Orchid Island Capital (ORC) 10-Q 26 Jul 24 2024 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 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	Q2
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		71,338,574

Condensed Balance Sheets (Curre

Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Mortgage-backed securities, at fair value (includes pledged assets of $4,521,136 and $3,885,554, respectively)	$ 4,525,755	$ 3,894,012
U.S. Treasury securities, available-for-sale (amortized cost of $98,092 and $148,803; includes pledged assets of $78,430 and $79,680, respectively)	98,099	148,820
Cash and cash equivalents	241,043	171,893
Restricted cash	15,968	28,396
Accrued interest receivable	18,988	14,951
Derivative assets	29,319	6,420
Other assets	733	455
Total Assets	4,929,905	4,264,947
LIABILITIES:
Repurchase agreements	4,345,704	3,705,649
Payable for investment securities and TBA transactions	0	60,454
Dividends payable	7,805	6,222
Derivative liabilities	844	12,694
Accrued interest payable	17,597	7,939
Other liabilities	937	1,031
Total Liabilities	4,373,973	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 June 30, 2024 and December 31, 2023	0	0
Common Stock, $0.01 par value; 100,000,000 shares authorized, 64,824,374 shares issued and outstanding as of June 30, 2024 and 51,636,074 shares issued and outstanding as of December 31, 2023	648	516
Additional paid-in capital	920,913	849,845
Accumulated deficit	(365,636)	(380,433)
Accumulated other comprehensive income	7	17
Total Stockholders' Equity	555,932	469,945
Total Liabilities and Stockholders' Equity	4,929,905	4,264,947
Related Party [Member]
LIABILITIES:
Due to affiliates	$ 1,086	$ 1,013

Condensed Balance Sheets (Cur_2

Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Pledged assets, Mortgage-backed securities	$ 4,525,755	$ 3,894,012
U.S. Treasury securities, available for sale, amortized cost	98,092	148,803
Pledged assets, available for sale	$ 98,099	$ 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)	64,824,374	51,636,074
Common stock, outstanding (in shares)	64,824,374	51,636,074
Asset Pledged as Collateral [Member]
Pledged assets, Mortgage-backed securities	$ 4,521,136	$ 3,885,554
Pledged assets, available for sale	$ 78,430	$ 79,680

Condensed Statements of Compreh

Condensed Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest income	$ 53,064	$ 39,911	$ 101,935	$ 77,923
Interest expense	(53,761)	(48,671)	(105,122)	(90,888)
Net interest expense	(697)	(8,760)	(3,187)	(12,965)
Unrealized losses on mortgage-backed securities and U.S. Treasury securities	(25,970)	(69,539)	(87,865)	(15,644)
Gains on derivative and other hedging instruments	26,068	93,367	113,967	52,211
Net portfolio income (loss)	(599)	15,068	22,915	23,602
Management fees	2,257	2,704	4,418	5,346
Allocated overhead	732	639	1,330	1,215
Incentive compensation	290	318	201	788
Directors' fees and liability insurance	343	318	672	641
Audit, legal and other professional fees	320	448	796	899
Direct REIT operating expenses	178	173	348	338
Other administrative	260	219	353	596
Total expenses	4,380	4,819	8,118	9,823
Net income (loss)	(4,979)	10,249	14,797	13,779
Unrealized (losses) gains on U.S. Treasury securities measured at fair value through other comprehensive net income (loss)	37	0	(10)	0
Comprehensive net income (loss)	$ (4,942)	$ 10,249	$ 14,787	$ 13,779
Basic and diluted net income (loss) per share (in dollars per share)	$ (0.09)	$ 0.25	$ 0.27	$ 0.35
Weighted Average Shares Outstanding (in shares)	57,763,857	40,210,844	54,798,596	39,356,054

Condensed Statements of Stockho

Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands		Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2022		36,765,000
Balance at Dec. 31, 2022		$ 368	$ 779,602	$ (341,207)	$ 0	$ 438,763
Net income		0	0	3,530	0	3,530
Cash dividends declared		$ 0	(18,807)	0	0	(18,807)
Stock based awards and amortization (in shares)		4,000
Stock based awards and amortization		$ 0	181		0	181
Issuance of common stock pursuant to public offerings, net (in shares)		2,690,000
Issuance of common stock pursuant to public offerings, net		$ 26	31,631	0	0	31,657
Shares repurchased and retired (in shares)		(373,000)
Shares repurchased and retired		$ (3)	(3,960)	0	0	(3,963)
Balances (in shares) at Mar. 31, 2023		39,086,000
Balance at Mar. 31, 2023		$ 391	788,647	(337,677)	0	451,361
Balance (in shares) at Dec. 31, 2022		36,765,000
Balance at Dec. 31, 2022		$ 368	779,602	(341,207)	0	438,763
Net income						13,779
Unrealized loss on available-for-sale securities						$ 0
Balances (in shares) at Jun. 30, 2023		43,897,000				43,897,000
Balance at Jun. 30, 2023		$ 439	817,074	(327,428)	0	$ 490,085
Balance (in shares) at Dec. 31, 2022		36,765,000
Balance at Dec. 31, 2022		$ 368	779,602	(341,207)	0	$ 438,763
Issuance of common stock pursuant to public offerings, net (in shares)	[1]					15,880,039
Issuance of common stock pursuant to public offerings, net	[1],[2]					$ 159,438
Balances (in shares) at Dec. 31, 2023		51,636,000
Balance at Dec. 31, 2023		$ 516	849,845	(380,433)	17	469,945
Balance (in shares) at Mar. 31, 2023		39,086,000
Balance at Mar. 31, 2023		$ 391	788,647	(337,677)	0	451,361
Net income		0	0	10,249	0	10,249
Unrealized loss on available-for-sale securities						0
Cash dividends declared		$ 0	(19,671)	0	0	(19,671)
Stock based awards and amortization (in shares)		53,000
Stock based awards and amortization		$ 1	790		0	791
Issuance of common stock pursuant to public offerings, net (in shares)		4,758,000
Issuance of common stock pursuant to public offerings, net		$ 47	47,308	0	0	$ 47,355
Balances (in shares) at Jun. 30, 2023		43,897,000				43,897,000
Balance at Jun. 30, 2023		$ 439	817,074	(327,428)	0	$ 490,085
Balance (in shares) at Dec. 31, 2023		51,636,000
Balance at Dec. 31, 2023		$ 516	849,845	(380,433)	17	469,945
Net income		0	0	19,776	0	19,776
Unrealized loss on available-for-sale securities		0	0	0	(47)	(47)
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		0	350
Issuance of common stock pursuant to public offerings, net (in shares)		1,490,000
Issuance of common stock pursuant to public offerings, net		$ 15	13,094	0	0	13,109
Shares repurchased and retired (in shares)		(333,000)
Shares repurchased and retired		$ (3)	(2,775)	0	0	(2,778)
Balances (in shares) at Mar. 31, 2024		52,826,000
Balance at Mar. 31, 2024		$ 528	841,790	(360,657)	(30)	481,631
Balance (in shares) at Dec. 31, 2023		51,636,000
Balance at Dec. 31, 2023		$ 516	849,845	(380,433)	17	469,945
Net income						14,797
Unrealized loss on available-for-sale securities						$ (10)
Issuance of common stock pursuant to public offerings, net (in shares)	[1]					13,480,458
Issuance of common stock pursuant to public offerings, net	[1],[2]					$ 113,807
Balances (in shares) at Jun. 30, 2024		64,824,000				64,824,000
Balance at Jun. 30, 2024		$ 648	920,913	(365,636)	7	$ 555,932
Balance (in shares) at Mar. 31, 2024		52,826,000
Balance at Mar. 31, 2024		$ 528	841,790	(360,657)	(30)	481,631
Net income		0	0	(4,979)	0	(4,979)
Unrealized loss on available-for-sale securities		0	0	0	37	37
Cash dividends declared		$ 0	(21,690)	0	0	(21,690)
Stock based awards and amortization (in shares)		8,000
Stock based awards and amortization		$ 0	235		0	235
Issuance of common stock pursuant to public offerings, net (in shares)		11,990,000
Issuance of common stock pursuant to public offerings, net		$ 120	100,578	0	0	$ 100,698
Balances (in shares) at Jun. 30, 2024		64,824,000				64,824,000
Balance at Jun. 30, 2024		$ 648	$ 920,913	$ (365,636)	$ 7	$ 555,932
[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				6 Months Ended		12 Months Ended											138 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 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	Jun. 30, 2024
Cash dividends declared, per share (in dollars per share)	$ 0.36	$ 0.36	$ 0.48	$ 0.48	$ 0.84	[1]	$ 1.8	$ 2.475	$ 3.9	$ 3.95	$ 4.8	$ 5.35	$ 8.4	$ 8.4	$ 9.6	$ 10.8	$ 6.975	$ 67.29
[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.

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 14,797	$ 13,779
Adjustments to reconcile net income to net cash provided by operating activities:
Stock based compensation	101	652
Discount accretion on U.S. Treasury Bills	(2,405)	0
Unrealized losses on mortgage-backed securities and U.S. Treasury securities	87,865	15,644
Realized and unrealized gains on derivative instruments	(41,972)	(15,244)
Changes in operating assets and liabilities:
Accrued interest receivable	(4,037)	(3,747)
Other assets	(278)	(339)
Accrued interest payable	9,658	2,071
Other liabilities	498	410
Due to affiliates	73	110
NET CASH PROVIDED BY OPERATING ACTIVITIES	64,300	13,336
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases	(196,025)	0
Proceeds from maturity of U.S. Treasury securities, available-for-sale	200,000	0
Net payments on derivative instruments	(4,090)	(11,484)
NET CASH USED IN INVESTING ACTIVITIES	(719,723)	(861,917)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from repurchase agreements	18,417,873	17,626,375
Principal payments on repurchase agreements	(17,777,818)	(16,803,103)
Cash dividends	(38,793)	(37,307)
Proceeds from issuance of common stock, net of issuance costs	113,807	79,012
Common stock repurchases, including shares withheld from employee stock awards for payment of taxes	(2,924)	(4,278)
NET CASH PROVIDED BY FINANCING ACTIVITIES	712,145	860,699
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	56,722	12,118
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period	200,289	237,219
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period	257,011	249,337
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	95,464	88,817
Collateralized Mortgage-Backed Securities [Member]
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases	(1,113,948)	(988,824)
Sales and maturities	221,733	0
Principal repayments	$ 172,607	$ 138,391

Note 1 - Organization and Signi

Note 1 - Organization and Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 March 2023 June 2024. On June 11, 2024, “June 2024 three may June 30, 2024 he Company issued a total of 1,995,000 shares under the June 2024 June 30, 2024 he Company issued a total of 6,514,200 shares under the June 2024 , and net proceeds of approximately $54.6 million, after commissions and fees. Basis of Presentation and Use of Estimates The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10 10 X. not six three June 30, 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 June 30, 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) June 30, 2024 December 31, 2023 Cash and cash equivalents $ 241,043 $ 171,893 Restricted cash 15,968 28,396 Total cash, cash equivalents and restricted cash $ 257,011 $ 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 (loss). 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 2023 07

Note 2 - Mortgage-backed Securi

Note 2 - Mortgage-backed Securities, At Fair Value	6 Months Ended
	Jun. 30, 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 June 30, 2024 December 31, 2023 (in thousands) June 30, 2024 December 31, 2023 Par Value Cost (1) Fair Value Par Value Cost (1) Fair Value Pass-Through RMBS Certificates: Fixed-rate Mortgages $ 4,753,603 $ 4,860,307 $ 4,509,084 $ 4,051,145 $ 4,198,424 $ 3,877,082 Total Pass-Through Certificates 4,753,603 4,860,307 4,509,084 4,051,145 4,198,424 3,877,082 Structured RMBS Certificates: Interest-Only Securities (2) n/a 18,568 16,447 n/a 19,839 16,572 Inverse Interest-Only Securities (3) n/a 1,707 224 n/a 1,825 358 Total Structured RMBS Certificates 20,275 16,671 21,664 16,930 Total $ 4,753,603 $ 4,880,582 $ 4,525,755 $ 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 $92.0 million and $98.6 million as of June 30, 2024 December 31, 2023, ( 3 The notional balance for the inverse interest-only securities portfolio was $25.0 million and $26.8 million as of June 30, 2024 December 31, 2023, During the six June 30, 2024 No three June 30, 2024, three six June 30, 2023.

Note 3 - U.S. Treasury Securiti

Note 3 - U.S. Treasury Securities, Available-for-sale	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Available-for-sale Debt Securities [Text Block]	NOTE 3. As of June 30, 2024 December 31, 2023 The amortized cost, gross unrealized holding gains and losses, and fair value of available-for-sale investments as of June 30, 2024 December 31, 2023 (in thousands) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value June 30, 2024 U.S. Treasury Bill maturing 10/24/2024 $ 49,176 $ - $ (4 ) $ 49,172 U.S. Treasury Bill maturing 11/29/2024 48,916 11 - 48,927 $ 98,092 $ 11 $ (4 ) $ 98,099 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 Because 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	6 Months Ended
	Jun. 30, 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 June 30, 2024 As of June 30, 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 June 30, 2024 Fair market value of securities pledged, including accrued interest receivable $ - $ 3,054,319 $ 1,485,789 $ - $ 4,540,108 Repurchase agreement liabilities associated with these securities $ - $ 2,915,797 $ 1,429,907 $ - $ 4,345,704 Net weighted average borrowing rate - 5.46 % 5.46 % 0.00 % 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 $11.2 million as of June 30, 2024 no December 31, 2023. 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 June 30, 2024 not 10% June 30, 2024 December 31, 2023

Note 5 - Derivative and Other H

Note 5 - Derivative and Other Hedging Instruments	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	1 to ≤ 5 years $ 1,200,000 1.34 % 5.45 % 3.6 Expiration > 5 years 1,936,800 3.56 % 5.37 % 7.5 $ 3,136,800 2.71 % 5.40 % 6.0 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 dual digital option and payer swaption positions at June 30, 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) June 30, 2024 Dual Digital Option (1) $ 500 $ 105 2.7 $ 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 June 30, 2024 December 31, 2023 ($ in thousands) Notional Amount Net Long Cost Market Carrying (Short)(1) Basis(2) Value(3) Value(4) June 30, 2024 30-Year TBA securities: 3.0% $ (400,000 ) $ (340,281 ) $ (341,125 ) $ (844 ) Total $ (400,000 ) $ (340,281 ) $ (341,125 ) $ (844 ) 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 (loss) for the six three June 30, 2024 2023 (in thousands) Six Months Ended June 30, Three Months Ended June 30, 2024 2023 2024 2023 Interest rate futures contracts (short position) $ 30,768 $ 24,002 $ 11,678 $ 28,040 Interest rate swaps 70,616 22,940 11,518 49,084 Payer swaptions (short positions) - 4,831 - (1,754 ) Payer swaptions (long positions) (72 ) (9,002 ) (14 ) 3,107 Interest rate caps - (908 ) - (263 ) Dual digital option (395 ) - (156 ) - Interest rate floors (short positions) - (1,216 ) - (1,216 ) Interest rate floors (long positions) - 2,529 - 1,344 TBA securities (short positions) 12,945 9,609 3,042 15,599 TBA securities (long positions) 105 (574 ) - (574 ) Total $ 113,967 $ 52,211 $ 26,068 $ 93,367 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 June 30, 2024 December 31, 2023 (in thousands) Derivative and Other Hedging Instruments Balance Sheet Location June 30, 2024 December 31, 2023 Assets Interest rate swaps Derivative assets, at fair value $ 29,214 $ 6,348 Payer swaption (long position) Derivative assets, at fair value - 72 Dual digital option Derivative assets, at fair value 105 - Total derivative assets, at fair value $ 29,319 $ 6,420 Liabilities TBA securities Derivative liabilities, at fair value $ 844 $ 12,694 Total derivative liabilities, at fair value $ 844 $ 12,694 Margin Balances Posted to (from) Counterparties Futures contracts Restricted cash $ 2,098 $ 4,096 TBA securities Restricted cash 2,282 23,720 Interest rate swaption contracts Restricted cash 403 580 Total margin balances on derivative contracts $ 4,783 $ 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 June 30, 2024 December 31, 2023 ($ in thousands) June 30, 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) September 2024 5-year T-Note futures (Sep 2024 - Sep 2029 Hedge Period) $ 421,500 4.42 % 4.52 % $ (2,025 ) SOFR Futures Contracts (Short Positions) December 2024 3-Month SOFR futures (Sep 2024 - Dec 2024 Hedge Period) $ 25,000 4.27 % 5.15 % $ 220 March 2025 3-Month SOFR futures (Dec 2024 - Mar 2025 Hedge Period) 25,000 3.90 % 4.86 % 239 June 2025 3-Month SOFR futures (Mar 2025 - Jun 2025 Hedge Period) 25,000 3.58 % 4.57 % 245 September 2025 3-Month SOFR futures (Jun 2025 - Sep 2025 Hedge Period) 25,000 3.37 % 4.32 % 237 December 2025 3-Month SOFR futures (Sep 2025 - Dec 2025 Hedge Period) 25,000 3.25 % 4.12 % 218 March 2026 3-Month SOFR futures (Dec 2025 - Mar 2026 Hedge Period) 25,000 3.21 % 3.97 % 191 ($ 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 June 30, 2024 and at December 31, 2023 . The contract values of the short positions were and at June 30, 2024 and December 31, 2023 , respectively. 10 $112.89 at December 31, 2023 . The contract value of the short position was $361.2 million at December 31, 2023 . Under its interest rate swap agreements, the Company typically pays a fixed rate and receives a floating rate ("payer swaps") based on an index, such as SOFR. The floating rate the Company receives under its swap agreements has the effect of offsetting the repricing characteristics of its repurchase agreements and cash flows on such liabilities. The Company is typically required to post margin on its interest rate swap agreements. The table below presents information related to the Company’s interest rate swap positions at June 30, 2024 December 31, 2023 ($ in thousands) Average Fixed Average Average Notional Pay Receive Maturity Amount Rate Rate (Years) June 30, 2024 Expiration > 1 to ≤ 5 years $ 1,200,000 1.34 % 5.45 % 3.6 Expiration > 5 years 1,936,800 3.56 % 5.37 % 7.5 $ 3,136,800 2.71 % 5.40 % 6.0 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 dual digital option and payer swaption positions at June 30, 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) June 30, 2024 Dual Digital Option (1) $ 500 $ 105 2.7 $ 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 June 30, 2024 December 31, 2023 ($ in thousands) Notional Amount Net Long Cost Market Carrying (Short)(1) Basis(2) Value(3) Value(4) June 30, 2024 30-Year TBA securities: 3.0% $ (400,000 ) $ (340,281 ) $ (341,125 ) $ (844 ) Total $ (400,000 ) $ (340,281 ) $ (341,125 ) $ (844 ) 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 (loss) for the six three June 30, 2024 2023 (in thousands) Six Months Ended June 30, Three Months Ended June 30, 2024 2023 2024 2023 Interest rate futures contracts (short position) $ 30,768 $ 24,002 $ 11,678 $ 28,040 Interest rate swaps 70,616 22,940 11,518 49,084 Payer swaptions (short positions) - 4,831 - (1,754 ) Payer swaptions (long positions) (72 ) (9,002 ) (14 ) 3,107 Interest rate caps - (908 ) - (263 ) Dual digital option (395 ) - (156 ) - Interest rate floors (short positions) - (1,216 ) - (1,216 ) Interest rate floors (long positions) - 2,529 - 1,344 TBA securities (short positions) 12,945 9,609 3,042 15,599 TBA securities (long positions) 105 (574 ) - (574 ) Total $ 113,967 $ 52,211 $ 26,068 $ 93,367 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	6 Months Ended
	Jun. 30, 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 June 30, 2024 December 31, 2023 (in thousands) June 30, 2024 December 31, 2023 Repurchase Derivative Repurchase Derivative Assets Pledged to Counterparties Agreements Agreements Total Agreements Agreements Total PT RMBS - fair value $ 4,504,465 $ - $ 4,504,465 $ 3,868,624 $ - $ 3,868,624 Structured RMBS - fair value 16,671 - 16,671 16,930 - 16,930 U.S. Treasury securities - 78,430 78,430 - 79,680 79,680 Accrued interest on pledged securities 18,972 - 18,972 14,922 - 14,922 Restricted cash 11,185 4,783 15,968 - 28,396 28,396 Total $ 4,551,293 $ 83,213 $ 4,634,506 $ 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 June 30, 2024 December 31, 2023 (in thousands) June 30, 2024 December 31, 2023 Repurchase Derivative Repurchase Derivative Assets Pledged to Orchid Agreements Agreements Total Agreements Agreements Total Cash $ 6,492 $ - $ 6,492 $ 42,179 $ - $ 42,179 U.S. Treasury securities - fair value 593 - 593 10,429 - 10,429 Total $ 7,085 $ - $ 7,085 $ 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	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2024 Interest rate swaps $ 29,214 $ - $ 29,214 $ - $ - $ 29,214 Dual digital option 105 - 105 - - 105 $ 29,319 $ - $ 29,319 $ - $ - $ 29,319 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 June 30, 2024 Repurchase Agreements $ 4,345,704 $ - $ 4,345,704 $ (4,334,519 ) $ (11,185 ) $ - TBA securities 844 - 844 - (844 ) - $ 4,346,548 $ - $ 4,346,548 $ (4,334,519 ) $ (12,029 ) $ - 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	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Equity [Text Block]	NOTE 8. Common Stock Issuances During the six June 30, 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 At the Market Offering Program (3) Second Quarter 8.40 11,990,383 100,698 13,480,458 $ 113,807 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 June 30, 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 six June 30, 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 July 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) 0.840 49,001 Totals $ 67.290 $ 657,598 ( 1 On July 10, 2024 August 29, 2024 not June 30, 2024

Note 9 - Stock Incentive Plan

Note 9 - Stock Incentive Plan	6 Months Ended
	Jun. 30, 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 six June 30, 2024 2023 ($ in thousands, except per share data) Six Months Ended June 30, 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 76,696 10.82 Vested and issued (20,624 ) 14.97 (8,924 ) 22.09 Unvested, end of period 97,552 $ 10.50 104,693 $ 13.30 Compensation expense during period $ 184 $ 258 Unrecognized compensation expense, end of period $ 551 $ 929 Intrinsic value, end of period $ 814 $ 1,084 Weighted-average remaining vesting term (in years) 1.4 1.6 ( 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 six June 30, 2024 2023 six June 30, 2024 2023, December 31, 2023 2022, ($ in thousands, except per share data) Six Months Ended June 30, 2024 2023 Fully vested shares granted 36,773 76,696 Weighted average grant date price per share $ 8.62 $ 10.82 Compensation expense related to fully vested shares of common stock awards $ 317 $ 830 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 six June 30, 2024 2023 ($ in thousands, except per share data) Six Months Ended June 30, 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 26,563 8.66 18,713 10.64 Outstanding, end of period 123,267 $ 14.17 72,910 $ 17.82 Compensation expense during period $ 200 $ 164 Intrinsic value, end of period $ 1,028 $ 755

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 10. From time to time, the Company may not June 30, 2024

Note 11 - Income Taxes

Note 11 - Income Taxes	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 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 six three June 30, 2024 2023 no no not no The table below reconciles the numerator and denominator of EPS for the six three June 30, 2024 2023 (in thousands, except per share information) Six Months Ended June 30, Three Months Ended June 30, 2024 2023 2024 2023 Basic and diluted EPS per common share: Numerator for basic and diluted EPS per share of common stock: Net income (loss) - Basic and diluted $ 14,797 $ 13,779 $ (4,979 ) $ 10,249 Weighted average shares of common stock: Shares of common stock outstanding at the balance sheet date 64,824 43,897 64,824 43,897 Unvested dividend eligible share based compensation outstanding at the balance sheet date 221 178 - 178 Effect of weighting (10,246 ) (4,719 ) (7,060 ) (3,864 ) Weighted average shares-basic and diluted 54,799 39,356 57,764 40,211 Net income (loss) per common share: Basic and diluted $ 0.27 $ 0.35 $ (0.09 ) $ 0.25

Note 13 - Fair Value

Note 13 - Fair Value	6 Months Ended
	Jun. 30, 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 six three June 30, 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 June 30, 2024 December 31, 2023 1 2 The following table presents financial assets (liabilities) measured at fair value on a recurring basis as of June 30, 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) June 30, 2024 Mortgage-backed securities $ - $ 4,525,755 $ - U.S. Treasury securities 98,099 - - Interest rate swaps - 29,214 - Dual digital option - 105 - TBA securities - (844 ) - 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 six three June 30, 2024 2023 no 1, 2 3.

Note 14 - Related Party Transac

Note 14 - Related Party Transactions	6 Months Ended
	Jun. 30, 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 $6.1 million and $3.2 million for the six three June 30, 2024 six three June 30, 2023 June 30, 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 June 30, 2024 , Bimini owned 569,071 shares, or 0.9%, of the Company’s common stock.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		5. Trading Arrangements During the quarter ended June 30, 2024, none 16a 1 10b5 1 10b5 1 408
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 10 X. not six three June 30, 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 June 30, 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) June 30, 2024 December 31, 2023 Cash and cash equivalents $ 241,043 $ 171,893 Restricted cash 15,968 28,396 Total cash, cash equivalents and restricted cash $ 257,011 $ 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 (loss). 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
Share-Based Payment Arrangement [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 2023 07

Note 1 - Organization and Sig_2

Note 1 - Organization and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Cash, Cash Equivalents and Investments [Table Text Block]	(in thousands) June 30, 2024 December 31, 2023 Cash and cash equivalents $ 241,043 $ 171,893 Restricted cash 15,968 28,396 Total cash, cash equivalents and restricted cash $ 257,011 $ 200,289

Note 2 - Mortgage-backed Secu_2

Note 2 - Mortgage-backed Securities, At Fair Value (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Marketable Securities [Table Text Block]	(in thousands) June 30, 2024 December 31, 2023 Par Value Cost (1) Fair Value Par Value Cost (1) Fair Value Pass-Through RMBS Certificates: Fixed-rate Mortgages $ 4,753,603 $ 4,860,307 $ 4,509,084 $ 4,051,145 $ 4,198,424 $ 3,877,082 Total Pass-Through Certificates 4,753,603 4,860,307 4,509,084 4,051,145 4,198,424 3,877,082 Structured RMBS Certificates: Interest-Only Securities (2) n/a 18,568 16,447 n/a 19,839 16,572 Inverse Interest-Only Securities (3) n/a 1,707 224 n/a 1,825 358 Total Structured RMBS Certificates 20,275 16,671 21,664 16,930 Total $ 4,753,603 $ 4,880,582 $ 4,525,755 $ 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)	6 Months Ended
	Jun. 30, 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 June 30, 2024 U.S. Treasury Bill maturing 10/24/2024 $ 49,176 $ - $ (4 ) $ 49,172 U.S. Treasury Bill maturing 11/29/2024 48,916 11 - 48,927 $ 98,092 $ 11 $ (4 ) $ 98,099 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)	6 Months Ended
	Jun. 30, 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 June 30, 2024 Fair market value of securities pledged, including accrued interest receivable $ - $ 3,054,319 $ 1,485,789 $ - $ 4,540,108 Repurchase agreement liabilities associated with these securities $ - $ 2,915,797 $ 1,429,907 $ - $ 4,345,704 Net weighted average borrowing rate - 5.46 % 5.46 % 0.00 % 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)	6 Months Ended
	Jun. 30, 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 June 30, 2024 December 31, 2023 Assets Interest rate swaps Derivative assets, at fair value $ 29,214 $ 6,348 Payer swaption (long position) Derivative assets, at fair value - 72 Dual digital option Derivative assets, at fair value 105 - Total derivative assets, at fair value $ 29,319 $ 6,420 Liabilities TBA securities Derivative liabilities, at fair value $ 844 $ 12,694 Total derivative liabilities, at fair value $ 844 $ 12,694 Margin Balances Posted to (from) Counterparties Futures contracts Restricted cash $ 2,098 $ 4,096 TBA securities Restricted cash 2,282 23,720 Interest rate swaption contracts Restricted cash 403 580 Total margin balances on derivative contracts $ 4,783 $ 28,396
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	($ in thousands) June 30, 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) September 2024 5-year T-Note futures (Sep 2024 - Sep 2029 Hedge Period) $ 421,500 4.42 % 4.52 % $ (2,025 ) SOFR Futures Contracts (Short Positions) December 2024 3-Month SOFR futures (Sep 2024 - Dec 2024 Hedge Period) $ 25,000 4.27 % 5.15 % $ 220 March 2025 3-Month SOFR futures (Dec 2024 - Mar 2025 Hedge Period) 25,000 3.90 % 4.86 % 239 June 2025 3-Month SOFR futures (Mar 2025 - Jun 2025 Hedge Period) 25,000 3.58 % 4.57 % 245 September 2025 3-Month SOFR futures (Jun 2025 - Sep 2025 Hedge Period) 25,000 3.37 % 4.32 % 237 December 2025 3-Month SOFR futures (Sep 2025 - Dec 2025 Hedge Period) 25,000 3.25 % 4.12 % 218 March 2026 3-Month SOFR futures (Dec 2025 - Mar 2026 Hedge Period) 25,000 3.21 % 3.97 % 191 ($ 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) June 30, 2024 Expiration > 1 to ≤ 5 years $ 1,200,000 1.34 % 5.45 % 3.6 Expiration > 5 years 1,936,800 3.56 % 5.37 % 7.5 $ 3,136,800 2.71 % 5.40 % 6.0 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) June 30, 2024 Dual Digital Option (1) $ 500 $ 105 2.7 $ 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) June 30, 2024 30-Year TBA securities: 3.0% $ (400,000 ) $ (340,281 ) $ (341,125 ) $ (844 ) Total $ (400,000 ) $ (340,281 ) $ (341,125 ) $ (844 ) 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) Six Months Ended June 30, Three Months Ended June 30, 2024 2023 2024 2023 Interest rate futures contracts (short position) $ 30,768 $ 24,002 $ 11,678 $ 28,040 Interest rate swaps 70,616 22,940 11,518 49,084 Payer swaptions (short positions) - 4,831 - (1,754 ) Payer swaptions (long positions) (72 ) (9,002 ) (14 ) 3,107 Interest rate caps - (908 ) - (263 ) Dual digital option (395 ) - (156 ) - Interest rate floors (short positions) - (1,216 ) - (1,216 ) Interest rate floors (long positions) - 2,529 - 1,344 TBA securities (short positions) 12,945 9,609 3,042 15,599 TBA securities (long positions) 105 (574 ) - (574 ) Total $ 113,967 $ 52,211 $ 26,068 $ 93,367

Note 6 - Pledged Assets (Tables

Note 6 - Pledged Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]	(in thousands) June 30, 2024 December 31, 2023 Repurchase Derivative Repurchase Derivative Assets Pledged to Counterparties Agreements Agreements Total Agreements Agreements Total PT RMBS - fair value $ 4,504,465 $ - $ 4,504,465 $ 3,868,624 $ - $ 3,868,624 Structured RMBS - fair value 16,671 - 16,671 16,930 - 16,930 U.S. Treasury securities - 78,430 78,430 - 79,680 79,680 Accrued interest on pledged securities 18,972 - 18,972 14,922 - 14,922 Restricted cash 11,185 4,783 15,968 - 28,396 28,396 Total $ 4,551,293 $ 83,213 $ 4,634,506 $ 3,900,476 $ 108,076 $ 4,008,552
Schedule of Financial Instruments Pledged as Collateral From Counterparties [Table Text Block]	(in thousands) June 30, 2024 December 31, 2023 Repurchase Derivative Repurchase Derivative Assets Pledged to Orchid Agreements Agreements Total Agreements Agreements Total Cash $ 6,492 $ - $ 6,492 $ 42,179 $ - $ 42,179 U.S. Treasury securities - fair value 593 - 593 10,429 - 10,429 Total $ 7,085 $ - $ 7,085 $ 52,608 $ - $ 52,608

Note 7 - Offsetting Assets an_2

Note 7 - Offsetting Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 Interest rate swaps $ 29,214 $ - $ 29,214 $ - $ - $ 29,214 Dual digital option 105 - 105 - - 105 $ 29,319 $ - $ 29,319 $ - $ - $ 29,319 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 June 30, 2024 Repurchase Agreements $ 4,345,704 $ - $ 4,345,704 $ (4,334,519 ) $ (11,185 ) $ - TBA securities 844 - 844 - (844 ) - $ 4,346,548 $ - $ 4,346,548 $ (4,334,519 ) $ (12,029 ) $ - 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)	6 Months Ended
	Jun. 30, 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 At the Market Offering Program (3) Second Quarter 8.40 11,990,383 100,698 13,480,458 $ 113,807 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) 0.840 49,001 Totals $ 67.290 $ 657,598

Note 9 - Stock Incentive Plan (

Note 9 - Stock Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Nonvested Performance-Based Units Activity [Table Text Block]	($ in thousands, except per share data) Six Months Ended June 30, 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 76,696 10.82 Vested and issued (20,624 ) 14.97 (8,924 ) 22.09 Unvested, end of period 97,552 $ 10.50 104,693 $ 13.30 Compensation expense during period $ 184 $ 258 Unrecognized compensation expense, end of period $ 551 $ 929 Intrinsic value, end of period $ 814 $ 1,084 Weighted-average remaining vesting term (in years) 1.4 1.6
Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block]	($ in thousands, except per share data) Six Months Ended June 30, 2024 2023 Fully vested shares granted 36,773 76,696 Weighted average grant date price per share $ 8.62 $ 10.82 Compensation expense related to fully vested shares of common stock awards $ 317 $ 830
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block]	($ in thousands, except per share data) Six Months Ended June 30, 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 26,563 8.66 18,713 10.64 Outstanding, end of period 123,267 $ 14.17 72,910 $ 17.82 Compensation expense during period $ 200 $ 164 Intrinsic value, end of period $ 1,028 $ 755

Note 12 - Earnings Per Share _2

Note 12 - Earnings Per Share (EPS) (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	(in thousands, except per share information) Six Months Ended June 30, Three Months Ended June 30, 2024 2023 2024 2023 Basic and diluted EPS per common share: Numerator for basic and diluted EPS per share of common stock: Net income (loss) - Basic and diluted $ 14,797 $ 13,779 $ (4,979 ) $ 10,249 Weighted average shares of common stock: Shares of common stock outstanding at the balance sheet date 64,824 43,897 64,824 43,897 Unvested dividend eligible share based compensation outstanding at the balance sheet date 221 178 - 178 Effect of weighting (10,246 ) (4,719 ) (7,060 ) (3,864 ) Weighted average shares-basic and diluted 54,799 39,356 57,764 40,211 Net income (loss) per common share: Basic and diluted $ 0.27 $ 0.35 $ (0.09 ) $ 0.25

Note 13 - Fair Value (Tables)

Note 13 - Fair Value (Tables)	6 Months Ended
	Jun. 30, 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) June 30, 2024 Mortgage-backed securities $ - $ 4,525,755 $ - U.S. Treasury securities 98,099 - - Interest rate swaps - 29,214 - Dual digital option - 105 - TBA securities - (844 ) - 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

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

16 Months Ended

17 Months Ended

Jun. 11, 2024

Mar. 07, 2023

Oct. 29, 2021

Jul. 25, 2024

Jun. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2024

Jun. 30, 2023

Dec. 31, 2023

Jun. 30, 2024

Mar. 30, 2023

Stock Issued During Period, Shares, New Issues (in shares)

[1]

13,480,458

15,880,039

Stock Issued During Period, Value, New Issues

$ 100,698

$ 13,109

$ 47,355

$ 31,657

$ 113,807

[1],[2]

$ 159,438

[1],[2]

Proceeds from Issuance of Common Stock

$ 113,807

$ 79,012

October 2021 Equity Distribution Agreement [Member]

Equity Agreement, Maximum Number of Shares Issuable (in shares)

250,000,000

Stock Issued During Period, Shares, New Issues (in shares)

9,742,188

Stock Issued During Period, Value, New Issues

$ 151,800

Proceeds from Issuance of Common Stock

$ 149,300

March 2023 Equity Distribution Agreement [Member]

Equity Agreement, Maximum Number of Shares Issuable (in shares)

250,000,000

Stock Issued During Period, Shares, New Issues (in shares)

24,675,497

Stock Issued During Period, Value, New Issues

$ 228,800

Proceeds from Issuance of Common Stock

$ 225,000

June 2024 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)

1,995,000

Stock Issued During Period, Value, New Issues

$ 16,900

Proceeds from Issuance of Common Stock

$ 16,600

June 2024 Equity Distribution Agreement [Member] | Subsequent Event [Member]

Stock Issued During Period, Shares, New Issues (in shares)

6,514,200

Stock Issued During Period, Value, New Issues

$ 55,500

Proceeds from Issuance of Common Stock

$ 54,600

[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	Jun. 30, 2024	Dec. 31, 2023
Cash and cash equivalents	$ 241,043	$ 171,893
Restricted cash	15,968	28,396
Total cash, cash equivalents and restricted cash	$ 257,011	$ 200,289

Note 2 - Mortgage-backed Secu_3

Note 2 - Mortgage-backed Securities, At Fair Value (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Notional Balance, Interest Only Securities Portfolio, Amount	$ 92,000		$ 92,000		$ 98,600
Notional Balance, Inverse Interest Only Securities Portfolio, Amount	25,000		25,000		$ 26,800
Collateralized Mortgage-Backed Securities [Member]
Investment Sold at Carrying Value	$ 0	$ 0	$ (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		Jun. 30, 2024	Dec. 31, 2023
Mortgage-backed securities, par value		$ 4,753,603	$ 4,051,145
Mortgage-backed securities, cost	[1]	4,880,582	4,220,088
Mortgage-backed securities, at fair value (includes pledged assets of $4,521,136 and $3,885,554, respectively)		4,525,755	3,894,012
Pass Through Certificate [Member]
Mortgage-backed securities, par value		4,753,603	4,051,145
Mortgage-backed securities, cost	[1]	4,860,307	4,198,424
Mortgage-backed securities, at fair value (includes pledged assets of $4,521,136 and $3,885,554, respectively)		4,509,084	3,877,082
Pass Through Certificate [Member] | Fixed Rate Mortgages [Member]
Mortgage-backed securities, par value		4,753,603	4,051,145
Mortgage-backed securities, cost	[1]	4,860,307	4,198,424
Mortgage-backed securities, at fair value (includes pledged assets of $4,521,136 and $3,885,554, respectively)		4,509,084	3,877,082
Structured Finance [Member]
Mortgage-backed securities, par value
Mortgage-backed securities, cost	[1]	20,275	21,664
Mortgage-backed securities, at fair value (includes pledged assets of $4,521,136 and $3,885,554, respectively)		16,671	16,930
Structured Finance [Member] | Interest Only Securities [Member]
Mortgage-backed securities, cost	[1],[2]	18,568	19,839
Mortgage-backed securities, at fair value (includes pledged assets of $4,521,136 and $3,885,554, respectively)	[2]	16,447	16,572
Structured Finance [Member] | Inverse Interest Only Securities [Member]
Mortgage-backed securities, cost	[1],[3]	1,707	1,825
Mortgage-backed securities, at fair value (includes pledged assets of $4,521,136 and $3,885,554, respectively)	[3]	$ 224	$ 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 $92.0 million and $98.6 million as of June 30, 2024 and December 31, 2023, respectively.[3]The notional balance for the inverse interest-only securities portfolio was $25.0 million and $26.8 million as of June 30, 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	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale	$ 98,099	$ 148,820
US Treasury Securities [Member]
Debt Securities, Available-for-Sale	$ 98,099	$ 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	Jun. 30, 2024	Dec. 31, 2023
U.S. Treasury securities, available for sale, amortized cost	$ 98,092	$ 148,803
Pledged assets, available for sale	98,099	148,820
Treasury Bill 10/24/2024 Maturity [Member]
U.S. Treasury securities, available for sale, amortized cost	49,176
Gross unrealized gains	0
Gross unrealized losses	(4)
Pledged assets, available for sale	49,172
Gross unrealized losses	4
Treasury Bill 11/29/2024 Maturity [Member]
U.S. Treasury securities, available for sale, amortized cost	48,916
Gross unrealized gains	11
Gross unrealized losses	0
Pledged assets, available for sale	48,927
Gross unrealized losses	0
US Treasury Securities [Member]
U.S. Treasury securities, available for sale, amortized cost	98,092	148,803
Gross unrealized gains	11	17
Gross unrealized losses	(4)	0
Pledged assets, available for sale	98,099	148,820
Gross unrealized losses	$ 4	0
Treasury Bill 1/2/2024 Maturity [Member]
U.S. Treasury securities, available for sale, amortized cost		49,671
Gross unrealized gains		9
Gross unrealized losses		0
Pledged assets, available for sale		49,680
Gross unrealized losses		0
Treasury Bill 2/15/2024 Maturity [Member]
U.S. Treasury securities, available for sale, amortized cost		49,992
Gross unrealized gains		8
Gross unrealized losses		0
Pledged assets, available for sale		50,000
Gross unrealized losses		0
Treasury Bill 4/30/2024 Maturity [Member]
U.S. Treasury securities, available for sale, amortized cost		49,140
Gross unrealized gains		0
Gross unrealized losses		0
Pledged assets, available for sale		49,140
Gross unrealized losses		$ 0

Note 4 - Repurchase Agreement_2

Note 4 - Repurchase Agreements (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Restricted Cash and Cash Equivalents, Current	$ 15,968	$ 28,396
Repurchase Agreement Counterparty, Amount at Risk	187,400
Asset Pledged as Collateral [Member]
Restricted Cash and Cash Equivalents, Current	15,968	28,396
Repurchase Agreements [Member] | Asset Pledged as Collateral [Member]
Restricted Cash and Cash Equivalents, Current	$ 11,185	$ 0

Note 4 - Repurchase Agreement_3

Note 4 - Repurchase Agreements - Schedule of Repurchase Agreements (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair market value of securities pledged, including accrued interest receivable	$ 4,540,108	$ 3,900,476
Repurchase agreement liabilities associated with these securities	$ 4,345,704	$ 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	$ 0	$ 0
Repurchase agreement liabilities associated with these securities	$ 0	$ 0
Net weighted average borrowing rate	0%	0%
Maturity 2 to 30 Days [Member]
Fair market value of securities pledged, including accrued interest receivable	$ 3,054,319	$ 3,125,315
Repurchase agreement liabilities associated with these securities	$ 2,915,797	$ 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	$ 1,485,789	$ 710,055
Repurchase agreement liabilities associated with these securities	$ 1,429,907	$ 674,696
Net weighted average borrowing rate	5.46%	5.54%
Maturity Greater than 90 Days [Member]
Fair market value of securities pledged, including accrued interest receivable	$ 0	$ 65,106
Repurchase agreement liabilities associated with these securities	$ 0	$ 64,303
Net weighted average borrowing rate	0%	5.46%

Note 5 - Derivative and Other_3

Note 5 - Derivative and Other Hedging Instruments (Details Textual) $ in Thousands	Jun. 30, 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	106.58	108.77
Derivative, Fair Value, Net	$ 449,200	$ 458,500
Ten Year Ultra Future [Member] | Short [Member]
Derivative, Forward Price (in USD per Per Share) | $ / item		112.89
Derivative, Fair Value, Net	$ 361,200	$ 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	Jun. 30, 2024	Dec. 31, 2023
Restricted Cash and Cash Equivalents, Current	$ 15,968	$ 28,396
Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative assets, at fair value	29,319	6,420
Derivative liabilities, at fair value	844	12,694
Total margin balances on derivative contracts	4,783	28,396
Not Designated as Hedging Instrument, Economic Hedge [Member] | Long [Member]
Derivative assets, at fair value	0	72
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Swap [Member]
Derivative assets, at fair value	29,214	6,348
Not Designated as Hedging Instrument, Economic Hedge [Member] | Dual Digital Option [Member]
Derivative assets, at fair value	105	0
Not Designated as Hedging Instrument, Economic Hedge [Member] | TBA Contracts [Member]
Derivative assets, at fair value	844	12,694
Derivative liabilities, at fair value	2,282	23,720
Not Designated as Hedging Instrument, Economic Hedge [Member] | Eurodollar Future Margin [Member]
Restricted Cash and Cash Equivalents, Current	2,098	4,096
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Swaption [Member]
Restricted Cash and Cash Equivalents, Current	$ 403	$ 580

Note 5 - Derivative and Other_5

Note 5 - Derivative and Other Hedging Instruments - Schedule of Derivative Positions (Details) - Short [Member] - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Five Year Treasury Note Futures [Member]
Average contract notional amount	[1]	$ 421,500	$ 421,500
Weighted average entry rate	[1]	4.42%	4.36%
Average receive rate	[1]	4.52%	4.04%
Open Equity	[1],[2]	$ (2,025)	$ (9,936)
Ten Year Ultra Futures [Member]
Average contract notional amount	[1]		$ 320,000
Weighted average entry rate	[1]		4.38%
Average receive rate	[1]		4.39%
Open Equity	[1],[2]		$ (11,393)
Three Month SOFR Futures Ending in December 2024 [Member]
Average contract notional amount		$ 25,000	$ 25,000
Weighted average entry rate		4.27%	4.27%
Average receive rate		5.15%	4.10%
Open Equity	[2]	$ 220	$ (44)
Three Month SOFR Futures Ending in March 2025 [Member]
Average contract notional amount		$ 25,000	$ 25,000
Weighted average entry rate		3.90%	3.90%
Average receive rate		4.86%	3.73%
Open Equity	[2]	$ 239	$ (43)
Three Month SOFR Futures, Ending June 2024 [Member}
Average contract notional amount			$ 25,000
Weighted average entry rate			5.08%
Average receive rate			4.99%
Open Equity	[2]		$ (24)
Three Month SOFR Futures Ending in June 2025 [Member]
Average contract notional amount		$ 25,000	$ 25,000
Weighted average entry rate		3.58%	3.58%
Average receive rate		4.57%	3.42%
Open Equity	[2]	$ 245	$ (41)
Three Month SOFR Futures Ending September 2024 [Member]
Average contract notional amount			$ 25,000
Weighted average entry rate			4.67%
Average receive rate			4.52%
Open Equity	[2]		$ (39)
Three Month SOFR Futures Ending in September 2025 [Member]
Average contract notional amount		$ 25,000	$ 25,000
Weighted average entry rate		3.37%	3.37%
Average receive rate		4.32%	3.21%
Open Equity	[2]	$ 237	$ (39)
Three Month SOFR Futures Ending in December 2025 [Member]
Average contract notional amount		$ 25,000	$ 25,000
Weighted average entry rate		3.25%	3.25%
Average receive rate		4.12%	3.10%
Open Equity	[2]	$ 218	$ (37)
Three Month SOFR Futures Ending in March 2026 [Member]
Average contract notional amount		$ 25,000	$ 25,000
Weighted average entry rate		3.21%	3.21%
Average receive rate		3.97%	3.07%
Open Equity	[2]	$ 191	$ (35)
[1]5-Year T-Note futures contracts were valued at a price of $106.58 at June 30, 2024 and $108.77 at December 31, 2023. The contract values of the short positions were $449.2 million and $458.5 million at June 30, 2024 and December 31, 2023, respectively. 10-Year T-Note futures contracts were valued at a price of $112.89 at December 31, 2023.The contract values of the short position was $361.2 million at June 30, 2024 and December 31, 2023, respectively.[2]Open equity represents the cumulative gains (losses) recorded on open futures positions from inception.

Note 5 - Derivatives and Other

Note 5 - Derivatives and Other Hedging Instruments - Schedule of Interest Rate Swaps (Details) - Interest Rate Swap [Member] - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Notional amount	$ 3,136.8	$ 2,326.5
Average fixed pay rate	2.71%	2.24%
Average receive rate	5.40%	5.45%
Average maturity (Year)	6 years	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 7 months 6 days	2 years 8 months 12 days
More Than Five Years [Member]
Notional amount	$ 1,936.8	$ 1,826.5
Average fixed pay rate	3.56%	2.62%
Average receive rate	5.37%	5.40%
Average maturity (Year)	7 years 6 months	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		6 Months Ended	12 Months Ended
		Jun. 30, 2024	Dec. 31, 2023
Dual Digital Option [Member]
Cost	[1]	$ 500
Fair Value	[1]	$ 105
Weighted average months to expiration (Year)	[1]	2 years 8 months 12 days
Notional amount	[1]	$ 9,412
Payer Swaptions [Member] | Long [Member]
Fair Value			$ 72
Weighted average months to expiration (Year)			5 years
Notional amount			$ 800,000
Cost			$ 1,619
Average fixed pay rate			5.40%
Weighted average term (Year)			1 year
[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		Jun. 30, 2024	Dec. 31, 2023
Three Percent TBA Securities [Member]
Notional amount	[1]	$ (400,000)	$ (70,700)
Cost basis	[2]	(340,281)	(59,278)
Market value	[3]	(341,125)	(62,647)
Net carrying value	[4]	(844)	(3,369)
TBA Contracts [Member]
Notional amount	[1]	(400,000)	(645,700)
Cost basis	[2]	(340,281)	(624,413)
Market value	[3]	(341,125)	(637,107)
Net carrying value	[4]	$ (844)	(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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Gains on derivative and other hedging instruments	$ 26,068	$ 93,367	$ 113,967	$ 52,211
Treasury Note Future [Member] | Short [Member]
Gains on derivative and other hedging instruments	11,678	28,040	30,768	24,002
Interest Rate Swap [Member]
Gains on derivative and other hedging instruments	11,518	49,084	70,616	22,940
Payer Swaptions [Member] | Short [Member]
Gains on derivative and other hedging instruments	0	(1,754)	0	4,831
Payer Swaptions [Member] | Long [Member]
Gains on derivative and other hedging instruments	(14)	3,107	(72)	(9,002)
Interest Rate Cap [Member]
Gains on derivative and other hedging instruments	0	(263)	0	(908)
Dual Digital Option [Member]
Gains on derivative and other hedging instruments	(156)	0	(395)	0
Interest Rate Floor [Member] | Short [Member]
Gains on derivative and other hedging instruments	0	(1,216)	0	(1,216)
Interest Rate Floor [Member] | Long [Member]
Gains on derivative and other hedging instruments	0	1,344	0	2,529
TBA Contracts [Member] | Short [Member]
Gains on derivative and other hedging instruments	3,042	15,599	12,945	9,609
TBA Contracts [Member] | Long [Member]
Gains on derivative and other hedging instruments	$ 0	$ (574)	$ 105	$ (574)

Note 6 - Pledged Assets - Sched

Note 6 - Pledged Assets - Schedule of Financial Instruments Owned and Pledged as Collateral (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued interest receivable	$ 18,988	$ 14,951
Restricted cash	15,968	28,396
Asset Pledged as Collateral [Member]
Accrued interest receivable	18,972	14,922
Restricted cash	15,968	28,396
Total	4,634,506	4,008,552
Asset Pledged as Collateral [Member] | Residential Mortgage-Backed Securities [Member] | Pass Through Certificate [Member]
Investment at fair value	4,504,465	3,868,624
Asset Pledged as Collateral [Member] | Residential Mortgage-Backed Securities [Member] | Structured Finance [Member]
Investment at fair value	16,671	16,930
Asset Pledged as Collateral [Member] | US Treasury Securities [Member]
Investment at fair value	78,430	79,680
Asset Pledged as Collateral [Member] | Repurchase Agreements [Member]
Accrued interest receivable	18,972	14,922
Restricted cash	11,185	0
Total	4,551,293	3,900,476
Asset Pledged as Collateral [Member] | Repurchase Agreements [Member] | Residential Mortgage-Backed Securities [Member] | Pass Through Certificate [Member]
Investment at fair value	4,504,465	3,868,624
Asset Pledged as Collateral [Member] | Repurchase Agreements [Member] | Residential Mortgage-Backed Securities [Member] | Structured Finance [Member]
Investment at fair value	16,671	16,930
Asset Pledged as Collateral [Member] | Repurchase Agreements [Member] | US Treasury Securities [Member]
Investment at fair value	0	0
Asset Pledged as Collateral [Member] | Derivative [Member]
Accrued interest receivable	0	0
Restricted cash	4,783	28,396
Total	83,213	108,076
Asset Pledged as Collateral [Member] | Derivative [Member] | Residential Mortgage-Backed Securities [Member] | Pass Through Certificate [Member]
Investment at fair value	0	0
Asset Pledged as Collateral [Member] | Derivative [Member] | Residential Mortgage-Backed Securities [Member] | Structured Finance [Member]
Investment at fair value	0	0
Asset Pledged as Collateral [Member] | Derivative [Member] | US Treasury Securities [Member]
Investment at fair value	$ 78,430	$ 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	Jun. 30, 2024	Dec. 31, 2023
Assets pledged	$ 7,085	$ 52,608
Repurchase Agreements [Member]
Assets pledged	7,085	52,608
Derivative [Member]
Assets pledged	0	0
Cash [Member]
Assets pledged	6,492	42,179
Cash [Member] | Repurchase Agreements [Member]
Assets pledged	6,492	42,179
Cash [Member] | Derivative [Member]
Assets pledged	0	0
US Treasury Securities [Member]
Assets pledged	593	10,429
US Treasury Securities [Member] | Repurchase Agreements [Member]
Assets pledged	593	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	Jun. 30, 2024	Dec. 31, 2023
Gross amount, recognized	$ 29,319	$ 6,420
Gross Amount, offset	0	0
Net Amount	29,319	6,420
Gross Amount, not recognized	0	0
Gross amount, not offset	0	0
Net amount, after deduction	29,319	6,420
Interest Rate Swap [Member]
Gross amount, recognized	29,214	6,348
Gross Amount, offset	0	0
Net Amount	29,214	6,348
Gross Amount, not recognized	0	0
Gross amount, not offset	0	0
Net amount, after deduction	29,214	6,348
Dual Digital Option [Member]
Gross amount, recognized	105
Gross Amount, offset	0
Net Amount	105
Gross Amount, not recognized	0
Gross amount, not offset	0
Net amount, after deduction	$ 105
Payer Swaptions [Member]
Gross amount, recognized		72
Gross Amount, offset		0
Net Amount		72
Gross Amount, not recognized		0
Gross amount, not offset		0
Net amount, after deduction		$ 72

Note 7 - Offsetting Assets an_4

Note 7 - Offsetting Assets and Liabilities - Offsetting Liabilities (Details) - Liability [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Gross amount, recognized	$ 4,346,548	$ 3,718,343
Gross Amount, offset	0	0
Net Amount	4,346,548	3,718,343
Gross Amount, not recognized	(4,334,519)	(3,705,649)
Gross amount, not offset	(12,029)	(12,694)
Net amount, after deduction	0	0
Repurchase Agreements [Member]
Gross amount, recognized	4,345,704	3,705,649
Gross Amount, offset	0	0
Net Amount	4,345,704	3,705,649
Gross Amount, not recognized	(4,334,519)	(3,705,649)
Gross amount, not offset	(11,185)	0
Net amount, after deduction	0	0
TBA Contracts [Member]
Gross amount, recognized	844	12,694
Gross Amount, offset	0	0
Net Amount	844	12,694
Gross Amount, not recognized	0	0
Gross amount, not offset	(844)	(12,694)
Net amount, after deduction	$ 0	$ 0

Note 8 - Capital Stock (Details

Note 8 - Capital Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				6 Months Ended		12 Months Ended											107 Months Ended	138 Months Ended
	Jul. 10, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 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	Jun. 30, 2024	Jun. 30, 2024	Jul. 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	$ 0.36	$ 0.48	$ 0.48	$ 0.84	[1]	$ 1.8	$ 2.475	$ 3.9	$ 3.95	$ 4.8	$ 5.35	$ 8.4	$ 8.4	$ 9.6	$ 10.8	$ 6.975		$ 67.29
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.12
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						6 Months Ended		12 Months Ended
		Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024		Dec. 31, 2023
Price per share (in dollars per share)	[1],[2]
Issuance of common stock pursuant to public offerings, net (in shares)	[1]							13,480,458		15,880,039
Issuance of common stock pursuant to public offerings, net		$ 100,698	$ 13,109			$ 47,355	$ 31,657	$ 113,807	[1],[3]	$ 159,438	[1],[3]
At the Market Offering Program [Member]
Price per share (in dollars per share)	[1],[2]	$ 8.4	$ 8.8	$ 0	$ 9.54	$ 9.95	$ 11.77	$ 8.4		$ 0
Issuance of common stock pursuant to public offerings, net (in shares)	[1]	11,990,383	1,490,075	0	8,432,086	4,757,953	2,690,000
Issuance of common stock pursuant to public offerings, net	[1],[3]	$ 100,698	$ 13,109	$ 0	$ 80,426	$ 47,355	$ 31,657
[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]Weighted average price received per share is after deducting the underwriters’ discount, if applicable, and other offering costs.[3]Net proceeds are net of 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				6 Months Ended		12 Months Ended											138 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 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	Jun. 30, 2024
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.36	$ 0.36	$ 0.48	$ 0.48	$ 0.84		$ 1.8	$ 2.475	$ 3.9	$ 3.95	$ 4.8	$ 5.35	$ 8.4	$ 8.4	$ 9.6	$ 10.8	$ 6.975	$ 67.29
Dividends					$ 49,001		$ 81,127	$ 87,906	$ 97,601	$ 53,570	$ 54,421	$ 55,814	$ 70,717	$ 41,388	$ 38,748	$ 22,643	$ 4,662	$ 657,598
[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
	Sep. 30, 2023	Jun. 30, 2024	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		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023
Stock based compensation		$ 101	$ 652
Performance Shares [Member]
Unvested, shares (in shares)	[1]	81,403	36,921
Unvested, grant date fair value (in dollars per share)	[1]	$ 12.48	$ 20.57
Fully vested shares granted (in shares)		36,773	76,696
Weighted average grant date price per share (in dollars per share)		$ 8.62	$ 10.82
Vested and issued, shares (in shares)		(20,624)	(8,924)
Vested and issued, grant date fair value (in dollars per share)		$ 14.97	$ 22.09
Unvested, shares (in shares)		97,552	104,693
Unvested, grant date fair value (in dollars per share)		$ 10.5	$ 13.3
Stock based compensation		$ 184	$ 258
Unrecognized compensation expense, end of period		551	929
Intrinsic value, end of period		$ 814	$ 1,084
Weighted-average remaining vesting term (in years) (Year)		1 year 4 months 24 days	1 year 7 months 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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Fully vested shares granted (in shares)	36,773	76,696
Weighted average grant date price per share (in dollars per share)	$ 8.62	$ 10.82
Compensation expense related to fully vested shares of common stock awards	$ 317	$ 830

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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Stock based compensation	$ 101	$ 652
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)	26,563	18,713
Granted and vested, grant date fair value (in dollars per share)	$ 8.66	$ 10.64
Outstanding, shares (in shares)	123,267	72,910
Outstanding, grant date fair value (in dollars per share)	$ 14.17	$ 17.82
Stock based compensation	$ 200	$ 164
Intrinsic value, end of period	$ 1,028	$ 755

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net income (loss) - Basic and diluted	$ (4,979)	$ 10,249	$ 14,797	$ 13,779
Shares of common stock outstanding at the balance sheet date (in shares)	64,824,000	43,897,000	64,824,000	43,897,000
Unvested dividend eligible share based compensation outstanding at the balance sheet date (in shares)	0	178,000	221,000	178,000
Effect of weighting (in shares)	(7,060,000)	(3,864,000)	(10,246,000)	(4,719,000)
Weighted Average Shares Outstanding (in shares)	57,763,857	40,210,844	54,798,596	39,356,054
Basic and diluted net income (loss) per share (in dollars per share)	$ (0.09)	$ 0.25	$ 0.27	$ 0.35

Note 13 - Fair Value - Schedule

Note 13 - Fair Value - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Mortgage-backed securities, at fair value (includes pledged assets of $4,521,136 and $3,885,554, respectively)	$ 4,525,755	$ 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] | 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] | Payer Swaptions [Member]
Derivative assets, at fair value		0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member]
Mortgage-backed securities, at fair value (includes pledged assets of $4,521,136 and $3,885,554, respectively)	0	0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member]
Mortgage-backed securities, at fair value (includes pledged assets of $4,521,136 and $3,885,554, respectively)	98,099
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	29,214	6,348
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Dual Digital Option [Member]
Derivative assets, at fair value	105
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | TBA Contracts [Member]
Derivative assets, at fair value	(844)	(12,694)
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Payer Swaptions [Member]
Derivative assets, at fair value		72
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member]
Mortgage-backed securities, at fair value (includes pledged assets of $4,521,136 and $3,885,554, respectively)	4,525,755	3,894,012
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member]
Mortgage-backed securities, at fair value (includes pledged assets of $4,521,136 and $3,885,554, respectively)	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] | 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] | Payer Swaptions [Member]
Derivative assets, at fair value		0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member]
Mortgage-backed securities, at fair value (includes pledged assets of $4,521,136 and $3,885,554, respectively)	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member]
Mortgage-backed securities, at fair value (includes pledged assets of $4,521,136 and $3,885,554, respectively)	$ 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Bimini Advisors LLC [Member]
Automatic Renewal Period Of Management Agreement (Year)			1 year
Management Fee and Overhead Expense	$ 3.2	$ 3.5	$ 6.1	$ 6.9
Accounts Payable, Current	$ 1.1		$ 1.1		$ 1
Bimini Capital Management Inc [Member]
Entity Shares Owned (in shares)	569,071		569,071
Entity Ownership Percentage	0.90%		0.90%