of Assets Net Amount Gross Amount Not Gross Gross of Assets Offset in the Balance Sheet Amount Amount Presented Financial of Offset in the in the Instruments Cash Recognized Balance Balance Received as Received as Net Assets Sheet Sheet Collateral Collateral Amount December 31, 2023 Interest rate swaps $ 6,348 $ - $ 6,348 $ - $ - $ 6,348 Interest rate swaptions 72 - 72 - - 72 $ 6,420 $ - $ 6,420 $ - $ - $ 6,420 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 Net Amount Gross Amount Not Gross Gross of Liabilities Offset in the Balance Sheet Amount Amount Presented Financial of Offset in the in the Instruments Recognized Balance Balance Posted as Cash Posted Net Liabilities Sheet Sheet Collateral Collateral Amount December 31, 2023 Repurchase Agreements $ 3,705,649 $ - $ 3,705,649 $ (3,705,649 ) $ - $ - TBA securities 12,694 - 12,694 - (12,694 ) - $ 3,718,343 $ - $ 3,718,343 $ (3,705,649 ) $ (12,694 ) $ - December 31, 2022 Repurchase Agreements $ 3,378,445 $ - $ 3,378,445 $ (3,365,104 ) $ (13,341 ) $ - 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 8 - Capital Stock (Tables)

Note 8 - Capital Stock (Tables)	12 Months Ended
	Dec. 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 At the Market Offering Program (3) Second Quarter 9.95 4,757,953 47,355 At the Market Offering Program (3) Third Quarter 9.54 8,432,086 80,426 At the Market Offering Program (3) Fourth Quarter - - - 15,880,039 $ 159,438 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 1.800 81,127 2024 YTD (1) 0.240 12,362 Totals $ 66.690 $ 620,959

Note 9 - Stock Incentive Plan (

Note 9 - Stock Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Nonvested Performance-Based Units Activity [Table Text Block]	($ in thousands, except per share data) 2023 2022 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Unvested, beginning of period 36,920 $ 20.57 26,645 $ 29.40 Granted 76,696 10.82 35,114 16.55 Forfeited - - (14,980 ) 21.04 Vested and issued (17,848 ) 22.09 (9,859 ) 29.40 Unvested, end of period 95,768 $ 12.48 36,920 $ 20.57 Compensation expense during period $ 590 $ 376 Unrecognized compensation expense, end of period $ 597 $ 357 Intrinsic value, end of period $ 807 $ 388 Weighted-average remaining vesting term (in years) 1.2 1.2
Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block]	($ in thousands, except per share data) 2023 2022 Fully vested shares granted 76,696 35,114 Weighted average grant date price per share $ 10.82 $ 16.55 Compensation expense related to fully vested shares of common stock awards (1) $ 830 $ 581
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block]	($ in thousands, except per share data) 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 42,507 9.81 25,602 12.89 Outstanding, end of period 96,704 $ 15.69 54,197 $ 20.29 Compensation expense during period $ 378 $ 328 Intrinsic value, end of period $ 815 $ 569

Note 12 - Earnings Per Share _2

Note 12 - Earnings Per Share (EPS) (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	(in thousands, except per-share information) 2023 2022 2021 Numerator for basic and diluted EPS per share of common stock: Net loss - Basic and diluted $ (39,226 ) $ (258,453 ) $ (64,760 ) Weighted average shares of common stock: Shares of common stock outstanding at the balance sheet date 51,636 36,765 35,399 Effect of weighting (6,987 ) 700 (11,170 ) Weighted average shares-basic and diluted 44,649 37,465 24,229 Net loss per common share: Basic and diluted $ (0.89 ) $ (6.90 ) $ (2.67 ) Anti-dilutive incentive shares not included in calculation. 192 91 55

Note 13 - Fair Value (Tables)

Note 13 - Fair Value (Tables)	12 Months Ended
	Dec. 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) December 31, 2023 Mortgage-backed securities $ - $ 3,894,012 $ - U.S. Treasury securities 148,820 - - Interest rate swaps - 6,348 - Interest rate swaptions - 72 - TBA securities - (12,694 ) - December 31, 2022 Mortgage-backed securities $ - $ 3,540,002 $ - U.S. Treasury securities 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	10 Months Ended		12 Months Ended					14 Months Ended
		Mar. 07, 2023	Oct. 29, 2021	Mar. 05, 2021	Mar. 03, 2021	Mar. 02, 2021	Jan. 25, 2021	Jan. 21, 2021	Jan. 20, 2021	Dec. 31, 2022	Oct. 28, 2021	Dec. 31, 2023	Jun. 01, 2021	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021	Dec. 31, 2022	Aug. 30, 2022
Stock Issued During Period, Shares, New Issues (in shares)	[1]									3,885,048				15,880,039		3,885,048
Stock Issued During Period, Value, New Issues										$ 40,580				$ 159,438	[2]	$ 40,580	[2]	$ 514,059
Proceeds from Issuance of Common Stock														159,438		40,580		514,059
Direct Operating Costs														$ 715		$ 831		1,090
Common Stock, Par or Stated Value Per Share (in dollars per share)										$ 0.01		$ 0.01		$ 0.01		$ 0.01			$ 0.01	$ 0.01
Reclassification to Conform To Current Period [Member]
Direct Operating Costs																$ 3,300		$ 400
August 2020 Equity Distribution Agreement [Member]
Equity Agreement, Maximum Number of Shares Issuable (in shares)													150,000,000
Stock Issued During Period, Shares, New Issues (in shares)													5,498,730
Stock Issued During Period, Value, New Issues													$ 150,000
Proceeds from Issuance of Common Stock													$ 147,400
January 2021 Underwriting Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares)							1,748,000	228,000	1,520,000
Proceeds from Issuance of Common Stock							$ 45,200
Shares Issued, Price Per Share (in dollars per share)									$ 26
March 2021 Underwriting Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares)				1,840,000	240,000	1,600,000
Proceeds from Issuance of Common Stock				$ 50,000
Shares Issued, Price Per Share (in dollars per share)						$ 27.25
June 2021 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)											9,881,467
Stock Issued During Period, Value, New Issues											$ 250,000
Proceeds from Issuance of Common Stock											$ 246,000
October 2021 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)			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)												13,190,039
Stock Issued During Period, Value, New Issues												$ 129,900
Proceeds from Issuance of Common Stock												$ 127,800
[1]As of December 31, 2023, the Company had entered into eleven equity distribution agreements, ten of which have either been terminated because all shares were sold or were replaced with a subsequent agreement.[2]Net proceeds are net of the underwriters' discount, if applicable, and other offering costs.

Note 1 - Organization and Sig_4

Note 1 - Organization and Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cash and cash equivalents	$ 171,893	$ 205,651
Restricted cash	28,396	31,568
Total cash, cash equivalents and restricted cash	$ 200,289	$ 237,219

Note 2 - Mortgage-backed Secu_3

Note 2 - Mortgage-backed Securities and U.S. Treasury Securities, At Fair Value (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Notional Balance, Interest Only Securities Portfolio, Amount	$ 98,600	$ 111,500
Notional Balance, Inverse Interest Only Securities Portfolio, Amount	26,800	31,500
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value	$ 0	$ 36,382

Note 2 - Mortgage-backed Secu_4

Note 2 - Mortgage-backed Securities and U.S. Treasury Securities, At Fair Value - Schedule of RMBS Portfolio (Details) - USD ($) $ in Thousands		Dec. 31, 2023		Dec. 31, 2022
Mortgage-backed securities, par value		$ 4,051,145		$ 3,848,367
Mortgage-backed securities, cost		4,220,088	[1]	4,112,707	[2]
Mortgage-backed securities		3,894,012		3,540,002
Pass Through Certificate [Member]
Mortgage-backed securities, par value		4,051,145		3,848,367
Mortgage-backed securities, cost		4,198,424	[1]	4,088,165	[2]
Mortgage-backed securities		3,877,082		3,519,906
Pass Through Certificate [Member] | Fixed Rate Mortgages [Member]
Mortgage-backed securities, par value		4,051,145		3,848,367
Mortgage-backed securities, cost		4,198,424	[1]	4,088,165	[2]
Mortgage-backed securities		3,877,082		3,519,906
Structured Finance [Member]
Mortgage-backed securities, par value		0		0
Mortgage-backed securities, cost		21,664	[1]	24,542	[2]
Mortgage-backed securities		16,930		20,096
Structured Finance [Member] | Interest Only Securities [Member]
Mortgage-backed securities, cost	[3]	19,839	[1]	22,395	[2]
Mortgage-backed securities	[3]	16,572		19,669
Structured Finance [Member] | Inverse Interest Only Securities [Member]
Mortgage-backed securities, cost	[4]	1,825	[1]	2,147	[2]
Mortgage-backed securities	[4]	$ 358		$ 427
[1]The cost information in the table above represents the aggregate current par value, multiplied by the purchase price of each security in the portfolio.[2]The cost information in the table above represents the aggregate current par value, multiplied by the purchase price of each security in the portfolio.[3]The notional balance for the interest-only securities portfolio was $98.6 million and $111.5 million as of December 31, 2023 and 2022, respectively.[4]The notional balance for the inverse interest-only securities portfolio was $26.8 million and $31.5 million as of December 31, 2023 and 2022, respectively.

Note 2 - Mortgage-backed Secu_5

Note 2 - Mortgage-backed Securities and U.S. Treasury Securities, At Fair Value - Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Realized losses on mortgage-backed securities	$ (22,642)	$ (133,695)	$ (5,542)
Collateralized Mortgage-Backed Securities [Member]
Proceeds from sales of RMBS	797,633	2,759,919	2,851,708
Carrying value of RMBS sold	(820,275)	(2,893,614)	(2,857,250)
Realized losses on mortgage-backed securities	(22,642)	(133,695)	(5,542)
Gross gain on sales of RMBS	0	2,705	7,930
Gross loss on sales of RMBS	$ (22,642)	$ (136,400)	$ (13,472)

Note 3 - U.S. Treasury Securi_3

Note 3 - U.S. Treasury Securities, Available-for-sale (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale	$ 148,820	$ 0
US Treasury Securities [Member]
Debt Securities, Available-for-Sale	148,820
Debt Securities, Available-for-Sale, Unrealized Loss Position	$ 0	$ 0	$ 0

Note 3 - U.S. Treasury Securi_4

Note 3 - U.S. Treasury Securities, Available-for-sale - Available-for-sale- Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair value	$ 148,820	$ 0
Treasury Bill 1/2/2024 Maturity [Member]
Amortized cost	49,671
Gross unrealized gains	9
Gross unrealized losses	0
Fair value	49,680
Treasury Bill 2/15/2024 Maturity [Member]
Amortized cost	49,992
Gross unrealized gains	8
Gross unrealized losses	0
Fair value	50,000
Treasury Bill 4/30/2024 Maturity [Member]
Amortized cost	49,140
Gross unrealized gains	0
Gross unrealized losses	0
Fair value	49,140
US Treasury Securities [Member]
Amortized cost	148,803
Gross unrealized gains	17
Gross unrealized losses	0
Fair value	$ 148,820

Note 4 - Repurchase Agreement_2

Note 4 - Repurchase Agreements (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents, Current	$ 28,396	$ 31,568
Repurchase Agreement Counterparty, Amount at Risk	176,500
Asset Pledged as Collateral [Member]
Restricted Cash and Cash Equivalents, Current	$ 28,396	31,568
Asset Pledged as Collateral [Member] | Repurchase Agreements [Member]
Restricted Cash and Cash Equivalents, Current		$ 13,341

Note 4 - Repurchase Agreement_3

Note 4 - Repurchase Agreements - Schedule of Repurchase Agreements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair market value of securities pledged, including accrued interest receivable	$ 3,900,476	$ 3,524,059
Repurchase agreement liabilities associated with these securities	$ 3,705,649	$ 3,378,445
Net weighted average borrowing rate	5.55%	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	$ 3,125,315	$ 2,496,769
Repurchase agreement liabilities associated with these securities	$ 2,966,650	$ 2,404,329
Net weighted average borrowing rate	5.55%	4.43%
Maturity 30 to 90 Days [Member]
Fair market value of securities pledged, including accrued interest receivable	$ 710,055	$ 884,632
Repurchase agreement liabilities associated with these securities	$ 674,696	$ 837,299
Net weighted average borrowing rate	5.54%	4.51%
Maturity Greater than 90 Days [Member]
Fair market value of securities pledged, including accrued interest receivable	$ 65,106	$ 142,658
Repurchase agreement liabilities associated with these securities	$ 64,303	$ 136,817
Net weighted average borrowing rate	5.46%	4.15%

Note 5 - Derivative and Other_3

Note 5 - Derivative and Other Hedging Instruments (Details Textual) $ in Millions	Dec. 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	108.77	107.93
Derivative, Fair Value, Net	$ 458.5	$ 810
Derivative, Notional Amount	$ 421.5	$ 750.5
Ten Year Ultra Future [Member] | Short [Member]
Derivative, Forward Price (in USD per Per Share) | $ / item	112.89	118.28
Derivative, Fair Value, Net	$ 361.3	$ 206.4
Interest Rate Swap Accruing February 24, 2024 [Member]
Derivative, Notional Amount	$ 274
Derivative, Fixed Interest Rate	3.43%

Note 5 - Derivative and Other_4

Note 5 - Derivative and Other Hedging Instruments - Schedule of Derivative Instruments in Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents, Current	$ 28,396	$ 31,568
Other liabilites	(1,031)	(25,119)
Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative assets, at fair value	6,420	40,172
Derivative liabilities, at fair value	12,694	7,161
Total margin balances on derivative contracts	28,396	5,206
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Swap [Member]
Derivative assets, at fair value	6,348	4,983
Derivative liabilities, at fair value	0	0
Other liabilites	0	(12,489)
Not Designated as Hedging Instrument, Economic Hedge [Member] | Payer Swaptions [Member] | Long [Member]
Derivative assets, at fair value	72	33,398
Not Designated as Hedging Instrument, Economic Hedge [Member] | Payer Swaptions [Member] | Short [Member]
Derivative liabilities, at fair value	0	5,982
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Cap [Member]
Derivative assets, at fair value	0	1,119
Not Designated as Hedging Instrument, Economic Hedge [Member] | TBA Contracts [Member]
Derivative assets, at fair value	0	672
Derivative liabilities, at fair value	12,694	1,179
Restricted Cash and Cash Equivalents, Current	23,720	1,734
Other liabilites	0	(532)
Not Designated as Hedging Instrument, Economic Hedge [Member] | Eurodollar Future Margin [Member]
Restricted Cash and Cash Equivalents, Current	4,096	16,493
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Swaption [Member]
Restricted Cash and Cash Equivalents, Current	$ 580	$ 0

Note 5 - Derivative and Other_5

Note 5 - Derivative and Other Hedging Instruments - Schedule of Derivative Positions (Details) - Short [Member] - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Five Year Treasury Note Futures [Member]
Average contract notional amount	$ 421,500	$ 750,500
Weighted average entry rate	4.36%	4.20%
Average receive rate	4.04%	4.22%
Open Equity	$ (9,936)	$ (100)
Ten Year Ultra Futures [Member]
Average contract notional amount	$ 320,000	$ 174,500
Weighted average entry rate	4.38%	3.66%	[1]
Average receive rate	4.39%	3.79%
Open Equity	$ (11,393)	$ 965	[2]
Three Month SOFR Futures, Ending June 2024 [Member}
Average contract notional amount	$ 25,000
Weighted average entry rate	5.08%
Average receive rate	4.99%
Open Equity	$ (24)
Three Month SOFR Futures Ending September 2024 [Member]
Average contract notional amount	$ 25,000
Weighted average entry rate	4.67%
Average receive rate	4.52%
Open Equity	$ (39)
Three Month SOFR Futures Ending in December 2024 [Member]
Average contract notional amount	$ 25,000
Weighted average entry rate	4.27%
Average receive rate	4.10%
Open Equity	$ (44)
Three Month SOFR Futures Ending in March 2025 [Member]
Average contract notional amount	$ 25,000
Weighted average entry rate	3.90%
Average receive rate	3.73%
Open Equity	$ (43)
Three Month SOFR Futures Ending in June 2025 [Member]
Average contract notional amount	$ 25,000
Weighted average entry rate	3.58%
Average receive rate	3.42%
Open Equity	$ (41)
Three Month SOFR Futures Ending in September 2025 [Member]
Average contract notional amount	$ 25,000
Weighted average entry rate	3.37%
Average receive rate	3.21%
Open Equity	$ (39)
Three Month SOFR Futures Ending in December 2025 [Member]
Average contract notional amount	$ 25,000
Weighted average entry rate	3.25%
Average receive rate	3.10%
Open Equity	$ (37)
Three Month SOFR Futures Ending in March 2026 [Member]
Average contract notional amount	$ 25,000
Weighted average entry rate	3.21%
Average receive rate	3.07%
Open Equity	$ (35)
[1]5-Year T-Note futures contracts were valued at a price of $105.4 at September 30, 2023 and $107.9 at December 31, 2022. The contract values of the short positions were $496.7 million and $810.0 million at September 30, 2023 and December 31, 2022, respectively. 10-Year T-Note futures contracts were valued at a price of $108.1 at September 30, 2023. The contract values of the short positions were $426.8 million at September 30, 2023.[2]Open equity represents the cumulative gains (losses) recorded on open futures positions from inception.

Note 5 - Derivatives and Other

Note 5 - Derivatives and Other Hedging Instruments - Schedule of Interest Rate Swaps (Details) - Interest Rate Swap [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Notional Amount	$ 2,326.5	$ 1,400
Average fixed pay rate	2.24%	1.39%
Average receive rate	5.45%	4.41%
Average maturity (Year)	5 years 10 months 24 days	5 years 7 months 6 days
One to Five Years [Member]
Notional Amount	$ 500	$ 500
Average fixed pay rate	0.84%	0.84%
Average receive rate	5.64%	4.75%
Average maturity (Year)	2 years 8 months 12 days	3 years 8 months 12 days
More Than Five Years [Member]
Notional Amount	$ 1,826.5	$ 900
Average fixed pay rate	2.62%	1.70%
Average receive rate	5.40%	4.23%
Average maturity (Year)	6 years 9 months 18 days	6 years 7 months 6 days

Note 5 - Derivative and Other_6

Note 5 - Derivative and Other Hedging Instruments - Schedule of Interest Rate Cap Positions (Details) - Interest Rate Cap [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Notional Amount	$ 200,000
Cost	$ 1,450
Strike Swap Rate	0.09%
Curve Spread (Year)	2 years 9 months 29 days
Net Estimated Fair Value	$ 1,119

Note 5 - Derivative and Other_7

Note 5 - Derivative and Other Hedging Instruments - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 21, 2022
Payer Swaptions Less than or Equal to One Year [Member] | Long [Member]
Cost	$ 1,619	$ 36,685
Net Estimated Fair Value	$ 72	$ 21,253
Weighted average months to expiration (Month)	5 months	9 months 18 days
Notional Amount	$ 800,000	$ 1,250,000
Average fixed pay rate	5.40%	4.09%
Weighted average term (Year)	1 year	10 years
Notional amount	$ (800,000)	$ (1,250,000)
Payer Swaption Greater Than One, Less Than or Equal to Two [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)
Payer Swaptions [Member] | Long [Member]
Cost		47,706
Net Estimated Fair Value		$ 33,398
Weighted average months to expiration (Month)		29 months 24 days
Notional Amount		$ 1,370,000
Average fixed pay rate		3.91%
Weighted average term (Year)		10 years
Notional amount		$ (1,370,000)
Payer Swaptions [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)

Note 5 - Derivative and Other_8

Note 5 - Derivative and Other Hedging Instruments - Schedule of To Be Announced Securities (Details) - Short [Member] - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Three Percent TBA Securities [Member]
Notional amount	[1]	$ (70,700)	$ (500,000)
Cost	[2]	(59,278)	(440,644)
Market value	[3]	(62,647)	(440,274)
Net carrying value	[4]	(3,369)	370
Five Percent TBA Securities [Member]
Notional amount	[1]	(250,000)
Cost	[2]	(242,725)
Market value	[3]	(247,657)
Net carrying value	[4]	(4,932)
Five and a Half Percent TBA Securities [Member]
Notional amount	[1]	(325,000)
Cost	[2]	(322,410)
Market value	[3]	(326,803)
Net carrying value	[4]	(4,393)
TBA Contracts [Member]
Notional amount	[1]	(645,700)	(675,000)
Cost	[2]	(624,413)	(582,912)
Market value	[3]	(637,107)	(583,419)
Net carrying value	[4]	$ (12,694)	(507)
Two Percent TBA Contract [Member]
Notional amount	[1]		(175,000)
Cost	[2]		(142,268)
Market value	[3]		(143,145)
Net carrying value	[4]		$ (877)
[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 our balance sheets

Note 5 - Derivative and Other_9

Note 5 - Derivative and Other Hedging Instruments - Schedule of Derivative Instruments Gain (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Gains on derivative instruments	$ 45,237	$ 452,476	$ 26,492
Treasury Note Future [Member] | Short [Member]
Gains on derivative instruments	32,650	206,907	(1,026)
Interest Rate Swap [Member]
Gains on derivative instruments	19,657	167,641	23,398
Payer Swaptions [Member] | Short [Member]
Gains on derivative instruments	(8,734)	152,365	(2,580)
Payer Swaptions [Member] | Long [Member]
Gains on derivative instruments	4,113	(81,050)	9,062
Interest Rate Cap [Member]
Gains on derivative instruments	(219)	919	0
Interest Rate Floor [Member] | Short [Member]
Gains on derivative instruments	1,785	0	2,765
Interest Rate Floor [Member] | Long [Member]
Gains on derivative instruments	(525)	0	0
TBA Contracts [Member] | Short [Member]
Gains on derivative instruments	1,370	4,494	3,432
TBA Contracts [Member] | Long [Member]
Gains on derivative instruments	$ (4,860)	$ 1,200	$ (8,559)

Note 6 - Pledged Assets - Sched

Note 6 - Pledged Assets - Schedule of Financial Instruments Owned and Pledged as Collateral (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued interest receivable	$ 14,951	$ 11,519
Restricted cash	28,396	31,568
Asset Pledged as Collateral [Member]
Accrued interest receivable	14,922	11,435
Restricted cash	28,396	31,568
Total	4,008,552	3,592,025
Asset Pledged as Collateral [Member] | Residential Mortgage-Backed Securities [Member] | Pass Through Certificate [Member]
Investment at fair value	3,868,624	3,492,544
Asset Pledged as Collateral [Member] | Residential Mortgage-Backed Securities [Member] | Structured Finance [Member]
Investment at fair value	16,930	20,096
Asset Pledged as Collateral [Member] | US Treasury Securities [Member]
Investment at fair value	79,680	36,382
Asset Pledged as Collateral [Member] | Repurchase Agreements [Member]
Accrued interest receivable	14,922	11,419
Restricted cash		13,341
Total	3,900,476	3,537,400
Asset Pledged as Collateral [Member] | Repurchase Agreements [Member] | Residential Mortgage-Backed Securities [Member] | Pass Through Certificate [Member]
Investment at fair value	3,868,624	3,492,544
Asset Pledged as Collateral [Member] | Repurchase Agreements [Member] | Residential Mortgage-Backed Securities [Member] | Structured Finance [Member]
Investment at fair value	16,930	20,096
Asset Pledged as Collateral [Member] | Derivative [Member]
Accrued interest receivable		16
Restricted cash	28,396	18,227
Total	$ 108,076	$ 54,625

Note 6 - Pledged Assets - Sch_2

Note 6 - Pledged Assets - Schedule of Financial Instruments Pledged as Collateral From Counterparties (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cash	$ 52,608	$ 16,293
Repurchase Agreements [Member]
Cash	52,608	3,272
Derivative [Member]
Cash	0	13,021
Cash [Member]
Cash	42,179	16,096
Cash [Member] | Repurchase Agreements [Member]
Cash	42,179	3,075
Cash [Member] | Derivative [Member]
Cash	0	13,021
US Treasury Securities [Member]
Cash	10,429	197
US Treasury Securities [Member] | Repurchase Agreements [Member]
Cash	10,429	197
US Treasury Securities [Member] | Derivative [Member]
Cash	$ 0	$ 0

Note 7 - Offsetting Assets an_3

Note 7 - Offsetting Assets and Liabilities - Offsetting Assets (Details) - Assets [Member] - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Gross amount, recognized	$ 6,420	$ 40,172
Gross Amount, offset	0	0
Net Amount	6,420	40,172
Gross Amount, not recognized	0	0
Gross amount, not offset	0	(13,021)
Net amount, after deduction	6,420	27,151
Interest Rate Swap [Member]
Gross amount, recognized	6,348	4,983
Gross Amount, offset	0	0
Net Amount	6,348	4,983
Gross Amount, not recognized	0	0
Gross amount, not offset	0	0
Net amount, after deduction	6,348	4,983
Payer Swaptions [Member]
Gross amount, recognized	72	33,398
Gross Amount, offset	0	0
Net Amount	72	33,398
Gross Amount, not recognized	0	0
Gross amount, not offset	0	(12,489)
Net amount, after deduction	$ 72	20,909
Interest Rate Cap [Member]
Gross amount, recognized		1,119
Gross Amount, offset		0
Net Amount		1,119
Gross Amount, not recognized		0
Gross amount, not offset		0
Net amount, after deduction		1,119
TBA Contracts [Member]
Gross amount, recognized		672
Gross Amount, offset		0
Net Amount		672
Gross Amount, not recognized		0
Gross amount, not offset		(532)
Net amount, after deduction		$ 140

Note 7 - Offsetting Assets an_4

Note 7 - Offsetting Assets and Liabilities - Offsetting Liabilities (Details) - Liability [Member] - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Gross amount, recognized	$ 3,718,343	$ 3,385,606
Gross Amount, offset	0	0
Net Amount	3,718,343	3,385,606
Gross Amount, not recognized	(3,705,649)	(3,365,104)
Gross amount, not offset	(12,694)	(14,520)
Net amount, after deduction	0	5,982
Repurchase Agreements [Member]
Gross amount, recognized	3,705,649	3,378,445
Gross Amount, offset	0	0
Net Amount	3,705,649	3,378,445
Gross Amount, not recognized	(3,705,649)	(3,365,104)
Gross amount, not offset	0	(13,341)
Net amount, after deduction	0	0
TBA Contracts [Member]
Gross amount, recognized	12,694	1,179
Gross Amount, offset	0	0
Net Amount	12,694	1,179
Gross Amount, not recognized	0	0
Gross amount, not offset	(12,694)	(1,179)
Net amount, after deduction	$ 0	0
Payer Swaptions [Member]
Gross amount, recognized		5,982
Gross Amount, offset		0
Net Amount		5,982
Gross Amount, not recognized		0
Gross amount, not offset		0
Net amount, after deduction		$ 5,982

Note 8 - Capital Stock (Details

Note 8 - Capital Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands			2 Months Ended			12 Months Ended											101 Months Ended	132 Months Ended
	Feb. 14, 2024	Jan. 10, 2024	Feb. 23, 2024	Feb. 17, 2024	[1]	Dec. 31, 2023	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	Dec. 31, 2023	Dec. 31, 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						$ 9,424	$ 24,610	$ 0
Common Stock, Dividends, Per Share, Declared (in dollars per share)						$ 1.8	$ 2.475	$ 3.9	$ 3.95	$ 4.8	$ 5.35	$ 8.4	$ 8.4	$ 9.6	$ 10.8	$ 6.975		$ 66.69
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.12	$ 0.12		$ 0.24
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	1,061,315		156,751
Stock Repurchased and Retired During Period, Shares (in shares)						1,072,789	2,538,470										4,748,361
Stock Repurchased and Retired During Period, Value						$ 9,400	$ 24,500										$ 74,200
Shares Acquired, Average Cost Per Share (in dollars per share)						$ 8.79	$ 9.63										$ 15.63
Share Repurchase Program [Member] | Subsequent Event [Member]
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)			3,895,829
Stock Repurchased and Retired During Period, Shares (in shares)			332,773
Stock Repurchased and Retired During Period, Value			$ 2,800
Shares Acquired, Average Cost Per Share (in dollars per share)			$ 8.35
[1]On January 10, 2024, the Company declared a dividend of $0.12 per share to be paid on February 27, 2024. On February 14, 2024, the Company declared a dividend of $0.12 per share to be paid on March 29, 2024. The effect of these dividends are included in the table above, but are not reflected in the Company’s financial statements as of December 31, 2023.

Note 8 - Capital Stock - Issuan

Note 8 - Capital Stock - Issuance of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021
Price per share (in dollars per share)	[1]					$ 10.45						$ 10.45
Issuance of common stock pursuant to public offerings, net (in shares)	[1]					3,885,048				15,880,039		3,885,048
Issuance of common stock pursuant to public offerings, net						$ 40,580				$ 159,438	[2]	$ 40,580	[2]	$ 514,059
At the Market Offering Program [Member]
Price per share (in dollars per share)	[1],[3]	$ 0	$ 9.54	$ 9.95	$ 11.77		$ 0	$ 0	$ 0	$ 0
Issuance of common stock pursuant to public offerings, net (in shares)	[1]	0	8,432,086	4,757,953	2,690,000		0	0	0
Issuance of common stock pursuant to public offerings, net	[1],[2]	$ 0	$ 80,426	$ 47,355	$ 31,657		$ 0	$ 0	$ 0
[1]As of December 31, 2023, the Company had entered into eleven equity distribution agreements, ten of which have either been terminated because all shares were sold or were replaced with a subsequent agreement.[2]Net proceeds are net of the underwriters' discount, if applicable, and other offering costs.[3]Weighted average price received per share is after deducting the underwriters’ discount, if applicable, and other offering costs.

Note 8 - Capital Stock - Divide

Note 8 - Capital Stock - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands				2 Months Ended			12 Months Ended											132 Months Ended
		Feb. 14, 2024	Jan. 10, 2024	Feb. 27, 2024	Feb. 17, 2024	[1]	Dec. 31, 2023	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	Dec. 31, 2023
Per share amount (in dollars per share)							$ 1.8	$ 2.475	$ 3.9	$ 3.95	$ 4.8	$ 5.35	$ 8.4	$ 8.4	$ 9.6	$ 10.8	$ 6.975	$ 66.69
Dividends							$ 81,127	$ 87,906	$ 97,601	$ 53,570	$ 54,421	$ 55,814	$ 70,717	$ 41,388	$ 38,748	$ 22,643	$ 4,662	$ 620,959
Subsequent Event [Member]
Per share amount (in dollars per share)		$ 0.12	$ 0.12		$ 0.24
Dividends	[1]			$ 12,362
[1]On January 10, 2024, the Company declared a dividend of $0.12 per share to be paid on February 27, 2024. On February 14, 2024, the Company declared a dividend of $0.12 per share to be paid on March 29, 2024. The effect of these dividends are included in the table above, but are not reflected in the Company’s financial statements as of December 31, 2023.

Note 9 - Stock Incentive Plan_2

Note 9 - Stock Incentive Plan (Details Textual) - USD ($)		3 Months Ended			6 Months Ended			12 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock Awards [Member]
Share-Based Payment Arrangement, Expense	[1]							$ 830,000	$ 581,000
Stock Awards [Member] | Awards granted in 2022 [Member]
Share-Based Payment Arrangement, Expense									$ 600,000	$ 600,000
Minimum [Member]
Decline of Book Value Per Share		15%	15%	15%	10%	10%	10%
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			1,473,324
[1]The awards issued during the year ended December 31, 2023 were granted with respect to service performed in 2022. Approximately $600,000 of compensation expense related to the 2023 awards was accrued and recognized in 2022. 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 9 - Stock Incentive Plan -

Note 9 - Stock Incentive Plan - Schedule of Nonvested Performance Based Units Activity (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock based compensation		$ 1,198	$ 685	$ 772
Performance Shares [Member]
Unvested, shares (in shares)		36,920	26,645
Unvested, grant date fair value (in dollars per share)		$ 20.57	$ 29.4
Fully vested shares granted (in shares)		76,696	35,114
Weighted average grant date price per share (in dollars per share)		$ 10.82	$ 16.55
Forfeited, shares (in shares)	[1]	0	(14,980)
Forfeited, grant date fair value (in dollars per share)	[1]	$ 0	$ 21.04
Vested and issued, shares (in shares)		(17,848)	(9,859)
Vested and issued, grant date fair value (in dollars per share)		$ 22.09	$ 29.4
Unvested, shares (in shares)		95,768	36,920	26,645
Unvested, grant date fair value (in dollars per share)		$ 12.48	$ 20.57	$ 29.4
Stock based compensation		$ 590	$ 376
Unrecognized compensation expense, end of period		597	357
Intrinsic value, end of period		$ 807	$ 388
Weighted-average remaining vesting term (in years) (Year)		1 year 2 months 12 days	1 year 2 months 12 days
[1]The number of shares of common stock issuable upon the vesting of the remaining outstanding PUs was reduced as a result of the book value impairment event that occurred pursuant to the terms of the long term equity incentive compensation plans (the "Plans") established under the Company's Incentive Plans. The book value impairment event occurred when the Company's book value per share declined by more than 15% during the quarter ended March 31, 2022 and the Company's book value per share decline from January 1, 2022 to June 30, 2022 was more than 10%. The Plans provide that if such a book value impairment event occurs, then the number of outstanding Performance Units that are outstanding as of the last day of such two quarter period shall be reduced by 15%.

Note 9 - Stock Incentive Plan_3

Note 9 - Stock Incentive Plan - Schedule of Stock Awards (Details) - Stock Awards [Member] - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Fully vested shares granted (in shares)		76,696	35,114
Weighted average grant date price per share (in dollars per share)		$ 10.82	$ 16.55
Compensation expense related to fully vested shares of common stock awards(1)	[1]	$ 830	$ 581
[1]The awards issued during the year ended December 31, 2023 were granted with respect to service performed in 2022. Approximately $600,000 of compensation expense related to the 2023 awards was accrued and recognized in 2022. 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 9 - Stock Incentive Plan_4

Note 9 - Stock Incentive Plan - Share Based Compensation Arrangements by Share Based Payment Award (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock based compensation	$ 1,198	$ 685	$ 772
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)	42,507	25,602
Granted and vested, grant date fair value (in dollars per share)	$ 9.81	$ 12.89
Outstanding, shares (in shares)	96,704	54,197	28,595
Outstanding, grant date fair value (in dollars per share)	$ 15.69	$ 20.29	$ 26.92
Stock based compensation	$ 378	$ 328
Intrinsic value, end of period	$ 815	$ 569

Note 11 - Income Taxes (Details

Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Expense (Benefit)	$ 0	$ 0	$ 0

Note 12 - Earnings Per Share _3

Note 12 - Earnings Per Share (EPS) - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net loss - Basic and diluted	$ (39,226)	$ (258,453)	$ (64,760)
Shares of common stock outstanding at the balance sheet date (in shares)	51,636,000	36,765,000	35,399,000
Effect of weighting (in shares)	(6,987,000)	700,000	(11,170,000)
Weighted Average Shares Outstanding (in shares)	44,649,039	37,464,671	24,228,865
Basic and diluted net loss per share (in dollars per share)	$ (0.89)	$ (6.9)	$ (2.67)
Anti-dilutive incentive shares not included in calculation. (in shares)	192,000	91,000	55,000

Note 13 - Fair Value - Schedule

Note 13 - Fair Value - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Mortgage-backed securities	$ 3,894,012	$ 3,540,002
Pledged assets	0	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] | TBA Contracts [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
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member]
Mortgage-backed securities	0	0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member]
Mortgage-backed securities	148,820
Pledged assets		36,382
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Swap [Member]
Derivative assets, at fair value	6,348	4,983
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Payer Swaptions [Member]
Derivative assets, at fair value	72	27,416
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | TBA Contracts [Member]
Derivative assets, at fair value	(12,694)	(507)
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Cap [Member]
Derivative assets, at fair value		1,119
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member]
Mortgage-backed securities	3,894,012	3,540,002
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member]
Mortgage-backed securities	0
Pledged assets		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] | TBA Contracts [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
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member]
Mortgage-backed securities	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member]
Mortgage-backed securities	$ 0
Pledged assets		$ 0

Note 14 - Related Party Trans_2

Note 14 - Related Party Transactions (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Bimini Advisors LLC [Member]
Automatic Renewal Period Of Management Agreement (Year)	1 year
Management Fee and Overhead Expense	$ 13.6	$ 13	$ 9.8
Bimini Capital Management Inc [Member]
Entity Shares Owned (in shares)	569,071
Entity Ownership Percentage	1.10%