Orchid Island Capital (ORC) 10-K 25 Feb 22 2021 FY Annual report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 25, 2022	Jun. 30, 2021
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
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		176,993,049
Trading Symbol	ORC
Security Exchange Name	NYSE
Security 12(b) Title	Common Stock, $0.01 par value
Interactive Data Current	Yes
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
DocumentAnnualReport	true
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 595,104,430
DocumentsIncorporatedByReferenceTextBlock	Portions of the Registrant's of the Registrant, are incorporated by reference
Auditor Name	BDO USA, LLP
Auditor Firm Id	243
Auditor Location	West Palm Beach, FL
ICFR	true

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Mortgage-backed securities	$ 6,511,095	$ 3,726,895
U.S. Treasury Notes	37,175	0
Cash and cash equivalents	385,143	220,143
Restricted cash	65,299	79,363
Accrued interest receivable	18,859	9,721
Derivative Assets	50,786	20,999
Receivable for securities sold, pledged to counterparties	0	414
Other assets	320	516
Total Assets	7,068,677	4,058,051
Liabilities
Outstanding repurchase obligations	6,244,106	3,595,586
Dividends Payable	11,530	4,970
Derivitive Liabilities	7,589	33,227
Accrued interest payable	788	1,157
Due to affiliates	1,062	632
Other Liabilities	35,505	7,188
Total Liabilities	6,300,580	3,642,760
Stockholders' Equity
Preferred stock, $0.01 par value	0	0
Common Stock, $0.01 par value	1,770	761
Additional paid in capital	849,081	432,524
Accumulated deficit	(82,754)	(17,994)
Total Stockholders Equity	768,097	415,291
Total Liabilities and Stockholders Equity	$ 7,068,677	$ 4,058,051

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred Stock, par value (in dollars per share)	$ 0.01
Preferred Shares Authorized	100,000,000
Common Stock, par value (in dollars per share)	$ 0.01
Common Stock Shares Authorized	500,000,000
Common Shares Issued	176,993,049	76,073,317
Mortgage Backed Securities
Security Owned and Pledged as Collateral Fair Value	$ 6,506,372	$ 3,719,906
US Treasury Notes
Security Owned and Pledged as Collateral Fair Value	$ 29,740	$ 0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Interest income	$ 134,700	$ 116,045	$ 142,324
Interest expense	7,090	25,056	83,666
Net interest income	127,610	90,989	58,658
Realized gains (losses) on mortgage-backed securities	(5,542)	(24,986)	(10,877)
Unrealized gains (losses) on mortgage-backed securities	(198,454)	25,761	38,045
(Losses) gains on derivative instruments	26,877	(79,092)	(51,176)
Net portfolio income	(49,509)	12,672	34,650
Management Fee Expense	8,156	5,281	5,528
Allocated Overhead	1,632	1,514	1,380
Compensation and related benefits	1,132	38	115
Directors fees and liability insurance	1,169	998	998
Audit, legal and other professional fees	1,112	1,045	1,105
Direct REIT operating expenses	1,475	1,057	997
Other administrative	575	611	262
Total expenses	15,251	10,544	10,385
Net income (loss)	$ (64,760)	$ 2,128	$ 24,265
Basic and diluted net income (loss) per share
Basic and Diluted	$ (0.54)	$ 0.03	$ 0.43
Weighted Average Shares Outstanding
Weighted Average Shares - Basic and Diluted	121,144,326	67,210,815	56,328,027

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY, (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]
Balances at Dec. 31, 2018	$ 336,079	$ 491	$ 379,975	$ (44,387)
Increase (Decrease) in Stockholders' Equity
Net income	24,265	0	0	24,265
Cash dividend declared	54,421	0	54,421	0
Issuance of common stock pursuant to public offerings, net	92,314	145	92,169	0
Amortization of stock based compensation	294	0	294	0
Stock Repurchased and Retired During Period, Value	(3,024)	(5)	(3,019)	0
Balances at Dec. 31, 2019	$ 395,507	631	414,998	(20,122)
Common Stock Shares Outstanding, Beginning Balance at Dec. 31, 2018	49,132,000
Increase (Decrease) in Stockholders' Equity
Stock Issued During Period Shares New Issues	14,377,000
Stock Issued During Period Shares Share Based Compensation	23,000
Stock Repurchased and Retired During Period, Shares	470,000
Common Stock Shares Outstanding, Ending Balance at Dec. 31, 2019	63,062,000
Increase (Decrease) in Stockholders' Equity
Net income	$ 2,128	0	0	2,128
Cash dividend declared	53,570	0	53,570	0
Issuance of common stock pursuant to public offerings, net	71,050	130	70,920	0
Amortization of stock based compensation	244	0	244	0
Stock Repurchased and Retired During Period, Value	(68)	0	(68)	0
Balances at Dec. 31, 2020	$ 415,291	761	432,524	(17,994)
Increase (Decrease) in Stockholders' Equity
Stock Issued During Period Shares New Issues	13,019,240
Stock Issued During Period Shares Share Based Compensation	12,000
Stock Repurchased and Retired During Period, Shares	20,000
Common Stock Shares Outstanding, Ending Balance at Dec. 31, 2020	76,073,000
Increase (Decrease) in Stockholders' Equity
Net income	$ (64,760)	0	0	(64,760)
Cash dividend declared	97,601	0	97,601	0
Issuance of common stock pursuant to public offerings, net	514,059	1,008	513,051	0
Amortization of stock based compensation	1,108	1	1,107	0
Balances at Dec. 31, 2021	$ 768,097	$ 1,770	$ 849,081	$ (82,754)
Increase (Decrease) in Stockholders' Equity
Stock Issued During Period Shares New Issues	100,828,173
Stock Issued During Period Shares Share Based Compensation	92,000
Common Stock Shares Outstanding, Ending Balance at Dec. 31, 2021	176,993,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS, (Unaudited) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (64,760)	$ 2,128	$ 24,265
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Stock based compensation and equity plan amortization	772	244	294
Realized and unrealized (gains) losses on mortgage-backed securities	203,731	(775)	(27,168)
Fair Value Adjustments On U.S. Treasury Notes	(265)	0	0
Derivative, Gain (Loss) on Derivative, Net	(35,350)	58,891	45,207
Changes in operating assets and liabilities
Accrued interest receivable	(9,138)	2,683	837
Other assets	196	(446)	80
Accrued interest payable	(369)	(9,944)	4,656
Other liabilities	663	2,583	22
Due to affiliates	430	10	(32)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	96,440	55,374	48,161
From mortgage-backed securities investments
Purchases	(6,430,725)	(4,859,434)	(4,241,822)
Sales	2,851,708	4,200,536	3,321,206
Principal repayments	591,086	523,699	594,833
Purchases of U.S. Treasury Securities	37,440	0	0
Net payments on reverse repurchase agreements	0	30	0
Note proceeds from (payments on) derivative instruments	(8,571)	64,171	29,023
NET CASH USED IN INVESTING ACTIVITIES	(3,016,800)	(199,340)	(354,806)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase agreements	35,950,241	33,140,625	45,595,010
Principal payments on repurchase agreements	(33,301,721)	(32,993,145)	(45,171,956)
Cash dividends	(90,984)	(53,645)	(53,307)
Proceeds From Issuance Of Common Stock, net of issuance costs	514,059	71,050	92,314
Payments For Repurchase Of Common Stock	299	68	3,024
NET CASH PROVIDED BY FINANCING ACTIVITIES	3,071,296	164,817	459,037
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	150,936	20,851	152,392
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	299,506	278,655	126,263
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	450,442	299,506	278,655
Cash paid during the period for:
Interest Paid	$ 7,458	$ 35,000	$ 79,010

ORGANIZATION AND SIGNIFICANT AC

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Organization and Significant Accounting Policies	NOTE 1. Organization Orchid Island and managing February November was the issuance On August 2, 2017, Orchid entered into an equity distribution agreement (the “August two sales agents pursuant to which the Company could offer and sell, from time to time, 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 prior to its termination in July 2019. On July 30, 2019, Orchid entered into an underwriting agreement (the “2019 Underwriting LLC, 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 shares of the Company’s common stock at a price to the public of 6.55 purchased the shares pursuant to the 2019 Underwriting Agreement at a price of $ 6.3535 7,000,000 44.2 deduction 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, 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 $ 19.8 19.4 August 2020. On August 4, 2020, Orchid entered into an equity distribution agreement (the “August four sales agents pursuant to which the Company could offer and sell, from time to time, up 150,000,000 shares of the Company’s common stock in transactions that were deemed to be “at the market” offerings and privately transactions. 27,493,650 gross proceeds of approximately $ 150.0 147.4 its termination in June 2021. On January 20, 2021, Orchid entered into an underwriting agreement (the “January Morgan Securities LLC (“J.P. Morgan”), relating to the offer and sale of 7,600,000 Morgan purchased the shares of the Company’s common stock from the Company pursuant Agreement at $ 5.20 1,140,000 21, 2021. The closing of the offering of 8,740,000 proceeds to the Company of approximately $ 45.2 estimated offering expenses. On March 2, 2021, Orchid entered into an underwriting agreement (the “March 2021 Underwriting relating to the offer and sale of 8,000,000 Company’s common stock from the Company pursuant to the March 2021 Underwriting 5.45 Company granted J.P. Morgan a 30-day option to purchase up to an additional 1,200,000 the same terms and conditions, which J.P. Morgan exercised in full on March 3, 2021. The closing of the offering of 9,200,000 of the Company’s common stock occurred on March 5, 2021, with proceeds to the Company 50.0 deduction of underwriting discounts and commissions and other estimated offering expenses. On June 22, 2021, Orchid entered into an equity distribution agreement (the “June sales agents pursuant to which the Company could offer and sell, from time to time, up to 250,000,000 shares of the Company’s common stock in transactions that were deemed to be “at the market” offerings and privately transactions. The Company issued a total of 49,407,336 gross proceeds of approximately $ 250.0 246.0 prior to its termination in October 2021. On October 29, 2021, Orchid entered into an equity distribution agreement (the four sales agents pursuant to which the Company may offer and sell, from time to time, up 250,000,000 shares of the Company’s common stock in transactions that are deemed to be “at the market” transactions. 15,835,700 Distribution Agreement for aggregate gross proceeds of approximately $ 78.3 77.0 after commissions and fees. Basis of The accompanying United States The preparation assumptions financial estimates. Management available 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 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 three months borrowings, The following position that (in thousands) December 31, 2021 December 31, 2020 Cash and cash equivalents $ 385,143 $ 220,143 Restricted cash 65,299 79,363 Total cash, cash equivalents $ 450,442 $ 299,506 The Company balances may Deposit Insurance balances are Company limits any significant Mortgage-Backed The Company obligations (“IIO”) securities to IO and IIO securities as structured RMBS. The Company also invests in U.S. Treasury Notes, primarily to requirements of derivative counterparties. The Company has elected to account under the fair value option. Electing the fair value option requires the Company operations, which, in management’s view, more appropriately reflects the results of our operations for a particular reporting period is consistent with the underlying economics and how the portfolio is managed. The Company are included sheet date Fair value between market transfer advantageous broker quotes, markets. Income on present at reflected carrying value a return for future effective of RMBS in the accompanying Derivative Financial Instruments The Company manage other Treasury Note options to derivative The Company are reported Derivative The Company’s hedges of included in current period Holding derivatives honor their receive payments collateral banks as counterparties, Financial The fair statements swaptions value for The estimated other assets, liabilities these financial Repurchase The Company repurchase contractual Reverse 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 Stock-Based The Company and employees common stock non-employee award’s respective forfeitures Income Taxes Orchid elected and is organized and operated so as to qualify to be taxed as a REIT subject to federal income tax on their REIT taxable income provided that they distribute income on an annual basis. deductions for dividends paid and excluding net capital gain, and meet other requirements 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, Recent Accounting 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 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 financial statements. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848). 848 to include all affected derivatives and give market participants the ability to apply hedge accounting expedients to derivative contracts affected by the discounting transition. In implementation guidance to permit a company to apply certain optional expedients margining, discounting or contract price alignment of certain derivatives as a result extends optional expedients to account for a derivative contract modified as a continuation accounting when certain critical terms of a hedging relationship change to modifications guidance in ASU 2021-01 is effective immediately and available generally through December activities occur. The Company does not believe the adoption of this ASU will have a material impact on its financial statements.

MORTGAGE-BACKED SECURITIES

MORTGAGE-BACKED SECURITIES	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Mortgage-Backed Securities	NOTE 2. The following (in thousands) December 31, 2021 December 31, 2020 Pass-Through RMBS Certificates: Fixed-rate Mortgages $ 6,298,189 $ 3,560,746 Fixed-rate CMOs - 137,453 Total Pass-Through 6,298,189 3,698,199 Structured RMBS Certificates: Interest-Only Securities 210,382 28,696 Inverse Interest-Only Securities 2,524 - Total Structured 212,906 28,696 Total $ 6,511,095 $ 3,726,895 As of December collateral 2020. The following 2021, 2020 (in thousands) 2021 2020 2019 Total Total Total Carrying value of RMBS sold $ 2,857,250 $ 4,225,522 $ 3,332,083 Proceeds from sales of RMBS 2,851,708 4,200,536 3,321,206 Net (loss) gain on sales of RMBS $ (5,542) $ (24,986) $ (10,877) Gross gain on sales of RMBS $ 7,930 $ 8,678 $ 2,177 Gross loss on sales of RMBS (13,472) (33,664) (13,054) Net gain (loss) on sales of RMBS $ (5,542) $ (24,986) $ (10,877)

REPURCHASE AGREEMENTS AND OTHER

REPURCHASE AGREEMENTS AND OTHER BORROWINGS	12 Months Ended
	Dec. 31, 2021
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements and Other Borrowings	NOTE 3. The Company generally borrowing. down borrowings securities requirements. As of December ($ in thousands) OVERNIGHT BETWEEN 2 BETWEEN 31 GREATER (1 DAY OR AND AND THAN LESS) 30 DAYS 90 DAYS 90 DAYS TOTAL December 31, 2021 Fair market value of securities pledged, including accrued interest receivable $ - $ 4,624,396 $ 1,848,080 $ 52,699 $ 6,525,175 Repurchase agreement liabilities associated with these securities $ - $ 4,403,182 $ 1,789,327 $ 51,597 $ 6,244,106 Net weighted average borrowing rate - 0.15% 0.13% 0.15% 0.15% December 31, 2020 Fair market value of securities pledged, including accrued interest receivable $ - $ 2,112,969 $ 1,560,798 $ 55,776 $ 3,729,543 Repurchase agreement liabilities associated with these securities $ - $ 2,047,897 $ 1,494,500 $ 53,189 $ 3,595,586 Net weighted average borrowing rate - 0.23% 0.22% 0.30% 0.23% In addition, 57.3 58.8 as of December If, during pledged assets, plus interest and cash posted by the Company as collateral. At December between the value of securities 338.3 million. at December

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2021
Derivative Financial Instruments [Abstract]
Derivative Financial Instruments	NOTE 4. DERIVATIVE AND OTHER HEDGING INSTRUMENTS The table December (in thousands) Derivative and Other Hedging Instruments Balance Sheet Location December 31, 2021 December 31, 2020 Assets Interest rate swaps Derivative assets, at fair value $ 29,293 $ 7 Payer swaptions (long positions) Derivative assets, at fair value 21,493 17,433 TBA securities Derivative assets, at fair value - 3,559 Total derivative $ 50,786 $ 20,999 Liabilities Interest rate swaps Derivative liabilities, at fair value $ 2,862 $ 24,711 Payer swaptions (short positions) Derivative liabilities, at fair value 4,423 7,730 TBA securities Derivative liabilities, at fair value 304 786 Total derivative $ 7,589 $ 33,227 Margin Balances Posted to (from) Counterparties Futures contracts Restricted cash $ 8,035 $ 489 TBA securities Restricted cash - 284 TBA securities Other liabilities (856) (2,520) Interest rate swaption contracts Other liabilities (6,350) (3,563) Interest rate swap contracts Restricted cash - 19,761 Total margin $ 829 $ 14,451 Eurodollar, Fed charged to a daily basis. 2021 and ($ in thousands) December 31, 2021 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) U.S. Treasury Note Futures Contracts (2) March 2022 5-year T-Note futures (Mar 2022 - Mar 2027 Hedge Period) $ 369,000 1.56% 1.62% $ 1,013 March 2022 10-year Ultra futures (Mar 2022 - Mar 2032 Hedge Period) $ 220,000 1.22% 1.09% $ (3,861) ($ in thousands) December 31, 2020 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) Eurodollar Futures Contracts (Short Positions) 2021 $ 50,000 1.03% 0.18% $ (424) U.S. Treasury Note Futures Contracts (2) March 2021 5 year T-Note futures (Mar 2021 - Mar 2026 Hedge Period) $ 69,000 0.72% 0.67% $ (186) Open equity represents the cumulative gains (losses) recorded on open (2) 5-Year T-Note 120.98 126.16 values of the short positions were $ 446.4 87.1 futures contracts were valued at price of $ 146.44 322.2 December 31, 2021. Under our The floating agreements below presents ($ in thousands) Average Net Fixed Average Estimated Average Notional Pay Receive Fair Maturity Amount Rate Rate Value (Years) December 31, 2021 Expiration > 3 to ≤ 5 years $ 955,000 0.64% 0.16% $ 21,788 4.0 Expiration > 5 years $ 400,000 1.16% 0.21% $ 4,643 7.3 $ 1,355,000 0.79% 0.18% $ 26,431 5.0 December 31, 2020 Expiration > 1 to ≤ 3 years $ 620,000 1.29% 0.22% $ (23,760) 3.6 Expiration > 3 to ≤ 5 years 200,000 0.67% 0.23% (944) 6.4 $ 820,000 1.14% 0.23% $ (24,704) 4.3 The table ($ in thousands) Option Underlying Swap Weighted Average Weighted Average Average Adjustable Average Fair Months to Notional Fixed Rate Term Expiration Cost Value Expiration Amount Rate (LIBOR) (Years) December 31, 2021 Payer Swaptions (long positions) ≤ 1 year $ 4,000 $ 1,575 3.2 400,000 1.66% 3 Month 5.0 > 1 year ≤ 2 years 32,690 19,918 18.4 1,258,500 2.46% 3 Month 14.1 $ 36,690 $ 21,493 14.7 $ 1,658,500 2.27% 3 Month 11.9 Payer Swaptions (short positions) ≤ 1 year $ (16,185) $ (4,423) 5.3 $ (1,331,500) 2.29% 3 Month 11.4 December 31, 2020 Payer Swaptions (long positions) ≤ 1 year $ 3,450 $ 5 2.5 500,000 0.95% 3 Month 4.0 > 1 year ≤ 2 years 13,410 17,428 17.4 675,000 1.49% 3 Month 12.8 $ 16,860 $ 17,433 11.0 $ 1,175,000 1.26% 3 Month 9.0 Payer Swaptions (short positions) ≤ 1 year $ (4,660) $ (7,730) 5.4 $ (507,700) 1.49% 3 Month 12.8 The following table summarizes our contracts to purchase and sell TBA ($ in thousands) Notional Net Amount Cost Market Carrying Long (Short) (1) Basis (2) Value (3) Value (4) December 31, 2021 30-Year TBA securities: 3.0% $ (575,000) $ (595,630) $ (595,934) $ (304) Total $ (575,000) $ (595,630) $ (595,934) $ (304) December 31, 2020 30-Year TBA securities: 2.0% $ 465,000 $ 479,531 $ 483,090 $ 3,559 3.0% (328,000) (342,896) (343,682) (786) Total $ 137,000 $ 136,635 $ 139,408 $ 2,773 Gain (Loss) From Derivative and Other Hedging Instruments, Net The table below presents the effect of the Company’s derivative and other hedging instruments on the statements of operations for the years ended December 31, 2021, 2020 and 2019. (in thousands) 2021 2020 2019 Eurodollar futures contracts (short positions) $ (10) $ (8,337) $ (13,860) U.S. Treasury Note futures contracts (short position) (846) (4,707) (5,175) Fed Funds futures contracts (short positions) - - 177 Interest rate swaps 23,613 (66,212) (26,582) Payer swaptions (long positions) (2,580) 98 (1,379) Payer swaptions (short positions) 9,062 (3,070) - Interest rate floors 2,765 - - TBA securities (short positions) 3,432 (6,719) (6,264) TBA securities (long positions) (8,559) 9,950 1,907 U.S. Treasury securities (short positions) - (95) - Total $ 26,877 $ (79,092) $ (51,176) Credit Risk-Related Contingent Features The recognized in the event minimize this risk institutions pledge assets as collateral term of the derivative contract. In the event of a default our derivative equivalents pledged as collateral for our derivative instruments are included in It Mercantile collateral. As clearing party are presented as if these derivatives had been settled as of the reporting

PLEDGED ASSETS

PLEDGED ASSETS	12 Months Ended
	Dec. 31, 2021
Financial Instruments Pledged as Collateral [Abstract]
Pledged Assets [Text Block]	NOTE 5. PLEDGED ASSETS Assets Pledged The table including (in thousands) December 31, 2021 December 31, 2020 Repurchase Derivative Repurchase Derivative Assets Pledged to Counterparties Agreements Agreements Total Agreements Agreements Total PT RMBS - fair value $ 6,294,102 $ - $ 6,294,102 $ 3,692,811 $ - $ 3,692,811 Structured RMBS - fair value 212,270 - 212,270 27,095 - 27,095 U.S. Treasury Notes - 29,740 29,740 - - - Accrued interest on pledged securities 18,804 13 18,817 9,636 - 9,636 Restricted cash 57,264 8,035 65,299 58,829 20,534 79,363 Total $ 6,582,440 $ 37,788 $ 6,620,228 $ 3,788,371 $ 20,534 $ 3,808,905 Assets Pledged The table as of December (in thousands) December 31, 2021 December 31, 2020 Repurchase Derivative Repurchase Derivative Assets Pledged to Orchid Agreements Agreements Total Agreements Agreements Total Cash $ 4,339 $ 7,206 $ 11,545 $ 120 $ 6,083 $ 6,203 U.S. Treasury securities - fair value - - - 253 - 253 Total $ 4,339 $ 7,206 $ 11,545 $ 373 $ 6,083 $ 6,456 PT RMBS because the corresponding

OFFSETTING ASSETS AND LIABILITI

OFFSETTING ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2021
Offsetting Assets And Liabilities [Abstract]
Offsetting Assets and Liabilities [Text Block]	NOTE 6. OFFSETTING ASSETS AND LIABILITIES The Company’s similar arrangements, transactions. 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 December 31, 2021 Interest rate swaps $ 29,293 $ - $ 29,293 $ - $ - $ 29,293 Interest rate swaptions 21,493 - 21,493 - (6,350) 15,143 $ 50,786 $ - $ 50,786 $ - $ (6,350) $ 44,436 December 31, 2020 Interest rate swaps $ 7 $ - $ 7 $ - $ - $ 7 Interest rate swaptions 17,433 - 17,433 - (3,563) 13,870 TBA securities 3,559 - 3,559 - (2,520) 1,039 $ 20,999 $ - $ 20,999 $ - $ (6,083) $ 14,916 (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 Collateral Amount December 31, 2021 Repurchase Agreements $ 6,244,106 $ - $ 6,244,106 $ (6,186,842) $ (57,264) $ - Interest rate swaps 2,862 - 2,862 (2,862) - - Interest rate swaptions 4,423 - 4,423 - - 4,423 TBA securities 304 - 304 - - 304 $ 6,251,695 $ - $ 6,251,695 $ (6,189,704) $ (57,264) $ 4,727 December 31, 2020 Repurchase Agreements $ 3,595,586 $ - $ 3,595,586 $ (3,536,757) $ (58,829) $ - Interest rate swaps 24,711 - 24,711 - (19,761) 4,950 Interest rate swaptions 7,730 - 7,730 - - 7,730 TBA securities 786 - 786 - (284) 502 $ 3,628,813 $ - $ 3,628,813 $ (3,536,757) $ (78,874) $ 13,182 The amounts asset or typically and derivative

CAPITAL STOCK

CAPITAL STOCK	12 Months Ended
	Dec. 31, 2021
Capital Stock [Abstract]
Capital Stock	NOTE 7. Common Stock During 2021 ($ in thousands, except per share amounts) Weighted Average Price Received Net Type of Offering Period Per Share (1) Shares Proceeds (2) 2021 At the Market Offering Program (3) First Quarter $ 5.10 308,048 $ 1,572 Follow-on Offerings First Quarter 5.31 17,940,000 95,336 At the Market Offering Program (3) Second Quarter 5.40 23,087,089 124,746 At the Market Offering Program (3) Third Quarter 4.94 35,818,338 177,007 At the Market Offering Program (3) Fourth Quarter 4.87 23,674,698 115,398 100,828,173 $ 514,059 2020 At the Market Offering Program (3) First Quarter $ 6.23 3,170,727 $ 19,447 At the Market Offering Program (3) Second Quarter - - - At the Market Offering Program (3) Third Quarter 5.15 3,073,326 15,566 At the Market Offering Program (3) Fourth Quarter 5.41 6,775,187 36,037 13,019,240 $ 71,050 Weighted average price received per share is after deducting the underwriters’ (2) Net proceeds are net of the underwriters’ discount, if applicable, and other (3) As of December 31, 2021, the Company had entered into ten equity distribution agreements, because all shares were sold 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 4,522,822 783,757 share authorization, the increased authorization brought the total authorization 5,306,579 outstanding share count. On December 9, 2021, the Board of Directors approved an Company’s common stock available in the stock repurchase program for up to an additional 16,861,994 authorization under the stock repurchase program to 17,699,305 outstanding shares of common stock. As part of the stock repurchase program, block purchases, through privately negotiated transactions, or pursuant to any trading Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the accordance with Exchange Act Rule 10b-18, which sets certain restrictions stock repurchases. The timing, manner, price and amount of any repurchases will be determined by the Company will be subject to economic and market conditions, stock price, applicable legal requirements not obligate the Company to acquire any particular amount of common stock the Company’s discretion without prior notice. From the inception of the stock repurchase program through December 31, 2021, the 5,685,511 shares at an aggregate cost of approximately $ 40.4 7.10 share. The Company did not repurchase any of its common stock during the December 31, 2020, the Company repurchased a total of 19,891 0.1 commissions and fees, for a weighted average price of $ 3.42 repurchased a total of 469,975 3.0 weighted average price of $ 6.43 is 17,699,305 Cash Dividends The table below presents the cash dividends declared on the Company’s common (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 0.790 53,570 2021 0.780 97,601 2022 - YTD (1) 0.110 19,502 Totals $ 12.545 $ 459,066 On January 13, 2022, the Company declared a dividend of $0.055 per Company declared a dividend of $0.055 per share to be paid on March 29, is estimated based on the number of shares outstanding at February but are not reflected in the Company’s financial statements as of December

STOCK INCENTIVE PLAN

STOCK INCENTIVE PLAN	12 Months Ended
	Dec. 31, 2021
Employee Benefits And Share Based Compensation [Abstract]
Stock incentive Plan	NOTE 8. In 2021, the Company’s Board of Directors adopted, and the stockholders approved, the Incentive Plan (the “2021 Incentive Plan”) to replace the Orchid Island Capital, Plan” and together with the 2021 Incentive Plan, the “Incentive Plans”). The 2021 Incentive options, stock appreciation rights, stock award, performance units, other equity-based awards of performance units and other equity-based awards) and incentive Compensation Committee of the Company’s Board of Directors except that the Company’s full Board awards made to directors who are not employees of the Company or its affiliates. The an aggregate of 10 % of the issued and outstanding shares of our common stock (on a fully subject to a maximum aggregate 7,366,623 The 2021 Incentive Plan replaces the 2012 Incentive Plan, and no further However, any outstanding awards under the 2012 Incentive Plan will continue in accordance with the terms of the and any award agreement executed in connection with such outstanding awards. Performance Units The Company has issued, and may in the future issue additional performance units officers and employees of its Manager. of the performance conditions set forth in the performance unit agreement. issuance of one share of the Company’s common stock, at which time the Performance contain dividend equivalent rights, which entitle the Participants to receive distributions but do not include the right to vote the underlying shares of common stock. participant no longer serve as an executive officer or employee of the Company. included in incentive compensation on the statements of operations, is recognized probable that the performance conditions will be achieved. The following table presents information related to Performance Units outstanding during 2020. ($ in thousands, except per share data) 2021 2020 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Unvested, beginning of period 4,554 $ 7.45 19,021 $ 7.78 Granted 137,897 5.88 - - Forfeited (4,674) 5.88 (1,607) 7.45 Vested and issued (4,554) 7.45 (12,860) 7.93 Unvested, end of period 133,223 $ 5.88 4,554 $ 7.45 Compensation expense during period $ 321 $ 38 Unrecognized compensation expense, end of period $ 467 $ 4 Intrinsic value, end of period $ 599 $ 24 Weighted-average remaining vesting term (in years) 1.4 0.8 The number of shares of common stock issuable upon the vesting of the remaining 2020 as a result of the book value impairment event that occurred pursuant Plans (the "Plans"). The book value impairment event occurred when the Company's during the quarter ended March 31, 2020 and the Company's book value more than 10%. The Plans provide that if such a book value impairment event Units that are outstanding as of the last day of such two-quarter period shall be reduced Stock Awards The Company has issued, and may in the future issue additional, immediately vested certain executive officers and employees of its Manager. Compensation expense for the stock awards is based on the fair Company’s common stock on the grant date and is included in incentive compensation table presents information related to fully vested common stock issued during fully vested shares of common stock issued during the year ended December 31, granted with respect to service performed during the previous fiscal year. The awards issued during the year ended December 31, 2021 were granted of compensation expense related to the 2021 awards was accrued and recognized Deferred Stock Units Non-employee directors receive a portion of their compensation in the Incentive Plans. vested and are settled at a future date based on the election of the individual participant. included in directors’ fees and liability insurance in the statements of operations. The DSUs entitle the participant to receive distributions declared by the Company on common of cash or additional DSUs at the participant’s election. The DSUs do not include the right stock. The following table presents information related to the DSUs outstanding during ($ in thousands, except per share data) 2021 2020 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Outstanding, beginning of period 90,946 $ 5.44 43,570 $ 6.56 Granted and vested 52,030 5.29 47,376 4.41 Outstanding, end of period 142,976 $ 5.38 90,946 $ 5.44 Compensation expense during period $ 240 $ 180 Intrinsic value, end of period $ 643 $ 473

COMMITTMENTS AND CONTINGENCIES

COMMITTMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
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	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 10. The Company REIT taxable ownership dividends its REIT distributed end of the requirements. REIT taxable income (loss) unrealized purposes. As of December income tax

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share (EPS)	NOTE 11. The Company December Deferred Units and Performance common stock The table (in thousands, except per-share information) 2021 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 $ (64,760) $ 2,128 $ 24,265 Weighted average shares of common stock: Shares of common stock outstanding at the balance sheet date 176,993 76,073 63,062 Unvested dividend eligible share based compensation outstanding at the balance sheet date - 96 63 Effect of weighting (55,849) (8,958) (6,797) Weighted average shares-basic and diluted 121,144 67,211 56,328 Net (loss) income per common share: Basic and diluted $ (0.54) $ 0.03 $ 0.43 Anti-dilutive incentive shares not included in calculation. 281 - -

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value	NOTE 12. The framework asset or pricing the on the sale measured ● 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 independent make certain independent include observing spread pricing curve or SABR models pricing method observable between the stability guarantor were originated, if appropriate. The Company’s Level 1 assets. The Company’s readily available. valuations. and discount RMBS (based years ended most advantageous asset. When in active The following 2020. (in thousands) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) December 31, 2021 Mortgage-backed securities $ - $ 6,511,095 $ - U.S. Treasury Notes 37,175 - - Interest rate swaps - 26,431 - Interest rate swaptions - 17,070 - TBA securities - (304) - December 31, 2020 Mortgage-backed securities $ - $ 3,726,895 $ - Interest rate swaps - (24,704) - Interest rate swaptions - 9,703 - TBA securities - 2,773 - During the years ended December 31, 2021 and 2020, there were no transfers of financial or 3.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 13. RELATED PARTY TRANSACTIONS Management Agreement The Company is externally managed and advised by the “Manager” pursuant to management agreement has been renewed through February 20, 2023 one-year thereafter and is subject to certain termination rights. administering the business activities and day-to-day operations of the the amount of: ● One-twelfth of 1.5% of the first $250 million of the Company’s month-end equity, as defined in the management agreement, ● One-twelfth of 1.25% of the Company’s month-end equity that is greater than $250 million, and ● One-twelfth of 1.00% of the Company’s month-end equity that is greater than $500 The Company is obligated to reimburse the Manager for any direct expenses Company’s pro rata portion of certain overhead costs set forth in the management agreement. management agreement without cause, it will pay the Manager a termination fee, as defined in the management agreement, before or on the last day of the term of Total 9.8 6.8 and $ 6.9 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 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 December owned 2,595,357 1.5 %, of the Company’s common stock.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of The accompanying United States
Use of Estimates	The preparation assumptions financial estimates. Management available
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 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 three months borrowings, The following position that (in thousands) December 31, 2021 December 31, 2020 Cash and cash equivalents $ 385,143 $ 220,143 Restricted cash 65,299 79,363 Total cash, cash equivalents $ 450,442 $ 299,506 The Company balances may Deposit Insurance balances are Company limits any significant
Mortgage-Backed Securities	Mortgage-Backed The Company obligations (“IIO”) securities to IO and IIO securities as structured RMBS. The Company also invests in U.S. Treasury Notes, primarily to requirements of derivative counterparties. The Company has elected to account under the fair value option. Electing the fair value option requires the Company operations, which, in management’s view, more appropriately reflects the results of our operations for a particular reporting period is consistent with the underlying economics and how the portfolio is managed. The Company are included sheet date Fair value between market transfer advantageous broker quotes, markets. Income on present at reflected carrying value a return for future effective of RMBS in the accompanying
Derivative Financial Instruments	Derivative Financial Instruments The Company manage other Treasury Note options to derivative The Company are reported Derivative The Company’s hedges of included in current period Holding derivatives honor their receive payments collateral banks as counterparties,
Financial Instruments	Financial The fair statements swaptions value for The estimated other assets, liabilities these financial
Repurchase Agreements	Repurchase The Company repurchase contractual
Reverse Repurchase Agreements	Reverse 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 elected and is organized and operated so as to qualify to be taxed as a REIT subject to federal income tax on their REIT taxable income provided that they distribute income on an annual basis. deductions for dividends paid and excluding net capital gain, and meet other requirements 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,
Recent Accounting Pronouncements	Recent Accounting 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 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 financial statements. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848). 848 to include all affected derivatives and give market participants the ability to apply hedge accounting expedients to derivative contracts affected by the discounting transition. In implementation guidance to permit a company to apply certain optional expedients margining, discounting or contract price alignment of certain derivatives as a result extends optional expedients to account for a derivative contract modified as a continuation accounting when certain critical terms of a hedging relationship change to modifications guidance in ASU 2021-01 is effective immediately and available generally through December activities occur. The Company does not believe the adoption of this ASU will have a material impact on its financial statements.
Compensation Related Costs [Policy Text Block]	Stock-Based The Company and employees common stock non-employee award’s respective forfeitures

CASH AND CASH EQUIVALENTS AND R

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of reconciliation of cash, cash equivalents and restricted cash	The following position that (in thousands) December 31, 2021 December 31, 2020 Cash and cash equivalents $ 385,143 $ 220,143 Restricted cash 65,299 79,363 Total cash, cash equivalents $ 450,442 $ 299,506

MORTGAGE-BACKED SECURITIES (Tab

MORTGAGE-BACKED SECURITIES (Tables) - Residential Mortgage Backed Securities [Member]	12 Months Ended
	Dec. 31, 2021
Mortgage Backed Securities [Line Items]
Schedule of RMBS portfolio	The following (in thousands) December 31, 2021 December 31, 2020 Pass-Through RMBS Certificates: Fixed-rate Mortgages $ 6,298,189 $ 3,560,746 Fixed-rate CMOs - 137,453 Total Pass-Through 6,298,189 3,698,199 Structured RMBS Certificates: Interest-Only Securities 210,382 28,696 Inverse Interest-Only Securities 2,524 - Total Structured 212,906 28,696 Total $ 6,511,095 $ 3,726,895
Gain (Loss) on Securities [Table Text Block]	The following 2021, 2020 (in thousands) 2021 2020 2019 Total Total Total Carrying value of RMBS sold $ 2,857,250 $ 4,225,522 $ 3,332,083 Proceeds from sales of RMBS 2,851,708 4,200,536 3,321,206 Net (loss) gain on sales of RMBS $ (5,542) $ (24,986) $ (10,877) Gross gain on sales of RMBS $ 7,930 $ 8,678 $ 2,177 Gross loss on sales of RMBS (13,472) (33,664) (13,054) Net gain (loss) on sales of RMBS $ (5,542) $ (24,986) $ (10,877)

REPURCHASE AGREEMENTS AND OTH_2

REPURCHASE AGREEMENTS AND OTHER BORROWINGS (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of Repurchase Agreements [Abstract]
Schedule of repurchase agreements and remaining maturities	As of December ($ in thousands) OVERNIGHT BETWEEN 2 BETWEEN 31 GREATER (1 DAY OR AND AND THAN LESS) 30 DAYS 90 DAYS 90 DAYS TOTAL December 31, 2021 Fair market value of securities pledged, including accrued interest receivable $ - $ 4,624,396 $ 1,848,080 $ 52,699 $ 6,525,175 Repurchase agreement liabilities associated with these securities $ - $ 4,403,182 $ 1,789,327 $ 51,597 $ 6,244,106 Net weighted average borrowing rate - 0.15% 0.13% 0.15% 0.15% December 31, 2020 Fair market value of securities pledged, including accrued interest receivable $ - $ 2,112,969 $ 1,560,798 $ 55,776 $ 3,729,543 Repurchase agreement liabilities associated with these securities $ - $ 2,047,897 $ 1,494,500 $ 53,189 $ 3,595,586 Net weighted average borrowing rate - 0.23% 0.22% 0.30% 0.23%

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Financial Instruments [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The table December (in thousands) Derivative and Other Hedging Instruments Balance Sheet Location December 31, 2021 December 31, 2020 Assets Interest rate swaps Derivative assets, at fair value $ 29,293 $ 7 Payer swaptions (long positions) Derivative assets, at fair value 21,493 17,433 TBA securities Derivative assets, at fair value - 3,559 Total derivative $ 50,786 $ 20,999 Liabilities Interest rate swaps Derivative liabilities, at fair value $ 2,862 $ 24,711 Payer swaptions (short positions) Derivative liabilities, at fair value 4,423 7,730 TBA securities Derivative liabilities, at fair value 304 786 Total derivative $ 7,589 $ 33,227 Margin Balances Posted to (from) Counterparties Futures contracts Restricted cash $ 8,035 $ 489 TBA securities Restricted cash - 284 TBA securities Other liabilities (856) (2,520) Interest rate swaption contracts Other liabilities (6,350) (3,563) Interest rate swap contracts Restricted cash - 19,761 Total margin $ 829 $ 14,451
Schedule of Eurodollar and T-Note futures positions	Eurodollar, Fed charged to a daily basis. 2021 and ($ in thousands) December 31, 2021 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) U.S. Treasury Note Futures Contracts (2) March 2022 5-year T-Note futures (Mar 2022 - Mar 2027 Hedge Period) $ 369,000 1.56% 1.62% $ 1,013 March 2022 10-year Ultra futures (Mar 2022 - Mar 2032 Hedge Period) $ 220,000 1.22% 1.09% $ (3,861) ($ in thousands) December 31, 2020 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) Eurodollar Futures Contracts (Short Positions) 2021 $ 50,000 1.03% 0.18% $ (424) U.S. Treasury Note Futures Contracts (2) March 2021 5 year T-Note futures (Mar 2021 - Mar 2026 Hedge Period) $ 69,000 0.72% 0.67% $ (186) Open equity represents the cumulative gains (losses) recorded on open (2) 5-Year T-Note 120.98 126.16 values of the short positions were $ 446.4 87.1 futures contracts were valued at price of $ 146.44 322.2 December 31, 2021.
Schedule of Interest Rate Swap Agreements [Table Text Block]	Under our The floating agreements below presents ($ in thousands) Average Net Fixed Average Estimated Average Notional Pay Receive Fair Maturity Amount Rate Rate Value (Years) December 31, 2021 Expiration > 3 to ≤ 5 years $ 955,000 0.64% 0.16% $ 21,788 4.0 Expiration > 5 years $ 400,000 1.16% 0.21% $ 4,643 7.3 $ 1,355,000 0.79% 0.18% $ 26,431 5.0 December 31, 2020 Expiration > 1 to ≤ 3 years $ 620,000 1.29% 0.22% $ (23,760) 3.6 Expiration > 3 to ≤ 5 years 200,000 0.67% 0.23% (944) 6.4 $ 820,000 1.14% 0.23% $ (24,704) 4.3
Schedule Of Interest Rate Swaption Agreements [Table Text Block]	The table ($ in thousands) Option Underlying Swap Weighted Average Weighted Average Average Adjustable Average Fair Months to Notional Fixed Rate Term Expiration Cost Value Expiration Amount Rate (LIBOR) (Years) December 31, 2021 Payer Swaptions (long positions) ≤ 1 year $ 4,000 $ 1,575 3.2 400,000 1.66% 3 Month 5.0 > 1 year ≤ 2 years 32,690 19,918 18.4 1,258,500 2.46% 3 Month 14.1 $ 36,690 $ 21,493 14.7 $ 1,658,500 2.27% 3 Month 11.9 Payer Swaptions (short positions) ≤ 1 year $ (16,185) $ (4,423) 5.3 $ (1,331,500) 2.29% 3 Month 11.4 December 31, 2020 Payer Swaptions (long positions) ≤ 1 year $ 3,450 $ 5 2.5 500,000 0.95% 3 Month 4.0 > 1 year ≤ 2 years 13,410 17,428 17.4 675,000 1.49% 3 Month 12.8 $ 16,860 $ 17,433 11.0 $ 1,175,000 1.26% 3 Month 9.0 Payer Swaptions (short positions) ≤ 1 year $ (4,660) $ (7,730) 5.4 $ (507,700) 1.49% 3 Month 12.8
Schedule of To Be Announced Securities [TableTextBlock]	The following table summarizes our contracts to purchase and sell TBA ($ in thousands) Notional Net Amount Cost Market Carrying Long (Short) (1) Basis (2) Value (3) Value (4) December 31, 2021 30-Year TBA securities: 3.0% $ (575,000) $ (595,630) $ (595,934) $ (304) Total $ (575,000) $ (595,630) $ (595,934) $ (304) December 31, 2020 30-Year TBA securities: 2.0% $ 465,000 $ 479,531 $ 483,090 $ 3,559 3.0% (328,000) (342,896) (343,682) (786) Total $ 137,000 $ 136,635 $ 139,408 $ 2,773
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 and other hedging instruments on the statements of operations for the years ended December 31, 2021, 2020 and 2019. (in thousands) 2021 2020 2019 Eurodollar futures contracts (short positions) $ (10) $ (8,337) $ (13,860) U.S. Treasury Note futures contracts (short position) (846) (4,707) (5,175) Fed Funds futures contracts (short positions) - - 177 Interest rate swaps 23,613 (66,212) (26,582) Payer swaptions (long positions) (2,580) 98 (1,379) Payer swaptions (short positions) 9,062 (3,070) - Interest rate floors 2,765 - - TBA securities (short positions) 3,432 (6,719) (6,264) TBA securities (long positions) (8,559) 9,950 1,907 U.S. Treasury securities (short positions) - (95) - Total $ 26,877 $ (79,092) $ (51,176)

PLEDGED ASSETS (Tables)

PLEDGED ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
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 (in thousands) December 31, 2021 December 31, 2020 Repurchase Derivative Repurchase Derivative Assets Pledged to Counterparties Agreements Agreements Total Agreements Agreements Total PT RMBS - fair value $ 6,294,102 $ - $ 6,294,102 $ 3,692,811 $ - $ 3,692,811 Structured RMBS - fair value 212,270 - 212,270 27,095 - 27,095 U.S. Treasury Notes - 29,740 29,740 - - - Accrued interest on pledged securities 18,804 13 18,817 9,636 - 9,636 Restricted cash 57,264 8,035 65,299 58,829 20,534 79,363 Total $ 6,582,440 $ 37,788 $ 6,620,228 $ 3,788,371 $ 20,534 $ 3,808,905
Schedule of assets pledged to us from counterparties under our repurchase agreements.	Assets Pledged The table as of December (in thousands) December 31, 2021 December 31, 2020 Repurchase Derivative Repurchase Derivative Assets Pledged to Orchid Agreements Agreements Total Agreements Agreements Total Cash $ 4,339 $ 7,206 $ 11,545 $ 120 $ 6,083 $ 6,203 U.S. Treasury securities - fair value - - - 253 - 253 Total $ 4,339 $ 7,206 $ 11,545 $ 373 $ 6,083 $ 6,456

OFFSETTING ASSETS AND LIABILI_2

OFFSETTING ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
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 December 31, 2021 Interest rate swaps $ 29,293 $ - $ 29,293 $ - $ - $ 29,293 Interest rate swaptions 21,493 - 21,493 - (6,350) 15,143 $ 50,786 $ - $ 50,786 $ - $ (6,350) $ 44,436 December 31, 2020 Interest rate swaps $ 7 $ - $ 7 $ - $ - $ 7 Interest rate swaptions 17,433 - 17,433 - (3,563) 13,870 TBA securities 3,559 - 3,559 - (2,520) 1,039 $ 20,999 $ - $ 20,999 $ - $ (6,083) $ 14,916
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 Collateral Amount December 31, 2021 Repurchase Agreements $ 6,244,106 $ - $ 6,244,106 $ (6,186,842) $ (57,264) $ - Interest rate swaps 2,862 - 2,862 (2,862) - - Interest rate swaptions 4,423 - 4,423 - - 4,423 TBA securities 304 - 304 - - 304 $ 6,251,695 $ - $ 6,251,695 $ (6,189,704) $ (57,264) $ 4,727 December 31, 2020 Repurchase Agreements $ 3,595,586 $ - $ 3,595,586 $ (3,536,757) $ (58,829) $ - Interest rate swaps 24,711 - 24,711 - (19,761) 4,950 Interest rate swaptions 7,730 - 7,730 - - 7,730 TBA securities 786 - 786 - (284) 502 $ 3,628,813 $ - $ 3,628,813 $ (3,536,757) $ (78,874) $ 13,182

CAPITAL STOCK (Tables)

CAPITAL STOCK (Tables)	12 Months Ended
	Dec. 31, 2021
Capital Stock [Abstract]
Schedule of completed public offerings of shares of common stock	Common Stock During 2021 ($ in thousands, except per share amounts) Weighted Average Price Received Net Type of Offering Period Per Share (1) Shares Proceeds (2) 2021 At the Market Offering Program (3) First Quarter $ 5.10 308,048 $ 1,572 Follow-on Offerings First Quarter 5.31 17,940,000 95,336 At the Market Offering Program (3) Second Quarter 5.40 23,087,089 124,746 At the Market Offering Program (3) Third Quarter 4.94 35,818,338 177,007 At the Market Offering Program (3) Fourth Quarter 4.87 23,674,698 115,398 100,828,173 $ 514,059 2020 At the Market Offering Program (3) First Quarter $ 6.23 3,170,727 $ 19,447 At the Market Offering Program (3) Second Quarter - - - At the Market Offering Program (3) Third Quarter 5.15 3,073,326 15,566 At the Market Offering Program (3) Fourth Quarter 5.41 6,775,187 36,037 13,019,240 $ 71,050 Weighted average price received per share is after deducting the underwriters’ (2) Net proceeds are net of the underwriters’ discount, if applicable, and other (3) As of December 31, 2021, the Company had entered into ten equity distribution agreements, because all shares were sold 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 (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 0.790 53,570 2021 0.780 97,601 2022 - YTD (1) 0.110 19,502 Totals $ 12.545 $ 459,066 On January 13, 2022, the Company declared a dividend of $0.055 per Company declared a dividend of $0.055 per share to be paid on March 29, is estimated based on the number of shares outstanding at February but are not reflected in the Company’s financial statements as of December

STOCK INCENTIVE PLANS (Tables)

STOCK INCENTIVE PLANS (Tables)	12 Months Ended
	Dec. 31, 2021
Employee Benefits And Share Based Compensation [Abstract]
Schedule of Performance Units outstanding	($ in thousands, except per share data) 2021 2020 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Unvested, beginning of period 4,554 $ 7.45 19,021 $ 7.78 Granted 137,897 5.88 - - Forfeited (4,674) 5.88 (1,607) 7.45 Vested and issued (4,554) 7.45 (12,860) 7.93 Unvested, end of period 133,223 $ 5.88 4,554 $ 7.45 Compensation expense during period $ 321 $ 38 Unrecognized compensation expense, end of period $ 467 $ 4 Intrinsic value, end of period $ 599 $ 24 Weighted-average remaining vesting term (in years) 1.4 0.8
Schedule of Fully Vested Deferred Stock Units	($ in thousands, except per share data) 2021 2020 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Outstanding, beginning of period 90,946 $ 5.44 43,570 $ 6.56 Granted and vested 52,030 5.29 47,376 4.41 Outstanding, end of period 142,976 $ 5.38 90,946 $ 5.44 Compensation expense during period $ 240 $ 180 Intrinsic value, end of period $ 643 $ 473
Schedule of Stock Awards	($ in thousands, except per share data) 2021 2020 Fully vested shares granted 137,897 - Weighted average grant date price per share $ 5.88 $ - Compensation expense related to fully vested shares of common stock awards (1) $ 811 $ -

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Schedule of reconciling the numerator and denominator of EPS	The table (in thousands, except per-share information) 2021 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 $ (64,760) $ 2,128 $ 24,265 Weighted average shares of common stock: Shares of common stock outstanding at the balance sheet date 176,993 76,073 63,062 Unvested dividend eligible share based compensation outstanding at the balance sheet date - 96 63 Effect of weighting (55,849) (8,958) (6,797) Weighted average shares-basic and diluted 121,144 67,211 56,328 Net (loss) income per common share: Basic and diluted $ (0.54) $ 0.03 $ 0.43 Anti-dilutive incentive shares not included in calculation. 281 - -

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of financial assets (liabilities) measured at fair value on a recurring basis	The following 2020. (in thousands) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) December 31, 2021 Mortgage-backed securities $ - $ 6,511,095 $ - U.S. Treasury Notes 37,175 - - Interest rate swaps - 26,431 - Interest rate swaptions - 17,070 - TBA securities - (304) - December 31, 2020 Mortgage-backed securities $ - $ 3,726,895 $ - Interest rate swaps - (24,704) - Interest rate swaptions - 9,703 - TBA securities - 2,773 -

ORGANIZATION AND SIGNIFICANT _2

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Capital Raising Activities (Narrative) (Details) - USD ($)	Mar. 05, 2021	Jan. 25, 2021	Aug. 02, 2019	Dec. 31, 2021	Oct. 28, 2021	Aug. 03, 2020	Jun. 21, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Aug. 11, 2019
Subsidiary, Sale of Stock [Line Items]
Proceeds From Issuance Of Common Stock, net of issuance costs								$ 514,059,000	$ 71,050,000	$ 92,314,000
Stock Issued During Period, Value, New Issues								$ 514,059,000	$ 71,050,000	$ 92,314,000
Total shares issued under distribution agreement								100,828,173	13,019,240	14,377,000
At the Market Offering Program [Member]
Subsidiary, Sale of Stock [Line Items]
Proceeds From Issuance Of Common Stock, net of issuance costs				$ 77,000,000	$ 246,000,000	$ 19,400,000	$ 147,400,000				$ 123,100,000
Stock Issued During Period, Value, New Issues				$ 78,300,000	$ 250,000,000	$ 19,800,000	$ 150,000,000				$ 125,000,000
Total shares issued under distribution agreement				15,835,700	49,407,336	3,170,727	27,493,650				15,123,178
At the Market Offering Program [Member] | Maximum [Member]
Subsidiary, Sale of Stock [Line Items]
Stock Issued During Period, Value, New Issues				$ 250,000,000	$ 250,000,000	$ 200,000,000	$ 150,000,000				$ 125,000,000
Follow-on Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Proceeds From Issuance Of Common Stock, net of issuance costs	$ 50,000,000	$ 45,200,000	$ 44,200,000
Total shares issued under distribution agreement	9,200,000	8,740,000,000	7,000,000
Share Price	$ 5.45	$ 5.20	$ 6.3535
Follow-on Offering [Member] | Maximum [Member]
Subsidiary, Sale of Stock [Line Items]
Share Price			$ 6.55
Firm Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Total shares issued under distribution agreement	8,000,000	7,600,000
Over-Allotment Option [Member]
Subsidiary, Sale of Stock [Line Items]
Total shares issued under distribution agreement	1,200,000	1,140,000,000

ORGANIZATION AND SIGINIFICANT A

ORGANIZATION AND SIGINIFICANT ACCOUNTING POLICIES - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 385,143	$ 220,143
Restricted cash	65,299	79,363
Total cash, cash equivalents and restricted cash	$ 450,442	$ 299,506	$ 278,655	$ 126,263

MORTGAGE-BACKED SECURITIES - RM

MORTGAGE-BACKED SECURITIES - RMBS portfolio (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of Trading Securities and Other Trading Assets [Line Items]
Mortgage-backed securities	$ 6,511,095	$ 3,726,895
U.S. Treasury Notes	37,175	0
Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Mortgage-backed securities	6,298,189	3,698,199
Total Strucutured RMBS Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Mortgage-backed securities	212,906	28,696
Fixed-rate Mortgages [Member] | Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Mortgage-backed securities	6,298,189	3,560,746
Collateralized Mortgage Obligations [Member] | Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Mortgage-backed securities	0	137,453
Interest-Only Securities [Member] | Total Strucutured RMBS Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Mortgage-backed securities	210,382	28,696
Inverse Interest-Only Securities [Member] | Total Strucutured RMBS Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Mortgage-backed securities	$ 2,524	$ 0

MORTGAGE-BACKED SECURITIES - Sa

MORTGAGE-BACKED SECURITIES - Sales (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Marketable Securities, Gain (Loss)
Investment Sales, Carrying Value	$ 2,857,250,000	$ 4,225,522,000	$ 3,332,083,000
Proceeds From Sale Of Mortgage Backed Securities MBS Categorized As Trading	2,851,708,000	4,200,536,000	3,321,206,000
Marketable Securities, Realized Gain (Loss)	(5,542,000)	(24,986,000)	(10,877,000)
Available For Sale Securities Gross Realized Gains	7,930,000	8,678,000	2,177,000
Available For Sale Securities Gross Realized Losses	$ 13,472,000	$ 33,664,000	$ 13,054,000

REPURCHASE AGREEMENTS AND REVER

REPURCHASE AGREEMENTS AND REVERSE REPURCHASE AGREEMENTS (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets Sold under Agreements to Repurchase [Line Items]
Restricted Cash And Cash Equivalents At Carrying Value	$ 65,299	$ 79,363
Repurchase Agreement [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Aggregate amount at risk with all counterparties	338,300
Restricted Cash And Cash Equivalents At Carrying Value	$ 57,264	$ 58,829

REPURCHASE AGREEMENTS AND REV_2

REPURCHASE AGREEMENTS AND REVERSE REPURCHASE AGREEMENTS - Remaining Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 6,525,175	$ 3,729,543
Repurchase agreement liabilities associated with these liabilities	$ 6,244,106	$ 3,595,586
Net weighted average borrowing rate	0.15%	0.23%
Overnight (1 Day or Less) [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 0	$ 0
Repurchase agreement liabilities associated with these liabilities	$ 0	$ 0
Net weighted average borrowing rate	0.00%	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	$ 4,624,396	$ 2,112,969
Repurchase agreement liabilities associated with these liabilities	$ 4,403,182	$ 2,047,897
Net weighted average borrowing rate	0.15%	0.23%
Between 31 and 90 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 1,848,080	$ 1,560,798
Repurchase agreement liabilities associated with these liabilities	$ 1,789,327	$ 1,494,500
Net weighted average borrowing rate	0.13%	0.22%
Greater Than 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 52,699	$ 55,776
Repurchase agreement liabilities associated with these liabilities	$ 51,597	$ 53,189
Net weighted average borrowing rate	0.15%	0.30%

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Assets and Liabilties (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Assets, at Fair Value	$ 50,786	$ 20,999
Liabilities, at Fair Value	7,589	33,227
Restricted cash	65,299	79,363
Other Liabilities	35,505	7,188
Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative [Line Items]
Assets, at Fair Value	50,786	20,999
Liabilities, at Fair Value	7,589	33,227
Restricted cash	829	14,451
Interest Rate Swap [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative [Line Items]
Assets, at Fair Value	29,293	7
Liabilities, at Fair Value	2,862	24,711
Restricted cash	0	19,761
TBA Contracts [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative [Line Items]
Assets, at Fair Value	0	3,559
Liabilities, at Fair Value	304	786
Restricted cash	0	284
Other Liabilities	856	2,520
Eurodollar Future Margin [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative [Line Items]
Restricted cash	8,035	489
Payer Swaption [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative [Line Items]
Other Liabilities	6,350	3,563
Payer Swaption [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | Short [Member]
Derivative [Line Items]
Liabilities, at Fair Value	4,423	7,730
Payer Swaption [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | Long [Member]
Derivative [Line Items]
Assets, at Fair Value	$ 21,493	$ 17,433

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Eurodollar and T-Note futures positions (Details) - Short [Member] - USD ($)	Dec. 31, 2021	Dec. 31, 2020
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		0.18%
Open Equity		$ (424,000)
Year 2021 Expiration [Member] | 5-Year Treasury Note Futures [Member]
Derivatives, Fair Value [Line Items]
Notional Amount		$ 69,000,000
Derivative Entry Rate		0.72%
Locked-In LIBOR Rate		0.67%
Open Equity		$ (186,000)
Dollar Price		126.16
Contract Value		$ 87,100,000
Year 2022 Expiration [Member] | 5-Year Treasury Note Futures [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 369,000,000
Derivative Entry Rate	1.56%
Locked-In LIBOR Rate	1.62%
Open Equity	$ 1,013,000
Dollar Price	120.98
Contract Value	$ 446,400,000
Year 2022 Expiration [Member] | Ten Year Ultra Futures [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 220,000,000
Derivative Entry Rate	1.22%
Locked-In LIBOR Rate	1.09%
Open Equity	$ (3,861,000)
Dollar Price	146.44
Contract Value	$ 322,200,000

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS - Interest rate swap positions (Details) - Swap [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Notional Amount	$ 1,355,000	$ 820,000
Average Fixed Pay Rate	0.79%	1.14%
Average Receive Rate	0.18%	0.23%
Net Estimated Fair Value	$ 26,431	$ (24,704)
Average Maturity	5 years	4 years 3 months 18 days
1-3 Years
Derivatives, Fair Value [Line Items]
Notional Amount		$ 620,000
Average Fixed Pay Rate		1.29%
Average Receive Rate		0.22%
Net Estimated Fair Value		$ (23,760)
Average Maturity		3 years 7 months 6 days
3-5 Years
Derivatives, Fair Value [Line Items]
Notional Amount	$ 955,000	$ 200,000
Average Fixed Pay Rate	0.64%	0.67%
Average Receive Rate	0.16%	0.23%
Net Estimated Fair Value	$ 21,788	$ (944)
Average Maturity	4 years	6 years 4 months 24 days
More Than Five Years [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 400,000
Average Fixed Pay Rate	1.16%
Average Receive Rate	0.21%
Net Estimated Fair Value	$ 4,643
Average Maturity	7 years 3 months 18 days

DERIVATIVE FINANCIAL INTSTRUMEN

DERIVATIVE FINANCIAL INTSTRUMENTS - Summary of Outstanding Swaptions (Details) - Payer Swaption [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Long [Member]
Derivatives, Fair Value [Line Items]
Swaption Cost	$ 36,690	$ 16,860
Net Estimated Fair Value	$ 21,493	$ 17,433
Derivative Instruments Average Months To Expiration	14 months 21 days	11 years
Notional Amount	$ 1,658,500	$ 1,175,000
Derivative Average Fixed Interest Rate	2.27%	1.26%
Derivative Avergage Receive Rate	3 Month	3 Month
Term (Years)	11 years 10 months 24 days	9 years
Less Than Or Equal To One Year [Member] | Short [Member]
Derivatives, Fair Value [Line Items]
Swaption Cost	$ (16,185)	$ (4,660)
Net Estimated Fair Value	$ (4,423)	$ (7,730)
Derivative Instruments Average Months To Expiration	5 months 9 days	5 years 4 months 24 days
Notional Amount	$ 1,331,500	$ 507,700
Derivative Average Fixed Interest Rate	2.29%	1.49%
Derivative Avergage Receive Rate	3 Month	3 Month
Term (Years)	11 years 4 months 24 days	12 years 9 months 18 days
Less Than Or Equal To One Year [Member] | Long [Member]
Derivatives, Fair Value [Line Items]
Swaption Cost	$ 4,000	$ 3,450
Net Estimated Fair Value	$ 1,575	$ 5
Derivative Instruments Average Months To Expiration	3 months 6 days	2 years 6 months
Notional Amount	$ 400,000	$ 500,000
Derivative Average Fixed Interest Rate	1.66%	0.95%
Derivative Avergage Receive Rate	3 Month	3 Month
Term (Years)	5 years	4 years
One Year To Two Years [Member] | Long [Member]
Derivatives, Fair Value [Line Items]
Swaption Cost	$ 32,690	$ 13,410
Net Estimated Fair Value	$ 19,918	$ 17,428
Derivative Instruments Average Months To Expiration	18 months 12 days	17 years 4 months 24 days
Notional Amount	$ 1,258,500	$ 675,000
Derivative Average Fixed Interest Rate	2.46%	1.49%
Derivative Avergage Receive Rate	3 Month	3 Month
Term (Years)	14 years 1 month 6 days	12 years 9 months 18 days

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS - TBA positions (Details) - 30 Year [Member] - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Short [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 575,000
Cost Basis	(595,630)
Market Value Of TBA Contract	(595,934)
Net Estimated Fair Value	(304)
Long [Member]
Derivatives, Fair Value [Line Items]
Notional Amount		$ 137,000
Cost Basis		136,635
Market Value Of TBA Contract		139,408
Net Estimated Fair Value		2,773
2.0% [Member] | Long [Member]
Derivatives, Fair Value [Line Items]
Notional Amount		465,000
Cost Basis		479,531
Market Value Of TBA Contract		483,090
Net Estimated Fair Value		3,559
3.0% [Member] | Short [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	575,000	328,000
Cost Basis	(595,630)	(342,896)
Market Value Of TBA Contract	(595,934)	(343,682)
Net Estimated Fair Value	$ (304)	$ (786)

DERIVATIVE FINANCIAL INSTRUME_7

DERIVATIVE FINANCIAL INSTRUMENTS - Effect on the consolidated statements of operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	$ 26,877	$ (79,092)	$ (51,176)
Eurodollar Future [Member] | Short [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	(10)	(8,337)	(13,860)
Treasury Note Future [Member] | Short [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	(846)	(4,707)	(5,175)
Fed Funds Future [Member] | Short [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	0	0	177
Swap [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	23,613	(66,212)	(26,582)
Payer Swaption [Member] | Short [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	9,062	(3,070)	0
Payer Swaption [Member] | Long [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	(2,580)	98	(1,379)
Interest Rate Floor [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	2,765	0	0
TBA Contracts [Member] | Short [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	3,432	(6,719)	(6,264)
TBA Contracts [Member] | Long [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	(8,559)	9,950	1,907
US Treasury Securities [Member] | Short [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	$ 0	$ (95)	$ 0

PLEDGED ASSETS - Assets Pledged

PLEDGED ASSETS - Assets Pledged to Counterparties (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Pledged Assets [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	$ 6,506,372	$ 3,719,906
Accrued interest receivable	18,859	9,721
OtherReceivablesFromBrokerDealersAndClearingOrganizations	0	414
Restricted cash	65,299	79,363
Total Assets Pledged To Counterparties	6,620,228	3,808,905
Repurchase Agreement [Member]
Pledged Assets [Line Items]
Restricted cash	57,264	58,829
Total Assets Pledged To Counterparties	6,582,440	3,788,371
Derivative [Member]
Pledged Assets [Line Items]
Restricted cash	8,035	20,534
Total Assets Pledged To Counterparties	37,788	20,534
Residential Mortgage Backed Securities [Member]
Pledged Assets [Line Items]
Accrued interest receivable	18,817	9,636
Residential Mortgage Backed Securities [Member] | Pass Through Certificate [Member]
Pledged Assets [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	6,294,102	3,692,811
Residential Mortgage Backed Securities [Member] | Structured Finance [Member]
Pledged Assets [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	212,270	27,095
Residential Mortgage Backed Securities [Member] | Repurchase Agreement [Member]
Pledged Assets [Line Items]
Accrued interest receivable	18,804	9,636
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	6,294,102	3,692,811
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	212,270	27,095
Residential Mortgage Backed Securities [Member] | Derivative [Member]
Pledged Assets [Line Items]
Accrued interest receivable	13	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
US Treasury Notes
Pledged Assets [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	29,740
US Treasury Notes | Repurchase Agreement [Member]
Pledged Assets [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	0
US Treasury Notes | Derivative [Member]
Pledged Assets [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	$ 29,740

PLEDGED ASSETS - Assets Pledg_2

PLEDGED ASSETS - Assets Pledged By Counterparties (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Pledged Assets [Line Items]
Securities Pledged By Counterparties	$ 11,545	$ 6,456
Cash
Pledged Assets [Line Items]
Securities Pledged By Counterparties	11,545	6,203
US Treasury Securities [Member]
Pledged Assets [Line Items]
Securities Pledged By Counterparties	0	253
Repurchase Agreement [Member]
Pledged Assets [Line Items]
Securities Pledged By Counterparties	4,339	373
Repurchase Agreement [Member] | Cash
Pledged Assets [Line Items]
Securities Pledged By Counterparties	4,339	120
Repurchase Agreement [Member] | US Treasury Securities [Member]
Pledged Assets [Line Items]
Securities Pledged By Counterparties	0	253
Derivative Agreements [Member]
Pledged Assets [Line Items]
Securities Pledged By Counterparties	7,206	6,083
Derivative Agreements [Member] | Cash
Pledged Assets [Line Items]
Securities Pledged By Counterparties	7,206	6,083
Derivative Agreements [Member] | US Treasury Securities [Member]
Pledged Assets [Line Items]
Securities Pledged By Counterparties	$ 0	$ 0

OFFSETTING ASSETS AND LIABILI_3

OFFSETTING ASSETS AND LIABILITIES - Offsetting of Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Offsetting Assets [Line Items]
Gross Amount Of Recognized Assets	$ 50,786	$ 20,999
Gross Amount Of Assets Offset In The Balance Sheet	0	0
Net Amount Of Assets Presented In The Balance Sheet	50,786	20,999
Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet	0	0
Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet	(6,350)	(6,083)
Net Amount Of Assets	44,436	14,916
Payer Swaption [Member]
Offsetting Assets [Line Items]
Gross Amount Of Recognized Assets	21,493	17,433
Gross Amount Of Assets Offset In The Balance Sheet	0	0
Net Amount Of Assets Presented In The Balance Sheet	21,493	17,433
Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet	0	0
Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet	(6,350)	(3,563)
Net Amount Of Assets	15,143	13,870
TBA Contracts [Member]
Offsetting Assets [Line Items]
Gross Amount Of Recognized Assets		3,559
Gross Amount Of Assets Offset In The Balance Sheet		0
Net Amount Of Assets Presented In The Balance Sheet		3,559
Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet		0
Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet		(2,520)
Net Amount Of Assets		1,039
Swap [Member]
Offsetting Assets [Line Items]
Gross Amount Of Recognized Assets	29,293	7
Gross Amount Of Assets Offset In The Balance Sheet	0	0
Net Amount Of Assets Presented In The Balance Sheet	29,293	7
Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet	0	0
Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet	0	0
Net Amount Of Assets	$ 29,293	$ 7

OFFSETTING ASSETS AND LIABILI_4

OFFSETTING ASSETS AND LIABILITIES - Offsetting of Liabilties (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	$ 6,251,695	$ 3,628,813
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	6,251,695	3,628,813
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	(6,189,704)	(3,536,757)
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(57,264)	(78,874)
Net Amount Of Liabilities	4,727	13,182
Repurchase Agreement [Member]
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	6,244,106	3,595,586
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	6,244,106	3,595,586
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	(6,186,842)	(3,536,757)
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(57,264)	(58,829)
Net Amount Of Liabilities	0	0
Swap [Member]
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	2,862	24,711
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	2,862	24,711
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	(2,862)	0
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	0	(19,761)
Net Amount Of Liabilities	0	4,950
TBA securities [Member]
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	304	786
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	304	786
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	0	0
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	0	(284)
Net Amount Of Liabilities	304	502
Payer Swaption [Member]
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	4,423	7,730
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	4,423	7,730
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	0	0
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	0	0
Net Amount Of Liabilities	$ 4,423	$ 7,730

CAPITAL STOCK - Completed publi

CAPITAL STOCK - Completed public offerings ofcommon stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock Issued During Period Shares New Issues									100,828,173	13,019,240	14,377,000
Stock Issued During Period, Value, New Issues									$ 514,059	$ 71,050	$ 92,314
At the Market Offering Program [Member]
Weighted Average Price Received Per Share	$ 4.87	$ 4.94	$ 5.40	$ 5.10	$ 5.41	$ 5.15	$ 0	$ 6.23	$ 4.87	$ 5.41
Stock Issued During Period Shares New Issues	23,674,698	35,818,338	23,087,089	308,048	6,775,187	3,073,326	0	3,170,727
Stock Issued During Period, Value, New Issues	$ 115,398	$ 177,007	$ 124,746	$ 1,572	$ 36,037	$ 15,566	$ 0	$ 19,447
Follow-on Offering [Member]
Weighted Average Price Received Per Share				$ 5.31
Stock Issued During Period Shares New Issues				17,940,000
Stock Issued During Period, Value, New Issues				$ 95,336

CAPITAL STOCK - Share Repurchas

CAPITAL STOCK - Share Repurchase Progam (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended		77 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021	Oct. 29, 2021	Feb. 08, 2018	Jul. 29, 2015
Share Repurchase Program [Line Items]
Stock Repurchased and Retired During Period, Shares	20,000	470,000
Stock Repurchased and Retired During Period, Value	$ (68)	$ (3,024)
Share Repurchase Program [Member] | Common Stock [Member]
Share Repurchase Program [Line Items]
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
Share Repurchase Program [Member] | Maximum [Member] | Common Stock [Member]
Share Repurchase Program [Line Items]
Share Repurchase						2,000,000
Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased			17,699,305			783,757
2021 Program Increase [Member] | Maximum [Member] | Common Stock [Member]
Share Repurchase Program [Line Items]
Share Repurchase				16,861,994
Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased				17,699,305
2018 Program Increase [Member] | Maximum [Member] | Common Stock [Member]
Share Repurchase Program [Line Items]
Share Repurchase					4,522,822
Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased					5,306,579

CAPITAL STOCK - Cash dividends

CAPITAL STOCK - Cash dividends declared (Details) - Dividend Declared [Member] - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	12 Months Ended									109 Months Ended
	Feb. 25, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Feb. 25, 2022
Dividends Payable [Line Items]
Per Share Amount		$ 0.780	$ 0.790	$ 0.960	$ 1.070	$ 1.680	$ 1.680	$ 1.920	$ 2.160	$ 1.395	$ 12.545
Total		$ 97,601	$ 53,570	$ 54,421	$ 55,814	$ 70,717	$ 41,388	$ 38,748	$ 22,643	$ 4,662	$ 459,066
Subsequent Event [Member]
Dividends Payable [Line Items]
Per Share Amount	$ 0.110
Total	$ 19,502

STOCK INCENTIVE PLAN - Descript

STOCK INCENTIVE PLAN - Descriptions of Plans (Details)	12 Months Ended
	Dec. 31, 2021shares
Employee Benefits And Share Based Compensation [Abstract]
Maximum Number of Shares to Be Issued the Plan	7,366,623
Percentage of Outstanding Stock Limitation	10.00%

STOCK INCENTIVE PLAN - Performa

STOCK INCENTIVE PLAN - Performance Units (Details) - Performance Shares [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Incentive Share Activity, Shares
Nonvested - Beginning Balance	4,554	19,021
Granted	137,897	0
Forfeited	4,674	1,607
Vested	4,554	12,860
Nonvested - Ending Balance	133,223	4,554
Incentive Share Activity, Grant Date Fair Value
Nonvested - Beginning Balance	$ 7.45	$ 7.78
Granted	5.88	0
Forfeited	5.88	7.45
Vested	7.45	7.93
Nonvested - Ending Balance	$ 5.88	$ 7.45
Intrinsic Value of Nonvested	$ 599	$ 24
Weighted Average Remaining Term	1 year 4 months 24 days	9 months 18 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 467	$ 4
Share Based Compensation	$ 321	$ 38

STOCK INCENTIVE PLAN - Share A

STOCK INCENTIVE PLAN - Share Awards (Details) - Share Awards [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	137,897	0
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue	$ 5.88	$ 0
Share Based Compensation	$ 811	$ 0

STOCK INCENTIVE PLAN - Deferred

STOCK INCENTIVE PLAN - Deferred Stock Units (Details - Deferred Stock Units [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Incentive Share Activity, Shares
Outstanding, beginning of period	90,946	43,570
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	52,030	47,376
Outstanding, end of period	142,976	90,946
Sharebased Compensation Arrangement By Share based Payment Award Options Nonvested Weighted Average Grant Date Fair Value Abstract
Outstanding Deferred Stock Units Grant Date Value	$ 5.38	$ 5.44	$ 6.56
Granted	5.29	4.41
Outstanding, end of period	$ 5.38	$ 5.44
Share Based Compensation	$ 240	$ 180
Intrinsic Value of Nonvested	$ 643	$ 473

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net Income (Loss) Available to Common Stockholders, Basic	$ (64,760)	$ 2,128	$ 24,265
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Common Shares Outstanding	176,993,000	76,073,000	63,062,000
Unvested Dividend Eligible Shares Outstanding at the Balance Sheet Date	0	96,000	63,000
Effect of Weighting	(55,849,000)	(8,958,000)	(6,797,000)
Weighted Average Shares - Basic and Diluted	121,144,326	67,210,815	56,328,027
Income (Loss) Per Share - Basic and Diluted	$ (0.54)	$ 0.03	$ 0.43
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	281,000	0	0

FAIR VALUE - Assets - Assets a

FAIR VALUE - Assets - Assets and Liabilities Recorded at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	$ 6,511,095	$ 3,726,895
Derivative, Fair Value, Net	50,786	20,999
U.S. Treasury Notes	37,175	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
U.S. Treasury Notes	37,175
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 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	6,511,095	3,726,895
U.S. Treasury Notes	0
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	26,431	(24,704)
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	17,070	9,703
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	(304)	2,773
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	0	0
U.S. Treasury Notes	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

RELATED PARTY TRANSACTIONS - Ma

RELATED PARTY TRANSACTIONS - Management Agreement (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Due to affiliates	$ 1,062	$ 632
Bimini Advisors, LLC [Member]
Related Party Transaction [Line Items]
Termination Date	February 20, 2023
Automatic Renewal Period Of Management Agreement	1 year
Management Fees And Allocated Expenses	$ 9,800	$ 6,800	$ 6,900

RELATED PARTY TRANSACTIONS - Ot

RELATED PARTY TRANSACTIONS - Other Relationships (Narrative) (Details) - Bimini Capital Management Inc [Member]	Dec. 31, 2021shares
Related Party Transaction [Line Items]
Orchid Shares Owned	2,595,357
Entity Ownership Percentage	1.50%