Orchid Island Capital (ORC) 10-Q 26 Apr 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 25, 2024
Document Information [Line Items]
Entity Central Index Key	0001518621
Entity Registrant Name	Orchid Island Capital, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-35236
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-3269228
Entity Address, Address Line One	3305 Flamingo Drive
Entity Address, City or Town	Vero Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32963
City Area Code	772
Local Phone Number	231-1400
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	ORC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		52,973,989

Condensed Balance Sheets (Curre

Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Pledged assets	$ 3,881,078	$ 3,894,012
Pledged assets	99,496	148,820
Cash and cash equivalents	190,373	171,893
Restricted cash	13,247	28,396
Accrued interest receivable	15,614	14,951
Derivative assets	12,511	6,420
Other assets	2,343	455
Total Assets	4,214,662	4,264,947
LIABILITIES:
Repurchase agreements	3,711,498	3,705,649
Payable for investment securities and TBA transactions	395	60,454
Dividends payable	6,365	6,222
Derivative liabilities	80	12,694
Accrued interest payable	12,769	7,939
Other liabilities	917	1,031
Total Liabilities	3,733,031	3,795,002
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued and outstanding as of March 31, 2024 and December 31, 2023	0	0
Common Stock, $0.01 par value; 100,000,000 shares authorized, 52,826,169 shares issued and outstanding as of March 31, 2024 and 51,636,074 shares issued and outstanding as of December 31, 2023	528	516
Additional paid-in capital	841,790	849,845
Accumulated deficit	(360,657)	(380,433)
Accumulated other comprehensive (loss) income	(30)	17
Total Stockholders' Equity	481,631	469,945
Total Liabilities and Stockholders' Equity	4,214,662	4,264,947
Related Party [Member]
LIABILITIES:
Due to affiliates	$ 1,007	$ 1,013

Condensed Balance Sheets (Cur_2

Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Pledged assets	$ 3,881,078	$ 3,894,012
Pledged assets	$ 99,496	$ 148,820
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)	52,826,169	51,636,074
Common stock, outstanding (in shares)	52,826,169	51,636,074
Asset Pledged as Collateral [Member]
Pledged assets	$ 3,875,705	$ 3,885,554
Pledged assets	$ 79,590	$ 79,680

Condensed Statements of Compreh

Condensed Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest income	$ 48,871	$ 38,012
Interest expense	(51,361)	(42,217)
Net interest expense	(2,490)	(4,205)
Unrealized (losses) gains on mortgage-backed securities and U.S. Treasury securities	(61,895)	53,895
Gains (losses) on derivative and other hedging instruments	87,899	(41,156)
Net portfolio income	23,514	8,534
Management fees	2,161	2,642
Allocated overhead	598	576
Incentive compensation	(89)	470
Directors' fees and liability insurance	329	323
Audit, legal and other professional fees	476	451
Direct REIT operating expenses	170	165
Other administrative	93	377
Total expenses	3,738	5,004
Net income	19,776	3,530
Unrealized losses on U.S. Treasury securities measured at fair value through other comprehensive net income	(47)	0
Comprehensive net income	$ 19,729	$ 3,530
Basic and diluted net income per share (in dollars per share)	$ 0.38	$ 0.09
Weighted Average Shares Outstanding (in shares)	51,604,135	38,491,767

Condensed Statements of Stockho

Condensed Statements of Stockholders' Equity (Unaudited) - USD ($)		Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balances (in shares) at Dec. 31, 2022		36,765,000
Balances at Dec. 31, 2022		$ 368,000	$ 779,602,000	$ (341,207,000)	$ 0	$ 438,763,000
Net income		0	0	3,530,000	0	3,530,000
Unrealized loss on available-for-sale securities						0
Cash dividends declared		$ 0	(18,807,000)	0	0	(18,807,000)
Stock based awards and amortization (in shares)		4,000
Stock based awards and amortization		$ 0	181,000		0	181,000
Issuance of common stock pursuant to public offerings, net (in shares)		2,690,000
Issuance of common stock pursuant to public offerings, net		$ 26,000	31,631,000	0	0	31,657,000
Shares repurchased and retired (in shares)		(373,000)
Shares repurchased and retired		$ (3,000)	(3,960,000)	0	0	$ (3,963,000)
Balances (in shares) at Mar. 31, 2023		39,086,000				39,086,000
Balances at Mar. 31, 2023		$ 391,000	788,647,000	(337,677,000)	0	$ 451,361,000
Balances (in shares) at Dec. 31, 2022		36,765,000
Balances at Dec. 31, 2022		$ 368,000	779,602,000	(341,207,000)	0	$ 438,763,000
Issuance of common stock pursuant to public offerings, net (in shares)	[1]					15,880,039
Issuance of common stock pursuant to public offerings, net	[2]					$ 159,438,000
Balances (in shares) at Dec. 31, 2023		51,636,000
Balances at Dec. 31, 2023		$ 516,000	849,845,000	(380,433,000)	17,000	469,945,000
Net income		0	0	19,776,000	0	19,776,000
Unrealized loss on available-for-sale securities		0	0	0	(47,000)	(47,000)
Cash dividends declared		$ 0	(18,724)	0	0	(18,724)
Stock based awards and amortization (in shares)		33,000
Stock based awards and amortization		$ 0	350,000		0	$ 350,000
Issuance of common stock pursuant to public offerings, net (in shares)		1,490,000				1,490,075	[1]
Issuance of common stock pursuant to public offerings, net		$ 15,000	13,094,000	0	0	$ 13,109,000	[2]
Shares repurchased and retired (in shares)		(333,000)
Shares repurchased and retired		$ (3,000)	(2,775,000)	0	0	$ (2,778,000)
Balances (in shares) at Mar. 31, 2024		52,826,000				52,826,000
Balances at Mar. 31, 2024		$ 528,000	$ 841,790,000	$ (360,657,000)	$ (30,000)	$ 481,631,000
[1]The Company has 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.

Condensed Statements of Stock_2

Condensed Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		12 Months Ended											135 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	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	Mar. 31, 2024
Cash dividends declared, per share (in dollars per share)	$ 0.36	$ 0.48	$ 1.8	$ 2.475	$ 3.9	$ 3.95	$ 4.8	$ 5.35	$ 8.4	$ 8.4	$ 9.6	$ 10.8	$ 6.975	$ 66.93

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 19,776	$ 3,530
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock based compensation	(140)	409
Discount accretion on U.S. Treasury Bills	(1,221)	0
Unrealized losses (gains) on mortgage-backed securities and U.S. Treasury securities	61,895	(53,895)
Realized and unrealized (gains) losses on derivative instruments	(39,176)	43,563
Changes in operating assets and liabilities:
Accrued interest receivable	(663)	(1,601)
Other assets	(530)	(459)
Accrued interest payable	4,830	5,544
Other liabilities	244	182
Due to affiliates	(6)	98
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	45,009	(2,629)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases	(98,643)	0
Proceeds from maturity of U.S. Treasury securities, available-for-sale	100,000	0
Net proceeds from (payments on) derivative instruments	8,435	(42,450)
NET CASH USED IN INVESTING ACTIVITIES	(39,169)	(448,889)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from repurchase agreements	8,529,398	7,849,145
Principal payments on repurchase agreements	(8,523,549)	(7,458,153)
Cash dividends	(18,564)	(18,422)
Proceeds from issuance of common stock, net of issuance costs	13,109	31,657
Common stock repurchases, including shares withheld from employee stock awards for payment of taxes	(2,903)	(3,970)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(2,509)	400,257
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	3,331	(51,261)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period	200,289	237,219
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period	203,620	185,958
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	46,531	36,673
Collateralized Mortgage-Backed Securities [Member]
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases	(345,032)	(467,460)
Sales and maturities	221,733	0
Principal repayments	$ 74,338	$ 61,021

Note 1 - Organization and Signi

Note 1 - Organization and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	NOTE 1. Organization and Business Description Orchid Island Capital, Inc. (“Orchid” or the “Company”) was incorporated in Maryland on August 17, 2010 February 20, 2013, November 24, 2010 ( November 24, 2010, On October 29, 2021, “October 2021 four October 2021 March 2023. On March 7, 2023, “March 2023 three may March 31, 2024 , the Company issued a total of 14,680,114 shares under the March 2023 Basis of Presentation and Use of Estimates The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10 8 X. not three March 31, 2024 not may December 31, 2024 The balance sheet at December 31, 2023 not 10 December 31, 2023 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 March 31, 2024 Variable Interest Entities ( VIEs ) The Company obtains interests in VIEs through its investments in mortgage-backed securities. The Company’s interests in these VIEs are passive in nature and are not not 2 Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include cash on deposit with financial institutions and highly liquid investments with original maturities of three The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. (in thousands) March 31, 2024 December 31, 2023 Cash and cash equivalents $ 190,373 $ 171,893 Restricted cash 13,247 28,396 Total cash, cash equivalents and restricted cash $ 203,620 $ 200,289 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. The Company refers to IO and IIO securities as structured RMBS. The Company also invests in U.S. Treasury Notes and U.S. Treasury Bills (collectively, "U.S. Treasury securities"), primarily to satisfy collateral requirements of derivative counterparties. The Company has elected to account for its investment in RMBS and U.S. Treasury securities under the fair value option. Electing the fair value option requires the Company to record changes in fair value in net income, 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 securities purchased after August 2023 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 and Other Hedging Instruments The Company uses derivative and other hedging instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may may The Company accounts for TBA securities as derivative instruments. Gains and losses associated with TBA securities transactions are reported in gain (loss) on derivative instruments in the accompanying statements of comprehensive income. Derivative and other hedging instruments are carried at fair value, and changes in fair value are recorded in income 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, dual digital options, interest rate floors and 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 has elected and is organized and operated so as to qualify to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, not 90% Orchid assesses the likelihood, based on their technical merit, that uncertain tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. All of Orchid’s tax positions are categorized as highly certain. There is no Recent Accounting Pronouncements In November 2023, 2023 07 "Segment Reporting (Topic 820 2023 07 2023 07 December 15, 2023

Note 2 - Mortgage-backed Securi

Note 2 - Mortgage-backed Securities, At Fair Value	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 December 31, 2023 (in thousands) March 31, 2024 December 31, 2023 Par Value Cost (1) Fair Value Par Value Cost (1) Fair Value Pass-Through RMBS Certificates: Fixed-rate Mortgages $ 4,351,259 $ 4,466,595 $ 3,864,505 $ 4,051,145 $ 4,198,424 $ 3,877,082 Total Pass-Through Certificates 4,351,259 4,466,595 3,864,505 4,051,145 4,198,424 3,877,082 Structured RMBS Certificates: Interest-Only Securities (2) n/a 19,142 16,326 n/a 19,839 16,572 Inverse Interest-Only Securities (3) n/a 1,756 247 n/a 1,825 358 Total Structured RMBS Certificates 20,898 16,573 21,664 16,930 Total $ 4,351,259 $ 4,487,493 $ 3,881,078 $ 4,051,145 $ 4,220,088 $ 3,894,012 ( 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 $94.9 million and $98.6 million as of March 31, 2024 December 31, 2023, ( 3 The notional balance for the inverse interest-only securities portfolio was $25.8 million and $26.8 million as of March 31, 2024 December 31, 2023, During the three March 31, 2024 No three March 31, 2023.

Note 3 - U.S. Treasury Securiti

Note 3 - U.S. Treasury Securities, Available-for-sale	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Available-for-sale Debt Securities [Text Block]	NOTE 3. As of March 31, 2024 December 31, 2023 The amortized cost, gross unrealized holding gains and losses, and fair value of available-for-sale investments as of March 31, 2024 December 31, 2023 (in thousands) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value March 31, 2024 U.S. Treasury Bill maturing 4/30/2024 $ 49,791 $ - $ (24 ) $ 49,767 U.S. Treasury Note maturing 5/31/2024 49,735 - (6 ) 49,729 $ 99,526 $ - $ (30 ) $ 99,496 December 31, 2023 U.S. Treasury Bill maturing 1/2/2024 $ 49,671 $ 9 $ - $ 49,680 U.S. Treasury Bill maturing 2/15/2024 49,992 8 - 50,000 U.S. Treasury Bill maturing 4/30/2024 49,140 - - 49,140 $ 148,803 $ 17 $ - $ 148,820 Since all of the Company's available-for-sale securities are backed by the full faith and credit of the U.S. government, the Company has not

Note 4 - Repurchase Agreements

Note 4 - Repurchase Agreements	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 As of March 31, 2024 December 31, 2023 ($ in thousands) OVERNIGHT BETWEEN 2 BETWEEN 31 GREATER (1 DAY OR AND AND THAN LESS) 30 DAYS 90 DAYS 90 DAYS TOTAL March 31, 2024 Fair market value of securities pledged, including accrued interest receivable $ 94,362 $ 3,406,836 $ 361,390 $ 28,379 $ 3,890,967 Repurchase agreement liabilities associated with these securities $ 88,946 $ 3,251,797 $ 343,299 $ 27,456 $ 3,711,498 Net weighted average borrowing rate 5.47 % 5.46 % 5.45 % 5.37 % 5.46 % 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 % In addition, cash pledged to counterparties for repurchase agreements was approximately $7.4 million as of March 31, 2024 If, during the term of a repurchase agreement, a lender files for bankruptcy, the Company might experience difficulty recovering its pledged assets, which could result in an unsecured claim against the lender for the difference between the amount loaned to the Company plus interest due to the counterparty and the fair value of the collateral pledged to such lender, including the accrued interest receivable and cash posted by the Company as collateral. At March 31, 2024 not 10% March 31, 2024 December 31, 2023

Note 5 - Derivative and Other H

Note 5 - Derivative and Other Hedging Instruments	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	1 to ≤ 5 years $ 1,200,000 1.34 % 5.45 % 3.9 Expiration > 5 years 1,331,800 3.28 % 5.38 % 7.4 $ 2,531,800 2.36 % 5.41 % 5.7 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 Our interest rate swaps are centrally cleared through two The table below presents information related to the Company’s option positions at March 31, 2024 December 31, 2023 ($ in thousands) Option Underlying Swap Weighted Weighted Average Average Adjustable Average Fair Months to Notional Fixed Rate Term Cost Value Expiration Amount Rate Index (Years) March 31, 2024 Payer Swaption (long position) $ 1,619 $ 14 2.0 $ 800,000 5.40 % SOFR 1.0 Dual Digital Option (1) $ 500 $ 261 5.7 $ 9,412 n/a n/a n/a December 31, 2023 Payer Swaption (long position) $ 1,619 $ 72 5.0 $ 800,000 5.40 % SOFR 1.0 ( 1 If, on September, 20, 2024, 500 10 not We purchase interest rate swaptions to help mitigate the potential impact of larger, more rapid changes in interest rates on the performance of our investment portfolio. Interest rate swaptions provide us the option to enter into an interest rate swap agreement for a predetermined notional amount, stated term and pay and receive interest rates in the future. Our interest rate swaption agreements are not A dual digital option is a type of binary, or digital option, that involves both upper and lower conditions. A dual digital option will only activate if both conditions are met at expiration. If both conditions are met, we will receive the notional amount. If either condition is not The following table summarizes the Company’s contracts to purchase and sell TBA securities as of March 31, 2024 December 31, 2023 ($ in thousands) Notional Amount Net Long Cost Market Carrying (Short) (1) Basis (2) Value (3) Value (4) March 31, 2024 30-Year TBA securities: 3.0% $ (170,700 ) $ (147,202 ) $ (147,282 ) $ (80 ) 3.5% (200,000 ) (180,219 ) (179,235 ) 984 Total $ (370,700 ) $ (327,421 ) $ (326,517 ) $ 904 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 ) ( 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 for the three March 31, 2024 2023 (in thousands) Three Months Ended March 31, 2024 2023 Interest rate futures contracts (short position) $ 19,090 $ (4,038 ) Interest rate swaps 59,098 (26,144 ) Payer swaptions (short positions) - 6,585 Payer swaptions (long positions) (58 ) (12,109 ) Interest rate caps - (645 ) Dual digital option (239 ) - Interest rate floors (long positions) - 1,185 TBA securities (short positions) 9,903 (5,990 ) TBA securities (long positions) 105 - Total $ 87,899 $ (41,156 ) Credit Risk-Related Contingent Features The use of derivatives and other hedging instruments creates exposure to credit risk relating to potential losses that could be recognized in the event that the counterparties to these instruments fail to perform their obligations under the contracts. The Company attempts to minimize this risk by limiting its counterparties for instruments which are not may may not may It is the Company's policy not" id="sjs-B4">NOTE 5. The table below summarizes fair value information about the Company’s derivative and other hedging instruments assets and liabilities as of March 31, 2024 December 31, 2023 (in thousands) Derivative and Other Hedging Instruments Balance Sheet Location March 31, 2024 December 31, 2023 Assets Interest rate swaps Derivative assets, at fair value $ 11,252 $ 6,348 Payer swaption (long position) Derivative assets, at fair value 14 72 Dual digital option Derivative assets, at fair value 261 - TBA securities Derivative assets, at fair value 984 - Total derivative assets, at fair value $ 12,511 $ 6,420 Liabilities TBA securities Derivative liabilities, at fair value $ 80 $ 12,694 Total derivative liabilities, at fair value $ 80 $ 12,694 Margin Balances Posted to (from) Counterparties Futures contracts Restricted cash $ 5,009 $ 4,096 TBA securities Restricted cash 65 23,720 TBA securities Other liabilities (240 ) - Interest rate swaption contracts Restricted cash 755 580 Total margin balances on derivative contracts $ 5,589 $ 28,396 Fed Funds, 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 March 31, 2024 December 31, 2023 ($ in thousands) March 31, 2024 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) Treasury Note Futures Contracts (Short Positions) (2) June 2024 5-year T-Note futures (Jun 2024 - Jun 2029 Hedge Period) $ 421,500 4.26 % 4.42 % $ (1,099 ) March 2024 10-year T-Note futures (Mar 2024 - Mar 2034 Hedge Period) 320,000 4.29 % 4.64 % (2,475 ) SOFR Futures Contracts (Short Positions) December 2024 3-Month SOFR futures (Sep 2024 - Dec 2024 Hedge Period) $ 25,000 4.27 % 4.87 % $ 149 March 2025 3-Month SOFR futures (Dec 2024 - Mar 2025 Hedge Period) 25,000 3.90 % 4.57 % 168 June 2025 3-Month SOFR futures (Mar 2025 - Jun 2025 Hedge Period) 25,000 3.58 % 4.30 % 179 September 2025 3-Month SOFR futures (Jun 2025 - Sep 2025 Hedge Period) 25,000 3.37 % 4.07 % 175 December 2025 3-Month SOFR futures (Sep 2025 - Dec 2025 Hedge Period) 25,000 3.25 % 3.88 % 158 March 2026 3-Month SOFR futures (Dec 2025 - Mar 2026 Hedge Period) 25,000 3.21 % 3.76 % 138 ($ in thousands) December 31, 2023 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) Treasury Note Futures Contracts (Short Positions) (2) 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 T-Note 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 ) ( 1 Open equity represents the cumulative gains (losses) recorded on open futures positions from inception. ( 2 5 at March 31, 2024 and at December 31, 2023 . The contract values of the short positions were and at March 31, 2024 and December 31, 2023 , respectively. 10 at March 31, 2024 and $112.89 at December 31, 2023 .The contract values of the short positions were and $361.2 million at March 31, 2024 and December 31, 2023 , respectively. Under its interest rate swap agreements, the Company typically pays a fixed rate and receives a floating rate ("payer swaps") based on an index, such as SOFR. The floating rate the Company receives under its swap agreements has the effect of offsetting the repricing characteristics of its repurchase agreements and cash flows on such liabilities. The Company is typically required to post margin on its interest rate swap agreements. The table below presents information related to the Company’s interest rate swap positions at March 31, 2024 December 31, 2023 ($ in thousands) Average Fixed Average Average Notional Pay Receive Maturity Amount Rate Rate (Years) March 31, 2024 Expiration > 1 to ≤ 5 years $ 1,200,000 1.34 % 5.45 % 3.9 Expiration > 5 years 1,331,800 3.28 % 5.38 % 7.4 $ 2,531,800 2.36 % 5.41 % 5.7 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 Our interest rate swaps are centrally cleared through two The table below presents information related to the Company’s option positions at March 31, 2024 December 31, 2023 ($ in thousands) Option Underlying Swap Weighted Weighted Average Average Adjustable Average Fair Months to Notional Fixed Rate Term Cost Value Expiration Amount Rate Index (Years) March 31, 2024 Payer Swaption (long position) $ 1,619 $ 14 2.0 $ 800,000 5.40 % SOFR 1.0 Dual Digital Option (1) $ 500 $ 261 5.7 $ 9,412 n/a n/a n/a December 31, 2023 Payer Swaption (long position) $ 1,619 $ 72 5.0 $ 800,000 5.40 % SOFR 1.0 ( 1 If, on September, 20, 2024, 500 10 not We purchase interest rate swaptions to help mitigate the potential impact of larger, more rapid changes in interest rates on the performance of our investment portfolio. Interest rate swaptions provide us the option to enter into an interest rate swap agreement for a predetermined notional amount, stated term and pay and receive interest rates in the future. Our interest rate swaption agreements are not A dual digital option is a type of binary, or digital option, that involves both upper and lower conditions. A dual digital option will only activate if both conditions are met at expiration. If both conditions are met, we will receive the notional amount. If either condition is not The following table summarizes the Company’s contracts to purchase and sell TBA securities as of March 31, 2024 December 31, 2023 ($ in thousands) Notional Amount Net Long Cost Market Carrying (Short) (1) Basis (2) Value (3) Value (4) March 31, 2024 30-Year TBA securities: 3.0% $ (170,700 ) $ (147,202 ) $ (147,282 ) $ (80 ) 3.5% (200,000 ) (180,219 ) (179,235 ) 984 Total $ (370,700 ) $ (327,421 ) $ (326,517 ) $ 904 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 ) ( 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 for the three March 31, 2024 2023 (in thousands) Three Months Ended March 31, 2024 2023 Interest rate futures contracts (short position) $ 19,090 $ (4,038 ) Interest rate swaps 59,098 (26,144 ) Payer swaptions (short positions) - 6,585 Payer swaptions (long positions) (58 ) (12,109 ) Interest rate caps - (645 ) Dual digital option (239 ) - Interest rate floors (long positions) - 1,185 TBA securities (short positions) 9,903 (5,990 ) TBA securities (long positions) 105 - Total $ 87,899 $ (41,156 ) 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	3 Months Ended
	Mar. 31, 2024
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 repurchase agreements and derivative agreements by type, including securities pledged related to securities sold but not March 31, 2024 December 31, 2023 (in thousands) March 31, 2024 December 31, 2023 Repurchase Derivative Repurchase Derivative Assets Pledged to Counterparties Agreements Agreements Total Agreements Agreements Total PT RMBS - fair value $ 3,859,132 $ - $ 3,859,132 $ 3,868,624 $ - $ 3,868,624 Structured RMBS - fair value 16,573 - 16,573 16,930 - 16,930 U.S. Treasury securities - 79,590 79,590 - 79,680 79,680 Accrued interest on pledged securities 15,262 336 15,598 14,922 - 14,922 Restricted cash 7,418 5,829 13,247 - 28,396 28,396 Total $ 3,898,385 $ 85,755 $ 3,984,140 $ 3,900,476 $ 108,076 $ 4,008,552 Assets Pledged from Counterparties The table below summarizes assets pledged to the Company from counterparties under repurchase agreements and derivative agreements as of March 31, 2024 December 31, 2023 (in thousands) March 31, 2024 December 31, 2023 Repurchase Derivative Repurchase Derivative Assets Pledged to Orchid Agreements Agreements Total Agreements Agreements Total Cash $ 6,475 $ 240 $ 6,715 $ 42,179 $ - $ 42,179 U.S. Treasury securities - fair value 1,418 - 1,418 10,429 - 10,429 Total $ 7,893 $ 240 $ 8,133 $ 52,608 $ - $ 52,608 Cash received as margin is recognized as cash and cash equivalents with a corresponding amount recognized as an increase in repurchase agreements or other liabilities in the balance sheets.

Note 7 - Offsetting Assets and

Note 7 - Offsetting Assets and Liabilities	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 December 31, 2023 (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 March 31, 2024 Interest rate swaps $ 11,252 $ - $ 11,252 $ - $ - $ 11,252 Interest rate swaptions 14 - 14 - - 14 Dual digital option 261 - 261 - - 261 TBA securities 984 - 984 - (240 ) 744 $ 12,511 $ - $ 12,511 $ - $ (240 ) $ 12,271 December 31, 2023 Interest rate swaps $ 6,348 $ - $ 6,348 $ - $ - $ 6,348 Interest rate swaptions 72 - 72 - - 72 $ 6,420 $ - $ 6,420 $ - $ - $ 6,420 (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 as Collateral Amount March 31, 2024 Repurchase Agreements $ 3,711,498 $ - $ 3,711,498 $ (3,704,080 ) $ (7,418 ) $ - TBA securities 80 - 80 - (65 ) 15 $ 3,711,578 $ - $ 3,711,578 $ (3,704,080 ) $ (7,483 ) $ 15 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 ) $ - 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	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Equity [Text Block]	NOTE 8. Common Stock Issuances During the three March 31, 2024 December 31, 2023 ($ in thousands, except per share amounts) Weighted Average Price Received Net Type of Offering Period Per Share (1) Shares Proceeds (2) 2024 At the Market Offering Program (3) First Quarter $ 8.80 1,490,075 $ 13,109 1,490,075 $ 13,109 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 ( 1 Weighted average price received per share is after deducting the underwriters’ discount, if applicable, and other offering costs. ( 2 Net proceeds are net of the underwriters’ discount, if applicable, and other offering costs. ( 3 The Company has entered into eleven ten Stock Repurchase Program On July 29, 2015, February 8, 2018, 10% On December 9, 2021, 10% On October 12, 2022, 18% As part of the stock repurchase program, shares may may 10b5 1 1934, 10b 18, not may no From the inception of the stock repurchase program through March 31, 2024 , the Company repurchased a total of shares at an aggregate cost of approximately $ , including commissions and fees, for a weighted average price of $ per share. During the three March 31, 2024 , the Company repurchased a total of shares at an aggregate cost of approximately $ , including commissions and fees, for a weighted average price of $ per share. December 31, 2023, The remaining authorization under the stock repurchase program as of April 25, 2024 was shares. Cash Dividends The table below presents the cash dividends declared on the Company’s common stock. (in thousands, except per share amounts) Year Per Share Amount Total 2013 $ 6.975 $ 4,662 2014 10.800 22,643 2015 9.600 38,748 2016 8.400 41,388 2017 8.400 70,717 2018 5.350 55,814 2019 4.800 54,421 2020 3.950 53,570 2021 3.900 97,601 2022 2.475 87,906 2023 1.800 81,127 2024 - YTD (1) 0.480 25,089 Totals $ 66.930 $ 633,686 ( 1 On April 10, 2024 May 30, 2024 not March 31, 2024

Note 9 - Stock Incentive Plan

Note 9 - Stock Incentive Plan	3 Months Ended
	Mar. 31, 2024
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 three March 31, 2024 2023 ($ in thousands, except per share data) Three Months Ended March 31, 2024 2023 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Unvested, beginning of period (1) 81,403 $ 12.48 36,921 $ 20.57 Granted 36,773 8.62 - - Vested and issued (10,312 ) 14.97 (4,462 ) 22.09 Unvested, end of period 107,864 $ 10.92 32,459 $ 20.36 Compensation expense during period $ 44 $ 90 Unrecognized compensation expense, end of period $ 692 $ 267 Intrinsic value, end of period $ 963 $ 348 Weighted-average remaining vesting term (in years) 1.5 1.1 ( 1 The number of shares of common stock issuable upon the vesting of the remaining outstanding PUs as of December 31, 2023 September 30, 2023 July 1, 2023 December 31, 2023 two 15%. Stock Awards The Company has issued, and may three March 31, 2024 2023 three March 31, 2024, December 31, 2023. ($ in thousands, except per share data) Three Months Ended March 31, 2024 2023 Fully vested shares granted 36,773 - Weighted average grant date price per share $ 8.62 $ - Compensation expense related to fully vested shares of common stock awards $ 317 $ - Deferred Stock Units Non-employee directors receive a portion of their compensation in the form of DSU awards pursuant to the Incentive Plans. Each DSU represents a right to receive one 2022, not The following table presents information related to the DSUs outstanding during the three March 31, 2024 2023 ($ in thousands, except per share data) Three Months Ended March 31, 2024 2023 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Outstanding, beginning of period 96,704 $ 15.69 54,197 $ 20.29 Granted and vested 13,484 8.46 9,302 10.59 Outstanding, end of period 110,188 $ 14.80 63,499 $ 18.87 Compensation expense during period $ 99 $ 89 Intrinsic value, end of period $ 984 $ 681

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 10. From time to time, the Company may not March 31, 2024

Note 11 - Income Taxes

Note 11 - Income Taxes	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 11. The Company will generally not 90% 85% 95% may

Note 12 - Earnings Per Share (E

Note 12 - Earnings Per Share (EPS)	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 12. The Company had dividend eligible PUs and DSUs that were outstanding during the three March 31, 2024 2023 no no not no The table below reconciles the numerator and denominator of EPS for the three March 31, 2024 2023 (in thousands, except per share information) Three Months Ended March 31, 2024 2023 Basic and diluted EPS per common share: Numerator for basic and diluted EPS per share of common stock: Net income - Basic and diluted $ 19,776 $ 3,530 Weighted average shares of common stock: Shares of common stock outstanding at the balance sheet date 52,826 39,086 Unvested dividend eligible share based compensation outstanding at the balance sheet date 218 96 Effect of weighting (1,440 ) (690 ) Weighted average shares-basic and diluted 51,604 38,492 Net income per common share: Basic and diluted $ 0.38 $ 0.09

Note 13 - Fair Value

Note 13 - Fair Value	3 Months Ended
	Mar. 31, 2024
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 presentation of balance sheet amounts measured at fair value based on inputs the Company uses to derive fair value measurements. These inputs 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), U.S. Treasury securities, derivatives and TBA securities were recorded at fair value on a recurring basis during the three March 31, 2024 2023 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 March 31, 2024 December 31, 2023 1 2 The following table presents financial assets (liabilities) measured at fair value on a recurring basis as of March 31, 2024 December 31, 2023 not (in thousands) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) March 31, 2024 Mortgage-backed securities $ - $ 3,881,078 $ - U.S. Treasury securities 99,496 - - Interest rate swaps - 11,252 - Interest rate swaptions - 14 - Dual digital option - 261 - TBA securities - 904 - 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 ) - During the three March 31, 2024 2023 no 1, 2 3.

Note 14 - Related Party Transac

Note 14 - Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE 14. Management Agreement The Company is externally managed and advised by Bimini Advisors, LLC (the “Manager”) pursuant to the terms of a management agreement. The management agreement has been renewed through February 20, 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 $2.9 million and $3.4 million for the three March 31, 2024 2023 At March 31, 2024 and December 31, 2023 , the net amount due to affiliates was approximately $ million and $ million, respectively. Other Relationships with Bimini Robert Cauley, the Company’s Chief Executive Officer and Chairman of the Board of Directors, also serves as Chief Executive Officer and Chairman of the Board of Directors of Bimini and owns shares of common stock of Bimini. George H. Haas, IV, the Company’s Chief Financial Officer, Chief Investment Officer, Secretary and a member of the Board of Directors, also serves as the Chief Financial Officer, Chief Investment Officer and Treasurer of Bimini and owns shares of common stock of Bimini. In addition, as of March 31, 2024 , Bimini owned 569,071 shares, or 1.1%, of the Company’s common stock.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	5. None
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)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation and Use of Estimates The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10 8 X. not three March 31, 2024 not may December 31, 2024 The balance sheet at December 31, 2023 not 10 December 31, 2023 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 March 31, 2024
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	Variable Interest Entities ( VIEs ) The Company obtains interests in VIEs through its investments in mortgage-backed securities. The Company’s interests in these VIEs are passive in nature and are not not 2
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include cash on deposit with financial institutions and highly liquid investments with original maturities of three The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. (in thousands) March 31, 2024 December 31, 2023 Cash and cash equivalents $ 190,373 $ 171,893 Restricted cash 13,247 28,396 Total cash, cash equivalents and restricted cash $ 203,620 $ 200,289 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. The Company refers to IO and IIO securities as structured RMBS. The Company also invests in U.S. Treasury Notes and U.S. Treasury Bills (collectively, "U.S. Treasury securities"), primarily to satisfy collateral requirements of derivative counterparties. The Company has elected to account for its investment in RMBS and U.S. Treasury securities under the fair value option. Electing the fair value option requires the Company to record changes in fair value in net income, 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 securities purchased after August 2023 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 and Other Hedging Instruments The Company uses derivative and other hedging instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may may The Company accounts for TBA securities as derivative instruments. Gains and losses associated with TBA securities transactions are reported in gain (loss) on derivative instruments in the accompanying statements of comprehensive income. Derivative and other hedging instruments are carried at fair value, and changes in fair value are recorded in income 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, dual digital options, interest rate floors and 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 has elected and is organized and operated so as to qualify to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, not 90% Orchid assesses the likelihood, based on their technical merit, that uncertain tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. All of Orchid’s tax positions are categorized as highly certain. There is no
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In November 2023, 2023 07 "Segment Reporting (Topic 820 2023 07 2023 07 December 15, 2023

Note 1 - Organization and Sig_2

Note 1 - Organization and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Cash, Cash Equivalents and Investments [Table Text Block]	(in thousands) March 31, 2024 December 31, 2023 Cash and cash equivalents $ 190,373 $ 171,893 Restricted cash 13,247 28,396 Total cash, cash equivalents and restricted cash $ 203,620 $ 200,289

Note 2 - Mortgage-backed Secu_2

Note 2 - Mortgage-backed Securities, At Fair Value (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Marketable Securities [Table Text Block]	(in thousands) March 31, 2024 December 31, 2023 Par Value Cost (1) Fair Value Par Value Cost (1) Fair Value Pass-Through RMBS Certificates: Fixed-rate Mortgages $ 4,351,259 $ 4,466,595 $ 3,864,505 $ 4,051,145 $ 4,198,424 $ 3,877,082 Total Pass-Through Certificates 4,351,259 4,466,595 3,864,505 4,051,145 4,198,424 3,877,082 Structured RMBS Certificates: Interest-Only Securities (2) n/a 19,142 16,326 n/a 19,839 16,572 Inverse Interest-Only Securities (3) n/a 1,756 247 n/a 1,825 358 Total Structured RMBS Certificates 20,898 16,573 21,664 16,930 Total $ 4,351,259 $ 4,487,493 $ 3,881,078 $ 4,051,145 $ 4,220,088 $ 3,894,012

Note 3 - U.S. Treasury Securi_2

Note 3 - U.S. Treasury Securities, Available-for-sale (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block]	(in thousands) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value March 31, 2024 U.S. Treasury Bill maturing 4/30/2024 $ 49,791 $ - $ (24 ) $ 49,767 U.S. Treasury Note maturing 5/31/2024 49,735 - (6 ) 49,729 $ 99,526 $ - $ (30 ) $ 99,496 December 31, 2023 U.S. Treasury Bill maturing 1/2/2024 $ 49,671 $ 9 $ - $ 49,680 U.S. Treasury Bill maturing 2/15/2024 49,992 8 - 50,000 U.S. Treasury Bill maturing 4/30/2024 49,140 - - 49,140 $ 148,803 $ 17 $ - $ 148,820

Note 4 - Repurchase Agreements

Note 4 - Repurchase Agreements (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Repurchase Agreements [Table Text Block]	($ in thousands) OVERNIGHT BETWEEN 2 BETWEEN 31 GREATER (1 DAY OR AND AND THAN LESS) 30 DAYS 90 DAYS 90 DAYS TOTAL March 31, 2024 Fair market value of securities pledged, including accrued interest receivable $ 94,362 $ 3,406,836 $ 361,390 $ 28,379 $ 3,890,967 Repurchase agreement liabilities associated with these securities $ 88,946 $ 3,251,797 $ 343,299 $ 27,456 $ 3,711,498 Net weighted average borrowing rate 5.47 % 5.46 % 5.45 % 5.37 % 5.46 % 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 %

Note 5 - Derivative and Other_2

Note 5 - Derivative and Other Hedging Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	(in thousands) Derivative and Other Hedging Instruments Balance Sheet Location March 31, 2024 December 31, 2023 Assets Interest rate swaps Derivative assets, at fair value $ 11,252 $ 6,348 Payer swaption (long position) Derivative assets, at fair value 14 72 Dual digital option Derivative assets, at fair value 261 - TBA securities Derivative assets, at fair value 984 - Total derivative assets, at fair value $ 12,511 $ 6,420 Liabilities TBA securities Derivative liabilities, at fair value $ 80 $ 12,694 Total derivative liabilities, at fair value $ 80 $ 12,694 Margin Balances Posted to (from) Counterparties Futures contracts Restricted cash $ 5,009 $ 4,096 TBA securities Restricted cash 65 23,720 TBA securities Other liabilities (240 ) - Interest rate swaption contracts Restricted cash 755 580 Total margin balances on derivative contracts $ 5,589 $ 28,396
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	($ in thousands) March 31, 2024 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) Treasury Note Futures Contracts (Short Positions) (2) June 2024 5-year T-Note futures (Jun 2024 - Jun 2029 Hedge Period) $ 421,500 4.26 % 4.42 % $ (1,099 ) March 2024 10-year T-Note futures (Mar 2024 - Mar 2034 Hedge Period) 320,000 4.29 % 4.64 % (2,475 ) SOFR Futures Contracts (Short Positions) December 2024 3-Month SOFR futures (Sep 2024 - Dec 2024 Hedge Period) $ 25,000 4.27 % 4.87 % $ 149 March 2025 3-Month SOFR futures (Dec 2024 - Mar 2025 Hedge Period) 25,000 3.90 % 4.57 % 168 June 2025 3-Month SOFR futures (Mar 2025 - Jun 2025 Hedge Period) 25,000 3.58 % 4.30 % 179 September 2025 3-Month SOFR futures (Jun 2025 - Sep 2025 Hedge Period) 25,000 3.37 % 4.07 % 175 December 2025 3-Month SOFR futures (Sep 2025 - Dec 2025 Hedge Period) 25,000 3.25 % 3.88 % 158 March 2026 3-Month SOFR futures (Dec 2025 - Mar 2026 Hedge Period) 25,000 3.21 % 3.76 % 138 ($ in thousands) December 31, 2023 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) Treasury Note Futures Contracts (Short Positions) (2) 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 T-Note 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 )
Schedule of Interest Rate Swaps [Table Text Block]	($ in thousands) Average Fixed Average Average Notional Pay Receive Maturity Amount Rate Rate (Years) March 31, 2024 Expiration > 1 to ≤ 5 years $ 1,200,000 1.34 % 5.45 % 3.9 Expiration > 5 years 1,331,800 3.28 % 5.38 % 7.4 $ 2,531,800 2.36 % 5.41 % 5.7 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
Schedule of Interest Rate Swaption Agreements [Table Text Block]	($ in thousands) Option Underlying Swap Weighted Weighted Average Average Adjustable Average Fair Months to Notional Fixed Rate Term Cost Value Expiration Amount Rate Index (Years) March 31, 2024 Payer Swaption (long position) $ 1,619 $ 14 2.0 $ 800,000 5.40 % SOFR 1.0 Dual Digital Option (1) $ 500 $ 261 5.7 $ 9,412 n/a n/a n/a December 31, 2023 Payer Swaption (long position) $ 1,619 $ 72 5.0 $ 800,000 5.40 % SOFR 1.0
Schedule of To Be Announced Securities [Table Text Block]	($ in thousands) Notional Amount Net Long Cost Market Carrying (Short) (1) Basis (2) Value (3) Value (4) March 31, 2024 30-Year TBA securities: 3.0% $ (170,700 ) $ (147,202 ) $ (147,282 ) $ (80 ) 3.5% (200,000 ) (180,219 ) (179,235 ) 984 Total $ (370,700 ) $ (327,421 ) $ (326,517 ) $ 904 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 )
Derivative Instruments, Gain (Loss) [Table Text Block]	(in thousands) Three Months Ended March 31, 2024 2023 Interest rate futures contracts (short position) $ 19,090 $ (4,038 ) Interest rate swaps 59,098 (26,144 ) Payer swaptions (short positions) - 6,585 Payer swaptions (long positions) (58 ) (12,109 ) Interest rate caps - (645 ) Dual digital option (239 ) - Interest rate floors (long positions) - 1,185 TBA securities (short positions) 9,903 (5,990 ) TBA securities (long positions) 105 - Total $ 87,899 $ (41,156 )

Note 6 - Pledged Assets (Tables

Note 6 - Pledged Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]	(in thousands) March 31, 2024 December 31, 2023 Repurchase Derivative Repurchase Derivative Assets Pledged to Counterparties Agreements Agreements Total Agreements Agreements Total PT RMBS - fair value $ 3,859,132 $ - $ 3,859,132 $ 3,868,624 $ - $ 3,868,624 Structured RMBS - fair value 16,573 - 16,573 16,930 - 16,930 U.S. Treasury securities - 79,590 79,590 - 79,680 79,680 Accrued interest on pledged securities 15,262 336 15,598 14,922 - 14,922 Restricted cash 7,418 5,829 13,247 - 28,396 28,396 Total $ 3,898,385 $ 85,755 $ 3,984,140 $ 3,900,476 $ 108,076 $ 4,008,552
Schedule of Financial Instruments Pledged as Collateral From Counterparties [Table Text Block]	(in thousands) March 31, 2024 December 31, 2023 Repurchase Derivative Repurchase Derivative Assets Pledged to Orchid Agreements Agreements Total Agreements Agreements Total Cash $ 6,475 $ 240 $ 6,715 $ 42,179 $ - $ 42,179 U.S. Treasury securities - fair value 1,418 - 1,418 10,429 - 10,429 Total $ 7,893 $ 240 $ 8,133 $ 52,608 $ - $ 52,608

Note 7 - Offsetting Assets an_2

Note 7 - Offsetting Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 Interest rate swaps $ 11,252 $ - $ 11,252 $ - $ - $ 11,252 Interest rate swaptions 14 - 14 - - 14 Dual digital option 261 - 261 - - 261 TBA securities 984 - 984 - (240 ) 744 $ 12,511 $ - $ 12,511 $ - $ (240 ) $ 12,271 December 31, 2023 Interest rate swaps $ 6,348 $ - $ 6,348 $ - $ - $ 6,348 Interest rate swaptions 72 - 72 - - 72 $ 6,420 $ - $ 6,420 $ - $ - $ 6,420
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 as Collateral Amount March 31, 2024 Repurchase Agreements $ 3,711,498 $ - $ 3,711,498 $ (3,704,080 ) $ (7,418 ) $ - TBA securities 80 - 80 - (65 ) 15 $ 3,711,578 $ - $ 3,711,578 $ (3,704,080 ) $ (7,483 ) $ 15 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 ) $ -

Note 8 - Capital Stock (Tables)

Note 8 - Capital Stock (Tables)	3 Months Ended
	Mar. 31, 2024
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) 2024 At the Market Offering Program (3) First Quarter $ 8.80 1,490,075 $ 13,109 1,490,075 $ 13,109 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
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) 0.480 25,089 Totals $ 66.930 $ 633,686

Note 9 - Stock Incentive Plan (

Note 9 - Stock Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Nonvested Performance-Based Units Activity [Table Text Block]	($ in thousands, except per share data) Three Months Ended March 31, 2024 2023 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Unvested, beginning of period (1) 81,403 $ 12.48 36,921 $ 20.57 Granted 36,773 8.62 - - Vested and issued (10,312 ) 14.97 (4,462 ) 22.09 Unvested, end of period 107,864 $ 10.92 32,459 $ 20.36 Compensation expense during period $ 44 $ 90 Unrecognized compensation expense, end of period $ 692 $ 267 Intrinsic value, end of period $ 963 $ 348 Weighted-average remaining vesting term (in years) 1.5 1.1
Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block]	($ in thousands, except per share data) Three Months Ended March 31, 2024 2023 Fully vested shares granted 36,773 - Weighted average grant date price per share $ 8.62 $ - Compensation expense related to fully vested shares of common stock awards $ 317 $ -
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block]	($ in thousands, except per share data) Three Months Ended March 31, 2024 2023 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Outstanding, beginning of period 96,704 $ 15.69 54,197 $ 20.29 Granted and vested 13,484 8.46 9,302 10.59 Outstanding, end of period 110,188 $ 14.80 63,499 $ 18.87 Compensation expense during period $ 99 $ 89 Intrinsic value, end of period $ 984 $ 681

Note 12 - Earnings Per Share _2

Note 12 - Earnings Per Share (EPS) (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	(in thousands, except per share information) Three Months Ended March 31, 2024 2023 Basic and diluted EPS per common share: Numerator for basic and diluted EPS per share of common stock: Net income - Basic and diluted $ 19,776 $ 3,530 Weighted average shares of common stock: Shares of common stock outstanding at the balance sheet date 52,826 39,086 Unvested dividend eligible share based compensation outstanding at the balance sheet date 218 96 Effect of weighting (1,440 ) (690 ) Weighted average shares-basic and diluted 51,604 38,492 Net income per common share: Basic and diluted $ 0.38 $ 0.09

Note 13 - Fair Value (Tables)

Note 13 - Fair Value (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	(in thousands) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) March 31, 2024 Mortgage-backed securities $ - $ 3,881,078 $ - U.S. Treasury securities 99,496 - - Interest rate swaps - 11,252 - Interest rate swaptions - 14 - Dual digital option - 261 - TBA securities - 904 - 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 ) -

Note 1 - Organization and Sig_3

Note 1 - Organization and Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands				3 Months Ended			4 Months Ended	12 Months Ended		13 Months Ended
		Mar. 07, 2023	Oct. 29, 2021	Mar. 31, 2024		Mar. 31, 2023	Oct. 28, 2021	Dec. 31, 2023		Mar. 31, 2024
Stock Issued During Period, Shares, New Issues (in shares)	[1]			1,490,075				15,880,039
Stock Issued During Period, Value, New Issues				$ 13,109	[2]	$ 31,657		$ 159,438	[2]
Proceeds from Issuance of Common Stock				$ 13,109		$ 31,657
June 2021 Equity Distribution Agreement [Member]
Equity Agreement, Maximum Number of Shares Issuable (in shares)							250,000,000
October 2021 Equity Distribution Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares)			9,742,188
Stock Issued During Period, Value, New Issues			$ 151,800
Proceeds from Issuance of Common Stock			$ 149,300
March 2023 Equity Distribution Agreement [Member]
Equity Agreement, Maximum Number of Shares Issuable (in shares)		250,000,000
Stock Issued During Period, Shares, New Issues (in shares)										14,680,114
Stock Issued During Period, Value, New Issues										$ 143,200
Proceeds from Issuance of Common Stock										$ 140,900
[1]The Company has 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	Mar. 31, 2024	Dec. 31, 2023
Cash and cash equivalents	$ 190,373	$ 171,893
Restricted cash	13,247	28,396
Total cash, cash equivalents and restricted cash	$ 203,620	$ 200,289

Note 2 - Mortgage-backed Secu_3

Note 2 - Mortgage-backed Securities, At Fair Value (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Notional Balance, Interest Only Securities Portfolio, Amount	$ 94,900		$ 98,600
Notional Balance, Inverse Interest Only Securities Portfolio, Amount	25,800		$ 26,800
Collateralized Mortgage-Backed Securities [Member]
Investment Sold at Carrying Value	$ (221,700)	$ 0

Note 2 - Mortgage-backed Secu_4

Note 2 - Mortgage-backed Securities, At Fair Value - Schedule of RMBS Portfolio (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Mortgage-backed securities, par value		$ 4,351,259	$ 4,051,145
Mortgage-backed securities, cost	[1]	4,487,493	4,220,088
Mortgage-backed securities		3,881,078	3,894,012
Pass Through Certificate [Member]
Mortgage-backed securities, par value		4,351,259	4,051,145
Mortgage-backed securities, cost	[1]	4,466,595	4,198,424
Mortgage-backed securities		3,864,505	3,877,082
Pass Through Certificate [Member] | Fixed Rate Mortgages [Member]
Mortgage-backed securities, par value		4,351,259	4,051,145
Mortgage-backed securities, cost	[1]	4,466,595	4,198,424
Mortgage-backed securities		3,864,505	3,877,082
Structured Finance [Member]
Mortgage-backed securities, par value
Mortgage-backed securities, cost	[1]	20,898	21,664
Mortgage-backed securities		16,573	16,930
Structured Finance [Member] | Interest Only Securities [Member]
Mortgage-backed securities, cost	[1],[2]	19,142	19,839
Mortgage-backed securities	[2]	16,326	16,572
Structured Finance [Member] | Inverse Interest Only Securities [Member]
Mortgage-backed securities, cost	[1],[3]	1,756	1,825
Mortgage-backed securities	[3]	$ 247	$ 358
[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 $94.9 million and $98.6 million as of March 31, 2024 and December 31, 2023, respectively.[3]The notional balance for the inverse interest-only securities portfolio was $25.8 million and $26.8 million as of March 31, 2024 and December 31, 2023, respectively.

Note 3 - U.S. Treasury Securi_3

Note 3 - U.S. Treasury Securities, Available-for-sale (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale	$ 99,496	$ 148,820
US Treasury Securities [Member]
Debt Securities, Available-for-Sale	$ 99,496	$ 148,820

Note 3 - U.S. Treasury Securi_4

Note 3 - U.S. Treasury Securities, Available-for-sale - Available-for-sale- Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair value	$ 99,496	$ 148,820
Treasury Bill 4/30/2024 Maturity [Member]
Amortized cost	49,791	49,140
Gross unrealized gains	0	0
Gross unrealized losses	(24)	0
Fair value	49,767	49,140
Gross unrealized losses	24	0
Treasury Note 5/31/2024 Maturity [Member]
Amortized cost	49,735
Gross unrealized gains	0
Gross unrealized losses	(6)
Fair value	49,729
Gross unrealized losses	6
US Treasury Securities [Member]
Amortized cost	99,526	148,803
Gross unrealized gains	0	17
Gross unrealized losses	(30)	0
Fair value	99,496	148,820
Gross unrealized losses	$ 30	0
Treasury Bill 1/2/2024 Maturity [Member]
Amortized cost		49,671
Gross unrealized gains		9
Gross unrealized losses		0
Fair value		49,680
Gross unrealized losses		0
Treasury Bill 2/15/2024 Maturity [Member]
Amortized cost		49,992
Gross unrealized gains		8
Gross unrealized losses		0
Fair value		50,000
Gross unrealized losses		$ 0

Note 4 - Repurchase Agreement_2

Note 4 - Repurchase Agreements (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Restricted Cash and Cash Equivalents, Current	$ 13,247	$ 28,396
Repurchase Agreement Counterparty, Amount at Risk	174,100
Asset Pledged as Collateral [Member]
Restricted Cash and Cash Equivalents, Current	13,247	$ 28,396
Asset Pledged as Collateral [Member] | Repurchase Agreements [Member]
Restricted Cash and Cash Equivalents, Current	$ 7,418

Note 4 - Repurchase Agreement_3

Note 4 - Repurchase Agreements - Schedule of Repurchase Agreements (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair market value of securities pledged, including accrued interest receivable	$ 3,890,967	$ 3,900,476
Repurchase agreement liabilities associated with these securities	$ 3,711,498	$ 3,705,649
Net weighted average borrowing rate	5.46%	5.55%
Maturity Overnight [Member]
Fair market value of securities pledged, including accrued interest receivable	$ 94,362	$ 0
Repurchase agreement liabilities associated with these securities	$ 88,946	$ 0
Net weighted average borrowing rate	5.47%	0%
Maturity 2 to 30 Days [Member]
Fair market value of securities pledged, including accrued interest receivable	$ 3,406,836	$ 3,125,315
Repurchase agreement liabilities associated with these securities	$ 3,251,797	$ 2,966,650
Net weighted average borrowing rate	5.46%	5.55%
Maturity 30 to 90 Days [Member]
Fair market value of securities pledged, including accrued interest receivable	$ 361,390	$ 710,055
Repurchase agreement liabilities associated with these securities	$ 343,299	$ 674,696
Net weighted average borrowing rate	5.45%	5.54%
Maturity Greater than 90 Days [Member]
Fair market value of securities pledged, including accrued interest receivable	$ 28,379	$ 65,106
Repurchase agreement liabilities associated with these securities	$ 27,456	$ 64,303
Net weighted average borrowing rate	5.37%	5.46%

Note 5 - Derivative and Other_3

Note 5 - Derivative and Other Hedging Instruments (Details Textual) $ in Thousands	Mar. 31, 2024 USD ($) $ / item	Dec. 31, 2023 USD ($) $ / item
Dual Digital Option, Covenant, S&P 500 Index	4,725.166
Dual Digital Option, Covenant, SOFR 10 Year Swap Rate	3.883%
Dual Digital Option, Amount, Covenants Not Met	$ 0
Five Year Treasury Note Futures [Member] | Short [Member]
Derivative, Forward Price (in USD per Per Share) | $ / item	107.02	108.77
Derivative, Fair Value, Net	$ 451,100	$ 458,500
Ten Year Ultra Future [Member] | Short [Member]
Derivative, Forward Price (in USD per Per Share) | $ / item	110.8	112.89
Derivative, Fair Value, Net	$ 354,600	$ 361,200

Note 5 - Derivative and Other_4

Note 5 - Derivative and Other Hedging Instruments - Schedule of Derivative Instruments in Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Restricted Cash and Cash Equivalents, Current	$ 13,247	$ 28,396
Other liabilites	(917)	(1,031)
Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative assets, at fair value	12,511	6,420
Derivative liabilities, at fair value	80	12,694
Total margin balances on derivative contracts	5,589	28,396
Not Designated as Hedging Instrument, Economic Hedge [Member] | Long [Member]
Derivative assets, at fair value	14	72
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Swap [Member]
Derivative assets, at fair value	11,252	6,348
Not Designated as Hedging Instrument, Economic Hedge [Member] | Dual Digital Option [Member]
Derivative assets, at fair value	261	0
Not Designated as Hedging Instrument, Economic Hedge [Member] | TBA Contracts [Member]
Derivative assets, at fair value	984	0
Derivative liabilities, at fair value	80	12,694
Restricted Cash and Cash Equivalents, Current	65	23,720
Other liabilites	(240)	0
Not Designated as Hedging Instrument, Economic Hedge [Member] | Eurodollar Future Margin [Member]
Restricted Cash and Cash Equivalents, Current	5,009	4,096
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Swaption [Member]
Restricted Cash and Cash Equivalents, Current	$ 755	$ 580

Note 5 - Derivative and Other_5

Note 5 - Derivative and Other Hedging Instruments - Schedule of Derivative Positions (Details) - Short [Member] - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Five Year Treasury Note Futures [Member]
Average contract notional amount	$ 421,500,000	$ 421,500,000
Weighted average entry rate	4.26%	4.36%
Average receive rate	4.42%	4.04%
Open Equity	$ (1,099,000)	$ (9,936,000)
Ten Year Ultra Futures [Member]
Average contract notional amount	$ 320,000	$ 320,000,000
Weighted average entry rate	4.29%	4.38%
Average receive rate	4.64%	4.39%
Open Equity	$ (2,475)	$ (11,393,000)
Three Month SOFR Futures, Ending June 2024 [Member}
Average contract notional amount	$ 25,000,000	$ 25,000,000
Weighted average entry rate	4.27%	5.08%
Average receive rate	4.87%	4.99%
Open Equity	$ 149,000	$ (24,000)
Three Month SOFR Futures Ending September 2024 [Member]
Average contract notional amount	$ 25,000,000	$ 25,000,000
Weighted average entry rate	3.90%	4.67%
Average receive rate	4.57%	4.52%
Open Equity	$ 168,000	$ (39,000)
Three Month SOFR Futures Ending in December 2024 [Member]
Average contract notional amount	$ 25,000,000	$ 25,000,000
Weighted average entry rate	3.58%	4.27%
Average receive rate	4.30%	4.10%
Open Equity	$ 179,000	$ (44,000)
Three Month SOFR Futures Ending in March 2025 [Member]
Average contract notional amount	$ 25,000,000	$ 25,000,000
Weighted average entry rate	3.37%	3.90%
Average receive rate	4.07%	3.73%
Open Equity	$ 175,000	$ (43,000)
Three Month SOFR Futures Ending in June 2025 [Member]
Average contract notional amount	$ 25,000,000	$ 25,000,000
Weighted average entry rate	3.25%	3.58%
Average receive rate	3.88%	3.42%
Open Equity	$ 158,000	$ (41,000)
Three Month SOFR Futures Ending in September 2025 [Member]
Average contract notional amount	$ 25,000,000	$ 25,000,000
Weighted average entry rate	3.21%	3.37%
Average receive rate	3.76%	3.21%
Open Equity	$ 138,000	$ (39,000)
Three Month SOFR Futures Ending in December 2025 [Member]
Average contract notional amount		$ 25,000,000
Weighted average entry rate		3.25%
Average receive rate		3.10%
Open Equity		$ (37,000)
Three Month SOFR Futures Ending in March 2026 [Member]
Average contract notional amount		$ 25,000,000
Weighted average entry rate		3.21%
Average receive rate		3.07%
Open Equity		$ (35,000)

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	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Notional amount	$ 2,531.8	$ 2,326.5
Average fixed pay rate	2.36%	2.24%
Average receive rate	5.41%	5.45%
Average maturity (Year)	5 years 8 months 12 days	5 years 10 months 24 days
One to Five Years [Member]
Notional amount	$ 1,200	$ 500
Average fixed pay rate	1.34%	0.84%
Average receive rate	5.45%	5.64%
Average maturity (Year)	3 years 10 months 24 days	2 years 8 months 12 days
More Than Five Years [Member]
Notional amount	$ 1,331.8	$ 1,826.5
Average fixed pay rate	3.28%	2.62%
Average receive rate	5.38%	5.40%
Average maturity (Year)	7 years 4 months 24 days	6 years 9 months 18 days

Note 5 - Derivative and Other_6

Note 5 - Derivative and Other Hedging Instruments - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Payer Swaptions [Member] | Long [Member]
Cost		$ 1,619	$ 1,619
Fair Value		$ 14	$ 72
Weighted average months to expiration (Year)		2 years	5 years
Notional amount		$ 800,000	$ 800,000
Average fixed pay rate		5.40%	5.40%
Weighted average term (Year)		1 year	1 year
Dual Digital Option [Member]
Fair Value	[1]	$ 261
Weighted average months to expiration (Year)	[1]	5 years 8 months 12 days
Notional amount	[1]	$ 9,412
Cost	[1]	$ 500
[1]If, on September, 20, 2024, the S&P 500 Index (SPX) is lower than 4,725.166, and the SOFR 10 Year Swap Rate is above 3.883%, the Company will receive the notional amount. If either condition is not met, the Company will receive $0.

Note 5 - Derivative and Other_7

Note 5 - Derivative and Other Hedging Instruments - Schedule of To Be Announced Securities (Details) - Short [Member] - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Three Percent TBA Securities [Member]
Notional amount	[1]	$ (170,700)	$ (70,700)
Cost basis	[2]	(147,202)	(59,278)
Market value	[3]	(147,282)	(62,647)
Net carrying value	[4]	(80)	(3,369)
Three and a Half Percent TBA Securities [Member]
Notional amount	[1]	(200,000)
Cost basis	[2]	(180,219)
Market value	[3]	(179,235)
Net carrying value	[4]	984
TBA Contracts [Member]
Notional amount	[1]	(370,700)	(645,700)
Cost basis	[2]	(327,421)	(624,413)
Market value	[3]	(326,517)	(637,107)
Net carrying value	[4]	$ 904	(12,694)
Five Percent TBA Securities [Member]
Notional amount	[1]		(250,000)
Cost basis	[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 basis	[2]		(322,410)
Market value	[3]		(326,803)
Net carrying value	[4]		$ (4,393)
[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_8

Note 5 - Derivative and Other Hedging Instruments - Schedule of Derivative Instruments Gain (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Gains (losses) on derivative and other hedging instruments	$ 87,899	$ (41,156)
Treasury Note Future [Member] | Short [Member]
Gains (losses) on derivative and other hedging instruments	19,090	(4,038)
Interest Rate Swap [Member]
Gains (losses) on derivative and other hedging instruments	59,098	(26,144)
Payer Swaptions [Member] | Short [Member]
Gains (losses) on derivative and other hedging instruments	0	6,585
Payer Swaptions [Member] | Long [Member]
Gains (losses) on derivative and other hedging instruments	(58)	(12,109)
Interest Rate Cap [Member]
Gains (losses) on derivative and other hedging instruments	0	(645)
Dual Digital Option [Member]
Gains (losses) on derivative and other hedging instruments	(239)	0
Interest Rate Floor [Member] | Short [Member]
Gains (losses) on derivative and other hedging instruments	0	1,185
TBA Contracts [Member] | Short [Member]
Gains (losses) on derivative and other hedging instruments	9,903	(5,990)
TBA Contracts [Member] | Long [Member]
Gains (losses) on derivative and other hedging instruments	$ 105	$ 0

Note 6 - Pledged Assets - Sched

Note 6 - Pledged Assets - Schedule of Financial Instruments Owned and Pledged as Collateral (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued interest receivable	$ 15,614	$ 14,951
Restricted cash	13,247	28,396
Asset Pledged as Collateral [Member]
Accrued interest receivable	15,598	14,922
Restricted cash	13,247	28,396
Total	3,984,140	4,008,552
Asset Pledged as Collateral [Member] | Residential Mortgage-Backed Securities [Member] | Pass Through Certificate [Member]
Investment at fair value	3,859,132	3,868,624
Asset Pledged as Collateral [Member] | Residential Mortgage-Backed Securities [Member] | Structured Finance [Member]
Investment at fair value	16,573	16,930
Asset Pledged as Collateral [Member] | US Treasury Securities [Member]
Investment at fair value	79,590	79,680
Asset Pledged as Collateral [Member] | Repurchase Agreements [Member]
Accrued interest receivable	15,262	14,922
Restricted cash	7,418
Total	3,898,385	3,900,476
Asset Pledged as Collateral [Member] | Repurchase Agreements [Member] | Residential Mortgage-Backed Securities [Member] | Pass Through Certificate [Member]
Investment at fair value	3,859,132	3,868,624
Asset Pledged as Collateral [Member] | Repurchase Agreements [Member] | Residential Mortgage-Backed Securities [Member] | Structured Finance [Member]
Investment at fair value	16,573	16,930
Asset Pledged as Collateral [Member] | Derivative [Member]
Accrued interest receivable	336	0
Restricted cash	5,829	28,396
Total	85,755	108,076
Asset Pledged as Collateral [Member] | Derivative [Member] | US Treasury Securities [Member]
Investment at fair value	$ 79,590	$ 79,680

Note 6 - Pledged Assets - Sch_2

Note 6 - Pledged Assets - Schedule of Financial Instruments Pledged as Collateral From Counterparties (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets pledged	$ 8,133	$ 52,608
Repurchase Agreements [Member]
Assets pledged	7,893	52,608
Derivative [Member]
Assets pledged	240	0
Cash [Member]
Assets pledged	6,715	42,179
Cash [Member] | Repurchase Agreements [Member]
Assets pledged	6,475	42,179
Cash [Member] | Derivative [Member]
Assets pledged	240	0
US Treasury Securities [Member]
Assets pledged	1,418	10,429
US Treasury Securities [Member] | Repurchase Agreements [Member]
Assets pledged	1,418	10,429
US Treasury Securities [Member] | Derivative [Member]
Assets pledged	$ 0	$ 0

Note 7 - Offsetting Assets an_3

Note 7 - Offsetting Assets and Liabilities - Offsetting Assets (Details) - Assets [Member] - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Gross amount, recognized	$ 12,511	$ 6,420
Gross Amount, offset	0	0
Net Amount	12,511	6,420
Gross Amount, not recognized	0	0
Gross amount, not offset	(240)	0
Net amount, after deduction	12,271	6,420
Interest Rate Swap [Member]
Gross amount, recognized	11,252	6,348
Gross Amount, offset	0	0
Net Amount	11,252	6,348
Gross Amount, not recognized	0	0
Gross amount, not offset	0	0
Net amount, after deduction	11,252	6,348
Payer Swaptions [Member]
Gross amount, recognized	14	72
Gross Amount, offset	0	0
Net Amount	14	72
Gross Amount, not recognized	0	0
Gross amount, not offset	0	0
Net amount, after deduction	14	$ 72
Dual Digital Option [Member]
Gross amount, recognized	261
Gross Amount, offset	0
Net Amount	261
Gross Amount, not recognized	0
Gross amount, not offset	0
Net amount, after deduction	261
TBA Contracts [Member]
Gross amount, recognized	984
Gross Amount, offset	0
Net Amount	984
Gross Amount, not recognized	0
Gross amount, not offset	(240)
Net amount, after deduction	$ 744

Note 7 - Offsetting Assets an_4

Note 7 - Offsetting Assets and Liabilities - Offsetting Liabilities (Details) - Liability [Member] - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Gross amount, recognized	$ 3,711,578	$ 3,718,343
Gross Amount, offset	0	0
Net Amount	3,711,578	3,718,343
Gross Amount, not recognized	(3,704,080)	(3,705,649)
Gross amount, not offset	(7,483)	(12,694)
Net amount, after deduction	15	0
Repurchase Agreements [Member]
Gross amount, recognized	3,711,498	3,705,649
Gross Amount, offset	0	0
Net Amount	3,711,498	3,705,649
Gross Amount, not recognized	(3,704,080)	(3,705,649)
Gross amount, not offset	(7,418)	0
Net amount, after deduction	0	0
TBA Contracts [Member]
Gross amount, recognized	80	12,694
Gross Amount, offset	0	0
Net Amount	80	12,694
Gross Amount, not recognized	0	0
Gross amount, not offset	(65)	(12,694)
Net amount, after deduction	$ 15	$ 0

Note 8 - Capital Stock (Details

Note 8 - Capital Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		4 Months Ended		12 Months Ended											104 Months Ended	135 Months Ended
	Apr. 10, 2024	Mar. 31, 2024	Mar. 31, 2023	Apr. 26, 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	Mar. 31, 2024	Mar. 31, 2024	Apr. 25, 2024	Oct. 12, 2022	Dec. 09, 2021	Feb. 08, 2018	Feb. 01, 2018	Jul. 29, 2015
Stock Repurchased and Retired During Period, Value		$ 2,778	$ 3,963
Common Stock, Dividends, Per Share, Declared (in dollars per share)		$ 0.36	$ 0.48			$ 1.8	$ 2.475	$ 3.9	$ 3.95	$ 4.8	$ 5.35	$ 8.4	$ 8.4	$ 9.6	$ 10.8	$ 6.975		$ 66.93
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.12			$ 0.48
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)		332,773				1,072,789											5,081,134
Stock Repurchased and Retired During Period, Value		$ 2,800				$ 9,400											$ 77,000
Shares Acquired, Average Cost Per Share (in dollars per share)		$ 8.35				$ 8.79											$ 15.16
Share Repurchase Program [Member] | Subsequent Event [Member]
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)																			3,895,829
[1]On April 10, 2024, the Company declared a dividend of $0.12 per share to be paid on May 30, 2024. The effect of this dividend is included in the table above but is not reflected in the Company’s financial statements as of March 31, 2024.

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		15 Months Ended
		Mar. 31, 2024		Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2023		Dec. 31, 2023
Issuance of common stock pursuant to public offerings, net (in shares)	[1]	1,490,075					15,880,039
Issuance of common stock pursuant to public offerings, net		$ 13,109	[2]			$ 31,657	$ 159,438	[2]
At the Market Offering Program [Member]
Price per share (in dollars per share)	[1],[3],[4]	$ 8.8		$ 9.54	$ 9.95	$ 11.77	$ 0		$ 0
Issuance of common stock pursuant to public offerings, net (in shares)	[1],[3]	1,490,075		8,432,086	4,757,953	2,690,000			0
Issuance of common stock pursuant to public offerings, net	[1],[2]	$ 13,109		$ 80,426	$ 47,355	$ 31,657			$ 0
[1]The Company has 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]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.[4]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			3 Months Ended		4 Months Ended		12 Months Ended											135 Months Ended
		Apr. 10, 2024	Mar. 31, 2024	Mar. 31, 2023	Apr. 26, 2024		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	Mar. 31, 2024
Cash dividends declared, per share (in dollars per share)			$ 0.36	$ 0.48			$ 1.8	$ 2.475	$ 3.9	$ 3.95	$ 4.8	$ 5.35	$ 8.4	$ 8.4	$ 9.6	$ 10.8	$ 6.975	$ 66.93
Dividends							$ 81,127	$ 87,906	$ 97,601	$ 53,570	$ 54,421	$ 55,814	$ 70,717	$ 41,388	$ 38,748	$ 22,643	$ 4,662	$ 633,686
Subsequent Event [Member]
Cash dividends declared, per share (in dollars per share)		$ 0.12			$ 0.48	[1]
Dividends	[1]				$ 25,089
[1]On April 10, 2024, the Company declared a dividend of $0.12 per share to be paid on May 30, 2024. The effect of this dividend is included in the table above but is not reflected in the Company’s financial statements as of March 31, 2024.

Note 9 - Stock Incentive Plan_2

Note 9 - Stock Incentive Plan (Details Textual) - shares	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Dec. 31, 2023
Minimum [Member]
Decline of Book Value Per Share		15%	10%
Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Increase (Decrease) in Number of Awards Due to Impairment (in shares)	(14,365)
The 2021 Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum	10%
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)	1,473,324

Note 9 - Stock Incentive Plan -

Note 9 - Stock Incentive Plan - Schedule of Nonvested Performance Based Units Activity (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Stock based compensation		$ (140)	$ 409
Performance Shares [Member]
Unvested, shares (in shares)	[1]	81,403	36,921	36,921
Unvested, grant date fair value (in dollars per share)	[1]	$ 12.48	$ 20.57	$ 20.57
Fully vested shares granted (in shares)		36,773	0
Weighted average grant date price per share (in dollars per share)		$ 8.62	$ 0
Vested and issued, shares (in shares)		(10,312)	(4,462)
Vested and issued, grant date fair value (in dollars per share)		$ 14.97	$ 22.09
Unvested, shares (in shares)		107,864	32,459	81,403	[1]
Unvested, grant date fair value (in dollars per share)		$ 10.92	$ 20.36	$ 12.48	[1]
Stock based compensation		$ 44	$ 90
Unrecognized compensation expense, end of period		692	267
Intrinsic value, end of period		$ 963	$ 348
Weighted-average remaining vesting term (in years) (Year)		1 year 6 months	1 year 1 month 6 days
[1]The number of shares of common stock issuable upon the vesting of the remaining outstanding PUs as of December 31, 2023 was reduced by 14,365 shares as a result of a 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 September 30, 2023 and the Company's book value per share decline from July 1, 2023 to December 31, 2023 was more than 10%. The Plans provide that if such a book value impairment event occurs, then the number of outstanding PUs 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)	36,773	0
Weighted average grant date price per share (in dollars per share)	$ 8.62	$ 0
Compensation expense related to fully vested shares of common stock awards	$ 317	$ 0

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, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock based compensation	$ (140)	$ 409
Deferred Stock Units [Member]
Outstanding, shares (in shares)	96,704	54,197
Outstanding, grant date fair value (in dollars per share)	$ 15.69	$ 20.29
Granted and vested, shares (in shares)	13,484	9,302
Granted and vested, grant date fair value (in dollars per share)	$ 8.46	$ 10.59
Outstanding, shares (in shares)	110,188	63,499
Outstanding, grant date fair value (in dollars per share)	$ 14.8	$ 18.87
Stock based compensation	$ 99	$ 89
Intrinsic value, end of period	$ 984	$ 681

Note 12 - Earnings Per Share _3

Note 12 - Earnings Per Share (EPS) - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income - Basic and diluted	$ 19,776	$ 3,530
Shares of common stock outstanding at the balance sheet date (in shares)	52,826,000	39,086,000
Unvested dividend eligible share based compensation outstanding at the balance sheet date (in shares)	218,000	96,000
Effect of weighting (in shares)	(1,440,000)	(690,000)
Weighted Average Shares Outstanding (in shares)	51,604,135	38,491,767
Basic and diluted net income per share (in dollars per share)	$ 0.38	$ 0.09

Note 13 - Fair Value - Schedule

Note 13 - Fair Value - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Mortgage-backed securities	$ 3,881,078	$ 3,894,012
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] | Dual Digital Option [Member]
Derivative assets, at fair value	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] | 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	99,496
Derivative asset, fair value		148,820
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Swap [Member]
Derivative assets, at fair value	11,252	6,348
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Payer Swaptions [Member]
Derivative assets, at fair value	14	72
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Dual Digital Option [Member]
Derivative assets, at fair value	261
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | TBA Contracts [Member]
Derivative assets, at fair value	904	(12,694)
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member]
Mortgage-backed securities	3,881,078	3,894,012
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member]
Mortgage-backed securities	0
Derivative asset, fair value		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] | Dual Digital Option [Member]
Derivative assets, at fair value	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] | 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
Derivative asset, fair value		$ 0

Note 14 - Related Party Trans_2

Note 14 - Related Party Transactions (Details Textual) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Bimini Advisors LLC [Member]
Automatic Renewal Period Of Management Agreement (Year)			1 year
Management Fee and Overhead Expense	$ 2.9	$ 3.4
Accounts Payable, Current	$ 1	$ 1
Bimini Capital Management Inc [Member]
Entity Shares Owned (in shares)	569,071
Entity Ownership Percentage	1.10%