Orchid Island Capital (ORC) 10-Q 29 Apr 22 2022 Q1 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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		177,117,186
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
Document Quarterly Report	true

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Mortgage-backed securities	$ 4,580,594	$ 6,511,095
U.S. Treasury Notes	36,477	37,175
Cash and cash equivalents	297,246	385,143
Restricted cash	130,199	65,299
Accrued interest receivable	14,853	18,859
Derivative Assets	126,910	50,786
Other assets	1,153	320
Total Assets	5,187,432	7,068,677
Liabilities
Outstanding repurchase obligations	4,464,109	6,244,106
Dividends Payable	7,996	11,530
Derivitive Liabilities	25,535	7,589
Accrued interest payable	1,018	788
Due to affiliates	1,066	1,062
Other Liabilities	95,290	35,505
Total Liabilities	4,595,014	6,300,580
Stockholders' Equity
Preferred stock, $0.01 par value	0	0
Common Stock, $0.01 par value	1,771	1,770
Additional paid in capital	822,128	849,081
Accumulated deficit	(231,481)	(82,754)
Total Stockholders Equity	592,418	768,097
Total Liabilities and Stockholders Equity	$ 5,187,432	$ 7,068,677

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Shares Authorized	100,000,000	100,000,000
Preferred Shares Issued	0	0
Preferred Shares Outstanding	0	0
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock Shares Authorized	500,000,000	500,000,000
Common Shares Issued	177,117,186	176,993,049
Mortgage Backed Securities
Security Owned and Pledged as Collateral Fair Value	$ 4,576,847,000	$ 6,506,372,000
US Treasury Notes
Security Owned and Pledged as Collateral Fair Value	$ 36,477,000	$ 29,740,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Interest income	$ 41,857,000	$ 26,856,000
Interest expense	2,655,000	1,941,000
Net interest income	39,202,000	24,915,000
Realized gains (losses) on mortgage-backed securities	(51,086,000)	(7,397,000)
Unrealized gains (losses) on mortgage-backed securities	(309,962,000)	(88,866,000)
(Losses) gains on derivative instruments	177,816,000	45,472,000
Net portfolio income	(144,030,000)	(25,876,000)
Management Fee Expense	2,634,000	1,621,000
Allocated Overhead	441,000	404,000
Compensation and related benefits	237,000	364,000
Directors fees and liability insurance	311,000	272,000
Audit, legal and other professional fees	304,000	318,000
Direct REIT operating expenses	643,000	421,000
Other administrative	127,000	93,000
Total expenses	4,697,000	3,493,000
Net income (loss)	$ (148,727,000)	$ (29,369,000)
Basic and diluted net income (loss) per share
Basic and Diluted	$ (0.84)	$ (0.34)
Weighted Average Shares Outstanding
Weighted Average Shares - Basic and Diluted	176,997,566	85,344,954
Dividends Declared Per Common Share	$ 0.155	$ 0.195

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, 2020	$ 415,291	$ 761	$ 432,524	$ (17,994)
Increase (Decrease) in Stockholders' Equity
Net income	(29,369)	0	0	(29,369)
Cash dividend declared	17,226	0	17,226	0
Issuance of common stock pursuant to public offerings, net	96,908	182	96,726	0
Issuance of common shares pursuant to stock based compensation plan	572	1	571	0
Balances at Mar. 31, 2021	$ 466,176	944	512,595	(47,363)
Common Stock Shares Outstanding, Beginning Balance at Dec. 31, 2020	76,073,000
Increase (Decrease) in Stockholders' Equity
Stock Issued During Period Shares New Issues	18,248,000
Stock Issued During Period Shares Share Based Compensation	90,000
Common Stock Shares Outstanding, Ending Balance at Mar. 31, 2021	94,411,000
Balances at Dec. 31, 2020	$ 415,291	761	432,524	(17,994)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock pursuant to public offerings, net	514,059
Balances at Dec. 31, 2021	$ 768,097	1,770	849,081	(82,754)
Common Stock Shares Outstanding, Beginning Balance at Dec. 31, 2020	76,073,000
Increase (Decrease) in Stockholders' Equity
Stock Issued During Period Shares New Issues	100,828,173
Common Stock Shares Outstanding, Ending Balance at Dec. 31, 2021	176,993,049
Increase (Decrease) in Stockholders' Equity
Net income	$ (148,727)	0	0	(148,727)
Cash dividend declared	27,492	0	27,492	0
Issuance of common shares pursuant to stock based compensation plan	540	1	539	0
Balances at Mar. 31, 2022	$ 592,418	$ 1,771	$ 822,128	$ (231,481)
Increase (Decrease) in Stockholders' Equity
Stock Issued During Period Shares Share Based Compensation	124,000
Common Stock Shares Outstanding, Ending Balance at Mar. 31, 2022	177,117,186

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS, (Unaudited) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (148,727)	$ (29,369)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Stock based compensation and equity plan amortization	162	259
Realized and unrealized (gains) losses on mortgage-backed securities	360,350	96,263
Fair Value Adjustments On U.S. Treasury Notes	(698)	0
Derivative, Gain (Loss) on Derivative, Net	(101,921)	(45,914)
Changes in operating assets and liabilities
Accrued interest receivable	4,006	(1,050)
Other assets	(833)	(588)
Accrued interest payable	230	(236)
Other liabilities	204	5,318
Due to affiliates	4	80
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	114,173	24,763
From mortgage-backed securities investments
Purchases	0	(1,764,082)
Sales	1,413,039	988,523
Principal repayments	157,112	123,880
Note proceeds from (payments on) derivative instruments	(103,900)	10,674
NET CASH USED IN INVESTING ACTIVITIES	1,674,051	(662,353)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase agreements	12,861,900	7,517,156
Principal payments on repurchase agreements	(14,641,897)	(6,931,062)
Cash dividends	(31,010)	(16,030)
Proceeds From Issuance Of Common Stock, net of issuance costs	0	96,908
Payments For Repurchase Of Common Stock	214	297
NET CASH PROVIDED BY FINANCING ACTIVITIES	(1,811,221)	666,675
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(22,997)	29,085
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	450,442	299,506
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	427,445	328,591
Cash paid during the period for:
Interest Paid	2,425	2,176
Other Noncash Investing And Financing Items Abstract
Securities Acquisitions Settled In Later Period	0	217,758
Securities Sold Settled In Later Period	$ 0	$ 154,977

ORGANIZATION AND SIGNIFICANT AC

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Organization and Significant Accounting Policies	Organization Orchid Island and managing February November was the issuance 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, 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 On March 2, 2021, Orchid entered into an underwriting agreement (the “March 2021 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 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 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, 250,000,000 shares of the Company’s common stock in transactions that are deemed to be “at the market” transactions. 15,835,700 Agreement for aggregate gross proceeds of approximately $ 78.3 77.0 commissions and fees. Subsequent to March 31, 2022 through April 29, 2022, Equity Distribution Agreement. Basis of The accompanying in the United Accordingly, they management, Operating the year The balance of the information statements The preparation the reported the reported significant the estimates 2022. 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) March 31, 2022 December 31, 2021 Cash and cash equivalents $ 297,246 $ 385,143 Restricted cash 130,199 65,299 Total cash, cash equivalents $ 427,445 $ 450,442 The Company balances may Deposit Insurance balances are Company limits any significant Mortgage-Backed The Company mortgage (“IIO”) securities to IO and IIO securities as structured RMBS. The Company also invests in U.S. 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 the date unrealized and the effective investment reporting and income each reporting accompanying Derivative and Other Hedging Instruments The Company manage other Treasury Note rate swaps, Company may The Company are reported Derivative The Company’s hedges of included in current period Holding derivatives honor their receive collateral banks as counterparties, Financial The fair statements swaptions value for The estimated other assets, liabilities financial Repurchase The Company repurchase contractual 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 has elected and is organized and operated so as to qualify to be taxed as a Internal Revenue Code of 1986, as amended (the “Code”). income provided that they distribute to their stockholders all of their REIT taxable income least 90% of its REIT taxable income, determined without regard to the and meet other requirements of the Code to retain its tax status. Orchid assesses the likelihood, based on their technical merit, that uncertain tax 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 consolidated financial In January 2021, the FASB issued ASU 2021-01 “ Reference Rate Reform (Topic 848 ).” ASU 2021-01 expands the scope of ASC 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 addition, implementation guidance to permit a company to apply certain optional expedients margining, discounting or contract price alignment of certain derivatives as a result optional expedients to account for a derivative contract modified as a continuation accounting when certain critical terms of a hedging relationship change to 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	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Mortgage-Backed Securities	NOTE 2. The following (in thousands) March 31, 2022 December 31, 2021 Pass-Through RMBS Certificates: Fixed-rate Mortgages $ 4,372,517 $ 6,298,189 Total Pass-Through 4,372,517 6,298,189 Structured RMBS Certificates: Interest-Only Securities 206,617 210,382 Inverse Interest-Only Securities 1,460 2,524 Total Structured 208,077 212,906 Total $ 4,580,594 $ 6,511,095 As of March 36.5 and $ 37.2 The following Three Months Ended March 31, 2022 2021 Proceeds from sales of RMBS $ 1,413,039 $ 988,523 Carrying value of RMBS sold (1,464,125) (995,920) Net (loss) gain on sales of RMBS $ (51,086) $ (7,397) Gross gain on sales of RMBS $ 709 $ 2,813 Gross loss on sales of RMBS (51,795) (10,210) Net (loss) gain on sales of RMBS $ (51,086) $ (7,397)

REPURCHASE AGREEMENTS AND OTHER

REPURCHASE AGREEMENTS AND OTHER BORROWINGS	3 Months Ended
	Mar. 31, 2022
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements and Other Borrowings	NOTE 3. The Company generally borrowing. down borrowings securities requirements. As of March below: ($ in thousands) OVERNIGHT BETWEEN 2 BETWEEN 31 GREATER (1 DAY OR AND AND THAN LESS) 30 DAYS 90 DAYS 90 DAYS TOTAL March 31, 2022 Fair market value of securities pledged, including accrued interest receivable $ - $ 3,966,753 $ 576,875 $ 48,035 $ 4,591,663 Repurchase agreement liabilities associated with these securities $ - $ 3,848,289 $ 564,223 $ 51,597 $ 4,464,109 Net weighted average borrowing rate - 0.36% 0.42% 0.15% 0.37% 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% In addition, cash pledged to counterparties for repurchase agreements was approximately March 31, 2022 and December 31, 2021, respectively. If, during pledged assets, plus interest and cash posted by the Company as collateral. At March between the value of securities 240.1 million. at March

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2022
Derivative Financial Instruments [Abstract]
Derivative Financial Instruments	NOTE 4. DERIVATIVE AND OTHER HEDGING INSTRUMENTS The table March 31, (in thousands) Derivative and Other Hedging Instruments Balance Sheet Location March 31, 2022 December 31, 2021 Assets Interest rate swaps Derivative assets, at fair value $ 65,194 $ 29,293 Payer swaptions (long positions) Derivative assets, at fair value 60,362 21,493 Interest rate caps Derivative assets, at fair value 1,354 - Total derivative $ 126,910 $ 50,786 Liabilities Interest rate swaps Derivative liabilities, at fair value $ - $ 2,862 Payer swaptions (short positions) Derivative liabilities, at fair value 25,535 4,423 TBA securities Derivative liabilities, at fair value - 304 Total derivative $ 25,535 $ 7,589 Margin Balances Posted to (from) Counterparties Futures contracts Restricted cash $ 16,610 $ 8,035 TBA securities Other liabilities - (856) Interest rate swaption contracts Other liabilities (34,983) (6,350) Total margin $ (18,373) $ 829 Eurodollar, Fed charged to a daily basis. The tables 31, 2021. ($ in thousands) March 31, 2022 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) Treasury Note Futures Contracts (Short (2) June 2022 5-year T-Note futures (Jun 2022 - Jun 2027 Hedge Period) $ 1,194,000 2.25% 2.83% $ 32,928 June 2022 10-year Ultra futures (Jun 2022 - Jun 2032 Hedge Period) $ 270,000 1.68% 2.06% $ 10,983 ($ in thousands) December 31, 2021 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) Treasury Note Futures Contracts (Short (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) Open equity represents the cumulative gains (losses) recorded on open (2) 5-Year T-Note 114.69 120.98 of the short positions were $ 1,369.4 446.4 contracts were valued at a price of $ 135.47 146.44 $ 365.8 322.2 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) March 31, 2022 Expiration > 3 to ≤ 5 years $ 300,000 0.95% 0.93% $ 18,138 4.0 Expiration > 5 years 1,100,000 1.51% 0.37% 47,056 7.0 $ 1,400,000 1.39% 0.49% $ 65,194 6.3 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 The table ($ in thousands) Net Strike Estimated Notional Swap Curve Fair Expiration Amount Cost Rate Spread Value February 8, 2024 $ 200,000 $ 2,350 0.09% 10Y2Y $ 1,354 The table 2021. ($ 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) March 31, 2022 Payer Swaptions - long ≤ 1 year $ 31,905 $ 33,040 11.3 $ 1,282,400 2.44% 3 Month 11.3 >1 year ≤ 2 years 15,300 27,322 18.8 728,400 2.52% 3 Month 10.0 $ 47,205 $ 60,362 14.0 $ 2,010,800 2.47% 3 Month 10.8 Payer Swaptions - short ≤ 1 year $ (19,540) $ (25,535) 5.8 $ (1,433,000) 2.47% 3 Month 10.8 December 31, 2021 Payer Swaptions - long ≤ 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 ≤ 1 year $ (16,185) $ (4,423) 5.3 $ (1,331,500) 2.29% 3 Month 11.4 The . outstanding TBA contracts as of March 31, 2022. ($ 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) Notional amount represents the par value (or principal balance) of the underlying (2) Cost basis represents the forward price to be paid (received) for the underlying (3) Market value represents the current market value of the TBA securities (4) Net carrying value represents the difference between the market in derivative assets (liabilities) at fair value in our balance sheets. Gain (Loss) From Derivative and Other Hedging Instruments, Net The table below presents the effect of the Company’s derivative and other hedging instruments on the statements of operations for the three months ended March 31, 2022 and 2021. (in thousands) Three Months Ended March 31, 2022 2021 T-Note futures contracts (short position) $ 79,895 $ 2,476 Eurodollar futures contracts (short positions) - 12 Interest rate swaps 66,284 27,123 Payer swaptions (short positions) (10,908) (26,167) Payer swaptions (long positions) 40,975 40,070 Interest rate caps (996) - Interest rate floors - 1,384 TBA securities (short positions) 2,539 9,133 TBA securities (long positions) 27 (8,559) Total $ 177,816 $ 45,472 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 It Mercantile collateral. As clearing party are presented as if these derivatives had been settled as of the reporting

PLEDGED ASSETS

PLEDGED ASSETS	3 Months Ended
	Mar. 31, 2022
Financial Instruments Pledged as Collateral [Abstract]
Pledged Assets [Text Block]	NOTE 5. PLEDGED ASSETS Assets Pledged The table including (in thousands) March 31, 2022 December 31, 2021 Repurchase Derivative Repurchase Derivative Assets Pledged to Counterparties Agreements Agreements Total Agreements Agreements Total PT RMBS - fair value $ 4,369,564 $ - $ 4,369,564 $ 6,294,102 $ - $ 6,294,102 Structured RMBS - fair value 207,283 - 207,283 212,270 - 212,270 U.S. Treasury Notes - 36,477 36,477 - 29,740 29,740 Accrued interest on pledged securities 14,816 3 14,819 18,804 13 18,817 Restricted cash 113,589 16,610 130,199 57,264 8,035 65,299 Total $ 4,705,252 $ 53,090 $ 4,758,342 $ 6,582,440 $ 37,788 $ 6,620,228 Assets Pledged The table as of March (in thousands) March 31, 2022 December 31, 2021 Repurchase Derivative Repurchase Derivative Assets Pledged to Orchid Agreements Agreements Total Agreements Agreements Total Cash $ 4,172 $ 34,983 $ 39,155 $ 4,339 $ 7,206 $ 11,545 Total $ 4,172 $ 34,983 $ 39,155 $ $ 4,339 $ 7,206 $ 11,545 Cash received repurchase

OFFSETTING ASSETS AND LIABILITI

OFFSETTING ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2022
Offsetting Assets And Liabilities [Abstract]
Offsetting Assets and Liabilities [Text Block]	NOTE 6. OFFSETTING ASSETS AND LIABILITIES The Company’s agreements bankruptcy basis. The following presented (in thousands) Offsetting of Assets Gross Amount Not Net Amount Offset in the Balance Sheet of Assets Financial Gross Amount Gross Amount Presented Instruments Cash of Recognized Offset in the in the Received as Received as Net Assets Balance Sheet Balance Sheet Collateral Collateral Amount March 31, 2022 Interest rate swaps $ 65,194 $ - $ 65,194 $ - $ - $ 65,194 Interest rate swaptions 60,362 - 60,362 - (34,983) 25,379 Interest rate caps 1,354 - 1,354 - - 1,354 $ 126,910 $ - $ 126,910 $ - $ (34,983) $ 91,927 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 (in thousands) Offsetting of Liabilities Gross Amount Not Net Amount Offset in the Balance Sheet of Liabilities Financial Gross Amount Gross Amount Presented Instruments of Recognized Offset in the in the Posted as Cash Posted Net Liabilities Balance Sheet Balance Sheet Collateral as Collateral Amount March 31, 2022 Repurchase Agreements $ 4,464,109 $ - $ 4,464,109 $ (4,350,520) $ (113,589) $ - Interest rate swaptions 25,535 - 25,535 - - 25,535 $ 4,489,644 $ - $ 4,489,644 $ (4,350,520) $ (113,589) $ 25,535 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 The amounts asset or typically and derivative

CAPITAL STOCK

CAPITAL STOCK	3 Months Ended
	Mar. 31, 2022
Capital Stock [Abstract]
Capital Stock	($ in thousands, except per share amounts) Weighted Average Price Received Net Type of Offering Period Per Share (1) Shares Proceeds (2) 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 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) The Company has entered into ten equity distribution agreements, nine of which have 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 2,000,000 share authorization, the increased authorization brought the total authorization 5,306,579 Company’s then outstanding share count. On December 9, 2021, the Board of Directors approved an increase in the available in the stock repurchase program for up to an additional 16,861,994 stock repurchase program to 17,699,305 common stock. As part of the stock repurchase program, shares may be purchased in open market privately negotiated transactions, or pursuant to any trading plan that may be adopted Exchange Act of 1934, as amended (the “Exchange Act”). Rule 10b-18, which sets certain restrictions on the method, timing, price manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject market conditions, stock price, applicable legal requirements and other factors. acquire any particular amount of common stock and the program may without prior notice. From the inception of the stock repurchase program through March 31, 2022, the Company 5,685,511 shares at an aggregate cost of approximately $ 40.4 7.10 share. No shares were repurchased during the three months ended March remaining authorization under the stock repurchase program as of March 31, 2022 was 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) 0.200 35,484 Totals $ 12.635 $ 475,048 On April 13, 2022 , the Company declared a dividend of $ 0.045 May 27, 2022 . the table above but is not reflected in the Company’s financial statements

STOCK INCENTIVE PLAN

STOCK INCENTIVE PLAN	3 Months Ended
	Mar. 31, 2022
Employee Benefits And Share Based Compensation [Abstract]
Stock incentive Plan	NOTE 8. In 2021, Incentive and together appreciation performance Committee who are 10 % of the issued and 7,366,623 the 2012 2012 Incentive connection Performance The Company officers and the performance issuance of contain dividend not include longer serve included in probable The following 2021. ($ in thousands, except per share data) Three Months Ended March 31, 2022 2021 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Unvested, beginning of period 133,223 $ 5.88 4,554 $ 7.45 Granted 175,572 3.31 137,897 5.88 Vested and issued (13,322) 5.88 (2,277) 7.45 Unvested, end of period 295,473 $ 4.35 140,174 $ 5.91 Compensation expense during period $ 106 $ 3 Unrecognized compensation expense, end of period $ 942 $ 812 Intrinsic value, end of period $ 960 $ 842 Weighted-average remaining vesting term (in years) 1.8 2.1 Stock Awards The Company certain executive The following issued during months ended the fiscal ($ in thousands, except per share data) Three Months Ended March 31, 2022 2021 Fully vested shares granted 175,572 137,897 Weighted average grant date price per share $ 3.31 $ 5.88 Compensation expense related to fully vested shares of common stock awards $ 581 $ 811 Deferred Non-employee Incentive employee director settled at fees and receive distributions at the participant’s The following ($ in thousands, except per share data) Three Months Ended March 31, 2022 2021 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Outstanding, beginning of period 142,976 $ 5.38 90,946 $ 5.44 Granted and vested 15,273 4.39 10,422 5.31 Outstanding, end of period 158,249 $ 5.29 101,368 $ 5.43 Compensation expense during period $ 75 $ 45 Intrinsic value, end of period $ 514 $ 609

COMMITTMENTS AND CONTINGENCIES

COMMITTMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
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	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 10. INCOME TAXES The Company will generally not be subject to U.S. federal income tax on REIT taxable income to its stockholders and satisfies the ongoing REIT requirements, stock ownership tests. deductions for dividends paid and excluding net capital gain, to its stockholders, the sum of which 85% of its REIT ordinary income and 95% of its REIT prior taxable years, must be distributed within the taxable year, in order to avoid the imposition of an excise tax. balance may be distributed up to the end of the following taxable year, provided the REIT elects to treat such amount distribution and meets certain other requirements.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share (EPS)	NOTE 11. The Company ended March Stock Units Deferred Units and even though The table (in thousands, except per share information) Three Months Ended March 31, 2022 2021 Basic and diluted EPS per common share: Numerator for basic and diluted EPS per share of common stock: Net loss - Basic and diluted $ (148,727) $ (29,369) Weighted average shares of common stock: Shares of common stock outstanding at the balance sheet date 177,117 94,411 Effect of weighting (119) (9,066) Weighted average shares-basic and diluted 176,998 85,345 Net loss per common share: Basic and diluted $ (0.84) $ (0.34) Anti-dilutive incentive shares not included in calculation 454 242

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2022
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 based on Company must the 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 three months advantageous When possible, active markets, The following December (in thousands) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) March 31, 2022 Mortgage-backed securities $ - $ 4,580,594 $ - U.S. Treasury Notes 36,477 - - Interest rate swaps - 65,194 - Interest rate swaptions - 34,827 - Interest rate caps - 1,354 - 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) - During the three months ended March 31, 2022 and 2021, there were no transfers 2 or 3.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 13. RELATED PARTY TRANSACTIONS Management Agreement The Company is externally managed and advised by Bimini Advisors, LLC (the management agreement. The management agreement has been renewed February 20, 2023 year extension options thereafter and is subject to certain termination rights. Manager is responsible for administering the business activities and day-to-day monthly management fee in 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 On April 1, 2022, pursuant to the third amendment to the management agreement Manager began providing certain repurchase agreement trading, clearing and previously provided by AVM, L.P. will pay the following fees to the Manager: ● A daily fee equal to the outstanding principal balance of repurchase agreement funding multiplied by 1.5 basis points for the amount of aggregate outstanding principal balance multiplied by 1.0 basis points for any amount of aggregate outstanding principal ● A fee for the clearing and operational services provided by personnel The Company is obligated to reimburse the Manager for any direct expenses incurred Company’s pro rata portion of certain overhead costs set forth in the management 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 Total 3.1 2.0 million for the three months ended March 31, 2022 and 2021, respectively. At March 31, 2022 and December 31, 2021, due to affiliates was approximately $ 1.1 1.1 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 Officer, Chief Investment Officer, Secretary and a member of our Board of Directors, also serves as the Chief Financial Officer, Chief Investment Officer and Treasurer of Bimini and owns shares of common stock of Bimini. In addition, as of March 31, owned 2,595,357 1.5 %, of the Company’s common stock.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of The accompanying in the United Accordingly, they management, Operating the year The balance of the information statements
Use of Estimates	The preparation the reported the reported significant the estimates 2022.
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) March 31, 2022 December 31, 2021 Cash and cash equivalents $ 297,246 $ 385,143 Restricted cash 130,199 65,299 Total cash, cash equivalents $ 427,445 $ 450,442 The Company balances may Deposit Insurance balances are Company limits any significant
Mortgage-Backed Securities	Mortgage-Backed The Company mortgage (“IIO”) securities to IO and IIO securities as structured RMBS. The Company also invests in U.S. 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 the date unrealized and the effective investment reporting and income each reporting accompanying
Derivative Financial Instruments	Derivative and Other Hedging Instruments The Company manage other Treasury Note rate swaps, Company may The Company are reported Derivative The Company’s hedges of included in current period Holding derivatives honor their receive collateral banks as counterparties,
Financial Instruments	Financial The fair statements swaptions value for The estimated other assets, liabilities financial
Repurchase Agreements	Repurchase The Company repurchase contractual
Management Fees	Manager Compensation The Company company and Manager of which they
Earnings Per Share	Earnings Basic earnings average number stock or two-class in computing
Income Taxes	Income Taxes Orchid has elected and is organized and operated so as to qualify to be taxed as a Internal Revenue Code of 1986, as amended (the “Code”). income provided that they distribute to their stockholders all of their REIT taxable income least 90% of its REIT taxable income, determined without regard to the and meet other requirements of the Code to retain its tax status. Orchid assesses the likelihood, based on their technical merit, that uncertain tax 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 consolidated financial
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)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Schedule of reconciliation of cash, cash equivalents and restricted cash	The following position that (in thousands) March 31, 2022 December 31, 2021 Cash and cash equivalents $ 297,246 $ 385,143 Restricted cash 130,199 65,299 Total cash, cash equivalents $ 427,445 $ 450,442

MORTGAGE-BACKED SECURITIES (Tab

MORTGAGE-BACKED SECURITIES (Tables) - Residential Mortgage Backed Securities [Member]	3 Months Ended
	Mar. 31, 2022
Mortgage Backed Securities [Line Items]
Schedule of RMBS portfolio	The following (in thousands) March 31, 2022 December 31, 2021 Pass-Through RMBS Certificates: Fixed-rate Mortgages $ 4,372,517 $ 6,298,189 Total Pass-Through 4,372,517 6,298,189 Structured RMBS Certificates: Interest-Only Securities 206,617 210,382 Inverse Interest-Only Securities 1,460 2,524 Total Structured 208,077 212,906 Total $ 4,580,594 $ 6,511,095
Gain (Loss) on Securities [Table Text Block]	The following Three Months Ended March 31, 2022 2021 Proceeds from sales of RMBS $ 1,413,039 $ 988,523 Carrying value of RMBS sold (1,464,125) (995,920) Net (loss) gain on sales of RMBS $ (51,086) $ (7,397) Gross gain on sales of RMBS $ 709 $ 2,813 Gross loss on sales of RMBS (51,795) (10,210) Net (loss) gain on sales of RMBS $ (51,086) $ (7,397)

REPURCHASE AGREEMENTS AND OTH_2

REPURCHASE AGREEMENTS AND OTHER BORROWINGS (Tables)	3 Months Ended
	Mar. 31, 2022
Disclosure of Repurchase Agreements [Abstract]
Schedule of repurchase agreements and remaining maturities	As of March below: ($ in thousands) OVERNIGHT BETWEEN 2 BETWEEN 31 GREATER (1 DAY OR AND AND THAN LESS) 30 DAYS 90 DAYS 90 DAYS TOTAL March 31, 2022 Fair market value of securities pledged, including accrued interest receivable $ - $ 3,966,753 $ 576,875 $ 48,035 $ 4,591,663 Repurchase agreement liabilities associated with these securities $ - $ 3,848,289 $ 564,223 $ 51,597 $ 4,464,109 Net weighted average borrowing rate - 0.36% 0.42% 0.15% 0.37% 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%

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Financial Instruments [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The table March 31, (in thousands) Derivative and Other Hedging Instruments Balance Sheet Location March 31, 2022 December 31, 2021 Assets Interest rate swaps Derivative assets, at fair value $ 65,194 $ 29,293 Payer swaptions (long positions) Derivative assets, at fair value 60,362 21,493 Interest rate caps Derivative assets, at fair value 1,354 - Total derivative $ 126,910 $ 50,786 Liabilities Interest rate swaps Derivative liabilities, at fair value $ - $ 2,862 Payer swaptions (short positions) Derivative liabilities, at fair value 25,535 4,423 TBA securities Derivative liabilities, at fair value - 304 Total derivative $ 25,535 $ 7,589 Margin Balances Posted to (from) Counterparties Futures contracts Restricted cash $ 16,610 $ 8,035 TBA securities Other liabilities - (856) Interest rate swaption contracts Other liabilities (34,983) (6,350) Total margin $ (18,373) $ 829
Schedule of Eurodollar and T-Note futures positions	The tables 31, 2021. ($ in thousands) March 31, 2022 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) Treasury Note Futures Contracts (Short (2) June 2022 5-year T-Note futures (Jun 2022 - Jun 2027 Hedge Period) $ 1,194,000 2.25% 2.83% $ 32,928 June 2022 10-year Ultra futures (Jun 2022 - Jun 2032 Hedge Period) $ 270,000 1.68% 2.06% $ 10,983 ($ in thousands) December 31, 2021 Average Weighted Weighted Contract Average Average Notional Entry Effective Open Expiration Year Amount Rate Rate Equity (1) Treasury Note Futures Contracts (Short (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) Open equity represents the cumulative gains (losses) recorded on open (2) 5-Year T-Note 114.69 120.98 of the short positions were $ 1,369.4 446.4 contracts were valued at a price of $ 135.47 146.44 $ 365.8 322.2
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) March 31, 2022 Expiration > 3 to ≤ 5 years $ 300,000 0.95% 0.93% $ 18,138 4.0 Expiration > 5 years 1,100,000 1.51% 0.37% 47,056 7.0 $ 1,400,000 1.39% 0.49% $ 65,194 6.3 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
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) March 31, 2022 Payer Swaptions - long ≤ 1 year $ 31,905 $ 33,040 11.3 $ 1,282,400 2.44% 3 Month 11.3 >1 year ≤ 2 years 15,300 27,322 18.8 728,400 2.52% 3 Month 10.0 $ 47,205 $ 60,362 14.0 $ 2,010,800 2.47% 3 Month 10.8 Payer Swaptions - short ≤ 1 year $ (19,540) $ (25,535) 5.8 $ (1,433,000) 2.47% 3 Month 10.8 December 31, 2021 Payer Swaptions - long ≤ 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 ≤ 1 year $ (16,185) $ (4,423) 5.3 $ (1,331,500) 2.29% 3 Month 11.4
Schedule of To Be Announced Securities [TableTextBlock]	The ($ 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) Notional amount represents the par value (or principal balance) of the underlying (2) Cost basis represents the forward price to be paid (received) for the underlying (3) Market value represents the current market value of the TBA securities (4) Net carrying value represents the difference between the market in derivative assets (liabilities) at fair value in our balance sheets.
Schedule of Interest Rate Caps [Table Text Block]	The table ($ in thousands) Net Strike Estimated Notional Swap Curve Fair Expiration Amount Cost Rate Spread Value February 8, 2024 $ 200,000 $ 2,350 0.09% 10Y2Y $ 1,354
Schedule of the effect of the Company's deriviative financial instruments on the consolidated statement of operations	(in thousands) Three Months Ended March 31, 2022 2021 T-Note futures contracts (short position) $ 79,895 $ 2,476 Eurodollar futures contracts (short positions) - 12 Interest rate swaps 66,284 27,123 Payer swaptions (short positions) (10,908) (26,167) Payer swaptions (long positions) 40,975 40,070 Interest rate caps (996) - Interest rate floors - 1,384 TBA securities (short positions) 2,539 9,133 TBA securities (long positions) 27 (8,559) Total $ 177,816 $ 45,472

PLEDGED ASSETS (Tables)

PLEDGED ASSETS (Tables)	3 Months Ended
	Mar. 31, 2022
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) March 31, 2022 December 31, 2021 Repurchase Derivative Repurchase Derivative Assets Pledged to Counterparties Agreements Agreements Total Agreements Agreements Total PT RMBS - fair value $ 4,369,564 $ - $ 4,369,564 $ 6,294,102 $ - $ 6,294,102 Structured RMBS - fair value 207,283 - 207,283 212,270 - 212,270 U.S. Treasury Notes - 36,477 36,477 - 29,740 29,740 Accrued interest on pledged securities 14,816 3 14,819 18,804 13 18,817 Restricted cash 113,589 16,610 130,199 57,264 8,035 65,299 Total $ 4,705,252 $ 53,090 $ 4,758,342 $ 6,582,440 $ 37,788 $ 6,620,228
Schedule of assets pledged to us from counterparties under our repurchase agreements.	Assets Pledged The table as of March (in thousands) March 31, 2022 December 31, 2021 Repurchase Derivative Repurchase Derivative Assets Pledged to Orchid Agreements Agreements Total Agreements Agreements Total Cash $ 4,172 $ 34,983 $ 39,155 $ 4,339 $ 7,206 $ 11,545 Total $ 4,172 $ 34,983 $ 39,155 $ $ 4,339 $ 7,206 $ 11,545

OFFSETTING ASSETS AND LIABILI_2

OFFSETTING ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 Interest rate swaps $ 65,194 $ - $ 65,194 $ - $ - $ 65,194 Interest rate swaptions 60,362 - 60,362 - (34,983) 25,379 Interest rate caps 1,354 - 1,354 - - 1,354 $ 126,910 $ - $ 126,910 $ - $ (34,983) $ 91,927 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
Offsetting of Liabilties [Table Text Block]	(in thousands) Offsetting of Liabilities Gross Amount Not Net Amount Offset in the Balance Sheet of Liabilities Financial Gross Amount Gross Amount Presented Instruments of Recognized Offset in the in the Posted as Cash Posted Net Liabilities Balance Sheet Balance Sheet Collateral as Collateral Amount March 31, 2022 Repurchase Agreements $ 4,464,109 $ - $ 4,464,109 $ (4,350,520) $ (113,589) $ - Interest rate swaptions 25,535 - 25,535 - - 25,535 $ 4,489,644 $ - $ 4,489,644 $ (4,350,520) $ (113,589) $ 25,535 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

CAPITAL STOCK (Tables)

CAPITAL STOCK (Tables)	3 Months Ended
	Mar. 31, 2022
Capital Stock [Abstract]
Schedule of completed public offerings of shares of common stock	Common Stock The Company year ended ($ in thousands, except per share amounts) Weighted Average Price Received Net Type of Offering Period Per Share (1) Shares Proceeds (2) 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 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) The Company has entered into ten equity distribution agreements, nine of which have 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) 0.200 35,484 Totals $ 12.635 $ 475,048

STOCK INCENTIVE PLANS (Tables)

STOCK INCENTIVE PLANS (Tables)	3 Months Ended
	Mar. 31, 2022
Employee Benefits And Share Based Compensation [Abstract]
Schedule of Performance Units outstanding	The following 2021. ($ in thousands, except per share data) Three Months Ended March 31, 2022 2021 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Unvested, beginning of period 133,223 $ 5.88 4,554 $ 7.45 Granted 175,572 3.31 137,897 5.88 Vested and issued (13,322) 5.88 (2,277) 7.45 Unvested, end of period 295,473 $ 4.35 140,174 $ 5.91 Compensation expense during period $ 106 $ 3 Unrecognized compensation expense, end of period $ 942 $ 812 Intrinsic value, end of period $ 960 $ 842 Weighted-average remaining vesting term (in years) 1.8 2.1
Schedule of Fully Vested Deferred Stock Units	The following issued during months ended the fiscal ($ in thousands, except per share data) Three Months Ended March 31, 2022 2021 Fully vested shares granted 175,572 137,897 Weighted average grant date price per share $ 3.31 $ 5.88 Compensation expense related to fully vested shares of common stock awards $ 581 $ 811
Schedule of Stock Awards	The following ($ in thousands, except per share data) Three Months Ended March 31, 2022 2021 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Outstanding, beginning of period 142,976 $ 5.38 90,946 $ 5.44 Granted and vested 15,273 4.39 10,422 5.31 Outstanding, end of period 158,249 $ 5.29 101,368 $ 5.43 Compensation expense during period $ 75 $ 45 Intrinsic value, end of period $ 514 $ 609

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of reconciling the numerator and denominator of EPS	The table (in thousands, except per share information) Three Months Ended March 31, 2022 2021 Basic and diluted EPS per common share: Numerator for basic and diluted EPS per share of common stock: Net loss - Basic and diluted $ (148,727) $ (29,369) Weighted average shares of common stock: Shares of common stock outstanding at the balance sheet date 177,117 94,411 Effect of weighting (119) (9,066) Weighted average shares-basic and diluted 176,998 85,345 Net loss per common share: Basic and diluted $ (0.84) $ (0.34) Anti-dilutive incentive shares not included in calculation 454 242

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of financial assets (liabilities) measured at fair value on a recurring basis	The following December (in thousands) Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) March 31, 2022 Mortgage-backed securities $ - $ 4,580,594 $ - U.S. Treasury Notes 36,477 - - Interest rate swaps - 65,194 - Interest rate swaptions - 34,827 - Interest rate caps - 1,354 - 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) -

ORGANIZATION AND SIGNIFICANT _2

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Capital Raising Activities (Narrative) (Details) - USD ($)	Mar. 05, 2021	Jan. 25, 2021	Mar. 31, 2022	Mar. 31, 2021	Oct. 28, 2021	Mar. 31, 2022	Jun. 21, 2021	Dec. 31, 2021
Subsidiary, Sale of Stock [Line Items]
Proceeds From Issuance Of Common Stock, net of issuance costs			$ 0	$ 96,908,000
Stock Issued During Period, Value, New Issues				$ 96,908,000				$ 514,059,000
Total shares issued under distribution agreement				18,248,000				100,828,173
At the Market Offering Program [Member]
Subsidiary, Sale of Stock [Line Items]
Proceeds From Issuance Of Common Stock, net of issuance costs					$ 246,000,000	$ 77,000,000	$ 147,400,000
Stock Issued During Period, Value, New Issues					$ 250,000,000	$ 78,300,000	$ 150,000,000
Total shares issued under distribution agreement					49,407,336	15,835,700	27,493,650
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	$ 150,000,000
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
Total shares issued under distribution agreement	9,200,000	8,740,000
Share Price	$ 5.45	$ 5.20
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	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 297,246	$ 385,143
Restricted cash	130,199	65,299
Total cash, cash equivalents and restricted cash	$ 427,445	$ 450,442	$ 328,591	$ 299,506

MORTGAGE-BACKED SECURITIES - RM

MORTGAGE-BACKED SECURITIES - RMBS portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule of Trading Securities and Other Trading Assets [Line Items]
Mortgage-backed securities	$ 4,580,594	$ 6,511,095
U.S. Treasury Notes	36,477	37,175
Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Mortgage-backed securities	4,372,517	6,298,189
Total Strucutured RMBS Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Mortgage-backed securities	208,077	212,906
Fixed-rate Mortgages [Member] | Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Mortgage-backed securities	4,372,517	6,298,189
Collateralized Mortgage Obligations [Member] | Total Pass Through Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Mortgage-backed securities	0	0
Interest-Only Securities [Member] | Total Strucutured RMBS Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Mortgage-backed securities	206,617	210,382
Inverse Interest-Only Securities [Member] | Total Strucutured RMBS Certificates [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Mortgage-backed securities	$ 1,460	$ 2,524

MORTGAGE-BACKED SECURITIES - Sa

MORTGAGE-BACKED SECURITIES - Sales (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Marketable Securities, Gain (Loss)
Investment Sales, Carrying Value	$ (1,464,125,000)	$ (995,920,000)
Proceeds From Sale Of Mortgage Backed Securities MBS Categorized As Trading	1,413,039,000	988,523,000
Marketable Securities, Realized Gain (Loss)	(51,086,000)	(7,397,000)
Available For Sale Securities Gross Realized Gains	709,000	2,813,000
Available For Sale Securities Gross Realized Losses	$ (51,795,000)	$ (10,210,000)

REPURCHASE AGREEMENTS AND REVER

REPURCHASE AGREEMENTS AND REVERSE REPURCHASE AGREEMENTS (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets Sold under Agreements to Repurchase [Line Items]
Restricted Cash And Cash Equivalents At Carrying Value	$ 130,199	$ 65,299
Repurchase Agreement [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Aggregate amount at risk with all counterparties	240,100
Restricted Cash And Cash Equivalents At Carrying Value	$ 113,589	$ 57,264

REPURCHASE AGREEMENTS AND REV_2

REPURCHASE AGREEMENTS AND REVERSE REPURCHASE AGREEMENTS - Remaining Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 4,591,663	$ 6,525,175
Repurchase agreement liabilities associated with these liabilities	$ 4,464,109	$ 6,244,106
Net weighted average borrowing rate	0.37%	0.15%
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
Between 2 and 30 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	3,966,753	4,624,396
Repurchase agreement liabilities associated with these liabilities	$ 3,848,289	$ 4,403,182
Net weighted average borrowing rate	0.36%	0.15%
Between 31 and 90 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 576,875	$ 1,848,080
Repurchase agreement liabilities associated with these liabilities	$ 564,223	$ 1,789,327
Net weighted average borrowing rate	0.42%	0.13%
Greater Than 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of securities pledged, including accrued interest receivable	$ 48,035	$ 52,699
Repurchase agreement liabilities associated with these liabilities	$ 51,597	$ 51,597
Net weighted average borrowing rate	0.15%	0.15%

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Assets and Liabilties (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Assets, at Fair Value	$ 126,910,000	$ 50,786,000
Liabilities, at Fair Value	25,535,000	7,589,000
Restricted cash	130,199,000	65,299,000
Other Liabilities	95,290,000	35,505,000
Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative [Line Items]
Assets, at Fair Value	126,910,000	50,786,000
Liabilities, at Fair Value	25,535,000	7,589,000
Restricted cash		829,000
Other Liabilities	18,373,000
Interest Rate Swap [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative [Line Items]
Assets, at Fair Value	65,194,000	29,293,000
Liabilities, at Fair Value	0	2,862,000
TBA Contracts [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative [Line Items]
Liabilities, at Fair Value	0	304,000
Other Liabilities	0	856,000
Eurodollar Future Margin [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative [Line Items]
Restricted cash	16,610,000	8,035,000
Payer Swaption [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative [Line Items]
Other Liabilities	34,983,000	6,350,000
Payer Swaption [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | Short [Member]
Derivative [Line Items]
Liabilities, at Fair Value	25,535,000	4,423,000
Payer Swaption [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | Long [Member]
Derivative [Line Items]
Assets, at Fair Value	60,362,000	21,493,000
Interest Rate Cap
Derivative [Line Items]
Assets, at Fair Value		$ 0
Interest Rate Cap | Not Designated as Hedging Instrument, Economic Hedge [Member]
Derivative [Line Items]
Assets, at Fair Value	$ 1,354,000

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Eurodollar and T-Note futures positions (Details) - Year 2022 Expiration [Member] - Short [Member] - USD ($)	Mar. 31, 2022	Dec. 31, 2021
5-Year Treasury Note Futures [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 1,194,000,000	$ 369,000,000
Derivative Entry Rate	2.25%	1.56%
Locked-In LIBOR Rate	2.83%	1.62%
Open Equity	$ 32,928,000	$ 1,013,000
Dollar Price	114.69	120.98
Contract Value	$ 1,369,400,000	$ 446,400,000
Ten Year Ultra Futures [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 270,000,000	$ 220,000,000
Derivative Entry Rate	1.68%	1.22%
Locked-In LIBOR Rate	2.06%	1.09%
Open Equity	$ 10,983,000	$ (3,861,000)
Dollar Price	135.47	146.44
Contract Value	$ 365,800,000	$ 322,200,000

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS - Interest rate swap positions (Details) - Swap [Member] - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2020	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Notional Amount	$ 1,400,000,000		$ 1,355,000,000
Average Fixed Pay Rate	1.39%		0.79%
Average Receive Rate	0.49%		0.18%
Net Estimated Fair Value	$ 65,194,000		$ 26,431,000
Average Maturity	6 years 3 months 18 days	5 years
3-5 Years
Derivatives, Fair Value [Line Items]
Notional Amount	$ 300,000,000		$ 955,000,000
Average Fixed Pay Rate	0.95%		0.64%
Average Receive Rate	0.93%		0.16%
Net Estimated Fair Value	$ 18,138,000		$ 21,788,000
Average Maturity	4 years	4 years
More Than Five Years [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 1,100,000,000		$ 400,000,000
Average Fixed Pay Rate	1.51%		1.16%
Average Receive Rate	0.37%		0.21%
Net Estimated Fair Value	$ 47,056,000		$ 4,643,000
Average Maturity	7 years	7 years 3 months 18 days

DERIVATIVE FINANCIAL INTSTRUMEN

DERIVATIVE FINANCIAL INTSTRUMENTS - Summary of Outstanding Swaptions (Details) - Payer Swaption [Member] - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2020	Dec. 31, 2021
Long [Member]
Derivatives, Fair Value [Line Items]
Swaption Cost	$ 47,205		$ 36,690
Net Estimated Fair Value	$ 60,362		21,493
Derivative Instruments Average Months To Expiration	14 months	14 months 21 days
Notional Amount	$ 2,010,800		$ 400,000
Derivative Average Fixed Interest Rate	2.47%		2.27%
Term (Years)	10 years 9 months 18 days	11 years 10 months 24 days
Less Than Or Equal To One Year [Member] | Short [Member]
Derivatives, Fair Value [Line Items]
Swaption Cost	$ 19,540		$ 16,185
Net Estimated Fair Value	$ 25,535		4,423
Derivative Instruments Average Months To Expiration	5 months 24 days	5 months 9 days
Notional Amount	$ 1,433,000		$ 1,331,500
Derivative Average Fixed Interest Rate	2.47%		2.29%
Term (Years)	10 years 9 months 18 days	11 years 4 months 24 days
Less Than Or Equal To One Year [Member] | Long [Member]
Derivatives, Fair Value [Line Items]
Swaption Cost	$ 31,905		$ 4,000
Net Estimated Fair Value	$ 33,040		1,575
Derivative Instruments Average Months To Expiration	11 months 9 days	3 months 6 days
Notional Amount	$ 1,282,400		$ 1,258,500
Derivative Average Fixed Interest Rate	2.44%		1.66%
Term (Years)	11 years 3 months 18 days	5 years
One Year To Two Years [Member] | Long [Member]
Derivatives, Fair Value [Line Items]
Swaption Cost	$ 15,300		$ 32,690
Net Estimated Fair Value	$ 27,322		19,918
Derivative Instruments Average Months To Expiration	18 months 24 days	18 months 12 days
Notional Amount	$ 728,400		$ 1,658,500
Derivative Average Fixed Interest Rate	2.52%		2.46%
Term (Years)	10 years	14 years 1 month 6 days

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS - TBA positions (Details) - 30 Year [Member] - Short [Member] $ in Thousands	Dec. 31, 2021USD ($)
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)
3.0% [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)

DERIVATIVE FINANCIAL INSTRUME_7

DERIVATIVE FINANCIAL INSTRUMENTS - Interest Rate Cap Positions (Details) - Interest Rate Cap - Ten Year Vs Two Year [Member] $ in Thousands	Mar. 31, 2022USD ($)
Derivatives, Fair Value [Line Items]
Notional Amount	$ 200,000
Cost Basis	$ 2,350
Derivative, Cap Interest Rate	0.09%
Derivative Asset, Fair Value, Gross Asset	$ 1,354

DERIVATIVE FINANCIAL INSTRUME_8

DERIVATIVE FINANCIAL INSTRUMENTS - Effect on the consolidated statements of operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	$ 177,816	$ 45,472
Eurodollar Future [Member] | Short [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	0	12
Treasury Note Future [Member] | Short [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	79,895	2,476
Swap [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	66,284	27,123
Payer Swaption [Member] | Short [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	(10,908)	(26,167)
Payer Swaption [Member] | Long [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	40,975	40,070
Interest Rate Floor [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	0	1,384
TBA Contracts [Member] | Short [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	2,539	9,133
TBA Contracts [Member] | Long [Member]
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	27	(8,559)
Interest Rate Cap
Derivatives, Fair Value [Line Items]
(Losses) gains on derivative instruments	$ (996)	$ 0

PLEDGED ASSETS - Assets Pledged

PLEDGED ASSETS - Assets Pledged to Counterparties (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Pledged Assets [Line Items]
Accrued interest receivable	$ 14,853	$ 18,859
Restricted cash	130,199	65,299
Total Assets Pledged To Counterparties	4,758,342	6,620,228
Repurchase Agreement [Member]
Pledged Assets [Line Items]
Restricted cash	113,589	57,264
Total Assets Pledged To Counterparties	4,705,252	6,582,440
Derivative [Member]
Pledged Assets [Line Items]
Restricted cash	16,610	8,035
Total Assets Pledged To Counterparties	53,090	37,788
Residential Mortgage Backed Securities [Member]
Pledged Assets [Line Items]
Accrued interest receivable	14,819	18,817
Residential Mortgage Backed Securities [Member] | Pass Through Certificate [Member]
Pledged Assets [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	4,369,564	6,294,102
Residential Mortgage Backed Securities [Member] | Structured Finance [Member]
Pledged Assets [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	207,283	212,270
Residential Mortgage Backed Securities [Member] | Repurchase Agreement [Member]
Pledged Assets [Line Items]
Accrued interest receivable	14,816	18,804
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	4,369,564	6,294,102
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	207,283	212,270
Residential Mortgage Backed Securities [Member] | Derivative [Member]
Pledged Assets [Line Items]
Accrued interest receivable	3	13
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	36,477	29,740
US Treasury Notes | Repurchase Agreement [Member]
Pledged Assets [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	0	0
US Treasury Notes | Derivative [Member]
Pledged Assets [Line Items]
Financial Instruments, Owned and Pledged as Collateral, at Fair Value	$ 36,477	$ 29,740

PLEDGED ASSETS - Assets Pledg_2

PLEDGED ASSETS - Assets Pledged By Counterparties (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Pledged Assets [Line Items]
Securities Pledged By Counterparties	$ 39,155	$ 11,545
Cash
Pledged Assets [Line Items]
Securities Pledged By Counterparties	39,155	11,545
Repurchase Agreement [Member]
Pledged Assets [Line Items]
Securities Pledged By Counterparties	4,172	4,339
Repurchase Agreement [Member] | Cash
Pledged Assets [Line Items]
Securities Pledged By Counterparties	4,172	4,339
Derivative Agreements [Member]
Pledged Assets [Line Items]
Securities Pledged By Counterparties	34,983	7,206
Derivative Agreements [Member] | Cash
Pledged Assets [Line Items]
Securities Pledged By Counterparties	$ 34,983	$ 7,206

OFFSETTING ASSETS AND LIABILI_3

OFFSETTING ASSETS AND LIABILITIES - Offsetting of Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Offsetting Assets [Line Items]
Gross Amount Of Recognized Assets	$ 126,910	$ 50,786
Gross Amount Of Assets Offset In The Balance Sheet	0	0
Net Amount Of Assets Presented In The Balance Sheet	126,910	50,786
Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet	0	0
Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet	(34,983)	(6,350)
Net Amount Of Assets	91,927	44,436
Payer Swaption [Member]
Offsetting Assets [Line Items]
Gross Amount Of Recognized Assets	60,362	21,493
Gross Amount Of Assets Offset In The Balance Sheet	0	0
Net Amount Of Assets Presented In The Balance Sheet	60,362	21,493
Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet	0	0
Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet	(34,983)	(6,350)
Net Amount Of Assets	25,379	15,143
Swap [Member]
Offsetting Assets [Line Items]
Gross Amount Of Recognized Assets	65,194	29,293
Gross Amount Of Assets Offset In The Balance Sheet	0	0
Net Amount Of Assets Presented In The Balance Sheet	65,194	29,293
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	65,194	$ 29,293
Interest Rate Cap
Offsetting Assets [Line Items]
Gross Amount Of Recognized Assets	1,354
Gross Amount Of Assets Offset In The Balance Sheet	0
Net Amount Of Assets Presented In The Balance Sheet	1,354
Gross Amounts Of Financial Instruments Received Not Offset In Balance Sheet	0
Gross Amounts Of Cash Collateral Received Not Offset In Balance Sheet	0
Net Amount Of Assets	$ 1,354

OFFSETTING ASSETS AND LIABILI_4

OFFSETTING ASSETS AND LIABILITIES - Offsetting of Liabilties (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	$ 4,489,644	$ 6,251,695
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	4,489,644	6,251,695
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	(4,350,520)	(6,189,704)
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(113,589)	(57,264)
Net Amount Of Liabilities	25,535	4,727
Repurchase Agreement [Member]
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	4,464,109	6,244,106
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	4,464,109	6,244,106
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet	(4,350,520)	(6,186,842)
Gross Amounts Of Cash Posted Not Offset In Balance Sheet	(113,589)	(57,264)
Net Amount Of Liabilities	0	0
Swap [Member]
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties		2,862
Gross Amount Of Liabilties Offset In The Balance Sheet		0
Net Amount Of Liabilities Presented In The Balance Sheet		2,862
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet		(2,862)
Gross Amounts Of Cash Posted Not Offset In Balance Sheet		0
Net Amount Of Liabilities		0
TBA securities [Member]
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties		304
Gross Amount Of Liabilties Offset In The Balance Sheet		0
Net Amount Of Liabilities Presented In The Balance Sheet		304
Gross Amount Of Financial Instruments Posted Not Offset in Balance Sheet		0
Gross Amounts Of Cash Posted Not Offset In Balance Sheet		0
Net Amount Of Liabilities		304
Payer Swaption [Member]
Offsetting Liabilities [Line Items]
Gross Amount Of Recognized Liabilties	25,535	4,423
Gross Amount Of Liabilties Offset In The Balance Sheet	0	0
Net Amount Of Liabilities Presented In The Balance Sheet	25,535	4,423
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	$ 25,535	$ 4,423

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, 2021
Stock Issued During Period Shares New Issues				18,248,000	100,828,173
Stock Issued During Period, Value, New Issues				$ 96,908	$ 514,059
At the Market Offering Program [Member]
Weighted Average Price Received Per Share	$ 4.87	$ 4.94	$ 5.40	$ 5.10	$ 4.87
Stock Issued During Period Shares New Issues	23,674,698	35,818,338	23,087,089	308,048
Stock Issued During Period, Value, New Issues	$ 115,398	$ 177,007	$ 124,746	$ 1,572
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) - Common Stock [Member] - USD ($) $ / shares in Units, $ in Millions	80 Months Ended
	Mar. 31, 2022	Dec. 09, 2021	Feb. 08, 2018	Jul. 29, 2015
Share Repurchase Program [Member]
Share Repurchase Program [Line Items]
Stock Repurchased and Retired During Period, Shares	5,685,511
Stock Repurchased and Retired During Period, Value	$ 40.4
Weighted Average Share Repurchase Price	$ 7.10
Share Repurchase Program [Member] | Maximum [Member]
Share Repurchase Program [Line Items]
Share Repurchase			5,306,579	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]
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]
Share Repurchase Program [Line Items]
Share Repurchase			4,522,822

CAPITAL STOCK - Cash dividends

CAPITAL STOCK - Cash dividends declared (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 29, 2022	Mar. 31, 2022	Mar. 31, 2021	Aug. 01, 2017	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		$ 0.155	$ 0.195
Total		$ 27,492	$ 17,226
Dividend Declared [Member]
Dividends Payable [Line Items]
Per Share Amount		$ 0.200		$ 1.680	$ 0.780	$ 0.790	$ 0.960	$ 1.070	$ 1.680	$ 1.680	$ 1.920	$ 2.160	$ 1.395	$ 12.635
Total		$ 35,484		$ 70,717	$ 97,601	$ 53,570	$ 54,421	$ 55,814	$ 70,717	$ 41,388	$ 38,748	$ 22,643	$ 4,662	$ 475,048
Dividend Declared [Member] | Subsequent Event [Member]
Dividends Payable [Line Items]
Dividends Payable, Date Declared	Apr. 13, 2022
Dividends Payable, Date to be Paid	May 27, 2022
Per Share Amount	$ 0.045

STOCK INCENTIVE PLAN - Descript

STOCK INCENTIVE PLAN - Descriptions of Plans (Details)	3 Months Ended
	Mar. 31, 2022shares
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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Incentive Share Activity, Shares
Nonvested - Beginning Balance	133,223	4,554
Granted	175,572	137,897
Vested	13,322	2,277
Nonvested - Ending Balance	295,473	140,174
Incentive Share Activity, Grant Date Fair Value
Nonvested - Beginning Balance	$ 5.88	$ 7.45
Granted	3.31	5,880
Vested	5.88	7.45
Nonvested - Ending Balance	$ 4.35	$ 5.91
Intrinsic Value of Nonvested	$ 960	$ 842
Weighted Average Remaining Term	1 year 9 months 18 days	2 years 1 month 6 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 942	$ 812
Share Based Compensation	$ 106	$ 3

STOCK INCENTIVE PLAN - Share A

STOCK INCENTIVE PLAN - Share Awards (Details) - Share Awards [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
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	175,572	137,897
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue	$ 3.31	$ 5.88
Share Based Compensation	$ 581	$ 811

STOCK INCENTIVE PLAN - Deferred

STOCK INCENTIVE PLAN - Deferred Stock Units (Details - Deferred Stock Units [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Incentive Share Activity, Shares
Outstanding, beginning of period	142,976	90,946
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	15,273	10,422
Outstanding, end of period	158,249	101,368
Sharebased Compensation Arrangement By Share based Payment Award Options Nonvested Weighted Average Grant Date Fair Value Abstract
Outstanding Deferred Stock Units Grant Date Value	$ 5.29	$ 5.43	$ 5.38	$ 5.44
Granted	4.39	5.31
Outstanding, end of period	$ 5.29	$ 5.43
Share Based Compensation	$ 75	$ 45
Intrinsic Value of Nonvested	$ 514	$ 609

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net Income (Loss) Available to Common Stockholders, Basic	$ (148,727)	$ (29,369)
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Common Shares Outstanding	177,117,000	94,411,000
Effect of Weighting	(119,000)	(9,066,000)
Weighted Average Shares - Basic and Diluted	176,997,566	85,344,954
Income (Loss) Per Share - Basic and Diluted	$ (0.84)	$ (0.34)
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	454,000	242,000

FAIR VALUE - Assets - Assets a

FAIR VALUE - Assets - Assets and Liabilities Recorded at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	$ 4,580,594	$ 6,511,095
Derivative, Fair Value, Net	126,910	50,786
U.S. Treasury Notes	36,477	37,175
Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net		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	36,477	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
Fair Value, Inputs, Level 1 [Member] | Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities	4,580,594	6,511,095
U.S. Treasury Notes	0	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	65,194	26,431
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	34,827	17,070
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)
Fair Value, Inputs, Level 2 [Member] | Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	1,354
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	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
Fair Value, Inputs, Level 3 [Member] | Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	$ 0

RELATED PARTY TRANSACTIONS - Ma

RELATED PARTY TRANSACTIONS - Management Agreement (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Due to affiliates	$ 1,066		$ 1,062
Bimini Advisors, LLC [Member]
Related Party Transaction [Line Items]
Termination Date	February 20, 2023
Management Fees And Allocated Expenses	$ 3,100	$ 2,000
Due to affiliates	$ 1,100		$ 1,100

RELATED PARTY TRANSACTIONS - Ot

RELATED PARTY TRANSACTIONS - Other Relationships (Narrative) (Details) - Bimini Capital Management Inc [Member]	Mar. 31, 2022shares
Related Party Transaction [Line Items]
Orchid Shares Owned	2,595,357
Entity Ownership Percentage	1.50%