Orchid Island Capital (ORC) 10-K 21 Feb 25 2024 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 20, 2025	Jun. 30, 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	FY
Document Fiscal Year Focus	2024
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-35236
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-3269228
Entity Address, Address Line One	3305 Flamingo Drive
Entity Address, City or Town	Vero Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32963
City Area Code	772
Local Phone Number	231-1400
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	ORC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 533,569,423
Entity Common Stock, Shares Outstanding		93,293,628
Auditor Name	BDO USA, P.C.
Auditor Location	West Palm Beach, FL
Auditor Firm ID	243

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Mortgage-backed securities, at fair value (includes pledged assets of $5,209,068 and $3,885,554, respectively)	$ 5,253,310	$ 3,894,012
U.S. Treasury securities, available-for-sale (amortized cost of $100,412 and $148,803; includes pledged assets of $100,551 and $79,680, respectively)	100,551	148,820
Cash and cash equivalents	309,330	171,893
Restricted cash	25,723	28,396
Accrued interest receivable	23,044	14,951
Derivative assets	9,277	6,420
Other assets	392	455
Total Assets	5,721,627	4,264,947
LIABILITIES:
Repurchase agreements	5,025,543	3,705,649
Payable for investment securities and TBA transactions	0	60,454
Dividends payable	9,940	6,222
Derivative liabilities	332	12,694
Accrued interest payable	10,750	7,939
Other liabilities	5,395	1,031
Total Liabilities	5,053,127	3,795,002
COMMITMENTS AND CONTINGENCIES (Note 10)
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued and outstanding as of December 31, 2024 and December 31, 2023	0	0
Common Stock, $0.01 par value; 100,000,000 shares authorized, 82,622,464 shares issued and outstanding as of December 31, 2024 and 51,636,074 shares issued and outstanding as of December 31, 2023	826	516
Additional paid-in capital	1,010,306	849,845
Accumulated deficit	(342,771)	(380,433)
Accumulated other comprehensive income	139	17
Total Stockholders' Equity	668,500	469,945
Total Liabilities and Stockholders' Equity	5,721,627	4,264,947
Related Party [Member]
LIABILITIES:
Due to affiliates	$ 1,167	$ 1,013

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Pledged assets, Mortgage-backed securities	$ 5,253,310	$ 3,894,012
U.S. Treasury securities, available for sale, amortized cost	100,412	148,803
Pledged assets, available for sale	$ 100,551	$ 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)	82,622,464	51,636,074
Common stock, outstanding (in shares)	82,622,464	51,636,074
Asset Pledged as Collateral [Member]
Pledged assets, Mortgage-backed securities	$ 5,209,068	$ 3,885,554
Pledged assets, available for sale	$ 100,551	$ 79,680

Statements of Comprehensive Inc

Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest income	$ 241,577	$ 177,569	$ 144,633
Interest expense	(236,281)	(201,918)	(61,708)
Net interest income (expense)	5,296	(24,349)	82,925
Realized losses on mortgage-backed securities	(4,602)	(22,642)	(133,695)
Unrealized losses on mortgage-backed securities and U.S. Treasury securities	(79,842)	(18,941)	(642,710)
Gains on derivative instruments	133,554	45,237	452,476
Net portfolio income (loss)	54,406	(20,695)	(241,004)
Management fees	9,354	10,491	10,447
Allocated overhead	2,644	2,389	2,042
Incentive compensation	723	1,419	957
Directors' fees and liability insurance	1,358	1,322	1,251
Audit, legal and other professional fees	1,341	1,495	1,143
Direct REIT operating expenses	787	715	831
Other administrative	537	700	778
Total expenses	16,744	18,531	17,449
Net income (loss)	37,662	(39,226)	(258,453)
Unrealized gains on U.S. Treasury securities measured at fair value through other comprehensive net income (loss)	122	17	0
Comprehensive net income (loss)	$ 37,784	$ (39,209)	$ (258,453)
Basic and diluted net income (loss) per share (in dollars per share)	$ 0.57	$ (0.89)	$ (6.9)
Weighted Average Shares Outstanding (in shares)	65,449,149	44,649,039	37,464,671

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2021	35,399,000
Balance at Dec. 31, 2021	$ 354	$ 850,497	$ (82,754)	$ 0	$ 768,097
Net income (loss)	0	0	(258,453)	0	(258,453)
Cash dividends declared	$ 0	(87,906)	0	0	(87,906)
Issuance of common stock pursuant to public offerings, net (in shares)	3,885,000
Issuance of common stock pursuant to public offerings, net	$ 38	40,542	0	0	40,580
Stock based awards and amortization (in shares)	30,000
Stock based awards and amortization	$ 0	1,055		0	1,055
Shares repurchased and retired (in shares)	(2,549,000)
Shares repurchased and retired	$ (24)	(24,586)	0	0	(24,610)
Unrealized gain on available-for-sale securities					$ 0
Balance (in shares) at Dec. 31, 2022	36,765,000				36,765,000
Balance at Dec. 31, 2022	$ 368	779,602	(341,207)	0	$ 438,763
Net income (loss)	0	0	(39,226)	0	(39,226)
Cash dividends declared	$ 0	(81,127)	0	0	$ (81,127)
Issuance of common stock pursuant to public offerings, net (in shares)	15,880,000				15,880,039	[1]
Issuance of common stock pursuant to public offerings, net	$ 157	159,281	0	0	$ 159,438	[1],[2]
Stock based awards and amortization (in shares)	64,000
Stock based awards and amortization	$ 1	1,503		0	1,504
Shares repurchased and retired	(10)	(9,414)	0	0	(9,424)
Unrealized gain on available-for-sale securities	$ 0	0	0	17	$ 17
Balance (in shares) at Dec. 31, 2023	51,636,000				51,636,000
Balance at Dec. 31, 2023	$ 516	849,845	(380,433)	17	$ 469,945
Net income (loss)	0	0	37,662	0	37,662
Cash dividends declared	$ 0	(96,309)	0	0	$ (96,309)
Issuance of common stock pursuant to public offerings, net (in shares)	31,328,000				31,327,547	[1]
Issuance of common stock pursuant to public offerings, net	$ 313	259,015	0	0	$ 259,328	[1],[2]
Stock based awards and amortization (in shares)	54,000
Stock based awards and amortization	$ 1	1,041		0	1,042
Shares repurchased and retired (in shares)	(396,000)
Shares repurchased and retired	$ (4)	(3,286)	0	0	(3,290)
Unrealized gain on available-for-sale securities	$ 0	0	0	122	$ 122
Balance (in shares) at Dec. 31, 2024	82,622,000				82,622,000
Balance at Dec. 31, 2024	$ 826	$ 1,010,306	$ (342,771)	$ 139	$ 668,500
[1]As of December 31, 2024, the Company had entered into twelve equity distribution agreements, eleven of which have either been terminated because all shares were sold or were replaced with a subsequent agreement.[2]Net proceeds are net of the underwriters’ discount, if applicable, and other offering costs.

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 37,662	$ (39,226)	$ (258,453)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock based compensation	553	1,198	685
Net discount accretion on U.S. Treasury securities	(4,884)	(1,875)	0
Realized losses on mortgage-backed securities	4,602	22,642	133,695
Unrealized losses on mortgage-backed securities and U.S. Treasury securities	79,842	18,941	642,710
Realized and unrealized (gains) losses on derivative instruments	(46,370)	10,616	(245,421)
Changes in operating assets and liabilities:
Accrued interest receivable	(8,093)	(3,432)	7,340
Other assets	63	(7)	(128)
Accrued interest payable	2,811	(1,270)	8,421
Other liabilities	650	534	454
Due to affiliates	154	(118)	69
NET CASH PROVIDED BY OPERATING ACTIVITIES	66,990	8,003	289,372
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases	(445,866)	(97,787)	0
Sales and maturities	454,272	797,633	2,759,919
Maturity of U.S. Treasury securities	450,000	37,500	0
Net proceeds from derivative instruments	24,121	15,940	245,335
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES	(1,415,487)	(441,064)	2,440,822
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from repurchase agreements	45,596,555	37,761,388	40,040,024
Principal payments on repurchase agreements	(44,276,661)	(37,434,184)	(42,905,685)
Cash dividends paid	(92,503)	(80,754)	(93,494)
Proceeds from issuance of common stock, net of issuance costs	259,328	159,438	40,580
Common stock repurchases, including shares withheld from employee stock awards for payment of taxes	(3,458)	(9,757)	(24,842)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	1,483,261	396,131	(2,943,417)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	134,764	(36,930)	(213,223)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period	200,289	237,219	450,442
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period	335,053	200,289	237,219
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	233,471	203,188	53,288
Collateralized Mortgage-Backed Securities [Member]
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases	(2,393,320)	(1,521,070)	(1,004,526)
Sales and maturities	454,272	797,633	2,759,919
Principal repayments	$ 495,306	$ 326,720	$ 440,094

Note 1 - Organization and Signi

Note 1 - Organization and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	NOTE 1. Organization and Business Description Orchid Island Capital, Inc. (“Orchid” or the “Company”), was incorporated in Maryland on August 17, 2010 February 20, 2013 November 24, 2010 ( November 24, 2010, On October 29, 2021, “October 2021 four October 2021 March 2023. On March 7, 2023, “March 2023 three March 2023 June 2024. On June 11, 2024, “June 2024 three may December 31, 2024 June 2024 December 31, 2024 June 2024 Basis of Presentation and Use of Estimates The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could significantly differ from those estimates. The significant estimates affecting the accompanying financial statements are the fair values of RMBS and derivatives. Management believes the estimates and assumptions underlying the financial statements are reasonable based on the information available as of December 31, 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) December 31, 2024 December 31, 2023 Cash and cash equivalents $ 309,330 $ 171,893 Restricted cash 25,723 28,396 Total cash, cash equivalents and restricted cash $ 335,053 $ 200,289 The Company maintains cash balances at three three may not not Mortgage-Backed Securities and U.S. Treasury Securities The Company invests primarily in mortgage pass-through (“PT”) residential mortgage backed securities (“RMBS”) and collateralized mortgage obligations (“CMOs”) issued by Freddie Mac, Fannie Mae or Ginnie Mae, interest-only (“IO”) securities and inverse interest-only (“IIO”) securities representing interest in or obligations backed by pools of RMBS. The Company refers to RMBS and CMOs as PT RMBS and IO and IIO securities as structured RMBS. The Company also invests in U.S. Treasury Notes (T-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 its U.S. Treasury securities acquired before September 2023 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 securities acquired before September, 2023, not August, 2023, Changes in fair value of investments for which the fair value option is elected are recorded in earnings and reported as unrealized gains or losses on mortgage-backed securities and U.S. Treasury securities in the accompanying statements of comprehensive income (loss). Realized gains and losses on sales of investments for which the fair value option has been elected, using the specific identification method, are reported as a separate component of net portfolio income on the statements of comprehensive income (loss). Changes in fair value of U.S. Treasury securities that are classified as available-for-sale are reported in accumulated other comprehensive income ("OCI"). Upon the sale of a security designated as available-for-sale, we determine the cost of the security and the amount of unrealized gain or loss to reclassify out of accumulated OCI into earnings based on the specific identification method. The Company evaluated securities for allowance for credit losses and since all of the Company's available-for-sale securities designated investments consist of U.S. Treasury securities, which are backed by the full faith and credit of the U.S. government, the Company does not Derivative Financial Instruments The Company uses derivative and other hedging instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may may The Company accounts for TBA securities as derivative instruments. Gains and losses associated with TBA securities transactions are reported in gain (loss) on derivative instruments in the accompanying statements of comprehensive income (loss). Derivative and other hedging instruments are carried at fair value, and changes in fair value are recorded in 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 elected and is organized and operated so as to qualify to be taxed as a REIT under the Code. REITs are generally not 90% Orchid assesses the likelihood, based on their technical merit, that uncertain tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. All of Orchid’s tax positions are categorized as highly certain. There is no Recent Accounting Pronouncements In November 2023, No. 2023 07, Segment Reporting (Topic 280 2023 07 December 15, 2023, January 1, 2024, not 15, 2023 07. In November 2024, No. 2024 03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220 40 2024 03 December 15, 2026,

Note 2 - Mortgage-backed Securi

Note 2 - Mortgage-backed Securities and U.S. Treasury Securities, at Fair Value	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	NOTE 2. The following table presents the Company’s RMBS portfolio that are remeasured at fair value through earnings as of December 31, 2024 December 31, 2023 (in thousands) December 31, 2024 December 31, 2023 Par Value Cost (1) Fair Value Par Value Cost (1) Fair Value Pass-Through RMBS Certificates: Fixed-rate Mortgages $ 5,431,274 $ 5,540,596 $ 5,237,812 $ 4,051,145 $ 4,198,424 $ 3,877,082 Total Pass-Through Certificates 5,431,274 5,540,596 5,237,812 4,051,145 4,198,424 3,877,082 Structured RMBS Certificates: Interest-Only Securities (2) n/a 17,334 15,308 n/a 19,839 16,572 Inverse Interest-Only Securities (3) n/a 1,498 190 n/a 1,825 358 Total Structured RMBS Certificates - 18,832 15,498 - 21,664 16,930 Total $ 5,431,274 $ 5,559,428 $ 5,253,310 $ 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 $85.8 million and $98.6 million as of December 31, 2024 2023 ( 3 The notional balance for the inverse interest-only securities portfolio was $22.0 million and $26.8 million as of December 31, 2024 2023 The following table is a summary of the Company's net gain (loss) from the sale of mortgage-backed securities for the years ended December 31, 2024, 2023 2022 (in thousands) 2024 2023 2022 Proceeds from sales of RMBS $ 454,272 $ 797,633 $ 2,759,919 Carrying value of RMBS sold (458,874 ) (820,275 ) (2,893,614 ) Net loss on sales of RMBS $ (4,602 ) $ (22,642 ) $ (133,695 ) Gross gain on sales of RMBS $ 510 $ - $ 2,705 Gross loss on sales of RMBS (5,112 ) (22,642 ) (136,400 ) Net loss on sales of RMBS $ (4,602 ) $ (22,642 ) $ (133,695 ) During the year ended December 31, 2024, No

Note 3 - U.S. Treasury Securiti

Note 3 - U.S. Treasury Securities, Available-for-sale	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Available-for-sale Debt Securities [Text Block]	NOTE 3. The following table presents the amortized cost, gross unrealized holding gains and losses, and fair value of available-for-sale investments as of December 31, 2024 2023 (in thousands) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2024 U.S. Treasury Note, 4.625%, 6/30/2026 Maturity $ 100,412 $ 139 $ - $ 100,551 $ 100,412 $ 139 $ - $ 100,551 December 31, 2023 U.S. Treasury Bill, 1/2/2024 Maturity $ 49,671 $ 9 $ - $ 49,680 U.S. Treasury Bill, 2/15/2024 Maturity 49,992 8 - 50,000 U.S. Treasury Bill, 4/30/2024 Maturity 49,140 - - 49,140 $ 148,803 $ 17 $ - $ 148,820 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	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]	NOTE 4. The Company pledges certain of its RMBS as collateral under repurchase agreements with financial institutions. Interest rates are generally fixed based on prevailing rates corresponding to the terms of the borrowings, and interest is generally paid at the termination of a borrowing. If the fair value of the pledged securities declines, lenders will typically require the Company to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as "margin calls." Similarly, if the fair value of the pledged securities increases, lenders may December 31, 2024 As of December 31, 2024 2023 ($ in thousands) OVERNIGHT BETWEEN 2 BETWEEN 31 GREATER (1 DAY OR AND AND THAN LESS) 30 DAYS 90 DAYS 90 DAYS TOTAL December 31, 2024 Fair market value of securities pledged, including accrued interest receivable $ - $ 4,850,491 $ 199,993 $ 181,437 $ 5,231,921 Repurchase agreement liabilities associated with these securities $ - $ 4,656,303 $ 192,338 $ 176,902 $ 5,025,543 Net weighted average borrowing rate - 4.66 % 4.56 % 4.76 % 4.66 % 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 as collateral for repurchase agreements was approximately $22.8 million as of December 31, 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 December 31, 2024 not 10% December 31, 2024 2023

Note 5 - Derivative and Other H

Note 5 - Derivative and Other Hedging Instruments	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	1 to ≤ 5 years $ 1,450,000 1.69 % 4.58 % 3.4 Expiration > 5 years 2,066,800 3.55 % 4.52 % 7.0 $ 3,516,800 2.78 % 4.54 % 5.5 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 interest rate swaption position at December 31, 2023. ($ in thousands) Option Underlying Swap Weighted Weighted Average Average Adjustable Average Fair Months to Notional Fixed Rate Term Expiration Cost Value Expiration Amount Rate Index (Years) December 31, 2023 Payer Swaptions (long positions) ≤ 1 year $ 1,619 $ 72 5.0 800,000 5.40 % SOFR 1.0 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 The following table summarizes the Company's contracts to purchase and sell TBA securities as of December 31, 2024 2023 ($ in thousands) Notional Net Amount Cost Market Carrying Long (Short)(1) Basis(2) Value(3) Value(4) December 31, 2024 15-Year TBA securities: 5.0% $ 50,000 $ 50,074 $ 49,742 $ (332 ) 30-Year TBA securities: 3.0% (200,000 ) (174,406 ) (169,703 ) 4,703 Total $ (150,000 ) $ (124,332 ) $ (119,961 ) $ 4,371 December 31, 2023 30-Year TBA securities: 2.0% $ (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 years ended December 31, 2024, 2023 2022 (in thousands) 2024 2023 2022 Futures contracts (short positions) $ 26,638 32,650 206,907 Interest rate swaps 101,151 19,657 167,641 Payer swaptions (long positions) (72 ) (8,734 ) 152,365 Payer swaptions (short positions) - 4,113 (81,050 ) Interest rate caps - (219 ) 919 Dual digital option (500 ) - - Interest rate floors (long positions) - 1,785 - Interest rate floors (short positions) - (525 ) - TBA securities (short positions) 6,567 1,370 4,494 TBA securities (long positions) (230 ) (4,860 ) 1,200 Total $ 133,554 $ 45,237 $ 452,476 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 December 31, 2024 2023 (in thousands) Derivative and Other Hedging Instruments Balance Sheet Location December 31, 2024 December 31, 2023 Assets Interest rate swaps Derivative assets, at fair value $ 4,574 $ 6,348 Payer swaptions (long positions) Derivative assets, at fair value - 72 TBA securities Derivative assets, at fair value 4,703 - Total derivative assets, at fair value $ 9,277 $ 6,420 Liabilities TBA securities Derivative liabilities, at fair value $ 332 $ 12,694 Total derivative liabilities, at fair value $ 332 $ 12,694 Margin Balances Posted to (from) Counterparties Futures contracts Restricted cash $ 2,625 $ 4,096 TBA securities Restricted cash 280 23,720 Interest rate swaption contracts Restricted cash - 580 TBA securities Other liabilities (4,282 ) - Total margin balances on derivative contracts $ (1,377 ) $ 28,396 T-Note and SOFR futures are cash and securities settled futures contracts on their respective underlying or delivery eligible underlying U.S. Treasury security, with gains and losses credited or charged to the Company’s cash accounts on a daily basis. A minimum balance, or “margin”, is required to be maintained in the account on a daily basis. The tables below present information related to the Company’s T-Note and SOFR futures positions at December 31, 2024 2023 ($ in thousands) December 31, 2024 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity(1) U.S. Treasury Note Futures Contracts (Short Positions) (2) March 2025 5-year T-Note futures (Mar 2025 - Mar 2030 Hedge Period) $ 312,500 4.22 % 4.37 % $ 1,890 March 2025 10-year T-Note futures (Mar 2025 - Mar 2035 Hedge Period) 93,500 4.30 % 4.49 % 1,119 March 2024 10-year Ultra futures (Mar 2025 - Mar 2035 Hedge Period) 32,500 4.25 % 4.58 % 914 ($ in thousands) December 31, 2023 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity(1) U.S. Treasury Note Futures Contracts (Short Positions)(2) March 2024 5-year T-Note futures (Mar 2024 - Mar 2029 Hedge Period) $ 421,500 4.36 % 4.04 % $ (9,936 ) March 2024 10-year Ultra futures (Mar 2024 - Mar 2034 Hedge Period) 320,000 4.38 % 4.39 % (11,393 ) SOFR Futures Contracts (Short Positions) June 2024 3-Month SOFR futures (Mar 2024 - Jun 2024 Hedge Period) $ 25,000 5.08 % 4.99 % $ (24 ) September 2024 3-Month SOFR futures (Jun 2024 - Sep 2024 Hedge Period) 25,000 4.67 % 4.52 % (39 ) December 2024 3-Month SOFR futures (Sep 2024 - Dec 2024 Hedge Period) 25,000 4.27 % 4.10 % (44 ) March 2025 3-Month SOFR futures (Dec 2024 - Mar 2025 Hedge Period) 25,000 3.90 % 3.73 % (43 ) June 2025 3-Month SOFR futures (Mar 2025 - Jun 2025 Hedge Period) 25,000 3.58 % 3.42 % (41 ) September 2025 3-Month SOFR futures (Jun 2025 - Sep 2025 Hedge Period) 25,000 3.37 % 3.21 % (39 ) December 2025 3-Month SOFR futures (Sep 2025 - Dec 2025 Hedge Period) 25,000 3.25 % 3.10 % (37 ) March 2026 3-Month SOFR futures (Dec 2025 - Mar 2026 Hedge Period) 25,000 3.21 % 3.07 % (35 ) ( 1 Open equity represents the cumulative gains (losses) recorded on open futures positions from inception. ( 2 5 December 31, 2024 December 31, 2023 December 31, 2024 2023 10 December 31, 2024 10 December 31, 2024 December 31, 2023 December 31, 2024 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 December 31, 2024 2023 ($ in thousands) Average Fixed Average Average Notional Pay Receive Maturity Amount Rate Rate (Years) December 31, 2024 Expiration > 1 to ≤ 5 years $ 1,450,000 1.69 % 4.58 % 3.4 Expiration > 5 years 2,066,800 3.55 % 4.52 % 7.0 $ 3,516,800 2.78 % 4.54 % 5.5 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 interest rate swaption position at December 31, 2023. ($ in thousands) Option Underlying Swap Weighted Weighted Average Average Adjustable Average Fair Months to Notional Fixed Rate Term Expiration Cost Value Expiration Amount Rate Index (Years) December 31, 2023 Payer Swaptions (long positions) ≤ 1 year $ 1,619 $ 72 5.0 800,000 5.40 % SOFR 1.0 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 The following table summarizes the Company's contracts to purchase and sell TBA securities as of December 31, 2024 2023 ($ in thousands) Notional Net Amount Cost Market Carrying Long (Short)(1) Basis(2) Value(3) Value(4) December 31, 2024 15-Year TBA securities: 5.0% $ 50,000 $ 50,074 $ 49,742 $ (332 ) 30-Year TBA securities: 3.0% (200,000 ) (174,406 ) (169,703 ) 4,703 Total $ (150,000 ) $ (124,332 ) $ (119,961 ) $ 4,371 December 31, 2023 30-Year TBA securities: 2.0% $ (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 years ended December 31, 2024, 2023 2022 (in thousands) 2024 2023 2022 Futures contracts (short positions) $ 26,638 32,650 206,907 Interest rate swaps 101,151 19,657 167,641 Payer swaptions (long positions) (72 ) (8,734 ) 152,365 Payer swaptions (short positions) - 4,113 (81,050 ) Interest rate caps - (219 ) 919 Dual digital option (500 ) - - Interest rate floors (long positions) - 1,785 - Interest rate floors (short positions) - (525 ) - TBA securities (short positions) 6,567 1,370 4,494 TBA securities (long positions) (230 ) (4,860 ) 1,200 Total $ 133,554 $ 45,237 $ 452,476 Credit Risk-Related Contingent Features The use of derivatives and other hedging instruments creates exposure to credit risk relating to potential losses that could be recognized in the event that the counterparties to these instruments fail to perform their obligations under the contracts. The Company attempts to minimize this risk by limiting its counterparties for instruments which are not may may not may It is the Company's policy not

Note 6 - Pledged Assets

Note 6 - Pledged Assets	12 Months Ended
	Dec. 31, 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 our repurchase agreements and derivative agreements by type, including securities pledged related to securities sold but not December 31, 2024 2023 (in thousands) December 31, 2024 December 31, 2023 Repurchase Derivative Repurchase Derivative Assets Pledged to Counterparties Agreements Agreements Total Agreements Agreements Total PT RMBS - fair value $ 5,193,570 $ - $ 5,193,570 $ 3,868,624 $ - $ 3,868,624 Structured RMBS - fair value 15,498 - 15,498 16,930 - 16,930 U.S. Treasury securities - fair value - 100,551 100,551 - 79,680 79,680 Accrued interest on pledged securities 22,852 - 22,852 14,922 - 14,922 Restricted cash 22,818 2,905 25,723 - 28,396 28,396 Total $ 5,254,738 $ 103,456 $ 5,358,194 $ 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 December 31, 2024 2023 (in thousands) December 31, 2024 December 31, 2023 Repurchase Derivative Repurchase Derivative Assets Pledged to Orchid Agreements Agreements Total Agreements Agreements Total Cash $ 4,465 $ 4,282 $ 8,747 $ 42,179 $ - $ 42,179 U.S. Treasury securities - fair value 4,146 - 4,146 10,429 - 10,429 Total $ 8,611 $ 4,282 $ 12,893 $ 52,608 $ - $ 52,608 U.S. Treasury securities received as margin under the Company's repurchase agreements are not

Note 7 - Offsetting Assets and

Note 7 - Offsetting Assets and Liabilities	12 Months Ended
	Dec. 31, 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 December 31, 2024 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 December 31, 2024 Interest rate swaps $ 4,574 $ - $ 4,574 $ - $ - $ 4,574 TBA securities 4,703 - 4,703 - (4,282 ) 421 $ 9,277 $ - $ 9,277 $ - $ (4,282 ) $ 4,995 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 Collateral Amount December 31, 2024 Repurchase Agreements $ 5,025,543 $ - $ 5,025,543 $ (5,002,725 ) $ (22,818 ) $ - TBA securities 332 - 332 - (280 ) 52 $ 5,025,875 $ - $ 5,025,875 $ (5,002,725 ) $ (23,098 ) $ 52 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	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Equity [Text Block]	NOTE 8. Common Stock Issuances During 2024 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 At the Market Offering Program (3) Third Quarter 8.25 13,314,022 109,891 At the Market Offering Program (3) Fourth Quarter 7.86 4,533,067 35,630 31,327,547 $ 259,328 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 As of December 31, 2024 twelve eleven Increase in Authorized Shares On February 14, 2025, Stock Repurchase Program On July 29, 2015, February 8, 2018, 10% On December 9, 2021, 10% On October 12, 2022, 18% As part of the stock repurchase program, shares may may 10b5 1 1934, 10b 18, not may no From the inception of the stock repurchase program through December 31, 2024 December 31, 2024 December 31, 2023 February 21, 2025 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 1.440 96,309 2025 YTD(1) 0.240 22,097 Totals $ 68.130 $ 727,003 ( 1 On January 8, 2025 February 27, 2025 February 12, 2025 March 28, 2025 not December 31, 2024

Note 9 - Stock Incentive Plan

Note 9 - Stock Incentive Plan	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	NOTE 9. In 2021, 2021 “2021 2012 “2012 2021 2021 2021 not 2021 may 2021 2021 2012 no 2012 2012 2012 Performance Units The Company has issued, and may one not no The following table presents information related to PUs outstanding during the years ended December 31, 2024 2023 ($ in thousands, except per share data) 2024 2023 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Unvested, beginning of period 95,768 $ 12.48 36,920 $ 20.57 Granted 36,773 8.62 76,696 10.82 Forfeited (1) (14,365 ) 12.48 - - Vested and issued (37,975 ) 13.72 (17,848 ) 22.09 Unvested, end of period 80,201 $ 10.12 95,768 $ 12.48 Compensation expense during period $ 406 $ 590 Unrecognized compensation expense, end of period $ 329 $ 597 Intrinsic value, end of period $ 624 $ 807 Weighted-average remaining vesting term (in years) 1.1 1.2 ( 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 December 31, 2024 2023 December 31, 2024 2023 ($ in thousands, except per share data) 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 (1) $ 317 $ 830 ( 1 The awards issued during the years ended December 31, 2024 2023 2023 2022, December 31, 2024 2023. Deferred Stock Units Non-employee directors receive a portion of their compensation in the form of DSU awards pursuant to the Incentive Plans. Each DSU represents a right to receive one 2022, not The following table presents information related to the DSUs outstanding during the years ended December 31, 2024 2023 ($ in thousands, except per share data) 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 57,681 8.43 42,507 9.81 Outstanding, end of period 154,385 $ 12.98 96,704 $ 15.69 Compensation expense during period $ 429 $ 378 Intrinsic value, end of period $ 1,201 $ 815

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 10. From time to time, the Company may not December 31, 2024

Note 11 - Income Taxes

Note 11 - Income Taxes	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 11. The Company will generally not 90% 85% 95% may REIT taxable income (loss) is computed in accordance with the Code, which is different than the Company’s financial statement net income (loss) computed in accordance with GAAP. Book to tax differences primarily relate to the recognition of interest income on RMBS, unrealized gains and losses on RMBS, and the amortization of losses on derivative instruments that are treated as hedges for tax purposes. As of December 31, 2024 2024 2024 2023 2022

Note 12 - Earnings Per Share (E

Note 12 - Earnings Per Share (EPS)	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 12. The Company had dividend eligible PUs and DSUs that were outstanding during the years ended December 31, 2024, 2023 2022 no no not no The table below reconciles the numerator and denominator of EPS for the years ended December 31, 2024, 2023 2022 (in thousands, except per-share information) 2024 2023 2022 Numerator for basic and diluted EPS per share of common stock: Net income (loss) - Basic and diluted $ 37,662 $ (39,226 ) $ (258,453 ) Weighted average shares of common stock: Shares of common stock outstanding at the balance sheet date 82,622 51,636 36,765 Unvested dividend eligible share based compensation outstanding at the balance sheet date 235 - - Effect of weighting (17,408 ) (6,987 ) 700 Weighted average shares-basic and diluted 65,449 44,649 37,465 Net income (loss) per common share: Basic and diluted $ 0.57 $ (0.89 ) $ (6.90 ) Anti-dilutive incentive shares not included in calculation. - 192 91

Note 13 - Fair Value

Note 13 - Fair Value	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 13. The framework for using fair value to measure assets and liabilities defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price). A fair value measure should reflect the assumptions that market participants would use in pricing the asset or liability, including the assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of non-performance. Required disclosures include presentation of balance sheet amounts measured at fair value based on inputs the Company uses to derive fair value measurements. These inputs are: ● Level 1 ● Level 2 not ● Level 3 not may not The Company's RMBS and TBA securities are Level 2 third may zero The Company’s U.S. Treasury securities are based on quoted prices for identical instruments in active markets and are classified as Level 1 The Company’s futures contracts are Level 1 2 RMBS, U.S. Treasury securities, derivatives and TBA securities were recorded at fair value on a recurring basis during the years ended December 31, 2024, 2023 2022 not The estimated fair value of cash and cash equivalents, restricted cash, accrued interest receivable, receivable for securities sold, other assets, due to affiliates, repurchase agreements, payable for unsettled securities purchased, accrued interest payable and other liabilities generally approximates their carrying values due to the short-term nature of these financial instruments as of December 31, 2024 2023 1 2 The following table presents financial assets (liabilities) measured at fair value on a recurring basis as of December 31, 2024 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) December 31, 2024 Mortgage-backed securities $ - $ 5,253,310 $ - U.S. Treasury securities 100,551 - - Interest rate swaps - 4,574 - TBA securities - 4,371 - 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 years ended December 31, 2024 2023 no 1, 2 3.

Note 14 - Related Party Transac

Note 14 - Related Party Transactions	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE 14. Management Agreement The Company is externally managed and advised by the Manager pursuant to the terms of a management agreement. The management agreement has been renewed through February 20, 2026 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 $12.8 million, $13.6 million and $13.0 million, for the years ended December 31, 2024 2023 2022 Other Relationships with Bimini Robert Cauley, the Company's Chief Executive Officer ("CEO") and Chairman of the Board of Directors, also serves as CEO and Chairman of the Board of Directors of Bimini and owns shares of common stock of Bimini. George H. Haas, the Company's Chief Financial Officer ("CFO"), Chief Investment Officer ("CIO"), Secretary and a member of the Board of Directors, also serves as the CFO, CIO and Treasurer of Bimini and owns shares of common stock of Bimini. In addition, as of December 31, 2024

Note 15 - Segment Information

Note 15 - Segment Information	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE 15. The Company follows ASC 280, Segment Reporting one not not one not

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Insider Trading Arr Line Items
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

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Company has no employees and is externally managed by our Manager, which is a wholly owned subsidiary of Bimini. Pursuant to the terms of the Management Agreement, our Manager manages, operates and administers our day-to-day operations, business and affairs, subject to the direction and supervision of the Board. The Board plays an active role in overseeing management of our risks, and cybersecurity represents an important component of the Company’s overall approach to risk management and oversight. As an externally managed company, the Company relies on our Manager’s information systems in connection with the Company’s day-to-day operations. Consequently, the Company also relies on our Manager’s processes for assessing, identifying, and managing material risks from cybersecurity threats undertaken by our Manager. All of the Company’s executive officers are executive officers, directors and employees of Bimini. Our Manager’s cybersecurity processes and practices are integrated into the Company’s risk management and oversight program. In general, the Company seeks to address cybersecurity risks through a comprehensive, cross-functional approach that is focused on preserving the confidentiality, security and availability of the information that the Company collects and stores by identifying, preventing and mitigating cybersecurity threats and effectively responding to cybersecurity incidents when they occur. The Company has adopted a cybersecurity incident response plan to enable rapid response, curtail further security breaches, mitigate and manage costs, and facilitate timely disclosure of material cyber incidents as required by the SEC. Risk Management and Strategy The Company, our Manager and our Board place a high priority on maintaining security over our financial information that can be accessed via the Internet and mitigating information security risks. The Company engages a third-party security firm to provide threat detection and reports, conduct annual testing of our Manager’s systems, train the Manager’s employees and generally advise on cybersecurity processes. At least annually, our Manager has its information technology team and its third-party security firm make a formal presentation to our Audit Committee and the Board to keep them apprised of the level of cybersecurity that exists to protect our financial information, training of the Company’s officers and the Manager’s employees, and the latest threats that have emerged. The Company’s cybersecurity program is focused on the following key areas: ● Governance ● Collaborative Approach ● Technical Safeguards ● Incident Response and Recovery Planning ● Third-Party Risk Management: ● Education and Awareness Cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected and are not reasonably likely to affect the Company, including its business strategy, results of operations or financial condition. The Company is not aware of any material security breach to date. Accordingly, the Company has not incurred any expenses over the last three years on information security breaches. However, the Company faces certain ongoing risks from cybersecurity that, if realized, could materially affect the Company. See “Item 1A. Risk Factors - The occurrence of cyber-incidents, or a deficiency in our cybersecurity or in those of any of our third party service providers could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential information or damage to our business relationships or reputation, all of which could negatively impact our business and results of operations.” There can be no assurance that the Company's cybersecurity risk management program and processes, including its policies, controls or procedures, will be fully implemented, complied with or effective in protecting its systems and information.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our Manager’s cybersecurity processes and practices are integrated into the Company’s risk management and oversight program.  In general, the Company seeks to address cybersecurity risks through a comprehensive, cross-functional approach that is focused on preserving the confidentiality, security and availability of the information that the Company collects and stores by identifying, preventing and mitigating cybersecurity threats and effectively responding to cybersecurity incidents when they occur. The Company has adopted a cybersecurity incident response plan to enable rapid response, curtail further security breaches, mitigate and manage costs, and facilitate timely disclosure of material cyber incidents as required by the SEC.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance The Company believes oversight of cybersecurity risk is the responsibility of the Audit Committee and the full Board. Accordingly, the Audit Committee and the Board oversee the Company’s As noted above, the Company relies on its Manager’s information systems in connection with the Company’s day-to-day operations. Consequently, the Company also relies on the processes for assessing, identifying, and managing material risks from cybersecurity threats undertaken by its Manager. Messrs. Cauley and Haas work collaboratively to implement a program designed to protect our Manager’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with the Company’s incident response and recovery plan. These members of the Company’s management team monitor the prevention, detection, mitigation and remediation of cybersecurity threats and incidents and report such threats and incidents to the Board when appropriate. Messrs. Cauley and Haas each hold undergraduate and graduate degrees in their respective fields, and each have approximately twenty years of experience managing risks at the Company and at similar companies, including risks arising from cybersecurity threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Company believes oversight of cybersecurity risk is the responsibility of the Audit Committee and the full Board. Accordingly, the Audit Committee and the Board oversee the Company’s
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	As noted above, the Company relies on its Manager’s information systems in connection with the Company’s day-to-day operations. Consequently, the Company also relies on the processes for assessing, identifying, and managing material risks from cybersecurity threats undertaken by its Manager. Messrs. Cauley and Haas work collaboratively to implement a program designed to protect our Manager’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with the Company’s incident response and recovery plan. These members of the Company’s management team monitor the prevention, detection, mitigation and remediation of cybersecurity threats and incidents and report such threats and incidents to the Board when appropriate.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Messrs. Cauley and Haas each hold undergraduate and graduate degrees in their respective fields, and each have approximately twenty years of experience managing risks at the Company and at similar companies, including risks arising from cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation and Use of Estimates The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could significantly differ from those estimates. The significant estimates affecting the accompanying financial statements are the fair values of RMBS and derivatives. Management believes the estimates and assumptions underlying the financial statements are reasonable based on the information available as of December 31, 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) December 31, 2024 December 31, 2023 Cash and cash equivalents $ 309,330 $ 171,893 Restricted cash 25,723 28,396 Total cash, cash equivalents and restricted cash $ 335,053 $ 200,289 The Company maintains cash balances at three three may not not
Marketable Securities, Policy [Policy Text Block]	Mortgage-Backed Securities and U.S. Treasury Securities The Company invests primarily in mortgage pass-through (“PT”) residential mortgage backed securities (“RMBS”) and collateralized mortgage obligations (“CMOs”) issued by Freddie Mac, Fannie Mae or Ginnie Mae, interest-only (“IO”) securities and inverse interest-only (“IIO”) securities representing interest in or obligations backed by pools of RMBS. The Company refers to RMBS and CMOs as PT RMBS and IO and IIO securities as structured RMBS. The Company also invests in U.S. Treasury Notes (T-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 its U.S. Treasury securities acquired before September 2023 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 securities acquired before September, 2023, not August, 2023, Changes in fair value of investments for which the fair value option is elected are recorded in earnings and reported as unrealized gains or losses on mortgage-backed securities and U.S. Treasury securities in the accompanying statements of comprehensive income (loss). Realized gains and losses on sales of investments for which the fair value option has been elected, using the specific identification method, are reported as a separate component of net portfolio income on the statements of comprehensive income (loss). Changes in fair value of U.S. Treasury securities that are classified as available-for-sale are reported in accumulated other comprehensive income ("OCI"). Upon the sale of a security designated as available-for-sale, we determine the cost of the security and the amount of unrealized gain or loss to reclassify out of accumulated OCI into earnings based on the specific identification method. The Company evaluated securities for allowance for credit losses and since all of the Company's available-for-sale securities designated investments consist of U.S. Treasury securities, which are backed by the full faith and credit of the U.S. government, the Company does not
Derivatives, Policy [Policy Text Block]	Derivative Financial Instruments The Company uses derivative and other hedging instruments to manage interest rate risk, facilitate asset/liability strategies and manage other exposures, and it may may The Company accounts for TBA securities as derivative instruments. Gains and losses associated with TBA securities transactions are reported in gain (loss) on derivative instruments in the accompanying statements of comprehensive income (loss). Derivative and other hedging instruments are carried at fair value, and changes in fair value are recorded in 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 elected and is organized and operated so as to qualify to be taxed as a REIT under the Code. REITs are generally not 90% Orchid assesses the likelihood, based on their technical merit, that uncertain tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. All of Orchid’s tax positions are categorized as highly certain. There is no
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In November 2023, No. 2023 07, Segment Reporting (Topic 280 2023 07 December 15, 2023, January 1, 2024, not 15, 2023 07. In November 2024, No. 2024 03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220 40 2024 03 December 15, 2026,

Note 1 - Organization and Sig_2

Note 1 - Organization and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Notes Tables
Cash, Cash Equivalents and Investments [Table Text Block]	(in thousands) December 31, 2024 December 31, 2023 Cash and cash equivalents $ 309,330 $ 171,893 Restricted cash 25,723 28,396 Total cash, cash equivalents and restricted cash $ 335,053 $ 200,289

Note 2 - Mortgage-backed Secu_2

Note 2 - Mortgage-backed Securities and U.S. Treasury Securities, at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2024
Notes Tables
Marketable Securities [Table Text Block]	(in thousands) December 31, 2024 December 31, 2023 Par Value Cost (1) Fair Value Par Value Cost (1) Fair Value Pass-Through RMBS Certificates: Fixed-rate Mortgages $ 5,431,274 $ 5,540,596 $ 5,237,812 $ 4,051,145 $ 4,198,424 $ 3,877,082 Total Pass-Through Certificates 5,431,274 5,540,596 5,237,812 4,051,145 4,198,424 3,877,082 Structured RMBS Certificates: Interest-Only Securities (2) n/a 17,334 15,308 n/a 19,839 16,572 Inverse Interest-Only Securities (3) n/a 1,498 190 n/a 1,825 358 Total Structured RMBS Certificates - 18,832 15,498 - 21,664 16,930 Total $ 5,431,274 $ 5,559,428 $ 5,253,310 $ 4,051,145 $ 4,220,088 $ 3,894,012
Gain (Loss) on Securities [Table Text Block]	(in thousands) 2024 2023 2022 Proceeds from sales of RMBS $ 454,272 $ 797,633 $ 2,759,919 Carrying value of RMBS sold (458,874 ) (820,275 ) (2,893,614 ) Net loss on sales of RMBS $ (4,602 ) $ (22,642 ) $ (133,695 ) Gross gain on sales of RMBS $ 510 $ - $ 2,705 Gross loss on sales of RMBS (5,112 ) (22,642 ) (136,400 ) Net loss on sales of RMBS $ (4,602 ) $ (22,642 ) $ (133,695 )

Note 3 - U.S. Treasury Securi_2

Note 3 - U.S. Treasury Securities, Available-for-sale (Tables)	12 Months Ended
	Dec. 31, 2024
Notes Tables
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block]	(in thousands) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2024 U.S. Treasury Note, 4.625%, 6/30/2026 Maturity $ 100,412 $ 139 $ - $ 100,551 $ 100,412 $ 139 $ - $ 100,551 December 31, 2023 U.S. Treasury Bill, 1/2/2024 Maturity $ 49,671 $ 9 $ - $ 49,680 U.S. Treasury Bill, 2/15/2024 Maturity 49,992 8 - 50,000 U.S. Treasury Bill, 4/30/2024 Maturity 49,140 - - 49,140 $ 148,803 $ 17 $ - $ 148,820

Note 4 - Repurchase Agreements

Note 4 - Repurchase Agreements (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2024 Fair market value of securities pledged, including accrued interest receivable $ - $ 4,850,491 $ 199,993 $ 181,437 $ 5,231,921 Repurchase agreement liabilities associated with these securities $ - $ 4,656,303 $ 192,338 $ 176,902 $ 5,025,543 Net weighted average borrowing rate - 4.66 % 4.56 % 4.76 % 4.66 % 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)	12 Months Ended
	Dec. 31, 2024
Notes Tables
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	(in thousands) Derivative and Other Hedging Instruments Balance Sheet Location December 31, 2024 December 31, 2023 Assets Interest rate swaps Derivative assets, at fair value $ 4,574 $ 6,348 Payer swaptions (long positions) Derivative assets, at fair value - 72 TBA securities Derivative assets, at fair value 4,703 - Total derivative assets, at fair value $ 9,277 $ 6,420 Liabilities TBA securities Derivative liabilities, at fair value $ 332 $ 12,694 Total derivative liabilities, at fair value $ 332 $ 12,694 Margin Balances Posted to (from) Counterparties Futures contracts Restricted cash $ 2,625 $ 4,096 TBA securities Restricted cash 280 23,720 Interest rate swaption contracts Restricted cash - 580 TBA securities Other liabilities (4,282 ) - Total margin balances on derivative contracts $ (1,377 ) $ 28,396
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	($ in thousands) December 31, 2024 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity(1) U.S. Treasury Note Futures Contracts (Short Positions) (2) March 2025 5-year T-Note futures (Mar 2025 - Mar 2030 Hedge Period) $ 312,500 4.22 % 4.37 % $ 1,890 March 2025 10-year T-Note futures (Mar 2025 - Mar 2035 Hedge Period) 93,500 4.30 % 4.49 % 1,119 March 2024 10-year Ultra futures (Mar 2025 - Mar 2035 Hedge Period) 32,500 4.25 % 4.58 % 914 ($ in thousands) December 31, 2023 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity(1) U.S. Treasury Note Futures Contracts (Short Positions)(2) March 2024 5-year T-Note futures (Mar 2024 - Mar 2029 Hedge Period) $ 421,500 4.36 % 4.04 % $ (9,936 ) March 2024 10-year Ultra futures (Mar 2024 - Mar 2034 Hedge Period) 320,000 4.38 % 4.39 % (11,393 ) SOFR Futures Contracts (Short Positions) June 2024 3-Month SOFR futures (Mar 2024 - Jun 2024 Hedge Period) $ 25,000 5.08 % 4.99 % $ (24 ) September 2024 3-Month SOFR futures (Jun 2024 - Sep 2024 Hedge Period) 25,000 4.67 % 4.52 % (39 ) December 2024 3-Month SOFR futures (Sep 2024 - Dec 2024 Hedge Period) 25,000 4.27 % 4.10 % (44 ) March 2025 3-Month SOFR futures (Dec 2024 - Mar 2025 Hedge Period) 25,000 3.90 % 3.73 % (43 ) June 2025 3-Month SOFR futures (Mar 2025 - Jun 2025 Hedge Period) 25,000 3.58 % 3.42 % (41 ) September 2025 3-Month SOFR futures (Jun 2025 - Sep 2025 Hedge Period) 25,000 3.37 % 3.21 % (39 ) December 2025 3-Month SOFR futures (Sep 2025 - Dec 2025 Hedge Period) 25,000 3.25 % 3.10 % (37 ) March 2026 3-Month SOFR futures (Dec 2025 - Mar 2026 Hedge Period) 25,000 3.21 % 3.07 % (35 )
Schedule of Interest Rate Swaps [Table Text Block]	($ in thousands) Average Fixed Average Average Notional Pay Receive Maturity Amount Rate Rate (Years) December 31, 2024 Expiration > 1 to ≤ 5 years $ 1,450,000 1.69 % 4.58 % 3.4 Expiration > 5 years 2,066,800 3.55 % 4.52 % 7.0 $ 3,516,800 2.78 % 4.54 % 5.5 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 Expiration Cost Value Expiration Amount Rate Index (Years) December 31, 2023 Payer Swaptions (long positions) ≤ 1 year $ 1,619 $ 72 5.0 800,000 5.40 % SOFR 1.0
Schedule of To Be Announced Securities [Table Text Block]	($ in thousands) Notional Net Amount Cost Market Carrying Long (Short)(1) Basis(2) Value(3) Value(4) December 31, 2024 15-Year TBA securities: 5.0% $ 50,000 $ 50,074 $ 49,742 $ (332 ) 30-Year TBA securities: 3.0% (200,000 ) (174,406 ) (169,703 ) 4,703 Total $ (150,000 ) $ (124,332 ) $ (119,961 ) $ 4,371 December 31, 2023 30-Year TBA securities: 2.0% $ (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) 2024 2023 2022 Futures contracts (short positions) $ 26,638 32,650 206,907 Interest rate swaps 101,151 19,657 167,641 Payer swaptions (long positions) (72 ) (8,734 ) 152,365 Payer swaptions (short positions) - 4,113 (81,050 ) Interest rate caps - (219 ) 919 Dual digital option (500 ) - - Interest rate floors (long positions) - 1,785 - Interest rate floors (short positions) - (525 ) - TBA securities (short positions) 6,567 1,370 4,494 TBA securities (long positions) (230 ) (4,860 ) 1,200 Total $ 133,554 $ 45,237 $ 452,476

Note 6 - Pledged Assets (Tables

Note 6 - Pledged Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Notes Tables
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]	(in thousands) December 31, 2024 December 31, 2023 Repurchase Derivative Repurchase Derivative Assets Pledged to Counterparties Agreements Agreements Total Agreements Agreements Total PT RMBS - fair value $ 5,193,570 $ - $ 5,193,570 $ 3,868,624 $ - $ 3,868,624 Structured RMBS - fair value 15,498 - 15,498 16,930 - 16,930 U.S. Treasury securities - fair value - 100,551 100,551 - 79,680 79,680 Accrued interest on pledged securities 22,852 - 22,852 14,922 - 14,922 Restricted cash 22,818 2,905 25,723 - 28,396 28,396 Total $ 5,254,738 $ 103,456 $ 5,358,194 $ 3,900,476 $ 108,076 $ 4,008,552
Schedule of Financial Instruments Pledged as Collateral From Counterparties [Table Text Block]	(in thousands) December 31, 2024 December 31, 2023 Repurchase Derivative Repurchase Derivative Assets Pledged to Orchid Agreements Agreements Total Agreements Agreements Total Cash $ 4,465 $ 4,282 $ 8,747 $ 42,179 $ - $ 42,179 U.S. Treasury securities - fair value 4,146 - 4,146 10,429 - 10,429 Total $ 8,611 $ 4,282 $ 12,893 $ 52,608 $ - $ 52,608

Note 7 - Offsetting Assets an_2

Note 7 - Offsetting Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Notes Tables
Offsetting Assets [Table Text Block]	(in thousands) Offsetting of Assets Net Amount Gross Amount Not Gross Gross of Assets Offset in the Balance Sheet Amount Amount Presented Financial of Offset in the in the Instruments Cash Recognized Balance Balance Received as Received as Net Assets Sheet Sheet Collateral Collateral Amount December 31, 2024 Interest rate swaps $ 4,574 $ - $ 4,574 $ - $ - $ 4,574 TBA securities 4,703 - 4,703 - (4,282 ) 421 $ 9,277 $ - $ 9,277 $ - $ (4,282 ) $ 4,995 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 Collateral Amount December 31, 2024 Repurchase Agreements $ 5,025,543 $ - $ 5,025,543 $ (5,002,725 ) $ (22,818 ) $ - TBA securities 332 - 332 - (280 ) 52 $ 5,025,875 $ - $ 5,025,875 $ (5,002,725 ) $ (23,098 ) $ 52 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)	12 Months Ended
	Dec. 31, 2024
Notes Tables
Schedule of Common Stock Outstanding Roll Forward [Table Text Block]	($ in thousands, except per share amounts) Weighted Average Price Received Net Type of Offering Period Per Share (1) Shares Proceeds (2) 2024 At the Market Offering Program (3) First Quarter $ 8.80 1,490,075 $ 13,109 At the Market Offering Program (3) Second Quarter 8.40 11,990,383 100,698 At the Market Offering Program (3) Third Quarter 8.25 13,314,022 109,891 At the Market Offering Program (3) Fourth Quarter 7.86 4,533,067 35,630 31,327,547 $ 259,328 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 1.440 96,309 2025 YTD(1) 0.240 22,097 Totals $ 68.130 $ 727,003

Note 9 - Stock Incentive Plan (

Note 9 - Stock Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2024
Notes Tables
Schedule of Nonvested Performance-Based Units Activity [Table Text Block]	($ in thousands, except per share data) 2024 2023 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Unvested, beginning of period 95,768 $ 12.48 36,920 $ 20.57 Granted 36,773 8.62 76,696 10.82 Forfeited (1) (14,365 ) 12.48 - - Vested and issued (37,975 ) 13.72 (17,848 ) 22.09 Unvested, end of period 80,201 $ 10.12 95,768 $ 12.48 Compensation expense during period $ 406 $ 590 Unrecognized compensation expense, end of period $ 329 $ 597 Intrinsic value, end of period $ 624 $ 807 Weighted-average remaining vesting term (in years) 1.1 1.2
Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block]	($ in thousands, except per share data) 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 (1) $ 317 $ 830
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block]	($ in thousands, except per share data) 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 57,681 8.43 42,507 9.81 Outstanding, end of period 154,385 $ 12.98 96,704 $ 15.69 Compensation expense during period $ 429 $ 378 Intrinsic value, end of period $ 1,201 $ 815

Note 12 - Earnings Per Share _2

Note 12 - Earnings Per Share (EPS) (Tables)	12 Months Ended
	Dec. 31, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	(in thousands, except per-share information) 2024 2023 2022 Numerator for basic and diluted EPS per share of common stock: Net income (loss) - Basic and diluted $ 37,662 $ (39,226 ) $ (258,453 ) Weighted average shares of common stock: Shares of common stock outstanding at the balance sheet date 82,622 51,636 36,765 Unvested dividend eligible share based compensation outstanding at the balance sheet date 235 - - Effect of weighting (17,408 ) (6,987 ) 700 Weighted average shares-basic and diluted 65,449 44,649 37,465 Net income (loss) per common share: Basic and diluted $ 0.57 $ (0.89 ) $ (6.90 ) Anti-dilutive incentive shares not included in calculation. - 192 91

Note 13 - Fair Value (Tables)

Note 13 - Fair Value (Tables)	12 Months Ended
	Dec. 31, 2024
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	(in thousands) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) December 31, 2024 Mortgage-backed securities $ - $ 5,253,310 $ - U.S. Treasury securities 100,551 - - Interest rate swaps - 4,574 - TBA securities - 4,371 - 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

12 Months Ended

16 Months Ended

17 Months Ended

Jun. 11, 2024

Mar. 07, 2023

Oct. 29, 2021

Jan. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Jun. 30, 2024

Mar. 30, 2023

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

[1]

31,327,547

15,880,039

Stock Issued During Period, Value, New Issues

$ 259,328

[1],[2]

$ 159,438

[1],[2]

$ 40,580

Proceeds from Issuance of Common Stock

$ 259,328

$ 159,438

$ 40,580

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)

19,842,089

Stock Issued During Period, Value, New Issues

$ 164,900

Proceeds from Issuance of Common Stock

$ 162,100

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

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

10,671,164

Stock Issued During Period, Value, New Issues

$ 85,100

Proceeds from Issuance of Common Stock

$ 83,800

[1]As of December 31, 2024, the Company had entered into twelve equity distribution agreements, eleven of which have either been terminated because all shares were sold or were replaced with a subsequent agreement.[2]Net proceeds are net of the underwriters’ discount, if applicable, and other offering costs.

Note 1 - Organization and Sig_4

Note 1 - Organization and Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cash and cash equivalents	$ 309,330	$ 171,893
Restricted cash	25,723	28,396
Total cash, cash equivalents and restricted cash	$ 335,053	$ 200,289

Note 2 - Mortgage-backed Secu_3

Note 2 - Mortgage-backed Securities and U.S. Treasury Securities, at Fair Value (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Notional Balance, Interest Only Securities Portfolio, Amount	$ 85,800	$ 98,600
Notional Balance, Inverse Interest Only Securities Portfolio, Amount	22,000	26,800
Investment Sold at Carrying Value	(458,874)	$ (820,275)	$ (2,893,614)
Collateralized Mortgage-Backed Securities [Member]
Investment Sold at Carrying Value	$ (221,700)

Note 2 - Mortgage-backed Secu_4

Note 2 - Mortgage-backed Securities and U.S. Treasury Securities, at Fair Value - Schedule of RMBS Portfolio (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Mortgage-backed securities, par value		$ 5,431,274	$ 4,051,145
Mortgage-backed securities, cost	[1]	5,559,428	4,220,088
Mortgage-backed securities, at fair value (includes pledged assets of $5,209,068 and $3,885,554, respectively)		5,253,310	3,894,012
Pass Through Certificate [Member]
Mortgage-backed securities, par value		5,431,274	4,051,145
Mortgage-backed securities, cost	[1]	5,540,596	4,198,424
Mortgage-backed securities, at fair value (includes pledged assets of $5,209,068 and $3,885,554, respectively)		5,237,812	3,877,082
Pass Through Certificate [Member] | Fixed Rate Mortgages [Member]
Mortgage-backed securities, par value		5,431,274	4,051,145
Mortgage-backed securities, cost	[1]	5,540,596	4,198,424
Mortgage-backed securities, at fair value (includes pledged assets of $5,209,068 and $3,885,554, respectively)		5,237,812	3,877,082
Structured Finance [Member]
Mortgage-backed securities, par value		0	0
Mortgage-backed securities, cost	[1]	18,832	21,664
Mortgage-backed securities, at fair value (includes pledged assets of $5,209,068 and $3,885,554, respectively)		15,498	16,930
Structured Finance [Member] | Interest Only Securities [Member]
Mortgage-backed securities, cost	[1],[2]	17,334	19,839
Mortgage-backed securities, at fair value (includes pledged assets of $5,209,068 and $3,885,554, respectively)	[3]	15,308	16,572
Structured Finance [Member] | Inverse Interest Only Securities [Member]
Mortgage-backed securities, cost	[1],[4]	1,498	1,825
Mortgage-backed securities, at fair value (includes pledged assets of $5,209,068 and $3,885,554, respectively)	[4]	$ 190	$ 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 $85.8 million and $98.6 million as of December 31, 2024 and 2023, respectively.[3]The notional balance for the interest-only securities portfolio was $85.8 million and $98.6 million as of December 31, 2024 and 2023, respectively.[4]The notional balance for the inverse interest-only securities portfolio was $22.0 million and $26.8 million as of December 31, 2024 and 2023, respectively.

Note 2 - Mortgage-backed Secu_5

Note 2 - Mortgage-backed Securities and U.S. Treasury Securities, at Fair Value - Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Sales and maturities	$ 454,272	$ 797,633	$ 2,759,919
Carrying value of RMBS sold	(458,874)	(820,275)	(2,893,614)
Realized losses on mortgage-backed securities	(4,602)	(22,642)	(133,695)
Gross gain on sales of RMBS	510	0	2,705
Gross loss on sales of RMBS	$ (5,112)	$ (22,642)	$ (136,400)

Note 3 - U.S. Treasury Securi_3

Note 3 - U.S. Treasury Securities, Available-for-sale - Available-for-sale- Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
U.S. Treasury securities, available for sale, amortized cost	$ 100,412	$ 148,803
Pledged assets, available for sale	100,551	148,820
U.S. Treasury Note, 4.625%, 6/30/2026 Maturity [Member]
U.S. Treasury securities, available for sale, amortized cost	100,412
Gross unrealized gains	139
Gross unrealized losses	0
Pledged assets, available for sale	100,551
US Treasury Securities [Member]
U.S. Treasury securities, available for sale, amortized cost	100,412	148,803
Gross unrealized gains	139	17
Gross unrealized losses	0	0
Pledged assets, available for sale	$ 100,551	148,820
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
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
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

Note 4 - Repurchase Agreement_2

Note 4 - Repurchase Agreements (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Restricted Cash and Cash Equivalents, Current	$ 25,723	$ 28,396
Repurchase Agreement Counterparty, Amount at Risk	214,300
Asset Pledged as Collateral [Member]
Restricted Cash and Cash Equivalents, Current	25,723	$ 28,396
Repurchase Agreements [Member] | Asset Pledged as Collateral [Member]
Restricted Cash and Cash Equivalents, Current	$ 22,818

Note 4 - Repurchase Agreement_3

Note 4 - Repurchase Agreements - Schedule of Repurchase Agreements (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair market value of securities pledged, including accrued interest receivable	$ 5,231,921	$ 3,900,476
Repurchase agreement liabilities associated with these securities	$ 5,025,543	$ 3,705,649
Net weighted average borrowing rate	4.66%	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	$ 4,850,491	$ 3,125,315
Repurchase agreement liabilities associated with these securities	$ 4,656,303	$ 2,966,650
Net weighted average borrowing rate	4.66%	5.55%
Maturity 30 to 90 Days [Member]
Fair market value of securities pledged, including accrued interest receivable	$ 199,993	$ 710,055
Repurchase agreement liabilities associated with these securities	$ 192,338	$ 674,696
Net weighted average borrowing rate	4.56%	5.54%
Maturity Greater than 90 Days [Member]
Fair market value of securities pledged, including accrued interest receivable	$ 181,437	$ 65,106
Repurchase agreement liabilities associated with these securities	$ 176,902	$ 64,303
Net weighted average borrowing rate	4.76%	5.46%

Note 5 - Derivative and Other_3

Note 5 - Derivative and Other Hedging Instruments (Details Textual) - Short [Member] $ in Millions	Dec. 31, 2024 USD ($) $ / item	Dec. 31, 2023 USD ($) $ / item
Five Year Treasury Note Futures [Member]
Derivative, Forward Price (in USD per Per Share) | $ / item	106.3	108.77
Derivative, Fair Value, Net | $	$ 332.2	$ 458.5
Ten Year T-Note Futures [Member]
Derivative, Forward Price (in USD per Per Share) | $ / item	108.75
Derivative, Fair Value, Net | $	$ 101.7
Ten Year Ultra Futures [Member]
Derivative, Forward Price (in USD per Per Share) | $ / item	111.31	112.89
Derivative, Fair Value, Net | $	$ 36.2	$ 361.3

Note 5 - Derivative and Other_4

Note 5 - Derivative and Other Hedging Instruments - Schedule of Derivative Instruments in Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Restricted Cash and Cash Equivalents, Current	$ 25,723	$ 28,396
Other liabilities	(5,395)	(1,031)
Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative assets, at fair value	9,277	6,420
Derivative liabilities, at fair value	332	12,694
Total margin balances on derivative contracts	(1,377)	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	4,574	6,348
Not Designated as Hedging Instrument, Economic Hedge [Member] | TBA Contracts [Member]
Derivative assets, at fair value	4,703	0
Derivative liabilities, at fair value	332	12,694
Restricted Cash and Cash Equivalents, Current	280	23,720
Other liabilities	(4,282)	0
Not Designated as Hedging Instrument, Economic Hedge [Member] | Eurodollar Future Margin [Member]
Restricted Cash and Cash Equivalents, Current	2,625	4,096
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Swaption [Member]
Restricted Cash and Cash Equivalents, Current	$ 0	$ 580

Note 5 - Derivative and Other_5

Note 5 - Derivative and Other Hedging Instruments - Schedule of Derivative Positions (Details) - Short [Member] - USD ($)		Dec. 31, 2024	Dec. 31, 2023
Five Year Treasury Note Futures [Member]
Average contract notional amount	[1]	$ 312,500,000	$ 421,500,000
Weighted average entry rate	[1]	4.22%	4.36%
Average receive rate	[1]	4.37%	4.04%
Open Equity	[1],[2]	$ 1,890,000	$ (9,936,000)
Ten Year T-Note Futures [Member]
Average contract notional amount		$ 93,500,000
Weighted average entry rate		4.30%
Average receive rate		4.49%
Open Equity		$ 1,119,000
Ten Year Ultra Futures [Member]
Average contract notional amount		$ 32,500,000	$ 320,000
Weighted average entry rate		4.25%	4.38%
Average receive rate		4.58%	4.39%
Open Equity		$ 914,000	$ (11,393,000)
Three Month SOFR Futures, Ending June 2024 [Member}
Average contract notional amount			$ 25,000,000
Weighted average entry rate			5.08%
Average receive rate			4.99%
Open Equity	[2]		$ (24,000)
Three Month SOFR Futures Ending September 2024 [Member]
Average contract notional amount			$ 25,000,000
Weighted average entry rate			4.67%
Average receive rate			4.52%
Open Equity	[2]		$ (39,000)
Three Month SOFR Futures Ending in December 2024 [Member]
Average contract notional amount			$ 25,000,000
Weighted average entry rate			4.27%
Average receive rate			4.10%
Open Equity	[2]		$ (44,000)
Three Month SOFR Futures Ending in March 2025 [Member]
Average contract notional amount			$ 25,000,000
Weighted average entry rate			3.90%
Average receive rate			3.73%
Open Equity	[2]		$ (43,000)
Three Month SOFR Futures Ending in June 2025 [Member]
Average contract notional amount			$ 25,000,000
Weighted average entry rate			3.58%
Average receive rate			3.42%
Open Equity	[2]		$ (41,000)
Three Month SOFR Futures Ending in September 2025 [Member]
Average contract notional amount			$ 25,000,000
Weighted average entry rate			3.37%
Average receive rate			3.21%
Open Equity	[2]		$ (39,000)
Three Month SOFR Futures Ending in December 2025 [Member]
Average contract notional amount			$ 25,000,000
Weighted average entry rate			3.25%
Average receive rate			3.10%
Open Equity	[2]		$ (37,000)
Three Month SOFR Futures Ending in March 2026 [Member]
Average contract notional amount			$ 25,000,000
Weighted average entry rate			3.21%
Average receive rate			3.07%
Open Equity	[2]		$ (35,000)
[1]10-Year T-Note futures contracts were valued at a price of $114.28 at September 30, 2024 and $112.89 at December 31, 2023. The contract values of the short positions were $14.3 million and $361.2 million at September 30, 2024 and December 31, 2023, respectively. 5-Year T-Note futures contracts were valued at a price of $108.77 at December 31, 2023. The contract value of the short position was $458.5 million at December 31, 2023.[2]Open equity represents the cumulative gains (losses) recorded on open futures positions from inception.

Note 5 - Derivatives and Other

Note 5 - Derivatives and Other Hedging Instruments - Schedule of Interest Rate Swaps (Details) - Interest Rate Swap [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Notional amount	$ 3,516.8	$ 2,326.5
Average fixed pay rate	2.78%	2.24%
Average receive rate	4.54%	5.45%
Average maturity (Year)	5 years 6 months	5 years 10 months 24 days
One to Five Years [Member]
Notional amount	$ 1,450	$ 500
Average fixed pay rate	1.69%	0.84%
Average receive rate	4.58%	5.64%
Average maturity (Year)	3 years 4 months 24 days	2 years 8 months 12 days
More Than Five Years [Member]
Notional amount	$ 2,066.8	$ 1,826.5
Average fixed pay rate	3.55%	2.62%
Average receive rate	4.52%	5.40%
Average maturity (Year)	7 years	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) - Long [Member] - Payer Swaptions Less than or Equal to One Year [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Cost	$ 1,619
Fair Value	$ 72
Weighted average months to expiration (Year)	5 years
Notional amount	$ 800,000
Average fixed pay rate	5.40%
Weighted average term (Year)	1 year

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		Dec. 31, 2024	Dec. 31, 2023
Five Percent TBA Securities [Member]
Notional amount	[1]	$ 50,000	$ 250,000
Cost basis	[2]	50,074	(242,725)
Market value	[3]	49,742	(247,657)
Net carrying value	[4]	(332)	(4,932)
Notional amount	[1]	(50,000)	(250,000)
Three Percent TBA Securities [Member]
Notional amount	[1]	200,000
Cost basis	[2]	(174,406)
Market value	[3]	(169,703)
Net carrying value	[4]	4,703
Notional amount	[1]	(200,000)
TBA Contracts [Member]
Notional amount	[1]	150,000	645,700
Cost basis	[2]	(124,332)	(624,413)
Market value	[3]	(119,961)	(637,107)
Net carrying value	[4]	4,371	(12,694)
Notional amount	[1]	$ (150,000)	(645,700)
Two Percent TBA Contract [Member]
Notional amount	[1]		70,700
Cost basis	[2]		(59,278)
Market value	[3]		(62,647)
Net carrying value	[4]		(3,369)
Notional amount	[1]		(70,700)
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)
Notional amount	[1]		$ (325,000)
[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.

Note 5 - Derivative and Other_8

Note 5 - Derivative and Other Hedging Instruments - Schedule of Derivative Instruments Gain (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Gains on derivative instruments	$ 133,554	$ 45,237	$ 452,476
Treasury Note Future [Member] | Short [Member]
Gains on derivative instruments	26,638	32,650	206,907
Interest Rate Swap [Member]
Gains on derivative instruments	101,151	19,657	167,641
Payer Swaptions [Member] | Short [Member]
Gains on derivative instruments	(72)	(8,734)	152,365
Payer Swaptions [Member] | Long [Member]
Gains on derivative instruments	0	4,113	(81,050)
Interest Rate Cap [Member]
Gains on derivative instruments	0	(219)	919
Dual Digital Option [Member]
Gains on derivative instruments	(500)	0	0
Interest Rate Floor [Member] | Short [Member]
Gains on derivative instruments	0	1,785	0
Interest Rate Floor [Member] | Long [Member]
Gains on derivative instruments	0	(525)	0
TBA Contracts [Member] | Short [Member]
Gains on derivative instruments	6,567	1,370	4,494
TBA Contracts [Member] | Long [Member]
Gains on derivative instruments	$ (230)	$ (4,860)	$ 1,200

Note 6 - Pledged Assets - Sched

Note 6 - Pledged Assets - Schedule of Financial Instruments Owned and Pledged as Collateral (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued interest receivable	$ 23,044	$ 14,951
Restricted cash	25,723	28,396
Asset Pledged as Collateral [Member]
Accrued interest receivable	22,852	14,922
Restricted cash	25,723	28,396
Total	5,358,194	4,008,552
Asset Pledged as Collateral [Member] | Residential Mortgage-Backed Securities [Member] | Pass Through Certificate [Member]
Investment at fair value	5,193,570	3,868,624
Asset Pledged as Collateral [Member] | Residential Mortgage-Backed Securities [Member] | Structured Finance [Member]
Investment at fair value	15,498	16,930
Asset Pledged as Collateral [Member] | US Treasury Securities [Member]
Investment at fair value	100,551	79,680
Asset Pledged as Collateral [Member] | Repurchase Agreements [Member]
Accrued interest receivable	22,852	14,922
Restricted cash	22,818
Total	5,254,738	3,900,476
Asset Pledged as Collateral [Member] | Repurchase Agreements [Member] | Residential Mortgage-Backed Securities [Member] | Pass Through Certificate [Member]
Investment at fair value	5,193,570	3,868,624
Asset Pledged as Collateral [Member] | Repurchase Agreements [Member] | Residential Mortgage-Backed Securities [Member] | Structured Finance [Member]
Investment at fair value	15,498	16,930
Asset Pledged as Collateral [Member] | Derivative [Member]
Restricted cash	2,905	28,396
Total	103,456	108,076
Asset Pledged as Collateral [Member] | Derivative [Member] | US Treasury Securities [Member]
Investment at fair value	$ 100,551	$ 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	Dec. 31, 2024	Dec. 31, 2023
Assets pledged	$ 12,893	$ 52,608
Repurchase Agreements [Member]
Assets pledged	8,611	52,608
Derivative [Member]
Assets pledged	4,282	0
Cash [Member]
Assets pledged	8,747	42,179
Cash [Member] | Repurchase Agreements [Member]
Assets pledged	4,465	42,179
Cash [Member] | Derivative [Member]
Assets pledged	4,282	0
US Treasury Securities [Member]
Assets pledged	4,146	10,429
US Treasury Securities [Member] | Repurchase Agreements [Member]
Assets pledged	4,146	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	Dec. 31, 2024	Dec. 31, 2023
Gross amount, recognized	$ 9,277	$ 6,420
Gross Amount, offset	0	0
Net Amount	9,277	6,420
Gross Amount, not recognized	0	0
Gross amount, not offset	(4,282)	0
Net amount, after deduction	4,995	6,420
Interest Rate Swap [Member]
Gross amount, recognized	4,574	6,348
Gross Amount, offset	0	0
Net Amount	4,574	6,348
Gross Amount, not recognized	0	0
Gross amount, not offset	0	0
Net amount, after deduction	4,574	6,348
TBA Contracts [Member]
Gross amount, recognized	4,703
Gross Amount, offset	0
Net Amount	4,703
Gross Amount, not recognized	0
Gross amount, not offset	(4,282)
Net amount, after deduction	$ 421
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	Dec. 31, 2024	Dec. 31, 2023
Gross amount, recognized	$ 5,025,875	$ 3,718,343
Gross Amount, offset	0	0
Net Amount	5,025,875	3,718,343
Gross Amount, not recognized	(5,002,725)	(3,705,649)
Gross amount, not offset	(23,098)	(12,694)
Net amount, after deduction	52	0
Repurchase Agreements [Member]
Gross amount, recognized	5,025,543	3,705,649
Gross Amount, offset	0	0
Net Amount	5,025,543	3,705,649
Gross Amount, not recognized	(5,002,725)	(3,705,649)
Gross amount, not offset	(22,818)	0
Net amount, after deduction	0	0
TBA Contracts [Member]
Gross amount, recognized	332	12,694
Gross Amount, offset	0	0
Net Amount	332	12,694
Gross Amount, not recognized	0	0
Gross amount, not offset	(280)	(12,694)
Net amount, after deduction	$ 52	$ 0

Note 8 - Capital Stock (Details

Note 8 - Capital Stock (Details Textual) - USD ($)			2 Months Ended		12 Months Ended												113 Months Ended	144 Months Ended
	Feb. 12, 2025	Jan. 08, 2025	Feb. 27, 2025	[1]	Dec. 31, 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	Dec. 31, 2024	Dec. 31, 2024	Feb. 21, 2025	Feb. 14, 2025	Oct. 12, 2022	Dec. 09, 2021	Feb. 08, 2018	Jul. 29, 2015
Common Stock, Shares Authorized (in shares)					100,000,000	100,000,000											100,000,000	100,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share)					$ 0.01	$ 0.01											$ 0.01	$ 0.01
Preferred Stock, Shares Authorized (in shares)					20,000,000	20,000,000											20,000,000	20,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)					$ 0.01	$ 0.01											$ 0.01	$ 0.01
Stock Repurchased and Retired During Period, Value					$ 3,290,000	$ 9,424,000	$ 24,610,000
Common Stock, Dividends, Per Share, Declared (in dollars per share)					$ 1.44	$ 1.8	$ 2.475	$ 3.9	$ 3.95	$ 4.8	$ 5.35	$ 8.4	$ 8.4	$ 9.6	$ 10.8	$ 6.975		$ 68.13
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)					396,241	1,072,789											5,144,602
Stock Repurchased and Retired During Period, Value					$ 3,300,000	$ 9,400,000											$ 77,500,000
Shares Acquired, Average Cost Per Share (in dollars per share)					$ 8.3	$ 8.79											$ 15.07
Subsequent Event [Member]
Total Number Of Shares Authorized (in shares)																				220,000,000
Common Stock, Shares Authorized (in shares)																				200,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share)																				$ 0.01
Preferred Stock, Shares Authorized (in shares)																				20,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)																				$ 0.01
Aggregate Par Value of Authorized Shares																				$ 2,200,000
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.12	$ 0.12	$ 0.24
Subsequent Event [Member] | Share Repurchase Program [Member]
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)																			3,832,361
[1]On January 8, 2025, the Company declared a dividend of $0.12 per share to be paid on February 27, 2025. On February 12, 2025, the Company declared a dividend of $0.12 per share to be paid on March 28, 2025. The effect of these dividends are included in the table above, but are not reflected in the Company’s financial statements as of December 31, 2024.

Note 8 - Capital Stock - Issuan

Note 8 - Capital Stock - Issuance of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended													4 Months Ended	12 Months Ended
		Dec. 31, 2024	[1]	Sep. 30, 2024	[1]	Jun. 30, 2024	[1]	Mar. 31, 2024	[1]	Sep. 30, 2023	[1]	Jun. 30, 2023	Mar. 31, 2023	[1]	Oct. 31, 2023	Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2022
Issuance of common stock pursuant to public offerings, net (in shares)	[1]															31,327,547		15,880,039
Issuance of common stock pursuant to public offerings, net																$ 259,328	[1],[2]	$ 159,438	[1],[2]	$ 40,580
At the Market Offering Program [Member]
Price per share (in dollars per share)		$ 7.86	[3]	$ 8.25	[3]	$ 8.4	[3]	$ 8.8	[3]	$ 9.95	[3]	$ 9.54	$ 11.77	[3]	$ 0	$ 7.86	[1],[3]
Issuance of common stock pursuant to public offerings, net (in shares)		4,533,067		13,314,022		11,990,383		1,490,075		4,757,953		8,432,086	2,690,000		0
Issuance of common stock pursuant to public offerings, net		$ 35,630	[2]	$ 109,891	[2]	$ 100,698	[2]	$ 13,109	[2]	$ 47,355	[2]	$ 80,426	$ 31,657	[2]	$ 0
[1]As of December 31, 2024, the Company had entered into twelve equity distribution agreements, eleven of which have either been terminated because all shares were sold or were replaced with a subsequent agreement.[2]Net proceeds are net of the underwriters’ discount, if applicable, and other offering costs.[3]Weighted average price received per share is after deducting the underwriters’ discount, if applicable, and other offering costs.

Note 8 - Capital Stock - Divide

Note 8 - Capital Stock - Dividends Declared (Details) - USD ($)				2 Months Ended		12 Months Ended												144 Months Ended
		Feb. 12, 2025	Jan. 08, 2025	Feb. 27, 2025		Dec. 31, 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	Dec. 31, 2024
Common Stock, Dividends, Per Share, Declared (in dollars per share)						$ 1.44	$ 1.8	$ 2.475	$ 3.9	$ 3.95	$ 4.8	$ 5.35	$ 8.4	$ 8.4	$ 9.6	$ 10.8	$ 6.975	$ 68.13
Dividends						$ 96,309	$ 81,127,000	$ 87,906,000	$ 97,601,000	$ 53,570,000	$ 54,421,000	$ 55,814,000	$ 70,717,000	$ 41,388,000	$ 38,748,000	$ 22,643,000	$ 4,662,000	$ 727,003,000
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)		$ 0.12	$ 0.12	$ 0.24	[1]
Dividends	[1]			$ 22,097,000
[1]On January 8, 2025, the Company declared a dividend of $0.12 per share to be paid on February 27, 2025. On February 12, 2025, the Company declared a dividend of $0.12 per share to be paid on March 28, 2025. The effect of these dividends are included in the table above, but are not reflected in the Company’s financial statements as of December 31, 2024.

Note 9 - Stock Incentive Plan_2

Note 9 - Stock Incentive Plan (Details Textual) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 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)
Stock Awards [Member]
Share-Based Payment Arrangement, Amount Accrued			$ 0.6	$ 0.6
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		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock based compensation		$ 553	$ 1,198	$ 685
Performance Shares [Member]
Unvested, beginning of period (in shares)		95,768	36,920
Unvested, beginning of period (in dollars per share)		$ 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
Forfeited, shares (in shares)	[1]	(14,365)	0
Forfeited, grant date fair value (in dollars per share)	[1]	$ 12.48	$ 0
Vested and issued, shares (in shares)		(37,975)	(17,848)
Vested and issued, grant date fair value (in dollars per share)		$ 13.72	$ 22.09
Unvested, shares (in shares)		80,201	95,768	36,920
Unvested, grant date fair value (in dollars per share)		$ 10.12	$ 12.48	$ 20.57
Stock based compensation		$ 406	$ 590
Unrecognized compensation expense, end of period		329	597
Intrinsic value, end of period		$ 624	$ 807
Weighted-average remaining vesting term (in years) (Year)		1 year 1 month 6 days	1 year 2 months 12 days
[1]The number of shares of common stock issuable upon the vesting of the remaining outstanding PUs as of December 31, 2023 was reduced by 14,365 shares as a result of a book value impairment event that occurred pursuant to the terms of the long term equity incentive compensation plans (the “Plans”) established under the Company’s Incentive Plans. The book value impairment event occurred when the Company's book value per share declined by more than 15% during the quarter ended September 30, 2023 and the Company’s book value per share decline from July 1, 2023 to December 31, 2023 was more than 10%. The Plans provide that if such a book value impairment event occurs, then the number of outstanding PUs that are outstanding as of the last day of such two quarter period shall be reduced by 15%.

Note 9 - Stock Incentive Plan_3

Note 9 - Stock Incentive Plan - Schedule of Stock Awards (Details) - Stock Awards [Member] - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 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(1)	[1]	$ 317	$ 830
[1]The awards issued during the years ended December 31, 2024 and 2023 were granted with respect to service performed in 2023 and 2022, respectively. Compensation expense accrued related to the share awards was $0.6 million for both the years ended December 31, 2024 and 2023.

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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock based compensation	$ 553	$ 1,198	$ 685
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)	57,681	42,507
Granted and vested, grant date fair value (in dollars per share)	$ 8.43	$ 9.81
Outstanding, shares (in shares)	154,385	96,704	54,197
Outstanding, grant date fair value (in dollars per share)	$ 12.98	$ 15.69	$ 20.29
Stock based compensation	$ 429	$ 378
Intrinsic value, end of period	$ 1,201	$ 815

Note 11 - Income Taxes (Details

Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Expense (Benefit)	$ 0	$ 0	$ 0

Note 12 - Earnings Per Share _3

Note 12 - Earnings Per Share (EPS) - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net income (loss) - Basic and diluted	$ 37,662	$ (39,226)	$ (258,453)
Shares of common stock outstanding at the balance sheet date (in shares)	82,622,000	51,636,000	36,765,000
Unvested dividend eligible share based compensation outstanding at the balance sheet date (in shares)	235,000	0	0
Effect of weighting (in shares)	(17,408,000)	(6,987,000)	700,000
Weighted Average Shares Outstanding (in shares)	65,449,149	44,649,039	37,464,671
Basic and diluted net income (loss) per share (in dollars per share)	$ 0.57	$ (0.89)	$ (6.9)
Anti-dilutive incentive shares not included in calculation. (in shares)	0	192,000	91,000

Note 13 - Fair Value - Schedule

Note 13 - Fair Value - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Mortgage-backed securities, at fair value (includes pledged assets of $5,209,068 and $3,885,554, respectively)	$ 5,253,310	$ 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] | 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 $5,209,068 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 $5,209,068 and $3,885,554, respectively)	100,551
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	4,574	6,348
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | TBA Contracts [Member]
Derivative assets, at fair value	4,371	(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 $5,209,068 and $3,885,554, respectively)	5,253,310	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 $5,209,068 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] | 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 $5,209,068 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 $5,209,068 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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Bimini Advisors LLC [Member]
Automatic Renewal Period Of Management Agreement (Year)	1 year
Management Fee and Overhead Expense	$ 12.8	$ 13.6	$ 13
Bimini Capital Management Inc [Member]
Entity Shares Owned (in shares)	569,071
Entity Ownership Percentage	0.70%

Note 15 - Segment Information (

Note 15 - Segment Information (Details Textual)	12 Months Ended
	Dec. 31, 2024
Number of Operating Segments	1