Orchid Island Capital (ORC) 10-Q 30 Oct 20 2020 Q3 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	9 Months Ended
	Sep. 30, 2020	Oct. 30, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Registrant Name	Orchid Island Capital, Inc.
Entity Central Index Key	0001518621
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		69,295,962
Trading Symbol	ORC
Security Exchange Name	NYSE
Security 12(b) Title	Common Stock, $0.01 par value
Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
City Area Code	772
Local Phone Number	231-1400
Entity Address Line 1	3305 Flamingo Drive
Entity Address City or Town	Vero Beach
Entity Address State or Province	FL
Entity Postal Zip Code	32963
Entity Incorporation, State Country Name	MD
Entity File Number	001-35236
Entity Tax ID Number	27-3269228

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Mortgage-backed securities, at fair value
Pledged to counterparties	$ 3,416,118,000	$ 3,584,354,000
Unpledged	124,249,000	6,567,000
Total mortgage-backed securities	3,540,367,000	3,590,921,000
Cash and cash equivalents	199,805,000	193,770,000
Restricted cash	47,541,000	84,885,000
Accrued interest receivable	10,378,000	12,404,000
Derivative Assets	14,239,000	0
Receivable for securities sold, pledged to counterparties	0	0
Other assets	603,000	100,000
Total Assets	3,812,933,000	3,882,080,000
Liabilities
Outstanding repurchase obligations	3,281,303,000	3,448,106,000
Payable for unsettled securities purchased	113,653,000	0
Dividends Payable	4,505,000	5,045,000
Derivitive Liabilities	33,295,000	20,658,000
Accrued interest payable	752,000	11,101,000
Due to affiliates	590,000	622,000
Other Liabilities	2,094,000	1,041,000
Total Liabilities	3,436,192,000	3,486,573,000
Stockholders' Equity
Preferred stock, $0.01 par value	0	0
Common Stock, $0.01 par value	693,000	631,000
Additional paid in capital	410,521,000	414,998,000
Accumulated deficit	(34,473,000)	(20,122,000)
Total Stockholders Equity	376,741,000	395,507,000
Total Liabilities and Stockholders Equity	3,812,933,000	3,882,080,000
Residential Mortgage Backed Securities [Member]
Mortgage-backed securities, at fair value
Pledged to counterparties	3,416,118,000	3,584,354,000
Unpledged	124,249,000	6,567,000
Total mortgage-backed securities	3,540,367,000	3,590,921,000
Accrued interest receivable	$ 10,157,000	$ 12,367,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Shares Authorized	100,000,000	100,000,000
Preferred Shares Issued	0	0
Preferred Shares Outstanding	0	0
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock Shares Authorized	500,000,000	500,000,000
Common Shares Issued	69,295,962	63,061,781
Common Shares Outstanding	69,295,962	63,061,781

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Interest income	$ 27,223,000	$ 35,907,000	$ 90,152,000	$ 104,795,000
Interest expense	2,043,000	22,321,000	23,045,000	63,644,000
Net interest income	25,180,000	13,586,000	67,107,000	41,151,000
Realized gains (losses) on mortgage-backed securities	498,000	(5,491,000)	(24,522,000)	(5,135,000)
Unrealized gains (losses) on mortgage-backed securities	1,168,000	(5,292,000)	38,440,000	39,255,000
(Losses) gains on derivative instruments	4,079,000	(8,648,000)	(87,630,000)	(61,968,000)
Net portfolio income	30,925,000	(5,845,000)	(6,605,000)	13,303,000
Expenses
Management Fee Expense	1,252,000	1,440,000	3,897,000	4,051,000
Allocated Overhead	377,000	351,000	1,072,000	1,001,000
Compensation and related benefits	158,000	173,000	(117,000)	(53,000)
Directors fees and liability insurance	242,000	260,000	750,000	750,000
Audit, legal and other professional fees	240,000	221,000	841,000	886,000
Direct REIT operating expenses	406,000	130,000	852,000	790,000
Other administrative	174,000	57,000	451,000	225,000
Total expenses	2,849,000	2,632,000	7,746,000	7,650,000
Net income (loss)	$ 28,076,000	$ (8,477,000)	$ (14,351,000)	$ 5,653,000
Basic and diluted net income (loss) per share
Basic	$ 0.42	$ (0.14)	$ (0.22)	$ 0.10
Diluted	$ 0.42	$ (0.14)	$ (0.22)	$ 0.1
Weighted Average Shares Outstanding
Weighted Average Shares - Basic and Diluted	67,301,901	60,418,985	66,014,379	54,037,721
Dividends Per Share [Abstract]
Dividends Declared Per Common Share	$ 0.190	$ 0.240	$ 0.595	$ 0.720

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY, (Unaudited) - USD ($)	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]
Balances at Dec. 31, 2018	$ 336,079,000	$ 491,000	$ 379,975,000	$ (44,387,000)
Increase (Decrease) in Stockholders' Equity
Net income	10,597,000	0	0	10,597,000
Cash dividend declared	11,824,000	0	11,824,000	0
Issuance of common stock pursuant to public offerings, net	8,503,000	13,000	8,490,000	0
Issuance of common shares pursuant to stock based compensation plan	41,000	0	41,000	0
Amortization of stock based compensation	42,000	0	42,000	0
Stock Repurchased and Retired During Period, Value	(3,024,000)	(5,000)	(3,019,000)	0
Balances at Mar. 31, 2019	$ 340,414,000	$ 499,000	373,705,000	(33,790,000)
Common Stock Shares Outstanding, Beginning Balance at Dec. 31, 2018	49,132,000	49,132,000
Increase (Decrease) in Stockholders' Equity
Stock Issued During Period Shares New Issues		1,268,000
Stock Issued During Period Shares Share Based Compensation	7,000	7,000
Stock Repurchased and Retired During Period, Shares		(469,000)
Common Stock Shares Outstanding, Ending Balance at Mar. 31, 2019	49,938,000	49,938,000
Balances at Dec. 31, 2018	$ 336,079,000	$ 491,000	379,975,000	(44,387,000)
Increase (Decrease) in Stockholders' Equity
Net income	5,653,000
Balances at Sep. 30, 2019	$ 391,988,000	$ 631,000	430,091,000	(38,734,000)
Common Stock Shares Outstanding, Beginning Balance at Dec. 31, 2018	49,132,000	49,132,000
Common Stock Shares Outstanding, Ending Balance at Sep. 30, 2019		63,058,000
Balances at Dec. 31, 2018	$ 336,079,000	$ 491,000	379,975,000	(44,387,000)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock pursuant to public offerings, net	92,314,000
Balances at Dec. 31, 2019	$ 395,507,000	$ 631,000	414,998,000	(20,122,000)
Common Stock Shares Outstanding, Beginning Balance at Dec. 31, 2018	49,132,000	49,132,000
Increase (Decrease) in Stockholders' Equity
Stock Issued During Period Shares New Issues	14,377,126
Common Stock Shares Outstanding, Ending Balance at Dec. 31, 2019	63,061,781	63,062,000
Balances at Mar. 31, 2019	$ 340,414,000	$ 499,000	373,705,000	(33,790,000)
Increase (Decrease) in Stockholders' Equity
Net income	3,533,000	0	0	3,533,000
Cash dividend declared	12,859,000	0	12,859,000	0
Issuance of common stock pursuant to public offerings, net	28,495,000	44,000	28,451,000	0
Issuance of common shares pursuant to stock based compensation plan	43,000	0	43,000	0
Amortization of stock based compensation	32,000	0	32,000	0
Balances at Jun. 30, 2019	$ 359,658,000	$ 543,000	389,372,000	(30,257,000)
Common Stock Shares Outstanding, Beginning Balance at Mar. 31, 2019	49,938,000	49,938,000
Increase (Decrease) in Stockholders' Equity
Stock Issued During Period Shares New Issues		4,338,000
Stock Issued During Period Shares Share Based Compensation		7,000
Stock Repurchased and Retired During Period, Shares		0
Common Stock Shares Outstanding, Ending Balance at Jun. 30, 2019		54,283,000
Increase (Decrease) in Stockholders' Equity
Net income	$ (8,477,000)	$ 0	0	(8,477,000)
Cash dividend declared	14,588,000	0	14,588,000	0
Issuance of common stock pursuant to public offerings, net	55,324,000	88,000	55,236,000	0
Issuance of common shares pursuant to stock based compensation plan	48,000	0	48,000	0
Amortization of stock based compensation	23,000	0	23,000	0
Balances at Sep. 30, 2019	391,988,000	$ 631,000	430,091,000	(38,734,000)
Increase (Decrease) in Stockholders' Equity
Stock Issued During Period Shares New Issues		8,771,000
Stock Issued During Period Shares Share Based Compensation		4,000
Common Stock Shares Outstanding, Ending Balance at Sep. 30, 2019		63,058,000
Balances at Dec. 31, 2019	395,507,000	$ 631,000	414,998,000	(20,122,000)
Increase (Decrease) in Stockholders' Equity
Net income	(91,199,000)	0	0	(91,199,000)
Cash dividend declared	15,670,000	0	15,670,000	0
Issuance of common stock pursuant to public offerings, net	19,447,000	31,000	19,416,000	0
Issuance of common shares pursuant to stock based compensation plan	0	0	0	0
Amortization of stock based compensation	59,000	0	59,000	0
Stock Repurchased and Retired During Period, Value	0	0	0	0
Balances at Mar. 31, 2020	$ 308,144,000	$ 662,000	418,803,000	(111,321,000)
Common Stock Shares Outstanding, Beginning Balance at Dec. 31, 2019	63,061,781	63,062,000
Increase (Decrease) in Stockholders' Equity
Stock Issued During Period Shares New Issues	3,171,000	3,171,000
Stock Issued During Period Shares Share Based Compensation	4,000	4,000
Common Stock Shares Outstanding, Ending Balance at Mar. 31, 2020		66,237,000
Balances at Dec. 31, 2019	$ 395,507,000	$ 631,000	414,998,000	(20,122,000)
Increase (Decrease) in Stockholders' Equity
Net income	(14,351,000)
Issuance of common stock pursuant to public offerings, net	35,013,000
Balances at Sep. 30, 2020	$ 376,741,000	$ 693,000	410,521,000	(34,473,000)
Common Stock Shares Outstanding, Beginning Balance at Dec. 31, 2019	63,061,781	63,062,000
Increase (Decrease) in Stockholders' Equity
Stock Issued During Period Shares New Issues	6,244,053,000
Common Stock Shares Outstanding, Ending Balance at Sep. 30, 2020	69,295,962	69,296,000
Balances at Mar. 31, 2020	$ 308,144,000	$ 662,000	418,803,000	(111,321,000)
Increase (Decrease) in Stockholders' Equity
Net income	48,772,000	0	0	48,772,000
Cash dividend declared	10,935,000	0	10,935,000	0
Issuance of common stock pursuant to public offerings, net	0	0	0	0
Issuance of common shares pursuant to stock based compensation plan	0	0	0	0
Amortization of stock based compensation	55,000	0	55,000	0
Stock Repurchased and Retired During Period, Value	(68,000)	0	(68,000)	0
Balances at Jun. 30, 2020	345,968,000	$ 662,000	407,855,000	(62,549,000)
Common Stock Shares Outstanding, Beginning Balance at Mar. 31, 2020		66,237,000
Increase (Decrease) in Stockholders' Equity
Stock Issued During Period Shares Share Based Compensation		4,000
Stock Repurchased and Retired During Period, Shares		(20,000)
Common Stock Shares Outstanding, Ending Balance at Jun. 30, 2020		66,221,000
Increase (Decrease) in Stockholders' Equity
Net income	28,076,000	$ 0	0	28,076,000
Cash dividend declared	12,920,000	0	12,920,000	0
Issuance of common stock pursuant to public offerings, net	15,566,000	31,000	15,535,000	0
Issuance of common shares pursuant to stock based compensation plan	(2,000)	0	(2,000)	0
Amortization of stock based compensation	53,000	0	53,000	0
Balances at Sep. 30, 2020	$ 376,741,000	$ 693,000	$ 410,521,000	$ (34,473,000)
Increase (Decrease) in Stockholders' Equity
Stock Issued During Period Shares New Issues		3,073,000
Stock Issued During Period Shares Share Based Compensation		2,000
Common Stock Shares Outstanding, Ending Balance at Sep. 30, 2020	69,295,962	69,296,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS, (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (14,351,000)	$ 5,653,000
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Stock based compensation and equity plan amortization	167,000	229,000
Realized and unrealized (gains) losses on mortgage-backed securities	(13,918,000)	(34,120,000)
Derivative, Gain (Loss) on Derivative, Net	67,744,000	47,964,000
Changes in operating assets and liabilities
Accrued interest receivable	2,137,000	(2,146,000)
Other assets	(533,000)	(27,000)
Accrued interest payable	(10,349,000)	5,447,000
Other liabilities	16,000	1,440,000
Due to affiliates	(32,000)	(57,000)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	30,881,000	24,383,000
From mortgage-backed securities investments
Purchases	(2,898,616,000)	(3,096,194,000)
Sales	2,692,230,000	1,948,079,000
Principal repayments	384,314,000	389,496,000
Proceeds from U.S. Treasury Securities	139,712,000	0
Payments on U.S. Treasury Securities	139,807,000	0
Net payments on reverse repurchase agreements	30,000	0
Payments on net settlement of to-be-announced securities	(1,993,000)	(9,846,000)
Purchase of interest rate swaptions, net of margin cash received	66,135,000	20,032,000
NET CASH USED IN INVESTING ACTIVITIES	109,735,000	(788,497,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase agreements	27,995,556,000	33,804,965,000
Principal payments on repurchase agreements	(28,162,359,000)	(33,016,040,000)
Cash dividends	(40,065,000)	(38,156,000)
Proceeds From Issuance Of Common Stock, net of issuance costs	35,013,000	92,322,000
Payments For Repurchase Of Common Stock	70,000	3,024,000
NET CASH PROVIDED BY FINANCING ACTIVITIES	(171,925,000)	840,067,000
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(31,309,000)	75,953,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	278,655,000	126,263,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	247,346,000	202,216,000
Cash paid during the period for:
Interest Paid	33,395,000	58,197,000
SUPPLEMENTAL DISCLOSURES OF NONCASH FINANCING ACTIVITIES:
Securities acquired settled in later period	113,653,000	0
Securities Sold Settled In Later Period	0	209,241,000
Interest Rate Swaption [Member]
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Derivative, Gain (Loss) on Derivative, Net	4,848,000	1,379,000
Swap [Member]
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Derivative, Gain (Loss) on Derivative, Net	60,988,000	42,739,000
TBA Contracts [Member]
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Derivative, Gain (Loss) on Derivative, Net	1,813,000	3,846,000
US Treasury Securities [Member]
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Derivative, Gain (Loss) on Derivative, Net	$ 95,000	$ 0

ORGANIZATION AND SIGNIFICANT AC

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Organization and Significant Accounting Policies	Organization Orchid Island and managing February 20, November 24, was the issuance On August 2, 2017, Orchid entered into an equity distribution agreement (the “August 2017 two sales agents pursuant to which the Company could offer and sell, from time to time, up 125,000,000 shares of the Company’s common stock in transactions that were deemed to be “at the market” offerings and privately transactions. 15,123,178 gross proceeds of approximately $ 125.0 123.1 to its termination in July 2019. On July 30, 2019, Orchid entered into an underwriting agreement (the “Underwriting Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as representatives of the underwriters named therein, relating to the offer and sale of 7,000,000 6.55 purchased the shares pursuant to the Underwriting Agreement at a price of $ 6.3535 7,000,000 shares of common stock occurred on August 2, 2019, with net proceeds to the Company of 44.2 of underwriting discounts and commissions and other estimated offering expenses. On January 23, 2020, Orchid entered into an equity distribution agreement (the three sales agents pursuant to which the Company could offer and sell, from time to time, up 200,000,000 of shares of the Company’s common stock in transactions that were deemed to be “at the market” offerings and transactions. 3,170,727 gross proceeds of approximately $ 19.8 19.4 its termination in August 2020. On August 4, 2020, Orchid entered into an equity distribution agreement (the “August 2020 four sales agents pursuant to which the Company may offer and sell, from time to time, up to 150,000,000 shares of the Company’s common stock in transactions that are deemed to be “at the market” transactions. 3,073,326 Agreement for aggregate gross proceeds of approximately $ 15.8 15.6 commissions and fees. COVID-19 Beginning in mid-March 2020, the global pandemic associated with the novel economic conditions began to impact our financial position and results of operations. turmoil brought about by COVID-19, the Agency RMBS market experienced assets and increased margin calls from our repurchase agreement lenders. Further, as interest rates declined, we faced additional margin calls related to our various hedge positions. In order to maintain sufficient cash and liquidity, reduce risk and satisfy margin calls, we were forced to sell assets at levels significantly below their carrying values and RMBS market largely stabilized after the Federal Reserve announced on March 23, U.S. Treasuries in the amounts needed to support smooth market functioning. As of September 30, 2020, we had margin calls. The following summarizes the impact COVID-19 has had on our September 30, 2020. ● We sold approximately $ 2.7 $ 24.5 1.1 approximately $ 31.4 associated with COVID-19. ● We terminated interest rate swap positions with an aggregate notional value of $ 1.2 54.5 million in mark to market losses on the positions through the date of the respective 45.0 these losses occurred during the three months ended March 31, 2020. ● Our RMBS portfolio had a fair market value of approximately $ 3.5 3.6 December 31, 2019. The September 30, 2020 balance represents an increase 3.3 and the $ 2.9 ● Our outstanding balances under our repurchase agreement borrowings as of September 3.3 compared to $ 3.4 2.8 3.2 ● Our stockholders’ equity was $ 376.7 395.5 $ 308.1 346.0 In response to the Shelter in Place order issued in Florida in March 2020, our Recovery Plan and its employees are working remotely. Prior planning resulted in the successful implementation of this plan operational team members maintain daily communication. Although the Company cannot estimate the length or gravity of the impact continues, it may continue to have adverse effects on the Company’s results of future operations, fiscal year 2020 and beyond. In addition, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) billions of dollars of relief to individuals, businesses, state and local governments, the pandemic, including mortgage loan forbearance and modification programs their loan payments. The Company has evaluated the provisions of the CARES effect on the Company’s business, results of operations and financial condition. The Federal Housing has instructed the GSEs on how they will handle servicer advances for loans that which should limit prepayments during the forbearance period that could have resulted how, in the long term, these and other actions by the U.S. government will affect the efficiency, liquidity and stability of the financial and mortgage markets. To the extent the financial or mortgage markets do not respond favorably to any of these actions, or such actions do not function as intended, our business, results of operations and financial condition may Basis of The accompanying in the United Accordingly, they management, Operating expected for The balance of the information statements The preparation the reported the reported significant the estimates 2020; particular, makes and potential Variable Interest Entities (“VIEs”) We obtain interests in VIEs through our investments in mortgage-backed securities. nature and are not expected to result in us obtaining a controlling financial interest in consolidate these VIEs and we account for our interest in these VIEs as mortgage-backed information regarding our investments in mortgage-backed securities. value of the mortgage-backed securities. Cash and Cash Equivalents and Restricted Cash Cash and cash three months borrowings, The following position that (in thousands) September 30, 2020 December 31, 2019 Cash and cash equivalents $ 199,805 $ 193,770 Restricted cash 47,541 84,885 Total cash, cash equivalents $ 247,346 $ 278,655 The Company balances may Deposit Insurance balances are Company limits any significant Mortgage-Backed The Company Fannie Mae (“IIO”) securities to IO and IIO securities as structured RMBS. The Company has elected to account for its option. Electing the fair value option requires the Company to record changes in management’s view, more appropriately reflects the results of our operations for a particular reporting period and is consistent with the underlying economics and how the portfolio is managed. The Company are included date are removed Fair value between market transfer the advantageous broker quotes, Income on PT purchase are gains (losses) effective yield. and serves periods recognition reporting statements Derivative and Other Hedging Instruments The Company manage other Treasury Note options to may enter The Company are reported Derivative derivative portfolio Holding derivatives honor their derivatives. payments provided and exchanges Financial The fair value statements swaptions value for these The estimated other assets, liabilities these financial Repurchase The Company repurchase contractual Reverse Repurchase The Company master repurchase borrowed The securities counterparties. Manager Compensation The Company company and Manager of which they Earnings Basic earnings average number stock or two-class in computing Income Taxes Orchid has qualified and elected to be taxed as a real estate investment trust (“REIT”) under as amended (the “Code”). distribute to their stockholders at least 90% of their REIT taxable income on an annual provisions of the Code to retain its tax status. Orchid assesses the likelihood, based on their technical merit, that uncertain tax positions based on the facts, circumstances and information available at the end of each period. highly certain. uncertain tax positions is adjusted when new information is available, or when Recent Accounting On January 1, 2020, we adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit expected credit loss model). The Company’s adoption of this ASU did not have a material effect on its financial financial assets were already measured at fair value through earnings. In March 2020, the FASB issued ASU 2020-04 “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ” on debt instruments, leases, derivatives, and other contracts, related to the expected market Offered Rate (“LIBOR”), and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to remeasurement at the modification date nor a reassessment of a previous accounting optional and may be elected over time, through December 31, 2022, as reference believe the adoption of this ASU will have a material impact on its consolidated financial

MORTGAGE-BACKED SECURITIES

MORTGAGE-BACKED SECURITIES	9 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Mortgage-Backed Securities	NOTE 2. The following (in thousands) September 30, 2020 December 31, 2019 Pass-Through RMBS Certificates: Adjustable-rate Mortgages $ 960 $ 1,014 Fixed-rate Mortgages 3,357,501 3,206,013 Fixed-rate CMOs 151,110 299,205 Total Pass-Through 3,509,571 3,506,232 Structured RMBS Certificates: Interest-Only Securities 30,796 60,986 Inverse Interest-Only Securities - 23,703 Total Structured 30,796 84,689 Total $ 3,540,367 $ 3,590,921

REPURCHASE AGREEMENTS AND OTHER

REPURCHASE AGREEMENTS AND OTHER BORROWINGS	9 Months Ended
	Sep. 30, 2020
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements and Other Borrowings	NOTE 3. Repurchase The Company generally fixed borrowing. down borrowings securities requirements. As of September below: ($ in thousands) OVERNIGHT BETWEEN 2 BETWEEN 31 GREATER (1 DAY OR AND AND THAN LESS) 30 DAYS 90 DAYS 90 DAYS TOTAL September 30, 2020 Fair market value of securities pledged, including accrued interest receivable $ 4,956 $ 1,700,941 $ 675,475 $ 1,044,903 $ 3,426,275 Repurchase agreement liabilities associated with these securities $ 3,709 $ 1,627,083 $ 648,133 $ 1,002,378 $ 3,281,303 Net weighted average borrowing rate 1.30% 0.24% 0.24% 0.24% 0.24% December 31, 2019 Fair market value of securities pledged, including accrued interest receivable $ - $ 2,470,263 $ 1,005,517 $ 120,941 $ 3,596,721 Repurchase agreement liabilities associated with these securities $ - $ 2,361,378 $ 964,368 $ 122,360 $ 3,448,106 Net weighted average borrowing rate - 2.04% 1.94% 2.60% 2.03% In addition, cash pledged to counterparties for repurchase agreements was approximately $24.8 $65.9 September 30, 2020 and December 31, 2019, respectively. If, during pledged assets, plus interest and cash posted by the Company as collateral. At September between the value of securities $170.4 million. September

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2020
Derivative Financial Instruments [Abstract]
Derivative Financial Instruments	3 to ≤ 5 years $ 620,000 1.29% 0.25% $ (23,817) 3.9 Expiration > 5 years 200,000 0.67% 0.25% (2,819) 6.7 $ 820,000 1.14% 0.25% $ (26,636) 4.6 December 31, 2019 Expiration > 1 to ≤ 3 years $ 360,000 2.05% 1.90% $ (3,680) 2.3 Expiration > 3 to ≤ 5 years 910,000 2.03% 1.93% (16,466) 4.4 $ 1,270,000 2.03% 1.92% $ (20,146) 3.8 The table open swaption ($ in thousands) Option Underlying Swap Weighted Average Weighted Average Average Adjustabl e Average Fair Months to Notional Fixed Rate Term Expiration Cost Value Expiration Amount Rate (LIBOR) (Years) September 30, 2020 Payer Swaptions - long ≤ 1 year $ 3,450 $ 32 5.5 $ 500,000 0.95% 3 Month 4.0 >1 year ≤ 2 years 13,410 14,016 20.4 675,000 1.49% 3 Month 12.8 $ 16,860 $ 14,048 14.0 $ 1,175,000 1.26% 3 Month 9.0 Payer Swaptions - short ≤ 1 year $ (4,660) $ (6,221) 8.4 $ 507,700 1.49% 3 Month 12.8 The following table 2019 . ($ in thousands) Notional Net Amount Cost Market Carrying Long (Short) (1) Basis (2) Value (3) Value (4) September 30, 2020 15-Year TBA securities: 2.0% $ 175,000 $ 181,727 $ 181,918 $ 191 30-Year TBA securities: 2.5% 200,000 210,250 209,812 (438) Total $ 375,000 $ 391,977 $ 391,730 $ (247) December 31, 2019 30-Year TBA securities: 4.5% $ (300,000) $ (315,426) $ (315,938) $ (512) Total $ (300,000) $ (315,426) $ (315,938) $ (512) Notional amount represents the par value (or principal balance) of the (2) Cost basis represents the forward price to be paid (received) for the (3) Market value represents the current market value of the TBA securities (4) Net carrying value represents the difference between the market in derivative assets (liabilities) at fair value in our balance sheets. Gain (Loss) From Derivative and Other Hedging Instruments, Net The table below presents the effect of the Company’s derivative financial instruments on the statements of operations for the nine and three months ended September 30, 2020 and 2019. (in thousands) Nine Months Ended September 30, Three Months Ended September 30, 2020 2019 2020 2019 Eurodollar futures contracts (short positions) $ (8,324) $ (14,423) $ (6) $ (94) T-Note futures contracts (short position) (4,837) (6,311) (113) (1,112) Fed Funds futures contracts (short positions) - 313 - 313 Interest rate swaps (67,713) (36,322) 489 (9,918) Payer swaptions - short (1,561) - (672) - Payer swaptions - long (3,287) (1,379) 914 (316) Net TBA securities (1,813) (3,846) 3,431 2,479 U.S. Treasury securities - short position (95) - 36 - Total $ (87,630) $ (61,968) $ 4,079 $ (8,648) Credit Risk-Related Contingent Features The use of derivatives 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. We minimize this risk by limiting our counterparties for instruments which are not centrally cleared on a registered exchange to major financial institutions with acceptable credit ratings and monitoring positions with individual counterparties. In addition, we may be required to pledge assets as collateral for our derivatives, whose amounts vary over time based on the market value, notional amount and remaining term of the derivative contract. In the event of a default by a counterparty, receive payments provided for under the terms of our derivative agreements, and may have difficulty obtaining our assets pledged as collateral for our derivatives. The cash and cash equivalents pledged as collateral for our derivative instruments are included in restricted cash on our balance sheets. It is the Company's policy not to offset assets and liabilities associated with open derivative contracts. However, the Chicago Mercantile Exchange (“CME”) 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 serves as the central clearing party are presented as if these derivatives had been settled as of the reporting date." id="sjs-B4">NOTE 4. DERIVATIVE AND OTHER HEDGING INSTRUMENTS Derivative The table September (in thousands) Derivative Instruments and Related Accounts Balance Sheet Location September 30, 2020 December 31, 2019 Assets Payer swaptions - long Derivative assets, at fair value $ 14,048 $ - TBA securities Derivative assets, at fair value 191 - Total derivative $ 14,239 $ - Liabilities Interest rate swaps Derivative liabilities, at fair value $ 26,636 $ 20,146 Payer swaptions - short Derivative liabilities, at fair value 6,221 - TBA securities Derivative liabilities, at fair value 438 512 Total derivative $ 33,295 $ 20,658 Margin Balances Posted to (from) Counterparties Futures contracts Restricted cash $ 561 $ 1,338 TBA securities Restricted cash 1,394 246 Interest rate swaption contracts Other liabilities (1,037) - Interest rate swap contracts Restricted cash 20,819 17,450 Total margin $ 21,737 $ 19,034 Eurodollar, Fed charged to a daily basis. 2020 and December ($ in thousands) September 30, 2020 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) Eurodollar Futures Contracts (Short Positions) 2020 $ 50,000 3.25% 0.25% $ (375) 2021 50,000 1.03% 0.20% (415) Total / $ 50,000 1.47% 0.21% $ (790) Treasury Note Futures Contracts (Short (2) December 2020 5-year T-Note futures (Dec 2020 - Dec 2025 Hedge Period) $ 69,000 0.70% 0.69% $ (22) ($ in thousands) December 31, 2019 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) Eurodollar Futures Contracts (Short Positions) 2020 $ 500,000 2.97% 1.67% $ (6,505) Total / $ 500,000 2.97% 1.67% $ (6,505) Treasury Note Futures Contracts (Short (2) March 2020 5 year T-Note futures (Mar 2020 - Mar 2025 Hedge Period) $ 69,000 1.96% 2.06% $ 302 Open equity represents the cumulative gains (losses) recorded on open (2) T-Note futures contracts were valued 126.03 118.61 the short positions were $ 87.0 81.8 Under our swaps"). The agreements below presents ($ in thousands) Average Net Fixed Average Estimated Average Notional Pay Receive Fair Maturity Amount Rate Rate Value (Years) September 30, 2020 Expiration > 3 to ≤ 5 years $ 620,000 1.29% 0.25% $ (23,817) 3.9 Expiration > 5 years 200,000 0.67% 0.25% (2,819) 6.7 $ 820,000 1.14% 0.25% $ (26,636) 4.6 December 31, 2019 Expiration > 1 to ≤ 3 years $ 360,000 2.05% 1.90% $ (3,680) 2.3 Expiration > 3 to ≤ 5 years 910,000 2.03% 1.93% (16,466) 4.4 $ 1,270,000 2.03% 1.92% $ (20,146) 3.8 The table open swaption ($ in thousands) Option Underlying Swap Weighted Average Weighted Average Average Adjustabl e Average Fair Months to Notional Fixed Rate Term Expiration Cost Value Expiration Amount Rate (LIBOR) (Years) September 30, 2020 Payer Swaptions - long ≤ 1 year $ 3,450 $ 32 5.5 $ 500,000 0.95% 3 Month 4.0 >1 year ≤ 2 years 13,410 14,016 20.4 675,000 1.49% 3 Month 12.8 $ 16,860 $ 14,048 14.0 $ 1,175,000 1.26% 3 Month 9.0 Payer Swaptions - short ≤ 1 year $ (4,660) $ (6,221) 8.4 $ 507,700 1.49% 3 Month 12.8 The following table 2019 . ($ in thousands) Notional Net Amount Cost Market Carrying Long (Short) (1) Basis (2) Value (3) Value (4) September 30, 2020 15-Year TBA securities: 2.0% $ 175,000 $ 181,727 $ 181,918 $ 191 30-Year TBA securities: 2.5% 200,000 210,250 209,812 (438) Total $ 375,000 $ 391,977 $ 391,730 $ (247) December 31, 2019 30-Year TBA securities: 4.5% $ (300,000) $ (315,426) $ (315,938) $ (512) Total $ (300,000) $ (315,426) $ (315,938) $ (512) Notional amount represents the par value (or principal balance) of the (2) Cost basis represents the forward price to be paid (received) for the (3) Market value represents the current market value of the TBA securities (4) Net carrying value represents the difference between the market in derivative assets (liabilities) at fair value in our balance sheets. Gain (Loss) From Derivative and Other Hedging Instruments, Net The table below presents the effect of the Company’s derivative financial instruments on the statements of operations for the nine and three months ended September 30, 2020 and 2019. (in thousands) Nine Months Ended September 30, Three Months Ended September 30, 2020 2019 2020 2019 Eurodollar futures contracts (short positions) $ (8,324) $ (14,423) $ (6) $ (94) T-Note futures contracts (short position) (4,837) (6,311) (113) (1,112) Fed Funds futures contracts (short positions) - 313 - 313 Interest rate swaps (67,713) (36,322) 489 (9,918) Payer swaptions - short (1,561) - (672) - Payer swaptions - long (3,287) (1,379) 914 (316) Net TBA securities (1,813) (3,846) 3,431 2,479 U.S. Treasury securities - short position (95) - 36 - Total $ (87,630) $ (61,968) $ 4,079 $ (8,648) Credit Risk-Related Contingent Features The use of derivatives 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. We minimize this risk by limiting our counterparties for instruments which are not centrally cleared on a registered exchange to major financial institutions with acceptable credit ratings and monitoring positions with individual counterparties. In addition, we may be required to pledge assets as collateral for our derivatives, whose amounts vary over time based on the market value, notional amount and remaining term of the derivative contract. In the event of a default by a counterparty, receive payments provided for under the terms of our derivative agreements, and may have difficulty obtaining our assets pledged as collateral for our derivatives. The cash and cash equivalents pledged as collateral for our derivative instruments are included in restricted cash on our balance sheets. It is the Company's policy not to offset assets and liabilities associated with open derivative contracts. However, the Chicago Mercantile Exchange (“CME”) 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 serves as the central clearing party are presented as if these derivatives had been settled as of the reporting date.

PLEDGED ASSETS

PLEDGED ASSETS	9 Months Ended
	Sep. 30, 2020
Financial Instruments Pledged as Collateral [Abstract]
Pledged Assets [Text Block]	NOTE 5. PLEDGED ASSETS Assets Pledged The table including securities (in thousands) September 30, 2020 December 31, 2019 Repurchase Derivative Repurchase Derivative Assets Pledged to Counterparties Agreements Agreements Total Agreements Agreements Total PT RMBS - fair value $ 3,387,253 $ - $ 3,387,253 $ 3,500,394 $ - $ 3,500,394 Structured RMBS - fair value 28,865 - 28,865 83,960 - 83,960 Accrued interest on pledged securities 10,157 - 10,157 12,367 - 12,367 Restricted cash 24,767 22,774 47,541 65,851 19,034 84,885 Total $ 3,451,042 $ 22,774 $ 3,473,816 $ 3,662,572 $ 19,034 $ 3,681,606 Assets Pledged The table agreements (in thousands) Reverse Repurchase Repurchase Derivative Assets Pledged to Orchid Agreements Agreements Agreements Total September 30, 2020 Cash $ 5,855 $ - $ 1,037 $ 6,892 U.S. Treasury securities - fair value 1,424 - - 1,424 Total $ 7,279 $ - $ 1,037 $ 8,316 December 31, 2019 Cash $ 1,418 $ - $ - $ 1,418 Total $ 1,418 $ - $ - $ 1,418 RMBS and because the reverse repurchase balance sheet. increase in

OFFSETTING ASSETS AND LIABILITI

OFFSETTING ASSETS AND LIABILITIES	9 Months Ended
	Sep. 30, 2020
Offsetting Assets And Liabilities [Abstract]
Offsetting Assets and Liabilities [Text Block]	NOTE 6. OFFSETTING ASSETS AND LIABILITIES The Company’s agreements bankruptcy basis. The following presented (in thousands) Offsetting of Assets Gross Amount Not Net Amount Offset in the Balance Sheet of Assets Financial Gross Amount Gross Amount Presented Instruments Cash of Recognized Offset in the in the Received as Received as Net Assets Balance Sheet Balance Sheet Collateral Collateral Amount September 30, 2020 Interest rate swaptions $ 14,048 $ - $ 14,048 $ - $ (1,037) $ 13,011 TBA securities 191 - 191 - - 191 $ 14,239 $ - $ 14,239 $ - $ (1,037) $ 13,202 (in thousands) Offsetting of Liabilities Gross Amount Not Net Amount Offset in the Balance Sheet of Liabilities Financial Gross Amount Gross Amount Presented Instruments of Recognized Offset in the in the Posted as Cash Posted Net Liabilities Balance Sheet Balance Sheet Collateral as Collateral Amount September 30, 2020 Repurchase Agreements $ 3,281,303 $ - $ 3,281,303 $ (3,256,536) $ (24,767) $ - Interest rate swaps 26,636 - 26,636 - (20,819) 5,817 Interest rate swaptions 6,221 - 6,221 - - 6,221 TBA securities 438 - 438 - (438) - $ 3,314,598 $ - $ 3,314,598 $ (3,256,536) $ (46,024) $ 12,038 December 31, 2019 Repurchase Agreements $ 3,448,106 $ - $ 3,448,106 $ (3,382,255) $ (65,851) $ - Interest rate swaps 20,146 - 20,146 - (17,450) 2,696 TBA securities 512 - 512 - (246) 266 $ 3,468,764 $ - $ 3,468,764 $ (3,382,255) $ (83,547) $ 2,962 The amounts asset or liability typically exceeds and derivative

CAPITAL STOCK

CAPITAL STOCK	9 Months Ended
	Sep. 30, 2020
Capital Stock [Abstract]
Capital Stock	NOTE 7. Common Stock During the public offerings ($ in thousands, except per share amounts) Weighted Average Price Received Net Type of Offering Period Per Share (1) Shares Proceeds (2) 2020 At the Market Offering Program (3) First Quarter $ 6.23 3,170,727 $ 19,447 At the Market Offering Program (3) Third Quarter 5.15 3,073,326 15,566 Total 6,244,053 $ 35,013 2019 At the Market Offering Program (3) First Quarter $ 6.84 1,267,894 $ 8,503 At the Market Offering Program (3) Second Quarter 6.70 4,337,931 28,495 At the Market Offering Program (3) Third Quarter 6.37 1,771,301 11,098 Follow-on Offering Third Quarter 6.35 7,000,000 44,218 14,377,126 $ 92,314 Weighted average price received per share is before deducting (2) Net proceeds are net of the underwriters’ discount, if applicable, and (3) The Company has entered into eight equity distribution agreements, or were replaced with a subsequent agreement. Stock Repurchase Program On July 29, 2015 , the Company’s Board of Directors authorized the repurchase of up to 2,000,000 common stock. On February 8, 2018, the Board of Directors approved an increase additional 4,522,822 share authorization, the increased authorization brought the total authorization to Company’s then outstanding share count. As part of the stock repurchase program, shares transactions, block purchases, through privately negotiated transactions, or pursuant accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended will be made in accordance with Exchange Act Rule 10b-18, which sets certain restrictions open market stock repurchases. The timing, manner, price and amount of any repurchases will be determined by the discretion and will be subject to economic and market conditions, stock price, applicable authorization does not obligate the Company to acquire any particular amount of discontinued at the Company’s discretion without prior notice. From the inception of the stock repurchase program through September 30, 2020, the 5,685,511 shares at an aggregate cost of approximately $ 40.4 7.10 share. During the nine months ended September 30, 2020, the Company repurchased 19,891 approximately $ 0.1 3.42 ended September 30, 2019, the Company repurchased a total of 469,975 3.0 including commissions and fees, for a weighted average price of $ 6.43 program as of September 30, 2020 was 837,311 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 $ 1.395 $ 4,662 2014 2.160 22,643 2015 1.920 38,748 2016 1.680 41,388 2017 1.680 70,717 2018 1.070 55,814 2019 0.960 54,421 2020 - YTD (1) 0.660 44,055 Totals $ 11.525 $ 332,448 On October 14, 2020, the Company declared a dividend of $ 0.065 included in the table above, but is not reflected in the Company’s

STOCK INCENTIVE PLAN

STOCK INCENTIVE PLAN	9 Months Ended
	Sep. 30, 2020
Employee Benefits And Share Based Compensation [Abstract]
Stock incentive Plan	NOTE 8. In October 2012, the Company’s Board of Directors adopted and Bimini, then the Company’s sole stockholder, approved, the Orchid Island Capital, Inc. 2012 Equity Incentive Plan (the “Incentive Plan”) to recruit and retain employees, directors and other service providers, including employees of the Manager and other affiliates. The Incentive Plan provides for the award of stock options, stock appreciation rights, stock award, performance units, other equity-based awards (and dividend equivalents with respect to awards of performance units and other equity-based awards) and incentive awards. The Incentive Plan is administered by the Compensation Committee of the Company’s Board of Directors except that the Company’s full Board of Directors will administer awards made to directors who are not employees of the Company or its affiliates. 10 % of the issued and outstanding shares of our common stock (on a fully diluted basis) at the time of the awards, subject to a maximum aggregate 4,000,000 Company’s common stock that may be issued under the Incentive Plan. Performance Units The Company has issued, and may in the future issue additional, performance units under the Incentive Plan to certain executive officers and employees of its Manager. based on satisfaction of the performance conditions set forth in the performance unit agreement. When earned, each Performance Unit will be settled by the issuance of one share of the Company’s common stock, at which time the Performance Unit will be cancelled. to receive distributions declared by the Company on common stock, but do not include the right to vote the underlying shares of common stock. officer or employee of the Company. vesting period once it becomes probable that the performance conditions will be achieved. The following table presents information related to Performance Units outstanding during the nine months ended September 30, 2020 and 2019. ($ in thousands, except per share data) Nine Months Ended September 30, 2020 2019 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Unvested, beginning of period 19,021 $ 7.78 43,672 $ 8.34 Forfeited (1,607) 7.45 - - Vested and issued (10,583) 8.03 (20,498) 8.90 Unvested, end of period 6,831 $ 7.45 23,174 $ 7.85 Compensation expense during period $ 32 $ 94 Unrecognized compensation expense, end of period $ 8 $ 60 Intrinsic value, end of period $ 34 $ 133 Weighted-average remaining vesting term (in years) 0.5 0.9 ($ in thousands, except per share data) Nine Months Ended September 30, 2020 2019 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Outstanding, beginning of period 43,570 $ 6.56 12,434 $ 7.37 Granted and vested 36,682 4.22 22,424 6.42 Issued - - - - Outstanding, end of period 80,252 $ 5.49 34,858 $ 6.76 Compensation expense during period $ 135 $ 135 Intrinsic value, end of period $ 402 $ 200

COMMITTMENTS AND CONTINGENCIES

COMMITTMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments And Contingencies	NOTE 9. From time to time, the Company may become involved in various claims and business. Management is not aware of any reported or unreported contingencies

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 10. INCOME TAXES The Company will generally not be subject to federal income tax on its REIT taxable taxable income to its stockholders and satisfies the ongoing REIT requirements, including ownership tests. A REIT must generally distribute at least 90% of its REIT taxable must be distributed within the taxable year, in order to avoid the imposition of an excise tax. The remaining balance up to the end of the following taxable year, provided the REIT elects to treat such amount as a prior year distribution other requirements.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share (EPS)	NOTE 11. The Company months ended and Deferred Performance unvested Performance available to The table 2019. (in thousands, except per share information) Nine Months Ended September 30, Three Months Ended September 30, 2020 2019 2020 2019 Basic and diluted EPS per common share: Numerator for basic and diluted EPS per share of common stock: Net (loss) income - Basic and diluted $ (14,351) $ 5,653 $ 28,076 $ (8,477) Weighted average shares of common stock: Shares of common stock outstanding at the balance sheet date 69,296 63,058 69,296 63,058 Unvested dividend eligible share based compensation outstanding at the balance sheet date - 58 87 - Effect of weighting (3,282) (9,078) (2,081) (2,639) Weighted average shares-basic and diluted 66,014 54,038 67,302 60,419 Net (loss) income per common share: Basic and diluted $ (0.22) $ 0.10 $ 0.42 $ (0.14) Anti-dilutive incentive shares not included in calculation. 87 - - 58

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value	NOTE 12. The framework asset or paid pricing the on the sale measured at ● Level 1 valuations, (which include ● Level 2 valuations, prices for significant ● Level 3 valuations, observable Company’s own techniques use of market The Company's Level 2 valuations, broker quotes, the appropriate techniques identical assets, benchmark such upon observable based on market assets similar observation predictability security if loan to value The fair value RMBS (based recorded at value measurements, assumptions markets to for similar The following December 31, (in thousands) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) September 30, 2020 Mortgage-backed securities $ - $ 3,540,367 $ - Interest rate swaps - (26,636) - Interest rate swaptions - 7,827 - TBA securities - (246) - December 31, 2019 Mortgage-backed securities $ - $ 3,590,921 $ - Interest rate swaps - (20,146) - TBA securities - (512) - During the nine and three months ended September 30, 2020 and 2019, there were no transfers between levels 1, 2 or 3.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 13. RELATED PARTY Management Agreement The Company is externally managed and advised by Bimini Advisors, LLC (the “Manager”) pursuant to the terms of a management agreement. The management agreement has been renewed through February 20, 2021 automatic one-year management agreement, the Manager is responsible for administering the business activities and day-to-day operations of the Company. ● One-twelfth of 1.5% of the first $250 million of the Company’s month-end equity, agreement, ● One-twelfth of 1.25% of the Company’s month-end equity that is greater than $250 million and less than or equal to $500 million, and ● One-twelfth of 1.00% of the Company’s month-end equity that is greater than $500 million. 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. Company terminate the management agreement without cause, it will pay the Manager a termination fee equal to three times the average annual management fee, as defined in the management agreement, before or on the last day of the term of the agreement. Total $5.0 $1.6 for the nine and three months ended September 30, 2020, respectively, and $5.1 $1.8 three months ended September 30, 2019, respectively. At September 30, due to affiliates was approximately $0.6 $0.6 Other Relationships with Bimini Robert Cauley, our Chief Executive Officer and Chairman of our Board of Directors, also serves as Chief Executive Officer and Chairman of the Board of Directors of Bimini and owns shares of common stock of Officer, Chief Investment Officer, Secretary and a member of our Board of Directors, also serves as the Chief Financial Officer, Chief Investment Officer and Treasurer of Bimini and owns shares of common stock of Bimini. In addition, as of September owned 2,595,357 3.8% , of the Company’s common stock.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of The accompanying in the United Accordingly, they management, Operating expected for The balance of the information statements The preparation the reported the reported significant the estimates 2020; particular, makes and potential Variable Interest Entities (“VIEs”) We obtain interests in VIEs through our investments in mortgage-backed securities. nature and are not expected to result in us obtaining a controlling financial interest in consolidate these VIEs and we account for our interest in these VIEs as mortgage-backed information regarding our investments in mortgage-backed securities. value of the mortgage-backed securities. Cash and Cash Equivalents and Restricted Cash Cash and cash three months borrowings, The following position that
Use of Estimates	The preparation the reported the reported significant the estimates 2020; particular, makes and potential
Variable Interest Entity [Policy Text Block]	Variable Interest Entities (“VIEs”) We obtain interests in VIEs through our investments in mortgage-backed securities. nature and are not expected to result in us obtaining a controlling financial interest in consolidate these VIEs and we account for our interest in these VIEs as mortgage-backed information regarding our investments in mortgage-backed securities. value of the mortgage-backed securities.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash Cash and cash three months borrowings, The following position that (in thousands) September 30, 2020 December 31, 2019 Cash and cash equivalents $ 199,805 $ 193,770 Restricted cash 47,541 84,885 Total cash, cash equivalents $ 247,346 $ 278,655 The Company balances may Deposit Insurance balances are Company limits any significant
Mortgage-Backed Securities	Mortgage-Backed The Company Fannie Mae (“IIO”) securities to IO and IIO securities as structured RMBS. The Company has elected to account for its option. Electing the fair value option requires the Company to record changes in management’s view, more appropriately reflects the results of our operations for a particular reporting period and is consistent with the underlying economics and how the portfolio is managed. The Company are included date are removed Fair value between market transfer the advantageous broker quotes, Income on PT purchase are gains (losses) effective yield. and serves periods recognition reporting statements
Derivative Financial Instruments	Derivative and Other Hedging Instruments The Company manage other Treasury Note options to may enter The Company are reported Derivative derivative portfolio Holding derivatives honor their derivatives. payments provided and exchanges
Financial Instruments	Financial The fair value statements swaptions value for these The estimated other assets, liabilities these financial
Repurchase Agreements	Repurchase The Company repurchase contractual
Reverse Repurchase Agreements	Reverse Repurchase The Company master repurchase borrowed The securities counterparties.
Management Fees	Manager Compensation The Company company and Manager of which they
Earnings Per Share	Earnings Basic earnings average number stock or two-class in computing
Income Taxes	Income Taxes Orchid has qualified and elected to be taxed as a real estate investment trust (“REIT”) under as amended (the “Code”). distribute to their stockholders at least 90% of their REIT taxable income on an annual provisions of the Code to retain its tax status. Orchid assesses the likelihood, based on their technical merit, that uncertain tax positions based on the facts, circumstances and information available at the end of each period. highly certain. uncertain tax positions is adjusted when new information is available, or when Recent Accounting On January 1, 2020, we adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit expected credit loss model). The Company’s adoption of this ASU did not have a material effect on its financial financial assets were already measured at fair value through earnings. In March 2020, the FASB issued ASU 2020-04 “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ” on debt instruments, leases, derivatives, and other contracts, related to the expected market Offered Rate (“LIBOR”), and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to remeasurement at the modification date nor a reassessment of a previous accounting optional and may be elected over time, through December 31, 2022, as reference believe the adoption of this ASU will have a material impact on its consolidated financial
Recent Accounting Pronouncements	Recent Accounting On January 1, 2020, we adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit expected credit loss model). The Company’s adoption of this ASU did not have a material effect on its financial financial assets were already measured at fair value through earnings. In March 2020, the FASB issued ASU 2020-04 “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ” on debt instruments, leases, derivatives, and other contracts, related to the expected market Offered Rate (“LIBOR”), and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to remeasurement at the modification date nor a reassessment of a previous accounting optional and may be elected over time, through December 31, 2022, as reference believe the adoption of this ASU will have a material impact on its consolidated financial

CASH AND CASH EQUIVALENTS AND R

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Schedule of reconciliation of cash, cash equivalents and restricted cash	The following position that (in thousands) September 30, 2020 December 31, 2019 Cash and cash equivalents $ 199,805 $ 193,770 Restricted cash 47,541 84,885 Total cash, cash equivalents $ 247,346 $ 278,655

MORTGAGE-BACKED SECURITIES (Tab

MORTGAGE-BACKED SECURITIES (Tables)	9 Months Ended
	Sep. 30, 2020
Residential Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Schedule of RMBS portfolio	The following (in thousands) September 30, 2020 December 31, 2019 Pass-Through RMBS Certificates: Adjustable-rate Mortgages $ 960 $ 1,014 Fixed-rate Mortgages 3,357,501 3,206,013 Fixed-rate CMOs 151,110 299,205 Total Pass-Through 3,509,571 3,506,232 Structured RMBS Certificates: Interest-Only Securities 30,796 60,986 Inverse Interest-Only Securities - 23,703 Total Structured 30,796 84,689 Total $ 3,540,367 $ 3,590,921

REPURCHASE AGREEMENTS AND OTH_2

REPURCHASE AGREEMENTS AND OTHER BORROWINGS (Tables)	9 Months Ended
	Sep. 30, 2020
Disclosure of Repurchase Agreements [Abstract]
Schedule of repurchase agreements and remaining maturities	As of September below: ($ in thousands) OVERNIGHT BETWEEN 2 BETWEEN 31 GREATER (1 DAY OR AND AND THAN LESS) 30 DAYS 90 DAYS 90 DAYS TOTAL September 30, 2020 Fair market value of securities pledged, including accrued interest receivable $ 4,956 $ 1,700,941 $ 675,475 $ 1,044,903 $ 3,426,275 Repurchase agreement liabilities associated with these securities $ 3,709 $ 1,627,083 $ 648,133 $ 1,002,378 $ 3,281,303 Net weighted average borrowing rate 1.30% 0.24% 0.24% 0.24% 0.24% December 31, 2019 Fair market value of securities pledged, including accrued interest receivable $ - $ 2,470,263 $ 1,005,517 $ 120,941 $ 3,596,721 Repurchase agreement liabilities associated with these securities $ - $ 2,361,378 $ 964,368 $ 122,360 $ 3,448,106 Net weighted average borrowing rate - 2.04% 1.94% 2.60% 2.03%

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Financial Instruments [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	Derivative The table September (in thousands) Derivative Instruments and Related Accounts Balance Sheet Location September 30, 2020 December 31, 2019 Assets Payer swaptions - long Derivative assets, at fair value $ 14,048 $ - TBA securities Derivative assets, at fair value 191 - Total derivative $ 14,239 $ - Liabilities Interest rate swaps Derivative liabilities, at fair value $ 26,636 $ 20,146 Payer swaptions - short Derivative liabilities, at fair value 6,221 - TBA securities Derivative liabilities, at fair value 438 512 Total derivative $ 33,295 $ 20,658 Margin Balances Posted to (from) Counterparties Futures contracts Restricted cash $ 561 $ 1,338 TBA securities Restricted cash 1,394 246 Interest rate swaption contracts Other liabilities (1,037) - Interest rate swap contracts Restricted cash 20,819 17,450 Total margin $ 21,737 $ 19,034
Schedule of Eurodollar and T-Note futures positions	Eurodollar, Fed charged to a daily basis. 2020 and December ($ in thousands) September 30, 2020 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) Eurodollar Futures Contracts (Short Positions) 2020 $ 50,000 3.25% 0.25% $ (375) 2021 50,000 1.03% 0.20% (415) Total / $ 50,000 1.47% 0.21% $ (790) Treasury Note Futures Contracts (Short (2) December 2020 5-year T-Note futures (Dec 2020 - Dec 2025 Hedge Period) $ 69,000 0.70% 0.69% $ (22) ($ in thousands) December 31, 2019 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) Eurodollar Futures Contracts (Short Positions) 2020 $ 500,000 2.97% 1.67% $ (6,505) Total / $ 500,000 2.97% 1.67% $ (6,505) Treasury Note Futures Contracts (Short (2) March 2020 5 year T-Note futures (Mar 2020 - Mar 2025 Hedge Period) $ 69,000 1.96% 2.06% $ 302 Open equity represents the cumulative gains (losses) recorded on open (2) T-Note futures contracts were valued 126.03 118.61 the short positions were $ 87.0 81.8
Schedule of Interest Rate Swap Agreements [Table Text Block]	3 to ≤ 5 years $ 620,000 1.29% 0.25% $ (23,817) 3.9 Expiration > 5 years 200,000 0.67% 0.25% (2,819) 6.7 $ 820,000 1.14% 0.25% $ (26,636) 4.6 December 31, 2019 Expiration > 1 to ≤ 3 years $ 360,000 2.05% 1.90% $ (3,680) 2.3 Expiration > 3 to ≤ 5 years 910,000 2.03% 1.93% (16,466) 4.4 $ 1,270,000 2.03% 1.92% $ (20,146) 3.8" id="sjs-B6">Under our swaps"). The agreements below presents ($ in thousands) Average Net Fixed Average Estimated Average Notional Pay Receive Fair Maturity Amount Rate Rate Value (Years) September 30, 2020 Expiration > 3 to ≤ 5 years $ 620,000 1.29% 0.25% $ (23,817) 3.9 Expiration > 5 years 200,000 0.67% 0.25% (2,819) 6.7 $ 820,000 1.14% 0.25% $ (26,636) 4.6 December 31, 2019 Expiration > 1 to ≤ 3 years $ 360,000 2.05% 1.90% $ (3,680) 2.3 Expiration > 3 to ≤ 5 years 910,000 2.03% 1.93% (16,466) 4.4 $ 1,270,000 2.03% 1.92% $ (20,146) 3.8
Schedule Of Interest Rate Swaption Agreements [Table Text Block]	The table ($ in thousands) Option Underlying Swap Weighted Average Weighted Average Average Adjustabl e Average Fair Months to Notional Fixed Rate Term Expiration Cost Value Expiration Amount Rate (LIBOR) (Years) September 30, 2020 Payer Swaptions - long ≤ 1 year $ 3,450 $ 32 5.5 $ 500,000 0.95% 3 Month 4.0 >1 year ≤ 2 years 13,410 14,016 20.4 675,000 1.49% 3 Month 12.8 $ 16,860 $ 14,048 14.0 $ 1,175,000 1.26% 3 Month 9.0 Payer Swaptions - short ≤ 1 year $ (4,660) $ (6,221) 8.4 $ 507,700 1.49% 3 Month 12.8
Schedule of To Be Announced Securities [TableTextBlock]	The following table 2019 ($ in thousands) Notional Net Amount Cost Market Carrying Long (Short) (1) Basis (2) Value (3) Value (4) September 30, 2020 15-Year TBA securities: 2.0% $ 175,000 $ 181,727 $ 181,918 $ 191 30-Year TBA securities: 2.5% 200,000 210,250 209,812 (438) Total $ 375,000 $ 391,977 $ 391,730 $ (247) December 31, 2019 30-Year TBA securities: 4.5% $ (300,000) $ (315,426) $ (315,938) $ (512) Total $ (300,000) $ (315,426) $ (315,938) $ (512) Notional amount represents the par value (or principal balance) of the (2) Cost basis represents the forward price to be paid (received) for the (3) Market value represents the current market value of the TBA securities (4) Net carrying value represents the difference between the market in derivative assets (liabilities) at fair value in our balance sheets.
Schedule of the effect of the Company's deriviative financial instruments on the consolidated statement of operations	Gain (Loss) From Derivative and Other Hedging Instruments, Net The table below presents the effect of the Company’s derivative financial instruments on the statements of operations for the nine and three months ended September 30, 2020 and 2019. (in thousands) Nine Months Ended September 30, Three Months Ended September 30, 2020 2019 2020 2019 Eurodollar futures contracts (short positions) $ (8,324) $ (14,423) $ (6) $ (94) T-Note futures contracts (short position) (4,837) (6,311) (113) (1,112) Fed Funds futures contracts (short positions) - 313 - 313 Interest rate swaps (67,713) (36,322) 489 (9,918) Payer swaptions - short (1,561) - (672) - Payer swaptions - long (3,287) (1,379) 914 (316) Net TBA securities (1,813) (3,846) 3,431 2,479 U.S. Treasury securities - short position (95) - 36 - Total $ (87,630) $ (61,968) $ 4,079 $ (8,648)

PLEDGED ASSETS (Tables)

PLEDGED ASSETS (Tables)	9 Months Ended
	Sep. 30, 2020
Financial Instruments Pledged as Collateral [Abstract]
Schedule of assets pledged as collateral under our repurchase agreements, prime brokerage clearing accounts, derivative agreements and insurance capital by type, including securities pledged related to securities sold but not yet settled	Assets Pledged The table including securities (in thousands) September 30, 2020 December 31, 2019 Repurchase Derivative Repurchase Derivative Assets Pledged to Counterparties Agreements Agreements Total Agreements Agreements Total PT RMBS - fair value $ 3,387,253 $ - $ 3,387,253 $ 3,500,394 $ - $ 3,500,394 Structured RMBS - fair value 28,865 - 28,865 83,960 - 83,960 Accrued interest on pledged securities 10,157 - 10,157 12,367 - 12,367 Restricted cash 24,767 22,774 47,541 65,851 19,034 84,885 Total $ 3,451,042 $ 22,774 $ 3,473,816 $ 3,662,572 $ 19,034 $ 3,681,606
Schedule of assets pledged to us from counterparties under our repurchase agreements.	Assets Pledged The table agreements (in thousands) Reverse Repurchase Repurchase Derivative Assets Pledged to Orchid Agreements Agreements Agreements Total September 30, 2020 Cash $ 5,855 $ - $ 1,037 $ 6,892 U.S. Treasury securities - fair value 1,424 - - 1,424 Total $ 7,279 $ - $ 1,037 $ 8,316 December 31, 2019 Cash $ 1,418 $ - $ - $ 1,418 Total $ 1,418 $ - $ - $ 1,418

OFFSETTING ASSETS AND LIABILI_2

OFFSETTING ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2020
Offsetting Assets And Liabilities [Abstract]
Offsetting of Assets [Table Text Block]	The following presented (in thousands) Offsetting of Assets Gross Amount Not Net Amount Offset in the Balance Sheet of Assets Financial Gross Amount Gross Amount Presented Instruments Cash of Recognized Offset in the in the Received as Received as Net Assets Balance Sheet Balance Sheet Collateral Collateral Amount September 30, 2020 Interest rate swaptions $ 14,048 $ - $ 14,048 $ - $ (1,037) $ 13,011 TBA securities 191 - 191 - - 191 $ 14,239 $ - $ 14,239 $ - $ (1,037) $ 13,202
Offsetting of Liabilties [Table Text Block]	(in thousands) Offsetting of Liabilities Gross Amount Not Net Amount Offset in the Balance Sheet of Liabilities Financial Gross Amount Gross Amount Presented Instruments of Recognized Offset in the in the Posted as Cash Posted Net Liabilities Balance Sheet Balance Sheet Collateral as Collateral Amount September 30, 2020 Repurchase Agreements $ 3,281,303 $ - $ 3,281,303 $ (3,256,536) $ (24,767) $ - Interest rate swaps 26,636 - 26,636 - (20,819) 5,817 Interest rate swaptions 6,221 - 6,221 - - 6,221 TBA securities 438 - 438 - (438) - $ 3,314,598 $ - $ 3,314,598 $ (3,256,536) $ (46,024) $ 12,038 December 31, 2019 Repurchase Agreements $ 3,448,106 $ - $ 3,448,106 $ (3,382,255) $ (65,851) $ - Interest rate swaps 20,146 - 20,146 - (17,450) 2,696 TBA securities 512 - 512 - (246) 266 $ 3,468,764 $ - $ 3,468,764 $ (3,382,255) $ (83,547) $ 2,962

CAPITAL STOCK (Tables)

CAPITAL STOCK (Tables)	9 Months Ended
	Sep. 30, 2020
Capital Stock [Abstract]
Schedule of completed public offerings of shares of common stock	Common Stock During the public offerings ($ in thousands, except per share amounts) Weighted Average Price Received Net Type of Offering Period Per Share (1) Shares Proceeds (2) 2020 At the Market Offering Program (3) First Quarter $ 6.23 3,170,727 $ 19,447 At the Market Offering Program (3) Third Quarter 5.15 3,073,326 15,566 Total 6,244,053 $ 35,013 2019 At the Market Offering Program (3) First Quarter $ 6.84 1,267,894 $ 8,503 At the Market Offering Program (3) Second Quarter 6.70 4,337,931 28,495 At the Market Offering Program (3) Third Quarter 6.37 1,771,301 11,098 Follow-on Offering Third Quarter 6.35 7,000,000 44,218 14,377,126 $ 92,314 Weighted average price received per share is before deducting (2) Net proceeds are net of the underwriters’ discount, if applicable, and (3) The Company has entered into eight equity distribution agreements, or were replaced with a subsequent agreement.
Schedul of cash dividends declared on the Company's common stock	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 $ 1.395 $ 4,662 2014 2.160 22,643 2015 1.920 38,748 2016 1.680 41,388 2017 1.680 70,717 2018 1.070 55,814 2019 0.960 54,421 2020 - YTD (1) 0.660 44,055 Totals $ 11.525 $ 332,448 On October 14, 2020, the Company declared a dividend of $ 0.065 included in the table above, but is not reflected in the Company’s

STOCK INCENTIVE PLANS (Tables)

STOCK INCENTIVE PLANS (Tables)	9 Months Ended
	Sep. 30, 2020
Employee Benefits And Share Based Compensation [Abstract]
Schedule of Performance Units outstanding	The following table presents information related to Performance Units outstanding during the nine months ended September 30, 2020 and 2019. ($ in thousands, except per share data) Nine Months Ended September 30, 2020 2019 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Unvested, beginning of period 19,021 $ 7.78 43,672 $ 8.34 Forfeited (1,607) 7.45 - - Vested and issued (10,583) 8.03 (20,498) 8.90 Unvested, end of period 6,831 $ 7.45 23,174 $ 7.85 Compensation expense during period $ 32 $ 94 Unrecognized compensation expense, end of period $ 8 $ 60 Intrinsic value, end of period $ 34 $ 133 Weighted-average remaining vesting term (in years) 0.5 0.9
Schedule of Fully Vested Deferred Stock Units	The following table presents information related to the DSUs outstanding during the nine months ended September 30, 2020 and 2019. ($ in thousands, except per share data) Nine Months Ended September 30, 2020 2019 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Outstanding, beginning of period 43,570 $ 6.56 12,434 $ 7.37 Granted and vested 36,682 4.22 22,424 6.42 Issued - - - - Outstanding, end of period 80,252 $ 5.49 34,858 $ 6.76 Compensation expense during period $ 135 $ 135 Intrinsic value, end of period $ 402 $ 200

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of reconciling the numerator and denominator of EPS	The table 2019. (in thousands, except per share information) Nine Months Ended September 30, Three Months Ended September 30, 2020 2019 2020 2019 Basic and diluted EPS per common share: Numerator for basic and diluted EPS per share of common stock: Net (loss) income - Basic and diluted $ (14,351) $ 5,653 $ 28,076 $ (8,477) Weighted average shares of common stock: Shares of common stock outstanding at the balance sheet date 69,296 63,058 69,296 63,058 Unvested dividend eligible share based compensation outstanding at the balance sheet date - 58 87 - Effect of weighting (3,282) (9,078) (2,081) (2,639) Weighted average shares-basic and diluted 66,014 54,038 67,302 60,419 Net (loss) income per common share: Basic and diluted $ (0.22) $ 0.10 $ 0.42 $ (0.14) Anti-dilutive incentive shares not included in calculation. 87 - - 58

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of financial assets (liabilities) measured at fair value on a recurring basis	The following December 31, (in thousands) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) September 30, 2020 Mortgage-backed securities $ - $ 3,540,367 $ - Interest rate swaps - (26,636) - Interest rate swaptions - 7,827 - TBA securities - (246) - December 31, 2019 Mortgage-backed securities $ - $ 3,590,921 $ - Interest rate swaps - (20,146) - TBA securities - (512) -

ORGANIZATION AND SIGNIFICANT _2

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Capital Raising Activities (Narrative) (Details) - USD ($)	Aug. 02, 2019	Sep. 30, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Aug. 03, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Aug. 11, 2019
Subsidiary, Sale of Stock [Line Items]
Proceeds From Issuance Of Common Stock, net of issuance costs										$ 35,013,000	$ 92,322,000
Stock Issued During Period, Value, New Issues			$ 15,566,000	$ 0	$ 19,447,000	$ 55,324,000	$ 28,495,000	$ 8,503,000		$ 35,013,000		$ 92,314,000
Total shares issued under distribution agreement					3,171,000					6,244,053,000		14,377,126
At the Market Offering Program [Member]
Subsidiary, Sale of Stock [Line Items]
Proceeds From Issuance Of Common Stock, net of issuance costs		$ 15,600,000							$ 19,400,000				$ 123,100,000
Stock Issued During Period, Value, New Issues		$ 15,800,000							$ 19,800,000				$ 125,000,000
Total shares issued under distribution agreement		3,073,326							3,170,727				15,123,178
At the Market Offering Program [Member] | Maximum [Member]
Subsidiary, Sale of Stock [Line Items]
Stock Issued During Period, Value, New Issues		$ 150,000,000							$ 200,000,000				$ 125,000,000
Follow-on Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Stock Issued During Period, Value, New Issues	$ 44,200,000
Total shares issued under distribution agreement	7,000,000
Share Price	$ 6.3535
Follow-on Offering [Member] | Maximum [Member]
Subsidiary, Sale of Stock [Line Items]
Total shares issued under distribution agreement	7,000,000
Share Price	$ 6.55

ORGANIZATION AND SIGNIFICANT _3

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - COVID-19 Impact (Narrative) (Details) - USD ($)	Mar. 20, 2020	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
COVID-19 Impact [Line Items]
Proceeds From Sale Of Mortgage Backed Securities MBS Categorized As Trading					$ 2,692,230,000	$ 1,948,079,000
Marketable Securities, Realized Gain (Loss)		$ 498,000		$ (5,491,000)	(24,522,000)	(5,135,000)
Gain Loss On Derivative Instruments Held For Trading Purposes Net		4,079,000		(8,648,000)	(87,630,000)	(61,968,000)
Mortgage-backed securities		3,540,367,000			3,540,367,000			$ 3,590,921,000
Outstanding repurchase obligations		3,281,303,000			3,281,303,000			3,448,106,000
Stockholders Equity		376,741,000	$ 308,144,000	391,988,000	376,741,000	391,988,000	$ 345,968,000	395,507,000	$ 359,658,000	$ 340,414,000	$ 336,079,000
COVID-19 [Member]
COVID-19 Impact [Line Items]
Proceeds From Sale Of Mortgage Backed Securities MBS Categorized As Trading	$ 1,100,000,000				2,700,000,000
Marketable Securities, Realized Gain (Loss)	$ (31,400,000)				(24,500,000)
Mortgage-backed securities		3,500,000,000	2,900,000,000		3,500,000,000		3,300,000,000	3,600,000,000
Outstanding repurchase obligations		3,300,000,000	2,800,000,000		3,300,000,000		3,200,000,000	3,400,000,000
Stockholders Equity		376,700,000	308,100,000		376,700,000		$ 346,000,000	$ 395,500,000
Swap [Member]
COVID-19 Impact [Line Items]
Gain Loss On Derivative Instruments Held For Trading Purposes Net		$ 489,000		$ (9,918,000)	(67,713,000)	$ (36,322,000)
Swap [Member] | COVID-19 [Member]
COVID-19 Impact [Line Items]
Terminated Swap Positions Notional					1,200,000,000
Gain Loss On Derivative Instruments Held For Trading Purposes Net			$ (45,000,000)		$ (54,500,000)

ORGANIZATION AND SIGINIFICANT A

ORGANIZATION AND SIGINIFICANT ACCOUNTING POLICIES - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 199,805,000	$ 193,770,000
Restricted cash	47,541,000	84,885,000
Total cash, cash equivalents and restricted cash	$ 247,346,000	$ 278,655,000	$ 202,216,000	$ 126,263,000

MORTGAGE-BACKED SECURITIES - RM

MORTGAGE-BACKED SECURITIES - RMBS portfolio (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	$ 3,540,367,000	$ 3,590,921,000
Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	3,509,571,000	3,506,232,000
Total Strucutured RMBS Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	30,796,000	84,689,000
Adjustable-rate Mortgages [Member] | Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	960,000	1,014,000
Fixed-rate Mortgages [Member] | Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	3,357,501,000	3,206,013,000
Collateralized Mortgage Obligations [Member] | Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	151,110,000	299,205,000
Interest-Only Securities [Member] | Total Strucutured RMBS Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	30,796,000	60,986,000
Inverse Interest-Only Securities [Member] | Total Strucutured RMBS Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value	$ 0	$ 23,703,000

REPURCHASE AGREEMENTS AND REVER

REPURCHASE AGREEMENTS AND REVERSE REPURCHASE AGREEMENTS (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets Sold under Agreements to Repurchase [Line Items]
Restricted Cash And Cash Equivalents At Carrying Value	$ 47,541	$ 84,885
Repurchase Agreement [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Aggregate amount at risk with all counterparties	170,400
Restricted Cash And Cash Equivalents At Carrying Value	$ 24,767	$ 65,851

REPURCHASE AGREEMENTS AND REV_2

REPURCHASE AGREEMENTS AND REVERSE REPURCHASE AGREEMENTS - Remaining Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 3,426,275	$ 3,596,721
Repurchase agreement liabilities associated with these liabilities	$ 3,281,303	$ 3,448,106
Net weighted average borrowing rate	0.24%	2.03%
Overnight (1 Day or Less) [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 4,956	$ 0
Repurchase agreement liabilities associated with these liabilities	$ 3,709	$ 0
Net weighted average borrowing rate	1.30%	0.00%
Between 2 and 30 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 1,700,941	$ 2,470,263
Repurchase agreement liabilities associated with these liabilities	$ 1,627,083	$ 2,361,378
Net weighted average borrowing rate	0.24%	2.04%
Between 31 and 90 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 675,475	$ 1,005,517
Repurchase agreement liabilities associated with these liabilities	$ 648,133	$ 964,368
Net weighted average borrowing rate	0.24%	1.94%
Greater Than 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 1,044,903	$ 120,941
Repurchase agreement liabilities associated with these liabilities	$ 1,002,378	$ 122,360
Net weighted average borrowing rate	0.24%	2.60%

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Assets and Liabilties (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Assets, at Fair Value	$ 14,239	$ 0
Liabilities, at Fair Value	33,295	20,658
Restricted cash	47,541	84,885
Other Liabilities	2,094	1,041
Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative [Line Items]
Assets, at Fair Value	14,239	0
Liabilities, at Fair Value	33,295	20,658
Restricted cash	21,737	19,034
Interest Rate Swap [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative [Line Items]
Liabilities, at Fair Value	26,636	20,146
Restricted cash	20,819	17,450
TBA Contracts [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative [Line Items]
Assets, at Fair Value	191	0
Liabilities, at Fair Value	438	512
Restricted cash	1,394	246
Eurodollar Future Margin [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative [Line Items]
Restricted cash	561	1,338
Payer Swaption [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative [Line Items]
Other Liabilities	1,037	0
Payer Swaption [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | Short [Member]
Derivative [Line Items]
Liabilities, at Fair Value	6,221	0
Payer Swaption [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | Long [Member]
Derivative [Line Items]
Assets, at Fair Value	$ 14,048	$ 0

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Eurodollar and T-Note futures positions (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 50,000,000	$ 500,000,000
Derivative Entry Rate	1.47%	2.97%
Locked-In LIBOR Rate	0.21%	1.67%
Open Equity	$ (790,000)	$ (6,505,000)
Year 2020 Expiration [Member] | Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 50,000,000	$ 500,000,000
Derivative Entry Rate	3.25%	2.97%
Locked-In LIBOR Rate	0.25%	1.67%
Open Equity	$ (375,000)	$ (6,505,000)
Year 2020 Expiration [Member] | Treasury Note Futures [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 69,000,000	$ 69,000,000
Derivative Entry Rate	0.70%	1.96%
Locked-In LIBOR Rate	0.69%	2.06%
Open Equity	$ (22,000)	$ 302,000
Dollar Price	126.03	118.61
Notional Value	$ 87,000,000	$ 81,800,000
Year 2021 Expiration [Member] | Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 50,000,000
Derivative Entry Rate	1.03%
Locked-In LIBOR Rate	0.20%
Open Equity	$ (415,000)

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS - Interest rate swap positions (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Notional Amount	$ 375,000,000
Net Estimated Fair Value	(247,000)
Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 820,000,000	$ 1,270,000,000
Average Fixed Pay Rate	1.14%	2.03%
Average Receive Rate	0.25%	1.92%
Net Estimated Fair Value	$ (26,636,000)	$ (20,146,000)
Average Maturity	4 years 7 months 6 days	3 years 9 months 18 days
Swap [Member] | 1-3 Years
Derivatives, Fair Value [Line Items]
Notional Amount		$ 360,000,000
Average Fixed Pay Rate		2.05%
Average Receive Rate		1.90%
Net Estimated Fair Value		$ (3,680,000)
Average Maturity		2 years 3 months 18 days
Swap [Member] | 3-5 Years
Derivatives, Fair Value [Line Items]
Notional Amount	$ 620,000,000	$ 910,000,000
Average Fixed Pay Rate	1.29%	2.03%
Average Receive Rate	0.25%	1.93%
Net Estimated Fair Value	$ (23,817,000)	$ (16,466,000)
Average Maturity	3 years 10 months 24 days	4 years 4 months 24 days
Swap [Member] | More Than Five Years [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 200,000,000
Average Fixed Pay Rate	0.67%
Average Receive Rate	0.25%
Net Estimated Fair Value	$ (2,819,000)
Average Maturity	6 years 8 months 12 days

DERIVATIVE FINANCIAL INTSTRUMEN

DERIVATIVE FINANCIAL INTSTRUMENTS - Summary of Outstanding Swaptions (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Net Estimated Fair Value	$ (247)
Notional Amount	375,000
Payer Swaption [Member] | Long [Member]
Derivatives, Fair Value [Line Items]
Swaption Cost	16,860
Net Estimated Fair Value	$ 14,048
Derivative Instruments Average Months To Expiration	14 months
Notional Amount	$ 1,175,000
Derivative Average Fixed Interest Rate	1.26%
Derivative Avergage Receive Rate	3 Month
Term (Years)	9 years
Payer Swaption [Member] | Less Than Or Equal To One Year [Member]
Derivatives, Fair Value [Line Items]
Derivative Avergage Receive Rate		3 Month
Payer Swaption [Member] | Less Than Or Equal To One Year [Member] | Short [Member]
Derivatives, Fair Value [Line Items]
Swaption Cost	$ (4,660)
Net Estimated Fair Value	$ (6,221)
Derivative Instruments Average Months To Expiration	8 months 12 days
Notional Amount	$ 507,700
Derivative Average Fixed Interest Rate	1.49%
Derivative Avergage Receive Rate	3 Month
Term (Years)	12 years 9 months 18 days
Payer Swaption [Member] | Less Than Or Equal To One Year [Member] | Long [Member]
Derivatives, Fair Value [Line Items]
Swaption Cost	$ 3,450
Net Estimated Fair Value	$ 32
Derivative Instruments Average Months To Expiration	5 months 15 days
Notional Amount	$ 500,000
Derivative Average Fixed Interest Rate	0.95%
Derivative Avergage Receive Rate	3 Month
Term (Years)	4 years
Payer Swaption [Member] | One Year To Two Years [Member] | Long [Member]
Derivatives, Fair Value [Line Items]
Swaption Cost	$ 13,410
Net Estimated Fair Value	$ 14,016
Derivative Instruments Average Months To Expiration	20 months 12 days
Notional Amount	$ 675,000
Derivative Average Fixed Interest Rate	1.49%
Derivative Avergage Receive Rate	3 Month
Term (Years)	12 years 9 months 18 days

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS - TBA positions (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Notional Amount	$ 375,000,000
Cost Basis	391,977,000
Market Value Of TBA Contract	391,730,000
Net Estimated Fair Value	(247,000)
30 Year [Member]
Derivatives, Fair Value [Line Items]
Notional Amount		$ 300,000,000
Cost Basis		(315,426,000)
Market Value Of TBA Contract		(315,938,000)
Net Estimated Fair Value		(512,000)
30 Year [Member] | 4.5% [Member]
Derivatives, Fair Value [Line Items]
Notional Amount		300,000,000
Cost Basis		(315,426,000)
Market Value Of TBA Contract		(315,938,000)
Net Estimated Fair Value		$ (512,000)
30 Year [Member] | 2.5% [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	200,000,000
Cost Basis	210,250,000
Market Value Of TBA Contract	209,812,000
Net Estimated Fair Value	(438,000)
15 Year [Member] | 2.0% [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	175,000,000
Cost Basis	181,727,000
Market Value Of TBA Contract	181,918,000
Net Estimated Fair Value	$ 191,000

DERIVATIVE FINANCIAL INSTRUME_7

DERIVATIVE FINANCIAL INSTRUMENTS - US Treasury positions (Details) $ in Thousands	Sep. 30, 2020USD ($)
Derivatives, Fair Value [Line Items]
Cost Basis	$ 391,977
Derivative Asset, Fair Value, Gross Asset	$ (247)

DERIVATIVE FINANCIAL INSTRUME_8

DERIVATIVE FINANCIAL INSTRUMENTS - Effect on the consolidated statements of operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	$ 4,079,000	$ (8,648,000)	$ (87,630,000)	$ (61,968,000)
Eurodollar Future [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	(6,000)	(94,000)	(8,324,000)	(14,423,000)
Treasury Note Future [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	(113,000)	(1,112,000)	(4,837,000)	(6,311,000)
Swap [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	489,000	(9,918,000)	(67,713,000)	(36,322,000)
Payer Swaption [Member] | Short [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	(672,000)	0	(1,561,000)	0
Payer Swaption [Member] | Long [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	914,000	(316,000)	(3,287,000)	(1,379,000)
TBA Contracts [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	3,431,000	2,479,000	(1,813,000)	(3,846,000)
US Treasury Securities [Member] | Short [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	$ 36,000	$ 0	$ (95,000)	$ 0

PLEDGED ASSETS - Assets Pledged

PLEDGED ASSETS - Assets Pledged to Counterparties (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Pledged Assets [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	$ 3,416,118,000	$ 3,584,354,000
Accrued interest receivable	10,378,000	12,404,000
OtherReceivablesFromBrokerDealersAndClearingOrganizations	0	0
Restricted cash	47,541,000	84,885,000
Total Assets Pledged To Counterparties	3,473,816,000	3,681,606,000
Repurchase Agreement [Member]
Pledged Assets [Line Items]
Restricted cash	24,767,000	65,851,000
Total Assets Pledged To Counterparties	3,451,042,000	3,662,572,000
Derivative [Member]
Pledged Assets [Line Items]
Restricted cash	22,774,000	19,034,000
Total Assets Pledged To Counterparties	22,774,000	19,034,000
Residential Mortgage Backed Securities [Member]
Pledged Assets [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	3,416,118,000	3,584,354,000
Accrued interest receivable	10,157,000	12,367,000
Residential Mortgage Backed Securities [Member] | Pass Through Certificate [Member]
Pledged Assets [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	3,387,253,000	3,500,394,000
Residential Mortgage Backed Securities [Member] | Structured Finance [Member]
Pledged Assets [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	28,865,000	83,960,000
Residential Mortgage Backed Securities [Member] | Repurchase Agreement [Member]
Pledged Assets [Line Items]
Accrued interest receivable	10,157,000	12,367,000
Residential Mortgage Backed Securities [Member] | Repurchase Agreement [Member] | Pass Through Certificate [Member]
Pledged Assets [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	3,387,253,000	3,500,394,000
Residential Mortgage Backed Securities [Member] | Repurchase Agreement [Member] | Structured Finance [Member]
Pledged Assets [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	28,865,000	83,960,000
Residential Mortgage Backed Securities [Member] | Derivative [Member]
Pledged Assets [Line Items]
Accrued interest receivable	0	0
Residential Mortgage Backed Securities [Member] | Derivative [Member] | Pass Through Certificate [Member]
Pledged Assets [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	0	0
Residential Mortgage Backed Securities [Member] | Derivative [Member] | Structured Finance [Member]
Pledged Assets [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	$ 0	$ 0

PLEDGED ASSETS - Assets Pledg_2

PLEDGED ASSETS - Assets Pledged By Counterparties (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Pledged Assets [Line Items]
Securities Pledged By Counterparties	$ 8,316	$ 1,418
Cash
Pledged Assets [Line Items]
Securities Pledged By Counterparties	6,892	1,418
US Treasury Securities [Member]
Pledged Assets [Line Items]
Securities Pledged By Counterparties	1,424
Repurchase Agreement [Member]
Pledged Assets [Line Items]
Securities Pledged By Counterparties	7,279	1,418
Repurchase Agreement [Member] | Cash
Pledged Assets [Line Items]
Securities Pledged By Counterparties	5,855	1,418
Repurchase Agreement [Member] | US Treasury Securities [Member]
Pledged Assets [Line Items]
Securities Pledged By Counterparties	1,424
Reverse Repurchase Agreements [Member]
Pledged Assets [Line Items]
Securities Pledged By Counterparties	0	0
Reverse Repurchase Agreements [Member] | Cash
Pledged Assets [Line Items]
Securities Pledged By Counterparties	0	0
Reverse Repurchase Agreements [Member] | US Treasury Securities [Member]
Pledged Assets [Line Items]
Securities Pledged By Counterparties	0
Derivative Agreements [Member]
Pledged Assets [Line Items]
Securities Pledged By Counterparties	1,037	0
Derivative Agreements [Member] | Cash
Pledged Assets [Line Items]
Securities Pledged By Counterparties	1,037	$ 0
Derivative Agreements [Member] | US Treasury Securities [Member]
Pledged Assets [Line Items]
Securities Pledged By Counterparties	$ 0

OFFSETTING ASSETS AND LIABILI_3

OFFSETTING ASSETS AND LIABILITIES - Offsetting of Assets (Details) $ in Thousands	Sep. 30, 2020USD ($)
Offsetting Assets [Line Items]
Gross Amount Of Recognized Assets	$ 14,239
Gross Amount Of Assets Offset In The Balance Sheet	0
Net Amount Of Assets Presented In The Balance Sheet	14,239
Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet	0
Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet	(1,037)
Net Amount Of Assets	13,202
Payer Swaption [Member]
Offsetting Assets [Line Items]
Gross Amount Of Recognized Assets	14,048
Gross Amount Of Assets Offset In The Balance Sheet	0
Net Amount Of Assets Presented In The Balance Sheet	14,048
Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet	0
Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet	(1,037)
Net Amount Of Assets	13,011
TBA Contracts [Member]
Offsetting Assets [Line Items]
Gross Amount Of Recognized Assets	191
Gross Amount Of Assets Offset In The Balance Sheet	0
Net Amount Of Assets Presented In The Balance Sheet	191
Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet	0
Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet	0
Net Amount Of Assets	$ 191

OFFSETTING ASSETS AND LIABILI_4

OFFSETTING ASSETS AND LIABILITIES - Offsetting of Liabilties (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	$ 3,314,598,000	$ 3,468,764,000
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	3,314,598,000	3,468,764,000
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	(3,256,536,000)	(3,382,255,000)
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(46,024,000)	(83,547,000)
Net Amount Of Liabilities	12,038,000	2,962,000
Repurchase Agreement [Member]
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	3,281,303,000	3,448,106,000
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	3,281,303,000	3,448,106,000
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	(3,256,536,000)	(3,382,255,000)
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(24,767,000)	(65,851,000)
Net Amount Of Liabilities	0	0
Swap [Member]
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	26,636,000	20,146,000
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	26,636,000	20,146,000
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	0	0
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(20,819,000)	(17,450,000)
Net Amount Of Liabilities	5,817,000	2,696,000
TBA securities [Member]
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	438,000	512,000
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	438,000	512,000
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	0	0
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(438,000)	(246,000)
Net Amount Of Liabilities	0	$ 266,000
Payer Swaption [Member]
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	6,221,000
Gross Amount Of Liabilties Offset In The Balance Sheet	0
Net Amount Of Liabilities Presented In The Balance Sheet	6,221,000
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	0
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	0
Net Amount Of Liabilities	$ 6,221,000

CAPITAL STOCK - Completed publi

CAPITAL STOCK - Completed public offerings ofcommon stock (Details) - USD ($)	3 Months Ended						9 Months Ended	12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Dec. 31, 2019
Stock Issued During Period Shares New Issues			3,171,000				6,244,053,000	14,377,126
Stock Issued During Period, Value, New Issues	$ 15,566,000	$ 0	$ 19,447,000	$ 55,324,000	$ 28,495,000	$ 8,503,000	$ 35,013,000	$ 92,314,000
At the Market Offering Program [Member]
Weighted Average Price Received Per Share	$ 5.15		$ 6.23	$ 6.37	$ 6.70	$ 6.84	$ 5.15
Stock Issued During Period Shares New Issues	3,073,326		3,170,727	1,771,301	4,337,931	1,267,894
Stock Issued During Period, Value, New Issues	$ 15,566,000		$ 19,447,000	$ 11,098,000	$ 28,495,000	$ 8,503,000
Follow-on Offering [Member]
Weighted Average Price Received Per Share				$ 6.35
Stock Issued During Period Shares New Issues				7,000,000
Stock Issued During Period, Value, New Issues				$ 44,218,000

CAPITAL STOCK - Share Repurchas

CAPITAL STOCK - Share Repurchase Progam (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended		62 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Feb. 08, 2018	Jul. 29, 2015
Share Repurchase Program [Line Items]
Stock Repurchased and Retired During Period, Value	$ (68)	$ 0	$ (3,024)
Share Repurchase Program [Member] | Common Stock [Member]
Share Repurchase Program [Line Items]
Stock Repurchase Program Authorization Date						Jul. 29, 2015
Stock Repurchased and Retired During Period, Shares				19,891	469,975	5,685,511
Stock Repurchased and Retired During Period, Value				$ 100	$ 3,000	$ 40,400
Weighted Average Share Repurchase Price				$ 3.42	$ 6.43	$ 7.10
Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased				837,311		837,311
Share Repurchase Program [Member] | Maximum [Member] | Common Stock [Member]
Share Repurchase Program [Line Items]
Share Repurchase								2,000,000
Program Increase [Member] | Maximum [Member] | Common Stock [Member]
Share Repurchase Program [Line Items]
Share Repurchase							4,522,822

CAPITAL STOCK - Cash dividends

CAPITAL STOCK - Cash dividends declared (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 14, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2020
Dividends Payable [Line Items]
Per Share Amount		$ 0.190	$ 0.240	$ 0.595	$ 0.720
Dividend Declared [Member]
Dividends Payable [Line Items]
Per Share Amount				$ 0.660		$ 0.960	$ 1.070	$ 1.680	$ 1.680	$ 1.920	$ 2.160	$ 1.395	$ 11.525
Total				$ 44,055		$ 54,421	$ 55,814	$ 70,717	$ 41,388	$ 38,748	$ 22,643	$ 4,662	$ 332,448
Dividend Declared [Member] | Subsequent Event [Member]
Dividends Payable [Line Items]
Per Share Amount	$ 0.065

STOCK INCENTIVE PLAN - Descript

STOCK INCENTIVE PLAN - Descriptions of Plans (Details)	9 Months Ended
	Sep. 30, 2020shares
Employee Benefits And Share Based Compensation [Abstract]
Maximum Number of Shares to Be Issued the Plan	4,000,000
Percentage of Outstanding Stock Limitation	0.10%

STOCK INCENTIVE PLAN - (Narrati

STOCK INCENTIVE PLAN - (Narrative) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Performance Shares [Member]
Incentive Share Activity, Shares
Nonvested - Beginning Balance	19,021	43,672
Forfeited	1,607	0
Vested	10,583	20,498
Nonvested - Ending Balance	6,831	23,174
Incentive Share Activity, Grant Date Fair Value
Nonvested - Beginning Balance	$ 7.78	$ 8.34
Forfeited	7.45	0
Vested	8.03	8.90
Nonvested - Ending Balance	$ 7.45	$ 7.85
Intrinsic Value of Nonvested	$ 34,000	$ 133,000
Weighted Average Remaining Term	6 months	10 months 24 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 8,000	$ 60,000
Share Based Compensation	$ 32,000	$ 94,000
Deferred Stock Units [Member]
Incentive Share Activity, Shares
Nonvested - Beginning Balance	43,570	12,434
Granted	36,682	22,424
Vested	0	0
Nonvested - Ending Balance	80,252	34,858
Incentive Share Activity, Grant Date Fair Value
Nonvested - Beginning Balance	$ 6.56	$ 7.37
Granted	4.22	6.42
Vested	0	0
Nonvested - Ending Balance	$ 5.49	$ 6.76
Intrinsic Value of Nonvested	$ 402,000	$ 200,000
Share Based Compensation	$ 135,000	$ 135,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net Income (Loss) Available to Common Stockholders, Basic	$ 28,076,000	$ (8,477,000)	$ (14,351,000)	$ 5,653,000
Net Income (Loss) Available to Common Stockholders, Diluted	$ 28,076,000	$ (8,477,000)	$ (14,351,000)	$ 5,653,000
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Common Shares Outstanding	69,296,000	63,058,000	69,296,000	63,058,000
Unvested Dividend Eligible Shares Outstanding at the Balance Sheet Date	87,000	0	0	58,000
Effect of Weighting	(2,081,000)	(2,639,000)	(3,282,000)	(9,078,000)
Weighted Average Shares - Basic and Diluted	67,301,901	60,418,985	66,014,379	54,037,721
Income (Loss) Per Share - Basic	$ 0.42	$ (0.14)	$ (0.22)	$ 0.10
Income (Loss) Pe Share - Diluted	$ 0.42	$ (0.14)	$ (0.22)	$ 0.1
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	58,000	87,000	0

FAIR VALUE - Assets - Assets a

FAIR VALUE - Assets - Assets and Liabilities Recorded at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	$ 3,540,367	$ 3,590,921
Derivative, Fair Value, Net	14,239	0
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	0	0
Fair Value, Inputs, Level 1 [Member] | Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	0	0
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swaption [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	0	0
Fair Value, Inputs, Level 1 [Member] | TBA Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	0	0
Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	3,540,367	3,590,921
Fair Value, Inputs, Level 2 [Member] | Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	(26,636)	(20,146)
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaption [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	7,827	0
Fair Value, Inputs, Level 2 [Member] | TBA Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	(246)	(512)
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	0	0
Fair Value, Inputs, Level 3 [Member] | Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	0	0
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swaption [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	0	0
Fair Value, Inputs, Level 3 [Member] | TBA Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	0	$ 0
Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	$ 0

RELATED PARTY TRANSACTIONS - Ma

RELATED PARTY TRANSACTIONS - Management Agreement (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Due to affiliates	$ 590		$ 590		$ 622
Bimini Advisors, LLC [Member]
Related Party Transaction [Line Items]
Termination Date			February 20, 2021
Automatic Renewal Period Of Management Agreement			1 year
Management Fees And Allocated Expenses	$ 1,600	$ 1,800	$ 5,000	$ 5,100

RELATED PARTY TRANSACTIONS - Ot

RELATED PARTY TRANSACTIONS - Other Relationships (Narrative) (Details) - Bimini Capital Management Inc [Member]	Sep. 30, 2020shares
Related Party Transaction [Line Items]
Orchid Shares Owned	2,495,357
Entity Ownership Percentage	3.80%